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The APR price increase likely will see better earnings when announced in the 2nd half of the year.

The risk with Magni is the concentration of Nike as the main customer. If only they can get more diversified customers, this company should trade at higher multiples. They have been trying to get other customers, but so far Nike still dominates.

The revenue & earnings has topped at year 2017. Seeing it dropping from RM8 is painful (although company gives dividend each quarter). So far waiting the new plant in Vietnam to operate and hopefully that comes with better revenue and earnings.

Can ferry fish. KL folks will have cheap fishes from east coast. That's what the BN politicians said last time.

Icon8888 Don't be too pessimistic
How about other cargoes ? Chips ? Underwear etc ?
13/04/2019 10:21 AM

At 44B cost, let just say the the interest payment will be 2B per annum. Can this project even pay for the interest itself? Multiplier effects maybe provided the local boys get a piece of the cake.

Really surprise that they managed to the new lands buy at rm15 / square feet. That's like the pricing like more than 10 years ago.

News says discount of 21.2B from the original price. At the same time, we also read previously that the inflated price is supposed to bail out 1MDB. So at the end really got discount?

Helping hand - Malaysia to supply 63 pct of 300b global rubber glove demand

The global demand for rubber gloves is estimated to reach 300 billion gloves this year, with an expected annual growth of 12 per cent, according to the Malaysian Rubber Glove Manufacturers Association (Margma).

It said out of the total, 188 billion gloves would be produced by Malaysia, which is the world’s largest producer and leading exporter of rubber gloves, contributing 63 per cent of global supply, followed by Thailand (18 per cent), China (10 per cent) and Indonesia (3.0 per cent).

The Malaysian Investment Development Authority (MIDA), the government agency that oversees and drives investment into the manufacturing and services sectors, quoted Margma in its e-newsletter for March 2019.

The e-newsletter is MIDA’s monthly industry update for global investors.

Meanwhile, MIDA has projected that export revenue for rubber gloves will reach RM19.88 billion this year, up from the RM18.8 billion estimated by industrial players in 2018.

“Notably, made-in-Malaysia rubber gloves are expected to be exported to over 195 countries worldwide in 2019,” it said.

MIDA said overall, the global market for the medical rubber gloves industry showed a positive trend, driven by the increase in the world standard of healthcare and the ageing world population.

But as the (medical glove) industry becomes more competitive, rubber glove manufacturers were investing heavily in automation as part of efforts to combat rising labour costs and to increase production efficiency, it said.

In line with this, MIDA continues to encourage global Industry 4.0 technology providers and industrial automation solution providers to connect with the medical glove manufacturers.

Among the manufacturers, Top Glove Corporation Bhd, the world’s largest rubber glove manufacturer, has been aggressively pursuing expansion and continues to strategically digitise its operation.


The company is currently focusing on automating its production lines and is improving efficiency by using data to drive automation in the company.

Meanwhile, the largest nitrile glove producer globally, Hartalega Holdings Bhd, has invested over RM14 million to upgrade its enterprise resource planning system as part of its commitment towards realising Industry 4.0.

- Bernama

If HLIND distribute more dividends to bring down the cash levels, then it will be syariah complaint again. (◔_◔)

https://www.theedgemarkets.com/article/affin-hwang-capital-starts-coverage-syarikat-takaful-target-price-rm830

A jaw drop target price (⊙＿⊙')

Rights issue do not dilute if you subscribe ;). Furthermore this is for new expansion and not to pay for existing debts.

I hope they do a rights issue..That will be the opportunity to top up and remove the gearing concerns.

In 2017 annual report, they paid off the entire short term loan. Then they up the borrowing to 157M in the last Q report. This is before the Auric Pacific acquisition story in Dec. Anyone has any clue why they did this? The entire Auric Pacific is to be satisfied by cash via borrowings. I just afraid they will be working for the bank.

I don't mind if you write an article and push it above Rm10 ;)


Posted by Icon8888 > Jan 8, 2019 02:52 PM | Report Abuse

somebody buying

8 January 2019
Supermax Corp (SUCB MK) Neutral (Maintained)
Mixed Outlook For Two Segments Target Price (Return) MYR1.85 (+7%)

Forecasts and Valuation Jun-17 Jun-18 Jun-19F Jun-20F Jun-21F
Total turnover (MYRm) 1,127 1,304 1,410 1,630 1,874
Recurring net profit (MYRm) 67 107 120 144 161
Recurring net profit growth(%)(33.3) 58.7 12.6 20.1 11.5
Recurring P/E (x) 35.0 22.1 19.6 16.3 14.6
P/BV (x) 1.1 1.1 2.2 2.2 2.2
P/CF (x) 9.6 6.4 15.2 8.9 8.1
Dividend Yield (%) 0.6 1.6 1.8 2.1 2.4
EV/EBITDA (x) 9.1 6.6 11.2 9.6 8.6
ROE (%) 6.3 10.5 11.4 13.7 15.2
Net debt to equity (%) 27.6 28.7 17.9 15.4 12.1
Interest coverage (x) 10.8 12.6 12.5 15.7 18.6

https://pinpoint-insights.com/interx/tracker?op=click&id=5c39.8e38&url=https%3A%2F%2Fresearch.rhbtradesmart.com%2Fdownload.php%3Ffile%3D10779601854499325c33ee8d25a93&_hC=E1B2196F

Estimated PE to drop to 16.x in FY2020. Hopefully it's true.

AEONCR appears to have higher valuations than RCECAP but better reach. Any reasons why you choose RCECAP (25%) over AEONCR (5%) ?

Still cheap and good after so many years of growth.

Some numbers from the quarterly report

Date Unbilled Sales Gross Development Value
3/1/2015 443.57 1,200.00
6/1/2015 408.11 1,200.00
9/1/2015 343.22 1,200.00
12/1/2015 324.2 1,430.00
3/1/2016 354.42 1,670.00
6/1/2016 311 1,680.00
9/1/2016 259.6 1,680.00
12/1/2016 196.9 1,440.00
3/1/2017 153.8 1,450.00
6/1/2017 132.78 1,580.00
9/1/2017 95.03 1,160.00
12/1/2017 66 849.00
3/1/2018 48.6 770.00
6/1/2018 31.85 770.00
9/1/2018 19.02 770.00

As we are expecting properties going to be OK, the plantation segment is not likely to perform. CPO around RM2K and don't know how much for the fair value adjustment in Indonesia operations in the coming report.

Company is cheap so it's good to see the insiders are buying. It's also a final Q so it will be bundled with dividends. Hopefully 0.05-0.06.

*sheldon*, Thanks for checking the dividends with the company. KLK too did not announce the dividends yet.

I think if the company do not have a large CAPEX for refinery upgrade, there should be a increase in dividends next year. I

When the fuel subsidy is removed, it wont add more profits. Instead better cash flow as they wont need to wait for the government to return the subsidized portion of the fuel price.

I think the rise in receivables are either from the government fixing the petrol prices OR related party transaction. PETRON was kind of expecting it as they raised the loans a couple of months back.

Kenanga have a report this morning expecting GENM & GENTING net earnings to drop more than 30% and 12% respectively. Get ready for fireworks.

https://www.businesstimes.com.sg/consumer/analysts-still-love-this-chinese-supplier-to-nike-and-adidas

Automation wins. Hopefully MAGNI can follow.

In the 2017 AR, I quote
"
The surge of the USD:MYR currency pairing towards the USD1:MYR4.50 level at the end of 2016 had also been a boon to local rubber glove
exporters. Generally, export-oriented companies have been beneficiaries of the appreciating US Dollar, boosting top and bottom lines.
Unfortunately, USD-denominated costs and liabilities have tempered the supposed gains to an extent. As a result, we have had to remain
focused on improving our overall operational efficiency to enhance value for our shareholders.
"
LOANS AND BORROWINGS (Cont’d)
The interest rates are as follows:-
Group Company
2017 2016 2017 2016
% % % %
Bankers’ acceptance 1.15 - 3.75 1.15 - 3.75 - -
Term loans 2.68 - 3.55 3.44 - 8.10 3.34 - 4.19 3.44 - 8.10
The term loans, and bankers’ acceptance are secured by way of:-
(i) legal charges over land and buildings of subsidiaries;
(ii) negative pledge; and
(iii) corporate guarantee by the Company.
Analysis of borrowings by currency:-
RM RM RM RM
Euro 123,136 126,390 - -
Japanese Yen 10,779,160 - - -
Ringgit Malaysia 49,861,744 8,041,234 - -
United States Dollar 389,785,050 376,881,380 38,632,500 48,335,999
Total 450,549,090 385,049,004 38,632,500 48,335,999

In the latest Q4 report, the BS stated
Long term borrowing 74,079
Short term borrowing 345,627

Net cash flows from operating activities 163,718
Net cash flows from investing activities (18,819)
Net cash flows from financing activities (143,284)
- which Interest expenses is (13,980) & Bank borrowings (30,843)

Group borrowings as at 30 June 2018 are as follows: -
Secured RM’000 Unsecured RM’000 Total RM’000
Short term borrowings 19,769 325,858 345,627
Long term borrowings 1,326 72,753 74,079
Total borrowings 21,095 398,611 417,706
91% of the short term borrowings comprise trade facilities amounting to RM 314.5 million that
are revolving in nature for working capital purposes. These facilities bear interest rates that are
attractive and competitive ranging from 1.0% to 3.6% p.a

Looking at the cash flow and gearing ratios, is the raise of interest rate in US a grave concern to the company now ?

On the over supply issue, the analyst have been sounding this since 2002/2003 periodically when all the companies started expansions. Margins will go down but they will still sell.

Any 100% accuracy prediction of the earnings from the wizards? Is it going to be 50M, 100M, ... ?
Thank you.

I'm seeing everyone talking the price but not the valuation.
To those that say they can predict price movements with 100% accuracy, I'm more interested if you can tell me how much they are going to make this year. Thank you.

The 200B tariff includes Chinese fasteners :)

Congrats to the mă hòu pào analyst that bought at 1.80 (lowest) and sold at 4.60 (highest). Trade each time for 20%, you will be a billionaire in no time.

For stocks, you look forward. Not backwards.

Having said that, the earnings for FY2018 Q4 is below expectations. All we know from the financial report now is "higher cost in operations". The analyst is guessing that this is due to contact lens operations.

A for the GST refund table. I've not seen this before.
F for failing to disclose the lens revenue and expenses.

The company has not been transparent to disclose the contact lens revenue and loses. Hopefully this will change.

More undervalued than Daiman.

Was at the TOP in June. Reasonably priced for a all day attraction but not many people there compared to other theme parks.

Government should just start a competent IT division to do this and insource. It's not rocket science. Tons of savings over the long term.

Google brings me to the following links

Why hire MyEG to renew foreign workers’ permits, asks DAP
http://www.theedgemarkets.com/node/180189

MyEg just a redundant “middle man”
https://www.therocket.com.my/en/myeg-just-a-redundant-middle-man/

Government defending the indefensible in the MyEG migrant worker permit renewal contract
https://dapmalaysia.org/statements/2015/04/08/20604/

Other firm already paid hundreds of millions for work MyEG is charging for, DAP MP says
https://www.malaymail.com/s/823125/other-firm-already-paid-hundreds-of-millions-for-work-myeg-is-charging-for

Manufacturers perturbed by MyEG's "costly" online hiring fees
https://www.nst.com.my/news/2017/03/217251/manufacturers-perturbed-myegs-costly-online-hiring-fees

In my opinion GKENT should be better if you want to punt.

The boss also showed up on the election night during vote counting. Sweat, lucky PH won.

how about "could we be better ? "

Support kleptocracy ? Wow.

Stanley must have learned his lesson the hard way and should have hedge his bets on both sides this time. I don't think it will be affected in the event PH winning the elections.

Can't believe this company is dragging down my portfolio so much this year. The revenue is still very strong and company is still growing outside Malaysia. I don't see the fundamentals really deteriorated that much. Any red flags besides those mentioned in the quarterly report ?

Please note that this company makes about 70M each quarter vs the IRB claims of 96M.

The revenue is still there even if you compare Q2Q. So they are not losing the business yet.

You don't need to pay to convert the ICULS to the common share.

If the company does well and pay greater than 3.5% DY then convert. If the company does not do well (pays less than 3.5% DY), then delay the conversion till the end of the third year.

The company decides not to breakdown the revenue and results in the last quarterly report and that makes it difficult to know the progress of the plants and contact lens business (after investing over than 100M)...

Think, if the contact lens business have been contributing positively now, do you think you can buy this at the current price ?
If this company is without hiccups for the past 2-3 years, do you think you can buy it now at Rm2.0x ?
It's a potential turnaround company with a upside earning catalyst if they can make the contact lens business right.

Does not look like it has reached the max potential yet. Savings the EPS vs share price for future reference.

https://ibb.co/dzoH8F

Aucy86,
(As per last Q3 2017)
Borrowings
Non current 1,117,631
Current 110,000
Cash and cash equivalents at 31 December 426,005
Free cash flow per annum ~300M :).

Good results next months with extra dividends ? That will support the price and entice people to subscribe to the rights. Companies usually have to plan their timings nicely for corporate exercises like this.

the publish amount is average, not median . so your datuk, tan sri businessman is skewing up the numbers.

mlg123 , thank you for the correction.

For future reference.

http://www.thestar.com.my/Business/Business-News/2014/08/29/OSK-Property-sells-land-to-PR1MA/

"43.7ha in Sungai Petani, Kedah to the PR1MA Corp Malaysia for RM56mil"

Plentitu has over 700ha near there .... so how much is that worth ?

No need revalue.. They should just take it private and make tons of $$$

Anyone has Plenitude's RNAV numbers ?