THE INVESTMENT APPROACH OF CALVIN TAN
A TALE OF 3 GLOVES IN PICTURES : COMFORT GLOVE, TOPGLOVE & SUPERMAX, Calvin Tan Research
calvintaneng
Publish date: Fri, 12 Jun 2020, 11:04 PM
calvintaneng
0 1,791
Hi Guys,
I have An Investment Approach I which I would like to all.
I have An Investment Approach I which I would like to all.
Hi guys'
Now all 3 Results are out
Comfort Glove, Topglove & Supermax
Let's see their figures
1) COMFORT GLOVE
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
30 Apr 2020
|
30 Apr 2019
|
30 Apr 2020
|
30 Apr 2019
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
152,907
|
119,956
|
152,907
|
119,956
|
| 2 | Profit/(loss) before tax |
22,242
|
10,555
|
22,242
|
10,555
|
| 3 | Profit/(loss) for the period |
16,339
|
8,411
|
16,339
|
8,411
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
16,339
|
8,411
|
16,339
|
8,411
|
| 5 | Basic earnings/(loss) per share (Subunit) |
2.80
|
1.50
|
2.80
|
1.50
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
0.00
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.5600
|
0.5500
|
||
It earns 2.8 sen (Annualised 2.8 sen x 4)
= 11.2 sen
If we give it a 30 P/E then
11.2 x 30 = Rm3,360
So price should trade at Rm3.36 (if P/E is 30)
2) TOP GLOVE
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 May 2020
|
31 May 2019
|
31 May 2020
|
31 May 2019
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
1,688,324
|
1,190,235
|
4,127,201
|
3,612,165
|
| 2 | Profit/(loss) before tax |
422,020
|
82,239
|
677,846
|
349,588
|
| 3 | Profit/(loss) for the period |
350,033
|
75,188
|
577,802
|
293,536
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
347,895
|
74,665
|
575,004
|
290,512
|
| 5 | Basic earnings/(loss) per share (Subunit) |
13.59
|
2.92
|
22.46
|
11.37
|
| 6 | Proposed/Declared dividend per share (Subunit) |
10.00
|
3.50
|
10.00
|
3.50
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
1.2900
|
0.9900
|
||
1) Profit this quarter 13.59 (Annualized 13.59x4 )
= 54.36 sen
If PE 30 then 54.36 x 30 = Rm16,308
Or Rm16.30 (P/E 30)
3) SUPERMAX
SUMMARY OF KEY FINANCIAL INFORMATION
|
|
INDIVIDUAL PERIOD
|
CUMULATIVE PERIOD
|
||||
|
CURRENT YEAR QUARTER
|
PRECEDING YEAR
CORRESPONDING QUARTER |
CURRENT YEAR TO DATE
|
PRECEDING YEAR
CORRESPONDING PERIOD |
||
|
31 Mar 2020
|
31 Mar 2019
|
31 Mar 2020
|
31 Mar 2019
|
||
|
$$'000
|
$$'000
|
$$'000
|
$$'000
|
||
| 1 | Revenue |
447,247
|
361,199
|
1,202,685
|
1,113,352
|
| 2 | Profit/(loss) before tax |
95,277
|
49,416
|
169,549
|
156,409
|
| 3 | Profit/(loss) for the period |
72,349
|
34,963
|
127,331
|
109,653
|
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent |
71,056
|
34,617
|
125,968
|
108,695
|
| 5 | Basic earnings/(loss) per share (Subunit) |
5.42
|
2.64
|
9.62
|
8.29
|
| 6 | Proposed/Declared dividend per share (Subunit) |
0.00
|
0.00
|
0.00
|
1.50
|
|
AS AT END OF CURRENT QUARTER
|
AS AT PRECEDING FINANCIAL YEAR END
|
||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) |
0.9200
|
0.8300
|
||
Profit 5.42 sen (If annualized 5.42 x 4 )
= 21.68
If P/E 30 then 21.68 x30 = Rm6,504
Rm6.50 (If P/E 30)
Currently Comfort is Rm2.93 (If P/E 30 should be Rm3.36)
So is Comfort trading below P/E 30 value?
2) TopGlove is Rm16.90 (If P/E 30 should be Rm16.30)
Is Topglove trading above its 30 P/E?
3) SUPERMAX is Rm7.91 (If P/E 30 then Rm6.50)
Is SuperMax trading at a premium above its P/E 30 value of Rm6.50)
ON FACE VALUE WE SEE COMFORT GLOVE IS TRADING BELOW IS 30 P/E
WHILE SUPERMAX IS TRADING HIGHER ABOVE ITS 30 P/E
THERE MUST BE A REASON WHY THE MARKET UNDERVALUES COMFORT & OVER BULLISH ON SUPERMAX
How?
So we dig deeper
See
1) COMFORT GLOVE IS LIKE A YOUNG CARE FREE BOY WALKING
See little boy running in the meadow
This is the attitude of Comfort Glove Bosses
See
| DATIN GOH KIM KOOI | 11-Jun-2020 | Disposed | 1,050,000 | 0.000 |
 |
| DATO' LAU ENG GUANG | 11-Jun-2020 | Disposed | 1,246,450 | 0.000 |
|
| DATO' LAU ENG GUANG | 11-Jun-2020 | Disposed | 1,050,000 | 0.000 |
|
| DATIN GOH KIM KOOI | 09-Jun-2020 | Disposed | 603,600 | 0.000 |
|
| DATO' LAU ENG GUANG | 09-Jun-2020 | Disposed | 603,600 | 0.000 |
|
| DATIN GOH KIM KOOI | 02-Jun-2020 | Disposed | 1,000,000 | 0.000 |
|
| DATO' LAU ENG GUANG | 02-Jun-2020 | Disposed | 1,000,000 |
They happily merrily sell shares.
2) TOPGLOVE
Top Glove is a serious grown adult walking confidently
See
| MR LIM HOOI SIN | 22-May-2020 | Others | 247,600 | 4.900 |
|
| MR LIM HOOI SIN | 22-May-2020 | Others | 58,900 | 4.630 |
|
| MR LIM HOOI SIN | 22-May-2020 | Others | 49,200 | 5.060 |
|
| MR LIM HOOI SIN | 22-May-2020 | Others | 30,000 | 4.720 |
|
| PUAN SRI TONG SIEW BEE | 22-May-2020 | Others | 247,600 | 4.900 |
|
| PUAN SRI TONG SIEW BEE | 22-May-2020 | Others | 58,900 | 4.630 |
|
| PUAN SRI TONG SIEW BEE | 22-May-2020 | Others | 49,200 | 5.060 |
They are gathering Wealth & Accumulating it (Esos) No selling yet because still seriously expecting more to life
3) SUPERMAX
SuperMax is like A Young Business Man Running to Get More Business
3 New Factories being built concurrently
Just bought another land to build glove factory number 4
Instead of doing easy OEM SuperMax go all out doing OBM to get more Value
See
| MR NG KENG LIM @ NGOOI KENG LIM | 29-May-2020 | Acquired | 200,000 | - |
|
| MR TAN CHEE KEONG | 28-May-2020 | Acquired | 20,000 | - |
|
| MISS CECILE JACLYN THAI | 27-May-2020 | Acquired | 100,000 | - |
|
| MR TAN CHEE KEONG | 21-May-2020 | Acquired | 40,000 |
IN STEAD OF SELLING THEY ARE BUYING MORE FROM OPEN MARKET FROM RM7.50 TO RM7.73
WHICH ONE WILL YOU CHOOSE?
Best regards
Calvin Tan Research
Singapore
Please buy/sell after doing your own due diligence
More articles on THE INVESTMENT APPROACH OF CALVIN TAN
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Created by calvintaneng | Apr 06, 2024
Discussions
2 people like this. Showing 32 of 32 comments
Sell comfort. lack of quality conscious . That’s why end up detention by fda.
2020-06-12 23:11
Calvin, your super calf is undergoing puberty this week....
....and is super rebellious
2020-06-12 23:26
1. Top glove revenue rose 37% due to higher sales volume (+25%) and ASP (+5%). Correspondingly, PBT margin improved by a massive 14.4ppt to 25% compared to 10.6% in 2QFY20 due to higher ASP which theoretically flow straight down to bottom-line. Top glove latest financial ending May only manage to record 5% hike in ASP, already can record more than double profit.
More boom profit will record in next Q result after record current ASP hike 20%, more than triple increase in EPS in next Q result as all increase in ASP direct go to increase net profit margin.
2. Comfort financial year ending April still yet to record impact on ASP which only took effect begin May. But, just through increase sale volume, productivity already can record double profit. Next Q result will record full impact ASP on profit. But, as small OEM, the ASP could be 10%, therefore, next Q result EPS 5 sen
3. Supermax financial ending Mar, only manage to record least impact of surge in sale demand, but able to capture small ASP due to it have own distribution division. The full impact on ASP in OEM factory price hike 20% + OBM distributors 100-150% hike will only able to record in next Q result. As ASP hike direct go to bottom line, Expect Superman to deliver quadruple EPS 20sen in next Q result.
2020-06-12 23:47
Northcape, an Australia-headquartered asset manager that has been investing in the shares of glove makers for more than a decade, bought more glove-makers’ shares early this year “when signs emerged that Covid-19 would become a global pandemic,” Cameron said.
According to his calculations, Top Glove will generate average earnings growth of more than 100% for each of the next two years while Hartalega will also deliver “exceptionally strong” earnings growth as personal protective equipment purchases increase globally.
Some glove makers have “an order backlog all the way out to June 2021,” compared with one month before the pandemic, he said. The discovery of a vaccine to prevent Covid-19 disease will also help keep demand elevated because “glove companies and some experts have noted that the ”widespread administering of a vaccine will actually result in a further spike in glove demand, he added.
Important Remark: widespread administering of a vaccine will actually result in a further spike in glove demand,
2020-06-13 00:05
You did a very good homework and a very good analysis and comparison among the big 2 and a younger and beautiful comfort which most iinvestment bankers have not done it but may be pushing down the share for the past 5 days so that they can buy cheaper shares. EPS growth and PE are the most crucial to value a company and definitely this young boy is undervalued compared to the big 2 men which all the investment bankers have made very good comments.
2020-06-13 07:41
Good write up. One of the reason becoz tg is 2.5 mths in to covid period,comfort 1.5 mth and supermax onky 2 wks into covid period.somemore is at lockdown period during march. And supermax 2wks in to covid period while lock down still can get 2x profit margin increase 9 to15.
2020-06-13 08:21
If any one can get tg jan to mar result,comfort jan to march and supermax jan to mar and compare...will know the big diff.
2020-06-13 08:25
Nicely done with interesting pics. At the moment, Top Glove is like Hulk rampaging through the city.
2020-06-13 22:20
3iii So Blind To Cyclical Supermax because he is STUCK in Dinosaur Dumb Dutch Lady
2020-07-18 22:35
SEE THIS AND LEARN FROM OTHERS' MIS STEPS & MISTAKES
https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2020-02-07-story-h1483082239-NETX_VERSUS_DLADY_ZELAN_BENALEC_AS_ILUSTRATED_BY_CLEAR_EXAMPLES_Calvin_.jsp
2020-07-18 22:36
HI GUYS
A TALE OF 3 GLOVES WAS VERY MEMORABLE INDEED
NOW IN PROGRESS WILL BE
A TALE OF 3 PALM OIL STOCKS
JTIASA, FGV & ???
WHICH ONE IS 3RD?
AFTER GLOVE BULL NOW FCPO RM3,505 WILL FGV BE LIKE TOPGLOVE & JTIASA BE SUPERMAX? Calvin Tan Research
https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/2020-11-29-story-h1537301957-AFTER_GLOVE_BULL_NOW_FCPO_RM3_505_WILL_FGV_BE_LIKE_TOPGLOVE_JTIASA_BE_S.jsp
2020-11-29 21:44
TODAY LISTEN LISTEN LISTEN
TIME TO BUY
AZRB
FGV
ALL PALM OIL COUNTERS
REGARDS
CALVIN TAN RESEARCH
2021-03-19 09:26
Bought supermax at rock bottom of Rm1. 73
Sold above Rm18. 00 for 1,000% gain
Now is the best time to buy palm oil shares
2021-04-01 12:01
Calvin's warnings !!!
Don't chase Glove now or else will end up like chasing Jaks at Rm1.80, chasing hengyuan at Rm19 or chasing dayang at Rm3.01
Gloves now in cyclical peak and will turn down again
Those who buy and hold glove at peak will later get stuck when prices turn down again
Topglove boss seeing danger already told Tropicana people to Cutloss on Topgloves or else will lose more later
Palm oil still very very cheap can buy as much as you can safely
2021-04-27 08:42
calvintaneng Bought supermax at rock bottom of Rm1. 73
Sold above Rm18. 00 for 1,000% gain
Now is the best time to buy palm oil shares
Palm oil stocks no movement...but glove stocks rebound more than 50%...
So yr advice sucks
2021-04-27 08:44
CharlesT
As I warned
those who chased Topglove , supermax and kossan now stucked as prices retraced from top
later will live in penthouse hor
2021-04-27 11:21
Be very careful loh...Gloves is a simple commodities...its price up alot bcos of shortages mah!
Sure thing is that the supply & capacity will definitely catch up as many people is rushing in to manufacture gloves loh!
2021-04-27 11:23
CharlesT calvintaneng Bought supermax at rock bottom of Rm1. 73
Sold above Rm18. 00 for 1,000% gain
Now is the best time to buy palm oil shares
Palm oil stocks no movement...but glove stocks rebound more than 50%...
So yr advice sucks
27/04/2021 8:44 AM
WHERE IS CHARLES T?
LONG TIME DISAPPEARED?
THAT WAS A CHUN CHUN BUY CALL ON SUPERMAX AT RM1.73
AND CHUN CHUN SOLD ABOVE RM18.00 FOR 1,000% GAIN
CHARLES T CAUSE A DEAD CAT BOUNCE
NOW HE LIVED WITH A VERY SMELLY DEAD CAT STILL DEAD?
BETTER DON'T FOLLOW THE GROSS ERROR OF CHARLES T
NOW ALL MUST GIVE UP GLOVES AND BUY PALM OIL
NOV 2021 PALM OIL RESULTS WILL BE GREAT
FEB 2022 PALM OIL RESULTS WILL BE FANTASTIC
BUY BEFORE PALM OIL TURNS INTO HOT HOT STOCKS
Regards
Calvin
Dated Nov 5 2021
2021-11-05 14:07
Other members also buying valuable stocks but not behave like this iddiot spammer
We all feel ridiculous nonstop posting nonstop promoting
As I said earlier, if you so confidence to wait and if you so confidence what you invest why everyday need to promote, why everyday put up so many blog, why everyday go different stocks forum keep on promoting your palm oil stocks?
This is very obvious you want to cash out your share bought and treat other members as waterfish.
In the real world, no free lunch to people unless you want to take advantage from others
I don't know why 3iii administrator didn't take any action to suspend this iddiot account to avoid further keep on spamming everyday and every way
I pegging administrator need to take proper action against this spammer
2021-11-05 15:33
Most of the fund managers have predicted the cpo price shall be normalised to RM 3000 to RM 3500 by next year
This is the reason why fund managers not aggressive to buy because they know the trend same with glove sector
More important is western countries still banning cpo imported products due to ESG
Very soon can see the big impact for plantation stocks (less than 2 months to go)
Now you can see fund managers start to catch out and switch to recovery stocks
You can see this iddiot why keep on promoting due to this iddiot wants to cash out to avoid further losses
2021-11-05 15:33
intrinsic99 is super bodoh
now we see palm oil going up in a superbull like glove did in year 2020
now
2022-03-02 16:46
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4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
sensonic
SIFU CALVIN, GOOD ANALYSIS. RESPECT
2020-06-12 23:08