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Good read on FPGroup...

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from UOB analyst

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summary: "2019 AGM Highlights the challenges that is faced by Karex which are their raw materials in respect of the exchanges rates, global volatility, oil prices, latex prices, trade war between China & USA and UK with Brexit. Labour cost also continues to increase. Apart from that, the world is not looking into HIV/AIDS as much as global warming, China also has abandoned one child policy hence the government reduces their purchase which caused a supply chain destruction..."

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...

https://www.theedgemarkets.com/article/spring-art-ipo-oversubscribed-147-times

$HOMERIZ - Spring Art IPO oversubscribed by 14.7 times @acabks @takanoamin @fishfire

I believe this is a good news to HOMERIZ. Spring Art is another furniture company that's going listing soon, and it's valued at 13.5x PE. Its IPO being oversubscribed 14x confirms that the market is accepting its valuation.

I went to Spring Art roadshow, and personally met the owner and the CFO. I really like them, everything is about money, profit and margin. The company is running at full capacity and have order demand that they cannot meet. It's slightly different business model than other furniture companies in that it's RTA model (ready to assemble), similar to IKEA and not fully made furnitures, but in essence, it's still selling and exporting furniture components.

In comparing the 2 companies, it's very visible the valuation disparity. If the market accepts 13.5x valuation of Spring Art, then Homeritz, a company with similar profit margin (13-15%), ZERO debt, much more CASH rich and CAPACITY to expand, should be valued at the very least similar to that number, and not merely PE 10x (PE 6.5x ex cash) that they're trading at the moment.

Hopefully the market understand this and react in an efficient way.

HLIB up their TP from 71c to 75c

They also say this:

Volume decline remains a concern. While volume decline in FY19 remains a concern for the group, we note their revenue streams remain geographically diversified as Homeritz supplies to close to 40 different countries. Furthermore, Homeritz shared that they are benefitting from increased sales to the US, which they will continue to try to grow via trade fares. Homeritz has room for increased order volumes, as they are operating at just 70% capacity currently.

Large cash pile. As of end-Aug, Homeritz had net cash and net cash per share of RM81.7m and 27.2 sen. We believe the group will continue to utilise the cash pile for future vertical expansion (both up or down the production chain). Over the years the group has gone up the production chain, to produce smaller parts for its goods (i.e. steel and wooden legs for chairs and tables).

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Homeritz unfortunately posted not a very good quarter. At RM 4.46m net profit, it's worse QoQ and YoY. FY 2019 profit however, is better than FY 2018, albeit decreasing revenue. Main reason on decrease in revenue is lower of volume being sold this quarter.

It also announce a final dividend for the year of 1 cent, dishing out total of 3 cents for FY 2019, this is higher than 2.5 cents given in FY 2018. Cash balance is also healthy, higher at RM 82m, or 36% of market cap.

To put everything into perspective, Homeritz is currently trading at 10.2x PE for FY 2019, but since cash is pretty significant, its trading at 6.5x ex cash PE. One of the lowest in the sector together with Pohuat.

It's also paying more dividend than last year (although less than glory years of 2015-2017). Div yield is currently at 4%. It's profit margin is still strong in the double digit, not many counters can boast on that.

Unfortunately revenue has been decreasing and it's a concern. However, recent news that they've got new orders from the US could be a crucial catalyst for its future performance.

I expect a drop on opening today, weak holders will be selling after seeing the down red arrows but those in the know of company's future direction on revenue will be waiting to collect. Dont panic sell, fundamental is still solid and remember, Spring ART Holdings successfully going IPO shortly with PE of 13.5x.

TP 3.70

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should be benefit SIL

good read

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Alam Flora disposal early next year

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Maybank TP 0.42

Will be abit disappointed if profit only around RM 30-35m.. MD was saying that it will be close to 2018 profit earlier this year.

malaysia market lor hahaha. Nice follow up article Callmejholow.

Basically property dev division pulls down performance.. but don’t panic sell cos stock is still only 6x PE and many catalyst to go up

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@Jasper, can trade... I also make $$$ from Aturmaju. From arbitrage play to swing trading to selling to those suckers who think this company is fundamentally cheap at PE of 2x or 4x

Just want to let ppl know that this is not a stock to invest but to trade, and know your risk management. Low PE dont mean anything if you invest in potentially rotten & fraudulent company

And 10000 MOUs dont mean anything also if you cant make them into monetary agreement. Makes you more a suspicious business announcing all these big numbers without substance.

@Chris, look into their receivables. And cash from ops. dodgy..

The datuk profit from all suckers. Wanna trade this counter, just understand the risk. Fundamentally this is a highly questionable company.

Avoid at all cost.

Not only that, ARBB is a BIG fraud accounting play. Close all those deals but never get paid.

im still holding too. Not letting go any mother nor WB son.

"Yinson business is really in sweet spot. Their growth also can be exponential as they will keep growing if they keep winning contracts, and they will keep winning contracts if they can keep delivering good track records."

Good coverage on Yinson from its latest developments, to FPSO industry overview to its 2020 outlook.

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directors buying! http://www.bursamalaysia.com/market/listed-companies/company-announcements/6220057

WB should be trading at RM 0.30 at the very least

those that have WA should change to WB. Time value of money + cheaper premium!NO BRAINER

LESGO HOMERIZ WB!!! many switching liao!

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Mentioned in the article.

AGM highlight. Summary in 7 points.

"CAN-ONE is having a very eventful year. Apart from the stock being up 90% YTD, it had took over $KIANJOO private and recently sold off its subsidiary F&B Nutritient for RM 1b. This is my take from the AGM today"

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callmejholow - write another post hahaha

This stock is 7/10 stock... fine margin.. a small error will lead to big negative impact. But buying / entry price at around 0.23-0.24 is quite ok... cos acquisitions via share swap deals and private placements all done at 0.24 and 0.235 area.

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Aun Yee Boon feeling too much heat & run away?? Well at least he retire rich after making $$$ off the public.

Avoid this stock guys. Con counter

tmr ex date. Collected some today. Mathematically, looking at the WA and thinking abt the WB, I see v limited downside.

Just got deal wf bintulu port.

OTHERS STRAITS INTER LOGISTICS BERHAD ("STRAITS" OR "THE COMPANY") - SIGNING OF PROVISION OF BUNKERING SERVICES AGREEMENT BETWEEN TUMPUAN MEGAH DEVELOPMENT SDN. BHD. (TMD), A 55% SUBSIDIARY COMPANY OF STRAITS AND BINTULU PORT SDN. BHD. (BPSB)