if don't bother, then better put 100 mil profit, agree? :-)

5.2 :p

Yes

A B & C scenario like all different

Mr koay, my headache now is whether there is any " invisible item" that justify the high PAT for Q3. (Assumming this is johotin routine practice where segment profit = PAT)

If so, it will be reported in special item or include in segment reporting i believe.

Probablity, all segment item included. Thats why report figures and my figures is correct. Just don't know what is this special invisible item.

..only when the pray really worth a chase..agree? :-)

Canone seems to have better natural hedge over johotin. Can biz is park under kianjoo basically. Dairy biz (if got import permit for raw mat), will have natural hedge when export finished products.

Still, from q to q and year to year, not sure how is the dollar net exposure in changes. If keep too much dollar, scare ringgit turn around. If keep RM, afraid later become wall paper.

I love johotin and spend lot of time tracking it. I still not open any position, no idea of any 心水目标价。 Perhaps i need to be more brave. Partly because my analytical skill is still very poor. Need to work hard on this.

Ultimately, 25% FA, 25% TA, 50% banker..we are in bursa..no choice.

Any TP or FV up to individual.

I'm the PE 10 group member to keep myself safe. With current RM rate going, i anticipate core earning should be able to sustain as a whole. Q4 15 and Q1 16 was hit by forex. And Q4 16 so far more or less kian joo part is safe. 4.28 will be my forward fv based on core earning

The core earning is derived directly from PAT + column R & S. So it will not change even the segmwnt figures are in error.

Andy hard, a big chunk of it is loan took to purchase 32.9% kian joo shares years ago. Any differential sum between kjcan contribution (ex special item) vs "property" column i categorised as rental income.

Andy hard is correct, others include "property and investment holding"

Bro probability, you ada isi..cheers

PlsGiveBonus is well nurtured with optimus-ism. Not easy. Welldone.

If you cannot read the table, please click right click and choose view in new tab

Bro, give me sometimes, i still looking at johotin.

There are a few powderful forummer start cursing after canone result, don't know why they curse... for that i hope to get more point from them..


Posted by Flintstones > Nov 23, 2016 06:20 PM | Report Abuse

Hows the profit? Summoning @YiStock

Some companies use operating profit, instead of segment profit, either one, i think they are not the net net PBT

YiStock Wah...your word is too heavy. Please don't do so.

Refer expert for your currency gain/loss taxation matter here: (page 4) https://www2.deloitte.com/content/dam/Deloitte/my/Documents/tax/my-tax-espresso-august2015.pdf

Segment profit, does not include taxation, interest etc. It is not actual profit.

PBT is net net everything before tax.

You were saying Q2 & Q3 is different. I think you already captured the caution.

Posted by xuewen > Nov 23, 2016 01:06 PM | Report Abuse

brother Yistock,

I don't know how to to write and what to write.
I am begging you to explain to us why you think PBT can not be higher than segment profit . i believe many readers here will be very thankful to you if you are willing to share your knowledge
23/11/2016 13:16

for question 2: In previous Q report, it seems included. But in latest Q report, it does not seem included. That's why the segment profit lower than PBT. When it is not included, it did not appear too in item B8.

I may be terrible wrong, so i said pending verification

Posted by xuewen > Nov 23, 2016 01:11 PM | Report Abuse

Bother Yistock,

may be I rephrase my question to make it simple for you to reply with a "YES" OR "NO".

1. is forex gain taxable ? (yes or no)

2. is forex gain included in segment profit ? (yes or no )

I learned everything by writing blogs. Let reasonable fact bam boo left right up down east west north south, then lot of thing can be captured.

Hi xuewen, perhaps you write a blog and we discussed further.




Posted by xuewen > Nov 23, 2016 12:45 PM | Report Abuse

bro Yistock,

I checked the Q2 report, it is before tax, but Q3 is after tax
brother, I am a beginner to accounting , you said , PBT can not be higher than segment profit, yesterday i spent whole night thinking about what you said but still can figure the reason why you said so . please kindly enlighten me, I want to learn from you .

how about forex gain ? is it included in segment profit? is it taxable?
please teach me , I believe many people will also like to hear from you and benefit from your generous sharing of knowledge .

thanks

Xue Wen, pls do not read my reply to u from defensive approach.

And segment profit is not profit after tax.

You may cunter check with Q2 reporting method.


Posted by xuewen > Nov 22, 2016 11:36 PM | Report Abuse

yistock,

please do not be that defensive. I have no ill intention . I just want to learn from you
I read the segment profit listed in the report as a figure after tax , so i do not find anything wrong. can i read it this way, please kindly enlighten me .



posted by yistock,

.....I find it weird that how can PBT higher than segment profit. If can, then i need to re seat for my fundamemtal course. ....

This is valid point to caution.


Posted by stockraider > Nov 22, 2016 11:00 PM | Report Abuse

Sell B4 too late loh...!!
Bplastic profit down alot mah....!!

Pls double check..i seriouly not very sure..i may calculate wrongly

Xue wen, when i said pending verification, it really means pending verification.


To get below figures very simple. All numbers presented in quarter reports are cummulative basis. You need to get the Q3 figures by minus out Q1 & Q2 cummulated figures from Q2 quarter report.

I find it weird that how can PBT higher than segment profit. If can, then i need to re seat for my fundamemtal course.

I suspect (therefore need further verification), the differeces are "un-reported" forex gain as hint in the report. The gain, if any, need to be presented.

Again, i can only caution. If you feel is good or i main main, please ignore me and trust yourself. Afterall, your own thoughts is most important to your investment career.




Posted by xuewen > Nov 22, 2016 10:22 PM | Report Abuse

yistock,

how do you get these figures ?


Posted by YiStock > Nov 22, 2016 08:44 PM | Report Abuse

1. Reason:
Item A12: the tin segment profit reported for Q3 is RM 2.03 mil
Item B2: profit before tax reported for Q3 is RM 4.95 mil

Item A12: the dairy segment profit reported for Q3 is RM 5.98 mil
Item B2: profit before tax reported for Q3 is RM 9.78 mil

Can you spot the weird situation?



2. Just speculate the sum should be in the region of 6.72 mil
how do you guess it is around 6.72M


I wish to learn from you and many are quite interested to know ?

I am sincere and I hope you are not main-main

Icon, 3头鲍。。i treat you

Just speculate the sum should be in the region of 6.72 mil

Posted by pingdan > Nov 22, 2016 08:42 PM | Report Abuse

Hmm... raw tin price increased for the past few months. Refer to the Msc article written by moneysifu and paperplane. Plus their inventories have been decreased compare to last year. So means their "cheap tin" have been left no much already. Plus we dun know how much forex gain inside the financial settlement. Good buy??

Core earning increased 47% from Q2 16 (12.2 mil) to Q3 16 (17.9 mil). Powderful!!!

You are "champion", I don't know how to advise you. Certainly like to see who are you when you conduct a seminar one day. Mr OTB can open subscription and class, I believe you also can.

cheers!


Posted by paperplane2016 > Nov 22, 2016 06:43 PM | Report Abuse

YiStock, haven't been following, can advise S/O now?? PLEASE..........

Johotin reported HIGHER revenue of dairy product in Q3 2016 vs Q2 2016. However, LOWER segment profit is reported against Q2 2016. While pending verification on higher PBT for dairy division, brace for impact if you own Canone. good luck all.

besides to watch out on reported EPS, I wish to point out that the total earning "may" include substantial amount of forex gain/ others

Reason:
Item A12: the tin segment profit reported for Q3 is RM 2.03 mil
Item B2: profit before tax reported for Q3 is RM 4.95 mil

Item A12: the dairy segment profit reported for Q3 is RM 5.98 mil
Item B2: profit before tax reported for Q3 is RM 9.78 mil

Can you spot the weird situation?

I think result pending verification.

Be caution and good luck!


Posted by YiStock > Nov 22, 2016 06:33 PM | Report Abuse X

watch out the reported eps. It is not divided by total outstanding shares post split. It should be around 4.3 sen pre-dilution. But, still a remarkable result.

Mr GUHAIWUYA， 感恩你的contribution. Cheers!

i think the result is quite good. congratulation!

watch out the reported eps. It is not divided by total outstanding shares post split. It should be around 4.3 sen pre-dilution. But, still a remarkable result.

From latest MSM quarter result, there seem to be no sign of sugar price increase as press mentioned.

I think now is a good time to buy if wanted too.

latest Q3 quarter contribution from kian joo should be around 16 mil, this is already about 60% of canone Q2 earning. Therefore, Canone should be able to exceed, or at least maintain it Q2's performance. Let wait and see.

1) If canone source sugar locally, sugar price increased only in 1st August if not mistaken. There should be enough old sugar stock. If the replenishment is done recently, there should bemixture of old + new stock and therefore there should be no cost spike.

If canone hold import permit, the sugar price hike is not a new issue and could have already absorb and pass through.
21/11/2016 11:54

http://www.thestar.com.my/business/business-news/2016/11/21/thong-guan-expects-doubledigit-growth/

The company is projecting a “double-digit percentage” growth in its revenue and bottom line.

“Orders for stretch-film and polyvinyl chloride (PVC) food wraps have risen by about 20% so far this year,” group managing director Datuk Ang Poon Chuan told StarBiz.

Based on latest "hint" given by Datuk Ang, 20% increase in order, if i "bravely" use 2015 revenue as base, RM 712 mil x 1.2 = RM 855 mil.

With 7.6% net margin, RM 855 mil x 0.076 = RM 65 mil net profit

below references:

http://klse.i3investor.com/blogs/mieco/86553.jsp
http://klse.i3investor.com/blogs/johotin/92356.jsp

Hi Chankp7010, a JV agreement has been signed only in May 2016 which will followed by the land sales.

My previous tracking experience with sales of company by Mieco took more that 2 quarters only the profit was registered. Same thing happened to Johotin that selling off any old factory.

So i believe Tien Wah land sales will take some times..perhaps, let treat it as bonus and let wait for DOFICO which may give faster result.

cheers.


Posted by chankp7010 > Nov 9, 2016 09:37 AM | Report Abuse

For YiStock, what about the proceeds from sales of Property in PJ. I believe the JV with Lam Chang will report some profit. Also it should be 2016 annual report and not 2015 as reported.

hmm...how can i hold different view but is still buying? Weird..
Anyway, you are very right, coldeye practice 40 years still dare not sound like you... you must be god...


klee Ah chee ah chor man is buying C______ yet dun dare to let ppl know the full stock name.Some more want tip me now,wakakaka.Go home train for 20 more yrs and come back lah,lest you lose your underwear.
17/09/2016 11:30

kena again by the forex exposure..very hard to hedge USD cash loan..

Not that misleading after all. But, i think there are finally some positive prospect i seen for steel industries. For those steel companies doing export business, they may benefited from Donald Trump Mega infra project is US. Good luck!


Posted by 007 > Sep 20, 2016 08:26 PM | Report Abuse

misleading argument as far as steel industries is concerned.it make you more confuse if you are not in the steel business. look at Annjoo result, you will understand what I mean.

CHOOBEE

Q3 kianjoo's performance way above expectation even scrap the forex gain. Q4 should be good too since forex is not a major issue to Kian joo now.

"With clarity, it gives courages" - late Mr Lee Kuan Yew

Trump Protectionism policy is a policy that need to be overcome by US businessmen and therefore US citizen..not people like us. They are the "consumer", we are just "supplier". Just like we malaysian, when raw mat up, are we still enjoying cheap stuff? not at all right?


Posted by wkitwing > Nov 10, 2016 10:08 AM | Report Abuse

sifu yistock,how come it will propel higher malaysia export?please dont forget about trump protectionism policy which is raising import tariff into US and it is bad for export companies.