2018年2月2日星期五

Astino 7162南亞集团:我的成长与价值股。


1)公司计划尽快制造一系列新的屋面瓦和屋架产品,我们希望能在2018年提高我们的年产量。”
在截至7月31日的2017财年,产量为11.4万吨,包括建筑材料,屋面产品和农业综合体系。
在Nibong Tebal新建的5千万令吉工厂中,Ng表示,2019年完工将使产量从目前的12万吨提高10%。
“有了额外的产能,公司可以计划增加对东盟国家出口销售的贡献。
他补充说:“阿斯蒂诺对菲律宾,印度尼西亚和越南的出口创造了集团年收入的10%左右。
据黄先生介绍,新工厂将提升集团在北方地区的竞争优势,从而占领新的市场份额。
2)迄今为止,阿斯蒂诺集团在槟城(3间厂),雪兰莪(2间),马六甲(1)和彭亨(1),拥有7个生产设施。第八间厂房将会于今年7月开始生产。
黄先生补充说,中部地区仍是全国重点市场。
3)一家每年营业过5亿多的公司,拥7间工厂,第8间今年7月底会建设好,有从cscsteel 取得原材料,
专业加工至成品出售,生产金属屋顶与建材,品质佳。
今明年是公司的好年,净利隨钢价好而产品售价赚副也提升,达6.9%的净赚副,

马币回升加上新厂房第三季或年底开始生产,国内外营业持续增長,
今明年净利将破新高且紅股派发机会大,Astino 的成本转价能力好,马币上升对扁钢採购更具优势了,老板一步一脚印发展至今快拥8间厂房,是正派的生意人,想信黄老板会帶領公司步入另一高峰。買入並持有是良策。
4)去年2017年7月止全年Eps=12.59 sen,
取今年10至15%成長算:
2018年7月止的Eps=12.59+(1.259 至1.888)=13.85 至14.47 sen
取Pe=10 至12倍,股价=Rm1.38 至1.44
5)新厂房花5千万建设,如看不到前景你要丢下這笔钱吗?值得深思。
只供参考,買卖自负。

Astino aims to post 5% growth for 2018 financial year

TheStarMon, Jan 29, 2018 - 4 days ago



NIBONG TEBAL: Building material manufacturer Astino Bhdaims to achieve 5% growth for the 2018 financial year ending July 31, despite a slowdown in the construction industry.
Group managing director Ng Back Teng (pic) told StarBiz that a slight growth could be expected as the cost of steel
had increased by about 20% over the past 12 months.
“We expect to grow about 5% for the first six months of our 2018 financial year.
“Much of the growth was experienced in the first quarter,” he added.
The group posted RM9.5mil in after tax profit on the back of a RM138.7mil turnover, compared to RM5.5mil and
RM113mil achieved in the previous year’s corresponding period.
The construction industry is so far about 20% down from 2017, according to Ng.
“But if the price of steel remains the same in 2018, we could see slight growth of about 5% for the current financial
year ending July 31,” he added.
Moving on, Ng said the group would introduce new building materials to widen its domestic market share in 2018.
“When our eighth manufacturing facility is ready for operations this July, the yearly output for 2018 should go up
 to about 120,000 tonnes from 114,000 in 2017.
“In 2019, we can expect a further 10% increase for our yearly output.
“The investment for this eighth facility is expected to be RM50mil,” he said.
At present, the group has three manufacturing plants in Penang, two in Selangor, one in Malacca, and one in Pahang.
The group is also working to increase the contribution of its export revenue.
“Currently, we are experiencing growth in the orders for our agro-houses used in the poultry industry.
“The demand for our agro-houses are coming from the Philippines, Indonesia, Vietnam, and Bangladesh.
“Last year, the export revenue was about 10% of our annual revenue.
“By 2019, the contribution has the potential to increase to between 15% and 20%,” he added.
Penang Master Builders & Building Materials Dealers Association immediate past president Datuk Lim Kai Seng
 said that although there would be fewer construction jobs given out in the country this year, the cost of construction
would not be affected.
“This is because the price of steel has increased by about 20% since last year due to shortage.
“The current price is around RM2,710.00 per tonne, compared to RM2,260.00 per tonne in 2017.
“The levy on foreign workers has been imposed since Jan 1.
“This would raise the cost of construction rather than put pressure on pricing,” he added.
The freeze on the development of properties priced above RM1mil would cut down the jobs to be given out this year
 by 20%, he said.
According to Transparency Market Research’s report on the “Roofing Market – Global Industry Analysis, Size,
Share, Growth, Trends and Forecast, 2016-2024”, the global roofing market is projected to reach US$124.5bil by 2024
from US$71.23bil in 2015.
转自 Rh research ,谢谢作者细心分析: 
南亚 ASTINO - 绿色农房业务潜能巨大 

ASTINO创办于1987年,在2003年上市于大马主要板。成立初期,集团主要从事金属屋顶和其他建筑相关产品的生产活动,产品包括C-Purlin、桁架和板条 
(Truss & Batten)、管道、脚手架 (Scaffolding) 等等。 

作为建筑材料和屋顶产品制造商,ASTINO在本地拥有六间厂房,其中两间在槟城,两间在雪兰莪州,一间在彭亨州,另一间在马六甲。目前,
其年产能为114,000吨金属屋顶和建筑材料。 
ASTINO的第七间位于槟城Nibong Tebal的新厂房处于建设当中,预计可在2018年第三季度投入运作。届时,这新厂房可额外提高总产量约10%,
预计可更好地迎合本地及海外市场的需求。 

另一方面,ASTINO将在FY18推出新屋顶产品和其他商业大楼广泛使用的建材,以争取更多新的市场份额。集团计划生产一系列新的金属屋顶瓦片及屋架产品。
根据执行董事Mr. Ng,新产品的推出是有必要的,主要因为本地和海外的潜在市场非常巨大,并且也拥有不少机会。 

除了金属屋顶业务,ASTINO通过旗下持有100%的子公司Agro-House Multi System,为现代家禽业的各类禽舍 (Poultry House) 提供先进的经济和
环保解决方案。 

对于不了解的股友,集团提供的系统及产品质量非常可靠,而且成本效益高,容易进行维护工作,以及拥有安全卫生环境。这类型的解决方案最适合家禽生产,
如小鸡、肉鸡、母鸡和鸡蛋房舍。 

Agro-House Multi系统的建设主要使用轻型钢结构系统,以消除对内部支柱的依赖。钢结构和面板均不需在现场预制,而现场工作仅集中于装配工作,
以缩短施工周期。与传统养禽场相比,这系统提供更广阔的空间及卫生的环境,而无需频密进行维护。 

在2016年,柔佛、马六甲、槟城等多个州正式实施“现代化养猪场系统计划”,州内所有养猪场必须在3年内转型成封闭式养猪场。所有的养猪场均需要4项设备,
即封闭式的猪寮、零废水排放的废物管理系统、距离公共设施至少200公尺以及推行良好的饲养作业。 

据了解,转型的费用庞大,单单是为一只猪建一个封闭式猪寮,基本设备就要动用RM15,000,尚不包括肥料处理的工具。若有大约1,000只大小猪,
设立封闭式猪寮需耗资超过RM10m。 

根据统计,槟城拥有182家养猪场,而截至去年3月仅有11家已从传统养殖方式转型至封闭式养猪场。由于ASTINO为各类养殖场提供先进的经济和环保解决方案,
而且厂房也坐落在槟城,集团如无意外将受惠于实施猪寮封闭系统的强制性要求。 

由于本地的潜在市场非常巨大,ASTINO的绿色农房业务贡献有望在未来大幅度增长。单单是槟城一州就已有超过100家猪寮还未转型。以一家猪寮平均RM5m的
资本开销,槟城潜在的市场已高达RM500m。值得一提,封闭式猪寮已在全国实施,而ASTINO有望从中分一杯羹。 

假设政府在未来建议把养鸡场一同转型为封闭式农场,届时ASTINO的成长空间有望进一步扩大。目前,柔佛共有846家养鸡场,当中仅有30%属于封闭式农场,
其余为老字号的开放式农场。目前,ASTINO的绿色农房业务仅占全年营业额的10%左右。本地市场的潜能可想而知。 

整体而言,ASTINO是一家基本面稳健,不曾在任何财年蒙受亏损,而且极为少见低本益比的企业。自2003年在大马交易所上市以来,集团不曾获任何投行进行研究、
追踪或者给予评级。 

ASTINO过去4个季度的每股盈利为14仙。以标准10倍PE计算,其每股潜在价值为RM1.40。 

本专页曾在1月2日推出ASTINO的详细报告给予订阅者们,而当时的股价仅是RM1.00。对于2月股票分析报告以及业绩点评服务有兴趣的股友,可私下PM本专页! 

#ASTINO 
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