Posted by optimushuat > 2015-05-29 15:50 | Report Abuse

Buy now, revenue double!! profit 180% up!!

Posted by Icon8888 > 2015-05-29 15:57 | Report Abuse

Don't think so lah. Look at the subdue share price, most likely so so only

Posted by Icon8888 > 2015-05-29 16:28 | Report Abuse

Very likely the results is more or less same as previous quarter, so no incentive for insiders to chase

Posted by davidkkw79 > 2015-05-29 17:04 | Report Abuse

comfirmed oledy ! it result just bad !

Posted by Icon8888 > 2015-05-29 18:20 | Report Abuse

Not that bad, got net forex loss of RM1.8 mil.

Excludes that, net profit is about RM5.8 mil

Posted by yfchong > 2015-05-29 18:35 | Report Abuse

If bro icon8888., mention got profit ok lah maybe so so only...,

Posted by yfchong > 2015-05-29 18:51 | Report Abuse

At least in profit zone.,, if the management can make good net margin it will be rewarding...,

Posted by Chua Zhi En > 2015-05-29 19:32 | Report Abuse

hi uncle

Posted by Chua Zhi En > 2015-05-29 19:32 | Report Abuse

im here again lol

Posted by bursafreeman > 2015-05-30 01:15 | Report Abuse

key message from the Johotin 2014 annual report:
- tin manufacturing: expansion into new printing machines which will increase the capacity
- F&B segment remain strong as the new factory and warehouse will be completed in 2015
- with this, the group able to take up new order from existing and new customer.

Posted by davidkkw79 > 2015-06-01 10:06 | Report Abuse

Its debt are calculated on usd basis...it will cause it continue bleeding on forex loss...

Posted by fengtzekai > 2015-06-01 19:29 | Report Abuse

If they don't know how to manage forex risk, this is going to be a long term issue if they continue to do international business!

Posted by tt101 > 2015-06-02 09:37 | Report Abuse

In fact, nobody able accurately forecast the Forex. Even BNM also facing loss in certain circumstances.

Posted by Icon8888 > 2015-06-02 13:14 | Report Abuse

http://klse.i3investor.com/blogs/icon8888/77717.jsp

Posted by Icon8888 > 2015-06-02 13:15 | Report Abuse

my latest article

Posted by yfchong > 2015-06-02 15:07 | Report Abuse

Thanks bro Icon8888..,

Posted by fengtzekai > 2015-06-02 17:59 | Report Abuse

tt101 Dont get me wrong. Nobody can forecast forex rate but the forex risk can be managed. What I meant is it appear that they did not know how to manage forex risks.

Posted by fengtzekai > 2015-06-02 21:37 | Report Abuse

Just wish to share my 2 Sen worth of opinion from my analysis of the recent audited accounts.

1. Revenue increase from 241 million to 316 million, up by 75 mil. Impressive.

But if you look at Note 5(c) - the new subsidiary Able Food actually contributed bulk of the growth (58 mil) and it is making a loss of 4.8 million.

Also Note 40, one major customer contributed 40.8 million of turnover. That is 13% of turnover.
Note 41.1(b), two major customers owe the company 27% of trade debtors. That is roughly 21 million.

Heavy reliance on single customer is something the company need to manage carefully.

2. Forex risk - has the company managed it properly?

No one can predict how Usd rate will move the next minute. But the risk can somewhat be managed properly to reduced forex loss.

Note 41.1(a) showed that the company has exposures in USD and SGD. For USD, combined financial assets in USD is 51 mil but the combined financial liabilities in USD is a whopping 92 million! The net exposure is 42 million.

If you analysed further, you will notice that under Note 24, the company have only covered 13.5 million of the forex risk through hedging leaving 28 million to forex risk.

If you look at the component of USD financial liability, could the management have handled it better? The answer is YES. Bulk of the USD liability is from USD Trust Receipt. My opinion is that the company should instead borrow half in UsD and half in RM, the forex risk will be eliminated!

3. PE Ratio

Johotin is no longer a tin can manufacturer.by virtue of high contribution of food and beverage operation, it's PER does not reflect that. PER of tin can manufacturer is high single digit or low teen. PER for food company is in the region of 20-30!

Let's hope the market will re-price this counter soon......

Posted by Icon8888 > 2015-06-02 21:54 | Report Abuse

Need patience. I read somewhere from the Internet that low milk powder price is likely to persist for two years at least. This will create favorable environment to build up profit and trigger re rating

Posted by Steve Ong Wei Siang > 2015-06-02 22:32 | Report Abuse

But it also stated previously that if Milk Powder price is bearish, finished product price will be under pressure. The effect would be Lower Revenue Value x Normalized Gross Margin, hence lower Gross Profit relative to Operating Expenses. Overall the company financial is highly exposed to Raw Material price and Forex. If both is stable moving forward, the group PAT should be recover to >RM20m range and making the Forward PE at mid tenth range

Posted by Steve Ong Wei Siang > 2015-06-02 22:36 | Report Abuse

Capital Dynamic's latest newsletter give a rating of "Buy below RM1.60 for long term". iCap provide very conservative TP, it is a good recovery play if RM stabilize and SMP remain stable but not too low.

Posted by Icon8888 > 2015-06-02 23:16 | Report Abuse

Annual report said that if low raw material price persist, selling price of finished goods might need to be lowered "over the medium term". As such, I think they should be able to still reap some fat margin over let's say, few more quarters ?

Anyway, it is just my wishful thinking : )

Posted by deOptimus > 2015-06-02 23:17 | Report Abuse

sifu wannabe icon8888. stop taking people to holland again and again and again.

Posted by yfchong > 2015-06-03 08:19 | Report Abuse

For coming, hope Jtin can manage well, -0.24 eps is to beat for coming Q in order to shore up the TTM.., just my minute 2cts view. after all the NM is creeping up for the past 3Q. however many sifus also mentioned short terms borrowing has ballooned by 40M, that would be the pull back at the moment.....,

Posted by Steve Ong Wei Siang > 2015-06-03 12:39 | Report Abuse

The condensed milk biz is very competitive, johortin has mentioned that very often in ther quarterly. The most they can enjoy is few months, they has to lower price fast or sacrifice market share to comepetitor like cannone.

Posted by fengtzekai > 2015-06-03 16:42 | Report Abuse

Quarter 1 announcement did not have adequate information on whether there is any improvement in the management of forex exposure. But note B11 on derivative financial instrument puzzles me. The figure reported is exactly the same as Note 23 of the annual report. It is highly unlikely that the figures in March 2015 be exactly the same as December 2014.

The issue is, in the annual report, it was mentioned that the derivative financial instruments have a tenure of 2-6 months - meaning some would have matured in quarter 1 and become realised. It should have been reversed to income statement.

Also, if there is no change in the figures, it points to the possibility that it did not enter into any USD hedge in Q1. But their policy statement says that they hedge forex risks.

Posted by Icon8888 > 2015-06-05 11:29 | Report Abuse

http://klse.i3investor.com/blogs/icon8888/78002.jsp

My latest article. This time I discuss their inventory level

Posted by Icon8888 > 2015-06-06 09:57 | Report Abuse

http://klse.i3investor.com/blogs/icon8888/77977.jsp

further analysis

Posted by bekful > 2015-06-06 23:09 | Report Abuse

thanks for sharing..interesting counter. :)

Posted by yfchong > 2015-06-07 21:41 | Report Abuse

Thks bro icon8888 for his effort not easy to make a write further couple w reasoning . Thumbs up

Posted by flyflyfly > 2015-06-12 12:19 | Report Abuse

why the price still tak naik?

Posted by fengtzekai > 2015-06-24 09:07 | Report Abuse

From latest announcement, looks like more borrowings for Johotin dairy business, in USD.

Posted by fengtzekai > 2015-06-24 09:16 | Report Abuse

But i have to say that the type of borrowings - a USD revolving credit makes a better sense then USD trust receipt used previously, judging from the nature of its trade. Only the amount may be too small.

Posted by fengtzekai > 2015-07-23 16:15 | Report Abuse

Latest - milk powder price dropped to the lowest point in >5 years on 15 July. USD has also gone up to 3.8 level. Is the inventory and forex risk too much?

Posted by Icon8888 > 2015-07-27 20:36 | Report Abuse

http://klse.i3investor.com/blogs/icon8888/80421.jsp

Posted by m00077 > 2015-07-28 16:27 | Report Abuse

The disadvantage of the milk powder produced by Johore tin is that the brand of the milk powder is not famous ( not branded like Dutch Lady , Ferleaf etc)

Posted by fengtzekai > 2015-07-30 20:10 | Report Abuse

Icon, I brought up the forex a few times in your blog. My apology as I feel the need to comment again.

Having USD liability itself is not a great risk but inability to manage it will be disastrous. I am critical of Johotin's approach towards managing USD liability.

Also you have not address the high inventory level carried from Q1 this year. It seems that it may be bought at a high price compared to current milk powder price.

If they managed to convert those into sales, you will see a bumper profit. If not, it will be interesting.

Posted by Iconholeland > 2015-08-05 19:21 | Report Abuse

Wakakakakaka....johotin now tin kosong....laugh me die

Posted by Gore Abraham > 2015-08-18 22:40 | Report Abuse

ANYONE CAN TELL CANONE'S USD LOAN AND JOHORTIN'S USD LOAN??HEAVY OR NOT, TQ

Posted by sapurakencana > 2015-08-19 12:00 | Report Abuse

i still believe this quarter profit will higher than previous quarter,with condition good in transit will transfer to sales or turnover & raw material price buy when USD convert ringgit below RM3.50, i had been hold this counter for 9 year

Posted by fengtzekai > 2015-08-19 14:45 | Report Abuse

I am not an expert but here is my 2 sens of opinion on the USD loan issue brought up by Gore Abraham and sapurakencana.

Whether or not the USD loan is heavy or not depends very much on the business model they are operating in. If the Company can only generate 100 million sale in USD, taking a USD loan in excess of that will be akin to committing suicide in the current economic climate.

Unfortunately, the financial statements of both companies provide little clue as to the amount of USD sales they generate. We can only study the receivables and payables and compare it against the amount of USD loan in the book to see whether the risk is high. You can analyse and make your own conclusions whether the exposure is high for Can-One and Johotin.

We will see the Q2 results very soon, hopefully in a week's time. But the current situation seems challenging for Johotin, eventhough they have seemingly stocked up milk powder (at low price?) at the end of 2014. It is because they have not paid for the inventory in full yet at end of 2014 and were paying it through USD trade loans. From my limited knowledge, trade loans usually have a tenure of between 1 month to 6 months which mean they have to repay all by now. The weakening of Ringgit against USD in the first half of 2015 will obviously have an impact.

Also the milk powder price did not increase subsequent to 2014. It has in fact dropped to a 5 years low recently. So the question of whether it will be more profitable or not depends very much on whether they managed to sell/convert those milk powder at hand, bearing in mind that milk powder is a perishable item.

Posted by sapurakencana > 2015-08-19 17:57 | Report Abuse

tzekai : thanks for your sincere advice.anyhow when you invest ,you must take your own risk,treat yourself as a boss who operate a company,then you can sleep better no metter bull or bear market.

Posted by yfchong > 2015-08-25 13:55 | Report Abuse

dutch-lady has done its job... now johortin able diary please do so...........,show your taring

Posted by Icon8888 > 2015-08-25 16:40 | Report Abuse

Share price so weak, result must be crap

@&$*^%#%*

Posted by Icon8888 > 2015-08-25 19:20 | Report Abuse

show me the shit ! Johore Tin, show me the shit !!! I am psychologically prepared for it

Posted by fengtzekai > 2015-08-25 22:15 | Report Abuse

Relax....it's only Q2. A lot of the problem can still be deferred till Q3 and Q4. Don't think it will be too bad.

Posted by yfchong > 2015-08-26 10:39 | Report Abuse

Bro Icon8888, cool lah...,may be this evening can release leh the Q report..,

Posted by Icon8888 > 2015-08-26 18:32 | Report Abuse

Latest Q EPS 7 sen

Icon8888 tonight will have Japanese food to celebrate

Posted by KONG88 > 2015-08-26 19:05 | Report Abuse

when will the new factory start operate?

Posted by Icon8888 > 2015-08-26 19:26 | Report Abuse

End 2015