Cimbnet, you May be right. Corrugated paper has fell drastically in china.

瓦楞纸连跌10周，纸价的上涨恐将有难度。

今日纸价 今天

导语：对比今年上半年纸价的飙升，被誉为“黄金旺季”的下半年，纸价却陡然下跌，各大纸厂纷纷下调出厂价，曾经非常抢手的废纸，纸企也开始罢手停收，部分纸品每吨价格下跌超过千元。

another one!

理文造纸第二个海外基地曝光，年产125万吨浆纸项目落户马来西亚

来源：纸业内参 中纸在线 今天

据海外媒体报道，中国第二大包装纸生产商理文造纸将投资51亿港元在马来西亚建设一家新的制浆造纸厂，来满足东南亚和中国日益增长的纸张需求。

新工厂位于马来西亚的雪邦（Sepang），也是世界一级方程式大奖赛的举办地，按照规划，项目全面达产后，每年可生产70万吨包装纸和55万吨纸浆。这将是既越南之后，理文在中国以外的第二个海外生产基地。



理文造纸CEO李文斌表示，理文造纸一直在寻求扩大生产规模，实现纸张和纸浆业务的海外多元化。理文造纸认为未来马来西亚对中国市场的出口将非常有竞争力。他估计，到2035年，中国将消费约3.31亿吨纸张，高于2010年的9700万吨。

新项目将非常重视环境保护，配套建设废水和固体废物处理系统等设施。值得关注的是，该项目将只生产再生纸浆。

工厂将创造约1200个就业岗位，每年产生21亿港元的贸易顺差，实现约1.43亿港元的税收收入。

马来西亚政府将制浆造纸行业确定为重点发展的投资产业。今年8月，马来西亚总理马哈蒂尔在访问中国时曾与玖龙纸业董事长张茵对话，他鼓励中国造纸企业到该国去投资。

张茵对话马来西亚总理：计划投建现代化造纸厂，希望审批快一点

近年来中国对马来西亚的投资一直在增加，从2010年的27亿港元增加到去年的62亿港元。2017年，中国也是马来西亚最大的外国直接投资（FDI）来源（根据彭博报告），投资额占该国外国直接投资总额的7％。

Muda ‘s competitor!

官宣！又一家纸业巨头赴马来西亚设厂

2018年10月17日，浙江新胜大集团与马来西亚Sime Darby集团在马来西亚首都吉隆坡就土地买卖事宜达成了一致，并签订了购买协议。该地块位于马来西亚吉打州居林县巴东区，距槟城港30公里，总占地面积1800余亩（300英亩），目前针对土地及周围的地理、水文、气候等环境初步评估已经完成。

引言：浙江新胜大控股集团有限公司地处中国白板纸基地杭州富阳春江造纸功能区，历经16年的发展，逐渐成为一家集造纸、化工、进出口贸易及房地产为一体的大型集团公司。
2017年以来，面对全球经济一体化的机遇与挑战，以及国内造纸行业转型升级的趋势，新胜大集团积极走出国门，寻求新的战略部署和发展空间。在国家积极倡导“一带一路”的政策背景下，新胜大将目光转向东南亚地区，并经过一年多充分的考察、调研、比较后，决定将绿色环保造纸园项目落地在马来西亚吉打州。

头条｜国务院：11月份起，进口纸制品平均关税将下降1.2%

If kossan is categorized as one of the top losser stock, then this report is rubbish.

joeytay, i believe i know the china's market well... you can say whatever that don't really bothering me.... few points you made to me (CNY, math logic) show that you are not a retail operator and also you don't even know how to read retail operation's financial statement.

http://www.parksongroup.com.cn/html_en/investor_relations/Announcements.php

Joeytay, u have freedom to speak. But speak on facts is more convincing. Parkson China's interim result is attached

Joeytay, I work in retail and department stores based China for > 5 years. Know some data. Math logic is not applicable for operation fact

Joeytay, instead retail is making money in second and third tiers cities. Your exposure in China is not enough, Pls keep it up.

据日本经济新闻，在马来西亚、越南等东南亚和印度市场，增设了工厂，用于制造纸箱纸板。瑞穗银行产业研究，到2022年，全球纸箱需求将达到2.7534亿吨。越来越多企业已抓住这个机会，增加纸箱生产，或者提高纸箱回收价格，加快纸箱生产。纸箱需求增长得益于网购增长，消费者点点手机购物，网购商品，物流快递配送，需要更多纸箱用于包装。

企业或投资者迎来好时机。第一，互联网提升线上购物，更多消费者点点手机购物，物流快递服务提升，网购不仅带动物流快递，而且对包装纸箱需求增长，日本等一些企业已开始增产，纸业呈现上涨。第二，亚洲中产收入不断增长，线上购物需求增长，东南亚、马来西亚、越南、日本等纸板产量增长，一带一路给企业带来贸易投资机会，消费者点点手机随时随地购物，不仅购买国内不同城市生产的产品，而且可购买海外产品，网购推升纸箱需求。第三，环境保护与循环经济角度分析，废弃纸箱可再利用，降低成本，提高服务。咱们国家企业生产产品运输到世界各地，外国人网购咱们国家产品，物流快递把产品运输到每个消费者，纸箱包装不仅要结实耐磨，而且防震防破损，把国内产品运输到世界各地。第四，企业迎来投资好时机，根据市场需求，增加生产线，增加纸箱产量，满足市场需求。第五，投资者或迎来好时机，购买有潜力的纸箱企业股票，纸箱企业营收增长支持股票价格上涨，投资者获得投资回报。

据日本经济新闻，在马来西亚、越南等东南亚和印度市场，增设了工厂，用于制造纸箱纸板。瑞穗银行产业研究，到2022年，全球纸箱需求将达到2.7534亿吨。越来越多企业已抓住这个机会，增加纸箱生产，或者提高纸箱回收价格，加快纸箱生产。纸箱需求增长得益于网购增长，消费者点点手机购物，网购商品，物流快递配送，需要更多纸箱用于包装。

企业或投资者迎来好时机。第一，互联网提升线上购物，更多消费者点点手机购物，物流快递服务提升，网购不仅带动物流快递，而且对包装纸箱需求增长，日本等一些企业已开始增产，纸业呈现上涨。第二，亚洲中产收入不断增长，线上购物需求增长，东南亚、马来西亚、越南、日本等纸板产量增长，一带一路给企业带来贸易投资机会，消费者点点手机随时随地购物，不仅购买国内不同城市生产的产品，而且可购买海外产品，网购推升纸箱需求。第三，环境保护与循环经济角度分析，废弃纸箱可再利用，降低成本，提高服务。咱们国家企业生产产品运输到世界各地，外国人网购咱们国家产品，物流快递把产品运输到每个消费者，纸箱包装不仅要结实耐磨，而且防震防破损，把国内产品运输到世界各地。第四，企业迎来投资好时机，根据市场需求，增加生产线，增加纸箱产量，满足市场需求。第五，投资者或迎来好时机，购买有潜力的纸箱企业股票，纸箱企业营收增长支持股票价格上涨，投资者获得投资回报。

据日本经济新闻，在马来西亚、越南等东南亚和印度市场，增设了工厂，用于制造纸箱纸板。瑞穗银行产业研究，到2022年，全球纸箱需求将达到2.7534亿吨。越来越多企业已抓住这个机会，增加纸箱生产，或者提高纸箱回收价格，加快纸箱生产。纸箱需求增长得益于网购增长，消费者点点手机购物，网购商品，物流快递配送，需要更多纸箱用于包装。

企业或投资者迎来好时机。第一，互联网提升线上购物，更多消费者点点手机购物，物流快递服务提升，网购不仅带动物流快递，而且对包装纸箱需求增长，日本等一些企业已开始增产，纸业呈现上涨。第二，亚洲中产收入不断增长，线上购物需求增长，东南亚、马来西亚、越南、日本等纸板产量增长，一带一路给企业带来贸易投资机会，消费者点点手机随时随地购物，不仅购买国内不同城市生产的产品，而且可购买海外产品，网购推升纸箱需求。第三，环境保护与循环经济角度分析，废弃纸箱可再利用，降低成本，提高服务。咱们国家企业生产产品运输到世界各地，外国人网购咱们国家产品，物流快递把产品运输到每个消费者，纸箱包装不仅要结实耐磨，而且防震防破损，把国内产品运输到世界各地。第四，企业迎来投资好时机，根据市场需求，增加生产线，增加纸箱产量，满足市场需求。第五，投资者或迎来好时机，购买有潜力的纸箱企业股票，纸箱企业营收增长支持股票价格上涨，投资者获得投资回报。

No need waste time for PPHB, got many other good ones to focus.

Making good profit but price zzzzzzz.......

Wao rojakmee, you in 800k to Muda, salute you

agree for the theory of illiquid stocks, but not 100%. becoz i am afraid that thetic view will cost us the opportunity to gain.

Instead of backward, could it be an opportunity to give malaysia to advance in waste management technology ?

should ahealth be included as peer ?

https://mp.weixin.qq.com/s/qWikFyCOqLWm8xQ5LXc_gw

2、马来西亚市场空间巨大，升级产品需求广阔

近年来马来西亚包装产业发展迅速，特别是纸包装和数码印刷增长快速。瓦楞包装市场是马来西亚包装产业的重要组成部分，包装产品从农产品为主的食品包装及日用消费品包装开始发展，并随着本地工业经济的快速兴起，逐步延伸到电子消费品、汽车零部件、机械装备等高端领域，产品类型也从全RSC纸箱逐步向紧缩包装托盘和半纸箱包装转变。目前马来西亚拥有瓦楞包装厂商约1000家、彩盒包装厂商约1100家。2016年马来西亚瓦楞包装的整体市场需求大约有130万吨，但目前纸箱厂总产能在1000万吨左右，市场空间巨大。随着行业环保要求的提高和再生材料包装市场的竞争，马来西亚的包装厂商更倾向于高质量、低克重的包装材料，同时再生纸板等材料也在逐步得到推广。

以马来西亚为例，马来西亚GDP从2010年至今累计增长34.9%，年均增长保持在5%以上；工业的快速发展带动了对包装等产业配套的需求，马来西亚市场对瓦楞纸的需求预计超过130万吨，并且保持每年约6%的增长，而目前市场总产能在100万吨左右，市场呈现供不应求的局面，包装行业发展潜力巨大。

No right or wrong for any supporter of salcon, i once a loyal supporter for Salcon, maybe a 8 years holding period is not enough, but Salcon has never excited me in its performance.

Kelvin they want trap you to buy

Mr market answered all our questions here

No buy this counter, focus on muda and orna is enough

最好保持警惕

中美联合声明停止贸易战 美废短时间内会有变化。

Share a memory test u guys , check back the news when a DPM was sacked , the price shoot up drastically and then down dramatically and after then down non stop. So let’s see what will happen after this political changes

is orna the only paper of its industry for carton boxes? when it is seen the company successfully pass thru the cost to the customer in one quarter, would the customer continuously purchased carton boxes from orna in next qtr?

If free spare time to read today’s announced AR on its MD

Can buy for hit and run , until ex date then cabut

According to the memorandum on sanctions against China signed by Trump in the middle of the night, about $50 billion worth of Chinese imports, which were taxed at 25%, cover everything from shoes, leather, furniture, clothing to electronics. There are about 1300 kinds. At present, the cost of manufacturing in China is no longer competitive compared with Southeast Asia. Once the tariff is increased by 25%, That means they won't be able to find buyers in the United States, and the packaging and printing industries that support them are bound to be affected.

从特朗普半夜签署的制裁中国的“备忘录”来看，被征收25%减税的总价值约500亿美元的中国进口产品涵盖从鞋子、皮革、家具、衣服到电子产品等各个方面，大约有1300种。

目前中国制造的成本与东南亚相比已经无竞争力可言，一旦加征25%的关税，意味着这些产品将在美国找不到买家。而为这些行业提供配套的包装印刷行业也必定受到影响。

大多时候family biz的小公司老板经营有道，公司年年赚钱。但被大财团收购后，就不像样了。

thanks for the chart, its simple and nice for reading

being very and ABSOLUTELY loyal to Salcon since 2011, always believed and never doubt whatever the director said in the news about their future prospect wil be bright in year 2012, 2013, 2014, 2015, 2016, 2017, but ends up never happened....and now said again will be bright in 2018,

Sorry, today I sold off everything i could sell and say bye bye to Salcon. All the best to you.

I am fully agreed with dunspace for #1, when you sell a property at current value (provided current value > cost of purchase), the profit and cash is actually real. It depends on the company's strategy to hold it or divest it for other purpose, but the purpose of revaluation is very clear that the book/accounts are presented in a true and fair view to investors. Bear in mind, revaluation may not be always gain, it may be loss as well.

if without exceptional gain/loss (include revalution gain), the CAGR of PBT is 6.5%

Hi CFtrader, after removing all the forex factors, the CAGR (2013-2017) for revenue is 5.2%, opex is 5.0%, EBITDA is 6.3%, PBT is 8.4%, it is below your expectation of 10%-15% every year.

There is a reason for me to say this too. Cheers

when human has money they feel itchy, when salcon had 300 million net cash waste money here and there to cure itchiness, now net cash left little.....GG already.

And now PPHB is in a net cash position (total cash > total borrowings), the last 4 years were all negative.

Year 2015 and 2016 were exceptional years for the P&L of PPHB where MYR depreciated signifcantly to average 3.91 an 4.14 from 3.27 of year 2014. That led to exceptional forex gain to PPHB of 1.3mil and 1.1mil respectively, whereas in a stable currency period (3.1-3.5) PPHB should have a minimal impact (+/- 300-400K) from the forex affect. in year 2017, the net forex effect is -587k and which has returned to the normal impact. So if without the exceptional impact, the PAT for year 2015 and 2016 should be stood around 13mil and 15mil (the PAT in prior was 11.5mil). And that the PAT of 15mil for year 2017 wasn't look so negative inspite of the upheavel of MYR and paper price in the 2nd half, and it seems things are under control by the management.

CFT trader , thanks for your analysis. Expecting the share price to drop back to 0.63-0.65 tmr

7. Prospects

Despite strong headwinds and the Group’s lacklustre performance over the past year, the Group maintains a cautiously positive outlook for financial year 2018. In the coming year, the engineering & construction and concession divisions are expected to be the mainstay of the Group’s profitability. We also expect positive contribution from the technology services division with the increase in the utilization of the infrastructure established.

Sorry, I don't believe

Oh result is dead. Bye bye

Why property value gain is only 1.3 million being recognized? Not 7 million ?

almost 60%-70% of operation result is from China. China factory is facing problem of over capacity, be watchful on this for any potential impairment threats

can't understand....

congratulations to you

Ong Lai sorry to say but this statement is quite a standard language in all announcement

Its Annual report, except cover, its fully black, white and grey, my eyes are not so comfortable