Posted by chean1984 > 2013-12-13 15:52 | Report Abuse

finally this stock is up. :)

Posted by chean1984 > 2013-12-13 16:23 | Report Abuse

hit 1.00 d

Posted by kenrixx > 2013-12-16 09:27 | Report Abuse

yes hit RM1

Posted by brendonyeap > 2013-12-16 19:33 | Report Abuse

Whats the TP for it?

Posted by danchong > 2013-12-17 11:45 | Report Abuse

brendonyeap, TA - TP : 1.24

Posted by danchong > 2013-12-17 11:45 | Report Abuse

AT PE : 8

Posted by brendonyeap > 2013-12-17 14:24 | Report Abuse

Actually YOCB is a good stock to keep long term with cheap valuations and cash rich....i regreted didnt notice this stock for the past few months as was busy with Hospital work and students exams....now when free, just realised that a gem had just left me....sigh

Posted by Sapphire > 2013-12-17 18:13 | Report Abuse

FINALLY sold out...hehe..yummy..merry chrismas..

Posted by ipomember > 2013-12-17 19:22 | Report Abuse

@brendonyeap

The gem is there, it is always there, and the market is always there for you to earn, nothing to regret. Try to have a look on long term perspective, if it attracts you, it is still a gem. just my 2 cents.

Posted by brendonyeap > 2013-12-17 20:43 | Report Abuse

Yeah thanks for console @ipomember1 Well, do u still see an upside for this counter? Or do u hv any good unseen gems to share with me? TQ~

Posted by danchong > 2013-12-18 11:13 | Report Abuse

There is no question about YOCB being a gem. It is in consolidation phase now. I can see that they are going to chalk up good next 2 Q results due to the coming festive session. I beleive they have more leg in it. Buy on weakness

Posted by faberlicious > 2013-12-18 11:47 | Report Abuse

A gem? Really,it has negative cashflow,no FCF.Not very good.

Posted by danchong > 2013-12-18 12:40 | Report Abuse

faberlicious, everyone have their own opinion. Time will tell!

Posted by ipomember > 2013-12-18 13:33 | Report Abuse

looking back on past performance, the solid growth achieved by YOCB is attracting, looking forward the company has actually acquired land and to expand their capacity to meet the increasing demand, it looks positive to me too. However, one has to understand that the industry of home linen products in malaysia is competitive. (if you happen to go to AEON you will know what i mean)In AEON, when you go to the specific department store, you can see yocb's brands, Akemi's and Windsir's there. Tell me what would you choose if lets say you are a new buyer? Most of the times i think it depends on the salesperson there. YOCB derives most of their revenue from all these premier stores rather than from its own outlets or instituition. In regards to FCF, i am ok if a company has -ve FCF as i think it is normal for small company like YOCB which is in expansion mode. However, if a company having negative operating cash flow,it raised my concern, especially when it lasts for many years. I have to admit that the earning quality of YOCB is not that good perhaps.

Posted by danchong > 2013-12-18 14:52 | Report Abuse

ipomember,are you from Ipoh? or IPO --> Initial Public Offer?

Well said on negative cash flow & FCF which I don't want to repeat

Let me address your concern whether YOCB has a 'FRANCHISE' by hightlighting the following in TA report.

"among its clients in the hospitality-based segment include leading
global hospitality companies like Hilton, Ritz-Carlton, JW Marriott, Westin,
Renaissance, Parkroyal, Eastin and Mandarin Oriental.
Backed by almost 5 decades of hands on experience in the industry, YOCB has
built up its reputation for its quality and brands. It is a market leader among
about 20 local players in the industry, commanding more than 30% of the local
market share.
Over the years, YOCB has won numerous awards and recognition, especially
from its consignees for quality excellence and outstanding sales performance,
as shown in Appendix Exhibit 7."

It was my major concern as well before I decided to buy and willing to hold for long term

Posted by danchong > 2013-12-18 15:15 | Report Abuse

"YOCB derives most of their revenue from all these premier stores rather than from its own outlets or instituition"

We have a chance to talk to the directors after the AGM, the MD was very happy that they are already making 'good' profit from the 16 Home's Harmony outlets and intend to open up more. If you look under section 30 page 81 in the 2013 annual report, the column under "Retailing" is the performance of Home's Harmony. RM27,013,000 RM2,748,000 in revenue and profit repestively.
It is significant increase from 2012 and I would agree with Mr. Chew that it is 'satisfactory'

The other regret I have is we cannot agree on the "earning quality of YOCB".

My simple mind tells me that YOCB will be able to maintain its earning in FY2014 and the TA forecast of FY14 EPS of 14.6 sens is a bonus to me.

At yesterday closed price of 95.5. the PE is 7.55(EPS 12.65) or 6.54 (EPS 14.6). This is attractive to me.

Posted by danchong > 2013-12-18 15:37 | Report Abuse

Earnings Summary
FYE 31 Dec (RMmn) FY12 FY13 FY14F FY15F FY16F
Revenue 153.9 178.6 205.4 230.0 264.6
EBITDA 27.0 31.6 36.1 40.8 46.9
EBITDA margin (%) 17.5 17.7 17.6 17.7 17.7
Pretax profit 23.5 27.7 31.7 35.8 41.2
Net profit 17.3 20.5 23.4 26.5 30.5
EPS (sen) 10.8 12.8 14.6 16.5 19.1
EPS Growth (%) (5.6) 18.2 14.5 13.0 15.3
PER (x) 8.4 7.1 6.2 5.5 4.8
GDPS (sen) 3.5 4.0 4.5 5.0 6.0
Div Yield (%) 3.8 4.4 4.9 5.5 6.6
ROE (%) 14.7 15.5 15.9 16.1 16.5

Posted by bluechip > 2013-12-18 16:11 | Report Abuse

dynaquest rating 5 star...

Posted by aunloke > 2013-12-18 16:26 | Report Abuse

Though my holding cost is quite low ,I have yet to sell any single unit.

Posted by ipomember > 2013-12-18 21:09 | Report Abuse

Hi, i am not from Ipoh, IPO for me stands for initial public offering LOL


"We have a chance to talk to the directors after the AGM, the MD was very happy that they are already making 'good' profit from the 16 Home's Harmony outlets and intend to open up more. If you look under section 30 page 81 in the 2013 annual report, the column under "Retailing" is the performance of Home's Harmony. RM27,013,000 RM2,748,000 in revenue and profit repestively.
It is significant increase from 2012 and I would agree with Mr. Chew that it is 'satisfactory'"

Well really appreciated for your sharing, can you share more about any discussions that have been gone through during AGM? Thanks



"The other regret I have is we cannot agree on the "earning quality of YOCB". "


Actually my meaning of earning quality is refer to the operating cash flow/net profit, which justify that a company is actually receiving money by not only having accounting profit. When a company posting good accounting profit but not receiving the cash(negative operating cash flow), it is something fishy. It will cause a company run out of cash and face liquidity problem. AS i can see, working capital of YOCB is not that good which cause its operating cash flow rather low in compare to net profit. YOCB is consistently paying dividend(if i am not wrong) and having a net cash position, so i assume it has no problem in liquidity? However, i haven go through their OCF/Net profit for pass few years, i shall do a detail analysis on it.

Posted by whkwoon > 2013-12-18 21:19 | Report Abuse

Housing bloom this 2 years , the building shall be ready for occupancy for the coming years thus will contribute to YOCB bottom line.

Posted by ipomember > 2013-12-18 21:46 | Report Abuse

@whkwoon

As per what you said, currently the gov is trying to control the household debt which dampen the buying ability of properties, which current situation the earning of YOCB will be going down after another 2 years? lol. If it is true then it is not attractive for me lol

Posted by danchong > 2013-12-19 10:44 | Report Abuse

I feel that Quality of Management is very important. Their attitude, mindset and vision are what driving the company forward.I make it a point to attend AGM & Chat with them whenever possible.

In the case of YOCB, the four brothers are having major controlling stake in the company. They have the experience and are hard working. Above all, they have the shreholders' value in mind.

They are down to earth people and I am happy with their achievable target of 10-15% growth for FY2014.

Honestly speaking, I don't pay much attention to cash flow management as long as they are within reasonable boundaries. If I have confident with the management, I feel that they are the best person to be in charge of that.

Let us concentrate o finding the right stock that possess a good business and provide us with the best possible shareholders' value.

Posted by danchong > 2013-12-19 11:12 | Report Abuse

whkwoon, the prospect of YOCB looks good for the next 2 years.

Ipomember, is the earning or growth sustainable? A good question to ask but we can only guess at this juncture.

I hope the hotel clients will provide some stable revenue but the management only indicate that they account for 8% of the revenue.

My take is I hope the market will give the stock a more reasonable valuation in the near future. i.e. PE 8 TP > 1.20. consistance dividend growth. 4-4.5 sens for FY14.

Where is our economy heading? fingers crossed!

Posted by whkwoon > 2013-12-19 12:02 | Report Abuse

For the next 2 years I expected their income will be good, as more new home have been completed

Posted by danchong > 2013-12-19 12:16 | Report Abuse

aunloke, I am glad you are keeping faith with the stock.

whkwoon, Will you buy the stock, if EPS continue to maintain about 12sens for the next 2 years and dividend growing steadily, say 4-4.5 FY14 4.5-5 FY15............????

Posted by aunloke > 2013-12-19 13:12 | Report Abuse

My take on YOCB is that the capital gain from this level now may be limited , however the growth prospect of the business is still there though not fantastic. Something I like is that they have the plan to expend as they have purchased the land for the future use, hope after the expansion ,the contribution will improve and that make me stay with this stock.

Posted by aunloke > 2013-12-19 13:15 | Report Abuse

sorry typo error , expand not expend.

Posted by danchong > 2013-12-19 14:39 | Report Abuse

I agree that this stock is not a 'Rocket'.

I am trying to build a solid portfolio of steady growth and yield stocks. This counter is a good choice.

Posted by whkwoon > 2013-12-19 15:35 | Report Abuse

Textile and wood industries shall be good for another 2 years according to Fung Shui, Wood produce fire.

Posted by Sapphire > 2013-12-19 20:38 | Report Abuse

tomolo latitud 2.37.

Posted by ipomember > 2013-12-19 23:07 | Report Abuse

danchong, like you, i am trying to build a solid portfolio, i love growth company, with positive future outlook and expansion, most of all i hope the company is well managed but something its a bit hard to identify it aside from financial part. Maybe you can share me your portfolio if you dont mind?

Posted by ipomember > 2013-12-19 23:08 | Report Abuse

sometimes*

Posted by tjhldg > 2013-12-20 00:21 | Report Abuse

my tp 1.20

Posted by Sapphire > 2013-12-20 01:05 | Report Abuse

same to me tjhldg but i.dy give up when it reach 1.00.all go to buy latitud..

Posted by danchong > 2013-12-20 03:19 | Report Abuse

ipomember, I am a great fan of Wellcall. It has treated me well.

Pintaras is the only construction counter in my portfolio.

They are the top two in my portfolio. I am selling down on Pantech after 2 years of good run.

Are they in your portfolio?

Posted by brendonyeap > 2013-12-20 09:33 | Report Abuse

Thanks Danchong and Sapphire! Just went in at 93.5 on Wed 20,000 units...hope it will grow soon

Posted by ipomember > 2013-12-21 00:28 | Report Abuse

hi danchong, i hold a total different portfolio as compare to you. I hold buy any oil and gas related company, as well as construction. So far harta is my best performing stock..

Posted by ipomember > 2013-12-21 00:30 | Report Abuse

sorry i mean i didnt buy.....

Posted by Simon Lee > 2013-12-22 09:23 | Report Abuse

tp RM5

Posted by danchong > 2013-12-24 10:18 | Report Abuse

http://klse.i3investor.com/blogs/kenangaresearch/43811.jsp

Well, I know Kenanga was selling lately but I do feel confident about its mid & long term prospect.

Posted by danchong > 2013-12-28 11:11 | Report Abuse

ipomember, I like Tomypak - solid business & earning. Very generous in dividend. Any comments?

Posted by greatshark > 2013-12-30 17:49 | Report Abuse

sleeping

Posted by alphajack > 2014-01-09 13:47 | Report Abuse

hmm interesting stock...Very undervalued

Posted by RickyC > 2014-01-09 13:56 | Report Abuse

I like YOCB personally, high DY%, but using DCF method, it shows it's value is around 0.55+ and graham IV shows 1.00+, for me, it is not a bargain stock at this moment. I will consider it if the price is around 0.6~0.80. I think there's better bargain issue than this.

Posted by jimmy chuang > 2014-01-10 11:58 | Report Abuse

RickyC what is DCF,and what is your better bargain mind sharing tq

Posted by RickyC > 2014-01-10 16:18 | Report Abuse

I always refer to kcchongz in evaluation. U can find his interpretation on some issues which I think they are really a good bargain.

Posted by RickyC > 2014-01-10 16:18 | Report Abuse

discount cash flow=DCF

Posted by bluechip > 2014-01-14 10:06 | Report Abuse

for time being...back to square...70cents

Posted by jowong7 > 2014-01-19 14:47 | Report Abuse

RickyC...mind to justify the value 0.55+ from the DCF calculation. what's the valuation matrix u used?