2015年12月20日星期日

转贴--部署的準備(从topglove 联想到supermx 下来的走势 .)

1)
Published at 2015-12-20 19:59:00 by 星洲财经 - 评论

許多企業也許不斷在埋怨外圍因素不好,而導致生意難做,但平常已經做好準備的企業,不但將經濟週期性視為難關,反而會視為機會,因為危機也包含了轉機。

以屢報佳績的頂級手套(TOPGLOV,7113,主板工業產品組)為例,該公司自2014財政年以後,每個季度的淨利都節節走高,最近連續兩個季度的淨利更是大起122.63%及163.64%,亮眼的業績及大方的派息,也讓該公司的股價屢屢創新高,成了投資機構及散戶眼中的“寵兒”。

或許有人認為,目前馬幣處於弱勢,該公司業務以出口為主,創下高人一等的淨利,並沒有值得驕傲的地方。不過,馬幣走弱對該公司的業務真的能有如此大的幫助嗎?

讓我們來看看頂級手套的策略及目標,該公司原本生產乳膠手套為主,但眼見市場對丁腈手套需求更大,且賺幅也較高,因此便應市場需求,將生產重點轉向丁腈手套,從而提高公司的淨利,管理層也寄望公司未來3年內可躋身全球丁腈手套三甲的業者。”

為了達到上述的目標,該公司也不斷採用自動化設備,藉此提高產量,並達到降低人力成本,在一舉兩得的情況下,頂級手套在過去7個季度的賺幅也不斷節節走高,從原本只有7.58%的賺幅走高至16.04%。雖說馬幣走弱提振了部份的賺幅,但管理層若平常沒有做好準備,強勢美元能給該公司帶來額外的淨利嗎?相信這個答案,大家心裡有數。

再者,並非所有以美元計價的業者都受惠強勢美元,如依文仙台(SENDAI,5205,主板建筑組)也是賺取美元主要的企業之一,最新業績淨利飆漲400%至1千458萬令吉,但撇除外匯利好的因素,實際淨利不到200萬令吉,賺幅更低於5%。

頂級手套與依文仙台雖然是完全不同的行業,但是若依文仙台平常都有做好部署,賺幅也不至於太低。

在商場上,除了眼光以外,更重要的是懂得為長遠的計劃做出部署,當面對任何困難的挑戰,仍可以順利度過,這樣企業才能在商場上長久的營運下去。

常言道,機會是留給有準備的人,準備的越充份,那麼就越不擔心任何的危機。(星洲日報/投資致富‧投資茶室‧文:謝汪潮)

2)

Insider Asia’s Stock Of The Day: SUPERMX (15/12/2015)

Author: Tan KW   |   Publish date: Tue, 15 Dec 2015, 02:57 PM 

This article first appeared in The Edge Financial Daily, on December 15, 2015.

Supermax Corporation Bhd 
insiderasia-logo_theedgemarkets
WE continue to favour Supermax (Fundamental: 1.0/3, Valuation: 1.4/3) for its comparatively undemanding valuations and strong growth potential. Its peers Hartalega, TopGlove and Kossan are trading at trailing 12-month P/E of 25.2-40.8 times and 4.3-6.5 times book. In comparison, Supermax is trading at 30-50% discount with trailing P/E of only 17.2 times and 1.8 times book.
The stock has been a laggard for the past one year (+47.5% year-to-date) compared to the other Big Four glovemakers (+62.2-146.9%).  This was partly due to repeated delays in commissioning its new plants, which affected its financial performance. However, we believe Supermax has largely overcome the issue, judging from its latest quarter results.
For the quarter ended September 2015 (change in FYE to June from December, starting FYJune2016), revenue grew 11.3% y-y to RM309.9 million, thanks to higher output from the new production lines and efficiency gains. Net profit surged 38.3% to RM38.5 million, boosted by increased sales of higher-margin nitrile glove and the stronger USD.
Going forward, we expect Supermax to continue its strong double-digit growth momentum, underpinned by the two new plants in Meru, Klang, which has started production in batches since early 2015. The plants will have a total of 40 production lines with installed capacity of 600 million pieces of nitrile gloves per month.
When fully commissioned at end-2015, total production capacity will increase by 40% to 25 billion gloves per year. Higher-value nitrile gloves will then account for 53% of its total installed capacity.
Supermax was recently awarded one of the licenses to supply medical gloves to the UK’s National Health Service (NHS) for the next four years. The NHS, which covers all hospitals in the UK, consumes approximately GBP50 million (about RM327.6 million) of medical gloves per year. Assuming a conservative 25% market share, this contract alone would contribute an additional 8% to its topline, starting FY2017.



http://www.theedgemarkets.com/my/article/insider-asia%E2%80%99s-stock-day-supermax

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Supermx - 谨慎保赚幅

Author: ss20_20   |   Publish date: Wed, 9 Dec 2015, 03:13 PM



星洲 投资致富 | 30 Nov 2015