TECHBOND GROUP BERHAD

KLSE (MYR): TECHBND (5289)

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Last Price

0.46

Today's Change

+0.015 (3.37%)

Day's Change

0.445 - 0.46

Trading Volume

1,447,300

Additional Listing


Ann. Date Date Type Units Price View
Discussions
1 person likes this. Showing 50 of 597 comments

Pendekar_BujangLapok

Post removed.Why?

2022-05-06 12:35

winetime

Undervalued

2022-05-24 16:02

finsolution

Buy at low point

2022-06-09 14:20

undefi

anyone has any thought on this company?

2022-11-06 20:52

UnicornP

Interesting.

2022-11-09 17:23

winetime

No more update recently

2023-01-31 16:49

Phoebe

Have been waited for it to move for donkey years. Finally start moving.

2023-02-03 14:20

chkhooju

Let it run.

2023-02-03 14:42

winetime

finally some flow is in

2023-02-03 15:50

fhis

not bad until now 3 small steps up... I would any price dip is a chance to buy in a few for the next step up. hopefully it will run like others... just my two cents.

2023-02-13 12:22

Phoebe

@fhis, what your target?

2023-02-14 11:40

fhis

@Phoebe, 0.50 will be my immediate hurdle to clear…this morning went up to 0.49, hopefully will close around there today. Then next will be 0.58-0.60….fingers crossed. :)

2023-02-15 12:22

Phoebe

Thanks fhis. My initial target was 52c only as my cost is somewhere 38c. Well, if it indeed break 52c and I will let it run and see if it can hit your TP......anyway, wishing everyone make money in this counter.

2023-02-15 16:17

hongwei

Techbond Group | 收购案后、重燃价值?

Author: Eventure Group | Publish Date: 03 Jan 2023, 10:54 PM



不知道读者们对于这家在 2018 年上市的 Techbond Group Berhad(TECHBND、5289)还有印象吗?

版主在最近才留意到该公司在沉寂了一段时间后,突然公布将会以 RM 57.25 Million 收购郭鹤年旗下的一家和 TECHBND 本身业务相近的公司,算是有些 “惊喜” 的元素。

那么在今天的文章中,我们将会一起讨论 TECHBND 的收购案、公司在近期内的业绩表现以及前景展望。

先简单介绍 TECHBND 所收购的对象;这次 TECHBND 将会以 RM 57.25 Million(全现金,并不是发新股)收购 Malayan Adhesives And Chemicals Sdn. Bhd.(“MAC”)的 100.0% 股权,而 MAC 的核心业务除了有涵括和 TECHBND 服务相近领域的工业粘合剂(“Industrial Adhesive”)之外,也有其他的贴接(“Bonding”)材料等,如用于制造玻璃纤维(“Fibreglass”)的酚醛树脂(“Phenolic Resins”)、可以用于建材绝缘(“Insulator”)的酚基微球(“Phenoset Microspheres”)等。

那站在企业的角度来说,这次 TECHBND 除了收购 MAC 的业务之外,也可以接触 MAC 的客户群和技术;如果应用得当的话,有机会带来一加一大于二的经济效应。


资料来源:Bursa Malaysia、公司

而从财务表现的角度来看呢,MAC 在 FYE 2021 中的净利(“PAT”)为 RM 3.7 Million;以该 PAT 为计算的话,TECHBND 收购 MAC 的估值则是在 15.46 倍左右,对比 TECHBND 本身的 18.91 倍 PE(按照该文告中提及的估值)来说是较为便宜的。

不过呢,许多投资者忽略了在 MAC 完成出售之前还会支付一个 RM 5.0 Million 的股息给现有的股东,因此 TECHBND 收购 MAC 的成本应该是 RM 57.25 Million 加上 RM 5.0 Million 的 “隐形成本“,实际成本大约为 RM 62.25 Million 左右。


资料来源:Bursa Malaysia、公司

那为什么我们在之前会提到企业大亨郭鹤年的名字呢?

在上图中所提及的 “CQ“ 呢,其实全名为 Chemquest Sdn. Bhd.(“CQ”);而有趣的是 CQ 的股权是由 PPB(4065)持有 55.0% 的,至于剩余的 45.0% 则是由 Kuok Brother Sdn. Bhd.(“KBSB”)所持有,但 KBSB 也同时是 PPB 的大股东,因此,MAC 的有效大股东其实也是郭鹤年。


资料来源:Bursa Malaysia、公司

除了该收购案之外,公司值得留意的就是公司在 Q1 中所创下了历史新高业绩;TECHBND 在该季中的营业额为 RM 23.4 Million,而净利则是 RM 4.5 Million 左右。


资料来源:Bursa Malaysia、公司

在 Q1 季报中,我们可以看到 TECHBND 的营业额仍主要是来自于粘合剂和密封剂(“Sealants”)的制造业务中;当然在去年同期(2021 年的 7 月份至 9 月份)中,公司在马来西亚和越南的运作还仍被 COVID-19 影响,因此其营业额在低基数(“Low Base Effect”)效果之下,上涨了 53.13% 左右。

而公司在运作效率和营业额都提升的情况之下,其税前盈利(“PBT”)也从 RM 1.8 Million 左右提高至 RM 4.9 Million,提高了 178.22% 左右;这其中也包括了公司在该季中的 RM 2.8 Million 外汇盈利(主要是 USD/MYR 和 USD/VND 走强),作为参考,去年同期的外汇盈利则是只有 RM 0.7 Million 左右。


资料来源:Bursa Malaysia、公司

但在按季比较之下呢,TECHBND 的营业额则是下滑了 4.31% 左右;管理层提到这主要是因为其客户的需求放缓所致。

如果读者们回顾公司的客户群的话,其中木工领域(包括家具领域)占据了公司非常大一部分的收入,目前我们也看到美国因为通膨的关系也出现了需求端的放缓,影响了马来西亚和越南家具的销量,这也间接影响到了 TECHBND 本身粘合剂的销量,这一点也是读者们需要留意的。

有趣的是,在营业额下滑之下,我们仍看到了 TECHBND 的 PBT 和税后盈利(“PAT”)分别上涨了 2.89% 和 1.37%;这主要是因为公司在去年 Q4 的外汇盈利为 RM 2.4 Million 左右,而在该季中则是上述提及的 RM 2.8 Million,两者之间有一个大约为 RM 0.4 Million 的外汇盈利,所以实际上在按季比较之下,TECHBND 的盈利是有所下滑的。

以前景展望来说,TECHBND 在该季中也有特别提到他们分散了客户群领域的集中,主要是公司在近期内有获得了数个新的客户;同时,公司位于越南的上游聚合化(“Polymerization”)厂房也通过了客户的审核,预计在接下来可以提高该厂房的使用率,而这两个因素则预计会降低成本波动的风险,但总的来说,管理层对于长期的发展仍然保持乐观。

对于版主个人而言呢,其实 TECHBND 确实是为数不多的 Small Cap 好公司(即管理层和业务都不错),但如果有跟进 TECHBND 的读者应该会留意到他们在近期内并无提及与 MPOB 的合作,这一点是比较可惜的。

那么,读者们又将会如何看待 PE 不到 15 倍的 TECHBND 呢?

2023-02-15 16:51

fhis

Should be able to take out 0.50 today…

2023-02-16 12:17

Phoebe

Yeah!!....looking forward it to break 50c and then 60c.

2023-02-16 15:40

Phoebe

This QR is out by this month. Should be by next week.

2023-02-17 10:41

fhis

didn't break 0.50 yesterday, retracted a little bit today...managed to add in a little more at 0.455, hopefully next week will break 0.50 convincingly...wish me luck.. fingers crossed...

2023-02-17 15:16

JacobChong

50 cent. almost drop 10 cent.

2023-02-23 01:56

fhis

Well @JacobChong...this time it didn't went the way I hope for... anyway, I have added in just a few more lots at 0.425 today and hope this time 0.40 stands.. wish me luck.

2023-02-23 17:07

Phoebe

@fhis, did you attend the agm? If yes, appreciate you share the key point or if anyone attended it and can share will be much appreciated.

2023-02-24 10:09

cyeec2000

last year agm is virtual right? i attended 2 years ago the virtual agm, but very fast to finish

2023-02-24 12:22

Phoebe

What a disappointing result.

2023-02-28 09:17

MiaChin

Haizzz…. Wait for the come back

2023-03-03 16:17

Jjjjong

but fundamental seems good...

2023-03-06 23:58

Jjjjong

Even this quarter having some loss

2023-03-06 23:58

winetime

Fundamental still good, wait for the strong come back

2023-03-15 15:44

JacobChong

Wait till neck long

2023-04-14 15:36

curiousq

sold WA @0.095, buy back @0.075 :D :D

2023-05-12 10:40

neonstrife

Another hidden gen

2023-06-21 14:55

neonstrife

Gem

2023-06-21 14:55

Batman888

Twin scroll turbos already giving output

2023-08-25 11:11

shareprofit

Nice to play, hike up mothershare, so that warrants can be disposed, brilliant!!!

2023-08-29 14:56

Batman888

J## holds some 20+% warrants being second largest shareholder

2023-08-29 18:22

SuperPanda

sharks already inside parking their tickets at son

they buy at bottom, pump and dump back so those buy higher will cut loss

believe me once they have enough shares to control, the son price will fly higher, at least 20-30% premium

2023-08-29 23:31

curiousq

WA price + Exercise price = 0.08 +0.33 = 0.41
mother share price =0.425,
buy WA more worth !!

2023-08-29 23:34

SuperPanda

collect and hold, WA now 7.5c in few months will hit 12c, today 3rd Sep, re visit again in Dec

2023-09-03 00:34

shareprofit

Major shareholder happily disposing huge chunk of warrants...free money for them

2023-09-06 12:48

Michael Kwok

Buy call 40.5 cents
Tp 50 cents range.anwar party proxy.Got ong.
7/9/23 00.35

2023-09-07 00:33

UnicornP

Missed #2

2023-09-16 10:26

James_Bond

Scooping this at the bottom… cheers!

2023-09-19 09:09

James_Bond

Go go go!

2023-09-19 12:25

faruqie

buy wa , convert then sell… this stock hard to break 0.48

2023-09-28 18:00

Michael Kwok

Post removed.Why?

2023-11-15 15:50

Michael Kwok

Post removed.Why?

2023-11-15 16:16

jackjason

Buy at 40 cents, wait it growing in future.

2023-12-02 18:18

MiaChin

Thanks techbond , just received dividend recently. Keep it on

2023-12-20 09:41

curiousq

Good Q result👍

2 months ago

acnca84

😎

1 month ago

Michael Kwok

Techbond-wa 10 cents
Buy call techbond-wa 9.5 cent.
Tp 13-15 cents.
24/4/24 5.58pm

3 weeks ago

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