Posted by sapurakencana > 2018-07-27 10:11 | Report Abuse

invest base on fact ,dont suka suka pump n dump.This is not the pattern of this stock. if u jump into the trap,than you wil live in condominium for a long period.

Posted by starleong84no1 > 2018-07-27 11:55 | Report Abuse

Agreed. Somehow the current management give us no confident. As our Sapura say NTA RM1.46. mayb a trap, or mayb also an opporunity, you maysay even now the price is drop below NTA, say touchwood they declare bankcruptcy we still can take back RM1.46 (if u buy in time is below RM1.45) but who knows after the ICULS, the NTA rate change then that time really the trap. Statement everyone also can easily say, but behind isnt the real story only the management know. Unless someone know the mangement and know what their planning behind, if not base on the paper statement, statistic is really hard to justify. Hope can listen more other bro and sister share their analysis.

Posted by sapurakencana > 2018-07-27 17:04 | Report Abuse

码头提升工程亦需要两年，完成后可容纳高达8万4000吨载货量的船只。

base on the above statement, what is the reason to built /up grade jati,is it management forsee the domestic demand for flour will increase double? i dont think so because base on the past 3 year quarter report demand remain unchange or may be drop due to goverment already allow few manufacturer to supply flour not only FFM & MFlour.Or production of flour for export?
If not the above 2 reason,i dont see how the money spend on this jeti wil improve our coming 2 year quarter report.Look like company keep on burning money.

Posted by sapurakencana > 2018-07-30 22:03 | Report Abuse

黄金10年-398-附加股投资法则

Author: KKG10Y

在我的股票投资里，有很大部分是起于附加股投资。虽然现今局势越来越难预料，附加股不能保证一定赚钱，不过我还是觉得，附加股建议是一个值得去关注的投资。



所有附加股的投资，都少不了两个情形：



第一，公司向来表现不错，建议附加股可能是基于未来的扩充计划或涉及新的收购，因此在向银行融资同时，也给股东一个机会参与。为了鼓励股东参与和奖励股东对公司的不离不弃，附加股的定价往往处于一个较吸引人的价钱，有时也免费送些凭单或红股来让附加股建议更吸引人。



第二，公司亏损连连，须要以一笔资金救急或者进行重组，以让公司能够继续营运下去，于是通过极为低价的附加股吸引股东投资。



在以前，第一种情况的附加股会受到投资者追捧，造成（附加股）股价或白表格的价钱不便宜。虽然如此，如果你是公司长远的股东，还是可以从中得益，因为附加股的造价往往低市价20-30%。很可惜的是，鱼与熊掌无法兼得，假如你不套现，基本上这只是纸上财富而已；假如你趁机套利，那么利润赚到的当儿，股权也被冲淡了。



至于第二种情况，以前我们觉得公司翻身计划在望，可以购买附加股（附加股的定价往往是公司股价的低点）；同时因为公司亏损，我们之前投资的股票应该是在高价买入，损失不少，大可趁机将平均价钱拉低。但是，目前的情况不同了，许多陷困的公司只是利用附加股来让公司喘口气，并没有借此翻身，让股东投入的金钱浪费。几年后，公司的业绩还是糟糕如故，公司只怕又要重组，又要利用多一次附加股筹资，让股东又要掏腰包。长久下来，富了管理肥猫，穷了小股东。



所以，当越来越多公司经营不善，投资这些公司建议的附加股，很可能继续蒙亏，或者亏更多时，小股东开始学会更精明的另打算盘，不对附加股表示欢迎。不但如此，一些股东选择在附加股建议出街以后，先卖掉股票，然后伺机以更低的价钱买回来（通常除权以后，股价会变得更低）。研究也发现当公司除权以后，一切报价将自动调整去比较合理的价格，而其白表格，通常是在比较公平或稍微低于公平价的价钱交易。这样一来，投资者先卖后买回，渐渐成为一个主流策略。


Good sharing,think about it when u subscribe the right issue.

Posted by dompeilee > 2018-08-02 23:20 | Report Abuse

Already warned very early on last year about the co's debt levels...still so many bullish on this stock when it was above 2.

I admit selling early @ 1.65 but now I feel good.

Posted by Money122 > 2018-08-05 01:47 | Report Abuse

Before right issue the share price will rise!

Posted by Money122 > 2018-08-06 11:45 | Report Abuse

May rebound at bottom 1.22

Posted by sapurakencana > 2018-08-08 11:11 | Report Abuse

From the cash flow statement we realise that capital expenditure keep on increase fr Acquisition of property, plant and equipment and intangible assets Mar2018(64,851,000) Mar 2017(18,746,000)
Increase in investment in a joint venture (8,119,000),total up 73mil & cause cash in hand drop RM355mil (Mar2017) to 238mil (Mar2018),when can all of us get the return from the above huge capital expenditure? 1year,2 year or 5 year?
If new plant still not bring contribution by next year ,how to convience investor coming quarter revenue & profit will increase. I can't even continue my analysis.

As a conclusion, due to revenue & profit can not improve & cap expenditure keep on increase, i rather put the TP RM1.05(before right issue) by end of 2018 even though the company NTA RM1.46.

Posted by Yael Jasper > 2018-08-08 11:38 | Report Abuse

Bought it !

Posted by rockycleft > 2018-08-10 18:37 | Report Abuse

What a pity? Died of suicide........sigh

Posted by EngineeringProfit > 2018-08-12 04:22 | Report Abuse

Interesting........time to buy back huh

Posted by bluelight > 2018-08-12 10:18 | Report Abuse

Strong wheat price and usd will impact margin

Posted by Lim Tek Wai > 2018-08-13 11:57 | Report Abuse

不买会后悔啊

Posted by godhand > 2018-08-17 18:04 | Report Abuse

Gohkimhock this stock can support?

Posted by michaelwong > 2018-08-17 18:05 | Report Abuse

b4 qr release price almost reaching bottom and added disadvantages with the bad qr.......no hope..... need to store up in the fridge for how long

Posted by sapurakencana > 2018-08-17 18:14 | Report Abuse

revenue drop,net profit more worse drop 70%, TP now should be RM1.00 (by end of the year before right issue).

Posted by godhand > 2018-08-17 18:17 | Report Abuse

Looking at its track record it will have 1-2 bad quarters. It’s an adjustment only I think. Any weakness shud be an opportunity to buy.

Posted by sapurakencana > 2018-08-17 18:18 | Report Abuse

Loan & borrowing increase 39mil,but revenue keep on droping during hari raya festival,something wrong,i dont see this counter can recover within 1 years time.

Posted by godhand > 2018-08-17 18:22 | Report Abuse

I read the report later . Would appreciate anyone who can share some info

Posted by shpg22 > 2018-08-17 18:23 | Report Abuse

Warning already issued when its traded at 2.1x.

Stock: [MFLOUR]: MALAYAN FLOUR MILLS BHD
Feb 10, 2018 11:00 AM | Report Abuse
This company a lot of debt and limited upside due to rising interest rate.

Posted by sapurakencana > 2018-08-17 18:26 | Report Abuse

Flour & Grain Poultry Intergration
Results from operating activities 17,512 ,000 4,032,000 (30.6.2018) 6month result

33,461,000 24,508,000 (30.6.2017) 6 month result

opreating profit drop 49% 83% impossible (malaysia boleh)

Posted by sapurakencana > 2018-08-17 18:33 | Report Abuse

Malayan Flour Mills Bhd saw its Q2 net profit fall sharply to RM4.77mil from RM16.15mil in the corresponding quarter last year on the back of 4.9% lower revenue of RM547.7mil.

In a filing with the stock exchange, the group said the drop in earnings was due to lower profits from flour and grains trading and poutry integration segments as well as a loss of equity from its Indonesian joint venture.

The JV incurred a loss of RM3.6mil in the quarter under review as compared to a share of profit of RM1.9mil in the 2017 quarter.

The flour and grains trading segment saw a slight increase in operating profit from RM11.1mil to RM11.7mil on revenue of RM381.3mil versus RM374.9mil in Q2 2017.

However, the poultry integration segment saw a significant decrease in operating profit of RM2.5mil from RM11.1mil in Q2 2017 as revenue slid to RM166.5mil versus RM201mil in the previous corresponding quarter.

The group said this was mainly due to lower volume and margins arising from sales of live birds and net fair value loss on biological assets of RM1.6mil in Q2 2018 as compared to a net fair value gain on biological assets of RM7mil in Q2 2017.

"Excluding the impact from the fluctuation of fair value of biological assets, the operating profit remained consistent," it said.

The board of directors has declared an interim dividend of two sen per share.

Posted by sapurakencana > 2018-08-17 18:36 | Report Abuse

Question : what is net fair value loss on biological assets of RM1.6mil in Q2 2018 as compared to a net fair value gain on biological assets of RM7mil in Q2 2017.

What asset is it?why the value drop so much? how the accountant evaluate this asset?

Posted by godhand > 2018-08-17 18:37 | Report Abuse

The poultry integration segment get hit quite hard leh. Any detailed info?

Posted by EngineeringProfit > 2018-08-17 18:40 | Report Abuse

After selling for profit @ above 2.10 ........months ago

.......sad to watch its price continues to slide down to this level


Still thinking of reinvesting here......one day

Posted by godhand > 2018-08-17 18:42 | Report Abuse

I think shud be okay leh. One of its core segment still improving. Definitely can re enter but at what cost.

Posted by shpg22 > 2018-08-17 22:24 | Report Abuse

This is called creative accounting.

sapurakencana Question : what is net fair value loss on biological assets of RM1.6mil in Q2 2018 as compared to a net fair value gain on biological assets of RM7mil in Q2 2017.

What asset is it?why the value drop so much? how the accountant evaluate this asset?

Posted by Ramada > 2018-08-17 22:35 | Report Abuse

They bought a batch of breeders that carried virus.

MFM steady despite 1H ‘storm’
http://www.theedgemarkets.com/article/mfm-steady-despite-1h-storm

Posted by shpg22 > 2018-08-17 22:48 | Report Abuse

Fair value gain/loss is up to those genius to decide. They can get really creative sometimes with some added stories.

Posted by ks5S > 2018-08-17 22:55 | Report Abuse

this company slaughter millions of chicken.
karma. not good. now chicken revenge and haunt them.

Posted by sapurakencana > 2018-08-18 00:22 | Report Abuse

KUALA LUMPUR: Between January and June this year, grain and poultry player Malayan Flour Mills Bhd (MFM) faced a “perfect storm” — in the words of chief financial officer (CFO) Cheang Kiat Cheong — that was the culmination of a rare combination of adverse factors that affected the company simultaneously.

There was a poultry virus infection in its farms, while the company was dealing with having purchased poor-quality corn for its poultry feed. At the same time, the company was still grappling with the consequences of a labour shortage that ended just six months earlier in mid-2017.

While MFM’s management reacted swiftly in each situation by putting in place various damage controls, Cheang said the impact of having weathered such adversity will be seen in its financial performance for the first half of the financial year ending Dec 31, 2018 (1HFY18).

“[But] we will definitely not lose money in FY18, and FY19 will be a much better year,” he told The Edge Financial Daily in an interview recently.

MFM’s fiscal results for the first quarter of FY18 (1QFY18) already reflected a tough start for this financial year: The group posted a net profit of RM1.6 million, down a hefty 94% from RM24.91 million a year ago, while revenue retreated 7% to RM563.82 million from RM604.18 million.

Cheang said towards the end of last year, MFM unknowingly bought a batch of breeders that carried the poultry virus IBH, which stands for inclusion body hepatitis, causing their offspring to be similarly infected. This doubled the group’s broiler mortality rate to 7% from the usual 3%.

“And we were struggling with a labour shortage, which started in the second half of 2016 and lasted almost a year. When we finally got a batch of new workers in the middle of last year, they were not experienced enough to spot the anomalies in the chickens,” he said.

Additionally, Cheang said the group incurred higher cost due to the procurement of poorer-quality corn that was meant to produce feed for chickens.

To remedy the situation, Cheang said MFM set up a training centre to ensure that new workers are well versed in the management of a poultry farm, and put in place quality-control mechanisms in the procurement of raw materials like corn to ensure that broilers’ feed is of high quality.

In addition, MFM has bought a new batch of breeders, which will be delivered by end-3QFY18.

By 1QFY19, he said, MFM will have completed the upgrading of its Perak poultry processing plant, which will increase the group’s broiler processing capacity to 120,000 chickens per day, from the current 90,000 chickens per day.

Although the upgraded plant is capable of slaughtering up to 240,000 chickens per day — or 87.6 million a year, which is more than sufficient to process all broilers MFM produce currently — Cheang said MFM will ramp up the production progressively to ensure that there are no safety issues.

“The group currently produces 66 million broiler chickens per year. But not all 66 million broiler chickens go to our processing plant — a big part of them go to the live bird market,” he said.

Cheang also said with the second phase of upgrading of its poultry processing plant completing in early 2020, MFM will be capable of producing ready-to-cook products, which is expected to fetch a bigger profit margin for the group.

“Our average gross profit margin for poultry is about 16% to 17%, compared with our flour business’ single-digit margin. Our flour segment is a rather steady business, [so] we do not expect to see any big growth,” he said.

In Malaysia, Cheang said, MFM is producing slightly over 1,000 tonnes of flour per day, while the maximum capacity is about 2,000 tonnes per day.

Contrary to the situation in Malaysia, Cheang said, MFM’s flour business overseas is growing well.

In Indonesia, he said, the group’s milling plant, which is capable of producing 2,500 tonnes of flour per day, is reaching its maximum capacity. In Vietnam, MFM’s milling plants in Hanoi and Ho Chi Minh City — with a combined capacity of 2,700 tonnes per day — have reached a 80% utilisation rate, said Cheang.

“In Vietnam, we are the market leader. In Indonesia, the market has been deregulated; it used to be just the Salim Group, but now they have 22 players. If we see another business environment like Vietnam, we do not mind expanding our flour operation. But if it is like Malaysia’s, then no,” he said.

Last Friday, MFM’s share price closed one sen or 0.8% lower at RM1.23, giving it a market capitalisation of RM682.35 million. Year to date, the counter has retreated 36% from RM1.91 on Dec 29 last year.

Posted by sapurakencana > 2018-08-18 00:32 | Report Abuse

See this is the consequences of engaged inexperiance personnel to manage the poultry processing & flour and Grain :

refer to the statement from their CFO

Cheang said towards the end of last year, MFM unknowingly bought a batch of breeders that carried the poultry virus IBH, which stands for inclusion body hepatitis, causing their offspring to be similarly infected. This doubled the group’s broiler mortality rate to 7% from the usual 3%.

“And we were struggling with a labour shortage, which started in the second half of 2016 and lasted almost a year. When we finally got a batch of new workers in the middle of last year, they were not experienced enough to spot the anomalies in the chickens,” he said.

Additionally, Cheang said the group incurred higher cost due to the procurement of poorer-quality corn that was meant to produce feed for chickens.

how can this incident happen in this company who operated almost 49 year. ridiculous - In KALI LAH MALAYSIA BOLEH.

Posted by sapurakencana > 2018-08-18 00:39 | Report Abuse

Base on the clarification from MFM CFO, i change my mind to down grade TP to RM0.95 due to lost of confident toward their management.

Posted by ks5S > 2018-08-18 07:49 | Report Abuse

The board of director got Umno gang inside. Sure down.

Posted by Sebastian Sted Power > 2018-08-18 08:37 | Report Abuse

management inside all tolong-menolong. I think this counter only worth about PE10. How much? Think youself

Posted by EngineeringProfit > 2018-08-18 08:48 | Report Abuse

Opsss...... by then, then DY will be close to 10%

Posted by ks5S > 2018-08-18 10:00 | Report Abuse

insider told me many of their chicken dead bcos of heat stress.
some of them died before arrive the plant for slaughtering.
really bad.

Posted by sapurakencana > 2018-08-18 10:56 | Report Abuse

really suprise,when other chicken farm continue show profit growth,except MFM cotinue 3 quarter show record low profit.this 1 half even drop 83% sayonara!

Posted by ks5S > 2018-08-18 11:06 | Report Abuse

ghost festival coming... the chicken turn into ghost kfc.
no good for this killing field factory ... revenge.

Posted by necro > 2018-08-18 12:46 | Report Abuse

from darling into rubbish

Posted by Temp > 2018-08-18 14:02 | Report Abuse

Not too attractive at current level.

Posted by ks5S > 2018-08-18 15:56 | Report Abuse

the cfo not telling the truth.
the drop of profit is due to current hot wheather. The chicken under stress and the meat cannot grow. All the chicken is skinny. Chicken weight drop, therefore profit down.
Somemore the chicken commit suicide due to too stress-up. Antibiotic also cannot solve their problem .

Posted by dompeilee > 2018-08-19 10:55 | Report Abuse

Poor qtr results, upcoming rights issue indicating co. is short of $....recipe for disaster!

Posted by Ramada > 2018-08-19 11:20 | Report Abuse

Currently MFM has 3 main issues.

a) Breeders that carried virus.
b) Rupiah weakening against USD.
c) Expensive wheat price.

Posted by Ramada > 2018-08-19 11:26 | Report Abuse

And the rights issue also which will be launched in final quarter 2018.

Posted by ks5S > 2018-08-19 11:43 | Report Abuse

they hired a lot of workers at their poultry processing plant to do all the manual works like bird hanging, slaugthering , deboning, packing , transportation ....
with all the cost escalated, they in a wrong recipe to build a new plant for expansion. The more they sell, the more they loss.

Posted by sapurakencana > 2018-08-20 00:24 | Report Abuse

after so deep analysis,so what your TP by end of the year before right issue,pls share,thanks.

Posted by Money122 > 2018-08-20 10:09 | Report Abuse

Many r buying

Posted by Lim Tek Wai > 2018-08-20 10:48 | Report Abuse

Waiting for dividen soon. This time can cover back some capital loss. Not bad.

Posted by Sebastian Sted Power > 2018-08-20 10:54 | Report Abuse

Q1 EPS 0.29; Q2 EPS 0.87 do you think Q3+Q4 will perform better than Q1+Q2?? Sapura, dont dream this counter.I have dump all few months ago when 1.80++

The worst scenario is Q1 to Q4 total EPS less than 2 then you just count the PE yourself. Hahahhahaha!!!