股价到rm2.00不是问题,我收货了,利率上升对seal影响小.
Published: Saturday April 5, 2014 MYT 12:00:00 AM
Updated: Thursday April 17, 2014 MYT 1:42:22 PM
Updated: Thursday April 17, 2014 MYT 1:42:22 PM
Seal sheds messy past
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WITH a host of legacy issues behind it, Seal Inc Bhd, which has its roots in the timber business, looks ready to make a clean break from the past.
Formerly known as Southeast Asia Lumber, the low-profile, Penang-based firm now earns most of its money from property development.
The Main Market-listed Seal is still lumped under the “industrial products” category on the stock exchange, which its management is in no hurry to change.
“Bursa Malaysia has asked us to update our classification, but we said hold on. At the end of the day, the bottom line is more important,” Seal CEO Chuah Chong Ewe tells StarBizWeek.
Little is known about how ownership of Seal changed hands a decade ago, after the previous owner lost control to the current major shareholders.
Seal had also garnered a dubious reputation circa 2004-2005 for being a played-up stock. Past reports indicate that Seal was a “casualty” of unusual trading activities in May 2005, which the company was at a loss to explain.
Its shares had plunged 79% in three days, wiping out RM174mil from its market value. It didn’t help that Seal had RM200mil in accumulated losses and liabilities that exceeded its assets.
In June the same year three Penang-based individuals emerged as substantial shareholders in the company, scooping up a combined 20% following a sharp drop in its share price.
One Tan Lam San obtained the bulk of the shares (8.6%), with the rest going to Fang Siew Poh (5.5%) and Koay Teng Choon (5.1%). Tan had ceased to be a substantial shareholder in 2006, but Fang and Koay have stayed on.
Bursa filings show that Fang, the sister of executive director Doris Fang, currently owns a direct and deemed interest of 19.41% in Seal. Koay, who also sits on the board, has increased his stake to 10.35%.
Under the new management led by Chuah, Seal went through a restructuring that saw it hive off Selayang Mall and land in Seberang Prai to pare down its debts to RM5mil from RM80mil.
Its timber operations were also scaled down tremendously.
“When we took over the company, we could see that timber was a sunset industry. Manufacturing is burdensome – you end up with a lot of paper profit, but it’s stuck in stocks and machinery,” explains Chuah, a corporate lawyer by trade.
Seal had disposed of one of its key timber units, Great Eastern Mills, to a third party several years ago.
“We inherited it, but all it had was lots of debt. And timber concessions with good yield in Kelantan were hard to come by,” Chuah quips.
Great Eastern Mills was eventually sold to a Kelantanese businessman. However, Seal is adamant that it will not exit its remaining timber operations.
The group holds concessions for over 5,500 acres of forest in Perak and 7,000 acres in Kedah, which it has begun logging.
Its timber business was loss-making in the 2013 financial year to the tune of RM5mil, mainly due to non-recurring write-offs and a settlement with trade unions, Doris explains.
Despite making hefty provisions, Seal’s timber arm raked in an operating profit of RM2.3mil.
Perhaps due to its size, Seal is easy to miss as a stock.
It has a share base of only 215.63 million shares, and an even smaller market capitalisation of RM138mil, based on Thursday’s closing price of 64 sen, which is near its best level in two years.
Its free float stands at 63.5%, or 136.8 million shares, Bloomberg data shows. The counter has traded between a one-year peak and trough of 66 sen of 40 sen.
At its current price, Seal is valued at six times earnings and only 0.8 times book. The company has not paid dividends since at least 1991, according to Bloomberg.
For a small cap counter, liquidity is decent at a 30-day average volume of 1.59 million shares. Even without the coverage of analysts, Seal has returned 52.4% over the past one year.
In terms of earnings, the group’s top line grew at a five-year compounded annual growth rate up to 2013 of 36.6% and net profit by 15.5%, although net margins have noticeably slipped from a high of 24.8% in 2009 to 10.7% last year.
For his part, Chuah concedes that Seal has fallen out of favour with some investors, especially those who had had their fingers burnt.
“The market still thinks we are PN17, even though we were never PN17 in the first place. The investing public might not have had the patience to understand what was going on with the restructuring,” he quips.
But that doesn’t seem to give him sleepless nights.
“Being from Penang we live life simply. We wear slippers and cut deals in coffee shops. Maybe life has to change,” he muses.
密封鸡舍凌乱的过去
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与主机的背后遗留问题，公司印章Bhd公司，而其根源木材生意，看起来准备让从过去彻底决裂。
前身为东南亚木材，低调，槟城的一家公司现在的收入大部分收入来自物业发展。
主板市场上市的印章是根据“工业产品”类别的股票交换，而其管理并不急于改变依然集中。
“大马交易所已经要求我们更新我们的分类，但是我们说坚持下去。在一天结束时，底线是更重要的，“海豹首席执行官蔡总创埃维告诉StarBizWeek。
很少有人知道如何密封的所有权转手十年前，后，以前的主人失去了控制，当前的主要股东。
印章也获取了大约2004-2005一可疑的声誉，作为一个打了股票。过去的报告表明，海豹是不寻常交易活动一“伤亡”2005年5月，该公司是在一个无法解释。
其股价曾在三天内暴跌79％，抹去了RM174mil从它的市场价值。它并没有帮助，印章有RM200mil累计亏损和负债超过其资产。
六月同年3槟城为基础的个人成为主要股东于本公司，舀起一合计20％以下的股价大幅下跌。
一谈邋呒圣获得了大量的股份（8.6％）的，其余将萧芳婆（5.5％）和Koay腾俊（5.1％）。谭已不再是主要股东于2006年，但方舟子和Koay留下来。
布尔萨备案证明方，执行董事多丽丝方的妹妹，目前拥有19.41％的密封直接及视作权益。 Koay，谁也坐板，增加了他的持股比例为10.35％。
在新的管理层领导由蔡总，通过密封，看到它在Seberang Prai的分群士拉央广场和土地从RM80mil大肆削减其债务RM5mil重组去了。
其木材业务也被缩减极大。
“当我们接管了公司，我们可以看到，木材是一个夕阳产业。制造业是负担 - 你最终得到了大量的纸张利润，但它停留在股票和机械，解释说：“蔡总，公司律师通过贸易。
密封早在几年前已出售它的一个关键用材单位，大东方米尔斯，给第三方。
“我们继承了它，但所有它必须是大量的债务。和木材特许权具有良好的收益率在吉兰丹是很难得的，“蔡总打趣道。
大东方米尔斯最终被卖给了一个吉兰丹州商人。然而，密封坚持认为它不会退出其剩余木材业务。
本集团持有的让步为超过5,500英亩的森林在霹雳州和7000亩吉打，它已经开始记录。
其木材业务录得亏损在2013财政年度RM5mil的调整，主要是由于非经常性撇销和与工会和解，多丽丝说。
尽管做出巨额拨备，密封的木材胳膊倾斜的RM2.3mil的经营利润。
也许是因为它的大小，印章很容易错过的股票。
它有唯一的215630000股股份为基础，并RM138mil的一个更小的市值，根据64仙，这是近两年来的最好水平，周四的收盘价。
其自由流通量已达63.5％，或1.368亿股，彭博社的数据显示。计数器已经一年峰值的66仙40仙和波谷之间的交易。
在其目前的价格，印章的价值为6倍的市盈率只有0.8倍的市净率。根据彭博公司还没有，因为至少1991年支付的股息。
对于小盘计数器，流动性是体面的1.59亿股，30天的平均成交量。即使没有分析师的覆盖范围，印章已在过去一年内归还52.4％。
在盈利方面，该集团的顶线增长在五年复合年增长率增长至2013年的36.6％，实现净利润15.5％，虽然净利润率已经从2009年的高点24.8％明显下滑至10.7％，去年年。
对他而言，蔡总也承认，印章已经失宠一些投资者，特别是那些谁曾经有过自己的手指烧焦。
“市场仍然认为我们有PN17，即使我们从来没有PN17摆在首位。投资大众可能不会有耐心去了解与重组发生了什么事情，“他打趣道。
但是，这似乎并没有给他寝食难安。
“作为一个来自槟城，我们住的生活简单。我们穿拖鞋和切优惠咖啡店。也许生活必须改变，“他想。
