2015年3月4日星期三

为什么 rm 2.68 買入 5105 canone 冠旺---



1)公司面对的风险;
a)滙率波动,美元上升,目前对公司有利.
b)原材料鋼铁,铝价的起落,对生产成本造成影响.
2)企业消息或官司结案,致使股价飞漲.
3)早年以每股rm1.65购买 kianjoo 32.9%股份,现市值约为4.3亿,因此,对于高债务问题,根本不足为患.
4)canone 主要生产錫罐,如milo 罐,而kianjoo生产铝罐,在大马铝罐有70%的市佔率,cocacola也是kianjoo的客户之一.
这些包装业务,产品消耗快,抗跌性强,因此公司多年都稳定赚钱.
5)2014年公司营业量为8.98亿,赚6377万,eps=41 sen,赚副=7.1%,股息5sen,随着乳制品业务的增长下,
公司有望每年取得eps=40sen的净利,试想想兩年后;nta(rm3.41)+rm0.80=rm4.21 ,到时股价是不是有很大的上升空间.
包装领域赚副达10.5%,食品领域赚副达10.3%,可见公司深具競争力。
6)其他相同业务的公司如f&n,etika,dlady,nestle都在双位数的本益比交易,canone有80%的f&b nutrition sdn bhd
贡献30%多的净利,目前只是以单位数的本益比交易(6.1倍),是否被低估值?市场将会重新评价该公司.试目以待.
7)属下 dairy produsts 90% 供出口,未来成长看好.
8)官司一事,几年前高庭判定kianjoo 32.9%股份归属canone,之后kianjoo股东再起诉 canone,至今仍在进行中.
从另一方面看,两家公司生产照样,生意也很好,官司影响小,由此可见公司具备一流的管理人员.

9)鉴于利好行业前景,我们将继续成长。买股看公司的未来是否成长,净利多少等,当可见度变得清晰,投资风险相对变小,股价也将呈现上升势头,canone 会是不错的选择.
10)公司诚信度是很好的,因此数据造假应该不会发生在这公司上。
11)于28-2-2014止,30大股东已持有75.26%(114677张),市场流通量只有37723张(24.74%),总股数为152400張.
大股东己持 34.02% (Eller Axis Sdn Bhd -29.63% ,Yeoh Jin Hoe-4.39%).
canone 绝对是投资者的首选股,公司的潜在价值好,成长佳,将会是一只黑马股。
12)kianjoo过去几年都派息,为何2014年停止了,是否要公布消息?而省掉股息,持有10%kianjoo的epf 看来也该说话了.
13)于31-12-2014 现金有9975万,loan为2.4亿
14)2014全年eps=rm0.41 ,合理的pe=8,股价=rm3.28
目前canone的股价=rm2.59 ,只是pe=6.19倍在交易,比较其他工业,食品股后,明显被低估了.
15)nta=rm3.41  ,食品业务成长良好,股价rm2.59 是吸引人的投资机会.
16)Holding 1 share of CAN-ONE equal to holding 0.965 shares of KIANJOO,
0.071 shares of BOXPAK
1000 股 canone的价值是--
kianjoo 的股价为rm3.02乘以965股=rm2914  ,boxpak的股价为rm2.30乘以71股=rm163
因此 rm2914+rm163=rm3077 (每股canone只是持有kianjoo 股份都值rm3.07),完全还未计算本身有80%的f&b,
投资得过一眼就知.
只供参考,进出自负。

Our customer base has grown from small retailers to large domestic and overseas customers in the following industries:-

        edible oils
        cereals products
        biscuits products
        dairy products
        pharmaceutical products
        motor oils
        lubricants
        paints
        chemicals

Packaging products supplied by us are used to pack consumer products which are exported to the following countries:-

        Singapore
        Middle East
        African Continent
        Vietnam
        Cambodia
        Sri Lanka
        Australia
        New Zealand
        Indonesia

1.最新公司况态--
(a) 
CAN-ONE BERHAD
(Company No. 638899-K)
EXPLANATORY NOTES TO QUARTERLY FINANCIAL STATEMENTS
FOURTH QUARTER ENDED 31 DECEMBER 2014
PART B: REQUIREMENTS OF MAIN MARKET LISTING REQUIREMENTS OF BURSA
MALAYSIA SECURITIES BERHAD
Review of performance
The Group’s revenue increased from RM185.8 million in Q4,2013 to RM250.0 million
in Q4,2014. The pre-tax and post-tax profit increased from RM19.1 million and
RM15.6 million in Q4,2013 to RM33.9 million and RM29.1 million respectively in
Q4,2014. 
General Cans division
Current quarter ("Q4,2014") compared with previous corresponding quarter
("Q4,2013")
Revenue from International Trading division increased from RM19.3 million in
Q4,2013 to RM38.1 million in Q4,2014. 
Investment in associate
Associated company, Kian Joo Can Factory Berhad (“KJCF”) contributed RM11.6
million net profit to the Group for Q4,2014, an increase of RM3.8 million compared
with Q4,2013.
Revenue from General Cans division for Q4,2014 increased by 21.3% to RM111.5
million from RM91.9 million in Q4,2013 mainly due to higher demand for both tin cans
and jerry cans.
Gross profit margin improved for General Cans division from 12.4% to 13.7% in
Q4,2014 mainly due to higher sales and better operating efficiency.
Food Products division
Revenue from Food Products division increased from RM113.4 million in Q4,2013 to
RM161.2 million in Q4,2014 mainly due to higher demand for both sweetened
creamer and evaporated creamer.
Gross profit margin dropped by 0.2% to 12.2% in Q4,2014 mainly due to higher
operating cost of wages and electricity.
International Trading division
Page 12 of 25CAN-ONE BERHAD
(Company No. 638899-K)
EXPLANATORY NOTES TO QUARTERLY FINANCIAL STATEMENTS
FOURTH QUARTER ENDED 31 DECEMBER 2014
1.
(b)
Revenue from Food Products division increased from RM484.5 million in YE 2013 to
RM585.2 million in YE 2014 due to higher demand of its products.
Gross profit margin decreased by 2.7% to 10.3% compared with YE 2013 due to
lower average selling price and higher wages and electricity cost.
Review of performance (cont’d.)
The Group’s revenue increased from RM772.9 million in YE 2013 to RM898.9 million
in YE 2014. However, the pre-tax and post-tax profit dropped from RM94.0 million
and RM77.3 million in YE 2013 to RM88.1 million and RM71.0 million respectively in
YE 2014.
General Cans division
Food Products division
Revenue from General Cans division for YE 2014 increased by 12.5% to RM405.6
million from RM360.4 million in YE 2013 mainly due to increase in tin can and jerry
can sales.
Gross profit margin reduced by 2.3% to 10.5% from YE 2013 mainly due to higher
raw material cost of jerry can resins and losses incurred by flexi pack and rigid pack
as it has yet to reach optimum production level.
Revenue from International Trading division increased from RM81.2 million in YE
2013 to RM110.6 million in YE 2014. 
Associated company, KJCF contributed RM35.9 million net profit to the Group for the
YE 2014 compared to RM39.0 million in YE 2013.
International Trading division
Investment in associate
Current financial year ended 31 December 2014 ("YE 2014") compared with
previous financial year ended 31 December 2013 ("YE 2013")
Page 13 of 25CAN-ONE BERHAD
(Company No. 638899-K)
EXPLANATORY NOTES TO QUARTERLY FINANCIAL STATEMENTS
FOURTH QUARTER ENDED 31 DECEMBER 2014
2.
International Trading division
Revenue from Food Products division increased from RM146.9 million in Q3,2014 to
RM161.2 million in Q4,2014. Gross profit margin for Q4,2014 improved from 10.0% to
12.2% mainly attributable to higher turnover and better operating efficiency.
Variation of results against immediate preceding quarter ("Q3,2014")
The Group’s net revenue increased from RM223.9 million in Q3,2014 to RM250.0
million in Q4,2014. Pre-tax and post-tax profit increased from RM18.1 million and
RM15.3 million in Q3,2014 to RM33.9 million and RM29.1 million respectively in
Q4,2014.
General Cans division
Food Products division
Revenue from General Cans division increased from RM104.9 million in Q3,2014 to
RM111.5 million in Q4,2014 mainly due to higher demand for tin cans.
Gross profit margin for General Cans division increased from 7.9% to 13.7% in
Q4,2014 mainly due to higher sales and better operating efficiency.
International Trading division contributed revenue of RM38.1 million for Q4,2014.
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