KIAN JOO CAN FACTORY BHD

KLSE (MYR): KIANJOO (3522)

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Last Price

3.05

Today's Change

0.00 (0.00%)

Day's Change

0.00 - 0.00

Trading Volume

0

Financial

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Last 10 FY Result
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
Revenue 1,826,826 1,826,826 1,826,826 1,838,889 1,717,714 1,601,893 1,334,784 1,290,567 1,162,845 1,083,806 992,671 875,601 8.50%
PBT 24,375 24,375 24,375 76,472 155,800 162,651 144,029 147,392 143,959 142,792 132,906 68,491 -10.83%
Tax -13,931 -13,931 -13,931 6,556 -27,896 -26,611 -19,601 -23,653 -15,549 -33,047 -27,864 -14,466 -0.41%
NP 10,444 10,444 10,444 83,028 127,904 136,040 124,428 123,739 128,410 109,745 105,042 54,025 -16.68%
-
NP to SH 17,257 17,166 17,257 89,958 128,611 131,314 120,910 118,319 120,901 104,044 101,967 48,776 -10.89%
-
Tax Rate 57.15% 57.15% 57.15% -8.57% 17.91% 16.36% 13.61% 16.05% 10.80% 23.14% 20.97% 21.12% -
Total Cost 1,816,382 1,816,382 1,816,382 1,755,861 1,589,810 1,465,853 1,210,356 1,166,828 1,034,435 974,061 887,629 821,576 9.20%
-
Net Worth 1,456,870 1,456,870 1,456,870 1,465,753 1,421,336 1,296,969 1,141,511 1,039,352 972,727 910,365 870,614 817,053 6.63%
Dividend
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
Div - - - 17,766 17,766 8,883 - 55,520 55,520 55,510 61,076 22,202 -
Div Payout % - - - 19.75% 13.81% 6.76% - 46.92% 45.92% 53.35% 59.90% 45.52% -
Equity
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
Net Worth 1,456,870 1,456,870 1,456,870 1,465,753 1,421,336 1,296,969 1,141,511 1,039,352 972,727 910,365 870,614 817,053 6.63%
NOSH 444,167 444,167 444,167 444,167 444,167 444,167 444,167 444,167 444,167 444,080 444,190 444,050 0.00%
Ratio Analysis
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
NP Margin 0.57% 0.57% 0.57% 4.52% 7.45% 8.49% 9.32% 9.59% 11.04% 10.13% 10.58% 6.17% -
ROE 1.18% 1.18% 1.18% 6.14% 9.05% 10.12% 10.59% 11.38% 12.43% 11.43% 11.71% 5.97% -
Per Share
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
RPS 411.29 411.29 411.29 414.01 386.73 360.65 300.51 290.56 261.80 244.06 223.48 197.18 8.50%
EPS 3.89 3.86 3.89 20.25 28.96 29.56 27.22 26.64 27.22 23.42 22.96 10.98 -10.88%
DPS 0.00 0.00 0.00 4.00 4.00 2.00 0.00 12.50 12.50 12.50 13.75 5.00 -
NAPS 3.28 3.28 3.28 3.30 3.20 2.92 2.57 2.34 2.19 2.05 1.96 1.84 6.62%
Adjusted Per Share Value based on latest NOSH - 444,167
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
RPS 411.29 411.29 411.29 414.01 386.73 360.65 300.51 290.56 261.80 244.01 223.49 197.13 8.50%
EPS 3.89 3.86 3.89 20.25 28.96 29.56 27.22 26.64 27.22 23.42 22.96 10.98 -10.88%
DPS 0.00 0.00 0.00 4.00 4.00 2.00 0.00 12.50 12.50 12.50 13.75 5.00 -
NAPS 3.28 3.28 3.28 3.30 3.20 2.92 2.57 2.34 2.19 2.0496 1.9601 1.8395 6.63%
Price Multiplier on Financial Quarter End Date
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
Date 31/12/18 31/12/18 31/12/18 29/12/17 30/12/16 31/12/15 31/12/14 31/12/13 31/12/12 30/12/11 30/12/10 31/12/09 -
Price 2.64 2.64 2.64 3.00 2.93 3.30 2.93 3.12 2.23 2.10 1.68 1.17 -
P/RPS 0.64 0.64 0.64 0.72 0.76 0.92 0.97 1.07 0.85 0.86 0.75 0.59 0.90%
P/EPS 67.95 68.31 67.95 14.81 10.12 11.16 10.76 11.71 8.19 8.96 7.32 10.65 22.84%
EY 1.47 1.46 1.47 6.75 9.88 8.96 9.29 8.54 12.21 11.16 13.66 9.39 -18.60%
DY 0.00 0.00 0.00 1.33 1.37 0.61 0.00 4.01 5.61 5.95 8.18 4.27 -
P/NAPS 0.80 0.80 0.80 0.91 0.92 1.13 1.14 1.33 1.02 1.02 0.86 0.64 2.50%
Price Multiplier on Announcement Date
AQR T4Q 31/12/18 31/12/17 31/12/16 31/12/15 31/12/14 31/12/13 31/12/12 31/12/11 31/12/10 31/12/09 CAGR
Date 26/02/19 26/02/19 26/02/19 22/02/18 23/02/17 14/03/16 25/02/15 19/02/14 19/02/13 29/02/12 25/02/11 24/02/10 -
Price 3.04 3.04 3.04 2.89 2.99 3.14 2.93 3.15 2.23 2.20 1.90 1.20 -
P/RPS 0.74 0.74 0.74 0.70 0.77 0.87 0.97 1.08 0.85 0.90 0.85 0.61 2.16%
P/EPS 78.24 78.66 78.24 14.27 10.33 10.62 10.76 11.83 8.19 9.39 8.28 10.92 24.44%
EY 1.28 1.27 1.28 7.01 9.68 9.42 9.29 8.46 12.21 10.65 12.08 9.15 -19.62%
DY 0.00 0.00 0.00 1.38 1.34 0.64 0.00 3.97 5.61 5.68 7.24 4.17 -
P/NAPS 0.93 0.93 0.93 0.88 0.93 1.08 1.14 1.35 1.02 1.07 0.97 0.65 4.05%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ ⃤ & YoY ⃤ figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

Discussions
Be the first to like this. Showing 50 of 669 comments

AlfI3

But how come not at 3:07 oso cant reach, mgo plan not really concrete enuf???

2019-02-21 11:04

sheldon

I believe that the final price offered will be higher than 3.10. Seow brothers & the fund managers are going to demand for more.

2019-02-21 16:47

sheldon

AlfI3 Sheldon, when can v expect UOB's advice comment?

You would have received the notification of conditional mandatory takeover dated 14 Feb. Independent Advice will be despatched by 24 Feb.

2019-02-22 06:05

taitaumau

Unless due dates are changed, latest issuing dates

Offer document - 07/03/19 (21 days from the notice of take-over)
Independent advice circular - 17/03/19 (10 days from date of offer document)

2019-02-22 12:02

sheldon

Fellow investors, 3.10 is way too low - so don't sign!

2019-02-25 09:38

veritas

Notification is dated 19 Feb

2019-02-26 05:54

AlfI3

速战速决 to avoid unforeseen changes

2019-02-26 06:52

zolasteven

If we dont accept the offer and if the offerer achieved 90% or more, the offerer does not intend to maintain listing in klse. This means those still holding the shares are stuck and are unable to sell their shares, correct?

2019-02-27 15:34

sheldon

zolasteven - yes but they give the option to Can-one to acquire the shares at the offer price & also the 10% or less minority shareholders to sell at the offer price.

2019-02-27 16:15

lcng123

By looking at KianJoo's yesterday financial result, I think most of shareholders will accept the offer.
Posted loss in quarter result... 1st time in the history. If not because of MGO, KianJoo share price may drop below RM2.00

2019-02-27 16:45

sheldon

lcng123 Posted loss in quarter result... 1st time in the history. If not because of MGO, KianJoo share price may drop below RM2.00

Yes 1st time in history! What a remarkable coincidence. I expected this. The management I believe is posting a loss so as to encourage shareholders to sell & be grateful with the 3.10 offer. In accounting, it's easy to massage the figures up and down. Don't forget they have a huge amount of properties that are stated at cost. If these properties were marked-to-market the NTA will far exceed 3.30. Do it and see for yourself!!!

I advice all and sundry DON'T SELL AT 3.10!!!!! That's a very very steep discount.

2019-02-27 18:13

lcng123

Sheldon I advice all and sundry DON'T SELL AT 3.10!!!!! That's a very very steep discount.

If MGO unsuccessful, the price of KianJoo will go down to RM2.00 and KianJoo's future financial result will keep going -ve as what happen at this quarter

2019-02-28 10:05

sheldon

lcng123 - If MGO unsuccessful, the price of KianJoo will go down to RM2.00 and KianJoo's future financial result will keep going -ve as what happen at this quarter.

Can-one has spent a lot of $ on investment bank fees and efforts so they probably want to ensure that it's successful.

Profits can be cooked to some extent but not cash (because KJ cannot cook $). Look at the latest cash flow from operations - RM199m! This is a lot.

Imagine a company that's been making decent profits for a long time but pay tiny dividends - Earnings exceeding dividends by far - What do you think will be the impact on its valuation? It's like eating 100 kg but defecating 40 kg. - in the long run you'll sure put on weight - likewise the company will become valuable. KJ has been doing just that for a long time and the long suffering shareholders should in all fairness be rewarded for their patience over the years. We only want our fair share - not a penny more or less.

2019-02-28 12:38

sheldon

I'm curious to see what valuation UOB Kay Hian will give.

Are they going to tell fairy tales & dance with Can-one or be more objective about it.

2019-03-03 09:33

lionel messi

most likely will say the usual: not fair but reasonable. what use is such advice to shareholders? for UOB, I guess it's just cari makan. after all, they are paid by Canone to help make it a success.

totally agree it's grossly undervalued. unlikely the See family and EPF will sell. wonder what will happen if they get more than 50% but less than 75% of the KJ shares? the listing will still continue?

2019-03-03 10:46

sheldon

lionel messi - The UOB Kay Hian report is a matter of compliance to supposedly give minority an independent view. Like you I also suspect on their independence given who pays them.

I have more faith in EPF as I'm sure they have follow committee-based decisions. I actually had a chat with one of the See bros & he seemed strangely quiet about this buy-out instead of his usual style of protesting - I let you draw your own conclusions on this.

On the > 50% but less than 75%, your guess is as good as mine.

2019-03-03 15:15

AlfI3

Ya agreeable to d usual comment of ' unfair but reasonable'. Is a common commentory nowadays w/in this type of mkt scenario

2019-03-05 20:19

sheldon

Given that the properties are stated at cost, there's every possibility that if Can-one have secured way above 50% and if they have enough money, they might want to privatise the co and keep the potentially lucrative property all for themselves.

Any comments?

2019-03-07 10:33

sheldon

So the verdict by UOB KH is "not fair (because below their valuation of 3.35) but reasonable since it's above market price. It went on to recommend that we ACCEPT the offer.

If the shareholding remains between 50 - 75%, then the Offeror intends to maintain listing status but will not take any steps to maintain public spread. It also stated that non-compliance will NOT automatically result in delisting.

Right now, all we can hope for is either 1) a better competing offer or 2) that the Offeror will make a fairer ie better offer.

2019-03-11 13:36

sheldon

if share price trade past 3.10, then market expects that the offer price will be increased

2019-03-12 09:45

zolasteven

If the Offerer has received sufficient shares (>75%) and intend to delist the company, will those shareholders who didnt accept the offer earlier be notified and given a chance to accept the offer (at Rm3.10) before the company is delisted? Or those shareholders will be stuck and cannot their shares anymore?

2019-03-12 15:58

lionel messi

yes, not to worry. they will be glad to get as many shares as possible at the rip off price of RM3.10 in order to reach 90% stake when they will invoke the compulsory acquisition right.

the worrisome thing is if they get less than 75%, the See family is still a shareholder and they are not going to increase the offer price. then everything will come to standstill. KJ will remain listed and drift aimlessly, profit will continued to be artificially surpressed and little or no dividend will be declared as they don't want to benefit the See family.

unlikely Canone will increase the offer as it will be financially burdensome and also because they are hardball, stubborn and quarrelsome people.

2019-03-13 10:41

sheldon

With KJ undervalued, Can-one may try to mine its wealth through related party transactions.

2019-03-13 10:50

sheldon

Can-one shares doing v well. What's a loss to KJ shareholders is a gain to Can-one!

2019-03-15 15:52

zolasteven

Surprise to see Kian Joo trading at rm3.10, same price as take-over offer price. Whats the reason?
If 3.10, better sell in the market ....can get money faster

2019-03-18 10:56

sheldon

zolasteven Surprise to see Kian Joo trading at rm3.10, same price as take-over offer price. Whats the reason?
If 3.10, better sell in the market ....can get money faster.

Sell at 3.10, you incur transaction cost. If traded at 3.10 may imply that the offer price may be revised to > 3.10

2019-03-19 09:32

zolasteven

If you have less than 3000 shares, the transaction charges is about the same as if you accept the offer....transfer fee of Rm10 and courier of rm6...This is the first time I see the price traded is the same as the offer price....usually is a few cents lower.
By the way, why does other people wants to buy at Rm3.10? How are they going to make a profit?

2019-03-19 17:19

sheldon

zolasteven - By the way, why does other people wants to buy at Rm3.10?

If you read the announcement, Can-one is buying large amounts. Why? I speculate they want to get to the magical number of 90% & then forcibly takeover the balance 10% to make it wholly-owned. That means Can-one gets to pocket the full benefit of undervalued real estate.

2019-03-20 21:48

taitaumau

In scenario, where the final level of shareholdings falls between 75% and 90%:-

The offer document (1/3/19) says

" the Offeror, at this juncture, intends to request KJCFB to make the necessary application to withdraw its listing status from the Official List of Bursa Securities"

Referring to last nite announcement, the tone changes

" the Offeror may request KJCFB to make the necessary application to withdraw its listing status from the Official List of Bursa Securities pursuant to Paragraph 16.06 of the Listing Requirements."

THE SITUATION NOW - under the above scenario, the offeror is not obliged to request for withdrawal of the listing status

2019-03-23 08:35

lachai2004

Likely, Can1 couldn't get the threshold to delist kjcfb!

2019-03-23 09:28

lionel messi

Latest announcement from Canone says they already have more than 80% of KJoo. Now they can and will proceed for delisting, no need to reach 90%. Other dissenting shareholders on hearing this will most likely sell their shares to them because no use holding on to shares which are not listed. The 90% threshold if reached is to allow Canone to compulsory acquire all KJoo shares.

I am very surprised the See family and EPF were not able to stop this rip off exercise. Maybe they are caught between a rock and a hard place. If KJoo remain listed, it will just drift aimlessly as Canone being the people running the show will not declare dividends or report high profits to benefit the See family.

However, I suspect the See family has been buying into Canone so that they can indirectly own back KJoo. This is why the price of Canone has been surging recently. Like they say, if you cannot beat them, join them.

2019-03-23 10:41

qqq3

the SEE Family has lost Kianjoo years ago.........while the brothers were fighting, Canone boss has taken control of Kianjoo years ago.......

2019-03-23 10:48

sheldon

lionel messi - I am very surprised the See family and EPF were not able to stop this rip off exercise.

Likewise - i was wondering how come EPF & See did not team up & call a meet to clarify & discuss the strategy in response to this MGO. In my text messages with Anthony, strangely he just advised me not to sell but sign the form to save on brokerage - none of his usual protest.

2019-03-24 09:39

sheldon

If you look at Can1 annual report, EPF is not in the top 30. Hence they have interest to ensure that they the get full compensation for their KJ stake.

Unlike us, EPF & to a lesser extent the Sees have the gravitas to squeeze more from this acquisition.

2019-03-24 09:46

lionel messi

Sheldon, like I said, maybe they are being pushed to a corner. Damn if you do, damn if you don't. Maybe age is catching up, too tired to fight anymore. But maybe not....

Smart market players like them must have a plan B. It's in their blood. One workaround is to buy into Canone since it is listed and if it's undervalued.

Too illiquid, tightly held and no scrip? Wait till they proposed a massive rights issue to pay off debts. Will be plenty of sellers then.

Canone cannot run away from a capital raising exercise because their capital base is too small to support their operations. After the KJoo takeover, they are now in the billion ringgit turnover category.

KJoo subsidiary Boxpak is next to be taken over since more than 90% of the shares are held by the top 30 shareholders and little or no trading everyday. Makes sense to delist since it's way below book value, consolidate the whole operations and move away from all the compliance issues.

2019-03-24 10:55

sheldon

Looks like it's game over as EPF has sold out

2019-03-25 22:46

ctooi51

just wanted to know if canone has start issuing cheque for the conditional take over of Kian Joo shares? thank you

2019-03-29 22:56

sheldon

Cheques will be issued on 1 Apr.

2019-03-30 09:32

sheldon

Received the $

2019-04-02 11:19

ivan9511

@sheldon

they pay us with cash money or cheque ?
send cheque ? ? ?

2019-04-02 11:21

sheldon

Your cheque is probably in the mail.

I called Tricor & told them to bank the cheque in for me

2019-04-02 15:13

ivan9511

@sheldon

Thanks sheldon

2019-04-02 16:17

sheldon

So I guess this is where we say our goodbyes. No more KJ if it's delisted.

2019-04-03 08:46

ctooi51

ok.. cheque just received and bye bye to the conman of canone.

2019-04-05 14:46

sheldon

There's a write up on The Edge on this - go to get a copy

2019-04-08 09:15

Lukey_Greek

Checkmate

2019-04-28 09:48

tsiang

so how shareholder will receive the money after Canone done the acquisition? when will shareholder receive money ?

2019-06-03 20:13

Larrytrader

Same question

2019-06-10 22:52

Gore Victor Lee

WONDER WHEN WE CAN GET THE MONEY...ANYONE ASKTHE CANONE BOSS?

2019-08-29 15:09

Gore Victor Lee

THE AGM HELD ON 24 MAY 2019, THE BOSS SAID WILLPAY BY 3 MONTHS.......NOW ALREADY 3 MONTHS....HOPEFULLY GOT LATEST INFO...AND NEWS

2019-08-29 15:11

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