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CBIP (7076) - 棕油种植业务带动,全年盈利更胜去年! ~ WSWT ~

扬 司马
Publish date: Sat, 25 Feb 2017, 11:53 PM
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第四季(2016年末季)财报:
 
 
从数据分析,第四季季报比起去年同季许多方面都下跌了。而更出乎预料的是,通常管理层会在季报中的Part B首先解答该季的财务表现,但这次却特别关注了全年表现和与前一季度(第三季)的比较(不同季度有可比性?)。本季度尽管营业额与盈利都下跌了,但前几个季度重点关注的营运成本却降低了,这也许是个好的开始,让公司重新提高净利率。
 
管理层对全年财务表现的解释:
 

1. Palm Oil Equipment (棕油炼油器具) : 营业额和净利都下跌了,主要原因是所实施的工程比较少和投资资产造成的亏损。
 
2. Special Purpose Vehicles (特殊功能交通工具) : 营业额上升了28%但税前盈利却减少了7%,明显看出赚幅的削减。而管理层的解释也是为该项领域的营运成本增加了。
 
3. Associate : 这是与其他公司合伙经营(Joint-venture)的棕油种植业务,与上个季度相同,盈利提升的主要原因来自于棕油价的上涨。
 
 
全年营业额与盈利分布:
 

总结来说,核心业务(炼油器具)和辅助业务(特殊功能交通工具)的盈利都不如2015财政年,造成全年盈利超越前一年的主要原因是种植业的盈利激增。主要原因是归功于全年上涨了接近50%的棕油价。
 
笔者个人研究了超过两年年CBIP的一些心得与见解:
 
1. 核心业务(炼油器具)还是能稳定的贡献一亿左右的盈利。
2. 辅助业务(特殊功能交通工具)也稳定的有25m以上的盈利,且营业额越来越高。
3. 种植地会增值、棕油树的树龄也趋向成熟收成期。
4. 全年净利率保持25%也是非常高的赚幅。
 
笔者个人认为这是一家值得长期持有的稳重型公司。
 
 
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Be the first to like this. Showing 5 of 5 comments

calvintaneng

Well said, WeShare, WeTrade,

Your concluding Point No. 4 is why Calvin likes CBIP the most among all plantation stocks

"4. Annual net profit margin of 25% is also very high yield."

Calvin comments:

Most plantation stocks get a yield of about 10% from FFB (Fresh Fruit Bunch) & CPO sale. Exceptions are when plantation stocks like BPlant or Thplant dispose their assets for "extra" profis.

HOWEVER, CBIP WITH ITS MODIPALM SALE, IS DOING FANTASTIC WITH ANNUAL PROFIT MARGIN OF 25% to 30% - MAKING CBIP HIGHLY PROFITABLE GROWTH STOCK

Just like PTaras Jaya with High Profit margin of 20% compared to other construction players stood out in HIGH PROFIT & HIGH GROWTH MARGIN - CBIP STANDS OUT IN SHINING EXAMPLE AS AN EXCEPTIONALLY WELL GROWTH COMPANY AMONG ALL OTHER PALM OIL COUNTERS.

GO GO CBIP!!

GO ON TO CALVIN'S RM6.00 TARGET PRICE


YAHOOOOOO!!!!!!!

2017-02-26 00:08

WeShare WeTrade

Hi Calvin,
CBIP was major in engineering industry that why the profit margin is higher than pure plantation company. Pros and cons, pure plantation company have more land as assets, and we know the plantation land value will increase in future.
Because of the diversification of business, CBIP can growth with 2 direction, engineering & traditional plantation. That's why we can see currently they expand in special purpose vehicle, and when CPO price go up they benefit on it also.
Hope this company can maintain its steady growth in future.

2017-02-26 10:13

VenFx

Thx weshare wetrade,
To highlight the facts for eroding of profit to CBIP.

2017-02-26 11:14

Invest1188

Hi Calvin, dividend poor

2017-02-26 12:00

calvintaneng

Good morning,

WeShare WeTrade

According to CBIP Management Oil Palm trees will mature and bear fruits for year 2016 onward. Just like MKH having 2 streams of income - property in Kajang & plantations in Indonesia - so CBIP having MODIPALM & now coming contribution of FFB & CPO will boost its performance.


Invest1188,

Since CBIP is not giving high dividend I think the better option is to ride on CBIP-Wt to amplify any gain.

2017-02-26 12:16

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