2015 eps=44sen ,pe=10 ,stock price=rm4.40 ,官司迟早会解决,
对canone始终佔上风,因早年以便宜价购买kianjoo 3522
1)令吉走软抬高业绩 冠旺股价涨14%
27/08/201519:20
（吉隆坡27日讯）制罐商冠旺有限公司（CANONE，5105，工业产品组）公布次季净利按年涨76%后，今早一度涨29仙或14%。
投资者冀望以出口为主的生产商，可从令吉兑美元汇率走低中受惠，而买入冠旺股票。
截至闭市，冠旺收窄涨幅，报2.25令吉，扬19仙或9.22%，共有135万7700股转手。
冠旺昨日公布，截至6月30日次季净利增长76%至2367万令吉，上财年同期为1346万令吉；营业额则从2亿3274万令吉，跌至2亿1657万令吉。
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赞助广告
上半年净利从2384万令吉增至3872万令吉，营业额则从4亿2511万令吉跌至4亿786万令吉。
根据最新财报，冠旺的每股资产为3.05令吉。
令吉兑美元今日贬至4.2475，昨日曾触及4.2995的新低。
出口商如冠旺以美元出售产品，令吉汇率走低，当以美元交易的销售转换为令吉时，将推高进账。http://www.kwongwah.com.my/?p=6459
Saturday, 24 October 2015
Yes, we Can-One
GURMEET KAUR
Prized asset: A Kian Joo production line. Based on Kian Joo’s market cap of RM1.39bil or RM 3.15 share price, Can-One’s block is valued at RM460.27mil.
CAN-One Bhd, which has been involved in a long-drawn-out takeover of Kian Joo Can Factory Bhd, has shot onto investors’ radar. In a span of 17 days, its shares are up some 35% to trade at RM3.09.
The tin can manufacturer owns a 32.9% stake in Kian Joo, a stock in similar business but commanding a bigger market share and whose earnings are growing.
Based on Kian Joo’s market cap of RM1.39bil or RM 3.15 share price, Can-One’s block is valued at RM460.27mil. This is the amount it stands to get if the takeover exercise of Kian Joo goes through. The deal made some headway in June following a decision by the Court of Appeal to dismiss an attempt by a former Kian Joo director, Datuk Anthony See Teow Guan.
Teow Guan belongs the See family who founded Kian Joo more than four decades ago. He was voted out of the board at the company’s AGM earlier this year. There are a couple of catalysts driving interest in Can-One, one being a special dividends for shareholders could be on the offing. Another is Can-One could use the money to retire its debts to bring its gearing down. As at June 30, its loans and borrowings stood at RM262.4bil while cash was at RM71.29mil.
Can-One is smaller in size in terms of market value at RM559.17 bil based on Friday’s price. Yesterday alone, the stock added 18 sen or 6.19% to hit the new high of RM3.09. At this price it is trading at a price earnings of 6.06x.
In November 2013, Aspire Insight Sdn Bhd made an offer to take over Kian Joo at RM1.47bil or RM3.30 per share. The parties involved have until March 23, 2016 to sign a definitive agreement - the fourth extension in two years running to fulfil all the relevant conditions. The debate continues on whether the offer price should be revised. But so far there is no indication that Aspire Insight intends to review it although Kian Joo’s shares have been inching up recently to close at RM3.15 yesterday. According to Public Invest Research it is difficult for the See family to scupper the exercise unless it manages to get a number of institutional investors on its side.
Teow Guan’s elder brother Datuk See Teow Chuan has accumulated up to 8.6% of shares in the company now, while the other substantial shareholder is the Employees Provident Fund (EPF) with 10%. Notably, Aspire Insight is a joint venture between the EPF – which owns a 40% stake in the company through its unit Ekuiti Merdu Sdn Bhd – and Can-One Bhd’s former chief operating officer Chee Kay Leong. Chee owns the remaining 60% stake through private vehicle Alleyways Sdn Bhd.
What surprised many was Chee’s resignation from Can-One two days before the takeover offer was launched. Interestingly, soon after Aspire Insight’s offer Japan’s Toyota Tsusho Corp came in with an offer to take up a 51% stake in Kian Joo at RM3.74 per share. But that was not accepted by the company.
Kian Joo’s takeover exercise has been bogged down by lawsuits initiated by members of the See family. In November last year, the Kuala Lumpur High Court struck out See’s lawsuit against Can-One, with the last major hurdle seemingly out of the way for Aspire Insight to go ahead with the planned exercise.
Public Invest says that should the proposed transaction materialise, shareholders will have “a certain RM3.30 per share in our pockets.”
“If not, we will still see that value materialising. Over the longer-term it remains imperative that parent company Can-One derives stronger earnings (to increase its intrinsic value) from Kian Joo for greater dividend income.”
Kian Joo’s earnings have been growing steadily in recent years. It posted another good quarter with net profit up 28% to RM35.3mil in the second quarter ended June 30.
In terms of cumulative net profit for the first half of FY2015, it came in 34.2% higher at RM63.6mil. “This was slightly ahead of expectations and making up 54% of our full-year estimates,” notes Public Invest.
Kian Joo is the market leader in aluminium and tin can packaging with a market share of about 60%. According to a market observer, based Kian Joo’s first six months results, its net tangible asset (NTA) has risen to RM2.72. It is estimated to add another 10 sen to for the full financial year of 2015, bringing the NTA to RM2.82. When the RM3.30 offer was made, the stock’s NTA stood at RM2.33 or 1.42x and going by this benchmark the offer price should be revised to at least RM3.86 per share, the observer adds. Can-One’s bottom line is reflecting more from its 32.9% associate.
In the second quarter ended June 30, Can-One’s net profit jumped 76% to RM23.67mil, while revenue dropped nearly 7% drop. According to stock exchange filings, the higher profitability came from a stronger US dollar and higher contribution from Kian Joo that contributed RM11.4mil net profit to Can-One. This was an increase of RM2.5mil in the same period last year. Earlier this year, Can-One’s shareholders voted for the buyout of a minority 20% stake in F&B Nutrition Sdn Bhd - a producer of sweetened condensed milk in which it had 80% interest. It was an all-share deal worth RM112.9mil.
The company said that F&B is expected to contribute positively to earnings given that it has posted a 44.5% cumulative average growth in the last four years. It will also see the 76-year old founder of F&B, Teh Khoy Gen emerge as the second-largest shareholder in Can-One with close to 21% stake. Its largest shareholder Yeoh Jin Hoe’s stake in Can-One will be diluted to 23.5% from 29.63%. Yeoh is Can-One’s former MD and currently Kian Joo’s group MD.
3)
冠旺未确定Aspire Insight 能否如期完购建裕珍厂
2015-05-01 10:15
对canone始终佔上风,因早年以便宜价购买kianjoo 3522
1)令吉走软抬高业绩 冠旺股价涨14%
27/08/201519:20
（吉隆坡27日讯）制罐商冠旺有限公司（CANONE，5105，工业产品组）公布次季净利按年涨76%后，今早一度涨29仙或14%。
投资者冀望以出口为主的生产商，可从令吉兑美元汇率走低中受惠，而买入冠旺股票。
截至闭市，冠旺收窄涨幅，报2.25令吉，扬19仙或9.22%，共有135万7700股转手。
冠旺昨日公布，截至6月30日次季净利增长76%至2367万令吉，上财年同期为1346万令吉；营业额则从2亿3274万令吉，跌至2亿1657万令吉。
赞助广告
赞助广告
上半年净利从2384万令吉增至3872万令吉，营业额则从4亿2511万令吉跌至4亿786万令吉。
根据最新财报，冠旺的每股资产为3.05令吉。
令吉兑美元今日贬至4.2475，昨日曾触及4.2995的新低。
出口商如冠旺以美元出售产品，令吉汇率走低，当以美元交易的销售转换为令吉时，将推高进账。http://www.kwongwah.com.my/?p=6459
2)
Saturday, 24 October 2015
Yes, we Can-One
GURMEET KAUR
Prized asset: A Kian Joo production line. Based on Kian Joo’s market cap of RM1.39bil or RM 3.15 share price, Can-One’s block is valued at RM460.27mil.
CAN-One Bhd, which has been involved in a long-drawn-out takeover of Kian Joo Can Factory Bhd, has shot onto investors’ radar. In a span of 17 days, its shares are up some 35% to trade at RM3.09.
The tin can manufacturer owns a 32.9% stake in Kian Joo, a stock in similar business but commanding a bigger market share and whose earnings are growing.
Based on Kian Joo’s market cap of RM1.39bil or RM 3.15 share price, Can-One’s block is valued at RM460.27mil. This is the amount it stands to get if the takeover exercise of Kian Joo goes through. The deal made some headway in June following a decision by the Court of Appeal to dismiss an attempt by a former Kian Joo director, Datuk Anthony See Teow Guan.
Teow Guan belongs the See family who founded Kian Joo more than four decades ago. He was voted out of the board at the company’s AGM earlier this year. There are a couple of catalysts driving interest in Can-One, one being a special dividends for shareholders could be on the offing. Another is Can-One could use the money to retire its debts to bring its gearing down. As at June 30, its loans and borrowings stood at RM262.4bil while cash was at RM71.29mil.
Can-One is smaller in size in terms of market value at RM559.17 bil based on Friday’s price. Yesterday alone, the stock added 18 sen or 6.19% to hit the new high of RM3.09. At this price it is trading at a price earnings of 6.06x.
In November 2013, Aspire Insight Sdn Bhd made an offer to take over Kian Joo at RM1.47bil or RM3.30 per share. The parties involved have until March 23, 2016 to sign a definitive agreement - the fourth extension in two years running to fulfil all the relevant conditions. The debate continues on whether the offer price should be revised. But so far there is no indication that Aspire Insight intends to review it although Kian Joo’s shares have been inching up recently to close at RM3.15 yesterday. According to Public Invest Research it is difficult for the See family to scupper the exercise unless it manages to get a number of institutional investors on its side.
Teow Guan’s elder brother Datuk See Teow Chuan has accumulated up to 8.6% of shares in the company now, while the other substantial shareholder is the Employees Provident Fund (EPF) with 10%. Notably, Aspire Insight is a joint venture between the EPF – which owns a 40% stake in the company through its unit Ekuiti Merdu Sdn Bhd – and Can-One Bhd’s former chief operating officer Chee Kay Leong. Chee owns the remaining 60% stake through private vehicle Alleyways Sdn Bhd.
What surprised many was Chee’s resignation from Can-One two days before the takeover offer was launched. Interestingly, soon after Aspire Insight’s offer Japan’s Toyota Tsusho Corp came in with an offer to take up a 51% stake in Kian Joo at RM3.74 per share. But that was not accepted by the company.
Kian Joo’s takeover exercise has been bogged down by lawsuits initiated by members of the See family. In November last year, the Kuala Lumpur High Court struck out See’s lawsuit against Can-One, with the last major hurdle seemingly out of the way for Aspire Insight to go ahead with the planned exercise.
Public Invest says that should the proposed transaction materialise, shareholders will have “a certain RM3.30 per share in our pockets.”
“If not, we will still see that value materialising. Over the longer-term it remains imperative that parent company Can-One derives stronger earnings (to increase its intrinsic value) from Kian Joo for greater dividend income.”
Kian Joo’s earnings have been growing steadily in recent years. It posted another good quarter with net profit up 28% to RM35.3mil in the second quarter ended June 30.
In terms of cumulative net profit for the first half of FY2015, it came in 34.2% higher at RM63.6mil. “This was slightly ahead of expectations and making up 54% of our full-year estimates,” notes Public Invest.
Kian Joo is the market leader in aluminium and tin can packaging with a market share of about 60%. According to a market observer, based Kian Joo’s first six months results, its net tangible asset (NTA) has risen to RM2.72. It is estimated to add another 10 sen to for the full financial year of 2015, bringing the NTA to RM2.82. When the RM3.30 offer was made, the stock’s NTA stood at RM2.33 or 1.42x and going by this benchmark the offer price should be revised to at least RM3.86 per share, the observer adds. Can-One’s bottom line is reflecting more from its 32.9% associate.
In the second quarter ended June 30, Can-One’s net profit jumped 76% to RM23.67mil, while revenue dropped nearly 7% drop. According to stock exchange filings, the higher profitability came from a stronger US dollar and higher contribution from Kian Joo that contributed RM11.4mil net profit to Can-One. This was an increase of RM2.5mil in the same period last year. Earlier this year, Can-One’s shareholders voted for the buyout of a minority 20% stake in F&B Nutrition Sdn Bhd - a producer of sweetened condensed milk in which it had 80% interest. It was an all-share deal worth RM112.9mil.
The company said that F&B is expected to contribute positively to earnings given that it has posted a 44.5% cumulative average growth in the last four years. It will also see the 76-year old founder of F&B, Teh Khoy Gen emerge as the second-largest shareholder in Can-One with close to 21% stake. Its largest shareholder Yeoh Jin Hoe’s stake in Can-One will be diluted to 23.5% from 29.63%. Yeoh is Can-One’s former MD and currently Kian Joo’s group MD.
3)
冠旺未确定Aspire Insight 能否如期完购建裕珍厂
2015-05-01 10:15
施朝源
（吉隆坡30日讯）冠旺（CANONE，5105，主板工业产品股）无法确定是否能在期限截止前，完成Aspire Insight献购建裕珍厂（KIANJOO，3522，主板工业产品股）的交易。
财经日报昨天《The Edge》引述冠旺财务总监邱继龙谈话称，公司目前无法确定是否需要延长交易期限，因为必须等待未来数月出炉的法庭判决。
“我们还不能确定需不需要延长交易期限，因为这必须视乎施朝源所提出的上诉结果。”
上个月，建裕珍厂（KIANJOO，3522，主板工业产品股）与Aspire Insight达成协议，将后者的收购计划，从今年3月，延长至今年9月。
Aspire Insight将以14.7亿令吉，或相等于每股3.30令吉的价格，献购建裕珍厂所有资产和债务。另外，拿督施朝源在建裕珍厂今年的股东大会中，落选执行董事的职位。
早前，建裕珍厂前执行董事拿督施朝源入禀法庭，起诉涉及献购的7个单位，称这属于相关人士交易，存有利益冲突。但吉隆坡高庭在去年11月撤销起诉，施朝源已在12月对此提出上诉。http://www.nanyang.com/node/698079?tid=462
4)
CANONE - 5105.KL （Court Case）
冠旺与建裕珍厂法庭诉讼案流程
过去冠旺一直受官司缠身，这个是小弟收集的一些资料。希望可以协助大家了解冠旺与建裕珍厂过去多年官司流程。
如果大家有新的发言，希望可以留言，小弟可以update这个list。谢谢
谢谢。
沧海小弟
冠旺与建裕珍厂法庭诉讼案流程
过去冠旺一直受官司缠身，这个是小弟收集的一些资料。希望可以协助大家了解冠旺与建裕珍厂过去多年官司流程。
如果大家有新的发言，希望可以留言，小弟可以update这个list。谢谢
谢谢。
沧海小弟
5)
BUY ONE FREE ONE STOCK!
Author: benjamin2013 | Publish date: Sat, 17 Oct 2015, 10:25 PM
This stock has 32.9% stake in a company with 55% market share in tin can business and over 70% share in aluminium can business in Malaysia worth MORE THAN ITS OWN MARKET VALUATION!!!
The stake is worth at least RM484mn VS its market capitalization of RM450mn or Rm2.63 current market price.
Other than that, it has its own highly PROFITABLE business worth RM659mn or RM 3.42 per share.
At RM 2.63, you can take over the aptly named CAN-ONE with businesses WORTH AT LEAST RM6.23!
Scenario 1
If the deal to sell Kianjoo goes through, CAN-ONE will get RM484mn and possibly use 60% to pay debts and declare 40% as dividends. This would cut its gearing to only 24%! On the other hand, shareholders of CAN-ONE would get RM1.25 in dividends. My fair value for CAN-ONE is RM4.68 if the deal goes through.
Scenario 2
WHAT IF the deal does not go through? Japan’s Toyota Tsusho Corp (TTC) is waiting in line to BUY at RM 3.74 per share or RM0.43 more than offer from ASPIRE. EPF may join in the bid with sweeter deal for the market leader, said to be worth RM 4 per share by the See family. This will add another RM0.43 to shareholders of CAN-ONE, possibly through dividends.
Scenario 3
WORST CASE? No deal, but CAN-ONE will still have the 32.9% in Kianjoo and its own very profitable business. At current PER of only 5x, CAN-ONE is DIRT CHEAP! My fair value for CAN-ONE is RM3.77 based on 9x PER only.
Conclusion
Any way you put it, CAN-ONE is DEEPLY UNDERVALUED at RM2.57!!!
My first target price is RM3.77. CAN-ONE rocketed to a high of RM3.90 in November 2013 after ASPIRE offers RM3.30 per share to acquire Kianjoo. I will revise my target price if there are any fresh developments on the deal.
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7)
獲准購乳製品商股權 冠旺首季淨利漲45%
28 May 2015 20:36
（吉隆坡28日訊）冠旺（CANONE，5105，主要板工業）獲股東允許，以1億1290萬令吉收購乳製品製造商F&B Nutrition私人有限公司（簡稱F&B）余下未持有20%股權。
同時，該公司今日發布本財年截至3月底首季業績，營業額按年微跌0.5%至1億9129萬令吉，淨利漲45%至1505萬令吉。
冠旺今日在特大上獲股東允許，從鄭國金（譯音）手中收購F&B 300萬股，在完成這項企業活動后，F&B將成為冠旺旗下子公司，並將通過發行3975萬新股的方式購買F&B，每股價格為2.84令吉，新股將佔公司繳足資本20.69%。
冠旺總營運長兼執行董事楊民章（譯音）在特大結束后接受媒體訪問時指出，儘管消費稅落實，但公司業務依然照常營運，並不會因消費稅造成嚴重影響。
“對我們來說，消費稅並不會構成挑戰，因為我們的系統相當完善，業務能照常營運。”
Source URL: http://www.chinapress.com.my/node/625435
8)
The stake is worth at least RM484mn VS its market capitalization of RM450mn or Rm2.63 current market price.
Other than that, it has its own highly PROFITABLE business worth RM659mn or RM 3.42 per share.
At RM 2.63, you can take over the aptly named CAN-ONE with businesses WORTH AT LEAST RM6.23!
Scenario 1
If the deal to sell Kianjoo goes through, CAN-ONE will get RM484mn and possibly use 60% to pay debts and declare 40% as dividends. This would cut its gearing to only 24%! On the other hand, shareholders of CAN-ONE would get RM1.25 in dividends. My fair value for CAN-ONE is RM4.68 if the deal goes through.
Scenario 2
WHAT IF the deal does not go through? Japan’s Toyota Tsusho Corp (TTC) is waiting in line to BUY at RM 3.74 per share or RM0.43 more than offer from ASPIRE. EPF may join in the bid with sweeter deal for the market leader, said to be worth RM 4 per share by the See family. This will add another RM0.43 to shareholders of CAN-ONE, possibly through dividends.
Scenario 3
WORST CASE? No deal, but CAN-ONE will still have the 32.9% in Kianjoo and its own very profitable business. At current PER of only 5x, CAN-ONE is DIRT CHEAP! My fair value for CAN-ONE is RM3.77 based on 9x PER only.
Conclusion
Any way you put it, CAN-ONE is DEEPLY UNDERVALUED at RM2.57!!!
My first target price is RM3.77. CAN-ONE rocketed to a high of RM3.90 in November 2013 after ASPIRE offers RM3.30 per share to acquire Kianjoo. I will revise my target price if there are any fresh developments on the deal.
-------
Toyota offers RM3.74
Soon after Aspire Insight’s offer, Japan’s Toyota Tsusho Corp (TTC) came in with an offer to take up a 51% stake in Kian Joo at RM3.74 per share, which, according to Kian Joo chief financial officer Ooi Teik Huat, did not come with any proof of funds.
According to Anthony, a company as large as TTC, Japanese car giant Toyota’s steel and aluminium trading arm, did not need to provide any proof of funds, or make its offer known to the public.
“They said the TTC offer was an unsolicited offer, and there was no proof of funds. How can you question proof of funds – this is Toyota! TTC does not need to make public its offer because it is not even 2% of material interest [TTC’s assets], so they don’t need to disclose it to the public,” explains Anthony.
The offer was also higher than Aspire Insight’s, and Yeoh’s detractors say he should have considered it in the best interest of the shareholders.
KIAN JOO is worth RM4 per share
The See family is of the opinion that Kian Joo is worth a more than the RM1.47bil offer by Aspire Insight which works out to RM3.30 per share. This is on the grounds that some of Kian Joo’s properties have not been revalued since 2009.
Whether the properties ought to be revalued or otherwise is an accounting issue. However, some shareholders aligned to the See family feel that the revaluation ought to be taken into account as it adds more than RM300mil to Kian Joo’s net asset value. This would then bring its valuation closer to RM4, they contend.
“Kian Joo has a market share of 55% in the tin can business and over 70% in the aluminium can business in Malaysia, Kian Joo is the biggest packaging company in Malaysia with good profits every year and also declares dividends consistently... so why sell cheap?” says a shareholder aligned to the See family.
6)
資產脫售計劃掃除障礙‧建裕珍漲21仙‧冠旺揚18仙
Author: Tan KW | Publish date: Wed, 3 Jun 2015, 03:07 PM
2015-06-03 11:10
（吉隆坡2日訊）昨日高庭駁回拿督施朝源針對Aspire Insight有限公司接管建裕珍廠（KIANJOO，3522，主板工業產品組）資產的上訴，使後者收購計劃解除一大障礙，激勵建裕珍廠及大股東――冠旺（CANONE，5105，主板工業產品組）的股價趁勢而起，皆取得亮眼表現。
今日開市後，由於上述利好發展，建裕珍廠及冠旺的股票即受到追捧走高；早市時，建裕珍廠急漲21仙或7.31%至3令吉零8仙，以最高水平休市、而冠旺則一度漲21仙或7.87%至2令吉75仙。
全天收市時，建裕珍廠起21仙至3令吉零8仙，全天成交量達147萬1千500股。至於冠旺則全天漲18仙，至2令吉72仙，全天共有87萬3千600股易手。
大眾研究指出，隨著高庭駁回施朝源的上訴，使Aspire Insight接管建裕珍廠資產的計劃有機會進行。
較早時，施朝源起訴該公司，惟在11月宣告敗訴，而施朝源對有關判決進行上訴，昨日高庭也決定駁回其上訴。
大眾認為，法庭頒冠旺勝訴，有鋻於此，預料有關的收購活動有望繼續進行，相信也是造成今日兩家公司股價揚升的主因，因收購計劃的最大阻礙已經解除。
冠旺為建裕珍廠的最大股東，持有後者的32.9%股權。而A s p i r eInsight為雇員公積金局及建裕珍廠首席營運員許繼良（譯音）所擁有的公司，後者也是冠旺的前任首席營運員。
隨著施朝源上訴被駁回，建裕珍廠料會舉行延遲已久的股東特別大會，以便商討將資產脫售給Aspire Insight的事宜。（星洲日報／財經‧報導：李文龍）
獲准購乳製品商股權 冠旺首季淨利漲45%
28 May 2015 20:36
（吉隆坡28日訊）冠旺（CANONE，5105，主要板工業）獲股東允許，以1億1290萬令吉收購乳製品製造商F&B Nutrition私人有限公司（簡稱F&B）余下未持有20%股權。
同時，該公司今日發布本財年截至3月底首季業績，營業額按年微跌0.5%至1億9129萬令吉，淨利漲45%至1505萬令吉。
冠旺今日在特大上獲股東允許，從鄭國金（譯音）手中收購F&B 300萬股，在完成這項企業活動后，F&B將成為冠旺旗下子公司，並將通過發行3975萬新股的方式購買F&B，每股價格為2.84令吉，新股將佔公司繳足資本20.69%。
冠旺總營運長兼執行董事楊民章（譯音）在特大結束后接受媒體訪問時指出，儘管消費稅落實，但公司業務依然照常營運，並不會因消費稅造成嚴重影響。
“對我們來說，消費稅並不會構成挑戰，因為我們的系統相當完善，業務能照常營運。”
Source URL: http://www.chinapress.com.my/node/625435
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| 收购案障碍除 冠旺建裕珍双双走高 （吉隆坡2日讯）在上诉庭驳回拿督施朝源禁止冠旺集团（ CANONE，5105，主板工业股）在建裕珍厂 （KIANJOO，3522，主板工业股）收购案的投票权后，在过去18个月 受到案件困扰走势低迷的建裕珍厂，週二也应声走高，是全场第6大上升股。
大眾投行分析员认为，不管收购案最终能否成行，股价早前持续受压的建裕珍厂
，仍明显低於献购价，加上公司前景佳，因此，目前是累积建裕珍厂股票的 好时机。分析员给予该股「买进」的投资评级和维持目標价在3.30令吉。
建裕珍厂今日股价高开，早盘以2.96令吉开跑后，股价节节攀升，更上探
至3.08令吉全天最高水平。午盘该股在3.03至3.05令吉区间交易，尾盘再度走 高至3.08令吉全天最高价位，並以该水平掛收，全天成交量为147万1500股。
同时，其大股东冠旺集团（CANONE，5105，主板工业股）股价与建裕珍厂
比翼双飞，双双唱好。冠旺集团今早以2.58令吉高开后，股价迅速飆涨， 一度涨进8%，至2.76令吉，最终收市价为2.72令吉，全天涨18仙或7.09%， 也是列入全场第10大上升股，全天成交量为87万3600股，高于週一的2万7500股。
该收购案可追溯至2013年11月，当时冠旺集团前董事许继良（译音）宣布辞职后
，联同僱员公积金局，出价每股3.30令吉向建裕珍厂提出资產收购献议。
在2014年1月10日，董事局发布文告宣布接受这项献议，此时杀出一名程咬金
--日本丰田通商，表示愿意以每股3.74令吉更高献购价，收购建裕珍厂51%股权 。董事局表示不考虑丰田通商的献议，反而接纳了Aspire Insight较低价的收购 引起小股东的不满。
去年5月7日，建裕珍厂股东之一施朝源更因此而採取法律行动，以Aspire Insight
献购建裕珍厂属关联交易，存有利益冲突为由，起诉许继良、Aspire Insight 有限公司、冠旺集团。
至於Aspire Insight的收购是否將会通行无阻，分析员称，唯有所有小股东同心
合力，助施氏家族投反对票，才有望阻止Aspire Insight以每股3.30令吉收购 建裕珍厂的交易。然而，在该公司的4亿零100股股票总数中，施氏家族只握 有其中12.5%，另外4305名小股东，则拥有其中5000万股或12.55的股权。
因此，分析员认为，除非所有小股东一致投下反对票，否则要推翻这项收购案
的机会將非常渺茫。
分析员表示，建裕珍厂基本面良好。若献购案成功通过，投资者至少从
每股3.30令吉献购价获利（週一闭市价为2.87令吉，因此可从中赚取43仙的溢价） ，反之，分析员期待建裕珍厂改善营运效率以提高获利能力， 股东將因此分配更多的股息。http://www.orientaldaily.com.my/business/cj200015476
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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. http://www.canone.com.my/index.html http://www.fnb.com.my/product_02.html http://www.kianjoocan.com.my/index.php?id=&&lang=cn 10) Thursday, 26 March 2015Canone - Cannon Up
Can-One Berhad (5105) had been involved in the F&B industry with general cans, manufacturing and processing of food and dairy trading.
Can-One had been a hit in the market back then when the tussle between Can-One management and KianJoo took the heat to the court over shareholding issues. However, the issue resolved and Can-One held 32.9% of share in KianJoo, officially seeing KianJoo an associate company of Can-One. As of lately, KianJoo had saw a take over offer amounting to RM 1.466 billion, or RM 3.30 per share in KianJoo. With Can-One having 32.9% in KianJoo, how will things be moving forward in Can-One in the coming days?  CanOne had been trading at the range of RM 2.60 after a rebound from the previous sell down. Apparently, CanOne had been moving in a good uptrend as highlighted between the blue lines. According to the reading, the consolidation in the uptrend movement could had came to a point where CanOne will be prepare to channel higher in the coming days. A good break out above RM 2.65 with substantial amount of volume will be seeing CanOne trending it's way towards the psychological barrier of RM 3.00 in the coming days. CanOne - Cannon up? CanOne had been an aggressive growing company which had saw it's revenue putting up more than double compared to the revenue in 2009. Their NTA had also grew intensively from RM 1.15 a share which is 5 years ago to the current RM 3.42 as of FYE 2014.   While needless to say much about this stock, CanOne is a good growing company that is involved in a evergreen industry which will be seeing more and more demand in time to come as the population of the world continue to grow, putting up more demand for food. Although 2015 will be a challenging year, the increase in demand for food will be going to contribute to the operating efficiency of the production line. As for it's investment in KianJoo, Bursa Malaysia had given KianJoo and Aspire to set things out before 31 March 2015, which is the last known extension that Bursa Malaysia had given to KianJoo. Should the deal print out, CanOne could be on it's way to receive a cash proceed of not less than RM 482 million from the sale of their 32.9% shareholding in KianJoo from the proposed disposal which entitled shareholder of not less than RM 3.30 in cash being return to shareholder via proposed capital reduction and repayment exercise in accordance with Section 64 of the Companies Act, 1965.  According to some sources, the deal between KianJoo and Aspire should be able to iron out, which will be seeing KianJoo shares at RM 3.30. CanOne will be a very interesting stock to be look out for the coming week as seeing it's subsidiary oncoming corporate development. Should the deal could not materialize,CanOne will still be a very attractive and undervalued company should we valued CanOne at PER x8 from FYE 2014 EPS of RM 0.4185, translating to RM 3.35. The current price of RM 2.6 is also a 24% discount from the NTA of RM 3.42. CanOne also had a considerable amount of revaluation reserved from it's property and land which is mostly at year 2011 valuation. Cannon with Canone? You decide. Bone's short term TP : RM 3.00 Cheers and have a nice day Regards, Bone |
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