2017年3月30日星期四

浅谈7246 Sign 胜利者国际 Q2 业绩(2016-12-31)--

1)于31-12-2016 公司累计盈利达rm1.31亿.
2) 于31-12-2016 公司现金有6946万,借款为1991万,净现金有4955万,
每股净现金达20 sen,nta达 rm0.69 
3)公司回购股票10%.(约24000,000股),于29-3-2017己回购11208,000股.
近期更加积极回,尚可回12792,000股,因此继续升。
4)新订单.
5)2019年前出售土地派发高息.
6)未入账销售逾2亿令吉.
7)作为大马最大的一站式厨櫃设计与销售者,并立足海外,
 看到它邦许多上市房地产公司设计,对它深具信心.
8)国内产业发展長期看好,单单一座公寓就有上百单位,
 公司今后可获更多订单,净利会提高,股价也会向上。
9)此公司黑马一匹,从2006-2016間11年都赚钱.
如下2006年--847万 .2007--1443万 .2008--1973万(此三年为税前净利)。
2009净赚--1989万(eps=24.9SEN) .2010--1502万(eps=12.5SEN) .2011--669万(eps=5.6SEN) .2012--533万(eps=4.4SEN) .2013--426万(3.7SEN),
2014--1783万(eps=15sen),2015--3610万(eps=30.2sen),2016--4774万(eps=26.4sen)
10)2017-02-03 18:02

抢占先机之随鸡应变.买股有危才有机?

分析员认为,2017年的投资策略可分为7大方向,分别为强势美元、大型基建项目与中国投资计划启动、中小资本股、旅游、国民投资机构转型计划、全国大选及高股息股。

高周息率股
根据联昌经济学家分析,基于全球经济不明朗及经济成长放缓,国家银行可能会今年上半年下砍25个基点利率至2.75%。
利率调低有助于产业及汽车发展,消费股亦能从中被带动。对高负债比的公司而言,低利率亦可以减低利息开销。
联昌补充,利率若下调25个基点,对银行2017财政年的净利影响约5%左右。
被联昌列为3大高周息率股项为胜利者国际(SIGN,7246,主板消费品组)、星报出版(STAR,6084,主板贸服组)及成功汽车(BAUTO,5248,主板贸服组),周息率分别告7.5%、8.1%及7%。
11)2016-08-04 16:39

《福布斯》亚洲中小企200强‧大马5公司入榜

《福布斯》新发布的入围名单显示,今年成功挤进榜中的益纳利美昌、康乐、美德再也、MYEG服务和胜利者国际。
(吉隆坡4日讯)2016年《福布斯》亚洲10亿美元以下中小企业200强名单出炉,大马今年只有5家公司入选,远远不及去年的11家。

《福布斯》新发布的入围名单显示,今年成功挤进榜中的益纳利美昌(INARI,0166,主板科技组)、康乐(KAREX,5247,主板消费品组)、美德再也(MITRA,9571,主板建筑组)、MYEG服务(MYEG,0138,主板贸服组)和胜利者国际(SIGN,7246,主板消费品组)。
合理价rm1.20

只供参考。 进出自负。


Review of Performance (Cont’d) -
Current Quarter 3 months ended 31 December 2016

White Goods and Built-in Kitchen Appliances
This segment recorded an increase in revenue of RM1.2 million or 171%, from RM0.7 million in the preceding year corresponding quarter to RM1.9 million in the current quarter. Despite revenue increased by 171%, profit before tax for the current quarter improved by RM 0.4 million or 36.4% from RM1.1 million in the preceding year corresponding quarter to RM1.5 million in the current quarter. The marginal increase in profit before tax as a result of increased in numbers of lower margin projects compared to preceding year corresponding quarter.

 Glass and Aluminium Product
This segment recorded an increase in revenue of RM2.7 million or 44.3% from RM6.1 million in the preceding year corresponding quarter to RM8.8 million in the current quarter. The increase in revenue was mainly due to higher numbers of project revenue recognized for the current quarter. Profit before tax for the current quarter improved by RM0.1 million or 10%, from RM1.0 million in the preceding year corresponding quarter to RM1.1 million in the current quarter. The number of projects in progress for the current quarter which of lower margin contribute to the marginal improvement in profit before tax.

Interior Fit-out Segment
This segment reported revenue of RM0.4 million in current quarter as compared to none in preceding corresponding period. This segment recorded a loss before tax of RM0.01 million for the current quarter as compared to loss before tax of RM0.2 million in the preceding corresponding quarter due to lower operating expense.

 Others Segment
The Other Segment inclusive of Investment Holding Company, Properties Investment Company, In-House Installers Academy and Dormant Companies. The main source of revenue for the reporting quarter represents Management fee charged by Holding Company.


多谢下列大大的功课,感恩。

SIGNATURE INTERNATIONAL - Job Replenishment Faster than Execution

Author: sectoranalyst   |   Publish date: Thu, 30 Mar 2017, 04:41 PM 



Management exclaimed in delight that “we have a situation now where job replenishment is faster than execution…”. This has reaffirmed our view that the delay in job award has reached a critical stage where any further delay may defer project handover and subject to liquidated damages. In view of this, Signature has been aggressively buying back its shares as the market has not entirely priced in the increasing job flows. Maintain Buy on Signature with an unchanged target price of RM1.10/share.

Winds of change

Unfavourable project timing in 1HFY17. One of the key culprits to disappointing 1HFY17 profit growth (-42.2% YoY) was the drop in revenue as project executions remained at snail-pace. For instance, one of the key projects in KLCC, which the company secured in July-16 with a contract sum of RM38mn, that involves kitchen installation works are still pending on completion of the building superstructure 5 months after the award. However, management is positive that the situation would change from 4QFY17 onwards with strong contract wins in recent months.
Further delaying may cause LAD. From January to February 2017, Signature secured 8 new contracts worth RM34mn. This has boosted its order book to RM220mn as at Feb-17 (vs RM200mn in Dec-16). Moreover, the company is close to secure 8 other new contracts worth RM40mn, pending formal awards in these few months. According to management, the delay in contract awards in 2016 when property developers slowing down the work progress to smooth out their future incomes would likely push more jobs to 2017-2018. The contract delay, in our opinion, has reached a critical stage where any further delay may defer project handover and subject to liquidated damages (LAD).
Housing supply mix tilted toward property >500,000/unit. Beyond 2018, we remain upbeat and continue expecting the favourable mix of housing supply in Malaysia to bode well for Signature. Note that the increased supply of residential properties priced above RM500,000/unit continued to outweigh affordable housing in Klang Valley, Penang and Johor in Malaysia (see Figure 1). This upmarket and luxury home segment is the typical target market for Signature, a premier kitchen player in Malaysia.
No significant progress in Battersea tender. As far as Battersea is concerned, there is no significant progress in terms of kitchen and wardrobe tenders for Phase 2 and Phase 3A. However, we remain confident that Signature would procure the kitchen and wardrobe contracts. Note that Battersea Phase 2 and Phase 3A are targeted for completion in period 4Q2019-3Q2020 and 4Q2020- 2Q21, respectively. It is still early to call for kitchen and wardrobe tenders, which would usually take place when the project is more than 50% completed.
Bandar Enstek land will be a long term investment
RPGT hinders potential land sale gains. For Bandar Enstek land, Signature took possession of the landbank, measuring 38.86 acres, in Nov-16. Recently, there was an offer to acquire a portion of the landbank from Signature for RM50psf. Based on the land cost of RM30psf, the company can easily rake in RM8.7mn gain from selling the portion of the land. However, the RPGT implication has impeded the sales transaction as the gain would be taxed at 30%.
Prefer outright land sales. As there is no immediate plan to expand its current capacity, management did not rule out the possibility of joint developing the land with another property developer. However, this will be the least preferred option that may overly expose the company to property slowdown in Malaysia. In our opinion, investors should consider the land merely an asset for sale over the long term (6-years from Nov-16), which may give rise to a one-off special dividend in the future.

Share price support

YTD, Signature share price advanced by 20%, thanks to Signature’s share buyback program, which neutralized the selling pressure from Value Partner. We believe the share buyback support is premised on the basis that the market has not fully factored in increasing job flow in the market this year. Looking at the group’s balance sheet, the company had sufficient cash and short-term investment of RM69.6mn (net cash RM47.2mn) as at Dec-16, which can be used for share buyback program. Note that YTD, Signature has bought back 5.1mn shares (2.1% of outstanding shares) at an average price of RM0.89, boosting the group’s cumulative treasury share to 11.2mn shares (4.7% of outstanding shares).

Forecast

We maintain our profit forecast.

Valuation

We reiterate our Buy recommendation on the stock with an unchanged target price of RM1.10 based on 10x CY17 EPS. At current price levels, we see little downside risk as the selling pressure from Value Partner has diminished after the fund management company disposed all its shares in Signature.

Stock Recommendation Guideline

BUY : Total return within the next 12 months exceeds required rate of return by 5%-point.
HOLD : Total return within the next 12 months exceeds required rate of return by between 0-5%-point.
SELL : Total return is lower than the required rate of return.
Not Rated: The company is not under coverage. The report is for information only.
Total Return is defined as expected share price appreciation plus gross dividend over the next 12 months.
Required Rate of Return of 7% is defined as the yield for one-year Malaysian government treasury plus assumed equity risk premium.
Source: TA Research - 30 Mar 2017

发展商将释更多合约.胜利者国际料受惠

Author: Tan KW   |   Publish date: Thu, 30 Mar 2017, 05:58 PM 

2017-03-30 17:18
胜利者国际合约填补加快,达证券认为该公司将从产业发展商释出更多新合约中受惠。
(吉隆坡30日讯)胜利者国际(SIGN,7246,主板消费品组)合约填补加快,达证券认为该公司将从产业发展商释出更多新合约中受惠。
胜利者国际2017财政年上半年财报逊色,归咎于工程执行“龟速”,其中2016年7月攫取的城中城总值3800万令吉合约,现仍等候建筑的超级架构完成,但达证券说,公司管理层相信业务情况将在现财政年第四季出现好转,主要获近月强劲合约流量支撑。
总合约2.2亿
今年首2个月,胜利者国际共入袋8项总值3400万令吉合约,提高总合约量至2亿2000万令吉,同时公司也逼近取得8项总值4000万令吉合约。
该公司管理曾透露,去年发展商延缓合约颁布,可能推动2017和2018年将有更多合约释出,因合约释出延宕已到紧要关头,一旦出现进一步延缓情况可能影响交屋,甚至是出现违约损害。
看好明年房市供应
整体来看,达证券仍看好2018年房市供应比例,仍以胜利者国际目标市场的50万令吉以上住宅产业为多,有望对公司发展带来好处。
“至于巴特西发电厂第二和3A阶段工程竞标,目前厨房和厨柜工程竞标仍未有显著进展,但我们仍有信心胜利者国际将取得相关工程。”
另一方面,胜利者国际位于恩斯德城(Bandar Enstek)的38.86英亩土地接获收购献议,达证券说,公司转手即可赚取870万令吉盈利,但需缴付30%产业盈利税,而公司也不排除与其他产业发展商联营发展可能。
“不过,这将使得公司过度曝险于目前萎靡的房市中,因此这并不是最好的选项。但投资者可将相关土地视为长期投资项目,未来脱售可能带来一次性特别股息。”
综合上述原因,加上胜利者国际积极回购股票下,达证券维持其财测、“买进”评级及1令吉10仙目标价不变,主要是随着Value Partner卖压消散,现有股价下行风险有限。