Posted by Ezra_Investor > 2016-02-25 19:59 | Report Abuse

@lux88 - Secondly, assuming we take off one-off disposal gain in 2014:
(2014) NProfit 18,278 -16,100 (one-off disposal) = Real NProfit 2,178 million.

What has changed in 2015?
(2015) NProfit = 18,644 Million.

2,178 jumped to 18,644.
I don't see why we cannot value it a 10 PER.
Please advise with facts and figures if you have better opinion.

Posted by ilovemarket > 2016-02-25 20:04 | Report Abuse

well just forget about it. i just want to clarify with solid evidence. bye~

Posted by ilovemarket > 2016-02-25 20:05 | Report Abuse

and i am not paperplane. he is a jerk alright.. i'm not like him. this i3 is getting sick.

Posted by megapower > 2016-02-25 20:18 | Report Abuse

Haha..steady la..
Not losing money can ald lo
2 mil profit..

Posted by powerup > 2016-02-25 21:21 | Report Abuse

I think Mieco still owes BRD millions of $.

Posted by lux88 > 2016-02-25 22:10 | Report Abuse

Ezra, why u think Mieco is worth to trade at PE 10.6?
With decreasing EPS, net debt company, no dividend and etc.

Posted by ccp78789 > 2016-02-25 22:41 | Report Abuse

if you dont know hw to read the quarter report then just keep quiet..disposal of RM16.1 million gain on land and buildings in Semambu, Pahang push up their net profit for Q42014..company is actually make a loss of RM2mil if there is no disposal of land & building.Also their borrowing is decreasing from RM100mil to RM80mil same goes to the finance cost.

Posted by lux88 > 2016-02-25 22:45 | Report Abuse

ccp78789, please buy more 2moro to support, who know your Mieco up to RM1? hahaha

Posted by hewiester > 2016-02-25 23:28 | Report Abuse

to give a fair review on the performance report of mieco, i personally think they didnt do too badly in 2015. I think we just have expected too much out of the report. Should mieco is given another chance, i think the profit should reflect in the next QR... or by yearend.

Posted by Ezra_Investor > 2016-02-26 00:11 | Report Abuse

@hewiester - Actually from a neutral standpoint, I think Mieco has delivered a strong sets of result. It's just that the one-off gain from 2014Q4 before cloud the eyes.
Here's what I found from my SIMPLISTIC analysis from yearly result (too short of time for detailed ones). Just for sharing:

-Net Profit jumped from 2,991m to 18,644m (523%)
-EBIT grown from 12,209m to 25,747m (110%)
-EBIT Margin grown from 3.8% to 7.6% (100.65%)
-Interest Cost fell by 20% due to paring more debt.
-Debt fell by 20% in 1 year from 101,193m to 80,319m, which is very commendable.
-Cash and Cash Eq jumped from 6,319m to 10,682m.
-Earning Yield jumped from 5.5% to 9.57%.
-Free Cash Flow (!) - 3,157m jumped to 33,344m. See the power HERE? Cash generating power!
-ROE jumped from 1.09% to 5.31%

Actually there's more, but I don't have sufficient time to finish analyze. As always, this is NOT a buy or sell call. Merely humble analysis and opinion of mine. Read and decide at YOUR OWN RISK.

Posted by Jason520 > 2016-02-26 00:54 | Report Abuse

Mieco Q4 2015 is better than Q4 2014 becos there was one off gain on disposal booked in Q4 2015 result. Read the commentary by management below.

"Despite a stronger fourth quarter revenue, the Group registered a lower pre-tax profit of RM2.5 million when
compared to RM15.4 million a year ago, mainly due to a RM16.1 million gain on disposal of land and buildings in
Semambu, Pahang upon completion of sale in November 2014. The fourth quarter of 2015 saw increased selling
prices as well as higher sale volume whilst raw material costs particularly for wood and diesel, were lower.


The Group achieved a pre-tax profit of RM18.7 million against RM19.4 million in 2014. The strong operational
performance in 2015 was derived from higher plainboard selling prices and increased sales of value-added products,
helped by lower wood and diesel prices

Posted by manimaniONGG > 2016-02-26 09:18 | Report Abuse

Another icon8888 holland call !!!!!!! omg

Posted by abc123 > 2016-02-26 09:38 | Report Abuse

Sell!

Posted by kayne285 > 2016-02-26 09:41 | Report Abuse

Removing the one time disposal gain - Mieco is actually outperforming previously result

Posted by michaelwong > 2016-02-26 09:46 | Report Abuse

That's why some still arguing stronger profits . The slides in the price is something outperforming previous results .

Posted by Mohd Fahmi Bin Jaes > 2016-02-26 09:49 | Report Abuse

Posted by traderman > Feb 25, 2016 06:36 PM | Report Abuse

Tomorrow will go 1.0

RM 1.00 in dream.

net profit down, price down

Posted by jonbravo > 2016-02-26 10:08 | Report Abuse

ANOTHER OTB RECOMMENDATION!!!!

Posted by manimaniONGG > 2016-02-26 10:09 |

Post removed.Why?

Posted by shazali6609 > 2016-02-26 10:39 | Report Abuse

run fast, same to minho

Posted by sayangawak > 2016-02-26 11:36 | Report Abuse

better buy

Posted by Jolin Lai Chi Pet > 2016-02-26 12:06 | Report Abuse

more down side after lunch break......................

Posted by kokchengkai > 2016-02-26 12:51 | Report Abuse

very strong usd in december seem doesnt help it much.

Posted by michaelwong > 2016-02-26 17:00 | Report Abuse

Hailet ! Hailet ! I was so unlucky to buy yesterday and it went down so sudden today with almost 10 % in losses .

Posted by HengLiang > 2016-02-27 00:17 | Report Abuse

next week drop more....carefull

Posted by zexon > 2016-02-27 17:46 | Report Abuse

2015 Q4, mieco invested 17.2 mil in property,plant and equipment and 28.4 mil for loan repayment in Q4, 2015!
35mil of cash consideration after disposal of MWP, Mieco is able to pay off all the term loan of 32.1 mil (As the Company expects to fully replay all term loans in 2016 mostly from proceeds arising from disposal of MWP, -refer to page 10/12, 2015 Q4 report).
Management is aggressively to pare down the borrowings from healthy cash flow generated from operating activities and benefit from lower material cost.
Fundamental remains intact, and looking for dividend paid after loan repayment in 2016!

Posted by zexon > 2016-02-28 09:07 | Report Abuse

So you expect company do not have any current or non current liabilities?
It if unfair to company if you do not read through whole report before conclusion made, you just pluck a figure which is favor to you and publish your opinion here.
Mieco retained earnings have increased from 50+misl to 70+ mils in one year time.
I never convince people to buy any stock, just wish to have a room for constructive discussion at Mieco forum here.

Posted by 4444 > 2016-02-28 20:46 | Report Abuse

If follow i3 sifu theory drop in profit must be followed drop in share price.

Posted by Ezra_Investor > 2016-02-28 20:48 | Report Abuse

Posted by ilovemarket > Feb 28, 2016 03:44 AM | Report Abuse

investment in property, plant and equipment is under capex. loan repayment is under finance. got nothing to do with earnings, profit margin and operation cost.

----------------------------------------------------------

From this statement alone I can understand how little you know about business.

Posted by powerup > 2016-02-28 20:53 | Report Abuse

still owes BRD $ 40m bucks.

Posted by win_win > 2016-02-28 22:57 | Report Abuse

totally agree, investment in property, plant and equipment are part of business strategy

Posted by bracoli > 2016-02-29 08:32 | Report Abuse

Game over liao?

Posted by Hulk > 2016-03-01 16:17 | Report Abuse

look like someone collecting...

Posted by mondrian > 2016-03-02 14:23 | Report Abuse

looks like someone dispossing slowly

Posted by Hulk > 2016-03-03 13:40 | Report Abuse

mieco = pity-life in "hockkian".....hopefully not the real.

Posted by mondrian > 2016-03-03 14:09 | Report Abuse

Hulk..lol thats right...Pity Life

Posted by funitec > 2016-03-04 14:32 | Report Abuse

over 4 qts; eanings total still increase even though a bit. Fear and Greed always clouds the vision. If in for a little kick, when buying stocks, ususally its a hard one or get licked: The game is long term., not buy sell buy sell n make brokerage firms rich.: also management can buy cheap n make exTRA income. i agree with difference in Capex Finance and Earning .
Cash flow involves.... U SUD KNOW!

Posted by Kjsiah > 2016-03-07 11:18 | Report Abuse

here got more hope....Hevea, VS, Pohuat all free fall

Posted by mondrian > 2016-03-09 11:35 | Report Abuse

Meico rebounding fast

Posted by lks_5291 > 2016-03-09 14:00 | Report Abuse

BUT volume is relatively too little...

Posted by Wawai Samah > 2016-03-10 05:11 | Report Abuse

collecting mode... we should be greedy when peoples in fear...we sell when stock in joy...

Posted by mondrian > 2016-03-10 15:36 | Report Abuse

Buying in now!

Posted by mondrian > 2016-03-13 00:28 | Report Abuse

If look at FA, 2015 profit better than previous. Mieco only depends 30% on export. Is a gem in making. Next week will tell. Hang on tight.

Posted by zexon > 2016-03-13 19:00 | Report Abuse

http://www.investing.com/news/stock-market-news/as-market-rallies-back,-investors-turn-eyes-to-the-fed-389544
See news link above for USD movement

Posted by ilovemarket > 2016-03-15 11:45 | Report Abuse

No wonder... no wonder... :)

Posted by funitec > 2016-03-15 15:42 | Report Abuse

What goes down must someday come up..like waves. unless ship is sunk. Wooden ship not like steel. NTA is far away. Money is generated. has good cash flow. paying off debts. Able to spend Cap to buy more machinery n plant....... isnt that enough 1 Or do need to perfume it up to smell like Lola.

Posted by ilovemarket > 2016-03-15 16:12 | Report Abuse

No wonder! no wonder! kikiki~

Posted by ilovemarket > 2016-03-17 19:54 | Report Abuse

www.bursamalaysia.com/market/listed-companies/company-announcements/5033121

Posted by mondrian > 2016-03-20 08:08 | Report Abuse

Near term TP 1.0. Keep an eye for a sudden spike.

Posted by ilovemarket > 2016-03-26 16:12 | Report Abuse

hmmm interesting... mieco nta will be revised to 1.5567 in next QR as the disposal completed.

1.39 + 35 mil / 210 mil = 1.5567

trading at 0.55x PBV

Posted by tigeress > 2016-03-28 12:25 | Report Abuse

Co.got buyer already