Posted by JayC > 2017-09-13 13:33 | Report Abuse

very good write up. thumbs up

Posted by yaozu88 > 2017-09-13 15:34 | Report Abuse

How about Lionind? Wait for your write up for Lionind... hehe...

Posted by AdrEan Thian > 2017-09-13 17:00 | Report Abuse

that chart very familiar hahha

Posted by kevin008 > 2017-09-13 21:34 | Report Abuse

and they got export to australia which now alot big projects ongoing

Posted by myinvesting > 2017-09-13 21:47 | Report Abuse

Top 4 Rebar Manufacturer (Part 1) -- Masteel
Sound like got Part 2.....
Will it Part 2 - AnnJoo, Part 3 - LionInd, Part 4 - SSteel?

Posted by paperplane2016 > 2017-09-13 22:16 | Report Abuse

good

Posted by moneySIFU > 2017-09-14 12:22 | Report Abuse

Good analysis & thank you for sharing

Posted by moneySIFU > 2017-09-14 12:25 | Report Abuse

However, please take note that the Cost of Inventories was on FIFO basis, please refer to Accounting Policy of Masteel's Annual Return, instead of Average Cost basis as used in the article:

Inventories are carried in the statement of financial position at the lower of cost and net realisable value. Cost is determined on a first-in first-out (FIFO) basis. The cost of work in progress and finished goods comprises materials, direct labour and attributable production overheads based on normal levels of activity.

Write-down is made for obsolete and slow-moving items based on their expected future use and net realisable value.

Net realisable value is the estimated

Posted by moneySIFU > 2017-09-14 12:39 | Report Abuse

Therefore, the inventories used in the production of rebar during the quarter 30/9/2017 will very likely at the cost as stated in the Quarter 30/6/2017.

Reasons are as follows:
1. Most of inventory was in raw materials
http://klse.i3investor.com/files/my/blog/img/bl2510_notes_to_account_inventory.jpg

2. As per 2016 Annual Report Notes No.9, the raw materials of RM363mil was enough 5 months productions of rebar.

Please take note that as per Jun 2017 QR, the closing stock was RM433mil & most of it was believed as raw materials.

Posted by moneySIFU > 2017-09-14 12:54 | Report Abuse

It may give even higher profit margin than the projection by the author :)

Posted by Stock Kingdom > 2017-09-14 20:45 | Report Abuse

Fantastic article! Big Like!

Well said, moneysifu, hope what you said will be correct, it is better!

Posted by paperplane2016 > 2017-09-15 17:45 | Report Abuse

TP 2.30? hmmm, a bit low, i was thinking 3

Posted by angsp > 2017-09-21 09:46 | Report Abuse

Dropping 1.55