Posted by roger3210 > 2021-06-04 01:22 | Report Abuse

ANEKA（0226）业绩分享
以去年上市的公司来说，鲜少有公司至今依然处于低于 IPO 的价位 – 而今天分享的 ANEKA 以目前来说，对比其 IPO 价格的 RM 0.330 一股还低；那今天的分享将会讲述 ANEKA 的业绩、公司的前景以及公司的估值。不过由于公司并无按年可比较的数据，因此将主要对比 FY 2021 Q1 为准。

• ANEKA 在该季度（“FY 2021 Q2”）的营业额为 RM 29.3 Million，对比 FY 2021 Q1 的 RM 32.1 Million 下跌了 8.63%；而以目前来说，公司有约 RM 27.0 Million 或 92.00% 的营业额来自于马来西亚的业务，剩余的 8.00% 则是来自于印尼方面的业务。

• 管理层在季报内有提到，公司因为 MCO 2.0 而导致工程被拖缓；不过据我所知，公司在 MCO 后打桩机的使用率偏高，甚至于需要租借同行的机械来进行工程 – 反映出公司的业务已经持续出现了好转。

• 虽然公司并无提及他们的订单，但公司在近期内持续获得多个建筑项目的订单；如公司获得 Nakano Construction Sdn. Bhd.（“NCSB”）价值 RM 28.9 Million 的订单、同时也获得了 Gaya Kuasa Sdn. Bhd.（“GKSB”）价值 RM 16.4 Million 的订单以及最近其公司获得 IJM Construction Sdn. Bhd.（“ICSB”）价值 RM 77.8 Million 的订单，合计为 RM 123.1 Million，这除了反映出 ANEKA 的订单状况良好之外，也显示出建筑领域 – 尤其是私人领域依然在持续发展中。

• 另外，公司在 Note A9 内虽然提及公司分别有建筑业务（“Construction”）以及设备租凭（“Rental Equipment”）的业务；不过为了避免读者亲自阅读季报会混淆，直接参考建筑业务就行，基本上租凭的业务是公司属于自己的业务，在最后会被回扣出来。

• 以毛利而言，公司在该季度的毛利为 RM 4.8 Million，对比 FY 2021 Q1 的 RM 5.2 Million 下滑了 7.25%；管理层提及该季度的业绩下滑主要是因为营业额下滑，不过毛利率在该季度也从 16.14% 提升到该季度的 16.39%。

• 以净利而言，公司在该季度的净利为 RM 1.4 Million，对比 FY 2021 Q1 的 RM 0.5 Million 亏损则是改善了 399.14%；这主要是因为在 FY 2021 Q1 公司有一次性的 RM 2.2 Million IPO 费用导致亏损加剧 – 接下来公司并不会再被 IPO 费用影响。

• 提及 IPO 集资的资本来说，ANEKA 在近期也做出了非常有趣的举动；即公司原本将购置一台钻孔直径为 2.5 米、钻孔深度为 87.0 米的钻孔机械更换为暂钻孔直径 3.7 米、钻孔深度为 100.0 米的机械，另外也将原本打算偿还银行贷款的资金用在购置该钻孔上 – 以个人对于公司的了解，若非业务良好，公司鲜少会将偿还贷款的数额用在购置机械上，配合上述公司获得的合约，很难不想象公司接下来的业绩会持续改善。

• 以净经营现金流而言，公司在该季度的净经营现金收入为 RM 3.1 Million，而对比 FY 2021 Q1 的 RM 2.6 Million 净流出来说改善了许多；不过客观而言，建筑领域的现金流并不稳定，因此最好还是等待整个财政年完成再做出对于现金流的评估。

• 以公司的现金而言，目前 ANEKA 剔除在银行高达 RM 8.7 Million 的定存以及 RM 2.8 Million 的银行透支，实际流动现金为 RM 12.4 Million；虽然债务高达 RM 27.3 Million，但绝大部分都是贸易用的贷款，通常都为短期，因此短期内，公司应暂无现金流方面的问题。

• 目前 ANEKA 也依然并未公布派发任何股息。

以 ANEKA 这家公司来说，公司对比起其他的建筑领域的公司确实缺少曝光率。不过我们看到公司最坏情况已经过去，业务也随着公司获得众多合约有望持续改善。不过要回到公司巅峰的表现依然需要一段时间 – 而目前公司的估值为 52.12 倍的 P/E，若是以每个季度 RM 1.5 Million 的净利来计算的话，折合净利为一年 RM 6.0 Million；根据这样的计算方式而言 ANEKA 的未来 P/E 估值大约为 26.83 倍。

而有趣的是，公司的同行 ECONBHD（5253）目前依然是负 P/E 估值，而 PTARAS（9598）则是较为合理，目前在 12.25 倍。但已过去打桩领域来说，普遍比一般的建筑公司高出 2 倍左右的估值（ECONBHD 以及 PTARAS 的 5 年平均值分别为 32.10 倍以及 21.10 倍），因此 ANEKA 如果持续获得新的合约，继续成长下去的话，则是非常不错的。配合目前市场因为疫情而恐慌，ANEKA 的股价也并无太大的波动，或许大家可以开始关注这家比较被市场冷落的建筑公司。

Posted by Alex Leow Sze Shen > 2021-06-04 10:39 | Report Abuse

come on SKP! Go up!

Posted by MaxGGG > 2021-06-04 12:56 | Report Abuse

TP given all above 2, possible?

Posted by Powerplay666 > 2021-06-04 13:28 | Report Abuse

By this year, easily 2.50. Next year with the second plant in production, it will keep shooting higher. Good price now to accumulate

Posted by MaxGGG > 2021-06-04 14:05 | Report Abuse

hopefully can break 1.67 today...1st resistance

Posted by Alex Leow Sze Shen > 2021-06-04 14:37 | Report Abuse

Looks like the price movement is following closely to VS

Posted by chai2145 > 2021-06-04 20:49 | Report Abuse

Hopefully 2.4

Posted by Alex Leow Sze Shen > 2021-06-04 21:39 | Report Abuse

now i think is uptrend mode based on the chart

Posted by CoolBull > 2021-06-06 00:41 | Report Abuse

SKP posts sterling quarterly net profit

https://www.thestar.com.my/business/business-news/2021/06/04/skp-posts-sterling-quarterly-net-profit

Posted by ongth60 > 2021-06-11 13:15 | Report Abuse

Boom

Posted by Alex Leow Sze Shen > 2021-06-11 13:35 | Report Abuse

volume surge suddenly by noon just now!

Posted by DuitGeli2 > 2021-06-11 16:02 | Report Abuse

Lightning strike again

Posted by Alex Leow Sze Shen > 2021-06-11 17:32 | Report Abuse

haha, must be EPF or KWAP push the price up and now thrown down again!

Posted by invest_malaysia > 2021-06-11 22:57 | Report Abuse

Ciao at 1.7, easy 30% return. Will be back if there’s correction

Posted by Alex Leow Sze Shen > 2021-06-14 12:22 | Report Abuse

Attempting to break 1.72 again.

Posted by DuitGeli2 > 2021-06-14 13:12 | Report Abuse

Just pray no turbulence this time around

Posted by Alex Leow Sze Shen > 2021-06-14 15:23 | Report Abuse

So far standing strongly.

Posted by DuitGeli2 > 2021-06-14 16:07 | Report Abuse

The cloud is so thick in front

Posted by Alex Leow Sze Shen > 2021-06-14 16:34 | Report Abuse

cannot break but it stands above 1.70!

Posted by mych11 > 2021-06-15 10:52 | Report Abuse

pushing for 2.00.. stop selling

Posted by DuitGeli2 > 2021-06-15 11:22 | Report Abuse

Damn hard to break

Posted by Alex Leow Sze Shen > 2021-06-15 17:59 | Report Abuse

maybe now is accumulation period, after this will push!

Posted by Alex Leow Sze Shen > 2021-06-15 22:50 | Report Abuse

VS and ATAIMS up a lot of today! Next would be SKP. Looking forward, the 3 big EMS player in the country.

Posted by mosame > 2021-06-16 13:11 | Report Abuse

why the son not follow the mother?

Posted by DuitGeli2 > 2021-06-16 13:50 | Report Abuse

Premium too high

Posted by Alex Leow Sze Shen > 2021-06-16 15:04 | Report Abuse

Expected son not follow mother, i still keeping son bought at 0.105. But at least up 1-2 cents today also good!

Posted by Alex Leow Sze Shen > 2021-06-16 15:10 | Report Abuse

challenging the roadblock of 1.75!

Posted by Alex Leow Sze Shen > 2021-06-16 15:13 | Report Abuse

roadblock cleared!

Posted by DuitGeli2 > 2021-06-16 15:31 | Report Abuse

Good news.. Hopefully maintain above 1.75

Posted by DuitGeli2 > 2021-06-16 15:39 | Report Abuse

Dumping dumping

Posted by Alex Leow Sze Shen > 2021-06-16 15:43 | Report Abuse

big dump, that's why warrant not going up! Price factored in!

Posted by Alex Leow Sze Shen > 2021-06-16 17:53 | Report Abuse

1.74. not bad closing!

Posted by Abrahmi > 2021-06-16 17:56 | Report Abuse

A real blue chip. Long term investment

Posted by DuitGeli2 > 2021-06-17 20:23 | Report Abuse

Good attempt to break 1.75 today

Posted by Alex Leow Sze Shen > 2021-06-18 09:11 | Report Abuse

so early in the morning already attempt to go 1.79!

Posted by Alex Leow Sze Shen > 2021-06-18 11:24 | Report Abuse

Heavy blockage now 1.78 to 1.80!

Posted by DuitGeli2 > 2021-06-18 11:52 | Report Abuse

Yup.. But if big fund coming in due to bright prospect of EMS, then easily can bulldoze... Just pray for miracle

Posted by Alex Leow Sze Shen > 2021-06-18 11:53 | Report Abuse

1.80 broken!

Posted by DuitGeli2 > 2021-06-18 11:53 | Report Abuse

Walaowrh... Someone eat 4800 lot at 1.79

Posted by DuitGeli2 > 2021-06-18 11:54 | Report Abuse

Maybe dividend declared soon?

Posted by Alex Leow Sze Shen > 2021-06-18 11:55 | Report Abuse

yes, must be EPF or KWAP!

Posted by DuitGeli2 > 2021-06-18 12:20 | Report Abuse

Damn thick 1.80

Posted by Alex Leow Sze Shen > 2021-06-18 14:38 | Report Abuse

Burst ady 1.80! 1.81 highest now.

Posted by DuitGeli2 > 2021-06-18 15:11 | Report Abuse

Harap2 forest sudah clear sikit

Posted by DuitGeli2 > 2021-06-18 15:13 | Report Abuse

If can close above 1.75 ok ady

Posted by Alex Leow Sze Shen > 2021-06-18 15:16 | Report Abuse

profit taking now.

Posted by Alex Leow Sze Shen > 2021-06-18 15:54 | Report Abuse

1.84!

Posted by Alex Leow Sze Shen > 2021-06-18 15:59 | Report Abuse

volume almost 100K today!

Posted by ongth60 > 2021-06-18 16:42 | Report Abuse

EPF and kwap keep sapu

Posted by Alex Leow Sze Shen > 2021-06-18 17:05 | Report Abuse

surely! Must be can goreng till 2.00