@treasurehunt With a result like that, and with high gearing, and the experienced president leaving, the future is bleak for the group if run by Yeoh family. I will be surprised if their financiers will not be concerned.

The NGOs nonsense are at it again. As Malaysian, i think we should stop buying from these international brands which did not do their own investigation and rely on botch media for their info on labour conditions in Malaysia....... First it is our glove makers, then this....not to mention the lies on other countries

The final results will be, without a job here on in their own country, these foreign workers will be sent back and suffer!!!

The NGOs nonsense are at it again. As Malaysian, i think we should stop buying from these international brands which did not do their own investigation and rely on botch media for their info on labour conditions in Malaysia....... First it is our glove makers, then this....not to mention the lies on other countries

The final results will be, without a job here on in their own country, these foreign workers will be sent back and suffer!!!

Just realise that there were some changes in the head of finance of both boxpak and canone earlier this year....both cfos left

Or i should not use the tëchnical term "derive".....i should use the term "captured" or "booked" in Malaysia

@treasurehunt Exactly, that's why they may not have big exposure to cukai makmur as sizable chunk of profit are not derived in Malaysia. Furthermore, the profit earned in Malaysia is captured in several entities instead of just one entity. Hence, taking into these consideration may not even have exposure to cukai makmur.

@treasurehunt Can-One profit not entirely derived from Malaysia as Vietnam and Singapore contributed a sizable chunk of profit too.

different play now that it has gone into property

strong performance reminiscent of Kian Joo at its best, making the GO price a mockery

Let's see the logic.... In 2015 Teh exchange his 20% shares in F&B in exchange for 39.753 million shares in canone…..In 2019 canone sell F&B for RM1 billion (so 20% means RM 200 million...right? unless my math is so bad).

Now he is selling the share for RM 100 million? What is wrong with him?

Proforma miniumum earnings per share is at least RM5 with proforma net assets a share is between RM9.41 and RM10.62....the major shareholder might as well privatise this company as clearly the market has no trust in the company...even worse that Johortin....lol

This is a strange strange counter.....based on the circular, the proforma EPS will be higher than the share price!!!

@Larrytrader for those who accepted the MGO at RM3.10, they have received their payment. For those remaining 2% who did not accept the MGO, I think the money will be eventually paid out once the whole compulsory acquisition is completed. You can refer to their announcement.

@gozilla88 Continue to trust Uncle Koon and curse the company for not living up to what Uncle Koon say. I like that. :)

@hazmanpp You can register at BCT Asia website, its free

The other research house BCT Asia valued them at RM5.30...also a huge discount over NTA

MIDF priced Can-One at RM3.65. BCT Asia priced them at RM5.30. NTA after acquisition and disposal is between RM9-RM10 according to announcement.....

I cant really understand the rationale behind low valuation given by MIDF. I mean this company acquire a company with market capitalization of RM1.3 million and sold its condensed milk unit for RM800 million to RM1 billion.

But at RM3.65 a share, this company is only worth RM700 million which is slightly more than half of value of assets acquired and much less than assets that they are selling.

Not to mention Can-One has its own tin can business too.

Strange! Perhaps MIDF knows something we don't.

At 3.83 this counter is unbeliveably cheap. The market cap is less than RM750 million, still lower then the value of F&B which it hold 100%. If i am south capital, i might as well launch an offer on canone and get the rest of the business free and still does not cost me that much!

This company mirror what canone did.....can it grow like canone?

This set of results is fantastic compared to the results in amokao's time. But not good enough for its shareholders, I suppose...

Need more oomph

Hopeless for now

My 2 cents after reading the Q4 report:
In Q1, Johotin disposed an old machine and recognise the gain of RM3 million based on trade in value.
In Q4, the machine supplier decided that they don't want the machine traded in and give discount of RM3 million instead.
In other words, Q1 results have been overstated. Q1 purchase amount of machine has been overstated by RM3 million. These are reversed in Q4.

Kiddoo....care to share any information here?

Anyone attending boxpak EGM tomorrow?

If you read boxpak circular correctly, kj may need to fork out 120 m to subscribe for RI!!! I doubt anyone will subscribe and kj is underwriting it!!

Very lacklustre Q3 results. Disappointing.

On forex gains or losses - my 2 sens worth of opinion

There are a few scenario where forex gains or losses are subject to tax or deductible for tax purposes. If the forex gain/loss is realised and is for business purposes, it is subject to tax/deductible for tax purposes.

Unrealised gain/loss incurred for business purposes is not taxed/deductible when it is recognised. It will only be taxed/deductible when it is realised. However, accounting standard require a tax charge/income in the form of deferred taxation to be imputed.

If forex gain/loss is not for business purposes (for example non-trade advances to subsidiary), it is not taxable or deductible for tax purposes.

Either way, in computing segment profit, forex gain/loss should have been considered.

In Johotin's presentation for Q3, the segment results by business segment refers to profit after taxation. But their segment analysis by geographical segment is based on profit before taxation.

The Q3 numbers looks impressive, especially when compared to last year where they have very poor Q3. Actual growth may not be that big, considering they have achieved profit before taxation of RM9.7 million in Q3, 2012 and RM8.2 million in Q3, 2013.

Still an impressive results.

They must be crazy with the offer price. Anyone who would take up the MGO offer? LOL

With the halting of sales of Galaxy Note 7, how would Globetronics be affected? Are they the subcon for apple or Samsung? both or none?

Brace for another few years of low dividend.....new project means money will be spent on capex leaving little for dividend

Hahahaha....as if the daily greetings will create more wealth for your ownself, whilst other kept building their wealth.

From another angle, having a current ratio of 5 is not a strength but a weakness. I would expect a ratio of 2 to be comfortable. More than 2 means that the asset is not working hard enough to earn profit for you! Should declare more dividend if current assets are lying idle!

For Can-One, it has always been a high gearing, high growth company. Even when they gobbled up Kian Joo, they did not even ask a single sen from shareholders. And they use bank money to grow, and I must say quite aggressive too.

By the size of the balance sheet and nature of business, I don't think there is any way these two are comparable!

firehawk, look at the illustration. Per share RM2, to me is overpriced. Read the annoucement carefully.

laugh me die....why would they want to share with people who just make derogatory remarks about them? hahaha

Box-pak has not got enough capital to fight the likes of Genting Sanyen and Muda Packaging. Based on its latest announcement, it only have RM161 million only but turning over a revenue of RM450 million last year. This company cannot grow without capital injections.

However, I do feel the rights has been overpriced! But then you can renounced it if you feel not worth while.

The shrewed major shareholder just scoop another counter -Alcom on the cheap. We can comment what we want here but probably they see what we don't!

When Asahi acquired Etika Dairies in 2014, the purchase price was at USD328,787,704 when its PAT was at RM29.4 million, about 65% of F&B's PAT in 2015. The PE? A whopping 36.08 times. At this PE, F&B will be worth a whopping RM1.7 billion.

When Johotin bought Able Dairies a few years back, it was at 15.5 times PE. At this PE, F&B will be worth RM705M

2015Q1 - RM123.9M / RM11.0M
2016Q1 - RM133.2M / RM15.5M

Did not see growth in F&B so cannot justify high PE? Hmmmm...

Revenue/segment profit are RM137.6M/RM4.3M in FY2009, RM220.0M/RM10.9M in FY2010 to RM562.2M/RM48.7M in FY2014 to RM533.0M/RM59.0M in FY2015. PAT for FY2014 was RM36.1M and FY2015 was RM45.5M.

F&B had been growing steadily since Can1 acquired it, if you care to look deeper into it.

How come my subsequent comment did not appear?

ah_boon, that's why I say you like to shoot when you see shadow...lol. Absolutely no regard to fats...oops facts.

1. Since 2011, there were only 2 legal cases. First case when See family wants to stop Aspire deal. Second case when the other see family sue the company for retirement benefit and lost of salary (until he reaches 70 years old - could you believe it?). There are not many legal tussles. And those are not threatening the business.

2. Kian Joo has announced a drop in profit but if you read the notes, you will noticed that unrealized loss is RM22 million. If you take that out, the profit is actually up and impressive too. Why unrealized loss? That is something I will find out.

Latest announcement still contain error, if you are an accountant you should be able to spot it.....hehehe. Not serious though.

Small shareholders if they sell at this price will only benefit the big sharks who can pick the share up on the cheap. I believe this counter have more value than you can imagine.

Canone is a counter that attracts a lot of hate and jealousy. Hehehe

Actually bulk of the drop is from share of results from associated company and tax. Actual business results has maintained.

ah_boon, really disappointed reading your last comment. Very clearly you are just interested in hammering people without checking the facts. Yesterday's announcement was an update on existing law suit and NOT as what you have stated...."being sued again".

Also never in any Can-1 announcement they say they want to sell anything. In fact if KWAP have offered to buy 30% FNB at RM280m which people perceived as overpriced and they say they are not selling, I just wonder where you get the impression they want to sell this and that.

I suggest you take a closer look at the numbers rather than making misleading statements. If you need to calculate FNB value, there are good data available publicly:
1. Johotin acquisition of Able Dairies few years back
2. Sale of Etika Dairies to Japanese group 3 years back
3. Current trading PE of food counters such as FNN, Dutch Ladies, Nestle and discount it