@kl_guy @salman
I guess you guys don't read announcement from Bursa.
It says 2 directors retiring and will be replaced.

China’s main Covid-19 variants not likely to pose threat, says virologist
https://www.youtube.com/watch?v=JZIpL0DJlpo
#FMTNews #Variants #Covid19

@UlarSawa
This is what analyst writes.
I'm just sharing.
Ignoring the emotion, do you think they lie on the numbers?

@kl_guy
Please check latest QR.
China contribute revenue of RM3,458,00 out of total RM632,531,000 for period up to 30-Nov 2022.
With current ASP, it made net loss RM1,688,0000.

Local glove players seldom sell their gloves to China because prices in China are even lower.
https://www.theedgemarkets.com/node/650448

The Board of Directors of SunCon is pleased to announce that Sunway Construction
Sdn Bhd (“SCSB” or “Contractor”), a wholly-owned subsidiary of the Company, has on
31 December 2022 entered into a Contract in respect of General Contractor Services
for Project JHB1X0 (“Contract”) with Yellowwood Properties Sdn Bhd (“Yellowwood”)
to carry out the works [as defined in Section 2(b) of Salient Terms of the Contract] for a
data centre located in Sedenak Tech Park (STeP) in Johor, Malaysia.

(a) The contract amount for the Works is approximately RM1.7 billion. The contract
amount is a fixed-price lump sum amount and inclusive of all applicable taxes.

I think you guys are still hoping for another glove mania rally liken the one in 2020 where almost every glove counter surge 500% to 1000%.
Please open you eyes to see the difference between 2020 and 2023.
1. In early 2020, the entire world of population of 8 billion are hearing this word Covid pandemic for the first time.
Panic led the glove inventory stocking up from medical hospitals to restaurant and even individuals.
2. This panic buying cause supply to outstrip demand which led to ASP price hike of 250% to 350%for the same products in just 2-3 mths, layman speaking from USD20 per 1k to USD90 per 1k.
3. Worst still panic buying led to many sectors and industry to stock up glove inventory from normal of 2-3mths to 9-12mths in advance
4. Most customers request priority purchase by putting up advance deposit or prepayment of 20% to 30% , basically everyone is pouring money to glove manufacturers just to get in queue.

Summary:
1. Today in 2023, we have 5 major global vaccine manufacturers that relieve the fear and panic buying of glove
2. In China they are more than 7 major local manufacturers of vaccine.
3. Previously 8 billion population demand for glove, currently only China is desperately needing glove.
The 2 major glove producer INTCO, Blue Sail Medical, others have ramped up capacity to almost 70bil from 25bil from 2020 to 2022 more than even to supply 23 pairs of glove for every chinese citizens including babies annually!
3. Currently, due to oversupply in China alone bringing down the ASP from USD90 per 1k to now only USD15 per 1k and causing massive contraction in revenue and earning for Malaysia Big 4 producers.
4. No one paying any deposits today and not everyone wants to buy glove due to high existing inventory. To be honest, no one interested in wearing mask these days.
5. Most citizens are everyone country has a minimum 2 vaccine shots, so risk of severity had reduced significantly and reducing fear of this pandemic.

Just my 2 cents sharing.

Probably less coverage by investing public and institutional during last week of December.
Only Kenanga gave a buy call
The rest of the IB eg: RHB-OSK, AMinvest, etc still yet to give your call.
Besides, this counter tigthly held by the Cheah family and remaining by institutional funds, so less retail activity here.

Update for those applying in IPO or Plan to Invest
Referring to Moratorium in IPO Prospectus Pg 7

Major Shareholders are disposing more than 70% shareholding between 6mths to 3 years,

Year 1 Year 2 Year 3
Goon Koon Yin 100,682,711 (21.51%) 94,434,602 (20.18%) 62,956,401 (13.45%) 31,478,201 (6.73%)
Wong Yih Hsow 100,682,711 (21.51%) 94,434,602 (20.18%) 62,956,401 (13.45%) 31,478,201 (6.73%)
Jennie Tan Yen-Li 11,584,289 (2.48%) 10,865,398 (2.32%) 7,243,599 (1.55%) 3,621,799 (0.77%)
Tan Oon Pheng 11,584,289 (2.48%) 10,865,398 (2.32%) 7,243,599 (1.55%) 3,621,799 (0.77%)

Toyoven don't have any part in this deal.
The scope of work of the Works will determine the joint venture proportion
between SCSB and PECC2 in the Consortium. SCSB, as the lead consortium, will
indicatively hold a joint venture proportion of 60% and PECC2 of 40%
https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=132803&name=EA_GA_ATTACHMENTS

@doll
True and very much agreed.
In fact, before they announced CU store project in 2020, the company had been making good revenue growth and very profitable.

Looks like they are loading additional debts of USD120mil to fund working capital for expansion.
This will take its total debt to over RM1.1 bil.
In view that interest rates are rising, hopefully they will be financial strong to weather it.

Just be cautious as the company grow CU store with more than 50% of the stores making losses as they grow further.
Lease liabilities balloon from RM87mil in 2021 to RM154 mil in 2022.
Cash is dwindling to all time low and expected either a rights issue or private placement in 1-2 quarters from now.

If looking on another angle, Dato is paring down his stakes for some reason.
If there is good news, he would not sell a single share.

Tik Tok
Time is running out
I hope Bursa Malaysia governance are stringent and will proceed to reject the propose plan and delist Capital A.
A regulator must display fearless and no nonsense behaviour when dealing with non compliance company, else every company will take Bursa Malaysia regulations as mere gentle reminder and no action and talk only.

@Investor126
The adjustment of 5% on ASP will only help the company for those customer that are low on inventory.
However, the current inventory level of majority of Topglove's customer are still 3mth-6mth depending on industry. As global ASP drops, China glove producers are dumping glove inventories way below USD20 per1k.
Moreover, we have those glove wannabe players in 2021 are now winding up and their glove inventories are sold down at losses.
Glove companies will likely back to breakeven level when their utilisation capacity reach close to 75%

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=122354&name=EA_GA_ATTACHMENTS

CCTV, traffic and surveillance biz .
Only one big customer, DBKL.
Interesting?

Go check out the airasia super app.
The the last 1 month comments says it all.

@Nepo

Not sure if related to its financial condition.
Though it posted growth in revenue and net profit, it cash collection from customers its delayed.
It posted negative cashflow since late 2021, bloated receivables very evident as customer delays payment and debts grew more than double to over RM300mil since then.
Signs of trouble that management is not revealing?

@OldWiseMan100
I think the website link is as follows for the silicon metals details for EV battery material
http://www.pmbtechnology.com/pmbsilicon/

@King_trader_shadow
Before pandemic, it's always at Bukit Kiara Country Resort.
Everyone can attend.
Next AGM should revert back to physical.

Tony can't even pronounce the word divestment of Capital A's aviation arm to sister company AAX.
But it makes not much different which entity takes charge of which airplane asset to fly.
One thing for sure, whether is Capital A, AAX or the newly form company Airasia Aviation Group, the shareholders are the same.
Delay tactics.

In my opinion, it seems Capital A is seeking extension as it does not have a proper plan in place to address the PN17 regularisation.
It uses the excuse of merger with AAX as a way out and justifying that a merger will need close to 12months to execute.
In the first place, AAX was carved out from Capital A(previously known as Airasia) to garner better valuation for it's long haul business.

All shareholders should raise concern on this ESOS issuance in the next AGM.
Besides that, the latest QR result is not great either in comparison y-o-y.
ESOS should only be issued based on exceptional performance internally.
2021-2022, most tech companies did well, thus they should not feel that they performed well.

This round ESOS is quite big at 50 million shares.

Lol, looking at the company website, this company established since 1993, it took 29 years to reach this level.

As expected, the Q1 revenue of RM247mil is even lower than 2019 pre pandemic RM367mil.

Q-o-Q revenue doesn't look impressive where sale price avg below USD100pbl.
Now crude oil is aleady below USD90 pbl in anticipation of next year's recession and more China cities lockdown.
My opinion, it's all but over for crude oil rally.

Msia glove producer will have limited exposure to China's usage as their own local glove producers eg: Blue Sail Medical & Intco Medical are doing a good job at ramping up the capacity for their own market.
In fact, it's already contributed to global oversupply.

Inari really needs to filter the background of CFTC of China since Dnex issue with china counterpart as well.
Hope for more clarification from the next AGM.

Earnings already expected to do well in the last 1-2 quarters with heavier rain fall till end september.
Probably, market sentiment is gloomy.

Wow.
Didn't expect such a huge miss in revenue.

Earnings would likely normalise to pre-pandemic level next quarter onwards.
Higher inflationary pressure together with impending slower growth next year, will likely dampen consumer spending.
Recovery may return once globally inflation issue sorted out.

https://focusmalaysia.my/maybank-trims-hartalegas-target-price-on-concern-of-more-losses-underway/

Current Q result with net profit of RM28mil goes back to 2009/2010 earnings.

Q3 results coming soon.

https://www.nst.com.my/business/2022/11/845990/farm-fresh-jomcha-plans-300-outlets

@neohts
Nvm.
I'll just wait for the next AGM to prompt the question of contingency planning and business continuity planning in the event it's operation in Taiwan ceased.
It'll be good to know if they are to switch to serve other foundaries in Msia, S'pore, South Korea ,etc from their factory in Kulim, Kedah

@neohts
Good Q3 earnings.
The only concern is key risk of China threats of taking over Taiwan soon.
Any thoughts to share?

Youtube link with Siti Nurhaliza for Growing Up Milk
https://youtu.be/jduapL5v2_k

Hopeful for better revenue growth and PAT% growth with price hike and new products eg: growing up milk launch.
https://www.farmfresh.com.my/growing-up-milk/farm-fresh-grow/

Supermax warns of 'bumpy' quarters on glove oversupply, low demand
https://www.theedgemarkets.com/article/supermax-warns-bumpy-quarters-glove-oversupply-low-demand

Hopefully next year have some news on removing the china covid lockdown policy to
Need a new president for China and US with new and open mindset for covid restrictions and open economic competition respectively.
It's only in this way that semicon biz can grow without obstacles.

Betamek's 94% biz comes from Perodua.
MBMR Resources which owns portfolio of cars eg Perodua, Volvo, Hino,etc generates revenue of rm1.8bil to rm2.3bil with market cap rm1.1bil to rm1.3bil since in the last 10 years.

Any thoughts for betamek to grow larger than it's client in terms of revenue or market cap in the future???

In my opinion, it's just a car accessories manufacturer.
Low tech assembly that gets hype up to be EMS.
Nothing great abt the products.

How Taiwan is responding to Xi Jinping's latest move
https://www.youtube.com/watch?v=xWd32FohjfI

Seems major shareholder paring down their stakes by 1.5% to someone.

Looking for more clues in the China Party Congress this week.

A technical rebound only.
Currently, utilisation is less than 50% as per management guidance and existing inventory are being sold lower than USD20 per 1k due to pressure for China players.
Customers are still holding on average 6 mths of inventory depending on sector.
On top of current labor cost increase from 1.2k to 1.5k and surge in energy cost by 25% in Q2 2022 as mentioned by Gas Malaysia, will likely push makers towards heavier loss in coming quarters.