Run for your life

This stock is seriously overvalue. Run before its too late

EMPLOYEES PROVIDENT FUND BOARD 10-May-2019 Acquired 230,700
EMPLOYEES PROVIDENT FUND BOARD 09-May-2019 Acquired 915,200
EMPLOYEES PROVIDENT FUND BOARD 08-May-2019Acquired 854,400
EMPLOYEES PROVIDENT FUND BOARD 07-May-2019Acquired 721,800
EMPLOYEES PROVIDENT FUND BOARD 06-May-2019Acquired 574,800
EMPLOYEES PROVIDENT FUND BOARD 03-May-2019Disposed 881,300
EMPLOYEES PROVIDENT FUND BOARD 02-May-2019Disposed 2,950,000
EMPLOYEES PROVIDENT FUND BOARD 30-Apr-2019 Disposed 1,707,600
EMPLOYEES PROVIDENT FUND BOARD 29-Apr-2019 Acquired 2,952,500
EMPLOYEES PROVIDENT FUND BOARD 26-Apr-2019 Disposed 2,910,000
EMPLOYEES PROVIDENT FUND BOARD 25-Apr-2019 Disposed 510,000
EMPLOYEES PROVIDENT FUND BOARD 24-Apr-2019 Disposed 3,289,400
EMPLOYEES PROVIDENT FUND BOARD 23-Apr-2019 Acquired 100,000
EMPLOYEES PROVIDENT FUND BOARD 23-Apr-2019 Disposed 1,719,400
EMPLOYEES PROVIDENT FUND BOARD 22-Apr-2019 Acquired 160,000
EMPLOYEES PROVIDENT FUND BOARD 22-Apr-2019 Disposed 322,200
EMPLOYEES PROVIDENT FUND BOARD 19-Apr-2019 Acquired 983,000
EMPLOYEES PROVIDENT FUND BOARD 18-Apr-2019 Acquired 4,163,540
EMPLOYEES PROVIDENT FUND BOARD 17-Apr-2019 Acquired 1,605,200
EMPLOYEES PROVIDENT FUND BOARD 16-Apr-2019 Disposed 68,100
EMPLOYEES PROVIDENT FUND BOARD 15-Apr-2019 Acquired 748,800
EMPLOYEES PROVIDENT FUND BOARD 12-Apr-2019 Acquired 289,900
EMPLOYEES PROVIDENT FUND BOARD 11-Apr-2019 Disposed 1,819,000
EMPLOYEES PROVIDENT FUND BOARD 10-Apr-2019 Disposed 1,546,700
EMPLOYEES PROVIDENT FUND BOARD 09-Apr-2019 Acquired 1,255,300
EMPLOYEES PROVIDENT FUND BOARD 08-Apr-2019 Acquired 1,501,900
EMPLOYEES PROVIDENT FUND BOARD 05-Apr-2019 Acquired 2,937,500
EMPLOYEES PROVIDENT FUND BOARD 04-Apr-2019 Acquired 2,446,000
EMPLOYEES PROVIDENT FUND BOARD 03-Apr-2019 Disposed 1,339,940
EMPLOYEES PROVIDENT FUND BOARD 02-Apr-2019 Acquired 2,456,400
EMPLOYEES PROVIDENT FUND BOARD 01-Apr-2019 Acquired 4,000,000
EMPLOYEES PROVIDENT FUND BOARD 01-Apr-2019 Acquired 694,700
EMPLOYEES PROVIDENT FUND BOARD 01-Apr-2019 Acquired 50,000
EMPLOYEES PROVIDENT FUND BOARD 29-Mar-2019 Acquired 4,000,000
EMPLOYEES PROVIDENT FUND BOARD 28-Mar-2019 Acquired 4,000,000
EMPLOYEES PROVIDENT FUND BOARD 27-Mar-2019 Acquired 2,859,200
EMPLOYEES PROVIDENT FUND BOARD 26-Mar-2019 Acquired 459,100
EMPLOYEES PROVIDENT FUND BOARD 25-Mar-2019 Acquired 2,113,500
EMPLOYEES PROVIDENT FUND BOARD 22-Mar-2019 Acquired 1,638,600
EMPLOYEES PROVIDENT FUND BOARD 21-Mar-2019 Disposed 1,874,500
EMPLOYEES PROVIDENT FUND BOARD 20-Mar-2019 Disposed 448,400
EMPLOYEES PROVIDENT FUND BOARD 19-Mar-2019 Acquired 111,500
EMPLOYEES PROVIDENT FUND BOARD 18-Mar-2019 Disposed 1,063,800
EMPLOYEES PROVIDENT FUND BOARD 15-Mar-2019 Acquired 25,400
EMPLOYEES PROVIDENT FUND BOARD 14-Mar-2019 Acquired 1,846,000
EMPLOYEES PROVIDENT FUND BOARD 13-Mar-2019 Acquired 473,200
EMPLOYEES PROVIDENT FUND BOARD 12-Mar-2019 Acquired 414,300
EMPLOYEES PROVIDENT FUND BOARD 11-Mar-2019 Acquired 3,000,000
EMPLOYEES PROVIDENT FUND BOARD 08-Mar-2019 Acquired 3,300,000
EMPLOYEES PROVIDENT FUND BOARD 07-Mar-2019 Acquired 2,654,100
EMPLOYEES PROVIDENT FUND BOARD 06-Mar-2019 Acquired 3,399,700
EMPLOYEES PROVIDENT FUND BOARD 05-Mar-2019 Acquired 3,692,700
EMPLOYEES PROVIDENT FUND BOARD 04-Mar-2019 Disposed 554,000
EMPLOYEES PROVIDENT FUND BOARD 01-Mar-2019 Disposed 2,454,200
EMPLOYEES PROVIDENT FUND BOARD 28-Feb-2019 Acquired 173,200
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Disposed 396,800
EMPLOYEES PROVIDENT FUND BOARD 26-Feb-2019 Acquired 473,200
EMPLOYEES PROVIDENT FUND BOARD 25-Feb-2019 Acquired 3,431,900
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 7,554,000
EMPLOYEES PROVIDENT FUND BOARD 21-Feb-2019 Acquired 7,590,700
EMPLOYEES PROVIDENT FUND BOARD 21-Feb-2019 Acquired 100,000

@wkl318, please do not comment anything without any earning figure or facts to cheat the shareholder to sell cheap. Can you open your eye big big to see what is the target price and the latest quarter report earning.

Sit tight tight and head to RM25

@scbattlemage and @pbenterprisesucks are both fake account with only 1 comment trying to talk liar and cheat the shareholder to dump their share wit cheap price. Be careful!

@nckcm, get away from this forum. Stop spreading untrue news. Your dream will not come true

Usd big gain. So all in

@mangotree, if you afraid, I will buy more

Choivo Capital:

Ok, that’s interesting, lets start with Public Bank.



This company is one that I've studied for some time, and I consider it one of the best bank in South East Asia.



I always find it very funny whenever people state that it has the worst IT system, while admiring its profitability.



Seemingly failing to understand that, it’s always about returns on incremental capital.



When it comes to banking, an extremely high-tech system is not needed for high returns, nor will it provide one.



Its all about not wasting money, and not doing stupid things, despite how much incentives bankers have to do stupid things.



What’s your perspective on the company?







Ex-Banker:

Well back in the day, when margin loans were first introduced. Lim Tee Keong and his eldest sister were some of the biggest users of it. And every single bank had to borrow money to him for fear of insulting Genting Group. Everyone wanted Genting’s business.



Everybody thought that the two siblings are backed by their father Lim Goh Tong, nobody expected that Lim Goh Tong would let his eldest son go bankrupt.



Only one bank stayed away. Public Bank. That should tell you a lot about this company.



If you have ever noticed, every bank usually releases their annual report after Public Bank.



Why?



They want to see what they disclose this year and what is their performance, to try and make themselves look better.



They are also the only bank in Malaysia to use a system of Gratuity upon retirement.



Some of my friends who were branch managers, when they retired, they receive RM2-4 million in gratuity payment.



Since they encourage employees to stay with them forever, this incentivizes them to be responsible as it its their own money, and don’t do stupid things.



These days most banks focus on NIM. Everyone wants a fat NIM. But do note, NIM does not include provisions. Public Bank give out loans not with a focus on NIM but minimizing the provisions, and thus focusing on the real bottom line.



Even their loan book profile is different. It consists mainly of vehicle hire purchase, residential, property and shoplots. Very little of it is from corporate borrowings. I can count with my hands the number of listed companies in Malaysia they borrow to.



So, you don’t have credit risk concentrated in just a few accounts, you also don’t have these kinds of scenario where PNB needs to bail out Maybank by buying up the entire right issue of SAPURA.



When they borrow for property, the bank valuation is the lowest among the banks.



And if you notice, when they borrow for hire purchase, the don’t do proton etc at all.



Why? Because resale value is how you ensure people pay back their loans. Yes, loans in Malaysia are recourse, but good luck chasing these small loans down.



In addition, the real money in Hire Purchase Loans, is not in the rate, its in the penalty payable for early repayment. The cars they do hire purchase for, Japanese and Continental. These are the people with money and are most likely to change car every 4-5 years.



There is a rule in Malaysian loans, cannot get loan from Public Bank? Go get it from Maybank etc. They have the best loan book in the country now. Although these days Hong Leong is catching up.

Purposely force you all to sell cheap

EMPLOYEES PROVIDENT FUND BOARD 19-Mar-2019 Acquired 111,500
EMPLOYEES PROVIDENT FUND BOARD 18-Mar-2019 Disposed 1,063,800
EMPLOYEES PROVIDENT FUND BOARD 15-Mar-2019 Acquired 25,400
EMPLOYEES PROVIDENT FUND BOARD 14-Mar-2019 Acquired 1,846,000
EMPLOYEES PROVIDENT FUND BOARD 13-Mar-2019 Acquired 473,200
EMPLOYEES PROVIDENT FUND BOARD 12-Mar-2019 Acquired 414,300
EMPLOYEES PROVIDENT FUND BOARD 11-Mar-2019 Acquired 3,000,000
EMPLOYEES PROVIDENT FUND BOARD 08-Mar-2019 Acquired 3,300,000
EMPLOYEES PROVIDENT FUND BOARD 07-Mar-2019 Acquired 2,654,100
EMPLOYEES PROVIDENT FUND BOARD 06-Mar-2019 Acquired 3,399,700
EMPLOYEES PROVIDENT FUND BOARD 05-Mar-2019 Acquired 3,692,700
EMPLOYEES PROVIDENT FUND BOARD 04-Mar-2019 Disposed 554,000
EMPLOYEES PROVIDENT FUND BOARD 01-Mar-2019 Disposed 2,454,200
EMPLOYEES PROVIDENT FUND BOARD 28-Feb-2019 Acquired 173,200
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Disposed 396,800
EMPLOYEES PROVIDENT FUND BOARD 26-Feb-2019 Acquired 473,200
EMPLOYEES PROVIDENT FUND BOARD 25-Feb-2019 Acquired 3,431,900
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 7,554,000
EMPLOYEES PROVIDENT FUND BOARD 21-Feb-2019 Acquired 7,590,700
EMPLOYEES PROVIDENT FUND BOARD 21-Feb-2019 Acquired 100,000
EMPLOYEES PROVIDENT FUND BOARD 21-Feb-2019 Disposed 504,000
EMPLOYEES PROVIDENT FUND BOARD 20-Feb-2019 Acquired 641,700
EMPLOYEES PROVIDENT FUND BOARD 20-Feb-2019 Acquired 78,000
EMPLOYEES PROVIDENT FUND BOARD 20-Feb-2019 Acquired 77,500
EMPLOYEES PROVIDENT FUND BOARD 19-Feb-2019 Acquired 365,900

Run.

Sell.

Run.

Buy glove counter better

Change to glove counter

Change to glove counter

Change to glove counter

Change to glove counter

Lim now wants to focus on Top Glove’s international expansion plans. The U.S., Japan and Europe still account for 70% of global glove use. Lim sees burgeoning demand from emerging economies such as China taking a larger share, adding perhaps 10% to global demand over the next five to 10 years. “Demand growth for rubber gloves will come mainly from emerging markets where glove usage is relatively low but rapidly on the rise,” Lim says, driven by increased awareness of the need for wearing gloves in healthcare.

Lim aims to increase Top Glove’s global market share to 30% by 2020 by expanding annual production capacity by 23% to 75 billion pairs of gloves. The additional capacity will come from new factories the company is building in Thailand and Vietnam, which will be completed by the second half of 2020. The group’s main production facility is in Malaysia. Lim says the company is also considering expanding into Turkey and the Middle East.

To support its expansion plans and amid increasing competition from rival producers in China and Thailand, Top Glove is planning to hire at least 1,300 new college graduates each year and invest in research and development. It also currently employs 300 chemists and engineers, which Lim wants to double to around 600 by the end of this year. “The business is competitive, especially international business,” Lim says. “To maintain our edge, we’ve always believed in investing in R&D. No R&D; no future.”

Malaysia's Richest 2019: Top Glove Holds Steady Amid Elastic Demand
Forbes Asia
Forbes Guest
Contributor
Forbes Asia
Contributor Group

Post written by

Joe Cochrane

Inside the Top Glove factory.Ian Teh for Forbes Asia

The old schoolyard riposte about rubber and glue—what bounces off the former sticks to the latter—appears to be true for Top Glove and its billionaire founder Lim Wee Chai. Even as the majority of those on Malaysia rich list were down for the year, Lim’s ability to remain unchanged at $1.2 billion and No. 14 on the list is an accomplishment.

This story is part of Forbes' coverage of Malaysia’s Richest 2019. See the full coverage here.

While the benchmark KLSE index fell 8% for the year to March 1, Top Glove shares have held their ground, falling only 1.5%. His company’s results have done better: Top Glove reported a 32% increase in net profit for the year ended August 31, 2018, to a record 438 million ringgit ($107 million) on 23% growth in sales, to 4.21 billion ringgit. “Well, I am excited and happy about it,” says Lim, 61. “The industry is good. The customer expectation becomes higher and higher, so we have to grow.”

Top Glove dominates the market for surgical gloves, for which demand is relatively unaffected by global volatility. Top Glove is the world’s largest producer of surgical gloves, with a 25% global market share. With healthcare demand rising in emerging economies, particularly China, Lim is optimistic about Top Glove’s outlook. “The future is very good for the next five to 10 years,” he says.

Lim and his wife Tong Siew Bee founded Top Glove in 1991. Using their savings at the time of about 180,000 ringgit, they built a factory with one production line and 100 employees on the outskirts of Kuala Lumpur. Today, Top Glove employs 18,000 people and produces 61 billion pairs of gloves a year at 40 factories in Malaysia, Thailand and China.

Top Glove has been able to accelerate sales through acquisitions. In April 2018, its $336 million purchase of rival surgical glove maker Aspion from fellow Malaysian company Adventa was, however, controversial. Top Glove sued Adventa last July, three months after completing the acquisition, for allegedly overstating Aspion’s assets and valuation. Top Glove lost both in its initial suit, and an appeal. It is now filing for a second appeal, which is due to be heard in August. Top Glove has since turned more cautious on acquisitions, according to an analyst at Singapore-based agricultural commodities trader Olam International, focusing instead on realizing synergies between Top Glove and Aspion.

The Aspion acquisition, Lim concedes, “did not turn out as well as we hoped it would.” He remains confident that Aspion will eventually contribute significantly to Top Glove, although for now Aspion accounts for about 10% of Top Glove’s consolidated sales and earns a small profit. Top Glove is automating Aspion’s glove production process in Malaysia to boost those returns. “About one-third of Top Glove’s factories were acquired from third parties,” says Lim, “We are pleased to note they are now performing much better than they were when we first acquired them.”

Lim also had to contend with a report last December by the U.K. media firm, the Guardian, alleging forced labor at the company’s factories in Malaysia. Lim denies the allegations. “There is absolutely no forced labor or forced overtime at Top Glove,” he says. “Employment with Top Glove is freely chosen at every level. Our workers also have the right to accept or refuse overtime.” While there were reports Lim would seek legal action against the Guardian, he now says Top Glove has dropped that idea.

Top Glove has undertaken a tax planning exercise and will continue to enjoy sub-statutory effective tax rates. The bulk of the unutilised tax allowance (about RM99 million) is available at newer subsidiaries with a lower profit base, while the group has exhausted tax incentives for subsidiaries with higher profit base in 1QFY19, thus resulting in a higher effective tax rate (21.3% versus 13.1% in 1QFY18). Future earnings growth will come from these new entities that still enjoy the reinvestment allowance and tax allowance. Moving forward the effective tax rate should remain below the 20% level.

The condom factory (capacity: 100 million pieces per annum) has commenced production, but is awaiting ISO certification. It will be a few quarters before production meets the standards and quality to be marketable. Top Glove will not participate in the tender market as they do not yet meet the three-year pre-qualification by tender market players. The initial batches will be sold only under the original equipment manufacturer (OEM) market segment.

We are adjusting our FY19-21 forecast downward by -6.3%,-5.3% and -4.6% respectively as we calibrate our finance cost assumptions as we had earlier assumed a higher level of interest savings (about RM24 million per annum versus RM2 million per annum) resulting from the bond issuance.

Post forecast realignment, our TP decreases to RM5.93 (from RM6.26). Our TP is based on FY20 earnings pegged at a PE (price-earnings) multiple of 28 times, a slight discount to the glove sector’s one standard deviation above three-year mean PE (29 times). — Hong Leong Investment Bank Research, March 8

Top Glove positive on FY19 rubber glove demand
Hong Leong Investment Bank Research

The Edge Financial Daily

March 11, 2019 10:25 am +08
This article first appeared in The Edge Financial Daily, on March 11, 2019.

Top Glove Corp Bhd
(March 8, RM4.59)
Maintain buy with a lower target price (TP) of RM5.93: We met with members of the management to discuss the latest developments at Top Glove Corp Bhd (Top Glove). Our discussions focused on convertible bonds, capacity expansion and market dynamics, as well as its wholly-owned subsidiary Aspion Sdn Bhd.


We can expect a muted quarter on given seasonality in the second quarter and timing differences between average selling price (ASP) revision and costs on the back of the strengthening ringgit, higher minimum wage beginning January and as well as about 4-6% higher cost of natural rubber quarter-on-quarter (q-o-q). In terms of Ebitda margins we can expect a slight contraction of about 1 percentage point to 15% from 16% q-o-q. Nonetheless we can still expect earnings growth on a year-on-year (y-o-y) basis.

Overall management is still positive on the global demand growth for rubber gloves in financial year 2019 (FY19), thus the growth story remains intact. We understand that lead times are at about 30 days (normal level: 30-45 days). In terms of volume growth we can expect Top Glove to see about +15% y-o-y which is in line with the global demand growth (five-year CAGR:+15.1% by Frost and Sullivan). Due to delays in construction, F33 (1.2 billion pieces) and F32 first phase (2.2 billion pieces) will be delayed to mid second quarter of financial year 2019 (2QFY19) from the original target of 1QFY19. Whilst Factory 41 (Vietnam — two billion pieces) will be pushed beyond the scheduled 1QFY20 due to delay in getting the appropriate government approvals for the investment. We view this in a positive light as slight delays may ease the pressure on ASP in 2019.

Top Glove has issued US$200 million in convertible bonds as part of its debt restructuring and should result in cash savings of about RM16 million per annum, while the profit and loss (P&L) impact is more muted as the yield to maturity (YTM) of 3.75% is amortised as part of the finance cost on the P&L. The P&L impact is expected to be about RM2 million per annum savings. The debt restructuring will enable Top Glove to tap on a lower fixed yield for the duration of the bond vis-a-vis the syndicated loan which is based on the position of Libor (about 4% subject to Libor fluctuations). Upon full conversion to shares, Top Glove is expected to save about RM32 million a year — no dilution will occur as the additional new shares of around 4.9% of existing share base will be offset with the interest savings of RM32 million.

We understand that Aspion is expected to turn profitable in 2QFY19 (from a loss of RM4 million in 1QFY19). Management remains confident that there will be no impairment in the near term as they expect the second half of financial year 2019 (2HFY19) to be better and will form the basis of their impairment test calculations. We understand that the Kulim plant is running well but much work needs to be done at the Kota Baru and Kluang plants. In terms of capacity utilisation, Aspion is hovering at about 50-60% and product mix is 70:30 of examination to surgical.

Prospects for the surgical glove segment remain positive and Aspion will benefit from the recent unrest at WRP Asia Pacific Sdn Bhd (foreign worker and shareholder issues). WRP is Aspion’s competitor for the poly isoprene surgical glove segment, and management expects some switching to Aspion. Recall that poly isoprene surgical gloves are premium products (about 60-70 cents per piece versus natural rubber surgical gloves 12-20 US cents per piece). Aspion also manufactures X-ray gloves in small volumes but is achieving about RM1 million profit after tax per annum (ASP: US$20 per pair). Despite Aspion’s woes, the segment remains a lucrative addition to Top Glove’s stable of offerings.

Of the RM400 million designated for capital expenditure in 2019, about RM160 million is assigned for new capacity while the remainder will be for existing facilities. We understand that Top Glove is in the process of testing vision inspection machines at some of their newer factories to help expedite the quality control process. We understand that the group will ultimately roll out a vision inspection machine at each of their 600-plus production lines. This is expected to reduce about 600 foreign workers per shift. Top Glove has a total workforce of about 17,000 people, of which 13,000 are foreign workers.

Target price rm7.00

Target price rm5.50

EMPLOYEES PROVIDENT FUND BOARD 12-Mar-2019 Acquired 3,000,000
EMPLOYEES PROVIDENT FUND BOARD 12-Mar-2019 Acquired 50,000
EMPLOYEES PROVIDENT FUND BOARD 11-Mar-2019 Acquired 3,000,000
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 11-Mar-2019 Acquired 50,000
EMPLOYEES PROVIDENT FUND BOARD 08-Mar-2019 Acquired 1,000,000
EMPLOYEES PROVIDENT FUND BOARD 07-Mar-2019 Disposed 1,766,400
EMPLOYEES PROVIDENT FUND BOARD 06-Mar-2019 Acquired 2,328,700
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 06-Mar-2019 Acquired 55,000
EMPLOYEES PROVIDENT FUND BOARD 05-Mar-2019 Acquired 2,000,000
EMPLOYEES PROVIDENT FUND BOARD 05-Mar-2019 Acquired 129,000
EMPLOYEES PROVIDENT FUND BOARD 04-Mar-2019 Acquired 1,705,000
EMPLOYEES PROVIDENT FUND BOARD 01-Mar-2019 Acquired 6,230,000
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 01-Mar-2019 Acquired 88,500
EMPLOYEES PROVIDENT FUND BOARD 28-Feb-2019 Acquired 2,424,000
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 28-Feb-2019 Acquired 600,000
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 28-Feb-2019 Disposed 500,000
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Acquired 1,875,500
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Acquired 50,000
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 27-Feb-2019 Acquired 600,000
EMPLOYEES PROVIDENT FUND BOARD 26-Feb-2019 Acquired 1,546,300
EMPLOYEES PROVIDENT FUND BOARD 25-Feb-2019 Acquired 1,616,700
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 25-Feb-2019 Acquired 60,000
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 659,800
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 104,000
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 100,000

EMPLOYEES PROVIDENT FUND BOARD 11-Mar-2019 Acquired 3,000,000 0.000 View Detail
MR KUAN KAM PENG 11-Mar-2019 Acquired 420,000 0.000 View Detail
MR KUAN KAM PENG 11-Mar-2019 Others 3,200,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 08-Mar-2019 Disposed 20,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 07-Mar-2019 Disposed 946,100 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 06-Mar-2019 Acquired 1,838,800 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 05-Mar-2019 Acquired 1,000,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 04-Mar-2019 Acquired 846,600 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 01-Mar-2019 Acquired 2,114,600 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 28-Feb-2019 Acquired 2,000,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Acquired 602,300 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Acquired 33,800 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 26-Feb-2019 Acquired 2,269,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 25-Feb-2019 Acquired 1,679,300 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 3,000,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 50,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 21-Feb-2019 Acquired 6,800,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 21-Feb-2019 Acquired 50,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 20-Feb-2019 Acquired 1,150,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 20-Feb-2019 Acquired 150,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 19-Feb-2019 Acquired 269,300 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 19-Feb-2019 Disposed 1,735,900 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 18-Feb-2019 Acquired 925,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 15-Feb-2019 Disposed 2,166,500 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 14-Feb-2019 Acquired 2,925,000 0.000 View Detail

target price rm5.00

EMPLOYEES PROVIDENT FUND BOARD 11-Mar-2019 Acquired 3,000,000 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 11-Mar-2019 Acquired 50,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 08-Mar-2019 Acquired 1,000,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 07-Mar-2019 Disposed 1,766,400 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 06-Mar-2019 Acquired 2,328,700 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 06-Mar-2019 Acquired 55,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 05-Mar-2019 Acquired 2,000,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 05-Mar-2019 Acquired 129,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 04-Mar-2019 Acquired 1,705,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 01-Mar-2019 Acquired 6,230,000 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 01-Mar-2019 Acquired 88,500 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 28-Feb-2019 Acquired 2,424,000 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 28-Feb-2019 Acquired 600,000 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 28-Feb-2019 Disposed 500,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Acquired 1,875,500 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 27-Feb-2019 Acquired 50,000 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 27-Feb-2019 Acquired 600,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 26-Feb-2019 Acquired 1,546,300 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 25-Feb-2019 Acquired 1,616,700 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 25-Feb-2019 Acquired 60,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 659,800 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 104,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Acquired 100,000 0.000 View Detail
EMPLOYEES PROVIDENT FUND BOARD 22-Feb-2019 Disposed 2,000,000 0.000 View Detail
KUMPULAN WANG PERSARAAN (DIPERBADANKAN) 22-Feb-2019 Notice of Interest 1,090,000 0.000 View Detail

Rocket up today

Rocket up today

Rocket up today

Rocket up today

[转贴] 尝试以不同角度看HARTA - 蛤蜊先生


2019年3月7日星期四


今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（5000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

Oil price drop. Its time for glove sector to fly today

Oil price drop. Its time for glove sector to fly today

Oil price drop. Its time for glove sector to fly today

[转贴] 尝试以不同角度看HARTA - 蛤蜊先生


2019年3月7日星期四


今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（5000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

[转贴] 尝试以不同角度看HARTA - 蛤蜊先生


2019年3月7日星期四


今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（5000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

尝试以不同角度看HARTA



今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（1000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。



Target Price: RM7.00



https://andersonleee0590.blogspot.com/2019/03/harta

History as in JAKS and HENGYUAN will repeat very very soon

OTB and uncle's followers will lose their underwear very very soon.

Good.

[转贴] 尝试以不同角度看HARTA - 蛤蜊先生


2019年3月7日星期四


今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（5000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

[转贴] 尝试以不同角度看HARTA - 蛤蜊先生


2019年3月7日星期四


今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（5000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

尝试以不同角度看HARTA

今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（1000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

https://andersonleee0590.blogspot.com/2019/03/harta

Uncle started selling yesterday ?

尝试以不同角度看HARTA

今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（1000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

https://andersonleee0590.blogspot.com/2019/03/harta

尝试以不同角度看HARTA

今年1月的时候，我曾对HARTA写过一篇文章《长期投资HARTA》？

当时候HARTA股价从高峰跌至5令吉左右，之后便反弹回5.74，之后慢慢越做越低，最近又跌回了5令吉，甚至更低至4.96。

延续先前的文章，蛤蜊认为HARTA不管是创新、效率、行业优势都具备长期投资的条件。

那今天，尝试以老板角度去计算，如果投资HARTA，会得到什么。

假设，今天我买入1000股，每股5令吉，成本价5000令吉。（5令吉容易计算）

HARTA 2019财年的每股盈利预计是15仙，也就是说，我以5000令吉收购价，买入了一个每年能够创造150令吉净利的资产，回酬每年约3%。（1000x0.15=150）作为老板，我不一定要把赚到的都拿出来，我可以把盈利存起来或投资扩充工厂。

这资产每年也会派发股息，以每年股息0.088计算，我拥有1000股，那么就可以回收88令吉。换算回酬是1.76%。这是实际回收的现金收入（88/5000×100=1.76%）

HARTA每股资产为66仙，我有1000股，也就是拥有660令吉的每股资产。这资产包括公司里的地皮、工厂、器材、存货、现金、应收账款等等。

总计，5000令吉的成本，我可以买到值660令吉的资产，这个资产每年能够创造150令吉的回酬，并且每年分红88令吉，加起来可以赚到238令吉，算起来需要21年才能回本（5000/238=21年）

作为投资者，不仅要知道买入后可以赚多少，投入的成本几时能够回本，分红多少，资产值多少，当然还有未来的增长潜力。

因为，只有进行扩充，生意越做越大，我们的回本期才会缩短，不然这盘生意就太昂贵了，不值得买。

HARTA目前有4个厂，第5间厂刚在去年投入营运。直到Q3的时候，这第5间厂只有6条生产线投入工作，还有其余6条下半年会开通。

除了这5间，还有工厂6和工厂7，大概在2020年至2021年之间，会全部投入营运，到时候一年可以生产440亿只手套。

根据2018年的年报，当时候工厂5还没投产，而工厂1至4，共32条生产线，总共可以生产320亿只手套。

320亿至440亿，两三年时间内将增长37.5%。但这是以递增的方式增长，就好像工厂是逐步投产，而不是一次过开完所有生产线。

所以预计一年的产量会增加15%左右，也就是说盈利也会增长15%。

所以就会像这样慢慢增加， 2019年 每股盈利 15仙，2020年17.25仙，2021年19.83仙，以此类推。

也意味着，以5000令吉成本换算，2020年我将可以赚172.50令吉，2021年赚198令吉。每年的分红也同步增加，2020年101.2令吉，2021年116.38。以此类推。

单看2021年，198令吉的盈利回酬，加分红116.38令吉，总收入是314.38令吉，回本期缩短至16年。（5000/314.38=15.9）

因此，只要工厂一间接一间的开，盈利跟上，那么这5000令吉的回本期将会快速缩短，甚至在未来某年，产量超过千亿只手套，每年就可以赚1000令吉或更多，到时候不仅回本，而且净赚更多。

未来，如果HARTA的买入成本越便宜，也表示我可以以更便宜的成本买入具备增长潜能的公司，回本期也会相应缩短，甚至分红可以更多。

https://andersonleee0590.blogspot.com/2019/03/harta