CHOOBEE创办于1971年,在1994年上市于大马交易所,主要从事钢卷 (Steel Coils) 加工以及钢铁产品的制造和贸易。集团主要生产及销售扁钢 (Flat-Based) 产品,同时也提供剪切和切割钢铁产品等加工服务。其产品主要用于基础设施建设、石油天然气、轻快铁、水务工程以及一般用途。
CHOOBEE在过去的10年持续交出盈利的业绩,不曾在任何一个财年蒙受有亏损,显示出其业务稳定性非常高。然而,集团在近几年皆过得不如意,尤其是FY14和FY15。
钢铁领域一直以来都面临非常多的挑战,如产量过剩、成本走高、需求疲软等等。中国经济放缓造成钢铁产品持续面临供应过剩的问题。为了改善情况,中国业者以低价格在全球倾销钢铁产品,导致钢铁价格在过FY13-15期间保持低迷,同时也冲击本地的钢铁产品需求。作为大马的钢铁业者,CHOOBEE的业务自然也受到不利影响,营业额及赚幅皆受压。经过多年的低迷后,中国政府在2016年开始实施产量管制政策,带动钢铁价格在2016年谷底反弹。
由于政府早期已规定本地的钢铁业者必须向Megasteel采购热轧钢卷,而且售价较国际价格高出每吨RM400-500,这导致中下游钢铁业者的赚幅长期受压,包括CHOOBEE。集团约90%成本来自于原料,也就是热轧钢卷,而后者的价格起落将显著及直接影响集团的整体表现。由于产品价格是依据国际平均售价而定,集团无法把成本转嫁于客户,导致其产品价格的竞争力不如外国的厂家。
在2016年3月,Megasteel正式停止运作。通过自由从外国采购较便宜的原料,CHOOBEE在钢铁产品定价方面具有更好的竞争优势,从而提高整体赚幅。因此,集团成功在FY16交出近5年新高的盈利,主要归功于较高的平均销售价和较低的采购原料价格。其毛利率却从FY15的7%走高至FY16的14%。
展望未来,CHOOBEE有意重启其出口业务。早在2009年之前,其产品曾出口至美国、澳洲以及中东国家。然而,在政府规定钢铁业者向Megasteel取货后,集团即时停止出口业务,主要因为产品售价已失去竞争力。
外围方面,中国北京在2017年初决定削减钢铁厂家的数量和产量,以改善供应过剩的局面和提振钢铁价格的走势。作为全球主要钢铁生产国,中国的年产量约800 m吨。中国政府的目标是要在2020年前把年产能降低至200 m吨,相等于于75%的减产措施。
在本地,政府基建项目减少以及众多房地产项目延期,继而冲击钢铁产品的需求。市场普遍采取谨慎态度,预计本地钢铁领域仍将面对不少挑战,今年Q2的业绩也普遍不看好。大部分经销商不愿在这充满不利因素的环境下采购钢铁产品,再加上厂家竭尽所能清理现有库存,导致大马钢铁价格的走势也开始出现下滑。尽管如此,大马的钢铁业在Q3有复苏的迹象。
值得一提, CHOOBEE的每股净资产以及每股流动净资产 (NCAV) 分别是RM4.25和RM2.88,高于其目前的股价RM2.21。这是大马股市里极为少见的案例,而CHOOBEE就是其中一家。此外,与其他本地钢铁业者不一样的是,CHOOBEE拥有非常强稳的资产负债表。目前,集团手握RM45m现金以及RM5m的贷款,相信是本地钢铁股唯一一家净现金的企业。
显然的,PE仅是7倍的CHOOBEE有严重低估之嫌。然而,大家也不需急着买入,毕竟Q2的业绩很大可能低于预期。届时,这可为大家提供买入的良机。
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Created by Tan KW | Aug 26, 2024
Created by Tan KW | Aug 26, 2024
Using google translation Apps Tool.
English version automatically generated:
CHOOBEE was founded in 1971 and was listed on the Bursa Malaysia in 1994. It is principally engaged in the processing and trading of steel products and steel products. The Group mainly produces and sells Flat-Based products, as well as processing services such as cutting and cutting steel products. Its products are mainly used for infrastructure construction, oil and gas, light iron, water works and general use.
CHOOBEE has continued to make profitable performance over the past 10 years and has not suffered any losses in any fiscal year, showing that its business stability is very high. However, the Group in recent years have been unhappy, especially FY14 and FY15.
The steel sector has been facing a lot of challenges, such as excess production, higher costs, weak demand and so on. China's slowdown in the economy continues to face the problem of excess supply of steel products. In order to improve the situation, Chinese manufacturers dumped steel products at low prices in the world, resulting in steel prices in the FY13-15 during the downturn, but also the impact of local steel products demand. As the steel industry in Malaysia, CHOOBEE's business is also adversely affected, and turnover and profit are all under pressure. After years of downturn, the Chinese government began to implement production control policies in 2016, driving steel prices rebounded in the bottom of 2016.
As the government had already stipulated that the local steelmakers had to purchase hot rolled coils from Megasteel at a price higher than the international price of RM400-500 per tonne, which led to long-term pressure on the middle and lower reaches of the steel industry, including CHOOBEE. About 90% of the group costs from raw materials, that is, hot-rolled coil, while the latter's price rise and fall will be a direct and direct impact on the Group's overall performance. As the product price is based on the international average price may be, the group can not be passed on to the cost of the customer, resulting in the competitiveness of its product prices as foreign manufacturers.
In March 2016, Megasteel officially ceased operation. By freely purchasing cheaper raw materials from foreign countries, CHOOBEE has a better competitive advantage in pricing steel products, thereby increasing overall profitability. As a result, the Group successfully surpassed FY16 nearly five years of high profit, mainly due to the higher average selling price and lower procurement of raw materials prices. Its gross margin from FY15 7% higher to 14% of FY16.
Looking ahead, CHOOBEE intends to restart its export business. As early as 2009, its products have been exported to the United States, Australia and the Middle East countries. However, after the government has asked the steelmaker to pick up Megasteel, the Group immediately ceases its export business, mainly because the price of the product has become less competitive.
Peripheral, Beijing, China in early 2017 decided to cut the number and production of steel manufacturers to improve the situation of excess supply and boost the trend of steel prices. As the world's major steel producer, China's annual output of about 800 m tons. The goal of the Chinese government is to reduce annual production capacity by 200 m tonnes by 2020, which is equivalent to 75% reduction in production.
In the local, government infrastructure projects and the reduction of many real estate projects, and then impact the needs of steel products. The market generally take a cautious attitude, the local steel field is expected to face a lot of challenges, this year's Q2 performance is generally not optimistic. Most dealers are reluctant to purchase steel products in an unfavorable environment, and the manufacturers are doing their best to clean up their existing stocks, leading to a downward trend in Malaysian steel prices. Still, the Malaysian steel industry has signs of recovery in Q3.
It is worth mentioning that CHOBEE's net assets per share and net moving per share (NCAV) are RM4.25 and RM2.88, respectively, higher than its current share price of RM2.21. This is a very rare case in the Malaysian stock market, and CHOOBEE is one of them. In addition, with other local steel industry is not the same, CHOOBEE has a very strong balance sheet. At present, the group holding RM45m cash and RM5m loans, I believe that the only local steel stocks a net cash business.
Obviously, PE is only 7 times the CHOOBEE has a serious underestimation. However, we do not need to hurry to buy, after all, the performance of Q2 may be lower than expected. By then, this will provide you with a good opportunity to buy.
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2017-08-18 17:56
Hope that helps forumers who don't understand Mandarin.But sometimes such tool has limitation.The generated copy may contain some errors.
Cheers,for a wonderful evening:-)))
2017-08-18 17:57
VenFx
作者, 不只一家净现金的企业在 Steel sector 。
2017-08-17 17:58