---企业消息，公司将把股价推至合理价。估计rm1.80,
在上市R E I T後，東南物流將袋入一大筆現金，成為零債務公司。
東南物流還在探討如何從這次的企業活動為投資者創造價值。
股東們或許會得到以REIT股份代替的股息，或最少，他們可以有權利認購。
1)
强化财政设REIT 东南通运拟分拆业务
18/10/201519:36
（吉隆坡18日讯）本地运输公司东南通运控股有限公司（TNLOGIS，8397，贸易服务组）最终将会在2016下半年分拆其仓库业务，并成立一个实业投资信托基金（REIT）来接手经营上述业务。此举可释放该项资产价值，以及减轻其债务负担。
据知情人士透露，东南通运最终将会持有该实业信托不少于40％股权。
据悉，该实业信托市值可能超过10亿令吉或是超过东南通运目前市值4亿6000万令吉的2.2倍。
该消息人士称：“上述计划很快将会成事，因为它们经已准备就绪。而在获得相关批准时，应该不会发生什么问题，因为东南通运即使在重估前已拥有如此庞大的资产价值。因此，现今它所关注的是定价方面。”
随着拥有2000辆各种功能包括开放式、密封式，有保税和设有冷藏集装箱的货车后，目前东南通运是全马最大的卡车运输公司。
有趣的是，根据市场分析，东南通运将会进行企业活动的可能性很高。
该消息人士说，拟议中的实业信托预计可提供7％的周息率，通常实业信托将90至95％的盈利通过分红来派发给基金单位持有人。
他指出：“该集团还在筹划如何利用今次的企业活动来为股东创造价值。至低限度，它的股东可以得到该实业信托单位作为股息，或者有权认购上述基金单位。”
然而该消息人士拒绝猜测东南通运会否派发特别现金股息予股东。当该信托上市后，东南通运有望获得大量现金，随后就变成了零负债公司。
自2012年起，一直有报道指该家以新山为基地的综合物流服务供应商，有意分拆仓库业务予新成立的实业信托，但不知道它为什么现在才这样做。
针对此事，该集团拒绝发表任何评论。
根据东南通运在2015年年度报告中透露，它在截至2015年3月31日止财政年度，所拥有的土地和建筑物总值4亿9986万令吉。换句话说，假设上述信托总值约10亿令吉，这些产业将会以市账率2倍来厘定价格。
目前，东南通运在全国管理78座仓库，而总储存量达570万平方英尺。
该集团也拥有7座冷冻仓库分别位于甘榜峇鲁河辰、莎阿南，以及雪兰莪州万宜，总面积达50万3341平方英尺，而且是全国其中一家最大冷冻仓库公司。
据了解，在第1阶段中，只有70％的东南通运仓库提供良好的租金收益，因此将被注入该信托。而剩余仓库表现一旦转佳后，也将在稍后阶段注入上述信托。
迄今，它的仓库和冷冻库的使用率分别为96.5％和87％。
经过多年的悉心经营终于没有白费心机，东南通运在截至今年6月30日止的流动比率处于较高的1.32倍，而净负债比率则为0.97倍。通过分拆仓库业务予实业信托后，该集团将有更多空间可向银行借贷。
目前，东南通运的股价是以5.91倍的未来12个月本益比来交易。相比之下，其他物流公司的股价则以两位数的本益比来交易。
http://www.kwongwah.com.my/?p=32369
2)
2015-10-12 17:05
3)
4)
在上市R E I T後，東南物流將袋入一大筆現金，成為零債務公司。
東南物流還在探討如何從這次的企業活動為投資者創造價值。
股東們或許會得到以REIT股份代替的股息，或最少，他們可以有權利認購。
1)
强化财政设REIT 东南通运拟分拆业务
18/10/201519:36
（吉隆坡18日讯）本地运输公司东南通运控股有限公司（TNLOGIS，8397，贸易服务组）最终将会在2016下半年分拆其仓库业务，并成立一个实业投资信托基金（REIT）来接手经营上述业务。此举可释放该项资产价值，以及减轻其债务负担。
据知情人士透露，东南通运最终将会持有该实业信托不少于40％股权。
据悉，该实业信托市值可能超过10亿令吉或是超过东南通运目前市值4亿6000万令吉的2.2倍。
该消息人士称：“上述计划很快将会成事，因为它们经已准备就绪。而在获得相关批准时，应该不会发生什么问题，因为东南通运即使在重估前已拥有如此庞大的资产价值。因此，现今它所关注的是定价方面。”
随着拥有2000辆各种功能包括开放式、密封式，有保税和设有冷藏集装箱的货车后，目前东南通运是全马最大的卡车运输公司。
有趣的是，根据市场分析，东南通运将会进行企业活动的可能性很高。
该消息人士说，拟议中的实业信托预计可提供7％的周息率，通常实业信托将90至95％的盈利通过分红来派发给基金单位持有人。
他指出：“该集团还在筹划如何利用今次的企业活动来为股东创造价值。至低限度，它的股东可以得到该实业信托单位作为股息，或者有权认购上述基金单位。”
然而该消息人士拒绝猜测东南通运会否派发特别现金股息予股东。当该信托上市后，东南通运有望获得大量现金，随后就变成了零负债公司。
自2012年起，一直有报道指该家以新山为基地的综合物流服务供应商，有意分拆仓库业务予新成立的实业信托，但不知道它为什么现在才这样做。
针对此事，该集团拒绝发表任何评论。
根据东南通运在2015年年度报告中透露，它在截至2015年3月31日止财政年度，所拥有的土地和建筑物总值4亿9986万令吉。换句话说，假设上述信托总值约10亿令吉，这些产业将会以市账率2倍来厘定价格。
目前，东南通运在全国管理78座仓库，而总储存量达570万平方英尺。
该集团也拥有7座冷冻仓库分别位于甘榜峇鲁河辰、莎阿南，以及雪兰莪州万宜，总面积达50万3341平方英尺，而且是全国其中一家最大冷冻仓库公司。
据了解，在第1阶段中，只有70％的东南通运仓库提供良好的租金收益，因此将被注入该信托。而剩余仓库表现一旦转佳后，也将在稍后阶段注入上述信托。
迄今，它的仓库和冷冻库的使用率分别为96.5％和87％。
经过多年的悉心经营终于没有白费心机，东南通运在截至今年6月30日止的流动比率处于较高的1.32倍，而净负债比率则为0.97倍。通过分拆仓库业务予实业信托后，该集团将有更多空间可向银行借贷。
目前，东南通运的股价是以5.91倍的未来12个月本益比来交易。相比之下，其他物流公司的股价则以两位数的本益比来交易。
http://www.kwongwah.com.my/?p=32369
2)
2015-10-12 17:05
（吉隆坡12日訊）東南物流（TNLOGIS，8397，主板貿服組）醞釀分拆倉庫至產業信託降低負債率，分析員看好將受惠於依斯干達及新加坡市場。
該公司創立於1975年，並持續拓展為區域最大物流供應商，1992年在大馬交易所上市，至今業務版圖包括柬埔寨、越南及中國，提供的服務包括全方位物流、運送、倉庫、轉運、冷鏈、起重機服務、科技配置、工程貨物、產業發展及其他服務。
豐隆研究指出，東南物流不只擁有倉庫，也持有土地，促使未來有足夠土地進行拓展。
“這有助於保障顧客隨時隨地可租用倉庫的關鍵因素，相信將顯著區分東南物流與其他物流業者。”
擁7發展項目
總值14億
總值14億
產業發展方面，該公司興建小型工業區及客制化倉庫，目前有7個發展項目，發展總值14億令吉。
“看好該公司將受惠於依斯干達及新加坡迅速成長的物流市場，因對比新加坡，一些南馬跨國企業更愛選用物廉價美的柔佛物流供應商。”
在柔佛，倉庫平均租金為每平方尺2令吉50仙，新加坡則為3新元。另外，東南物流也將從新元走強中受惠，因有約15%營業額以新元計。
豐隆研究表示，該公司約75%保留盈餘將用於資本開銷，包括累積地庫及興建倉庫，導致負債率走高，也未設立派息政策。
“該公司正在醞釀分拆倉庫至產業信託結構，以降低負債率，但目前未設定任何時間期限，若把所有倉庫注入產托，東南物流資產值在大馬18間產托中排名16名。”
豐隆研究認為，該公司面臨的風險包括製造／貿易領域成長比預期緩慢問題。
正面因素包括新元走強、跨太平洋夥伴關係協定（TPP）簽約促進進口及多元化客戶來源抵銷單一領域效應，負面因素為高資本需求。
“該公司以不及7倍本益比及低於同儕平均11倍本益比交易，週息率3.5%，對比同儕的平均2.2%，令其成為最廉宜的全方位物流業者。”
不過，豐隆研究並未給予評級及目標價。（星洲日報／財經‧報導：郭曉芳）
3)
Tiong Nam Logistics - Total logistic player
Author: kltrader | Publish date: Mon, 12 Oct 2015, 09:43 AM
Highlights
- Tiong Nam was founded in 1975 and continuously expands to become one of the largest total logistic providers in the region. Debuted on Bursa Malaysia in 1992, today, Tiong Nam also has presence in Cambodia, Vietnam and China.
- Services offered includes (1) Total Logistic; (2) Transporting; (3) Warehousing; (4) Forwarding; (5) Cold Chain; (6) Crane Services; (7) Technology Deployment; (8) Project Cargo; (9) Property Development; and (10) Other Services (Figure #1).
- Tiong Nam does not only own the warehouses, they also own the land title. In fact, they have a sizable land bank which can be used for future expansion. We think this is a crucial factor which guaranteed thei r customers that warehouses are available at any point of time and location. As such we believe that this is the key element which differentiates Tiong Nam from other logistic players.
- On property development, Tiong Nam is involves in construction of small industrial parks and customised warehouses. At present, they have seven projects in thei r hands with total GDV of RM1.4bn (Figure #3).
- We think that Tiong Nam will benefit from the growing logistic industry in Iskandar Malaysia as well as Singapore, because some multi-national companies at the southern tip choose logistic provider in Johor rather than Singapore. We understand that average rental of warehouse in Johor is RM2.50 psf versus S$3.00 psf in Singapore.
- Tiong Nam is also riding on the strong Singapore dollar as approximately 15% of revenue is in S$.
- We gathered that circa 75% of retained earnings will be used for capital expansion (i.e. accumulate landbank, buildup warehouses) and this explains the issue of high gearing ratio faced by the company. No dividend policy.
- The company is mulling potential of spinning off its warehouses under a REIT structure as part of the alternatives to bring down the gearing ratio. Assuming all the warehouses are REIT-ed, Tiong Nam will be ranked at #16 (by asset value) out of 18 REIT players in Malaysia (Figure #4). However, no timeline was given on such exercise.
Risks
- Slower than expected manufacturing/trade industry.
Forecasts
- None.
Rating
- Positives – (1) Appreciation of S$; (2) Signing of TPP to induce import; and (3) Diversified clientele to mitigate impact on specific industry.
- High capex requirement.
Valuation
- Currently trading at undemanding valuation of less than 7x P/E (peers average of 11x), P/B of 1.0x (peers average of 1.3x), and dividend yield of 3.5% (peers average of 2.2%); making it the cheapest pure play on total logistic player theme (Figure #6).
4)
Insider Asia’s Stock Of The Day: TNLOGIS (12/08/2015)
Author: Tan KW | Publish date: Wed, 12 Aug 2015, 01:27 PM
FOUNDED in 1975, Tiong Nam (Fundamental: 1.3/3, Valuation: 1.8/3) has grown into one of the country’s largest total logistics and warehousing services provider. Leveraging on its logistics network and large landbank, it ventured into property development in 2011, focusing on industrial properties in the Klang Valley and Johor.
The company’s logistics business has fared well, operating profit growing from RM35 million in FYMar2013 to over RM60 million in FY15. This is a relatively steady business with positive outlook.
With over 1,900 trucks, Tiong Nam offers a comprehensive range of road transportation services, ranging from cold-room transportation to cross-border transportation. Additionally, it has over 60 warehouses, including bonded and cold rooms warehouses.
Tiong Nam has maintained above-average margins in this highly competitive industry. Moving forward, it will be investing in greater automation and a RM100 million multi-storey warehouse to further improve its capabilities and cost efficiency.
The property arm, on the other hand, could see some gyrations — depending on the overall outlook for the sector. Strong earnings in the past 2 years — operating profit rising from RM10 million in FY13 to over RM81 million in FY15 — have boosted overall earnings for the company.
Its RM409 million unbilled sales — twice its property development revenue in FY15 — should support near-term earnings. But over the longer-term, this level of profits may not be sustainable.
Having said that, valuations are not expensive — even if property earnings drop — at trailing 12-month P/E of 6.2 times and P/B of 1.0 times. Yield is also decent at 3.6%, based on proposed final dividend of 4 sen per share for FY2015.
Whilst gearing is high at 89.5%, we believe the bulk of this is tied to its property investments. Land and buildings make up bulk of its RM567 million property, plant and equipment, whose value can be crystallised if say, the company injects its warehouses into a real estate investment trust (REIT).
This article first appeared in digitaledge Daily, on August 12, 2015.
http://www.theedgemarkets.com/my/article/insider-asia%E2%80%99s-stock-day-tiong-nam-logistics-holdings
The company’s logistics business has fared well, operating profit growing from RM35 million in FYMar2013 to over RM60 million in FY15. This is a relatively steady business with positive outlook.
With over 1,900 trucks, Tiong Nam offers a comprehensive range of road transportation services, ranging from cold-room transportation to cross-border transportation. Additionally, it has over 60 warehouses, including bonded and cold rooms warehouses.
Tiong Nam has maintained above-average margins in this highly competitive industry. Moving forward, it will be investing in greater automation and a RM100 million multi-storey warehouse to further improve its capabilities and cost efficiency.
The property arm, on the other hand, could see some gyrations — depending on the overall outlook for the sector. Strong earnings in the past 2 years — operating profit rising from RM10 million in FY13 to over RM81 million in FY15 — have boosted overall earnings for the company.
Its RM409 million unbilled sales — twice its property development revenue in FY15 — should support near-term earnings. But over the longer-term, this level of profits may not be sustainable.
Having said that, valuations are not expensive — even if property earnings drop — at trailing 12-month P/E of 6.2 times and P/B of 1.0 times. Yield is also decent at 3.6%, based on proposed final dividend of 4 sen per share for FY2015.
Whilst gearing is high at 89.5%, we believe the bulk of this is tied to its property investments. Land and buildings make up bulk of its RM567 million property, plant and equipment, whose value can be crystallised if say, the company injects its warehouses into a real estate investment trust (REIT).
This article first appeared in digitaledge Daily, on August 12, 2015.
http://www.theedgemarkets.com/my/article/insider-asia%E2%80%99s-stock-day-tiong-nam-logistics-holdings
