公司于30/9/2018的库存为马币3.1亿
CASH为5358万
借债为5.88亿
NTA:RM3.29
1.绩效考核:
穆达集团继续在本报告所述期间取得值得称道的成果。收入
截至2018年9月30日的财政期间收入比对应高出11.1％
2017年的增长主要是由于工业用纸的销售价格上涨所致
纸包装产品。工业用纸的较高销售价格与其相关
国际销售价格，而纸包装产品的销售价格较高
通过谈判达成。
在毛利率方面，废纸成本较低，生产成本控制较好，
再加上工业用纸和纸制包装产品的销售价格有所贡献
与2017年同期相比，本集团的毛利率有所改善
与前一个月相比，前九个月的税前利润更高
2017年减少137％。
制造部门:
截至2018年9月30日止财务期间的制造部门的外部收入
2017年同期超过11.8％，主要原因是好转
销售工业用纸和纸包装产品的价格。这些影响
有利的销售价格加上纸包装产品的销量较高
弥补了本报告期内工业用纸销量下降的影响。
截至2018年9月30日止的财务期间制造部门的利润率
与2017年同期相比，已经提高了近两倍，主要原因是效果更好
工业用纸和纸包装产品的销售价格加上原料的减少
材料成本和生产成本的提高。改善的全部影响甚至更大
通过将保险公司的一次性净补偿金排除在310万令吉和15.5令吉之间
截至2018年9月30日及2017年9月30日止财政期间分别为百万元，
这构成了制造部门的部门利润的一部分。
交易部:
截至2018年9月30日止财政期间的收入增加3.2％及该分部
与2017年同期相比，保证金显着改善267％
保证金的改善是由于交易废纸的单位成本减少。
2.与前一季度的比较
本集团本季度的外部收入较上一季度增长7.7％
25美分硬币。这主要是由于工业用纸和纸包装的销量增加
产品。
与上一季度相比，本季度较高的分部利润主要是
归因于制造部门与次要部分的销售价格改善
交易部门的利润率改善。
Performance Review
The Muda Group continues to deliver commendable results for the period under review. Revenue
for the financial period ended 30 September 2018 revenue is 11.1% higher than the corresponding
period in 2017. The increase is mainly attributable to higher selling price of industrial paper and
paper packaging products. The higher selling price for industrial paper is in tandem with its
international selling prices whereas the higher selling prices of paper packaging products are
achieved through negotiated basis.
In terms of gross profit margin, the lower cost of waste paper and better production cost control,
coupled with better selling price of industrial paper and paper packaging products contributed to
improvement in gross margin of the Group compared to the corresponding period in 2017. This has
resulted in higher profit before tax for the first nine months compared to corresponding period in
2017 by 137%.
Manufacturing Division
External revenue for the financial period ended 30 September 2018 in the Manufacturing Division
has exceeded the corresponding period in 2017 by 11.8% which is mainly attributable to better
selling prices of both industrial paper and paper packaging products. The impact from these
favourable selling prices coupled the higher sales volume of the paper packaging products
compensated for the drop in sales volume of industrial paper for the period under review.
Profit margin for the financial period ended 30 September 2018 in the Manufacturing Division
compared to corresponding period in 2017 has improved by almost two fold mainly due to better
selling prices of industrial paper and paper packaging products coupled with reduction in raw
material cost and improved production cost. The full impact of the improvement is even more
apparent by excluding the one-off net compensation from the insurer of RM3.1 million and RM15.5
million for the financial period ended 30 September 2018 and 30 September 2017 respectively,
which formed part of the segment profit for the Manufacturing Division.
Trading Division
Revenue for the financial period ended 30 September 2018 increased by 3.2% and the segment
margin has improved significantly by 267% compared to the corresponding period in 2017. The
improvement in margin is due to the reduction in unit cost of trading waste paper.
2. Comparison with Preceding Quarter
The Group external revenue for current quarter has improved by 7.7% compared to the preceding
quarter. This is mainly due to higher sales volume for industrial paper and paper packaging
products.
Compared to the preceding quarter, the higher segment profit for current quarter is mainly
attributable to improvement in the selling prices in the Manufacturing Division with minor segment
margin improvement in the Trading Division.
CASH为5358万
借债为5.88亿
NTA:RM3.29
@个人点评与估计2018年的全年净利如下:
公司营收将提高，管理层己为未来产能做了准备。
净利:6711万
EPS:22仙
PE:15倍
股价:RM3.30
Muda老板儿子对媒体放话了，2018财年净利勝过2017财年的eps 19.26仙，故我取22仙计大约的股价，
5月最高价2.95/19.26=15倍本益比.
目前的累积3个季度EPS=17SEN,第四季为旺季,估计EPS=10SEN,因此2018全年EPS=27SEN
PE=15
股价=RM4.05
个人分享,投资自负.
http://malaysiastock.biz/Company-Announcement.aspx?id=11016271.绩效考核:
穆达集团继续在本报告所述期间取得值得称道的成果。收入
截至2018年9月30日的财政期间收入比对应高出11.1％
2017年的增长主要是由于工业用纸的销售价格上涨所致
纸包装产品。工业用纸的较高销售价格与其相关
国际销售价格，而纸包装产品的销售价格较高
通过谈判达成。
在毛利率方面，废纸成本较低，生产成本控制较好，
再加上工业用纸和纸制包装产品的销售价格有所贡献
与2017年同期相比，本集团的毛利率有所改善
与前一个月相比，前九个月的税前利润更高
2017年减少137％。
制造部门:
截至2018年9月30日止财务期间的制造部门的外部收入
2017年同期超过11.8％，主要原因是好转
销售工业用纸和纸包装产品的价格。这些影响
有利的销售价格加上纸包装产品的销量较高
弥补了本报告期内工业用纸销量下降的影响。
截至2018年9月30日止的财务期间制造部门的利润率
与2017年同期相比，已经提高了近两倍，主要原因是效果更好
工业用纸和纸包装产品的销售价格加上原料的减少
材料成本和生产成本的提高。改善的全部影响甚至更大
通过将保险公司的一次性净补偿金排除在310万令吉和15.5令吉之间
截至2018年9月30日及2017年9月30日止财政期间分别为百万元，
这构成了制造部门的部门利润的一部分。
交易部:
截至2018年9月30日止财政期间的收入增加3.2％及该分部
与2017年同期相比，保证金显着改善267％
保证金的改善是由于交易废纸的单位成本减少。
2.与前一季度的比较
本集团本季度的外部收入较上一季度增长7.7％
25美分硬币。这主要是由于工业用纸和纸包装的销量增加
产品。
与上一季度相比，本季度较高的分部利润主要是
归因于制造部门与次要部分的销售价格改善
交易部门的利润率改善。
Performance Review
The Muda Group continues to deliver commendable results for the period under review. Revenue
for the financial period ended 30 September 2018 revenue is 11.1% higher than the corresponding
period in 2017. The increase is mainly attributable to higher selling price of industrial paper and
paper packaging products. The higher selling price for industrial paper is in tandem with its
international selling prices whereas the higher selling prices of paper packaging products are
achieved through negotiated basis.
In terms of gross profit margin, the lower cost of waste paper and better production cost control,
coupled with better selling price of industrial paper and paper packaging products contributed to
improvement in gross margin of the Group compared to the corresponding period in 2017. This has
resulted in higher profit before tax for the first nine months compared to corresponding period in
2017 by 137%.
Manufacturing Division
External revenue for the financial period ended 30 September 2018 in the Manufacturing Division
has exceeded the corresponding period in 2017 by 11.8% which is mainly attributable to better
selling prices of both industrial paper and paper packaging products. The impact from these
favourable selling prices coupled the higher sales volume of the paper packaging products
compensated for the drop in sales volume of industrial paper for the period under review.
Profit margin for the financial period ended 30 September 2018 in the Manufacturing Division
compared to corresponding period in 2017 has improved by almost two fold mainly due to better
selling prices of industrial paper and paper packaging products coupled with reduction in raw
material cost and improved production cost. The full impact of the improvement is even more
apparent by excluding the one-off net compensation from the insurer of RM3.1 million and RM15.5
million for the financial period ended 30 September 2018 and 30 September 2017 respectively,
which formed part of the segment profit for the Manufacturing Division.
Trading Division
Revenue for the financial period ended 30 September 2018 increased by 3.2% and the segment
margin has improved significantly by 267% compared to the corresponding period in 2017. The
improvement in margin is due to the reduction in unit cost of trading waste paper.
2. Comparison with Preceding Quarter
The Group external revenue for current quarter has improved by 7.7% compared to the preceding
quarter. This is mainly due to higher sales volume for industrial paper and paper packaging
products.
Compared to the preceding quarter, the higher segment profit for current quarter is mainly
attributable to improvement in the selling prices in the Manufacturing Division with minor segment
margin improvement in the Trading Division.
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