Bad congestion at Vietnam ports resulted increased in logistics and unnecessary costs. Shipments delayed, diverted or cancelled by buyers resulted GP margins dropped. Bad for those with operations in Vietnam.
Latest Updates 13-9-21 As of September 13, 2021, Vietnam’s Ministry of Health confirmed a total of 613,375 cases of COVID-19. However, 374,578 of the affected patients have recovered and been discharged from hospitals. Vietnam has also recorded 15,279 deaths due to the pandemic. The latest community transmission cases have been reported from Ho Chi Minh City, Binh Duong, Dong Nai, Long An, and Kien Giang among others.
Poh Huat factories are in Dong Nai and Binh Duong. Both operations had been halted or operated at below 30% since July, that means almost 2 months without proper production and may be extended further due to the covid situation in both districts still not controllable and getting worse.
@Bullrun1985, now factory do self-test, if few cases, i think most of factory choose no report to kkm and do self quarantine. If 20% of worker kena covid, they need to report. Now, buyer start chasing for their sales order after resume work, i do see any cancellation from buyer yet.(Not easy for buyer do switching)
Good result & some personal points of view after brief reading over QR:
1) Receivables turnover is 30 days = very encouraging 2) inventory increased 24% from 92mil to 115mil. 3) total equity = 462mil vs Market value = 376mil
————————
I found below interesting to me:
assuming both Malaysia & Vietnam back to normal upon fully vaccination:
Malaysia in 9M20 = 209mil Vietnam in 9M21= 330mil Total sales if back to normal = 539mil
Best case assumptions on Profit before tax:
Malaysia in 9M20 = 23.764 mil Vietnam in 9M21= 38.549 mil Total PBT if back to normal = 62.3mil
Ho Chi Minh City eased curbs and social distancing measures from October 1. Several business activities with capacity restrictions were allowed to resume including, offices, industrial parks, export processing zones, high-tech parks, barbershops, gyms, museums, weddings, supermarkets, convenience stores, restaurants (only takeaway), and in person grocery shopping. Bars, spas, karaoke and massage parlors, movie theaters, nightclubs, street vendors, and lottery ticket vendors among others will continue to be suspended. Public transport in and out of the city also remains suspended.
SUBUR(6904) is the best earning furniture/timber stock with oil palm estate, it is only 87cent. Big discount!!! Latest financial quarterly result, EPS= 10.29 cent, NAV= RM3.07. Can consider to buy it.
Uniglobe, you have any supportive info to support your comment that Pohuat may seeing red in Qtr 4 ? Pohuat never posted a single -ve Qtr for the past 10 years and from Aug to Oct 2021 was no lockdown at all. Business operation in Malaysia and Vietnam has back to normal
@andy, hard times, may be wise to stop declaring dividends for emergency cases... then when things go back to normal, and no good place to utilize the emergency funds, can "re-declare" dividends, I think is a wise move wor
Imagine declare dividends le later smtg bad happen no cashflow to save company, need to do PP or whatsover, dilute our shareholdings je, even worse
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Vietnam Lockdown - Stop Production
Muar Stop Production
GG soon