余光成浅谈投资: 安康 Ancom 4758 股价78 SEN 被低估了?

2017年4月27日星期四

安康 Ancom 4758 股价78 SEN 被低估了?

--公司于28-2-2017的现金共有1.22亿 ,借款为3.36亿

--库存为1.37亿,应付款为4.26亿,总资产为11.38亿
--安康主要生产和销售农业和工业化学品,聚合物,后勤,媒体业务。

--该公司的资产值远比股价高。NtA=rm1.39
並持有价值的产业.

--22-2-2017 累计库存达3779,327股.
--估计2017年净利2200万,EPs=10sen,pe=15,stock price=rm1.50
--買股本是趁利好未出时于低价位进入，风险较小，只有待公司成長受限与净利低时，才出货。现呈强力買进机会。
配合公司净利此股向上走势完整.

--老板拿督萧家偉与国防部长希山慕丁关系密切,当本屈大选国陣再次胜利,对公司股价有助益.

--传言安康独资子公司Redberry把旗下媒体业务挂牌上市.

--这样的数据,能不能買入自己决定吧,近2.18亿的繳足资本都高过市值了,其他有健康资产负债表 .
合理价rm1.50
只供参考,进出自负

http://www.ancom.com.my/

Review of Group’s performance

Overall review for the financial period ended 28 February 2017

For the nine months ended 28 February 2017, the Group recorded higher revenue of RM1.22 billion as compared with RM1.14 billion in the corresponding last year. Consequently, profit before taxation (“PBT”) increased significantly to RM40.2 million compared with RM14.5 million in the corresponding period last year. For the financial quarter ended 28 February 2017, the Group recorded higher revenue of RM462.1 million compared with RM331.7 million in the corresponding period last year. Consequently, PBT increased significantly to RM21.0 million compared with RM3.8 million in the corresponding period last year. The effective rate of taxation for the Group is higher than the statutory tax rate mainly due to losses in certain subsidiaries that are not available for set-off against taxable profits in other companies within the Group.

Review of business segments for the financial quarter ended 28 February 2017

Investment Holding and others

The result in this segment includes investment holding, education and electrical businesses. During the current financial quarter, the division posted higher revenue of RM3.4 million compared with RM1.1 million in the corresponding quarter last year was mainly due to revenue generated from education business that acquired last year. As a result, the segment reported a lower loss of RM4.9 million for the current financial quarter compared with RM5.6 million in the corresponding quarter last year. The segmental loss in the current financial quarter mainly incurred for corporate expenses in the investment holding company.

Agricultural and Industrial Chemicals

There is a general improvement in the average selling prices for Industrial Chemical Products. As a result, the division achieved higher revenue of RM392.0 million for the current financial quarter compared with RM268.4 million in the corresponding quarter last year. Segmental profit increased to RM23.3 million in the current financial quarter compared with RM9.6 million in the corresponding quarter last year.

Polymer

The Polymer Division recorded higher revenue of RM30.9 million for the current financial quarter compared with RM28.0 million in the corresponding quarter last year mainly due to higher contribution by its manufacturing plant in Surabaya, Indonesia. Consequently, the Division registered higher segmental profit of RM3.9 million compared with RM3.3 million in the same period last year.

ANCOM BERHAD (Company No. 8440-M) (Incorporated In Malaysia) Explanatory notes to the Interim Financial Report for the quarter ended 28 February 2017

Logistics

The Logistics Division posted higher revenue of RM6.8 million compared to RM4.7 million in the corresponding quarter last year. The newly acquired subsidiary has contributed revenue of RM2.3 million. Due to the pre-operating expenses incurred by the newly delivered vessel and some unrealised foreign exchange loss which arose from the revaluation of loan denominated in foreign currency to finance the purchase of the vessel, the division posted a segmental loss result of RM2.6 million compared with RM0.2 million in the corresponding quarter last year.

Information Technology (“IT”)

The IT Division recorded lower revenue of RM3.4 million compared with RM6.3 million in the corresponding quarter last year. Consequently, IT division posted segmental loss results of RM0.2 million compared with segmental profit of RM0.1 million in the corresponding quarter last year.

Media

The Media division posted higher revenue of RM25.6 million compared with RM23.2 million in the corresponding financial quarter last year as the division has managed to book in some major advertising contracts in the quarter. Segmental profit improved to RM3.3 million in the current financial quarter compared with segmental loss of RM1.7 million in the corresponding quarter last year on higher revenue coupled with lower operating costs.

B2. Material change in the results for the current quarter

as compared with the immediate preceding quarter For the current financial quarter ended 28 February 2017, the Group posted higher revenue of RM462.1 million compared with RM403.7 million in in the immediate preceding quarter. Consequently, PBT has increased to RM21.0 million in the current financial quarter compared with RM14.9 million in the immediate preceding quarter.

B3. Current Year Prospects

The key business segments, Agricultural and Industrial Chemical Division and Polymer Division are expecting to post commendable performance for the rest of the financial year. Despite the challenging outlook in the media industry, the management expects that the Media Division will continue to perform satisfactory. As there remain uncertainties in the global economic situations, which may have an impact to the Group’s businesses, the Board will continue to exercise caution in managing the Group’s businesses for the remaining of the financial year. The Board will continue to explore ways to improve revenue growth while strengthening its operational and productivity efficiencies. The Board is of the view that, barring unforeseen circumstances, the financial performance and prospects of the Group will be satisfactory in the remaining of the financial year.