Tekseng

7200 TEKSENG - Tekseng is Back?

Olga
Publish date: Thu, 27 Oct 2016, 10:20 PM
Olga
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Well, i guess it's everyone's guess whether is Tekseng a good decision to invest or to stay away after its retrencement of its staffs. Let's take a look at its performance..

Annual Result:

F.Y. Revenue ('000) Profit Attb. to SH ('000) NPM (%) EPS (Cent) PE DPS (Cent) DY NAPS ROE (%)  
TTM 512,494 46,753 14.19 14.08 7.17 2.17 2.15 0.7300 19.29 View Source   
2015-12-31 359,517 21,269 7.97 8.51 12.34 3.00 2.86 0.6600 12.89 View Source   
2014-12-31 232,112 12,079 4.91 5.03 17.10 0.00 0.00 0.5700 8.82 View Source   
2013-12-31 206,330 3,731 0.86 1.55 18.71 0.00 0.00 0.5200 2.98 View Source

 

Quarter Result:

F.Y. Quarter Revenue ('000) Profit before Tax ('000) Profit ('000) Profit Attb. to SH ('000) EPS (Cent) DPS (Cent) NAPS  
2016-12-31 2016-06-30 159,526 25,779 22,774 16,232 4.89 1.00 0.7300 View Source
2016-12-31 2016-03-31 131,279 26,582 25,048 15,074 5.36 0.00 0.7200 View Source
2015-12-31 2015-12-31 122,358 16,435 16,092 10,410 4.02 1.50 0.6600 View Source
2015-12-31 2015-09-30 99,331 10,977 8,816 5,037 2.01 0.00 0.6500 View Source
2015-12-31 2015-06-30 78,871 4,541 2,553 3,694 1.50 0.00 0.5200 View Source
2015-12-31 2015-03-31 58,957 2,720 1,196 2,128 0.89 1.00 0.5200 View Source

* EPS is prior to Dilution

 

Honestly speaking, the news of retrenchment might be a "sign" of troubles ahead. A coin has two side of its story. It could also mean the management is prudent in its operating cost, and they know well what they are doing.

Based on the well-known rule "My principle in investment is based on whether the company can make more money this year than the year before".. quoted by a well-known (maybe not to some) investor.. i guess thus far, there is no sign of trouble *yet. On top of that, tekseng will be recording a better year of earnings than the previous year. In fact it would be the best of earnings this financial year thus far. 

Hence, the decision is based on whether u choose to believe a probability or a face that first half of FY2016 has already outrun the whole earnings of FY2015. 

Good luck to u and to Tekseng.

 

http://landofinvestments.blogspot.my/2016/10/tekseng-tekseng-is-back.html

 

Based on Tekseng's latest Qoq, the largest 2 contributor to its revenue is PVC sheeting and Solar segments..

RM'000 
PVC Sheeting Revenue 41,484 Profit before tax 8,806
Solar Revenue 100,585 Profit before tax 13,268 

PVC business will not be affected.
Solar there might be a competitive pricing effect, hence a drop in pricing. What's the % of drop in price? let's say 50%? That bad?

Solar Revenue 100,585*50% = 50,292.5 Profit before tax 13,268*50% = 6634

Hence PBT = 25,779 - 6,634 = 19,145

Now looking at Qoq 2015-12-31
PBT was 16,435, profit to sharedolhers was 10,410
if PBT at 19,145, profit to shareholders should be >10,410


For FY2016: 16,232 + 15,074 + >10,410 + >10,410 = >52,126

Undiluted EPS = 4.89 + 5.36 + >4.02 + >4.02 = >18.29

This is just a rough estimation of the idea of how i would conclude the situation. 

This does not include the contribution of line 4-7.
28/10/2016 09:09
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Discussions
1 person likes this. Showing 2 of 2 comments

Jonathan Keung

the least I can say. the Loh family is proactive in managing the business. the shut down of the 2 lines at thier Penang {TS} is based on what was forecast during the sales slump of solar wafer 3 months prior to the price recoveries
it's a social PR disaster with Tek seng holding price slump 30 %. TS solar is one of the subsidiaries { that contributed part of Tek Seng group consolidated profit}
coming qtr result is an affected based on what's reported. nonetheless need more details after the qtr is make known. the consolidating fact is the Loh family is mopping up the shares and warrants.
keep our finger cross something good is coming. maybe a bonus shares issued ( just a wild guess } happy Diwali

2016-10-28 07:56

Olga

Based on Tekseng's latest Qoq, the largest 2 contributor to its revenue is PVC sheeting and Solar segments..

RM'000
PVC Sheeting Revenue 41,484 Profit before tax 8,806
Solar Revenue 100,585 Profit before tax 13,268

PVC business will not be affected.
Solar there might be a competitive pricing effect, hence a drop in pricing. What's the % of drop in price? let's say 50%? That bad?

Solar Revenue 100,585*50% = 50,292.5 Profit before tax 13,268*50% = 6634

Hence PBT = 25,779 - 6,634 = 19,145

Now looking at Qoq 2015-12-31
PBT was 16,435, profit to sharedolhers was 10,410
if PBT at 19,145, profit to shareholders should be >10,410


For FY2016: 16,232 + 15,074 + >10,410 + >10,410 = >52,126

Undiluted EPS = 4.89 + 5.36 + >4.02 + >4.02 = >18.29

This is just a rough estimation of the idea of how i would conclude the situation.

This does not include the contribution of line 4-7.

2016-10-28 09:09

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