rm3.00 以上不成问题,warrant 是穩赚,
可能Q3 有股息,美丽业积 帶动股价向上,利空(工厂火患己过),保险金可抵销部份损失,
股东开始推升价位于股票分拆前！股价会说话的，pohuat近期下跌到rm2.50时,之后都会上回来至rm2.90附近,
这次在汇率,公司产量的利好下,Q3业绩肯定亮点,配合股票拆散和送WARRAT
运动,想信可走高至RM3.00-3.40于股票分拆前.幸福的未来已看到.1)
可能Q3 有股息,美丽业积 帶动股价向上,利空(工厂火患己过),保险金可抵销部份损失,
股东开始推升价位于股票分拆前！股价会说话的，pohuat近期下跌到rm2.50时,之后都会上回来至rm2.90附近,
这次在汇率,公司产量的利好下,Q3业绩肯定亮点,配合股票拆散和送WARRAT
运动,想信可走高至RM3.00-3.40于股票分拆前.幸福的未来已看到.1)
Insider Asia’s Stock Of The Day: POHUAT (08/09/2015)
Author: Tan KW | Publish date: Tue, 8 Sep 2015, 10:11 AM
POH HUAT (Fundamental: 2.1/3, Valuation: 2.4/3) reported a fire incident at its facilities in Binh Duong, Vietnam, on August 24, involving a factory building and warehouse measuring about 10,530m2.
Total damages are estimated at US$2.4 million. This includes damages for factory buildings, ancillary structures and installation (US$431,528 or RM1.9 million), plant and machinery (net book value of US$283,667 or about RM1.2 million) as well as work-in-progress furniture parts, finishing materials and finished goods with carrying value of approximately US$1,654,097 or equivalent to RM7.2 million.
Management has stated that all of the assets, materials and finished goods are fully insured and is expected to have minimal disruption on its business, of about 5 days in regards to the affected facilities.
In the meantime, the larger of its two facilities in Vietnam, the factories in Dong Nai would be used to mitigate the production and delivery interruptions. The company also plans to increase production hours from a single shift of 12 hours to two 10-hour shifts to replenish the lost shipments.
Despite the fire, which will impact financials in the near-term, we believe that the underlying fundamental for Poh Huat remains intact.
To recap, Poh Huat is a pioneer in high-tech, eco-friendly manufacturing, using natural veneer, solid and reconstituted wood-panels in lieu of timber. Its furniture range is marketed under ‘AT Office Systems’ and ‘AT Home Systems’. The company has manufacturing plants in Vietnam, Malaysia and South Africa. Vietnam shipped some 62.6% of total sales in FYOct2014.
Last month, the company proposed a 1-to-2 share split and a 1-for-4 bonus issue of warrants. The share split will subdivide every 1 ordinary share of RM1 to 2 shares of 50 sen each.
For 1HFY2015, net profit grew an outsized 43.2% to RM12.7 million on the back of a 11.8% increase in revenue to RM201.3 million, boosted by improved efficiency and economies of scale as well as increased new product orders from a broader customer base.
This article first appeared in digitaledge Daily, on September 9, 2015.
2)
Total damages are estimated at US$2.4 million. This includes damages for factory buildings, ancillary structures and installation (US$431,528 or RM1.9 million), plant and machinery (net book value of US$283,667 or about RM1.2 million) as well as work-in-progress furniture parts, finishing materials and finished goods with carrying value of approximately US$1,654,097 or equivalent to RM7.2 million.
Management has stated that all of the assets, materials and finished goods are fully insured and is expected to have minimal disruption on its business, of about 5 days in regards to the affected facilities.
In the meantime, the larger of its two facilities in Vietnam, the factories in Dong Nai would be used to mitigate the production and delivery interruptions. The company also plans to increase production hours from a single shift of 12 hours to two 10-hour shifts to replenish the lost shipments.
Despite the fire, which will impact financials in the near-term, we believe that the underlying fundamental for Poh Huat remains intact.
To recap, Poh Huat is a pioneer in high-tech, eco-friendly manufacturing, using natural veneer, solid and reconstituted wood-panels in lieu of timber. Its furniture range is marketed under ‘AT Office Systems’ and ‘AT Home Systems’. The company has manufacturing plants in Vietnam, Malaysia and South Africa. Vietnam shipped some 62.6% of total sales in FYOct2014.
Last month, the company proposed a 1-to-2 share split and a 1-for-4 bonus issue of warrants. The share split will subdivide every 1 ordinary share of RM1 to 2 shares of 50 sen each.
For 1HFY2015, net profit grew an outsized 43.2% to RM12.7 million on the back of a 11.8% increase in revenue to RM201.3 million, boosted by improved efficiency and economies of scale as well as increased new product orders from a broader customer base.
This article first appeared in digitaledge Daily, on September 9, 2015.
2)
PublicInvest Research Headlines - 2 Sep 2015
Economy
Global: IMF's Lagarde sees weaker than expected global economic growth. Global economic growth is likely to be weaker than earlier expected, the head of the IMF said, due to a slower recovery in advanced economies and a further slowdown in emerging nations. IMF MD Christine Lagarde also warned emerging economies like Indonesia to "be vigilant for spillovers" from China's slowdown, tighter global financial conditions, and the prospects of a US interest rate hike. (Reuters)
US: Manufacturing sector growth slows in Aug. The pace of growth in the US manufacturing sector slowed in Aug to its weakest in over two years, according to an industry report. The ISM said its index of national factory activity fell to 51.1 from 52.7 the month before, marking the lowest reading since May 2013. The reading was shy of the expected 52.6, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector. (Reuters)
EU: Euro zone unemployment falls to three-year low in July. Unemployment in the euro zone unexpectedly fell to its lowest level in more than three years in July with a sharp decline in the volatile figure in Italy. The European Union's statistics office Eurostat said that euro zone unemployment was 10.9% in July, the first time below 11% since Feb 2012. (Reuters)
EU: Euro zone factory growth eases in Aug despite modest price rises. Euro zone manufacturing growth eased last month, despite factories barely raising prices, adding to the ECB's woes as it battles to spur expansion and inflation. Tuesday's disappointing readings come almost half a year after the ECB began pumping EUR60bn a month of fresh cash into the economy and a day after official data showed inflation in the 19-country bloc at just 0.2%. (Reuters)
China: Weak Aug factory, services point to further economic slowdown. Activity in China's factory sector shrank at its fastest rate in at least three years in August as domestic and export orders tumbled, hitting global markets and increasing fears that the world's second-largest economy may be heading for a hard landing. Even more worrying, China's services sector, which has been one of the lone bright spots in the sputtering economy, also showed signs of cooling. (Reuters)
Global: IMF's Lagarde sees weaker than expected global economic growth. Global economic growth is likely to be weaker than earlier expected, the head of the IMF said, due to a slower recovery in advanced economies and a further slowdown in emerging nations. IMF MD Christine Lagarde also warned emerging economies like Indonesia to "be vigilant for spillovers" from China's slowdown, tighter global financial conditions, and the prospects of a US interest rate hike. (Reuters)
US: Manufacturing sector growth slows in Aug. The pace of growth in the US manufacturing sector slowed in Aug to its weakest in over two years, according to an industry report. The ISM said its index of national factory activity fell to 51.1 from 52.7 the month before, marking the lowest reading since May 2013. The reading was shy of the expected 52.6, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector. (Reuters)
EU: Euro zone unemployment falls to three-year low in July. Unemployment in the euro zone unexpectedly fell to its lowest level in more than three years in July with a sharp decline in the volatile figure in Italy. The European Union's statistics office Eurostat said that euro zone unemployment was 10.9% in July, the first time below 11% since Feb 2012. (Reuters)
EU: Euro zone factory growth eases in Aug despite modest price rises. Euro zone manufacturing growth eased last month, despite factories barely raising prices, adding to the ECB's woes as it battles to spur expansion and inflation. Tuesday's disappointing readings come almost half a year after the ECB began pumping EUR60bn a month of fresh cash into the economy and a day after official data showed inflation in the 19-country bloc at just 0.2%. (Reuters)
China: Weak Aug factory, services point to further economic slowdown. Activity in China's factory sector shrank at its fastest rate in at least three years in August as domestic and export orders tumbled, hitting global markets and increasing fears that the world's second-largest economy may be heading for a hard landing. Even more worrying, China's services sector, which has been one of the lone bright spots in the sputtering economy, also showed signs of cooling. (Reuters)
US: Manufacturing sector growth slows in Aug. The pace of growth in the US manufacturing sector slowed in Aug to its weakest in over two years, according to an industry report. The ISM said its index of national factory activity fell to 51.1 from 52.7 the month before, marking the lowest reading since May 2013. The reading was shy of the expected 52.6, according to a Reuters poll of economists. A reading above 50 indicates expansion in the manufacturing sector. (Reuters)
EU: Euro zone unemployment falls to three-year low in July. Unemployment in the euro zone unexpectedly fell to its lowest level in more than three years in July with a sharp decline in the volatile figure in Italy. The European Union's statistics office Eurostat said that euro zone unemployment was 10.9% in July, the first time below 11% since Feb 2012. (Reuters)
EU: Euro zone factory growth eases in Aug despite modest price rises. Euro zone manufacturing growth eased last month, despite factories barely raising prices, adding to the ECB's woes as it battles to spur expansion and inflation. Tuesday's disappointing readings come almost half a year after the ECB began pumping EUR60bn a month of fresh cash into the economy and a day after official data showed inflation in the 19-country bloc at just 0.2%. (Reuters)
China: Weak Aug factory, services point to further economic slowdown. Activity in China's factory sector shrank at its fastest rate in at least three years in August as domestic and export orders tumbled, hitting global markets and increasing fears that the world's second-largest economy may be heading for a hard landing. Even more worrying, China's services sector, which has been one of the lone bright spots in the sputtering economy, also showed signs of cooling. (Reuters)
Markets
Poh Huat: Fire in Vietnam causes damages of USD2.4m. The fire that razed several buildings of Poh Huat Resources Holdings’ unit Poh Huat Furniture Industries Vietnam Joint-Stock Company (Poh Huat Vietnam) on Aug 23 has amounted to a combined damage of USD2.4m (RM9.9m). The fire, which lasted from 3.20am till 10.15am the same day, occurred at two factory blocks housing a finishing line and a finished goods warehouse measuring about 1.053ha. Listing its damages, Poh Huat Resources said the total net book value of the damaged factory buildings, ancillary structures and installation is USD431,528 (RM1.8m). (Financial Daily)
Poh Huat: Fire in Vietnam causes damages of USD2.4m. The fire that razed several buildings of Poh Huat Resources Holdings’ unit Poh Huat Furniture Industries Vietnam Joint-Stock Company (Poh Huat Vietnam) on Aug 23 has amounted to a combined damage of USD2.4m (RM9.9m). The fire, which lasted from 3.20am till 10.15am the same day, occurred at two factory blocks housing a finishing line and a finished goods warehouse measuring about 1.053ha. Listing its damages, Poh Huat Resources said the total net book value of the damaged factory buildings, ancillary structures and installation is USD431,528 (RM1.8m). (Financial Daily)
Source: PublicInvest Research - 2 Sep 2015
3)
越南工厂上月火患 堡发损失990.7万
2015-09-02 08:18
（吉隆坡1日讯）堡发资源（POHUAT，7088，主板消费产品股）越南上月厂房失火，造成236万9295美元（约990万6615令吉）的净账面损失。
子公司堡发家具工业越南联股公司（简称PHFIV），在平阳省（Binh Duong）的工厂于上月23日发生火灾。
这座工厂拥有一条加工生产线，还有一座面积1万530平方米的仓库，当中储藏着交付给美国客户的货物。
堡发资源向马交所报备，烧毁的厂房、附属建筑物和设施的净账面价值为43万1528美元（约180万4326令吉）。
至于殃及厂房、机械包括喷涂托盘、输送系统、木工机械、消防系统、电源装置和货架系统，净账面价值为28万3667美元（约118万6080令吉）。
另外，被大火烧毁的制造中家具配件，以及完工的材料和家具的净账面价值，约165万4097美元（约691万6193令吉）。
调动厂房增加作业
在这期间，公司调动同奈省（Dong Nai）的大型厂房，并增加作业时间，从一轮的12小时轮班，增至2轮10小时轮班，以解决受火灾影响的厂房运作，因此对生产工作和交货时间影响不大。
目前正和保险公司协商以取得赔偿，而保险赔偿金将用作重建和维修费，以及资产减值费用。http://www.nanyang.com/node/720865?tid=462
4)
Extract from POHUAT - Circular to Shareholders.pdf
PROSPECTS OF POHUAT GROUP
POHUAT Group is principally involved in the manufacturing and sales of home and office
furniture. The Group conducts its manufacturing operations in Malaysia and Vietnam, and has
distribution networks in Malaysia, Vietnam and South Africa. Via these distribution networks,
the Group's products are exported to more than 40 countries spanning across the Northern
America, the Middle East, Southern Africa, South East Asia and Australasia continents. The
United States of America forms the Group's major export destinations (in revenue terms),
followed by Canada. As such, the Group's prospects are to a certain extent, expected to be
influenced by the aforesaid export destinations' economic conditions, particularly the United
States of America.
As highlighted in Section 4.3 of this Circular, the positive overall economic conditions, lower
unemployment and low interest rates environment in the United States of America may bode
well for its housing market and furniture sales growth. These encouraging fundamentals
coupled with falling commodity prices and appreciation of the United States Dollars ("USD")
may translate to higher disposal income and purchasing power amongst the American
consumers.
Notwithstanding the encouraging fundamentals and recent appreciation of the United States
Dollars, the Board remains mindful of the global environment which is expected to remain
challenging and competitive due to the volatile commodity prices and current developments in
Europe and the Middle East which can have an effect on financial markets and consumer
confidence.
In this respect, the Group continues to adopt a collaborative approach with its long-term
customers in terms of product development and manufacturing programmes, with focus
mainly on the development and launch of new furniture suites to cater to the demands of
these customers. The Group further emphasise on financial discipline when dealing with
suppliers to ensure availability of resources at stable prices, by committing to repeated orders
as well as paying suppliers consistently and on a timely manner. The Group will also continue
with its efforts to rationalise its product offerings with an emphasis on product innovation
which yield better profit margins and enhance overall operations efficiency to ensure costs
competitiveness.
In addition, the Company had vide its announcement dated 24 August 2015, announced that
a fire incident has occurred within its subsidiary company, Poh Huat Furniture Industries
Vietnam Joint Stock Company's ("POHUAT Vietnam") manufacturing facilities in Binh Duong,
Vietnam. The net book value of the damages comprising amongst others, one (1) factory
building, one (1) warehouse and ancillary structures, plant and machinery, work-in-progress
furniture parts and completed furniture goods amounted to approximately USD2.37 million (or
approximately RM9.85 million*) in total. Notwithstanding the incident, production and delivery
interruptions are minimal as POHUAT Vietnam has put in place alternative manufacturing/
warehousing arrangements within its manufacturing facilities in Binh Duong and Dong Nai to
mitigate the loss of production capacity, and has also increased the production hours in its
Dong Nai facility to meet customers' shipments which have been damaged in the incident.
POHUAT Vietnam is in the midst of working with the insurer and adjusters for the insurance
compensation for losses arising from the incident, and that such insurance proceeds, upon
receipt, will be utilised to off-set the relevant reconstruction and repair cost and assets
impairment charges arising from the damaged fixed assets and stocks.
Note:-
* Based on foreign conversion middle rate of USD1.00 : MYR4.156 as quoted on the Bank Negara Malaysia
website as at the LPD
Barring the above and any further unforeseen circumstances, the Board, after having
considered the above as well as the industry overview and outlook as set out in Section 4 of
this Circular, is of the opinion that the prospects for the Group in the immediate term will
remain positive.
Source: PublicInvest Research - 2 Sep 2015
3)
越南工厂上月火患 堡发损失990.7万
2015-09-02 08:18
4)
Extract from POHUAT - Circular to Shareholders.pdf
PROSPECTS OF POHUAT GROUP
POHUAT Group is principally involved in the manufacturing and sales of home and office
furniture. The Group conducts its manufacturing operations in Malaysia and Vietnam, and has
distribution networks in Malaysia, Vietnam and South Africa. Via these distribution networks,
the Group's products are exported to more than 40 countries spanning across the Northern
America, the Middle East, Southern Africa, South East Asia and Australasia continents. The
United States of America forms the Group's major export destinations (in revenue terms),
followed by Canada. As such, the Group's prospects are to a certain extent, expected to be
influenced by the aforesaid export destinations' economic conditions, particularly the United
States of America.
As highlighted in Section 4.3 of this Circular, the positive overall economic conditions, lower
unemployment and low interest rates environment in the United States of America may bode
well for its housing market and furniture sales growth. These encouraging fundamentals
coupled with falling commodity prices and appreciation of the United States Dollars ("USD")
may translate to higher disposal income and purchasing power amongst the American
consumers.
Notwithstanding the encouraging fundamentals and recent appreciation of the United States
Dollars, the Board remains mindful of the global environment which is expected to remain
challenging and competitive due to the volatile commodity prices and current developments in
Europe and the Middle East which can have an effect on financial markets and consumer
confidence.
In this respect, the Group continues to adopt a collaborative approach with its long-term
customers in terms of product development and manufacturing programmes, with focus
mainly on the development and launch of new furniture suites to cater to the demands of
these customers. The Group further emphasise on financial discipline when dealing with
suppliers to ensure availability of resources at stable prices, by committing to repeated orders
as well as paying suppliers consistently and on a timely manner. The Group will also continue
with its efforts to rationalise its product offerings with an emphasis on product innovation
which yield better profit margins and enhance overall operations efficiency to ensure costs
competitiveness.
In addition, the Company had vide its announcement dated 24 August 2015, announced that
a fire incident has occurred within its subsidiary company, Poh Huat Furniture Industries
Vietnam Joint Stock Company's ("POHUAT Vietnam") manufacturing facilities in Binh Duong,
Vietnam. The net book value of the damages comprising amongst others, one (1) factory
building, one (1) warehouse and ancillary structures, plant and machinery, work-in-progress
furniture parts and completed furniture goods amounted to approximately USD2.37 million (or
approximately RM9.85 million*) in total. Notwithstanding the incident, production and delivery
interruptions are minimal as POHUAT Vietnam has put in place alternative manufacturing/
warehousing arrangements within its manufacturing facilities in Binh Duong and Dong Nai to
mitigate the loss of production capacity, and has also increased the production hours in its
Dong Nai facility to meet customers' shipments which have been damaged in the incident.
POHUAT Vietnam is in the midst of working with the insurer and adjusters for the insurance
compensation for losses arising from the incident, and that such insurance proceeds, upon
receipt, will be utilised to off-set the relevant reconstruction and repair cost and assets
impairment charges arising from the damaged fixed assets and stocks.
Note:-
* Based on foreign conversion middle rate of USD1.00 : MYR4.156 as quoted on the Bank Negara Malaysia
website as at the LPD
Barring the above and any further unforeseen circumstances, the Board, after having
considered the above as well as the industry overview and outlook as set out in Section 4 of
this Circular, is of the opinion that the prospects for the Group in the immediate term will
remain positive.
3)
越南工厂上月火患 堡发损失990.7万
2015-09-02 08:18
（吉隆坡1日讯）堡发资源（POHUAT，7088，主板消费产品股）越南上月厂房失火，造成236万9295美元（约990万6615令吉）的净账面损失。
子公司堡发家具工业越南联股公司（简称PHFIV），在平阳省（Binh Duong）的工厂于上月23日发生火灾。
这座工厂拥有一条加工生产线，还有一座面积1万530平方米的仓库，当中储藏着交付给美国客户的货物。
堡发资源向马交所报备，烧毁的厂房、附属建筑物和设施的净账面价值为43万1528美元（约180万4326令吉）。
至于殃及厂房、机械包括喷涂托盘、输送系统、木工机械、消防系统、电源装置和货架系统，净账面价值为28万3667美元（约118万6080令吉）。
另外，被大火烧毁的制造中家具配件，以及完工的材料和家具的净账面价值，约165万4097美元（约691万6193令吉）。
调动厂房增加作业
在这期间，公司调动同奈省（Dong Nai）的大型厂房，并增加作业时间，从一轮的12小时轮班，增至2轮10小时轮班，以解决受火灾影响的厂房运作，因此对生产工作和交货时间影响不大。
目前正和保险公司协商以取得赔偿，而保险赔偿金将用作重建和维修费，以及资产减值费用。http://www.nanyang.com/node/720865?tid=462
4)
Extract from POHUAT - Circular to Shareholders.pdf
PROSPECTS OF POHUAT GROUP
POHUAT Group is principally involved in the manufacturing and sales of home and office
furniture. The Group conducts its manufacturing operations in Malaysia and Vietnam, and has
distribution networks in Malaysia, Vietnam and South Africa. Via these distribution networks,
the Group's products are exported to more than 40 countries spanning across the Northern
America, the Middle East, Southern Africa, South East Asia and Australasia continents. The
United States of America forms the Group's major export destinations (in revenue terms),
followed by Canada. As such, the Group's prospects are to a certain extent, expected to be
influenced by the aforesaid export destinations' economic conditions, particularly the United
States of America.
As highlighted in Section 4.3 of this Circular, the positive overall economic conditions, lower
unemployment and low interest rates environment in the United States of America may bode
well for its housing market and furniture sales growth. These encouraging fundamentals
coupled with falling commodity prices and appreciation of the United States Dollars ("USD")
may translate to higher disposal income and purchasing power amongst the American
consumers.
Notwithstanding the encouraging fundamentals and recent appreciation of the United States
Dollars, the Board remains mindful of the global environment which is expected to remain
challenging and competitive due to the volatile commodity prices and current developments in
Europe and the Middle East which can have an effect on financial markets and consumer
confidence.
In this respect, the Group continues to adopt a collaborative approach with its long-term
customers in terms of product development and manufacturing programmes, with focus
mainly on the development and launch of new furniture suites to cater to the demands of
these customers. The Group further emphasise on financial discipline when dealing with
suppliers to ensure availability of resources at stable prices, by committing to repeated orders
as well as paying suppliers consistently and on a timely manner. The Group will also continue
with its efforts to rationalise its product offerings with an emphasis on product innovation
which yield better profit margins and enhance overall operations efficiency to ensure costs
competitiveness.
In addition, the Company had vide its announcement dated 24 August 2015, announced that
a fire incident has occurred within its subsidiary company, Poh Huat Furniture Industries
Vietnam Joint Stock Company's ("POHUAT Vietnam") manufacturing facilities in Binh Duong,
Vietnam. The net book value of the damages comprising amongst others, one (1) factory
building, one (1) warehouse and ancillary structures, plant and machinery, work-in-progress
furniture parts and completed furniture goods amounted to approximately USD2.37 million (or
approximately RM9.85 million*) in total. Notwithstanding the incident, production and delivery
interruptions are minimal as POHUAT Vietnam has put in place alternative manufacturing/
warehousing arrangements within its manufacturing facilities in Binh Duong and Dong Nai to
mitigate the loss of production capacity, and has also increased the production hours in its
Dong Nai facility to meet customers' shipments which have been damaged in the incident.
POHUAT Vietnam is in the midst of working with the insurer and adjusters for the insurance
compensation for losses arising from the incident, and that such insurance proceeds, upon
receipt, will be utilised to off-set the relevant reconstruction and repair cost and assets
impairment charges arising from the damaged fixed assets and stocks.
Note:-
* Based on foreign conversion middle rate of USD1.00 : MYR4.156 as quoted on the Bank Negara Malaysia
website as at the LPD
Barring the above and any further unforeseen circumstances, the Board, after having
considered the above as well as the industry overview and outlook as set out in Section 4 of
this Circular, is of the opinion that the prospects for the Group in the immediate term will
remain positive.
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