Posted by ACELEE > 2015-12-26 22:27 | Report Abuse

Hi red85,appreciate your view bro.To the certain extent I will need to agree with you as chasing high is highly not recommend as safety will be the first priority.

Overvalue and undervalue is depends on the perspective of an individual and thus investment was actually is an art.To illustrate,we can use BAT as well as Nestle in Malaysia or HK based Tencent,why is it Insti Player keep on interest in them even their price running sky high (35 times of P/B and above)(20 times and above PE),do they insane?we might said it might be their brand as an economic moat and long history but I am more interest on its Sustainable ROE.

Well,the same come to Canone,it might not be as fascinating like BAT etc but it do have market leadership and thus economic moat.We are at the last phase of old bull,we cant wait for value investing opportunity (ie similar to buying PBBANK at RM 7 or Maybank below RM 4) otherwise we will be left behind.This is what faces by ICAP,difficulty in strategic shift.

I do not worry Mr Koon to dump as most of my selection was even without Mr Koon partcipation ie Mitra,Signature and Gadang.I am more worry about the coming few q result.

Cheers Red85,I believe you will have bright future

Posted by red_85 > 2015-12-26 22:57 | Report Abuse

hi ACELEE, thanks for the compliment. I am here just to warn retailer dont simply follow buy call and chase high..do your homework if you want to chase high...

Is ok, everyone has their own view and 2 cents. Normally a person will learn and grow from a mistake. If the investment road too smooth, hard to success also..hehehe..

GOOD LUCK TO you and all.. HAPPY NEW YEAR

Posted by erkongseng > 2015-12-27 17:14 | Report Abuse

谢谢官前辈的分享,canone 5105 冠上旺势,飞向天际.
How can investors make money in 2016? Koon Yew Yin
Author: Koon Yew Yin | Publish date: Sat, 26 Dec 2015, 09:06 AM

Many people have asked me this question. In the last 2 festive days, many people told me how I have changed their lives through my charity work and my writing on Malaysian politics and share investment.

One commentator of my recent article said that 99% of the readers like my writing and only 1% do not like. As a writer, I expect some critics and I expect them to do it in a polite manner and not like illiterates or idiots.

Here are some of holdings which still comply with my share selection golden rule even after their prices have gone up quite rapidly. My golden rule is that I must be sure that the company can make more profit this year than last year and the projected P/E ratio is not more than 10.

I advise you to check all the shares you are holding to see that they can comply with my golden rule. Otherwise, you must cut loss and utilize the proceeds to buy better shares.

Can One: It is the largest tin cans and jerry cans manufacturer. It started more than 40 years ago and continues to improve its operation. It bought 146.1 million or 32.9% of Kian Joo shares at Rm 1.65 per share in 2012. The current price of Kian Joo is about Rm 3.30 per share. EPF is one of the 2 parties who have made an offer to buy up Kian Joo. Can One is waiting patiently.

Its 3 quarter EPS ending Sept 2015 was 39 sen and I can safely project its full year EPS to be about 55 because some of its products are sold in US$. Its last closing price was Rm 4.50. It will announce its full year result before end of February 2016.

Chin Well: It is among the largest manufacturers of screws, nuts and bolts in the world. 76% of its products are exported in foreign currencies. After it has acquired the 40% shares from its Vietnamese partners, its latest quarter EPS jumped to 6.07 sen from 4.41 sen. Its last closing price was Rm 1.92 per share.

Thong Guan: It is one of the largest plastic stretch film and bags, raffia stings, drinking straws and paper serviette manufacturers in the Asians region. It started business in 1942.

Its 1st, 2nd and 3rd quarter EPS are 4.4, 6.75 and 10.7 sen respectively. It about 2 months it will have to announce its 4th quarter result. In view of the depressed fossil fuel price, its raw plastic materiel is getting cheaper. What will be its share price when its annual result is announced before end of Feb 2016?

I am also holding VS, Latitude, Lii Hen, Focus Lumber and Ge Shen because they still comply with my golden rule although their share prices have gone up quite rapidly.

I am not asking you to buy any of the shares I mentioned above. But if you buy, you are doing it at your own risk.

Posted by tftey > 2015-12-28 10:51 | Report Abuse

Still Good Buy at this price

Posted by erkongseng > 2015-12-28 11:14 | Report Abuse

Ok

Posted by red_85 > 2015-12-28 11:15 | Report Abuse

do your own judgement, now ERKONGSENG gang chase high here, when they throw will drop quite much..look at SUPERMAX and ANALABS

Posted by jonbravo > 2015-12-28 12:43 | Report Abuse

WHY GREEN TODAY. JONBRAVO MA....

Posted by erkongseng > 2015-12-28 14:45 | Report Abuse

red-85;市场有它的自然运作,我也只是小股民,何有此本事.顺势而行就对了,canone有它的价值在,明眼人看得到,不用弄乱其他投资者的决定,官前辈和一些投行己进入,休想有大跌的机会.守住见光明.

Posted by erkongseng > 2015-12-28 15:24 | Report Abuse

canone 5105的资料--
http://stockwatch4u.com/2015/12/05/%E6%88%91%E4%BB%AC%E9%A2%84%E6%B5%8Brm2-57%E4%BC%9A%E5%88%B0rm4-80-%E4%B8%83%E6%9C%88%E4%BA%8C%E6%97%A5%E5%88%86%E6%9E%90%E6%9E%9C%E7%84%B6%E5%BA%94%E9%AA%8C/

Posted by tftey > 2015-12-28 15:52 | Report Abuse

Can adjust the TP to RM6.00 now.

Posted by erkongseng > 2015-12-28 18:34 | Report Abuse

Confirm canone .

Posted by Bigboss001 > 2015-12-29 01:44 | Report Abuse

Will Continue Up~

Posted by erkongseng > 2015-12-29 07:27 | Report Abuse

canone提供的投资机会时,真的是越買越高,趁现在低,早点进货,等待丰衣足食.
正确机率多才能成功
所以，总括一句，我们只是平民散户，通过本身对投资的喜好和研究，希望（努力）在股市中挣到不错的回酬，
什么大师专家，受之有愧，不必对号入座。
不论我们做什么决定，都会诚实的面对结果。投资组合不是考试，不能每次要求一百分。
这三年多来，我们确然做了一些低级错误，不过也做了更多的正确决定，所以我们才能获得如此不差的成绩。
现实生活里，错和对总是交叉发生，每次都做对，不叫“成功”，那是“完美”，是每个人追求的境界（却不大可能达到）。
成功的投资者，只需要把正确的投资机率更多发生就是了。
取自于--http://klse.i3investor.com/blogs/golden_years/55570.jsp

Posted by erkongseng > 2015-12-29 07:56 | Report Abuse

Canone 5105 ,投行经纪的分析,谢谢teik bee ooi的功课.
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=15230&page=37&extra=#pid3773631

Posted by luvluv > 2015-12-29 14:25 | Report Abuse

RUN,faster run,canone is dropping.You must dreaming for me to sell now,it is so hard for me to find a though horse,so easy for me to let it go?

Posted by erkongseng > 2015-12-30 04:01 | Report Abuse

逢低買入4.66

Posted by erkongseng > 2015-12-30 15:45 | Report Abuse

Canone 5105 间接持有部份股份的box_pak 扩充业务了,
又为公司加分,幸福的未來再看到.

Box-Pak leases land in Myanmar to set up new plant
Published at 2015-12-29 21:52:20 by The Edge

KUALA LUMPUR (Dec 29): Box-Pak (M) Bhd is leasing a piece of land in Myanmar for its expansion into the newly-opened market.

In a filing with Bursa Malaysia, the corrugated carton boxes maker said its wholly-owned subsidiary, Boxpak (Myanmar) Company Ltd, has entered into a land sublease agreement (LSA) with Myanmar Japan Thilawa Development Ltd to obtain a leasehold right over the piece of land, measuring 74,830 sq metres

The land where Box-Pak will set up a manufacturing plant is located in Thilawa Special Economic Zone, Class A Area, Yangon Region, Myanmar.

The total cash consideration payable by Boxpak Myanmar to Thilawa Development is US$5.61 million or US$75 per sq metre.

Box-Pak said the lease tenure commences from the date of execution of the LSA to June 4, 2064.

“The lease transaction is in line with Box-Pak’s strategy to expand into newly-opened Myanmar to broaden the group’s revenue base and source of earnings by setting up a new manufacturing plant to tap on the existing and new markets there,” the filing read.

“The land is strategically located near the Myanmar International Terminals Thilawa and Thilawa Railway Terminal. Thilawa also has its own power, water and internet supplies. In addition, companies located in Thilawa are given tax advantages,” Box-Pak added.

The group estimates the lease transaction to be completed by Jan 31, 2016.

Box-Pak (fundamental: 1.0; valuation: 1.7) fell one sen or 0.35% to RM2.84 today, valuing it at RM171.1 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

Posted by manutdchampion > 2015-12-30 16:44 | Report Abuse

today i bought 5lot at 4.600

Posted by manutdchampion > 2015-12-30 16:45 | Report Abuse

erkongseng:bro u buy how many lot?

Posted by erkongseng > 2015-12-30 17:03 | Report Abuse

一些.

Posted by J2529 > 2015-12-31 10:40 | Report Abuse

5 lot .20k

Posted by uncletan > 2015-12-31 10:57 | Report Abuse

4.55 ,11 lot buy in today

Posted by tftey > 2015-12-31 11:35 | Report Abuse

Hi Erkongseng, is Canone process and produce milk powder? tq

Posted by luvluv > 2015-12-31 13:52 | Report Abuse

Can sell now and come back when the bear bear felt tire near CNY.Note is bear bear,not bear

Posted by erkongseng > 2015-12-31 16:46 | Report Abuse

CANONE have packaging division and food division, this company have a good future.
http://www.canone.com.my/

Posted by erkongseng > 2015-12-31 16:47 | Report Abuse

Incorporated on 7 January 2004, Can-One Berhad (“Can-One”) was listed on the Main Board of Bursa Malaysia Securities Berhad on 29 July 2005.

Can-One is an investment holding company while its subsidiary companies are principally involved in the manufacture of metal and lithographed cans, plastic jerry cans, bag-in-box, and the manufacture, packaging and distribution of dairy and non-dairy products.

Aik Joo Can Factory Sdn Bhd (“Aik Joo”), its wholly-owned subsidiary, has been involved in the manufacturing of tin cans for more than 40 years. It has evolved from a small tin can manufacturer to one of the leading tin can manufacturers in Malaysia.


Can-One Group’s venture into the manufacture of plastic jerry cans (“JC”) via Aik Joo and Canzo Sdn Bhd, another wholly-owned subsidiary company, started with 2 JC lines in 2003. It has since expanded to 50 JC lines as at current date.

In order to meet customers’ demands for substitute packaging products, the Group introduced Bag-in-Box in 2008 thereby widening its range of packaging products.

Can-One Group’s penetration into the production of sweetened condensed milk via F&B Nutrition Sdn Bhd (“F&B”) in 2006 has also met with astounding success. With the completion of a new plant in 2008, F&B continues to strengthen its position as an OEM manufacturer with the inclusion of an additional new product, evaporated milk, to its range of products.

Posted by erkongseng > 2015-12-31 16:49 | Report Abuse

http://www.canone.com.my/mb_tc.html
Core Businesses > Packaging Division > Tin Cans

Posted by tftey > 2015-12-31 17:12 | Report Abuse

Thanks erkongseng

Posted by erkongseng > 2016-01-01 09:19 | Report Abuse

浅谈5105 canone 第三季(Q3)业绩,于30～9～2015 公司现金有9020万,债务为5.3亿 ,包裝与食品业务呈成長,展望未來前景依然很好.
---食品銷售和聯號公司貢獻增加，帶動冠旺（CANONE，5105，主板工業產品組）截至2015年9月30日止第三季淨利大漲104.04%至2千744萬6千令吉。
首3季淨利也升高77.42%至6千616萬9千令吉。第三季營業額增長8.25%至2億4千235萬3千令吉，至於首3季營業額則微升0.19%至6億5千零21萬3千令吉。
冠旺在文告中表示，普通罐頭部門第三季營收增長8.6%，因所有包裝品的銷售升高，但由於彈性和硬性包裝及外匯虧損，而令盈利下跌。
食品部門營收增加5.1%，因新廠啟用令乳品銷售升高，加上營運效率提昇，令盈利有所改善。
聯號公司建裕珍廠（KIANJOO，3522，主板工業產品組）的淨利貢獻則增加540萬令吉至1千440萬令吉。（星洲日報／財經）

Posted by erkongseng > 2016-01-01 09:20 | Report Abuse

--Canone 5105 间接持有部份股份的box_pak 扩充业务了,又为公司加分,幸福的未來再看到.
大马纸盒厂2409 万 仰光经济特区租地
Published at 2015-12-31 11:51:00 by 南洋网
（吉隆坡30日讯）大马纸盒厂（BOXPAK，6297，主板工业股）以总值561万2250美元（约2409万7317令吉），向缅甸日本迪洛瓦发展（MJTD），租用仰光迪洛瓦经济特区（Thilawa SEZ）的地皮。
根据昨天的文告，大马纸盒厂间接持有独资子公司Boxpak（缅甸）公司，与MJTD签署土地租赁合约，租用该特区占地7万4830平方米的地皮，且把租金定在每平方米75美元（约322.03令吉）。
该项租约将在2064年6月4日到期，且可选择进一步延长25年。
大马纸盒厂预计将通过内部资金和银行贷款融资。
该集团主要是是制造和销售瓦楞纸箱，且在大马的黑风洞（Batu Caves）和士乃（Senai），以及越南的胡志明和河内有营运公司，而该项租约则是符合扩展至新开放缅甸市场的策略。
这让集团可通过设立新厂，扩大营业额和净利。

Posted by lcng123 > 2016-01-01 13:13 | Report Abuse

余兄最近很卖力在促销canone哦！

Posted by erkongseng > 2016-01-02 17:12 | Report Abuse

乐在公益,haha

Posted by erkongseng > 2016-01-02 18:00 | Report Abuse

Stock Pick 2016 - Koon Yew Yin (Tag: SP2016)
(Access Type : SHARED)

Stock Pick 2016 - Koon Yew Yin (http://klse.i3investor.com/servlets/cube/koonyewyin.jsp)

TOC - http://klse.i3investor.com/blogs/stock_pick_2016/88953.jsp

Dear Editor,

With reference to your email, I would like to participate in the competition. Here are my stock selection:

VS industry 19,000 shares at Rm 1.57 = Rm 29,830

Chin Well 9,500 shares at Rm 2.10 = Rm 19,950

Focus Lumber 7,000 shares at Rm 2.88= Rm 20,160

Thong Guan Wa 7,600 at Rm 2,14 = Rm 16,264

Can One 3,000 shares at Rm 4.56 = Rm 13,680

Total cost = Rm 99,884

Please kindly forward my submission to the organiser.

Koon Yew Yin
http://klse.i3investor.com/servlets/pfs/54015.jsp

Posted by skyjet > 2016-01-02 22:53 | Report Abuse

I am Canone supporter as well, In term of PE, ROE and EPS growth, Canone is better than Johotin. I believe Canone price can double up this year as raw material Aluminium price is in 5 years lowest. Should able to become next TopGlove.

Posted by i33investor > 2016-01-03 17:30 | Report Abuse

gogogog canone~

Posted by erkongseng > 2016-01-03 17:52 | Report Abuse

Rm5.00 于2月底.

Posted by erkongseng > 2016-01-05 16:48 | Report Abuse

[转帖] 冠旺(CANONE,5105) 沧海分析 - 夜月
Author: Tan KW | Publish date: Fri, 5 Jul 2013, 09:21 PM




根据冠旺财政年报, 冠旺目前主要涉及两项业务.:
1. 制罐业务

生产锡罐 – 公司于1960年开始涉足制罐业务. 目前在这一行业已经有了40多年的经验. 公司所生产的锡罐主要供应给食油生产商, 咖啡生产商, 谷物/粮食生产商, 饼干生产商, 冷冻制造商(包括期下子公司F&P) 还有其他燃油, 机器油, 漆和化学料工业. 目前除了供应本地市场, 冠旺也有出口至越南, 新加坡, 柬埔寨和新西兰.

槊料杰里罐 – 2003年, 公司开始生产槊料杰里罐, 目前主要是供应给药物制造商

盒中袋 – 公司所生产的这类产品主要供应给市场用来储存液体产品.

2. 食品业务

甜炼奶 – 2006年, 随着公司第一间甜炼奶厂完工, 冠旺开始涉足炼奶生产业务. 目前冠旺已经拥有两间甜炼厂, 目前另有一家新厂在建造中. 2009年六月, 罐旺开始投入生产新产品 – 炼乳. 目前冠旺主要是国际品牌OEM生产商.而冠旺主要客户来自于中东, 南非, 亚洲与南亚.
炼乳是一种牛奶制品，是将鲜牛奶蒸发至原容量的2／5，再加入40%的蔗糖装罐制成的。

制罐业务前景如何?

制罐业务

目前在马来西亚一共有25-30名制罐商. 其中最大3位业者为KIANJOO, JOHOTIN, 和冠旺期下子公司 AIK JOO. 另一家 ENG LEONG TIN CAN MANUFACTURING则为中型业者. 而槊料杰里罐4大业者则为RALCO INDSUTRIES S/B, MAPO INDSUTRIES S/B, UNITED PLASTIC S/B和冠旺子公司AIK JOO.

成本是一大隐忧. 制罐主要原料为TIN PLATE. 而生产 TIN PLATE的主要原料为 钢铁. 钢铁占TIN PLATE成分的99.5%. 从中可以看出, 钢铁价格的起落将严重影响制罐成本, 因为TIN PLATE占据制罐 80-85%的成本. 目前冠旺本地主要供应商为另一家上市企业 PERSTIMAH, 其他的供应商则来自新加坡, 南韩和美国. 公司的TIN PLATE储存策略为 – 维持3个月生产须求量.

槊料杰里罐主要原料为高密度聚乙烯树脂,占槊料杰里罐总生产成本85%.公司的存货策略为 – 维持一个月生产需求量.冠旺主要供应商为CHEVRON PHILLIPS SINGPAORE CHEMICALS PTE LTD, SUMIKENG (M) S/B, COMMERCIAL PLASTIC INDUSTRY S/B, POLYETHELENE 9M) S/B.

以公司目前的客户群来看, 主要都是必需品, 同时随着期下食品生产持续扩充, 预料制罐业务能维持需求量.

有什么可以动摇制罐业务? 从MILO来看, 小时候家里买的都是罐装的, 现在是用槊料铁纸. 那么说槊料可以替代铝罐, 锡罐?再看饼干…以前饼干我们买一桶, 现在买一包, 即方便也节省钱 – 为什么, 因为我们会想到, 买罐的贵很多, 因为罐贵. 还有其他的奶粉等等也开始用包装了. 认真去看, 市场好像少了一些. 目前锡罐最大代替品为 “composite can” 与 “plastic container”. 虽然如此,目前炼奶市场持续增长应该有助于抵消需求压力. 如果单靠制罐这项业务, 顶多 – 冠旺只能得到中规中举的业绩.

冠旺食品业务主要为生产甜炼奶与淡奶．

淡奶Evaporated Milk
又称花奶、奶水、蒸发奶。它是将牛奶蒸馏过去除一些水分后的结果。没有炼乳浓稠，但比牛奶稍浓。因此英文也叫 Evaporated Milk 或 Unsweetened Condensed Milk，以期和炼乳的 Sweetened Condensed Milk 区别。

炼乳Condensed Milk
在牛奶中加入 40% 至 45% 的糖含量，再经加热蒸发掉约 60% 的水含量后，即为炼乳，因为所得的浓稠乳液稠而甜，英文也称为 Condensed Milk 或 Sweetened Condensed Milk，而一般英文中指的不带甜味的 Unsweetened Condensed Milk 指的是则是淡奶。

2006年11月 15日，冠旺宣布以800万的代价收购F&B 800万每股面值RM1的普通股,　从此开通了发展甜炼奶业务. 2009年6月,　F&B正式投入生产淡奶业务．究竟这项业务有没有需求的隐忧？

跟据TETRA PAK DAIRY INDEX研究报告,　预料未来10年 (2010 – 2012)世界液体乳制品将从目前需求的270 litres增张到350 litres．出于好奇, 我继续在网上找资料. 从一些资料中, 我发现有提及目前中国人口平均乳产品消费为12.1 KG, 我们的邻国印尼平均为11 KG. 目前我得到的数据为世界平均乳产品平均消费为 36 KG. 当中还有很多新兴的亚洲市场, 有待开发. 简单来说, 目前甜炼奶与淡奶有需求量, 预料这项业务可以继续为冠旺带来不错的盈利.

(数据都是从网络所提供, 如果有那为大大有更可靠的数据, 欢迎提供 – 谢谢)

甜炼奶结构:
糖 – 41%
水分 – 31%
乳糖 – 10.5%
脂肪 – 8%
蛋白质 – 8%
灰 – 1.5%

淡奶结构:
水分 – 75%
乳糖 – 9.5%
脂肪 – 7.5%
蛋白质 – 6.5%
灰 – 1.5%

(备注：对于科学名词，我不是很熟悉，所以主要是通过网络找寻并且有些是通过牛顿字典所翻译，但是从整体上来说，不难发现最主要的原料是奶与糖，相信这两行原料价将影响公司食品业务的盈利表现）

纵观冠旺进军这一行业究竟是错还是是精明之举?　就目前而言不妨从公司的部门表找寻答案．2006年这一部门为公司贡献988万的营业额，而2012年第 四季度的业绩显示这行业务一共贡献4亿5178万营业额．部门盈利也从2006年的180万飙升至2012年的4千900万．从数据上来看，几乎管理层做 了一个明智之举．
其他涉及炼奶业务企业表现:

F&N Diaries Malaysia and Thailand (Segment revenue / segment result / segment margin)
2012 – RM 1,810,379,000 / RM 59,200,000 / 3.27%
注: 2012年, 马国炼奶盈利贡献维持,但是由于泰国面临洪灾, 导致泰国停产200天, 最终导致2012年整体炼奶获利下滑.

2011 – RM 2,010,624,000 / RM 107,264,000 / 5.34%
注: 2011年, 马国政府停止供应13家大型业者白糖津贴, F&N是其中一家. 高原料成本加上失去津贴, 同年F&N调涨旗下炼奶价格25%. 同时公司在面临其他32家OEM生产商的围攻之下, 开始渐失市场占有率. 导致2011年盈利大幅下滑.

2010 – RM 1,975,290,000 / RM 162,600,000 / 8.23%
2009 – RM 1,898,326,000 / RM 140,437,000 / 7.40%
2008 – RM 1,945,343,000 / RM 88,502,000 / 4.55%

JOHOTIN (Segment revenue / segment result / segment margin)
2012 – RM 28,289,000 / RM 3,181,000 / 11.25%
2011 – RM 28,288,719 / RM 3,620,609 / 12.80%

CANONE (Segment revenue / segment result / segment margin)
2012 – RM 518, 192,000 / RM 49,080,000 / 9.47%
注: 可能跟公司扩充新业务 – International Trading 有关. 需要等待2012年年报, 看下公司的食品业务是否已经开入印尼市场.
2011 – RM 372,439,000 / RM 16,557,000 / 4.45%
2010 – RM 220,032,000 / RM 10,932,000 / 4.97%
2009 – RM 134,569,000 / RM 4,295,000 / 3.19%
2008 – RM 94,067,000 / RM 2,511,000 / 2.67%

总体而言, 冠旺的制罐业务成长空间应该不大, 反而旗下食品业务值得关注. 其他的我门也必须多注意商品(铁, 糖, 牛奶) 价格等走势. 之前我在观察丰益国际制糖业务有注意到目前巴西, 泰国, 奥洲, 印度大举扩充白糖产能导致白糖供应过剩, 希望籍这个因素让白糖价格持续走稳. 至于钢铁目前依然面对供应过剩问题, 加上钢铁需求成长走缓, 估计钢铁价格不会突然大幅飙升.

公司营业额, 毛利, 营运盈利与税后净利:
投资就是和大家一起合资做生意, 要做就做不会亏钱的生意. 10年的营运状况或许可以作为一个借镜让我们简单的看一下这门生意如何? 以下是过去10年的冠旺营运表现:
(Revenue / Gross Profit / Operating Profit / Net Profit)
2004 – RM 120,859,567 / RM 22,614,836 / RM 16,589,488 / RM 12,114,870
2005 – RM 166,905,629 / RM 30,402,830 / RM 23,681,338 / RM 15,328,170
2006 – RM 201,197,281 / RM 33,298,941 / RM 24,375,905 / RM 15,835,506
2007 – RM 260,494,671 / RM 35,486,658 / RM 23,877,821 / RM 12,106,663
2008 – RM 413,705,032 / RM 46,358,069 / RM 29115,152 / RM 17,448,747
2009 – RM 405,926,330 / RM 69,460,934 / RM 48,527,569 / RM 31,476,150
2010 – RM 449,051,000 / RM 51,239,000 / RM 35,624,000 / RM 20,790,000
2011 – RM 630,983,000 / RM 77,496,000 / RM 50,733,000 / RM 34,522,000
2012 – RM 780,040,000 / RM 111,122,000 / RM 82,508,000 / RM 178,128,000
过去10年, 公司不但没有面临亏损, 而且盈利还逐步增加从2004年税后盈利1千200百万增加至2012年税后盈利1亿7800万. 单从营业额与盈利来看, 企业表现出色.
(备注: 2012年企业实际核心盈利为税后4千300万, 但是随着KIANJOO成为公司的关联企业, 预料将能每年贡献2千至3千万的税后盈利)

我们可以看到, 冠旺的营业额与净利在过去五年 (2008 – 2012) 持续成长. 营业额从2008年4亿1300万涨至2012年7亿8000万. 税后盈利也从2008年1千700万涨至2012年的1亿7800万. 究竟是冠旺旗下那一项业务推动了公司的成长?

Posted by erkongseng > 2016-01-05 16:49 | Report Abuse

制罐业务:
冠旺制罐业务营业额从2008年3亿2000万逐步下降至2012年2亿5600万, 但是部门营运净利却从2008年至2012年维持在2千300万至2千600万左右. 从中可以看出, 这项业务的成长潜能不大. 这是公司本身的问题还是整个制罐行业也是维持这种情况?
从JOHOTIN过去5年 (2008年 – 2012年) 公司的确制罐业务营业额维持1亿500万左右, 部门营运净利也从2008年570万增长至930万.
另一家公司KIANJOO的营业额则从2008年6亿8000万增长至2012年8亿2700万. 部门净利从2008年 8千800万增长至1亿1100万.
综合来看, 过去5年涉及制罐业务的企业, 基本上营业额与净利都没有太大的成长. 预料未来这项业务业绩不会有太大变动, 唯一主导这项业务的盈利不是盈利成长而是生产成本.

食品业务:
冠旺于2006年开始涉足食品业务, 从过去5年 (2008 – 2012) 冠旺食品业务成为了公司成长的主力. 营业额从2008年的9千400万 成长至2012年4亿5100万. 部门营运净利也从2008年的251万成长至2012年4千280万. 食品业务的未来走势在于企业的市场与产品开拓, 毕竟亚洲市场还有待开拓. 主导这项业务盈利的除了营业额成长潜能, 原产品价格例如 “糖, 乳奶” 也将主宰这项业务的盈利.

国际贸易业务:
国际贸易业务成立于2011年12月. 在2012年, 这项业务贡献了7千100万营业额. 但是目前我无法找寻这项业务究竟涉及业务. 但是就目前来推断, 这项业务极可能涉及锡罐及食品销售出国外市场. 目前个人计划从2012年年报找寻这项业务的资料, 若依然无法找寻,只好在股东大会上提出这道问题. 毕竟这项业务占总营业额9.2%.
从这3项业务, 目前哪一项业务成为了公司的主力?

在2008年, 制罐业务营业额占总营业额77%, 2012年, 营业额贡献减半至33%. 总体盈利贡献也从91%的比重降至2012年的29%. 相反, 2008年食品业务在营业额上只贡献了23%, 来到2012年, 这项业务一共贡献了58%的年度营业额. 盈利贡献也从不年8.6%走扬至2012年52%. 于2011年12月开拓的国际贸易业务在2012年也贡献了9.2% 的营业额.

毛利率与净利率:
过去5年 (2008 – 2012) 冠旺毛利与净利率表现:
(冠旺; KIANJOO; JOHOTIN)
2008 – 11.21% / 4.22%; 16.22% / 8.61%
2009 – 17.11% / 7.75%; 15.77% / 6.17%; 15.859% / 4.63%
2010 – 11.41% / 4.63%; 18.90% / 10.58%; 19.75% / 6.14%
2011 – 12.28% / 5.47%; 19.11% / 10.11%; 20.50% / 8.23%
2012 – 14.25% / 22.84%; 17% / 10.84%; 19.40% / 9.36%
(实际上冠旺的净利率为 5.5%左右, 相差是因为2012年纳入了KIANJOO的盈利与一次过收益)

整体上来看, 冠旺生产成本和营运成本逐年降低, 但是相比 KIANJOO和 JOHOTIN, 冠旺的成本还是比较高. 如果削价战开打, 将不利与冠旺, 但是随着KIANJOO成为关联企业, 并且占有70%的市场, 将有助于抵消这项不利因素.

研究冠旺纯粹是想尝试自己的新企业研究方式, 绝不代表我拥有次企业的股票, 或建议买或卖. 一切纯属大家一起研究研究.

（转载：曾经沧海难为水专区）

Posted by erkongseng > 2016-01-05 19:17 | Report Abuse

My Critics and Doubting Thomas - Koon Yew Yin
Author: Koon Yew Yin | Publish date: Tue, 5 Jan 2016, 09:21 AM

In the stock market, with the exception of the original company founders who listed their shares, smart investors will make money and stupid ones will lose money. As money cannot come down from the sky, the smart investors’ profit must come from those losers.

As I said many a time, all investors must examine their track record to see how well they have performed. Those who have been losing money must really change their stock selection method and also their mindset.

All my critics and doubting Thomas must seriously examine their track record to see why they have not been making as much money as they would like people to think. They often criticize what I write to show that they are clever. But they must remember that there are many other smart investors who are laughing at their senseless comments. If they are so good, why don’t they write some articles with their share recommendations for readers to judge them?

As Christmas has just gone by, let me tell you the famous biblical story of Doubting Thomas. About 2015 years ago, according to the Christian Bible, Jesus had 12 apostles. Jesus was crucified on a cross, died and buried. After 3 days, he rose from the death and appeared before his 11 apostles. One of the apostles, called Thomas, who was not present, said that he would not believe unless he put his hand into the spear wound of Jesus. Subsequently Jesus appeared before Thomas and asked him to put his hand into his spear wound.

The point of this story is that after I have a proven track record of my success in share investment and my charity donations, unfortunately there are still a few doubting Thomases who continue to doubt. Can’t you see my sincerity in posting so many articles to help people to improve their investment skill?

In fact, my critics often say that when I recommend any share I want them to buy so that I can sell to make money out of them. Obviously that cannot be true because if I have sold how could their audited annual reports show that I am one of the top shareholders in companies such as VS, Latitude, Lii Hen, CanOne, Chin Well, Focus Lumber and T Guan.

If you look at their price charts, you can see that all of them have gone up a few hundred per cent within the last 2 years. I have been promoting VS for a long time and its 2015 audited annual report shows that I am among the top 5 shareholders, owning more than 100 million Vs shares. Why are my critics so stupid to sell good shares to make me so rich?

For a change, besides making money, my advice to all readers is to focus on gratitude and happiness. Gratitude is perhaps the most important key to finding success and happiness in the modern day. Knowing what we appreciate in life means knowing who we are, what matters to us and what makes each day worthwhile. Paying attention to what we feel grateful for puts us in a positive frame of mind. It connects us to the world around us and to ourselves. Research demonstrates that focusing on what we are grateful for is a universally rewarding way to feel happier and more fulfilled.

All readers must remember that our ultimate aim in life is happiness and we cannot take our money along when we die. I have written in my will that all my money and assets will be donated to charity when I die.

Posted by leelc99 > 2016-01-06 11:31 | Report Abuse

This counter really Can one! Waiting for so long already buddy!! HUat HUat HUat!

Posted by warrantKing > 2016-01-06 11:42 | Report Abuse

Mr Kong Seng , investor who dare to top up like you , really worth to get reward!!

Posted by pharker > 2016-01-06 11:46 | Report Abuse

Wow suddenly shoot up...aiyoo that day disposed 50% at around 4.70..should have waited few days

Posted by AhSook AhKou > 2016-01-06 11:55 | Report Abuse

Rock n Roll n "sushi" is getting hot lohhhhhh

Posted by tftey > 2016-01-06 11:56 | Report Abuse

Weak holder would regret now. TP RM6.00

Posted by pharker > 2016-01-06 12:03 | Report Abuse

regretting oledi...but as you say, its 50% profit money in the pocket, let the other 50% profit run n see how high it can go

Posted by Bluey > 2016-01-07 11:20 | Report Abuse

This drop is due to peeple not working on their jobs and playing the market and of course, the T+3 and T+4 kakis and when they lose their money, they blame Uncle Koon!

Posted by LV1234 > 2016-01-08 09:32 | Report Abuse

Hi,today canone at ~4.7, still can go in ?

Posted by lcng123 > 2016-01-08 09:38 | Report Abuse

plan to sell at 4.75, but already cancel, SSE composite looks rebound today. major shareholders didn't sell their shares.

Posted by lcng123 > 2016-01-08 09:53 | Report Abuse

hong kong, japan, singapore, taiwan, korea and malaysia market all rebound.

Posted by dusti > 2016-01-08 11:26 | Report Abuse

Don't worry about other Asian countries, Canone is flying higher!