2015年2月10日星期二

受惠強勢美元 億維雅寫52週新高

1)

財經 

10 Feb 2015 22:59

 (吉隆坡10日訊)億維雅(HEVEA,5095,主要板工業)是美元走強受惠者,加上強勁現金流,相信有潛能在2015年底成為淨現金公司,並開始逐步提高派息率,利好提振母股和憑單齊漲並上探52周新高水平。

 億維雅起36仙以2.55令吉開市,寫下52周新高水平,該股休市時收窄漲幅報2.47令吉,起28仙,為十大上升股之一。億維雅閉市報2.50令吉,漲31仙,成交量660萬1500股。

 憑單億維雅-WB(HEVEA-WB,5095WB,主要板工業)跟隨母股漲勢,起16仙以1.68令吉開市,早盤一度上探1.71令吉,休市掛1.69令吉,起17仙。億維雅-WB閉市報1.74令吉,寫下52周新高水平,起22仙,成交量269萬8700股。

 聯昌證券研究指出,億維雅超過50%營業額源自中國和日本,對低甲醛釋放量花板有強勁需求。這類產品較其他花板定價有更高溢價。公司旗下中國客戶按年漲幅為40%至50%,日本客戶需求則由2020年奧運設施建築、日本製造商在採購木材困難而失去競爭能力因素提振,帶動進口量。

 以2015財年每股盈利漲幅達69%和股本回酬(ROE)平均預計為18.2%而言,億維雅嚴重被低估。報告預計該公司將在今年底成為淨現金公司,並可逐步提升派息率,成為另一項潛在催化因素。

 對此,報告給予億維雅“增持”評級,合理價為4.06令吉,有85%上升空間。

Source URL: http://www.chinapress.com.my/node/598823
2)Hevea rises 16.44% after CIMB initiates coverage

By Gho Chee Yuan / theedgemarkets.com   | February 10, 2015 : 3:49 PM MYT   

KUALA LUMPUR (Feb 10): Shares of Heveaboard Bhd ( Financial Dashboard) rose as much as 16.44% or 36 sen to RM2.55 after CIMB Research initiated coverage on the stock with an "add" rating and a target price of RM4.06.

As at 3.09pm, the stock had eased to RM2.48, still up 29 sen or 13.24%. At the current price, it has a market capitalisation of RM149.62 million.

The stock was trading at a low of RM1.48 on Dec 16 last year.

In a note to client today, CIMB said Heveaboard (fundamental: 1.3; valuation: 2.4) was a prime beneficiary of the strong US dollar, with US dollar revenues and a falling ringit cost base.

"In addition, margins are expanding from a shift to higher-margin products and falling input costs. With its deleveraging set to complete by financial year 2017 (FY17), a dividend story is also emerging," CIMB analyst Marcus Chan said in his report today.

He valued Hevea's business at 10 times financial year 2015 (FY15) price to earnings ratio (P/E), in line with the timber sector’s P/E.

"With strong free cashflow, we believe Hevea will turn net cash by end-15 and start raising dividends substantially, another potential re-rating catalyst," he added.

Chan noted more than 50% of Hevea's revenues are derived from China and Japan, where demand for low formaldehyde emission particleboards is very strong.

"Its Chinese customers are growing at 40% to 50% year-on-year," Chan said, while Japanese demand will be driven by the build-out of the Olympics 2020 facilities and increasing imports of super E0 boards.

Chan said Hevea is very undervalued and is trading at only 4 times FY15 P/E and 0.7 times price to book value (P/BV).

3)凭单专栏:子凭母贵1年翻3倍 亿维雅-WB被高估 2015-02-02 12:43



亿维雅(HEVEA,5095,主板工业产品股)的股价在过去一年内涨了一倍,这主要是因为盈利增长不俗,再加上令吉走弱将对该公司的业绩有所帮助。
亿维雅的公司凭单(HEVEA-WB)也子凭母贵,在过去一年增幅接近3倍。该公司母股和凭单在上周五闭市时分别收于2.10令吉和1.39令吉。
亿维雅集团生产及销售各种刨花板及刨花板产品,属下公司也在刨花板下游行业中进行家具制造及销售刨花板和刨花木板相关产品。
亿维雅在2014年首三季取得8%营业额增长至3亿720万令吉。不过该公司的净利增长更为出色,达到2160万令吉,比2013年首三季的1279万令吉净利,增加接近7成。
每股净值2.63元
亿维雅将盈利成长归功于更好的高利润产品销售组合,以及银行利息大幅度减少。
该公司的最新每股净值达到2.63令吉。
亿维雅的盈利增长似乎也令大股东吃惊,并在过去几个月买进之前卖出的股份。
亿维雅-WB的溢价交易不算太高但凭单的引伸波幅比母股历史波幅高,显示凭单被高估了。
尽管如此,相信该凭单在母股若继续上涨的情况下也会获得不俗的回报。
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