tag:blogger.com,1999:blog-250589152024-03-29T18:52:21.576+08:00Sharetisfy歌词Unknownnoreply@blogger.comBlogger68125tag:blogger.com,1999:blog-25058915.post-66021669362935248022022-06-26T13:08:00.000+08:002022-06-26T13:08:01.467+08:00CHINWEL – Not too late to invest.<p>An update on Chinwel’s 3Q2022 results.</p>
<h4><b>KEY SUMMARY</b></h4>
<p>1. The growth was driven primarily by its Fasteners division where demand from Europe rebounded from the uplift of economy lockdown coupled with the increase in wire rod price.</p>
<p>2. The improved selling price directly translates to a better gross margin for the Group. Chinwel is taking advantage of operating leverage as overheads remain fixed.</p>
<p>3. Given the current market environment where inflation is high and growth is expected to slow (with the increasing interest rate), we would favor value over growth stocks. In this regard, we remain our liking over Chinwel.</p>
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<h4><b>UPDATE ON LATEST QUARTER (JAN – MAR) RESULTS</b></h4>
<figure class="wp-block-image size-large"><img alt="" class="wp-image-2228" height="141" sizes="(max-width: 1024px) 100vw, 1024px" src="https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113204-1024x141.png" srcset="https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113204-1024x141.png 1024w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113204-300x41.png 300w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113204-768x106.png 768w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113204-480x66.png 480w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113204.png 1200w" width="1024" /></figure>
<p>On a QoQ comparison, Chinwel’s performance shows improvements in the top and bottom line. 3Q Revenue and PAT grew by RM20.7m / 14% and RM6.5m / 31%, respectively. PAT margin is at a multi-year high of 16.5%.</p>
<p>The growth was driven primarily by its Fasteners division where demand from Europe rebounded from the uplift of economy lockdown coupled with the increase in wire rod price.</p>
<p>As mentioned in our previous article, the improved selling price directly translates to a better gross margin for the Group. Chinwel is taking advantage of operating leverage as overheads remain fixed.</p>
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<h4><b>UPDATE ON 9MFY22 (JUL – MAR) PERFORMANCE</b></h4>
<figure class="wp-block-image size-large"><img alt="" class="wp-image-2229" height="142" loading="lazy" sizes="(max-width: 1024px) 100vw, 1024px" src="https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113522-1024x142.png" srcset="https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113522-1024x142.png 1024w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113522-300x41.png 300w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113522-768x106.png 768w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113522-480x66.png 480w, https://the1994investor.com/wp-content/uploads/2022/06/Screenshot-2022-06-25-113522.png 1201w" width="1024" /></figure>
<p>Chinwel’s 9MFY22 Revenue and PAT grew by RM99.6m / 27% and RM50.1m / 3.7x, respectively as compared to 9MFY21. The higher selling price of Fasteners is the main contributor to the better performance.</p>
<p>Based on the current run rate, Chinwel is forecast to close FY22 at record-high Revenue (c.RM630m) and PAT (c.RM95m). Key risks to the business in the following year/(s) include:</p>
<ul>
<li>Lower selling price of wire steel rod (higher price means better margin for the Group);</li>
<li>Slowdown in construction activities (Europe, USA, Malaysia);</li>
<li>Constraint with labour supply; and</li>
<li>Oversupply from China (which may lead to another round of price dumping).</li>
</ul>
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<h4><b>VALUATION UPDATES</b></h4>
<a class="pdfemb-viewer" data-height="max" data-toolbar-fixed="off" data-toolbar="bottom" data-width="max" href="https://the1994investor.com/wp-content/uploads/2022/06/cw-fy23-forecast-1.pdf">cw-fy23-forecast-1<br /></a>
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<p>Given the current market environment where inflation is high and growth is expected to slow (with the increasing interest rate), we would favor value over growth stocks. In this regard, we remain our liking over Chinwel for the following reasons:</p>
<ul>
<li>Commodity-based, recession-proof product;</li>
<li>Strong balance sheet with net cash position;</li>
<li>Cash generative business with minimal CAPEX or R&D required;</li>
<li>High dividend yield of 4% – 8%;</li>
<li>Low valuation at below 8x PE; and</li>
<li>Beneficiary of high steel price (operating leverage).</li>
</ul>
<p>Having said the above, there are several risks associated to the industry / business which all should be aware as mentioned above and in my <a href="https://the1994investor.com/10/2021/chinwel-1/stocks-coverage/chinwel/" rel="noreferrer noopener" target="_blank">previous article</a>. Goodluck investing!</p>
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<p><b>Disclaimer</b></p>
<p>I am/we are long CHINWEL. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.</p>
<p>Every investor’s situation is different. Positions can change at any time without warning. Please do your own due diligence and consult with your financial advisor, if you have one, before making any investment decisions. The author is not acting in an investment adviser capacity. The author’s opinions expressed herein address only select aspects of potential investment in securities of the companies mentioned and cannot be a substitute for comprehensive investment analysis. The author recommends that potential and existing investors conduct thorough investment research of their own, including a detailed review of the companies’ Bursa filings. Any opinions or estimates constitute the author’s best judgment as of the date of publication and are subject to change without notice.</p>
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Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-34290164730085953802022-05-29T19:50:00.001+08:002022-05-29T19:50:19.096+08:00🎯CHINWEL 5007 Chin Well Holdings Berhad - 晋纬控股<div>🎯CHINWEL 5007 Chin Well Holdings Berhad - 晋纬控股</div><div><br></div><div>✅晋纬控股创立于1989年,并在1999年上市马股主板,如今是全球最大的碳钢紧固件供应商之一。公司所生产的工业紧固件如螺丝,螺栓及螺母等被广泛应用在电力,基建,家具等行业。</div><div><br></div><div>✅公司在槟城及越南设有生产设施,并在国内外市场确立了强大的分销网络,公司生产的紧固件产品有32%是销售予大马市场,接着是北美市场的29%,欧洲市场的28%,亚洲市场的10%以及中东地区。此外,公司的另一项业务是生产各种线材产品如precision galvanized wire,PVC wire,BRC wire等等。</div><div><br></div><div>✅2021财年的营业额为491.7mil,净利23.4mil。而刚在本周发布的22Q3季报,营业额为167.65mil,净利29.97mil,营业额和净利YoY分别增长了24%和306%,其中紧固件产品业务占了营收的77%,对比去年同期增长了34%,主要归功于欧洲市场的需求回升以及产品在线材价格上涨之下取得更高的平均售价及赚幅。</div><div><br></div><div>✅总结2022财年首9个月的表现,营业额达460.97mil,净利68.38mil,营业额和净利对比去年同期分别增长了27.6%和274%,主要是因为公司的2大业务都在更高的产品平均售价取得较好的赚幅。紧固件产品业务取得了331.15mil的营收,占了总营收的71.8%,按年增长了30.5%,主要是因为更高的产品平均售价贡献了较好的表现,而线材产品业务的营收为129.82mil,按年增长了20.8%,主要是国内的需求在建筑活动恢复后提升。</div><div><br></div><div>✅至于QoQ的表现,22Q3的营收对比22Q2增长了14.11%,净利则增长了41.74%,主要是因为紧固件产品业务在越南解除封锁恢复经济活动后取得更高的营收,QoQ增长了33.3%,此外,公司也将部分运输成本转嫁给客户,从而减少了销售及分销成本。</div><div><br></div><div>✅值得一提的是,欧盟在今年2月开始对中国出口的钢铁紧固件征收22%至86.5%的反倾销税,管理层对此看好公司产品在欧洲市场的销售有望逐渐增加。</div><div><br></div><div>✅此外,管理层透露公司目前正处理所有的积压订单,而欧美的订单已填满了公司直至今年5月的产能。另外,随着越南放宽行动管制恢复经济活动,公司预计越南的业务将会逐渐改善。</div><div><br></div><div>✅另一方面,公司的现金流稳健,是一家净现金的公司,同时也有制定最少40%净利的股息政策,2022财年首9个月的股息为5.4仙。</div><div><br></div><div>✅展望未来,尽管全球市场持续受到不确定因素影响,管理层预计全球的工业紧固件需求将逐渐恢复至疫情前的水平,预期下个季度的表现将比上一个财年好,而线材价格上涨也将让公司受惠其中。现有的越南DIY业务在通过提高欧美市场的分销网络下将继续为公司贡献更高的营收,同时公司也会探讨其他有利公司增长的新业务。因此在排除其他不可预见的因素下,管理层谨慎乐观预期公司将在2022财年交出更好的表现。</div><div><br></div><div>✅技术走势方面,股价从今年3月份最高的RM1.70下滑至RM1.40左右后逐渐回稳,周五收在RM1.49,短期内预料将在RM1.40-RM1.58左右的水平盘整,可以继续关注。</div><div><br></div><div>风险‼️</div><div>✅产品平均售价下滑。</div><div>✅紧固件产品业务复苏不如预期。</div><div><br></div><div>✅免责声明:以上纯属教育/个人分享,并没有任何买卖建议。</div><div><br></div><div>📌如果你觉得这个分享对你有帮助,请like和share,您的鼓励是我们的动力,谢谢大家。🙏</div><div><br></div><div>📌如果您想要享有更低brokerage的股票户口,更好的股票经纪服务,欢迎联络我们:</div><div>📞Call 016-2329317 (Ivan Lee)</div><div>📱Whatsapp: https://api.whatsapp.com/send?phone=60162329317&text=YES,OPENACCOUNT</div><div>📝在FB留言</div><div><br></div><div>#CHINWEL</div><div><br></div><div>https://www.facebook.com/2235578950018567/posts/pfbid02dj6XpozqsQHY9HE2YcTQhbYTuPiTRLzJyynagvgCM5FaGSjzXR59mGXx9a112xG6l/<br></div>Adminhttp://www.blogger.com/profile/02423328634093657906noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-36323748952271927202022-05-28T20:30:00.000+08:002022-05-28T20:30:03.089+08:00营业额和赚幅增 CHINWEL 5007 CHIN WELL HOLDINGS BERHAD 晋纬第三季净利飙涨274%<p>营业额和赚幅增 CHINWEL 5007 CHIN WELL HOLDINGS BERHAD 晋纬第三季净利飙涨274%<br /><br />(吉隆坡27日讯)晋纬控股(Chin Well Holdings Bhd)截至3月杪2022财政年第三季净利按年飙涨274%至6340万令吉,相比上财年同期的1830万令吉。<br /><br />这家紧固件与钢丝产品制造商今日向大马交易所报备,这归功于紧固件与钢丝产品业务的平均售价上升,推高了盈利赚幅。<br /><br />综合2022财年首9个月,该集团的营业额按年扬27.6%至4亿6097万令吉,税前盈利则由2430万令吉,大涨至8711万令吉。<br /><br />鉴于全球线材供应短缺,晋纬控股表示一直在储备原料,以确保有足够的库存满足生产需求。<br /><br />该集团也对前景持谨慎乐观态度,认为尽管全球不确定性持续,但余下季度将比上财年更好,因在可预见的未来,全球工业紧固件需求料逐渐恢复到疫情前的水平。<br /><br />“线材市场价格上涨,预计有利于集团业绩。”<br /><br />该股今日收市报1.49令吉,起4仙或2.76%,市值为4亿4600万令吉。过去一年,股价上升了13.1%。<br /><br />(编译:陈慧珊)<br /><br />http://www.theedgemarkets.com/article/%E8%90%A5%E4%B8%9A%E9%A2%9D%E5%92%8C%E8%B5%9A%E5%B9%85%E5%A2%9E-%E6%99%8B%E7%BA%AC%E7%AC%AC%E4%B8%89%E5%AD%A3%E5%87%80%E5%88%A9%E9%A3%99%E6%B6%A8274<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-57487498143130061832022-04-20T07:50:00.006+08:002022-04-20T07:50:33.974+08:00CHIN WELL HOLDINGS BHD CHINWEL (5007) 的发展史 (螺丝霸王,小螺丝大传奇的故事)<p> CHIN WELL HOLDINGS BHD CHINWEL (5007) 的发展史 (螺丝霸王,小螺丝大传奇的故事)<br /><br /><br />台灣螺絲王國再創新傳奇,岡山蔡家螺絲三兄弟,單一廠區規模就媲美台積電大陸基地的全部面積,光是一個倉庫就有48個足球場大,能做全球一半——2 萬種的螺絲,從1 顆最低1毛創造出超過150 億元的營收,做到全球霸主。<br /><br />十月初,一千二百噸的電力用螺絲運抵美國,轉送到遭強烈颶風卡崔娜吹倒二十萬根電線桿,造成電力供應中斷的紐奧良,一解燃眉之急。一千二百噸,等於全世界一年的電力螺絲用量,全球唯一有能力緊急提供如此龐大用量的廠商,是位於上海附近一家台商螺絲公司──晉億實業。<br /><br />八月二十九日,卡崔娜造成紐奧良地區有史以來最大的風災,美國進口商MIDAS同步向全球各螺絲廠發訂單。所有工廠的回應都是,從生產到交貨,需要四十五天時間,加上海運時間,等於是要到十一月,紐奧良才能恢復電力設施。<br /><br />螺絲「搭電梯」最大倉儲專業物流自動化<br /><br />九月中旬,晉億實業收到訂單,晉億的倉庫裡,本來就庫存有六百噸的電力螺絲,為趕工生產另外六百噸螺絲,晉億位於中國嘉善〈位於上海附近﹞的私人碼頭,馬上運進七百噸的俄羅斯進口鋼材,加工成線材進入生產線,一百七十台高速螺絲成型機,以每分鐘一千根螺絲的速度生產。<br /><br />螺絲離開生產線後,坐上八樓高的「專用電梯」,被送進深不見底自動倉庫內。五天後,一千二百噸螺絲裝上貨櫃,從晉億的工廠直接坐火車到上海,裝上貨櫃輪,十月晉億年產量達558,000 噸,每年所使用的鋼材,相當於可興建76 座巴黎鐵塔。<br /><br />紐奧良重建所需的電力螺絲每顆重達一公斤,所有廠商都是接到訂單才會生產。但是,晉億的倉庫裡,卻庫存有六百萬噸的電力螺絲。晉億,這家一般人很陌生的公司,其實是全世界最大的螺絲公司,不起眼的小螺絲,被稱為工業之米,最便宜的報價不過是新台幣一分一顆,但是,光是生產螺絲,晉億集團〈泛指旗下三家公司﹞年營收達一百五十億元,可生產兩萬種螺絲,占全世界四萬種螺絲的一半。<br /><br />晉億集團在台灣、馬來西亞、越南、中國共有四個工廠,擁有兩家已上市和即將上市的公司。另外,晉億集團的螺絲倉儲與物流系統是全球最大,總容重量達三十萬噸,所存鋼材相當於四十一座巴黎鐵塔的用量。<br /><br />分布在六個國家的七個倉庫隨時庫存兩萬種螺絲,每種都有三個月到一年用量的庫存,以供應全球所需。全美進口的螺絲中,每兩顆螺絲,就有一顆是晉億的產品。這個龐大的螺絲王國,年產量五十五萬八千噸。<br /><br />創造「螺絲城」占地兩千畝帶動衛星工廠<br /><br />做小小螺絲,卻有私人碼頭和私人港口,不僅如此,在中國和馬來西亞,晉億集團還創造「螺絲城」。以嘉善「晉億螺絲城」為例,占地兩千畝〈一百三十三公頃,約等於台北內湖工業園區﹞的城內有近兩百家衛星工廠。<br /><br />再以馬來西亞為例,晉億旗下的晉緯螺絲,占八成市場。而且,晉緯在馬來西亞跨足開發住宅區,面積高達三十公頃,規模直追經營之神王永慶斥資百億元打造的林<br /><br />口養生文化村。<br /><br />螺絲王國的主角,是三個兄弟:大哥蔡永龍現任大陸晉億實業董事長、老二蔡永泉負責馬來西亞和越南廠,目前是晉緯總經理、老三蔡永裕則是台灣晉禾總經理。一九七五年,還是二十歲小伙子的蔡永龍,聽說高雄岡山鎮的螺絲產業正興起,對那裡的螺絲機像印鈔機不斷吐出鈔票的傳言充滿憧憬。國小畢業後,蔡永龍就離開彰化竹塘老家,到岡山的大順螺帽廠,從工廠最低層的黑手開始做起。<br /><br />打進「螺絲窟」湊十萬買設備客廳當工廠<br /><br />在蔡永龍之前,岡山「螺絲窟」早已成形。一九六七年,春雨公司用新台幣四百萬元高價從德國進口螺帽成型機,帶動螺絲產業技術大幅提升,被喻為岡山螺絲業始祖。<br /><br />六年後,三星科技創辦人李淵河發明台灣自製的高速螺帽成型機,李淵河發明問世之前,用車床加工,一分鐘頂多生產十顆螺帽,但螺帽成型機竟然可以在一分鐘內生產出四百顆螺帽,而且品質更好、廢料更少,這讓三星生產的螺帽打遍世界無敵手。李淵河也形容高速螺帽成型機就像是印鈔機,機器每打出一個螺帽就是賺新台幣五角,一分鐘就「印」出了新台幣兩百元。<br /><br />李淵河當選中華民國十大傑出青年時,蔡永龍還只是個螺絲廠小學徒。一九七九年,蔡永龍服完兵役回到岡山,老東家大順螺帽廠已倒閉。蔡永龍選擇自行創業,湊了十萬元,帶著弟弟蔡永泉、蔡永裕自己買機器設備、零組件,組了兩台螺帽成型機,把客廳當工廠,成立晉禾公司開始生產螺帽。<br /><br />晉禾成立時,三星已是年營業額七億元的世界螺絲霸主,春雨更是三十年的老店。蔡永龍三兄弟出身比別人差、起步比別人晚,發展過程中,也遇到難以突破的瓶頸。當時,中鋼供應原料採配額制,以上一年度的採購量,決定下年度原料提取的多寡。而且螺絲業者若想進口原料,還需要中鋼出具證明許可,原料供應制度畫定螺絲廠的事業版圖,大者恆大的局面出現。<br /><br />投資「繳學費」出走海外購錯地買錯設備<br /><br />當時蔡家三兄弟在台灣經營的晉禾企業,一個月獲利已四十萬元,算是富足的中小企業。但是,蔡永龍不滿足,賺錢之外,他要當螺絲業的老大!只是,在中鋼的原料配額制下,他永遠不可能在台灣當上第一。三星、春雨就像是一座座高山橫擋在蔡永龍三兄弟面前,儼然成為一個無法超越的障礙。<br /><br />要擺脫這樣的困境,只有到海外設廠設廠!出國設廠,這在當時是台灣螺絲產業的創舉,也是蔡永龍兄弟螺絲事業的最大轉捩點。這也展現蔡永龍異於同業的膽識。<br /><br />一九八七年,兄弟抱著大破大立的決心,展開前進泰國的計畫,學了一年泰文之後,一九八八年,三兄弟前往泰國簽下購地合約。在朋友邀約之下,順便前往馬來西亞檳城考察發現,馬來西亞檳城有七成華人,主要語言是閩南語,最重要的,當地有鋼鐵原料供應!當天,兄弟在旅途上召開緊急會議,轉往檳城設廠,只在泰國設倉庫。<br /><br />三兄弟為降低對中鋼的原料依賴度,到馬來西亞設廠,他們從一開始,就鎖定要做南亞第一,決定陸續投入十一億元。為了當第一,蔡永龍親自督軍,他僅國小畢業,但馬來西亞的晉緯公司,卻用了包括馬來西亞、印度、越南、中國、泰國、尼泊爾、孟加拉、緬甸、菲律賓、斯里蘭卡等十國員工。<br /><br />為突破語言限制,蔡永龍發明圖解螺絲生產的標準作業流程,包括螺絲線抽線機、螺絲成型機、磨牙設備到倉庫管理,所有的螺絲生產機台,都畫了詳細的操作步驟,讓所有員工可一目瞭然。這套圖解流程,讓訓練生手員工的時間,從三個月縮短為一個月。<br /><br />十國員工的文化背景和生活習慣南轅北轍。印度人喜歡在宿舍房間裡養雞生蛋當早餐,越南人則喜歡抓野狗煮火鍋。蔡永龍只好把宿舍分成十處,分開管理。如今,晉億集團在越南、大陸的工廠,都有菲律賓、馬來西亞幹部進駐,人才已開始國際化。<br /><br />在台灣賺到第一桶金,到馬來西亞奠下海外布局的基礎,一九九三年,蔡永龍有了更石破天驚的舉動,他決定陸續投資一億美元〈約合新台幣三十三億元﹞,到大陸設廠。當時台灣晉禾營收不過六億元,在業界排名第九,這筆龐大投資,一旦成功,<br /><br />蔡家三兄弟就可以成為世界第一,但也有極大風險,萬一失敗,三兄弟可能沒本錢再爬起來。<br /><br />生產「一條龍」節省成本再回頭投資設備<br /><br />在中國大陸,蔡永龍大膽嘗試,他採購巴西、俄羅斯、中國大陸與韓國的便宜鋼材。這些國家的鋼材材質低劣,遠比不上中鋼,生產不出好的螺絲,因此一般同業不敢採購。但他不輕言認輸,為扭轉頹勢,他開始投資上游工廠設備,他要往上整合鋼鐵材料與材質處理技術,光是建構鋼材再加工處理設備,投資金額就高達上億元,其中一套球化爐,價格即超過新台幣三千萬元。<br /><br />此外,他更往下整合電鍍和熱處理技術,學習的過程中,遭遇不少失敗。例如,第一次投資電鍍設備,花一千萬元買了三部電鍍機,試了半年無法做到完美。蔡永泉說,最後才發現一開始就買錯了!只好打掉重新花一千多萬元買新的。<br /><br />前前後後花了三年摸索與學習,直到一九九八年,最大、最完整的垂直整合廠──大陸晉億廠終於完成投產,螺絲三兄弟完成全世界第一個螺絲一條龍生產線,也正式坐上全球產能第一寶座。如今,嘉善晉億年營收達五十億元,螺絲產能達二十四萬噸,是全球最大單一螺絲廠。<br /><br />在嘉善,來自俄羅斯、巴西鋼材源源不絕從運河運到晉億私家碼頭,包含運費在內比中鋼便宜一成以上,生產出的螺絲品質卻是一模一樣,一年超過五十萬噸的鋼材採購,節省一○%的鋼材成本,對毛利不到一○%的螺絲界來說,這樣的成本節省已是一般工廠的獲利來源。<br /><br />整合了螺絲製造過程,三兄弟接著發展倉儲物流和通路。「我們把省下來、賺到的錢,全部投資在螺絲設備上!」蔡永裕說,一九九二年,台灣晉禾每年獲利在五千萬元左右,卻決定花八千萬元蓋台灣第一個螺絲自動倉儲,準備儲存價值兩億元、總量八千噸的螺絲。消息傳出在岡山傳為笑柄,同業抱著看笑話的心態來參觀,要看看螺絲三兄弟是不是頭殼壞掉。<br /><br />自動倉儲展現三兄弟在螺絲產業的大格局與大布局。晉億的螺絲,從成品完成到倉庫就位儲存,全部自動化。蔡永裕說,沒有自動倉庫前,一條出貨線三個工人,要從當時數千種螺絲中找出客戶訂單所要求的規格與數量,裝滿一個貨櫃要從早上八點做到半夜兩、三點,現在靠自動倉儲,一個工人裝滿一個貨櫃只要二十分鐘。倉儲「多庫存」自許服務業賺物流管理財花錢蓋螺絲自動倉儲,他們的算盤是,當全球廠商都講究「零庫存」時,逆勢操作賺「庫存」和「時間」的錢。<br /><br />「零時差、即時生產時代,多數企業降低庫存,所以我們建造效率最高、存量最大的倉儲系統,把螺絲做好等客人上門,客戶的時間就是金錢!」蔡永龍說,靠生產螺絲賺錢的時代已過去,螺絲業已經是服務業,大陸晉億、馬來西亞晉緯、台灣晉禾要賺的是物流跟管理的錢。<br /><br />台灣大學國際企業所教授趙義隆分析,所謂物流與生產兩者零庫存,並非是一味將庫存放在生產端,或放在最末端零組件供應商上,而是兩者之間有一套緊密的系統,這套系統才是真正的知識財。<br /><br />三兄弟的知識財,就是隨時搞清楚大客戶的需求。蔡永泉說:「我們手上隨時都有全球各大代理的所有買賣資料,清清楚楚掌握整個螺絲市場交易與庫存狀況!」這就是再多的資金也無法複製螺絲三兄弟大量生產、倉儲與物流模式的原因。<br /><br />三兄弟不是盲目的堆積庫存,而是掌握市場最新動態。他們不僅精確掌握全美最大螺絲代理商Fastenal 下給全球各大螺絲廠訂單的數量,還可以替Fastenal 分析整體美國市場的最新狀況,教Fastenal 怎麼抓住螺絲市場的商機。<br /><br />「從我們跨出台灣開始,我們就計畫性的一步步蒐集世界各國螺絲市場交易現況!」蔡永泉說,建立一國整體螺絲進出口與使用現況,最少要三年。一年一年蒐集包括各國最大代理商當年度買賣狀況,輸入電腦建立資料與分析,如果蒐集不到代理商資料,就直接花錢跟當地海關購買,不計代價與成本,也要取得該國在該年度到底進出口多少種類與數量的螺絲。<br /><br />情報「電腦化」蒐集資料庫存按市場調整<br /><br />依據這套系統,螺絲三兄弟按照兄弟分工的方式,在大陸的蔡永龍主攻美國工業用螺絲與大陸市場、東南亞的老二蔡永泉主攻歐盟、東南亞與民生工業用螺絲、台灣的老三蔡永裕主攻高價合金鋼螺絲市場。<br /><br />所有的庫存按照市場即時狀況做調整,缺什麼螺絲就生產什麼螺絲。「所有庫存務求三個月週轉一次,隨時檢討週轉率低的庫存!」蔡永泉、蔡永裕兄弟笑著說,應該怎麼堆、該做什麼庫存才是知識財。不僅如此,三兄弟由台灣主導研發,不停的開發新螺絲,將產品線的種類不斷的推高創新紀錄,他們要推動螺絲服務業。<br /><br />趙義隆分析,一次式服務時代,客戶在乎的不僅是報價,而是整體性的服務,服務能力越高,掌握訂單的機會越大。以螺絲產業分析,八成的訂單可能都是標準型產品,其餘兩成則會有特殊要球,能替客戶解決這兩成的難題,就能通吃所有的訂單,這就是勝出關鍵。<br /><br />「我們不僅替Fastenal 解決訂單難題,還要替它節省成本!」蔡永泉說,過去螺絲交貨是一個個貨櫃運往洛杉磯,Fastenal 收貨之後再自行依不同規格與數量分裝送往各大據點,現在透過晉億的自動倉儲與兩萬種螺絲分類,Fastenal 只要告知各據點需求與數量,螺絲三兄弟的工廠就按照這些需求,直接送往美國各地,省了Fastenal 自行分裝的人力與物流的費用。<br /><br />螺絲生產毛利僅一○%,但三兄弟一次式服務卻能加收五%服務費,在螺絲三兄弟手裡,螺絲產業不再是製造業,完全變成另一套管理與服務模式。<br /><br />布局「高風險」大舉擴張產能同業不看好<br /><br />儘管如此,同業三星總經理吳順勝、聚亨副總經理林勝鶴卻都不看好三兄弟大舉擴張螺絲產能的布局,他們認為,蔡永龍三兄弟不斷衝高產能與物流能量,是一項高風險舉動,特別是高產能就須依賴重量級大客戶與量大低價市場,將無法避免激烈殺價競爭與大客戶的殺價壓力,這些恐怕都是螺絲產能、營收衝上世界第一所帶來的負面效應。<br /><br />此外,三兄弟創業二十六年,從黑手做起,兄弟齊心一同打天下,但近年三兄弟分別坐鎮海外,聚少離多,使兩代彼此接觸機會不大,隨著第二代接班浮上檯面,蔡家螺絲王國版圖是否會順利交棒,繼續維持完美的分工模式,還是會造成海外諸侯割據?將是螺絲三兄弟維持王國的另一個課題。<br /><br />從李淵河發明高速螺帽成型機,引領螺絲市場風騷,最後敗在非核心本業的建築業投資上。蔡家螺絲三兄弟後發先至,以螺絲生產管理跟物流服務取代李淵河的三星科技坐上世界第一的寶座。<br /><br />十七年前,因不服輸,三兄弟在同業還不敢出國時,率先到馬來西亞設廠,因此培養出國際布局和管理能力,蔡家兄弟的氣魄,造就如今螺絲王國,隨著三兄弟的新布局和新計畫,小螺絲仍將繼續寫下大傳奇……__<br /><br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-62151450586501319562021-10-26T19:09:00.008+08:002021-10-26T19:09:46.963+08:00解决NBH 4768万欠款 晋纬控股(CHINWEL,5007,主板工业产品服务组)获2公司股权<p><span></span></p><a name='more'></a>解决NBH 4768万欠款 晋纬控股(CHINWEL,5007,主板工业产品服务组)获2公司股权<br /><br />(吉隆坡25日讯)晋纬控股(CHINWEL,5007,主板工业产品服务组)与NBH服务中心私人有限公司等人士达成有条件和解协议,透过转移NBH Realty私人有限公司和Jadi Raya发展私人有限公司45%股权等方式,偿还被拖欠的4768万3245令吉款项。<br /><br />该公司发文告表示,NBHSC自2015年起向公司采购钢铁,但却在2020年4月违约,促使双方在同年12月对簿公堂,但最终在今日达成和解协议。<br /><br />根据协议,NBH服务中心等相关人士将透过转移NBHRealty的45%股权、Jadi Raya发展45%股权、大股东预支款等方式偿还2589万5781令吉,剩余款项则将在5年内脱售NBH Realty和Jadi Raya发展2块地皮后支付。<br /><br />晋纬控股指出,上述和解协议将使集团持有NBH Realty和Jadi Raya发展的45%股权,但碍于集团以紧固件和电线产品生产和贸易为本业,因此有意在2家公司旗下地皮升值后将之脱售。<br /><br />“同时,集团也将在考量房市情况和投资回酬等因素,并在浮现联营机会浮现时将2块地皮进行发展。”<br /><br />晋纬控股补充,上述和解协议预期在2022年第二季完成,有望在未来5年回拨262万令吉应计利息回拨,若相关土地成功以高出市价卖出,集团也有望回拨2019万令吉信贷损失。<br /><br />https://www.sinchew.com.my/20211026/%E8%A7%A3%E5%86%B3nbh-4768%E4%B8%87%E6%AC%A0%E6%AC%BE-%E6%99%8B%E7%BA%AC%E8%8E%B72%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83/<br /><p></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-70441127900810497202021-05-19T15:26:00.006+08:002021-05-19T15:26:59.847+08:00全球钢铁价续处高位 建材业料缓步复苏<p> <span></span></p><a name='more'></a><br />全球钢铁价续处高位 建材业料缓步复苏<br /><br />(吉隆坡18日讯)达证券相信建材需求将在今年下半年缓步复苏,对建材业前景转向乐观,其中钢铁价格在中国削减产能、全球经济振兴计划和经济活动复苏下,有望持续企於高位。<br /><br />全球钢铁价格大涨,大马钢铁价格也在去年杪开始复苏。今年4月平均钢条价格企於每公吨2825令吉,达证券相信在钢铁与产业需求强劲,加上国内削价战未过於激烈,下半年国内钢条平均价格将在每公吨2400令吉获得扶持。<br />钢铁业者增加出口<br /><br />“国内经济复苏持续受行动管制令影响,令钢铁需求相对疲弱,促使许多国内钢铁业者开始放眼出口机会,以抵销国内疲弱需求冲击。”<br /><br />达证券表示,中国是全球最大钢铁生产国,也是全球最大消费国,在钢铁市场扮演举足轻重的角色。受冠病疫情影响,去年全球各国过得苦哈哈,但中国靠著强而有力的防疫措施,以及显著的振兴经济措施,全年经济仍增长2.3%。<br /><br />“其中,中国钢铁需求在去年下半年强劲增长,迫使当地减少钢铁出口,反而增加钢铁进口。此外,铁矿砂等原料成本走高,都让全球钢铁价格在短期内强劲走高,当中中国平均钢条价格年增48.6%至每公吨782.8美元。”<br /><br />除需求面以外,中国政府碍於环保考量,决定减低钢铁产量也为钢铁价格提供扶持。中国政府计划强化钢铁产能互换机制,且从今年6月1日开始,互换比率将不少於1.5对1,意味著关闭1.5吨钢铁产仅能换取1吨新钢铁产能。<br /><br />不过,达证券指出,与2007-2008年全球金融危机相较,去年冠病疫情对钢铁价格的负面影响相对温和。<br /><br />“与其他大宗商品一样,钢铁价格在全球金融危机前期溃跌,但随著各国祭出振兴经济增长,钢铁价格开始缓步复苏。我们发觉此次情况也一样,相信在全球振兴经济措施、经济活动复苏和中国减少钢铁产能下,今年下半年全球钢铁价格将持续处於高位。”<br /><br />该行补充,在最理想的情况下,钢铁价格涨潮可能持续至2022年,但不排除中国政府可能介入,以免伤及当地钢铁用户。<br /><br />与此同时,随著全球钢铁价格大涨,国内扁钢价格也强势走高。达证券预期在其他国家倾销活动减少,以及製造业需求还不复苏下,预期国内扁钢价格将获得良好扶持。<br />国内靠大型基建支撑<br /><br />“对多数建材公司来说,2020财政年都是非常严峻的一年,但随著经济活动逐步开放,多数建材股盈利都在下半年出现反弹。目前,国内建材需求主要获捷运二线(MRT2)、轻快铁三线(LRT3)、西海岸大道(WCE)等大型基础建设项目扶持,加上政府重新检讨捷运三线(MRT3)项目,我们相信未来建材需求将持续改善。”<br /><br />无奈的是,达证券相信政府可能需要更多时间落实国家冠病免疫计划,相信疫情的影响将持续至今年上半年。<br /><br />综合以上,该行维持建材业“加码”评级,并给予晋纬控股(CHINWEL,5007,主板工业产品服务组)“买进”评级,主要是贸易转移效应,有望为公司带来更多美国订单。<br /><br />CSC钢铁(CSCSTEL,5094,主板工业产品服务组)有望成为扁钢价格上涨的主要受惠者,而砂州日光(CMSB,2852,主板工业产品服务组)靠著砂拉越主导地位,双双获得“买进”<br /><br />评级达证券也看好钢铁市场前景,上调2021至2023财政年钢胚(Steel Billet)和钢条平均价格,进而调高安裕资源(ANNJOO,6556,主板工业产品服务组)2021至2023财政年平均盈利目标107.2至214.2%,分别至1亿4500万、1亿6380万和1亿7250万令吉,目标价也提高至2令吉10仙,但碍於估值过高,维持“卖出”评级。<br /><br />洪建文/报道<br /><br />https://www.sinchew.com.my/content/content_2478890.html<br /><p></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-34151300568545776822020-09-17T21:47:00.001+08:002020-09-17T21:48:08.922+08:00浅谈CHINWEL晋纬控股<p> </p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-39921677829961513112020-09-13T11:26:00.000+08:002020-09-13T11:26:11.944+08:00浅谈CHINWEL (5007) 晋纬控股 <p> <span></span></p><a name='more'></a><br /><p></p><h3 class="post-title entry-title" itemprop="name">浅谈CHINWEL (5007) 晋纬控股 <br /></h3>
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<div>在实体经济那么糟糕的情况下,股市的热度却越来越高。马股成交量在八月份屡破新高,一个交易日内超过十只股涨停版,很难想象这些是发生在经济那么糟糕的情况下。自己组合的回酬在经历三月份的大跌后也已回升,回酬还是这么多年来最好的一次,真的让人很难相信。但还没卖就还不算盈利,因为股市可能会随时大跌。</div><div><br /></div><div>来到九月,股市的热度已经开始慢慢减退。在三月的大跌后,很多公司的股价已回升很多,所以股价对比估值也变得不那么吸引了。今天就聊聊一家股价还没回到疫情爆发前的水平的公司。</div><div><br /></div><div>这家公司就是CHINWEL晋纬控股(主板工业产品与服务组)。晋纬控股也是一家台资公司,大股东兼董事经理是台湾人,持有公司至少55%的股权。晋纬控股成立于1988,
于1999在马股主板上市。公司主要生产螺丝和各种紧固件,是世界最大的碳钢螺丝供应商之一。公司也涉足篱笆网和石笼网的生产,在2020财政年贡献大约18%的营业额。</div>
公司有三间厂,分别在槟城(两间)和越南,总产量为每月18,000公吨。<br />公司的基本面相当的不错:<br /><ul><li>十年平均毛利率(gross profit margin)为17%,净利率则为8%。</li><li>十年平均股本回酬(ROE)为10%,平均资本回报率则为12%</li><li>根据2019年报,公司负债权益比率(debt-to-equity ratio)只有0.22,持有现金1.2亿令吉。</li><li>十年来平均每年所产生的自由现金流为2千7百万令吉。</li><li>目前每股资产为RM1.94,十年复合成长率(CAGR)为6.9%。</li><li>公司有40%的股息政策,派发的股息不差,过去十年一共给了大约每股RM0.52的股息。以去年的股息计算,股息收益率(dividend yield)为7.7%。但今年因盈利下滑而计股息只剩1.5仙。</li></ul>
<div>在过去的十年公司的季度业绩是没有亏损的,但因新冠肺炎影响,公司最新的业绩是亏损的。以下是2020第四季季报的一些要点:</div><div><ul style="text-align: left;"><li>营业额对比去年同季下跌一半,对比整年下跌21.3%,主要因为疫情和中美贸易战的影响。</li><li>这个季度净亏1千7百万,全年净利则下跌96%。除了因为市场激烈的竞争导致赚幅下跌,最大的原因是公司为子公司的应收账款减值拨备了1千9百万令吉。</li><li>net cash from operating activities还维持在3千万令吉以上。</li><li>公司现金1亿令吉,总负债(total liabilities)也是1亿多令吉。</li><li>因为亏损,公司没有像往年那样在这个季度派发股息。</li><li>鉴于全球经济的不确定性,公司下个财政年也充满挑战。</li></ul></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo34amsP0nUSPMcT_hA9JqxR1ZW9oBf2XiCoF48rqfhmQKn0t9GkrriR1tH_uYeadFph3JU-Hh-BPK2BaxQ-zxbOrTjJLlyFW0HV33YQsc5-iXRqAHRpx6D0-pXY5xT_5nUmL6lQ/s700/CHINWEL+revenue.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="534" data-original-width="700" height="305" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjo34amsP0nUSPMcT_hA9JqxR1ZW9oBf2XiCoF48rqfhmQKn0t9GkrriR1tH_uYeadFph3JU-Hh-BPK2BaxQ-zxbOrTjJLlyFW0HV33YQsc5-iXRqAHRpx6D0-pXY5xT_5nUmL6lQ/w400-h305/CHINWEL+revenue.png" width="400" /></a></div><div class="separator" style="clear: both; text-align: center;">图表1:晋纬控股营业额分布</div><br /><div>从过往的<span style="text-align: center;">营业额分布可看出公司在欧洲的生意大幅下跌。这是因为</span>中美贸易战造成中国生产的产品倾销到欧洲,公司在当地面临非常激烈的竞争。相反的,中美贸易战却也让公司在美国市场受惠。美国对中国产品的关税给了公司扩大美国市场的机会,公司在美国的营业额在两年内增加了很多。如果能保持这样的增长,也许能就弥补欧洲失去的顾客。但目前美国疫情还不受控,经济前景不明朗,所以增长可能缓慢。另外一个要注意的是公司的单一最大顾客占了2020总营业额的大约19%。这有一定的风险因为一旦失去了这个客户,公司的业绩将受到不小的打击。</div><div><br /></div><div>接下来的季度业绩预计也会不理想, 但相信公司所做的减值拨备应该只是一次性的, 所以接下来的业绩不会很好但也应该不会比2020第四季度的差。螺丝和紧固件是生活中不可或缺的工业产品,长远来看还是有需求的。公司基本面强稳,目前的低潮期不失为一个投资的机会。</div><div><br /></div><div>KM</div><div>12/9/2020<br /><br />https://simplesimple-ming.blogspot.com/2020/07/chinwel.html<br /></div><p><br /><br /></p>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-91979477008822911052020-04-23T18:41:00.004+08:002020-04-23T18:41:48.606+08:00Stock Review – CHINWEL (5007) (CHIN WELL HOLDING BERHAD) – 4 <br />
<a name='more'></a><span style="font-size: medium;"><span style="font-family: "times new roman" , serif;">Bursa Malaysia - </span><a href="http://www.bursamalaysia.com/market/listed-companies/list-of-companies/plc-profile.html?stock_code=5007" style="font-family: "times new roman", serif;">5007</a></span><br />
<span style="font-family: "times new roman" , serif;"><span style="font-size: medium; line-height: 24.5333px;">Bloomberg - <a href="http://www.bloomberg.com/quote/CWH:MK">CWH:MK</a></span></span><br />
<span style="font-family: "times new roman" , serif;"><span style="font-size: medium; line-height: 24.5333px;">Yahoo - <a href="http://finance.yahoo.com/q?uhb=uhb2&fr=uh3_finance_vert_gs&type=2button&s=5007.kl">5007 .kl</a></span></span><br />
<span style="font-size: medium;"><span style="font-family: "times new roman" , serif;"><span style="line-height: 24.5333px;">Webpage - </span></span><span style="font-family: "times new roman" , serif;"><span style="line-height: 24.5333px;"><a href="http://www.chinwell.com.my/">http://www.chinwell.com.my/</a></span></span></span><br />
<span style="font-family: "times new roman" , serif; font-size: medium;"><br /></span>
<span style="font-family: "times new roman" , serif; font-size: medium;"></span><br />
<br />
<div class="MsoNormal" style="font-family: "times new roman", serif;">
<span style="font-family: "times new roman" , serif; font-size: medium;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Revenue
:</span></u></b></span></div>
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<span style="font-family: "times new roman" , serif; font-size: medium;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></u></b></span></div>
<span style="font-family: "times new roman" , serif; font-size: medium;">
<div class="MsoNormal" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">CHINWEL revenue consists are from two segment as
below.</span></div>
<div class="MsoNormal" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoNormal" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;">1) Fastening
Products</span></div>
<div class="MsoNormal" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">Manufacturing and trading of
screws, nuts, bolts, steel bar and other fastening products.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;">2) </span></span><span style="font-family: "Times New Roman", serif; text-indent: -18pt;">Wire
Products</span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoListParagraphCxSpLast" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">Manufacturing of precision
galvanised wire, annealing wire, bright wire, hard drawn wire, PVC wire, bent
round bar and grill mesh</span></div>
<div class="MsoNormal" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">Pie chart below shows CHINWEL revenue distribution
for financial year 2019.</span></div>
</span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9SH2WY0g9dammkmufhUUYlvsyfv3ztm2CMCFLMdZDC2GSVFJmyK_PzhzzmPYdzzUnf9vhWVJ-ctXFJF1Zj-SLKrhm5hjqd1edGUeYJvdUjYlDNgU24bDUwGHVfXKb1WGvAgOCUA/s1600/Revenue+2019+by+Products.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="304" data-original-width="481" height="252" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj9SH2WY0g9dammkmufhUUYlvsyfv3ztm2CMCFLMdZDC2GSVFJmyK_PzhzzmPYdzzUnf9vhWVJ-ctXFJF1Zj-SLKrhm5hjqd1edGUeYJvdUjYlDNgU24bDUwGHVfXKb1WGvAgOCUA/s400/Revenue+2019+by+Products.png" width="400" /></span></a></div>
<span style="font-family: "times new roman" , serif; font-size: medium;"></span><br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">From the pie chart above, CHINWEL main business focus
on manufacturing of fastening products.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<span style="font-family: "times new roman" , serif; font-size: medium;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtlDuUzcAq2x938Y8KUliE5Ij35zuyAMyngF9Q2MpKsrd7jgJvE9S3-_r1SY4eLJi8k2igUmiK9VdFlQkIRrbpEhPdl5mQSN9dA0SaN98tEItSqFJhBggr0kOtPP8m38LIISQ7MQ/s1600/Revenue+%2526+Operating+Margin.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="334" data-original-width="602" height="221" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgtlDuUzcAq2x938Y8KUliE5Ij35zuyAMyngF9Q2MpKsrd7jgJvE9S3-_r1SY4eLJi8k2igUmiK9VdFlQkIRrbpEhPdl5mQSN9dA0SaN98tEItSqFJhBggr0kOtPP8m38LIISQ7MQ/s400/Revenue+%2526+Operating+Margin.png" width="400" /></a></span></div>
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<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></span></div>
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<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">Bar chart above shows revenue and operating margin
of CHIWEL from 2010 to 2019.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></span></div>
<br />
<table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-insideh: none; mso-border-insidev: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
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<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 352.7pt;" valign="top" width="470">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">5 Years Annualise Growth of Revenue</span></span></b></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">7.00 %</span></span></b></div>
</td>
</tr>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 352.7pt;" valign="top" width="470">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">10 Years Annualise Growth of Revenue</span></span></b></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">6.35 %</span></span></b></div>
</td>
</tr>
</tbody></table>
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</div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">From the chart above year 2011 and year 2018 post
the highest revenue growth 24 % and 23 % respectively. In 2011 CHINWEL had high
revenue growth rate because of higher demand of the fasteners product in the EU
market. While in 2018 there is increase of steel bar product in the local
market.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">The line chart above showed the operation margin for
CHINWEL. In the period of 2010 -2019 the operating margin of CHINWEL ranges
from 5.41 to 14.7 with the median of <b>10.62</b>.
CHINWEL operating margin is mainly affected by the raw material cost.</span></span></div>
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<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></div>
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<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">Nett
Profit</span></span></u></b></div>
<div class="MsoNormal">
<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></u></b></div>
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<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">
</span></span></div>
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<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">Bar Chart below shows CHINWEL nett profit from 2010
– 2019.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwmoWoKpOSS2yEU7Dr2LPFeOfENNVEmNY_N4A2ZPJXkyMjE9LNxXE07Juc_h1aLMIz-Yfo6JWt74OkohYWjAZrQwG1hUzvtIBZUw7sNL9EvqkaQ4tVDiJccMvKt8kdgSMFF_KTYg/s1600/Nett+Profit.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="251" data-original-width="603" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwmoWoKpOSS2yEU7Dr2LPFeOfENNVEmNY_N4A2ZPJXkyMjE9LNxXE07Juc_h1aLMIz-Yfo6JWt74OkohYWjAZrQwG1hUzvtIBZUw7sNL9EvqkaQ4tVDiJccMvKt8kdgSMFF_KTYg/s400/Nett+Profit.png" width="400" /></span></a></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-insideh: none; mso-border-insidev: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 352.7pt;" valign="top" width="470">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">5 Years Annualise Growth of Nett
Profit</span></span></b></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">5.22 %</span></span></b></div>
</td>
</tr>
<tr>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 352.7pt;" valign="top" width="470">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">10 Years Annualise Growth of Nett
Profit</span></span></b></div>
</td>
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="font-family: "Times New Roman", serif;"><span style="font-size: medium;">63.01 %</span></span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">The high 10 years annualise growth rate of nett
profit is mainly because high growth rate of from 2010 to 2012 period. 5 years
annualise growth rate of the company are more reasonable to use to predict the
growth rate of the company.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">There is a significant drop in nett profit in 2013,
57%, this is mainly due to the competition of the fasteners product globally
which force CHINWEL to reduce the sale price. 2013 operating margin is 7.32
which is 3.05 lower than the median of 10.62.</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></div>
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<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">
</span></span></div>
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<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">Assets
and Liabilities</span></span></u></b></div>
<span style="font-family: "times new roman" , serif; font-size: medium;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkmnOQgFnMyjxeU2_eImNeEh_PLRecTOpYf16IwP3f8jpRJNBcSmTojNicHNr5LFWhbm3HOVEDTAVmY-vXg9lAZDdI2JmX4IwLXmew_C-jdijDP51nExHgzUSuGvvmyKOA2ll7Ew/s1600/Asset+and+Liabilities.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="251" data-original-width="603" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkmnOQgFnMyjxeU2_eImNeEh_PLRecTOpYf16IwP3f8jpRJNBcSmTojNicHNr5LFWhbm3HOVEDTAVmY-vXg9lAZDdI2JmX4IwLXmew_C-jdijDP51nExHgzUSuGvvmyKOA2ll7Ew/s400/Asset+and+Liabilities.png" width="400" /></span></a></div>
<span style="font-family: "times new roman" , serif; font-size: medium;"><br /></span>
<span style="font-family: "times new roman" , serif; font-size: medium;"></span><br />
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">From the chart above, CHINWEL assets increase over
time while liabilities reduce over time. CHINWEL is able to increase the assets
(cash, properties, plants and equipment, trade receivables) on the other hand
reduce it liabilities (borrowings, trade payable).</span></span></div>
<div class="MsoNormal">
<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></span></div>
<span style="font-family: "times new roman" , serif; font-size: medium;">
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Trade
Receivables</span></u></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">Let compared trade receivable of CHINWEL against
trade receivable past due every year.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrRcFC59L7jxzXGgeuiwL9LY4N1mmFHKPZhr29wld7dKevabeDckCcjl1ETd2DBBzG1N5_26-m2_8KlqZHeA83Z2SWf7osRudX_JSdRnxEOdBiPq7RvSvwIwNnmoWsvTd966V6dQ/s1600/Trade+Receivable.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="251" data-original-width="603" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrRcFC59L7jxzXGgeuiwL9LY4N1mmFHKPZhr29wld7dKevabeDckCcjl1ETd2DBBzG1N5_26-m2_8KlqZHeA83Z2SWf7osRudX_JSdRnxEOdBiPq7RvSvwIwNnmoWsvTd966V6dQ/s400/Trade+Receivable.png" width="400" /></a></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">From the comparison above, CHINWELL trade receivable
increase over time, the trade receivable past due increase as well. Around 30 %
to 40 % of trade receivables of CHINWEL are past due. If CHINWEL unable to
collect back the trade receivables past due, they would be impaired and cost a
loss in CHINWEL account.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div>
</span><br />
<div class="MsoNormal">
<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">Financial
Ratio</span></span></u></b></div>
<div class="MsoNormal">
<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">There would be few financial ratios to be look at
here:</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;">1) Interest
Coverage Ratio (Green Bar Chart)</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;">2) Cash
Ratio (Blue Line Chart)</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;">3) Current
Ratio (Red Line Chart)</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh34D2G1C05XZS_Qf1n-qOV5jA-Gm3WcVazxWaUlKDaw2PSDa3T7xaDJ9cFX6edyT4dKwcwhOWzrCI4AjGFp3y3El-0hQMKpzccU5NDdB36GMywR-PA39jE69RRbQjJ4W_17fNcEg/s1600/Financial+Ratio.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="281" data-original-width="603" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh34D2G1C05XZS_Qf1n-qOV5jA-Gm3WcVazxWaUlKDaw2PSDa3T7xaDJ9cFX6edyT4dKwcwhOWzrCI4AjGFp3y3El-0hQMKpzccU5NDdB36GMywR-PA39jE69RRbQjJ4W_17fNcEg/s400/Financial+Ratio.png" width="400" /></span></a></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;"><br /></span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;">1) Interest
Coverage Ratio</span></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;"><br /></span></span></div>
<span style="font-family: "times new roman" , serif; font-size: medium;">
</span><br />
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "times new roman" , serif; font-size: medium;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">Interest coverage ratio measure how
capable the company pay off the existing debt. With an interest coverage ratio
above one mean the earnings before interest & tax (EBIT) is able to pay of
the full amount of the financial cost of the year. </span></span></div>
<span style="font-family: "times new roman" , serif; font-size: medium;">
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">CHINWEL had lowest interest
coverage ratio which is 6.54 on 2010. In 2015 and 2017 the EBIT is almost 70
times the financial cost.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;">2) Cash
Ratio</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">As cash is the most liquid assets
of the company, cash ratio is use to determine company ability to pay off short
term liabilities using cash. Cash ratio above one indicates that company able
to settle all current liabilities using available cash.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">CHINWEL cash ratio increase over
time and reach a cash ratio above one in 2016. CHINWEL cash ratio show it able
to pay off all short term debt using cash and in 2019 annual report show all
CHINWEL borrowings are short term. In 2019 CHINWEL had RM 89,163,518 of
borrowings and cash & equivalent of RM 124,216,804. CHINWEL borrowings in
2019, 62.73 % are in local currency, Ringgit Malaysia and 37.27 % in US Dollar.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">Investors can have a piece of mind
and do not worries about strengthening of USD against Ringgit Malaysia would
increase the borrowings. This is because as of 30 June 2019 CHINWEL had cash in
term of US Dollar is USD 35,734,608 and borrowing in term of US Dollar is USD
33,232,678. This would remove the currency risk. </span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;">3) </span></span><span style="font-family: "Times New Roman", serif; text-indent: -18pt;">Current
Ratio</span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">Current ratio measures ability of
the company to pay off short term obligation (current liabilities). Current
ratio above one means the company able to pay off the current liabilities with
current asset.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">CHINWEL had the current ratio above
one hence it able to pay off it current liabilities with current asset.</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif; margin-left: 0cm;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Turnover in Days</span></u></b></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif; margin-left: 0cm;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif; margin-left: 0cm;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;">Let
look into three types of turn over as follow:</span></div>
<div class="MsoListParagraphCxSpMiddle" style="font-family: "times new roman", serif; margin-left: 0cm;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;">1) </span></span><span style="font-family: "Times New Roman", serif; text-indent: -18pt;">Inventory
Turnover (Blue Line)</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;">2) Trade
Receivables Turnover (Red Line)</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;">3) Trade
Payable Turnover (Green Line)</span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNg190dew2UlDL9oMR56FIOQSVGEfHjvzz3wQzMRQ2_7giA9CUWM-jNW2rN9n8jdMLknSWX70oAZPytW_AfiWUkuWl-l7z8eLRtF1TovFcAoVMhl-_JJi0u_6khEO03cLlJjuYqQ/s1600/Turnover.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="211" data-original-width="603" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgNg190dew2UlDL9oMR56FIOQSVGEfHjvzz3wQzMRQ2_7giA9CUWM-jNW2rN9n8jdMLknSWX70oAZPytW_AfiWUkuWl-l7z8eLRtF1TovFcAoVMhl-_JJi0u_6khEO03cLlJjuYqQ/s400/Turnover.png" width="400" /></a></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;">1) Days
Sales of Inventory</span></div>
</span><br />
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<b><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">10
Years Days Sales of Inventory Median (days) – 189</span></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">CHINWEL on average took 189 days to
sell their products. As we can see in 2013 the it took 219 days hence the
CHINWEL had to reduce the operating profit margin to sell their products.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-size: medium;"><span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;">2) </span></span><span style="font-family: "Times New Roman", serif; text-indent: -18pt;">Trade
Receivable Turnover (Days)</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<b><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">10
Years Trade Receivable Turnover (Days) – 91</span></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">On Average CHINWEL took 91 days to
collect back the money from credit sales</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-size: medium;"><span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;">3) </span></span><span style="font-family: "Times New Roman", serif; text-indent: -18pt;">Trade
Payable Turnover (Days)</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<b><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">10
Years Trade Payable Turnover (Days) – 18</span></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">CHINWEL trade payable turnover is
decrease year by year. This means that CHINWEL need to pay their suppliers on
shorter credit term compare to the credit term given to the customer. CHINWEL
might have cash flow problem if this is not manage properly. CHINWEL unable to
get longer credit term from supplier might harm the business in long term.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">Per Share Analysis</span></span></u></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></u></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-size: medium;"><span style="line-height: 115%; text-indent: -18pt;"><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"><span style="font-family: Times New Roman, serif;">1) </span></span><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -18pt;">Earnings
per share (sen) (Blue Bar)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;">2) Dividend
per share (sen) (Red Bar)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;">3) Net
total assets per share (Green Line)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizj0mcKEl-FMKCUTXbcjF0eYz9auGnFAxXNXCJqdhH7xl6DWCEe1nY303HZQgjbnTi65VR9WT_UGd56rzH049RKJsJug7wAWcfQ0JIbki_Tdusha1tUAam1GDZYpoVXWUeTI8B3g/s1600/Per+Share+Analysis.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="349" data-original-width="603" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEizj0mcKEl-FMKCUTXbcjF0eYz9auGnFAxXNXCJqdhH7xl6DWCEe1nY303HZQgjbnTi65VR9WT_UGd56rzH049RKJsJug7wAWcfQ0JIbki_Tdusha1tUAam1GDZYpoVXWUeTI8B3g/s400/Per+Share+Analysis.png" width="400" /></span></a></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "Times New Roman", serif; text-indent: -18pt;"><span style="font-size: medium;">1) Earnings
per share</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">CHINWEL earnings per share growth steadily
except for the year 2011 – 2012 where the earning is increase growth is 400 %
and 150 %. This growth mainly because of tariff ruling of European Union (EU)
where EU imposed a five year anti-dumping duty up to 85 % on imports of iron
and steel fasteners originating in China. This strong demand from EU has improve
operating margin of for 2012.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-size: medium;"><span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;">2) </span></span><span style="font-family: "Times New Roman", serif; text-indent: -18pt;">Dividends
per share</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">CHINWEL had pay dividend annually
for the past 10 year. From 2014 onward CHINWEL has dividend payout ratio of
around 40 %</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-size: medium;"><span style="text-indent: -18pt;"><span style="font-family: Times New Roman, serif;">3) </span></span><span style="font-family: "Times New Roman", serif; text-indent: -18pt;">Net
total assets per share</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">CHINWEL net total assets per share have
a linear growth rate.</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">Director’s Remuneration</span></span></u></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm;">
</div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">Some
company paid high remuneration to director despite low profit. Let see how much
is CHINWEL director’s remuneration in comparison to staff fee and operating
profit.</span></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto;">
<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;"><br /></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpTBmZyRDMrtZZ0G4I3t5uI9NqSmUOZCL5vvn-0IqZve-8htFSw-4U5FMUk08iH73ZyEQggHytLoU262M7-lQCgTnK3S4VxDQSjnW8XRbAYH8pgQ0VCMh4wbv7wKGvRuRMfj45Gw/s1600/Percentage+of+Director+Remuneration.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-size: medium;"><img border="0" data-original-height="211" data-original-width="603" height="138" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhpTBmZyRDMrtZZ0G4I3t5uI9NqSmUOZCL5vvn-0IqZve-8htFSw-4U5FMUk08iH73ZyEQggHytLoU262M7-lQCgTnK3S4VxDQSjnW8XRbAYH8pgQ0VCMh4wbv7wKGvRuRMfj45Gw/s400/Percentage+of+Director+Remuneration.png" width="400" /></span></a></div>
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<span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="font-size: medium;">CHINWELL
director’s remuneration average stands 10.53% of total salaries expense and
about 6.58 % on average of the operating profit.</span></span></div>
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<span style="font-family: "times new roman" , "serif"; line-height: 24.5333px;"><span style="color: #0000ee; font-family: "times new roman" , serif; font-size: medium; font-weight: 700; text-align: justify;"><a href="https://ivkls.blogspot.com/p/summary-of-stock-review.html">Summary of Stock Reviews</a></span></span></div>
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<span style="font-size: medium;"><span style="text-align: justify;"><br /></span><span style="text-align: justify;"></span><span style="text-align: justify;"><span style="font-family: "times new roman" , serif;"><a href="https://ivkls.blogspot.com/p/blog-page.html"><b>Summary of Industry Comparison</b></a><br /><br />http://ivkls.blogspot.com/2020/04/stock-review-chinwel-5007-chin-well.html</span></span></span><br /><br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-75414622607654191202020-04-13T23:58:00.001+08:002020-04-13T23:58:26.962+08:00[CHINWEL (5007) 晉緯控股 CHIN WELL HOLDINGS BHD:持续的贸易紧张局势和全球市场的不确定性导致当前财政期间的营业额下降,订单也推迟到未来;由于市场竞争激烈,这集团不得不降低其产品的售价] - James的股票投资James Share Investing <br />
<a name='more'></a> [CHIN WELL HOLDINGS BHD:持续的贸易紧张局势和全球市场的不确定性导致当前财政期间的营业额下降,订单也推迟到未来;由于市场竞争激烈,这集团不得不降低其产品的售价]<br /><br />在截至目前的财政期间,这集团的总收入和税前总利润分别为3亿317万令吉和1395万令吉。截至目前,这集团的总收入减少了11.2%。持续的贸易紧张局势和全球市场的不确定性导致当前财政期间的营业额下降,订单也推迟到未来。由于市场竞争激烈,这集团不得不降低其产品的售价。因此,这集团在本报告期录得较低的税前利润为1,395万令吉。<br /><br />截至2019年12月31日,公司拥有人应占权益为5.7592亿令吉,相比2019年6月3日的5.7737亿令吉,因为宣布派发984万令吉的股息,抵消了当前财政期间产生的收益。<br /><br />紧固件产品:<br />紧固件产品部在本报告季录得较低的收入1.1937亿令吉,较上年同期下降3.2%,而该部门的税前利润则减少了1,206万令吉至505万令吉。未解决的全球贸易紧张局势,长期的英国退欧不确定性,欧洲的经济下滑以及亚洲的激烈竞争都对集团在本报告季度的业绩产生了不利影响。<br /><br />线材产品:<br />线材产品部在本季度的收入减少了32.3%,与去年同期的4185万令吉相比。在本季度,线材产品部门面临激烈的竞争,并且对中东的销售额下降。与较低的收入相一致,这季度录得税前利润为15万令吉,而前一年同期为121万令吉。<br /><br />YTD:<br />紧固件产品部:<br />该部门在本财政期迄今录得总收入2.4692亿令吉,较上一财政年度减少4.3%。紧固件销售减少至5148万令吉。贸易部门产生的利润率低于紧固件的制造。加上价格竞争,导致该部门的税前利润减少了2296万令吉,至1312万令吉。<br /><br />线材产品部:<br />线材产品部在本财政期间迄今录得收入5625万令吉和税前利润44万令吉,较去年同期分别下跌32.7%和87.3%。<br /><br />QoQ:<br />紧固件产品:<br />紧固件产品部门的收入在本季度为1.1937亿令吉,而上一季度为1.2755亿令吉。因此,该部门的税前利润从上一季度的808万令吉减少至本季度的505万令吉。该部门的业绩受到持续的全球经济问题的影响,该问题导致对紧固件的需求下降。<br /><br />线材产品:<br />线材部门在本季度录得税前利润为15万令吉,上一季度为28万令吉。<br /><br />前景:<br />鉴于目前的全球市场状况,例如贸易紧张局势,欧洲经济下滑以及新冠病毒的爆发及其影响,预计这集团在本财政年度剩余季度的市场前景仍然充满挑战。意外的全球市场动向和政治问题将影响这集团原材料成本和利润的变化。美国政府与中国之间的贸易战在欧美造成了市场不确定性。除非有任何不可预见的情况,这集团预计本财政年度的业绩将令人满意。<br />-----------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.94 (dividend RM0.04) in 1 year 7 months 29 days, total return is 176.9%<br /><br />b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.51 (dividend RM0.04) in 1 year 9 months 9 days, total return is 95%<br /><br />c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.00 (adjusted)(dividend RM0.055) in 10 months 8 days, total return is 82.9%<br /><br />d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.965 in 1 year 2 months 21 days, total return is 67.8%<br /><br />e) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM1.91 (dividend RM0.148) in 1 Year 6 months 3 days, total return is 29.4%<br /><br />我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):<br /><br />预计公司每年的增长率必须> 14%<br /><br />我想说服读者学习基本面分析FA以便能从股市赚钱。<br /><br />我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过jamesngshare@gmail.com 或我的FB页面与我联系。<br /><br />1)【看懂年报和季报】课程:<br />11a.m. – 7p.m.,免费茶和咖啡<br /><br />7月5日星期日:Espira Sri Petaling, KL 3份点心<br /><br />7月11日星期六:Silka Johor Bahru Hotel, Johor Bahru 7份点心<br /><br />7月19日星期日:AG Hotel Penang, George Town 2份点心<br /><br />2)【股票-实际操作班】课程:<br />10a.m. – 9p.m.,免费午餐和晚餐<br /><br />7月4日星期六:Espira Sri Petaling, KL<br /><br />7月12日星期日:Silka Johor Bahru Hotel, Johor Bahru<br /><br />7月18日星期六:AG Hotel Penang, George Town<br /><br />有兴趣的朋友,可以电邮或PM FB page联络我<br />email:jamesngshare@gmail.com<br />电话/Whatsapp : 011 - 15852043<br /><br />Facebook Group: https://www.facebook.com/groups/jamesinvesting<br /><br />这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw<br /><br />请大家来Follow James的Instagram,获取最新的资讯:jamesnginvest<br /><br />这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。<br /><br />James Ng<br />---------------------------------------<br />[CHIN WELL HOLDINGS BHD: The continuing trade tension and global market uncertainties resulted in both lower turnover for the current financial period and orders being deferred to the future; the Group had to reduce the selling price of its products as a result of stiff competition in the market]<br /><br />During the current financial period to date, the Group recorded a total revenue and total profit before tax of RM303.17 million and RM13.95 million respectively. Total revenue of the Group reduced by 11.2% in the current period to date. The continuing trade tension and global market uncertainties resulted in both lower turnover for the current financial period and orders being deferred to the future. The Group had to reduce the selling price of its products as a result of stiff competition in the market. As a result, the Group recorded a lower profit before tax of RM13.95 million for the current reporting period.<br /><br />The equity attributable to the owners of the Company stands at RM575.92 million as at 31.12.2019 as compared to RM577.37 million as at 30.6.2019 after the declaration of dividends amounting to RM9.84 million set off with the earnings generated in the current financial period.<br /><br />Fasteners Products:<br />The Fasteners Products Division recorded a lower revenue of RM119.37 million in the current reporting quarter which represents a decrease of 3.2% as compared to the preceding year corresponding period while the profit before tax of the division dropped by RM12.06 million to RM5.05 million. The unresolved global trade tension, pro-long Brexit's uncertainties, the economic downturn in Europe and stiff competition in Asia had adversely affected the performance of the Group in the current reporting quarter.<br /><br />Wire Products:<br />The Wire Products Division recorded a decrease of 32.3% in its current quarter revenue as compared to RM41.85 million in the preceding year corresponding quarter. The Wire Product Divison faced stiff competition and lower sales to the Middle East during the current quarter. In line with the lower revenue the profit before tax of RM0.15 million is recorded in the current reporting quarter as compared to RM1.21 million in the corresponding quarter in the immediate preceding year.<br /><br />YTD:<br />Fasteners Products Division:<br />The division recorded a total revenue of RM246.92 million in the current financial period to date which represents a decrease of 4.3% as compared to the preceding financial year. Fasteners sales decreased to RM51.48 million. The margin derived from trading is lower than the manufacturing of fasteners. This coupled with the price competition resulted in the profit before tax of the division decreasing by RM22.96 million to RM13.12 million in the current reporting period to date.<br /><br />Wire Products Division:<br />The Wire Products Division recorded a revenue of RM56.25 million and profit before tax of RM0.44 million in the current financial period to date which represented a drop of 32.7% and 87.3% respectively as compared to the corresponding reporting period.<br /><br />QoQ:<br />Fasteners Products:<br />The revenue of the Fastener Products Divisionis RM119.37 million in the current quarter as compared to RM127.55 million in the immediate preceding quarter. As a result, profit before tax of the division decreased to RM5.05 million in the current quarter as compared to previous quarter of RM8.08 million. The performance of the division was affected by the continuing global economic issues during the reporting quarter which caused the decline in demand for fasteners.<br /><br />Wire Products:<br />The Wire division registered a profit before tax of RM0.15 million in the current quarter as compared to RM0.28 million in the immediate preceding quarter.<br /><br />Prospects:<br />The market outlook for the Group in the remaining quarters of the current financial year is expected to remain challenging in view of the existing global market conditions such as the trade tension, economy downturn in Europe and the outbreak of corona virus and its implications. The unexpected global market movement and political issues will impact the changes in the raw material cost and bottom line of the Group. The trade war between the US government and China had created the market uncertainties in Europe and US. Barring any unforeseen circumstances, the Group anticipates satisfactory performance in the current financial year.<br />--------------------------------------------------------------------------<br />I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:<br /><br />the forecasted growth of a company must > 14% per year<br /><br />I wish to convince readers to learn FA in order to make money from stock market.<br /><br />I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page.<br /><br />This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.<br /><br />James Ng<br />
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https://klse.i3investor.com/blogs/general/2020-04-13-story-h1505930114.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-18934503068799970872020-04-11T22:22:00.000+08:002020-04-11T22:22:10.235+08:00房市疲弱再加冠病和政治变数‧建材业前景黯淡<br />
<a name='more'></a><br /><br />(图:马新社)<br />(图:马新社)<br /><br />(吉隆坡10日讯)近年来受到房市疲弱和供应过剩重击的建材业,今年再遭到冠病疫情和政治变数欺凌,东马大型项目重启恐怕也难以力挽狂澜,达证券决定将建材业评级由“中和”降低到“减码”。<br /><br />钢铁工业联合会估计<br />同业停运4周营收损32亿<br /><br />达证券指出,马来西亚钢铁工业联合会(MISIF)估计,在行动管制期间,同业停运4周的营收损失高达32亿令吉,而这还不包括固定费用增加的潜在损失。<br /><br />该行补充,公共和私营企业的建筑项目暂停施工,意味著付款也可能延后,这可能会给建材公司带来现金周转压力。<br /><br />由于该行追踪的所有建材公司都必须配合行动管制暂停运营28天,预计整体行业的季度业绩将显著下降。<br /><br />达证券预计,钢筋和钢坯等钢铁产品价格将维持在低位,延续第一季以来的低迷,主要原因包括建筑业不景气、房产业持续疲软和国内市场供过于求等。<br /><br />达证券指出,铁矿石、废钢和炼焦煤等主要原料价格保持稳定,是钢铁业少数的好消息。<br /><br />在3月,钢筋和钢坯的平均售价保持不变,其中钢筋每公吨按年降低3.6%至每公吨2115令吉,钢坯售价更按年大跌11%至每公吨1825令吉。<br /><br />达证券指出,为期3年的钢筋和线材关税措施将分别于4月13日和4月14日到期后,相信政府不大可能延长,因为在这些措施实施期间进口钢筋已经大幅减少,而且目前中国国内的钢筋价格更高,商家并无出口产品的理由。<br /><br />达证券认为,由于汽车业和制造业需求疲软,国内扁钢生产商也将面对竞争加剧的困扰。<br /><br />达证券表示,在市场一片低迷之中,东马可能为建材业带来好消息。砂拉越政府计划今年拨出66亿令吉发展开销,以提升水电、道路、保健和教育等设施。<br /><br />达证券指出,虽然砂拉越政府正因专注抗疫而搁置推进多项发展工程,但只要疫情受控部份项目就会重新启动,包括泛婆罗洲大道、沿海公路和第二干路等,因此预期砂拉越建材需求依然强韧。<br /><br />有鉴于此,达证券唯一给予“买进”评级的建材股是砂州日光(CMSB,2852,主板工业产品服务组)。<br /><br />达证券表示,砂州日光业务多元,尽管传统业务面对行动管制冲击,但属下Sacofa(电讯及科技)和OM Materials(硅铁和锰合金冶炼)获准在行动管制期间维持运作,可以缓冲签署影响。<br /><br />其他建材股方面,达证券因晋纬控股(CHINWEL,5007,主板工业产品服务组)的欧洲市场收入减少而将评级由“守住”调低到“卖出”。此外,该行也在CSC钢铁(CSCSTEL,5094,主板工业产品服务组)股价走高之后,将评级由“买进”下调到“卖出”。<br /><br />https://www.sinchew.com.my/content/content_2251547.html<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-70645664616342022832019-02-16T15:53:00.000+08:002019-02-16T15:53:05.126+08:00CHINWEL – One-Stop Leading Fastener Manufacturer (Davidtslim)<br />
<a name='more'></a><span style="font-size: large;"><br /></span><br />
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<span style="font-size: large;"><strong>Highlights</strong>:</span><br />
<ol>
<li><span style="font-size: large;">
Chinwel is one of the largest manufactures of fasteners in the world
and South East Asia. It has completed its Vietnam plant expansion and
may benefited from its US and Europe exports where they need a lot of
fasteners from their automotive and heavy industries.</span></li>
<li><span style="font-size: large;">
Main future growth drivers come from its DIY fasteners where its
margin is higher (mainly export to US) and upgrading of its galvanized
wire production line (to be completed in FY19).</span></li>
<li><span style="font-size: large;">
Extensive global sales and distribution network with diversified
clientele base and wide range of fasteners and wire products (over 3000
types) and it exports about 64% of its products to Europe, US and Middle
East</span></li>
<li><span style="font-size: large;">
High average dividend yield (about <strong>5%</strong>) for FY2018
which is higher than bank’s FD rate. Historically, Chinwel has been
generous in dividend payout over past 14 years based on its consistent
earnings and cash flow.</span></li>
<li><span style="font-size: large;">
China wire rod price (raw material of fastener) has dropped 20% in
recent two months. Normally wire rod price of china may lead to the
price trend of Asia like from Vietnam where Chinwel may import. This
downtrend of wire rod price may help Chinwel to expand its fasteners’
profit margin for FY2019.</span></li>
<li><span style="font-size: large;">
Demands of Chinwel’s fastener are projected to remain strong in
FY2019 due to two main factors - less competition from China because of
clamp down on non-environmental friendly fastener factories and stronger
demand on the back of an economic recovery in Europe.</span></li>
<li><span style="font-size: large;">
The fair forward 12-month PEx should be in the range of 9x-10x which
translated to RM2.0 to 2.2 based on FY19 forecast EPS of 22 sen.</span></li>
</ol>
<div style="margin-left: 9pt;">
<span style="font-size: large;">
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<span style="font-size: large;"><strong>Company Background </strong></span><br />
<span style="font-size: large;">
CHINWEL is a manufacturer of carbon fastening products (screws, nuts
and bolts) before diversifying into production of wire rods products
(galvanized wire, annealing wire, hard drawn wire, PVC wire & grill
mesh) following the acquisition of 100% of Chin Herr Industries in 2013.
Today, manufacturing of carbon steel fasteners and wire rods products
have remained CHINWEL's two core businesses. In 2015, the acquisition of
the remaining 40% stake in Chin Well (Vietnam) which manufactures
fasteners mainly for exports from Vietnam.</span><br />
<span style="font-size: large;">
In FY18 ended June, fastening products contribute about 76% of total
revenue. Chinel is now ranked as one of the largest suppliers of
fasteners in the world and South-East Asia with exports accounting.
Europe still remained the group's biggest export market, accounting for
42%) of the total group's revenue in FY18. CHINWEL’s wide range of
fasteners are significantly used in highway guard rails, power
transmission towers as well as furniture. To enhance the growth
prospects going forward, CHINWEL has moved up the value added chain via
its expansion into the higher margin DIY market for fasteners and high
security fences and gabion for wire products.</span><br />
<span style="font-size: large;"><strong>Fundamental Data</strong></span><br />
<span style="font-size: large;">
Currently Chinwel is trading at trailing PE Ratio of <strong>8.3</strong>
(based on current price of RM1.66) with EPS of 19.98 sen. Chinwel has
performed relatively well as reflected by its performance in the latest
five financial years results. Between FY14 and FY18, revenue increased
YoY to new high while the EPS also improving upward. This superior
showing has strengthened the balance sheet, as shown by the group’s
strong cash position between end of FY13 (-RM61.1m) and end of FY18 (<strong>+RM44.6m</strong>).
Chinwel has distributed decent dividend in past 5 years also
contributed to accumulated dividend payout of 34.0 sen. CHINWEL has
maintained its generous dividend policy of paying out at least 40% of
its net profit to the shareholders over the past 5 years.</span><br />
<span style="font-size: large;"><img height="168" src="https://klse.i3investor.com/files/my/blog/img/bl3909_c1a.png" width="600" /></span><br />
<span style="font-size: large;"><img height="308" src="https://klse.i3investor.com/files/my/blog/img/bl3909_c1.png" width="600" />Source: <a href="http://www.malaysiastock.biz/" rel="nofollow" target="_blank">http://www.malaysiastock.biz</a></span><br />
<span style="font-size: large;">
We can observe that the net profit of 12MFY18 (55.8 mil) which is <strong>10% higher</strong>
than full year profit of FY17 even under challenging business
condition. Chinwel has performed respectably in the cyclical steel
industry as reflected by its performance in the latest five financial
years. It has good dividend yield of <strong>4.82%</strong> and NTA of RM1.87. More importantly, it has been distributing dividend over past <strong>14 years</strong> (except FY2009) and the dividend has increased from 2.5 sen to 8 sen from 2004 to 2018 as shown in the figure below.</span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><img height="307" src="https://klse.i3investor.com/files/my/blog/img/bl3909_c2_1.png" width="600" />Source: <a href="http://www.malaysiastock.biz/" rel="nofollow" target="_blank">http://www.malaysiastock.biz</a></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><strong>Key Financial Data</strong></span><br />
<span style="font-size: large;">
Let us go through some key financial data (included latest result) of Chinwel as table below:</span><br />
<table border="1" cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td style="height: 25px; width: 103px;">
<span style="font-size: large;">
</span><br />
</td>
<td style="height: 25px; width: 77px;">
<span style="font-size: large;">
Trailing 12M</span><br />
</td>
<td style="height: 25px; width: 79px;">
<span style="font-size: large;">
Past 5 years average</span><br />
</td>
</tr>
<tr>
<td style="width: 103px;">
<span style="font-size: large;">
Average PE</span><br />
</td>
<td style="width: 77px;">
<span style="font-size: large;">
8.41</span><br />
</td>
<td style="width: 79px;">
<span style="font-size: large;">
9.98</span><br />
</td>
</tr>
<tr>
<td style="width: 103px;">
<span style="font-size: large;">
ROE</span><br />
</td>
<td style="width: 77px;">
<span style="font-size: large;">
10.68 %</span><br />
</td>
<td style="width: 79px;">
<span style="font-size: large;">
10.23% </span><br />
</td>
</tr>
<tr>
<td style="width: 103px;">
<span style="font-size: large;">
Ebit margin (%)</span><br />
</td>
<td style="width: 77px;">
<span style="font-size: large;">
11.36%</span><br />
</td>
<td style="width: 79px;">
<span style="font-size: large;">
12.11%</span><br />
</td>
</tr>
<tr>
<td style="width: 103px;">
<span style="font-size: large;">
ROIC</span><br />
</td>
<td style="width: 77px;">
<span style="font-size: large;">
13.92%</span><br />
</td>
<td style="width: 79px;">
<span style="font-size: large;">
13.1%</span><br />
</td>
</tr>
<tr>
<td style="width: 103px;">
<span style="font-size: large;">
Cash & Equivalents (mil)</span><br />
<span style="font-size: large;">
(include other investment in fund which is liquidable)</span><br />
</td>
<td style="width: 77px;">
<span style="font-size: large;">
115.9</span><br />
<span style="font-size: large;">
</span><br />
</td>
<td style="width: 79px;">
<span style="font-size: large;">
93.6</span><br />
</td>
</tr>
<tr>
<td style="width: 103px;">
<span style="font-size: large;">
Total borrowings</span><br />
</td>
<td style="width: 77px;">
<span style="font-size: large;">
74.2</span><br />
</td>
<td style="width: 79px;">
<span style="font-size: large;">
61.5</span><br />
</td>
</tr>
<tr>
<td style="width: 103px;">
<span style="font-size: large;">
Dividend yield (%)</span><br />
</td>
<td style="width: 77px;">
<span style="font-size: large;">
4.82%</span><br />
</td>
<td style="width: 79px;">
<span style="font-size: large;">
4.45</span><br />
</td>
</tr>
</tbody>
</table>
<span style="font-size: large;">
</span><br />
<span style="font-size: large;">
We can observe that Chinwel achieves small improvement but quite stable <strong>in ROE, ROIC, Ebit margin, ROA and dividend yield ratios </strong>for
trailing 12 months vs past 5 year average result. Chinwel is a net cash
company although they have undergone some acquisition and expansion in
past 3 years.</span><br />
<span style="font-size: large;">
For a more comprehensive evaluation, I have used 10 metrics to evaluate
FLB. pls refer to the table below for the details of the points scored
by Chinwel (<span style="font-family: Verdana,Arial,Helvetica,fantasy,sans-serif;">this section is not for public at this moment).</span></span><br />
<span style="font-size: large;"><strong>Prospect and Fair value for FY2019</strong></span><br />
<span style="font-size: large;">
The profit growth of Chinwel lies on two core businesses in FY18. The
dominant fastening products show sharp profit rebound (+RM10.3m YoY)
which more than offset the decline in the wire rod segment which is
partly caused by forex loss. The EPS has risen YoY in three out of the
four quarters of FY18, particularly sharply in the 4QFY18. CHINWEL
outperformed heading into FY19 with the 1Q19 result’s EPS up YoY as well
as QoQ to 5.90 sen. Revenue also expanded at its quickest pace YoY
(+28%) for the eighth straight quarter. Profit expanded further in the
dominating fastening products arm (+RM0.4m YoY) from an elevated base in
1QFY19 while for wire products, profit rebounded (+RM1.6m) from the
sharp fall in FY18.</span><br />
<span style="font-size: large;">
The raw material of fastener is wire rod. The future prospect of the
Chinwel is depending on demand and cost of their raw material supply.
Let see China raw materials (wire rod) chart as below:</span><br />
<span style="font-size: large;"><img height="407" src="https://klse.i3investor.com/files/my/blog/img/bl3909_c3_1.png" width="600" />Source: <a href="http://www.sunsirs.com/" rel="nofollow" target="_blank">http://www.sunsirs.com</a> (Wire Rod is raw material of fastener)</span><br />
<span style="font-size: large;">
From the chart above, we can observe that the price of China wire rod
has dropped significantly (20%) in recent two months. Normally wire rod
price of china may lead to the price trend of Asia like wire rod price
from Vietnam where Chinwel may import. This downtrend of wire rod (raw
material) should help Chinwel to expand its fastener profit margin for
FY2019.</span><br />
<span style="font-size: large;"><strong>Chinwel benefited from the clamp down on polluting factories in China</strong></span><br />
<span style="font-size: large;">
Let us go through a news related to Chinwel from Theedge:</span><br />
<span style="font-size: large;"><img height="69" src="https://klse.i3investor.com/files/my/blog/img/bl3909_c4.png" width="600" /></span><br />
<span style="font-size: large;"><strong>Source: </strong><a href="http://www.theedgemarkets.com/article/chinas-crackdown-polluting-factories-helps-boost-demand-chin-wells-fasteners" rel="nofollow" target="_blank"><strong>http://www.theedgemarkets.com/article/chinas-crackdown-polluting-factories-helps-boost-demand-chin-wells-fasteners</strong></a></span><br />
<span style="font-size: large;">
Demand of Chinwel’s fastener is projected to remain strong in 2019 due
to two main factors - less competition from China because of a clamp
down on non-environmental friendly factory operations and stronger
demand on the back of an economic recovery in Europe. This can be
witnessed by the <strong>increase of record revenue</strong> and higher profit in 1Q19 result.</span><br />
<span style="font-size: large;">
Besides, Chinwel's expansion would be in Vietnam where labour supply is
comparatively more consistent. Chinwel will add more production lines
in Vietnam to cater to rising demand of its new fasteners which could
speed up construction work. In Europe, negotiations are on-going with 3
important customers for DIY fasteners.</span><br />
<span style="font-size: large;">
Besides, the upgrading of Chinwel’s galvanized wire line is in the
progress and is expected to be completed in FY19. The upgrading will
enhance the production efficiency and reduced the product cost. Chinwel
had commenced the building of an automated warehouse in its Shah Alam
land and the construction is expected to be completed in the FY19.</span><br />
<span style="font-size: large;">
According to Zion Market Research, the global industrial fasteners
market is projected to grow at about 5%+ CAGR until 2022 (market size of
USD116.5bn). Chinwel is raising the output of DIY fasteners, rebar
connectors and wire mesh products so that they will contribute 30%-40%
of group's revenue in coming 3 to 4 years from 11% currently. The group
has completed an expansion on its plant for these products which are
produced in Vietnam and Penang. At present, the bulk of Chinwel's
construction grade fasteners (lower margin compared to DIY) is sold to
Europe which contributes 40%-50% of the group's revenue. </span><br />
<span style="font-size: large;">
FY2019 Results Sales of wire mesh products may increase due to
potential large orders from the Middle East and South Asia region. The
US market is also likely to make a comeback for the DIY fasteners (made
in Vietnam) in 2019. </span><br />
<span style="font-size: large;">
Based on Chinwel’s future stable earning (moderate growth is expected),
sustainable high dividend payout from strong balance sheet, the fair
forward 12-month PE for should be in the range of 9x-10x based on EPS of
22 sen (translated to RM2.0 to 2.2) which is consider reasonable
valuation for a leading fastener company with strong present in Europe
market where they need a lot fastener from its automotive and aviation
industries.</span><br />
<span style="font-size: large;"><strong>Risk</strong></span><br />
<ol>
<li><span style="font-size: large;">
Rising labour cost (foreign workers levy and min wages increment in 2019)</span></li>
<li><span style="font-size: large;">
Weaker EUR and USD currencies as Chinwel is an export-oriented company.</span></li>
</ol>
<span style="font-size: large;">
</span><br />
<div style="font-family: Verdana,Arial,Helvetica,fantasy,sans-serif; margin-top: 0px;">
<span style="font-size: large;"><span>If you interested on my analysis report, please contact me at</span> <strong><span style="font-family: Helvetica,Arial,sans-serif;">davidlimtsi3@gmail.com</span></strong></span></div>
<div style="font-family: Verdana,Arial,Helvetica,fantasy,sans-serif; margin-top: 0px;">
<span style="font-size: large;"><strong>You can get my latest update on share analysis at Telegram Channel</strong> ==> <a href="https://t.me/davidshare" rel="nofollow" style="text-decoration-line: none;" target="_blank">https://t.me/davidshare</a></span></div>
<div style="font-family: Verdana,Arial,Helvetica,fantasy,sans-serif; margin-top: 0px;">
<span style="font-size: large;"><strong>Disclaimer:</strong></span></div>
<div style="font-family: Verdana,Arial,Helvetica,fantasy,sans-serif; margin-top: 0px;">
<span style="font-size: large;">
This writing is based on my own assumptions and estimations. It is
strictly for sharing purpose, not a buy or sell call of the company.</span></div>
</div>
<br /><span style="font-size: large;"><br />
</span><br />
<div class="separator" style="clear: both; text-align: center;">
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<span style="font-size: large;">https://klse.i3investor.com/blogs/lionind/193634.jsp</span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-76007040641766902382019-01-14T15:46:00.003+08:002019-01-14T15:46:37.083+08:00[CHIN WELL HOLDINGS BHD:美国政府宣布对中国的钢铁和铝征收关税,为集团提供了加强其在该地区的地位的机会,DIY部门将继续通过增加其在欧洲及美国市场的分销网络为晋纬控股的表现作出积极贡献] - James的股票投资James Share Investing<br />
<a name='more'></a> [CHIN WELL HOLDINGS BHD:美国政府宣布对中国的钢铁和铝征收关税,为集团提供了加强其在该地区的地位的机会,DIY部门将继续通过增加其在欧洲及美国市场的分销网络为晋纬控股的表现作出积极贡献]<br /><br />紧固件和线材产品部门均为集团收入增长27.8%做出了积极贡献。收入增加,管理费用以及销售和分销费用减少导致集团税前利润提高28.9%。<br /><br />于本财政期间宣派股息1205万令吉(第二次中期股息(FY2018))后,截至30.9.2018的本公司拥有人应占权益为5亿5,042万令吉,而截至30.6.2018为5亿4323万令吉。晋纬控股于本期内向市场回购其股份,金额为48万令吉,并已向股东派发股息1205万令吉。<br /><br />紧固件产品:<br />紧固件产品部门在本报告季度录得收入为1.3465亿令吉,较去年同季增加21.0%。除了较高的收入外,较低的行政管理以及销售和分销费用也使该部门的税前利润增加了17.60%。<br /><br />电线产品:<br />线材产品部门本季度收入增长56.30%至4,169万令吉,而去年同期则为2667万令吉。除了产生更高的收入外,在本报告季度确认更高的未实现外汇收益也导致该部门的税前利润比去年同期增加了141万令吉。<br /><br />1Q19 vs 4Q18:<br />紧固件产品:<br />紧固件产品部门的收入在本季度为1.3465亿令吉,而上一季度则为1.146亿令吉。<br /><br />电线产品:<br />电线产品部门的收入为4,169万令吉,与上季度相比,本报告季度增加了17.63%。这导致Wire部门的税前利润增长14.01%至220万令吉,而上一季度则为193万令吉。<br /><br />前景:<br />为缓解马来西亚政府截至2017年6月30日止财政年度末对中国进口线材施加的税务,晋纬控股从其他替代国家采购原材料,如中东和越南都免税,不影响其产品质量。<br /><br />美国政府宣布对中国的钢铁和铝征收关税,这引发了欧洲和美国的市场不确定性,但与此同时,它也为集团提供了加强其在该地区的地位的机会,因为中国对美国市场的出口将随后减少。晋纬控股预期其DIY部门将继续通过增加其在欧洲及美国市场的分销网络为晋纬控股的表现作出积极贡献。而对于Wire部门而言,随着焊接围栏,石笼和家禽网等新产品线的生产扩张,预计将通过其高附加值利润率长期提升该部门的业绩。<br /><br />除现有核心业务外,晋纬控股将不时探索其他可能有利于晋纬控股增长的新业务。除非出现任何不可预见的情况,晋纬控股预计本财政年度表现会令人满意。<br />------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.06 in 28 days, total return is 32.5%<br /><br />b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.20 (dividend RM0.0375) in 2 months 25 days, total return is 18.4%<br /><br />c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.13 in 19 days, total return is 17.1%<br /><br />d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 6 months 10 days, total return is 11.9%<br /><br />e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.92 in 14 days, total return is 8.2%<br /><br />f) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.75 (dividend RM0.007) in 4 months 30 days, total return is 5.9%<br /><br />我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):<br /><br />预计公司每年的增长率必须> 14%<br /><br />我想说服读者学习基本面分析FA以便能从股市赚钱。<br /><br />我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系<br /><br />【看懂年报和季报】课程<br />时间:11a.m. – 7p.m<br /><br />日期:1月27日星期日<br />地点:Tropical Inn, Johor Bahru (包括免费茶点)<br /><br />日期:2月24日星期日<br />地点:Hotel Sri Petaling, KL (包括免费茶点)<br /><br />日期:3月3日星期日<br />地点:G Inn Hotel, George Town (Penang)<br /><br />有兴趣的朋友,可以电邮或PM FB page联络我<br />email:jamesngshare@gmail.com<br />电话/Whatsapp : 011 - 15852043<br /><br />为了方便大家查询我写过的公司和选股文章以及视频,制作了索引。大家只要依照日期,就能从这 https://klse.i3investor.com/blogs/general/189382.jsp 找到公司和选股文章以及视频。<br /><br />James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/<br /><br />James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp<br /><br />Facebook Group: https://www.facebook.com/groups/jamesinvesting<br /><br />如果您想加入我的WhatsApp小组(里面不会有James Ng的stock pick),请PM或给我发送您的手机号码。<br /><br />请Like和Share这个post。最终决定永远是你的,谢谢。<br /><br />James Ng<br />------------------------------------<br />[CHIN WELL HOLDINGS BHD: announcement of the US government to impose tariff on the steel and aluminium from China has offered opportunity for the Group to strengthen its position in the region, DIY segment will continue to contribute positively to the Group's performance through the increase of its distribution network in the European and US markets]<br /><br />Both the Fasteners and Wire Products Division had contributed positively to the 27.8% increase in the Group revenue. The higher revenue, lower administrative expenses and selling and distribution expenses contributed to the improvement in the profit before tax of the group by 28.9%.<br /><br />The equity attributable to the owners of the Company stands at RM550.42 million as at 30.9.2018 as compared to RM543.23 million as at 30.6.2018 after the declaration of dividends amounting to RM12.05 million in the current financial period (2nd interim dividend for FY2018). The Group repurchased its shares from the market amounting to RM0.48 million and also paid dividend amounting to RM12.05 million to its shareholders during the current reporting period.<br /><br />Fasteners Products:<br />The Fasteners Products Division recorded a revenue of RM134.65 million in the current reporting quarter which represents an increase of 21.0% as compared to the preceding year corresponding quarter. In addition to the higher revenue, lower administrative as well as selling and distribution expenses had contributed to the higher profit before tax of the division by 17.60% in the current quarter.<br /><br />Wire Products:<br />The Wire Products Division achieved an increase in revenue of 56.30% to RM41.69 million in the current quarter as compared to RM26.67 million in the preceding year corresponding quarter. In addition to the higher revenue generated, the recognition of higher unrealised forex gain in the current reporting quarter had also contributed to the improvement in profit before tax of the division by RM1.41 mil as compared to the preceding year corresponding quarter.<br /><br />1Q19 vs 4Q18:<br />Fasteners Products:<br />The revenue for the Fastener Products Division was RM134.65 million in the current quarter as compared to RM114.60 million in the immediate preceding quarter.<br /><br />Wire Products:<br />The Wire Products Division recorded a revenue of RM41.69 million which represents an increase of 17.63% in the current reporting quarter as compared to the immediate proceeding quarter. This has resulted in the improvement in the profit before tax for the Wire division by 14.01% to RM2.2 million as compared to RM1.93 million in the immediate preceding quarter.<br /><br />Prospects:<br />In order to cushion the stress from the safe guard duty which was imposed by the Malaysian government towards the end of the financial year ended 30 June 2017 on the wire rod imported from China, the Group had sourced its raw material from other alternative countries such as the Middle East and Vietnam which are duty exempted and without compromising the quality of their products.<br /><br />The announcement of the US government to impose tariff on the steel and aluminium from China had created the market uncertainties in Europe and US but at the same time it has also offered opportunity for the Group to strengthen its position in the region as the imported goods from China to the US market will reduce subsequently. The Group expects its DIY segment will continue to contribute positively to the Group's performance through the increase of its distribution network in the European and US markets. While for the Wire division, with the expansion in the production of new product lines such as welded fencing, gabion and poultry mesh, it is expected to enhance the division's result in long term with its high value added margin.<br /><br />In addition to the existing core business, from time to time, the Group will explore into other new business ventures which will potentially benefit the growth of the Group. Barring any unforeseen circumstances, the Group anticipates satisfactory performance in the current financial year.<br />------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.06 in 28 days, total return is 32.5%<br /><br />b) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.20 (dividend RM0.0375) in 2 months 25 days, total return is 18.4%<br /><br />c) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.13 in 19 days, total return is 17.1%<br /><br />d) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.89 in 6 months 10 days, total return is 11.9%<br /><br />e) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM0.92 in 14 days, total return is 8.2%<br /><br />f) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.75 (dividend RM0.007) in 4 months 30 days, total return is 5.9%<br /><br />I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:<br /><br />the forecasted growth of a company must > 14% per year<br /><br />I wish to convince readers to learn FA in order to make money from stock market.<br /><br />I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/<br /><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwZPvvsSnRJM9vvRiwEEU5A12Hb_wS-29JhFL7HXnwXWGbehtgkwlTgLp5QEDex8KeV3Wap6gDCWrF7Qcb3qCTfDVM4naITfvGRiIT21c0O38ZhZa9m-SkBA6V24yuWhJxen3N0Q/s1600/breaking-news2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="360" data-original-width="640" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwZPvvsSnRJM9vvRiwEEU5A12Hb_wS-29JhFL7HXnwXWGbehtgkwlTgLp5QEDex8KeV3Wap6gDCWrF7Qcb3qCTfDVM4naITfvGRiIT21c0O38ZhZa9m-SkBA6V24yuWhJxen3N0Q/s320/breaking-news2.jpg" style="display: inline;" width="320" /></a></div>
<br />In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://klse.i3investor.com/blogs/general/189382.jsp by date.<br /><br />James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/<br /><br />James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp<br /><br />Facebook Group: https://www.facebook.com/groups/jamesinvesting<br /><br />If you want to join my WhatsApp group (there will be no James Ng's stock pick inside), please PM or email me your handphone number.<br /><br />Please Like and Share this post. Final decision is always yours, thank you.<br /><br />James Ng<br /><br />https://klse.i3investor.com/blogs/general/189989.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-20558246955893890832018-09-12T18:44:00.000+08:002018-09-12T18:44:22.501+08:00CHINWEL (5007) - Stock Review – CHINWEL (5007) (CHIN WELL HOLDING BERHAD) - 3 - ivkls<br />
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Tuesday, 11 September 2018<br />
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Bursa Malaysia - <a href="http://www.bursamalaysia.com/market/listed-companies/list-of-companies/plc-profile.html?stock_code=5007" rel="nofollow" target="_blank">5007</a><br />
<div>
Bloomberg - <a href="http://www.bloomberg.com/quote/CWH:MK" rel="nofollow" target="_blank">CWH:MK</a><br />
Yahoo - <a href="http://finance.yahoo.com/q?uhb=uhb2&fr=uh3_finance_vert_gs&type=2button&s=5007.kl" rel="nofollow" target="_blank">5007 .kl</a><br />
Webpage - <a href="http://www.chinwell.com.my/" rel="nofollow" target="_blank">http://www.chinwell.com.my/</a><br />
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<br />
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<strong>Company Profile</strong></div>
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CHINWEL is a Malaysia based company which principle activities are
manufacturing and trading of fastening and wire products.</div>
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<u>1) Business Segment</u></div>
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CHINWEL had two business segments which are:</div>
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1. Fastening Products – 82.14 % of 2017 revenue</div>
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2. Wire Products – 17.86 % of 2017 revenue</div>
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According to the 2017 annual report fastening product has an <a href="https://www.investopedia.com/terms/a/assetturnover.asp" rel="nofollow" target="_blank">asset turnover ratio</a> of
0.82 while the wire products has an asset turnover ratio of 0.98. In
2017 CHINWEL has invested RM 8,208,997 in wire products non current
assets compare to RM 5,162,576 for fastening products.</div>
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PROS:</div>
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è CHINWEL has invested more non current asset in high asset turnover ratio segment which is wire products.</div>
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<u>2) Geographical Information</u></div>
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According to CHINWEL 2017 annual report, CHINWEL had revenue from four principle region as follows:</div>
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1. European Countries – 45.97 % of revenue</div>
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2. Malaysia – 36.63 % of revenue</div>
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3. Other Asean Countries – 9.44 % of revenue</div>
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4. Others – 6.40 % of revenue</div>
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5. Vietnam – 1.56 % of revenue</div>
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According to CHINWEL 2017 annual report, currency profile of trade receivable is as follows:</div>
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1. US Dollar – 44.63 %</div>
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2. Ringgit Malaysia – 44.52 %</div>
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3. Euro – 10.47 %</div>
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4. Vietnam Dong – 0.35 %</div>
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5. Singapore Dollar – 0.03 %</div>
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PROS:</div>
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è CHINWEL trade receivable is dividing into US Dollar and Ringgit Malaysia.</div>
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<strong>Financial Statement</strong></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirXuG54Y3iHdAMsx-41lZrX3N3vG_yqze30hUfmTl5WOH-xmbjK-VC9GLHPcGfcvz3S55ZxykllJILdE6G7-dRsECHwYdWcSb4KpFldGNW2-G9x-lycHihSRE6If43EAwpdrm4ZA/s1600/Asset.JPG" rel="nofollow" target="_blank"><img border="0" data-original-height="487" data-original-width="995" height="312" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEirXuG54Y3iHdAMsx-41lZrX3N3vG_yqze30hUfmTl5WOH-xmbjK-VC9GLHPcGfcvz3S55ZxykllJILdE6G7-dRsECHwYdWcSb4KpFldGNW2-G9x-lycHihSRE6If43EAwpdrm4ZA/s640/Asset.JPG" width="640" /></a></div>
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CHINWEL’s inventories had increase from RM 195,429,666 (2016) to RM
227,475,274 (2017), 16.40 % of increase. The inventories increase is
mainly due to the increase of raw materials and indirect materials, RM
16,304,390 (23.19%) and RM 15,997,103 (266.96 %) respectively. However
the finished good had decrease by RM 15,158,801 (17.06 %).</div>
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Of the RM 111,954,999 of trade receivables 28% of the trade receivable outstanding is from 2 customers.</div>
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CONS:</div>
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è Increase of inventories mainly due to increase of price of raw material and indirect materials.</div>
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è Decrease of finished good despite increase of inventories.</div>
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è 28% of the trade receivables from 2 customers</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSJRADyjHciTT4aDrnlU3To4sdytrWRnpeyL3E9510GDYH8fc__EFR-12YQLgZDDIDfTFFxo5KapVX2hknd0jY0eqvp5kIIhV0roOBI8KsR5Bx7_P0b_AmeLiBbkiS4cAm7F7VjA/s1600/Liability.JPG" rel="nofollow" target="_blank"><img border="0" data-original-height="483" data-original-width="888" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjSJRADyjHciTT4aDrnlU3To4sdytrWRnpeyL3E9510GDYH8fc__EFR-12YQLgZDDIDfTFFxo5KapVX2hknd0jY0eqvp5kIIhV0roOBI8KsR5Bx7_P0b_AmeLiBbkiS4cAm7F7VjA/s640/Liability.JPG" width="640" /></a></div>
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<div>
CHINWEL borrowing had decrease from RM 60,343,648 to RM 48,112,566,
20.27 % decrease in borrowing. RM 30,962,606 of the RM 48,112,566
borrowing for CHINWEL is in US dollar.</div>
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PROS:</div>
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è CHINWEL had 20.27 % decrease in borrowing</div>
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CONS:</div>
<div>
è 64.35 % of the CHINWEL borrowing is in USD.</div>
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<strong>Financial Ratio</strong></div>
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<strong>Description</strong></div>
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<strong>2017</strong></div>
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<strong>2018</strong></div>
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<strong>Different</strong></div>
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Gross Profit Margin</div>
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0.18</div>
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0.21</div>
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- 0.03</div>
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Net Profit Margin</div>
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0.10</div>
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0.12</div>
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- 0.02</div>
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Interest Coverage Ratio</div>
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58.75</div>
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61.08</div>
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- 2.33</div>
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Effective Tax</div>
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0.18</div>
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0.15</div>
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0.03</div>
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<strong>Dividend and Bonus Issued for the past five year</strong></div>
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CHINWEL had constant dividend for the past five year from 2013 –
2017 with the average dividend of RM 0.0579 with the dividend yield of
3.57 % (base on closing price 7 September 2018 RM 1.62).</div>
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PROS:</div>
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è CHINWEL has dividend yield of 3.57 % which is higher than fix deposit rate of 3.15%</div>
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<strong>Market Research</strong></div>
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<div>
<a href="https://drive.google.com/open?id=1Z5bAxX1aVs9xbj2CDp0rsu2KXvECQLdl" rel="nofollow" target="_blank">ZJ RESOURCE</a> (28 August 2018)</div>
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Price Target : RM 1.90</div>
<div>
</div>
<ul>
<li>
The fastener sector had increase in earning due to higher profit margin</li>
<li>
Malaysia and European countries remain the largest contributors of revenue, making up of 77% of revenue.</li>
</ul>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDqGSjx1QjvNgbWrnAK5Jr47NLwjVZQGkYx10icQHpWDTdkibxaCPu0DrFNuPOncaHcPMWiZaGtpy5WxDY191PSCW860md-EMPku7Ny8UTdskJ_735U-bKFHMOWMK61sRXlEAwhw/s1600/STOCKS+MARKET+6.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="356" data-original-width="400" height="284" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgDqGSjx1QjvNgbWrnAK5Jr47NLwjVZQGkYx10icQHpWDTdkibxaCPu0DrFNuPOncaHcPMWiZaGtpy5WxDY191PSCW860md-EMPku7Ny8UTdskJ_735U-bKFHMOWMK61sRXlEAwhw/s320/STOCKS+MARKET+6.jpg" style="display: inline;" width="320" /></a></div>
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<div>
<a href="https://drive.google.com/open?id=1H0eraYTW-ySyc1hK_09Bl7KFWrpMfFxG" rel="nofollow" target="_blank">MALACCA SECURITY SDN BHD</a> (28 August 2018)</div>
<div>
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<div>
Price Target : RM 1.85</div>
<div>
</div>
<div>
</div>
<ul>
<li>
Weaker margins seen in the wire segment due to sharp increase in raw materials prices and a forex loss.</li>
</ul>
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<div>
<strong>Estimated Price</strong></div>
<div>
</div>
<div>
IVKLS Price : RM 1.35</div>
<div>
</div>
<div>
<strong>Peers</strong></div>
<div>
</div>
<div>
1) SAM</div>
<div>
2) CBIP</div>
<div>
3) RAPID</div>
<div>
4) TONGHER</div>
<div>
5) HCK</div>
<div>
6) DUFU</div>
<div>
7) GLOTEC</div>
<div>
8) UNIMECH</div>
<div>
9) MBL</div>
<div>
10) SCH</div>
</div>
</div>
</div>
</div>
<br />
http://ivkls.blogspot.com/2018/09/stock-review-chinwel-5007-chin-well.html<br />
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-68779153779297098282018-03-12T19:13:00.000+08:002018-03-12T19:13:20.652+08:00CHINWEL (5007) 晉緯控股 - 晋纬控股 - 追求成长<br />
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<b>晋纬控股 - 追求成长</b></h2>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAm0cm5Wt4yhzPWgQ5QYTTy-kcDuzdjd1Ts5sA8NLfVWD1NT774FFKfcaczkPqK0Oxny7r3G_GDJu8JxUq1Fe4krxOcrLmzpt5kgLvG8EJ_HPsNkDdMep8YmtEQKmso0VWCPrl/s1600/fasteners.jpg" rel="nofollow" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="260" data-original-width="500" height="206" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgAm0cm5Wt4yhzPWgQ5QYTTy-kcDuzdjd1Ts5sA8NLfVWD1NT774FFKfcaczkPqK0Oxny7r3G_GDJu8JxUq1Fe4krxOcrLmzpt5kgLvG8EJ_HPsNkDdMep8YmtEQKmso0VWCPrl/s400/fasteners.jpg" style="cursor: move;" width="400" /></a></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">由于全球经济复苏以及国内一些大型基础设施项目的预期以及美国客户订单的增加,晋纬的主要增长动力将以大宗紧固件需求的复苏为前提。</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">通过其强大的分销管道,晋纬已定位的全球地位,特别是在欧洲,将继续支持出口销售增长。该集团也正在与DIY零售商讨论扩大其分销网络,这将对出口销售增长产生良好预期。在当地市场,随着产能逐渐扩张以满足不断增长的需求,较高的铁丝网订单将刺激2018年的收入增长。</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">预计2019年的净利润和收入将达到6,670万令吉和
6,797万令吉的历史新高,五年年复合增长率分别为21.8%和11.8%。然而,底线利润率在2019年将从10.3%微幅下滑至9.5%,并且由于
成本上升而下滑。该集团还采取40.0%的股息政策,每两年支付一次,这意味着股息收益率为3.0%-5.0%。</span></div>
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<span style="background-color: transparent;"><span style="font-family: "arial" , "helvetica" , sans-serif;">晋纬</span></span><span style="font-family: "arial" , "helvetica" , sans-serif;">是
世界上最大的碳钢紧固件制造商之一。凭借遍布全球(即德国,英国,意大利,澳大利亚和新加坡)的强大分销网络,该集团的国际业务足迹帮助晋纬赢得了重要的
海外客户,尤其是来自欧洲国家的客户。来自其欧洲客户的收入占2016年总收入的大部分,为51.5%(或2.619亿令吉)。笔者认为出口销售将继续支
撑收入,这得益于全球经济复苏以及欧洲DIY家装市场的良好需求增长以及全球工业紧固件市场的增长。</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">在过去几年积累了强劲的净现金头寸后,晋纬强劲的资产负债表和净现金为六千万令吉的情况下也为集团提供了足够的灵活性,为潜在的扩张计划提供资金和足够的流动性缓冲。</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">从历史上看,晋纬每两年宣布分红,相当于3.0%-5.0%的合理股息收益率。该集团每年还向股东分配至少40.0%的收益。</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;">笔者认为</span><span style="background-color: transparent;"><span style="font-family: "arial" , "helvetica" , sans-serif;">晋纬拥有</span></span><span style="background-color: transparent;"><span style="font-family: "arial" , "helvetica" , sans-serif;">健康的资产负债表和净现金在手,相当稳定。</span></span><span style="background-color: transparent;"><span style="font-family: "arial" , "helvetica" , sans-serif;">利润率比同行对手<i>东和资源</i>来得高。</span></span><span style="background-color: transparent;"><span style="font-family: "arial" , "helvetica" , sans-serif;">随着全球汽车和制造业的积极前景,工业紧固件需求增长强劲; </span></span><span style="background-color: transparent;"><span style="font-family: "arial" , "helvetica" , sans-serif;">来自吉打现有客户的额外丝网订单, 可以支撑长期稳定收入。</span></span></div>
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blog do not belong to the Admin and we take no responsibility of such.</span><span style="font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif; line-height: 18.2px;"> <br /><br /><span style="font-family: "arial" , "tahoma" , "helvetica" , "freesans" , sans-serif;">http://klse.i3investor.com/blogs/fatta888/150481.jsp</span></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-53415084495777843682017-09-18T22:54:00.000+08:002020-02-11T20:08:24.446+08:00CHINWEL (5007) - Stock Review – CHINWEL(5007) - 2 (CHIN WELL HOLDINGS BERHAD) - Klse Value<br />
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Saturday, 16 September 2017<br />
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<img src="http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosettings=1&symb=MY%3aCHINWEL&uf=4096&type=4&size=2&sid=2670576&style=330&freq=8&entitlementtoken=0c33378313484ba9b46b8e24ded87dd6&time=3&rand=1943231064&compidx=aaaaa%3a0&ma=6&maval=20&lf=1&lf2=2&lf3=0&height=444&width=579&mocktick=1" /><br />
image source from <a href="http://bigcharts.marketwatch.com/default.asp" rel="nofollow" target="_blank">Big Chart Marketplace</a><br />
<img src="http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosettings=1&symb=MY%3aCHINWEL&uf=4096&type=4&size=2&sid=2670576&style=330&freq=3&entitlementtoken=0c33378313484ba9b46b8e24ded87dd6&time=12&rand=155335498&compidx=aaaaa%3a0&ma=6&maval=20&lf=1&lf2=2&lf3=0&height=444&width=579&mocktick=1" /><br />
image source from <a href="http://bigcharts.marketwatch.com/default.asp" rel="nofollow" target="_blank">Big Chart Marketplace</a><br />
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Bursa Malaysia - <a href="http://www.bursamalaysia.com/market/listed-companies/list-of-companies/plc-profile.html?stock_code=5007" rel="nofollow" target="_blank">5007</a><br />
Bloomberg - <a href="http://www.bloomberg.com/quote/CWH:MK" rel="nofollow" target="_blank">CWH:MK</a><br />
Yahoo - <a href="http://finance.yahoo.com/q?uhb=uhb2&fr=uh3_finance_vert_gs&type=2button&s=5007.kl" rel="nofollow" target="_blank">5007 .kl</a><br />
Webpage - <a href="http://www.chinwell.com.my/" rel="nofollow" target="_blank">http://www.chinwell.com.my/</a><br />
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<strong>Company Profile</strong></div>
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CHINWEL had over 28 years of experience (since 1989) of
manufacturing and supplying high quality carbon steel fasteners (ie
screw, nuts and bots). Chinwel had production facilities in Malaysia and
Vietnam.</div>
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<u>1) Customer Information :</u></div>
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According to <a href="http://www.chinwell.com.my/about-us/" rel="nofollow" target="_blank">CHINWELWebpage</a>, CHINWEL had exporting to:</div>
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1) Europe (60%)</div>
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2) USA (30%)</div>
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3) Japan (5%)</div>
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4) South East Asia (5%)</div>
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<u>2) Products:</u></div>
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CHINWEL consists of two main products:</div>
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1) Fastening Products (81.86 %)</div>
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2) Wire Product (18.13 %)</div>
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<u>Fastening Product</u></div>
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This division mainly focus on manufacturing and trading of
screws, nuts, bolts and other fastening products. This division had
contribute lesser revenue 81.86 % of total revenue in 2016 compare to
83.36 % in 2015 and 97.22 % in 2014.</div>
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The revenue per segment asset for fastening products in the year 2016 is 0.8.</div>
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<u>Wire Product</u></div>
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This division focus on manufacturing of precision galvinized
wire, annealing wire, bright wire, hard drawn wire, PVC wire, bent round
bar and grill mesh. This division had contributed more revenue (18.13%)
of total revenue in 2016 compared to 16.40 % in 2015 and 3.58 % in 2014</div>
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The revenue per segment asset for wire division in the year 2016 is 0.99.</div>
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PROS:</div>
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è The revenue for CHINWEL is less dependent on one product which is the Fastening Product.</div>
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è The increment of revenue depend on the wire product is a
good sign since the wire product division is giving more revenue per
segment asset.</div>
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<strong>Financial Statement</strong></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeKV_pRrl1L0SG_S5G-lywVskC_frsvRazY-N_hcJS6bq_NndlmlXAM61mL0wFibgbj8XGsS61Vj8yd8fzwNft6Zg6AOIliQ6vEWs059_wTN0fxEZKplvsTXmZ7YHeCeGwadWg7g/s1600/Asset.JPG" rel="nofollow" target="_blank"><img border="0" data-original-height="317" data-original-width="601" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeKV_pRrl1L0SG_S5G-lywVskC_frsvRazY-N_hcJS6bq_NndlmlXAM61mL0wFibgbj8XGsS61Vj8yd8fzwNft6Zg6AOIliQ6vEWs059_wTN0fxEZKplvsTXmZ7YHeCeGwadWg7g/s640/Asset.JPG" width="640" /></a></div>
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From 2016 Annual Report there is reduce in trade receivables
although the revenue for 2016 had increase from RM 502, 420,132 in 2015
to RM 508,134,234 in 2016. These mean there are more cash transactions
compared to credit transaction.</div>
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Besides that, the cash and bank balances had increase by 2.41
times from RM 55,163,100 to RM 132,961,612 which mean the management
had more cash to look for better investment opportunity.</div>
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PROS:</div>
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è More cash transaction in 2016.</div>
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è Increase of cash and bank balances by 2.41 times.</div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_yGqfdrunrKkZCKOykRZzwmrAhvira1o8HIid40WPvzzUFr8DBehKOYzPJDeFJjCJIFll_DwE_fJVCId5LSMov7tO4ivzYOcgUPr9mrSpaaH5t37KqbXVEfDP5_IO7NLEX_R5PQ/s1600/Equipty+and+Liability.JPG" rel="nofollow" target="_blank"><img border="0" data-original-height="340" data-original-width="612" height="354" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_yGqfdrunrKkZCKOykRZzwmrAhvira1o8HIid40WPvzzUFr8DBehKOYzPJDeFJjCJIFll_DwE_fJVCId5LSMov7tO4ivzYOcgUPr9mrSpaaH5t37KqbXVEfDP5_IO7NLEX_R5PQ/s640/Equipty+and+Liability.JPG" width="640" /></a></div>
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CHINWEL had settle the amount due to the shareholder of Asia
Angel Holding Limited which CHINWEL had acquired in 2015. Hence the RM
19,261,124 had been remove in the 2016 balance sheet.</div>
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<strong>Dividend and Bonus Issued for the past five year</strong></div>
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CHINWEL had constant dividend for the past five year from
2012 – 2016 with the average dividend of RM 0.049 per year which
dividend yield of 2.8%..</div>
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CONS:</div>
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è CHINWEL had low dividend yield compared to current bank fix deposit rate of 3%. </div>
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Posted by <span itemprop="author" itemscope="itemscope" itemtype="http://schema.org/Person"> <a data-gapiattached="true" data-gapiscan="true" data-onload="true" href="https://plus.google.com/109042457679879564597" rel="nofollow" target="_blank" title="author profile"> <span itemprop="name">Klse Value</span> </a> </span> at <a href="http://ivkls.blogspot.my/2017/09/stock-review-chinwel5007-2-chin-well.html" rel="nofollow" target="_blank" title="permanent link"><abbr itemprop="datePublished" title="2017-09-16T19:41:00-07:00">19:41</abbr></a></div>
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http://ivkls.blogspot.my/2017/09/stock-review-chinwel5007-2-chin-well.html<br />
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-89574422675836215272017-09-01T09:01:00.001+08:002017-09-01T09:01:54.223+08:00CHINWEL (5007) 晉緯控股 - CHINWELL Is Breakout, But Fake Breakout.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi25QsnZL2g7-RQ62hq8Sn2vONrmviMPtlHumSVplK85fDs1LkfgeGqn5ofyTr-9sYZhU7wTkumaOQTb7Wtt8J48UXUK6lVKrhKuKwtpLgmOas_U8TrmLaPmlW-hwsbctmHtdPH/s1600/CHINWEL%254020170831D.PNG" rel="nofollow" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi25QsnZL2g7-RQ62hq8Sn2vONrmviMPtlHumSVplK85fDs1LkfgeGqn5ofyTr-9sYZhU7wTkumaOQTb7Wtt8J48UXUK6lVKrhKuKwtpLgmOas_U8TrmLaPmlW-hwsbctmHtdPH/s640/CHINWEL%254020170831D.PNG" width="640" /></a></div>
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随着不理想的财报,股价的表现直接表达了不满。<br />
但是,股价这样的表现又能否可以提前预测?其实是可以的,只是我个人对于<span style="font-family: "arial" , "helvetica" , sans-serif;">CHINWELL 太过乐观了,以至忽略了股价对于财报后期的大副调整。</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span><span style="font-family: "arial" , "helvetica" , sans-serif;">2/8 的带量突破后,出现了一个小假突破,这个已经是转弱讯号的开始,但是我依然乐观这个小假突破是可以被消化;可是在24/8 正式跌破(日/周线)支撑 1.84,一个更大的假突破成立,代表有主力开始先逃,而后面糟糕的财报,更是启动了大逃亡事件。</span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"> </span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;">如今股价跌回到上升趋势线上而做反弹,除非CHINWELL 已经没有任何期待,否则</span><span style="font-family: "arial" , "helvetica" , sans-serif;">我认为1.74 将会是下一个横盘的支撑,而下一个横盘就是代表对下一个季报的期待。</span><br />
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http://trendingline.blogspot.com/2017/08/chinwell-is-breakout-but-fake-breakout.html
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-79341908411760652512017-08-09T20:07:00.000+08:002017-08-09T20:07:03.117+08:00CHINWEL (5007) 晉緯控股 - 全球工业钢紧固件需求大.晋纬可稳健成长<br />
<a name='more'></a><br />2017-08-09 09:54<br />全球工业钢紧固件市场未来6年有望稳健增长,加上晋纬控股积极开拓产品组合,乐天研究看好集团将可搭乘市场增长便车,2018财政年有望重拾涨势。<br /><br />(吉隆坡8日讯)全球工业钢紧固件市场未来6年有望稳健增长,加上晋纬控股(CHINWEL,5007,主板工业产品组)积极开拓产品组合,乐天研究看好集团将可搭乘市场增长便车,2018财政年有望重拾涨势。<br /><br />Zion市场调查报告显示,全球工业钢紧固件市场规模将从2016年的849亿美元膨胀至2022年的1165亿美元,意味着未来6年(2017至2022年)年均增幅将达到5.4%,乐天研究相信这将为晋纬控股产品未来数年需求创造稳健增长空间。<br /><br />目前,晋纬控股为全球最大碳钢紧固件制造商,同时该公司欧洲市场的“自助”(DIY)扣件业务也有望在2017和2018年取得介于15至20%增幅。<br /><br />此外,乐天研究说,晋纬控股现有净赚益逾10%,加上手握7680万令吉现金,以及最低40%净利派息目标,将可为投资者带来至少4.5%周息率,因此给予“买进”评级,目标价为2令吉20仙。<br /><img alt="" height="541" src="http://cdnnews.sinchew.com.my/sites/default/files/editedimage/meewei/2017/Aug/09/mwl2017080901.jpg" style="border: 0px; box-sizing: inherit; height: auto !important; margin: 10px auto; max-width: 100%; outline: 0px; user-select: text !important; vertical-align: top;" width="322" /><br />文章来源:<br />星洲日报‧财经‧2017.08.09<br /><br /><br />http://www.sinchew.com.my/node/1670800/%E5%85%A8%E7%90%83%E5%B7%A5%E4%B8%9A%E9%92%A2%E7%B4%A7%E5%9B%BA%E4%BB%B6%E9%9C%80%E6%B1%82%E5%A4%A7%EF%BC%8E%E6%99%8B%E7%BA%AC%E5%8F%AF%E7%A8%B3%E5%81%A5%E6%88%90%E9%95%BF<br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-86558390035626492352017-06-19T06:20:00.000+08:002017-06-28T08:11:51.885+08:00CHINWEL (5007) 晉緯控股 - 六月专题:高股息系列#18-CHINWEL(5007)现金越涨越高,新晋为高股息公司 <br />
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<span style="font-size: medium;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGx2f0JEJbtrjTwp4OgUKGAoHuSZL35nsJ3oCMlRW1axOHSjr3z1Ef-eCk7HV6qfkJZuM4oLeXUd11N3Rk5FXBD1Ua5OUkN2RGIBQhdNXfTk4wfmSEc-8HozM07_0_neJeSKsf/s1600/CHINWELL.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="442" data-original-width="817" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhGx2f0JEJbtrjTwp4OgUKGAoHuSZL35nsJ3oCMlRW1axOHSjr3z1Ef-eCk7HV6qfkJZuM4oLeXUd11N3Rk5FXBD1Ua5OUkN2RGIBQhdNXfTk4wfmSEc-8HozM07_0_neJeSKsf/s640/CHINWELL.JPG" width="640" /></a></span></div>
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<span style="font-size: medium;"><u><b><span lang="ZH-CN" style="font-family: DengXian;">业务简介</span></b></u> </span><br />
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<span style="font-size: medium;">CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">主要业务为生产螺丝零件(营业额贡献超过</span>80%<span lang="ZH-CN" style="font-family: DengXian;">)和工业线。在本地和越南皆设有工厂,超过</span>50%<span lang="ZH-CN" style="font-family: DengXian;">的营业额来自欧洲市场。 </span></span></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">行业分类:螺丝工业</span></span></div>
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<b><span style="font-size: medium;"><u><span lang="ZH-CN" style="font-family: DengXian;">管理层</span>/<span lang="ZH-CN" style="font-family: DengXian;">大股东</span></u></span></b></div>
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<span style="font-size: medium;">Managing Director - Tsai Yung Chuan – 54.19% (deemed
interest via Amal Pantas Sdn. Bhd & Benua Handal Sdn. Bhd</span></div>
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<u><b><span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">五年财政表现</span>(RM<span lang="ZH-CN" style="font-family: DengXian;">'</span>000)</span></b></u></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgJ9wTGJeO2pIyv05FanTlFxYuCjJH8iKQ5muYlZNoqLkNf8HKgxghI-BpxrIatTKSYDjHnbCqw6W4KKMAYqVodiGY2aSfCK0uxQ5-KU3YnoA6MsFFgFQJPRmScVqfoyeuwQ00/s1600/293+Jun.+18+21.21.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="455" data-original-width="602" height="482" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgJ9wTGJeO2pIyv05FanTlFxYuCjJH8iKQ5muYlZNoqLkNf8HKgxghI-BpxrIatTKSYDjHnbCqw6W4KKMAYqVodiGY2aSfCK0uxQ5-KU3YnoA6MsFFgFQJPRmScVqfoyeuwQ00/s640/293+Jun.+18+21.21.png" width="640" /></a></div>
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<u><b><span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">买高股息公司一定要知道的数据</span></span></b></u></div>
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<span style="color: blue;"><b><span style="font-size: medium;">Dividend yield: 8.5sen/RM1.81 = 4.7%</span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: medium;">Dividend policy: 40%</span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: medium;">Dividend payout %:<span lang="ZH-CN" style="font-family: DengXian;">请看图</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">一年派息次数:</span>2<span lang="ZH-CN" style="font-family: DengXian;">次</span></span></b></span> </div>
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<span style="color: blue;"><b><span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">派息风格:</span>2013<span lang="ZH-CN" style="font-family: DengXian;">年制定</span>40%<span lang="ZH-CN" style="font-family: DengXian;">派息政策,而派发的股息也接近</span>40%<span lang="ZH-CN" style="font-family: DengXian;">,保留更多的现金用作未来投资。</span></span></b></span></div>
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<u><b><span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">公司特点</span></span></b></u></div>
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<b><span style="font-size: medium;">1. <span lang="ZH-CN" style="font-family: DengXian;">台湾创办人</span></span></b></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">又是另一家台湾创办人的高股息公司。</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">创办人是</span>Tsai
Yung Chuan<span lang="ZH-CN" style="font-family: DengXian;">,其妻子及儿女皆在公司内担任重要职位。不过,</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">并不是简单的家族生意,而是由台湾蔡家三兄弟幸苦创立的螺丝王国。大哥蔡永龙在中国管理晋亿,主要负责中国与美国市场。二哥蔡永龙则坐镇于大马的</span>CHINWEL(<span lang="ZH-CN" style="font-family: DengXian;">晋纬</span>),<span lang="ZH-CN" style="font-family: DengXian;">主要负责欧洲和东南亚市场,三弟则在台湾管理晋禾,主攻高端扣件市场。</span>3<span lang="ZH-CN" style="font-family: DengXian;">家公司不但会共享资源,市场行情,还会转让客户。目前关系融洽,没什么纠纷,而且第一代创办人都不算太老,应该不会这么快就传给第二代。</span></span></div>
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<b><span style="font-size: medium;">2. <span lang="ZH-CN" style="font-family: DengXian;">股东名单</span></span></b></div>
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<span style="font-size: medium;">2016<span lang="ZH-CN" style="font-family: DengXian;">年年报</span>30<span lang="ZH-CN" style="font-family: DengXian;">大股东出现大马知名的投资者的名字,那就是官有缘老先生,持有</span>2%-3%<span lang="ZH-CN" style="font-family: DengXian;">左右的股份,对官老先生投资组合来说应该是不大啦。</span></span></div>
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<b><span style="font-size: medium;">3. <span lang="ZH-CN" style="font-family: DengXian;">与家具股特点相似</span></span></b></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">笔者认为</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">处于的螺丝业,其行业特点在某些方面与家具股有点相似。两者皆是依赖出口,因此可受惠于马币贬值,近几年皆爆发成长为高净现金公司。另外,</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">也承认人手短缺而无法接下所有订单。劳工问题其实是蛮棘手的,并不是短期可解决的问题。</span></span></div>
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<b><span style="font-size: medium;">4.<span lang="ZH-CN" style="font-family: DengXian;">成长有所缓慢</span></span></b></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">过去</span>5<span lang="ZH-CN" style="font-family: DengXian;">年的财务表现显示营业额没有太大成长,反而净利在</span>2013<span lang="ZH-CN" style="font-family: DengXian;">年跌入低谷后逐渐升涨并在</span>2016<span lang="ZH-CN" style="font-family: DengXian;">年爆发超越</span>2012<span lang="ZH-CN" style="font-family: DengXian;">年的净利。</span>2016<span lang="ZH-CN" style="font-family: DengXian;">年净利高成长最主要的原因是</span>2015<span lang="ZH-CN" style="font-family: DengXian;">年下半年增持越南子公司</span>40%<span lang="ZH-CN" style="font-family: DengXian;">的股份。不过,</span>2017<span lang="ZH-CN" style="font-family: DengXian;">年首</span>9<span lang="ZH-CN" style="font-family: DengXian;">个月的净利跌了</span>12%<span lang="ZH-CN" style="font-family: DengXian;">,以</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">保持</span>40%<span lang="ZH-CN" style="font-family: DengXian;">的派息风格,估计今年的股息会比去年来得低。</span></span></div>
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<b><span style="font-size: medium;">5.<span lang="ZH-CN" style="font-family: DengXian;">现金流的成长</span></span></b></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">笔者认为现在</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">最大的看点是现金流卓越的成长,从</span>2012<span lang="ZH-CN" style="font-family: DengXian;">年的净负债</span>RM103million<span lang="ZH-CN" style="font-family: DengXian;">转为净现金</span>RM72.6million<span lang="ZH-CN" style="font-family: DengXian;">。现金流的成长使</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">化身为高股息公司,从</span>2012<span lang="ZH-CN" style="font-family: DengXian;">年的</span>2.5sen<span lang="ZH-CN" style="font-family: DengXian;">上涨至</span>2016<span lang="ZH-CN" style="font-family: DengXian;">年的</span>8.5sen<span lang="ZH-CN" style="font-family: DengXian;">。从</span>2015<span lang="ZH-CN" style="font-family: DengXian;">年增持子公司的举动可以发现现金流不但让</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">的派息能力提高,也让公司有机会进军任何对公司及股东有利的投资,使公司继续成长。</span></span></div>
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<span style="color: blue;"><b><span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">适合收股息的指数(满分为</span>5<span lang="ZH-CN" style="font-family: DengXian;">):</span>3.5<span lang="ZH-CN" style="font-family: DengXian;">分</span></span></b></span></div>
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<span style="font-size: medium;">CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">是笔者</span>2016<span lang="ZH-CN" style="font-family: DengXian;">年第一个买入的公司,也是</span>2016<span lang="ZH-CN" style="font-family: DengXian;">年第一个卖出的公司。并不是公司不好,而是笔者认为没有催化剂可让</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">的业绩持续成长,因此卖出寻求更好的公司。今年虽传出欧洲市场订单回流,无奈公司也面对劳工问题。</span></span></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">事实上</span>CHINWEL<span lang="ZH-CN" style="font-family: DengXian;">的基本面相当不错,拥有健康的现金流,只是短期行业的前景不见好。与家具业目前前景有点相似,若要选择其一,笔者会认为家具业前景更胜一筹。</span></span></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">WeShare WeTrade</span></span></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;"> </span></span></div>
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<span style="font-size: medium;"><span lang="ZH-CN" style="font-family: DengXian;">http://wesharenwetrade.blogspot.my/2017/06/18-chinwel5007.html </span></span></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-68114822157386414902017-06-16T09:34:00.004+08:002017-06-28T08:11:50.817+08:00CHINWEL (5007) 晉緯控股 - Chin Well ~~~季报 (FY 2017, Q3 ) 分析篇~ BY乡下小子 <br />
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<span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5Lf6LdT-4-AJzbO7-bVK2bunQukEC06BfSltsC12dNCI5eimdCPiMt-U8vap8SDhNR779p5RCPWue7bx8nNtC69iOgnhPKLpkUZefm6qA14fw5xVeLTIKCjS7FeudysmI7nRKRA/s1600/Screen+Shot+2017-06-14+at+9.30.45+PM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="712" data-original-width="1248" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5Lf6LdT-4-AJzbO7-bVK2bunQukEC06BfSltsC12dNCI5eimdCPiMt-U8vap8SDhNR779p5RCPWue7bx8nNtC69iOgnhPKLpkUZefm6qA14fw5xVeLTIKCjS7FeudysmI7nRKRA/s320/Screen+Shot+2017-06-14+at+9.30.45+PM.png" width="320" /></a></span></div>
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<span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-HQanCNWaB_v1ftQNflUn4AajwAZG_-U92jVXqDMrd4mhvsglJxHTSZNMA0h6d8Lv-XqTDReeZiCetDXV2aTQoFLOwR3gcefzIc43xxQZzIZF6H87nXDnIW-UMs9pTrIiNKl_Lg/s1600/Screen+Shot+2017-06-14+at+9.30.54+PM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1332" data-original-width="1194" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-HQanCNWaB_v1ftQNflUn4AajwAZG_-U92jVXqDMrd4mhvsglJxHTSZNMA0h6d8Lv-XqTDReeZiCetDXV2aTQoFLOwR3gcefzIc43xxQZzIZF6H87nXDnIW-UMs9pTrIiNKl_Lg/s320/Screen+Shot+2017-06-14+at+9.30.54+PM.png" width="286" /></a></span></div>
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<b><span style="font-size: large;">营业额</span></b><br />
对比 FY2017 Q2, 这个季度是上升了, 大约11.345%, 目前这个季度营业额有 RM 140.605million 左右。 但是这个季度的税前盈利是下跌的, 对比<br />
<a href="https://www.blogger.com/null" name="more"></a> FY17 Q2, 下跌了大约 6.57%。<br />
这个季度税前盈利有RM17.305million.<br />
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<span style="font-size: large;"><b>Fastener 产品 </b></span><br />
这个季度对比 Q2, 再次上涨, 这次上涨比较多,有 13.45%, 这个季度有 RM115.11million.
主要是这次轮到国内的需求增加, 也带领公司业绩再一次上升了。 不过管理层有强调的是, 盈利反而没有明显的涨幅, 因为原料价格上涨,
拉低了公司的赚幅。 <br />
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<span style="font-size: large;"><b>Wire 产品</b></span><br />
这个季度业绩继续维持很好的表现, 对比 Q2, 再一次业绩提升,但是比较小的额度,上升了 2.74%, 这个季度营业额是
RM25.50million。但是税前盈利下跌了一些, 对比Q2, 少了RM0.18million, 这个季度有RM5.30million。<br />
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<span style="font-size: large;"><b>半年业绩对比 (FY17, 9 months VS FY16, 9months) - 以地区来看</b></span><br />
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以地区来看, 目前欧洲市场营业额还是维持下降最多, 对比 FY2016 9个月业绩, 少了大约 RM40 million, 越南,
其他国家地区市场营业额也少了一点, 但是其他亚洲国家市场的话, 营业额再一次上升, 多了大约 RM 10million, 对比 FY2016
9个月的业绩。 马来西亚业绩这次贡献很多, 由于这个季度表现真的很不错, FY 2017 9个月的业绩, 对比FY2016 9个月的业绩,
多了大约RM42million.<br />
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<span style="font-size: large;"><b>~ 债务, 对比上个季度, 这次上升了一些, 增加了 4.58%, 目前债务有 RM 40.239million 左右。</b></span><br />
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<span style="font-size: large;"><b>~ 现金方面, 对比 Q2, 这个季度有 RM117.087million, 少了 16.19%. </b></span><br />
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~ 管理层看法,这里是跟上个季度写一样的话, 他们对于这个季度表现, 还算满意。 管理层表示目前经济还是不明朗, 所以会提升运作效率 和 生产率 来确保本身市场的竞争力。 另外也会继续寻找新的商机。<br />
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<span style="font-size: large;"><b>~~~个人看法</b></span><br />
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这个季度的股息,公司并没有派发股息。 目前公司的业绩, 在不同的国家地区,有不一样的业绩, 导致出现拉长补短的现象。 另外,
细看的话,Fastener产品还是公司的主力,个人希望公司除了维持这个产品业绩之外, Wire产品也需要多加用心经营, 因为Wire
产品这个季度业绩上升幅度, 明显缓慢很多了。 季报有个地方, 我个人小小的有留意到, 公司的烂账开始增加了不少。<br />
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对比上次的价格 RM1.74 (27.2.2017股价), 这次是RM1.80 (14.6.2017股价),上了6仙。
再来对比今年跟去年的业绩, 除了这次的Q3 比较好之外, Q1 和Q2 都是比较差的, 如果拿来对比去年相同季度的话。 不过,
唯一比较好的地方是, 虽然业绩还好, 但是股价确实是一点一点往上爬, 从我分析年报到现在, 是上升的趋势, 但回归基本,
除了管理层继续维持现有的用心经营之外, 加上如果未来有好的计划, 商业策略, 那这会是公司突破成长的关键, 毕竟这间公司再打多一次仗,
是没有问题, 说来说去, 好像是没有说到重点是吧? 好吧, 个人认为它确实是好公司, 只是目前业绩还好, 加上未来,
暂时没有特别的动向,股价又是处于高价位, 所以你自己做决定吧。。。 <br />
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作者<br />
乡下小子<br />
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<span style="font-size: small;"><b>这篇文章纯粹作者看法,</b><b>整篇文章并没有任何买卖建议,或推高股压低价的其他企图,单纯分享作者的功课,</b><b>本人与作者"怒"不对你的盈亏负任何责任,谢谢。</b></span><br />
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<span style="font-size: small;"><b>http://windscopo.blogspot.my/2017/06/chin-well-fy-2017-q3-by.html </b></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-15114121518993477692017-06-15T06:34:00.000+08:002017-06-15T06:34:02.007+08:00CHINWEL (5007) 晉緯控股 - CHINWELL Is Waiting For Breakout <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWGvXu2wampo0MGHlvplFb4w0ZLS75ChDUnHXRRf4cR-0nn6pIgVCZ_1mTq79eQY-rOeE1kCpm2AqDZIY6xI1SmHpqGlSYp8aoezHLbd8N33iXMpkL6GqPiUUaYIFHHn_TUASO/s1600/CHINWEL%254020170613D1.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhWGvXu2wampo0MGHlvplFb4w0ZLS75ChDUnHXRRf4cR-0nn6pIgVCZ_1mTq79eQY-rOeE1kCpm2AqDZIY6xI1SmHpqGlSYp8aoezHLbd8N33iXMpkL6GqPiUUaYIFHHn_TUASO/s640/CHINWEL%254020170613D1.PNG" width="640" /></a></div>
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自去年3 月初跌破颈线后,三角收敛都大约酝酿了一年,如今等待突破,短线支撑 1.74,压力在 1.84 和 1.96。由于这周会有FED 利率决策会议,市场行为会比较谨慎,但我觉得一旦消除了不确定性后,我预测这档股将会做出往上突破的方向。<br />
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http://trendingline.blogspot.my/2017/06/chinwell-is-waiting-for-breakout.html Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-16181562863533903972017-05-19T09:04:00.000+08:002017-05-19T09:04:33.555+08:00CHINWEL (5007) 晉緯控股 - Chinwel之我见(马后炮篇) <br />
<a name='more'></a>CHINWEL (5007) 晉緯控股 - Chinwel之我见(马后炮篇) <br /><br />这几天Chinwel慢慢往上爬,我想来个马后炮来解释这2个星期的走势。基于Chinwel是我的主力之一,因此我的论点或许会有点主观,大家看看就好。<br /><br />在The Star报导未出炉之前,Chinwel的卖压相当的大,一直有源源不断的货抛出来。(我能够感受到卖压因为我在上季度业绩投机失败后,就一直住着套房,间中也不断的微量买入来摊平我的成本价)<br /><br />报导出来之后,就只出现了两天比较冲动的卖盘(应该是信心不足的散户都被震出局了吧? 其实我失算了,因为我只在低价位买入相当于我组合约15%的票罢了,错失了加码的良机,我本以为卖压不会那么快过去的)。<br /><br />当跌到1.61就出现强大的扶盘,卖盘也开始转弱了(这时候想必想卖的都卖光了吧? 因为我排低2-3个价位要买票都买不到了)。<br /><br />当该卖的都卖完之后,成交量就开始减少,股价也开始慢慢的往上爬。<br /><br />直到今天,几乎没有多少丢下来的票,成交量更因此萎缩到110.5张,而今天的buy rate更高达87%。在这样的跌市之中,Chinwel的表现可以说是相当的好了,我相信若业绩符合预期或有4.5分以上,它继续上扬的几率相当大。<br /><br />这一轮的下滑到回升,历时差不多两个星期,不少游离票慢慢的游到了较为长期的投资者手里。(老板都说了人手不足会影响盈利表现,几乎判了接下来两个季度的盈利死刑,在这样的情况下,还有谁会去接票? --> 我觉得是长期投资者的几率比较高)<br /><br />季报应该会在下个星期出炉,基于第3季度是传统的淡季,过去3年的EPS都不超过4分。虽然路边社说盈利会破5分,但我可不敢过于乐观,我只期望着这一季度的盈利有4.5分就好了。<br /><br />话外题: <br />寒大问我为什么要投资Chinwel这样慢慢爬的股票,问我目标价是多少? 我说若PE12的话,应该有RM2.4左右吧? (毕竟Chinwel与姐妹公司可是世界标紧固件的龙头,标紧固件的毛利依然维持10%以上,拥有强劲的现金流与40%的股息政策,PE12的目标并不算过份,它的姐妹公司晋亿的PE可高达70耶!)<br /><br />寒大回答说,Chinwel是好股,但不会爆发。在这样的市场,我们应该找一些汗血宝马让我们的盈利最大化比较上算。我则认为既然我过去都靠这类比较冷门又素质良好的公司获得不错的回酬率,实在没有放弃的理由。因此, 我就这样的看着大家投机暴发股赚大钱,而我则一直坚持守着这家慢慢爬的马。<br /><br />我觉得投资方式没有对错,只要适合自己的就好。或许寒大的方法能够用最短的时间赚取最大的盈利,但我还是坚持走自己的路。当然,我会选择把一部分的资金拿出来陪客栈的其它大神投机暴发股,不然傻傻看大家赚钱后找自卑药吃就显得太糊涂了。<br /><br /><img border="0" height="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi74yrY9A-v6U3ExXfgdLw0WcGiR6vjy3hs39BcRVY48xXeQ9Ez4kVoTY1im5hexFfQCkhoayrxHJ_pB6YMPh7TCWJzpYd-CJBCepQxZ6JVAI3k-88W2FtXv87JkC6D_uTpcIZ9jw/s400/chinwel.jpg" width="400" /><br /><br />CHINWEL (5007) 晉緯控股 - Chinwel之我见(马后炮篇) <br />http://tengkhan.blogspot.my/2017/05/chinwel.html<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-91586991787528862562017-05-12T07:57:00.000+08:002022-04-20T07:58:41.073+08:00 CHIN WELL HOLDINGS BHD CHINWEL (5007) by 火树银花<p> <br /> <span></span></p><a name='more'></a>CHIN WELL HOLDINGS BHD CHINWEL (5007) by 火树银花<br /><br />这是我近期的投资功课,就和大家做个小小的分享。(不是鼓吹你买)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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晋纬(5007) 的业务是售卖紧固件(螺丝钉、螺母和螺丝铨)、篱笆、石笼网。(有兴趣公司的业务,不妨到 <a data-darkreader-inline-color="" href="http://www.chinwell.com.my/" style="--darkreader-inline-color: #ed7a35; color: #de6014; overflow-wrap: break-word;" target="_blank">晋纬公司网站</a> 游览一番。有不少的部落客、投资网站、专家等对这家公司的业务、背景、前景有深层叙述,我就就不再复述了。)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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晋纬公司的财务结构自2009年后,出现转折,财务结构出现很大的转变。2009年以前,公司积极进行资本开支(投资厂房、机器等等)。资本开支的方法是以借贷方式进行,并将该年的盈利(几乎全部)一起投入。公司的债务由此而来,债务逐渐增加,可以说,这个阶段公司的中心是积极扩张。也许是金融风暴的关系,2009后,公司意识借贷的压力(隐藏的危机),尤其是融资成本(利息偿还)的负担,公司用了数年时间,致力将债务减少。降低了债务所带来的压力,公司的财务架构也越来越稳健。同时间,公司的利润率也逐步提升,盈利慢慢恢复(贷款利息减少,盈利增加。)。另一方面,公司的业绩这几年开始见到成效(投资石笼网、防盗篱笆业务,请参考其他资料),公司也积累了庞大的现金。相信这将会是该公司的亮点,能让投资者在未来获利的重要基石。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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首先,看公司的营收、毛利和净利表。自2000年至2008年,公司的营收公司的收入处于增长阶段,营收不断的增长。直到2009年,公司的营收才下跌了26.3%。隔年,营收反弹,增幅为10%,过后连续的两年2011以及2012年的营收持平。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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2013年,营收再度稍微下跌了8% 。之后的连续三年(2014-2016 )都取得了小幅度的增长分别是 5%、3.5%、1.1% 。看来这两年似乎来到了瓶颈。对公司来说,应该是一项挑战。就看下来该公司的如何进一步提升业绩了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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<img class="zoom" id="aimg_144993" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ0OTkzfDkxZjE5NDZhfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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从上图可以看到,公司的直接成本相当高。所以,公司的第一道盈利栏杆要很坚固,否则无法为股东创造盈利。为了要检测公司在直接成本的控制能力,将公司的营收和直接成本换成毛利,就可以清楚的直到,公司在行业中处,成本管理以及竞争状态如何。然后才能做出初步的判断,这家公司的营运能力。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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我们看公司的毛利如何:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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年份</td>
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00</td>
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01</td>
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02</td>
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03</td>
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04</td>
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05</td>
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06</td>
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07</td>
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08</td>
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09</td>
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10</td>
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11</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
12</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
13</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
14</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
15</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
16</td>
</tr>
<tr style="overflow-wrap: break-word; word-wrap: break-word;">
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
毛利率</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
22.0</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
21.2</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
17.9</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
21.1</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
21.3</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
23.5</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
17.0</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
14.1</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
15.1</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
10.7</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
14.6</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
16.3</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
19.8</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
12.8</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
17.9</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
17.3</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
21.1</td>
</tr>
</tbody>
</table>
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
2000年至2016,我们可以看出公司的毛利处在10至20% 左右。最低的三年分别是2007 , 2008年以及2013 ( 14.1% ;15.1%;12.8%);最高的年份是2000 , 2004 以及 2003(22%、21.3、21.2)。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
从这里看出一点是高毛利的年份过了(早前阶段),最低潮(中间阶段)也过了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
哪当下的毛利如何?<br style="overflow-wrap: break-word; word-wrap: break-word;" />
以最近的10年为例,可以看到2009-2012年的毛利是增加的(10.7% 到19.8%),然后下跌(2013年的12.8%) 。之后从2013的12.8%算起,又持续增加,来到2016年的21.1%毛利。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(或许这也稍微透露一点信息,公司的行业有周期性,大约4~5年算是一波吧。)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
因为公司的毛利低,所以在其他方面的成本支出,公司一定要做到非常的谨慎和严格,才可以保证公司的获利,这样才能算是合格的公司。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
通过利润率,可以看到公司在这些年在经营方面的努力如何。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<table cellspacing="0" class="t_table" data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-collapse: collapse; border-color: rgb(227, 237, 245); border-style: solid; empty-cells: show; overflow-wrap: break-word; table-layout: auto; width: 754px;">
<tbody style="overflow-wrap: break-word; word-wrap: break-word;">
<tr style="overflow-wrap: break-word; word-wrap: break-word;">
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
年份</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
00</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
01</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
02</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
03</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
04</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
05</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
06</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
07</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
08</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
09</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
10</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
11</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
12</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
13</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
14</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
15</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
16</td>
</tr>
<tr style="overflow-wrap: break-word; word-wrap: break-word;">
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
利润率</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
11.9</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
9.1</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
8.3</td>
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10.9</td>
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11.0</td>
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12.4</td>
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4.4</td>
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3.3</td>
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4.5</td>
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0.1</td>
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3.5</td>
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8.8</td>
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13.2</td>
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5.3</td>
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9.2</td>
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9.8</td>
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12.5</td>
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通过上述的利润率,可以看到2009 - 2012是一个阶段;2013 -
2016一个阶段。(2009年可以注意的一点是,当年是公司注销了大批存货导致盈利下跌。)利润率慢慢增加增加再增加,然后下跌,过后反弹,再慢慢增加再增加。(然后的2017年怎么办?是否持续增加呢?那就看你的投资眼光了。)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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就我个人而言,基本上我不会考虑投资利润率常年低于10% 的公司。除非,有这样的情况:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(一)公司的规模足够<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(二)流通股数适中(不会太多,每股盈利不会太薄)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(三)公司的现金激增<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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(一)公司的规模<br style="overflow-wrap: break-word; word-wrap: break-word;" />
营收 1,000,000 的5% 利润率 和100,000,000 的 5%利润率 ,是不同的。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
前者盈利为50,000 ;后者 盈利为 5,000,000 ,五万 和 五百万 是不同的。
不同规模的公司,不应该在同样的利润率之间做出比较。因为……就好象你拿麻嘛档和3星级饭店比较。两个同样是做吃的生意,同样能解决一餐的问题,只是……问题是你觉得会很有意义吗?<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(二)流通股数额<br style="overflow-wrap: break-word; word-wrap: break-word;" />
一家公司的利润率非常好,每股盈利看起来不断的成长飞扬,ROE 很好等等,总之就是很好很好。问题是,是不是每一件公司每股盈利都够好?<br style="overflow-wrap: break-word; word-wrap: break-word;" />
举例,公司的盈利1000元。 甲公司流通股是10,000股,乙公司是1,000股;乙公司是 100股,丙公司是 10股。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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公司</td>
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甲</td>
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乙</td>
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丙</td>
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丁</td>
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每股盈利(元)</td>
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0.1</td>
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1元</td>
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10元</td>
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100元</td>
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请问,你会选择哪一个作为你的投资?<br style="overflow-wrap: break-word; word-wrap: break-word;" />
一般上,我们会选择“丁” 。因为每股盈利足够“丰厚”,每股盈利够“斤两”,份量足够。因为,盈利能带给投资人回报、回酬、投资成果。最大的收获,才是投资人梦寐以求的选择。(不然你投资来作甚?)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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可是…… 一旦加上“<span style="font-weight: 700; overflow-wrap: break-word; word-wrap: break-word;"><span data-darkreader-inline-color="" style="--darkreader-inline-color: #ff1a1a; color: red; overflow-wrap: break-word;">股价</span></span>” 这样的东西。情况就不同了。…… 例如这样的情节:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
甲乙丙丁公司的股价分别是:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
甲 RM 1 , <br style="overflow-wrap: break-word; word-wrap: break-word;" />
乙RM 10 , <br style="overflow-wrap: break-word; word-wrap: break-word;" />
丙RM 100 , <br style="overflow-wrap: break-word; word-wrap: break-word;" />
丁RM 1000 。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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你会选择? 那就看个人的家庭收入、荷包的厚度、银行存折的分配、资产配额、各类市场信息(风吹草动等)…… 等等等。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
如果加上生意。甲业务是食品 、乙是产业、丁是药剂行、丁是开银行的。 你的个人考量有不同了(人们对前景的看法)。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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再来,市场的“需求” 和”供应“ ,“衣食住行”问题,再加上公司债务和资产情况。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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再加上红股、股息、配股、附加股…… 然后上市下市等等等等。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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然后是…… 配合股价的波动。再来一个看好的前景,股价会起,不看好的股价会跌。 …… 精彩了。天天有新的行情、报告、新闻、消息。有者衍生新的看法,会起的“好公司”,不会“动的”是烂公司。“跌的”一定是出现了问题。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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好了,只是想说,各有各看法,个人有个人的机遇和际遇,“缘” 一个字吧。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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自己知道自己的决策和决定,对自己的金钱负责,对自己当下的投资决定负责,身体健康,家人开心最重要。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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回到原点(跑题了扯得太远了)。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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简单来说,除了股价的问题,我个人认为每股盈利丰厚,加上股价偏低,就是很好的投资标的了。唯有盈利,才是好的投资指标。(其中之一,不是唯一)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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(三)现金激增<br style="overflow-wrap: break-word; word-wrap: break-word;" />
如果一家公司突然出现现金激增的现象,那就非常值得我们重视。找出它的原因,也许机会就在里面。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
现金激增,不外乎几个原因:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(甲) 跟银行借,跟投资人借(通过附加股),新的股东借(引入新的资金,私下配股等)(有的更加厉害,更拿鸡政府借,高达数十亿,还是低利息贷款!)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(乙) 卖地、卖房、卖产业(股票、子公司、联营公司的股份、厂、品牌等,总之可以卖的东西)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(丙) 赚到的钱 (盈利是也!)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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在这几个情况中,我个人最看好的是第三点。公司赚到的盈利(以现金形式保留)。这表示,公司竞争力良好,公司的资产架构安全程度提高(有现金的公司是不会倒闭的),给公司的未来预先铺路。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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投资人可以获得其他的好处呢? 股息增加。不派股息?未来红股机会增加。(当然,也有赚了一大把钞票的公司,却超级吝啬,不愿意分享投资成果。……经典的,如当下的:FRONTKN。 * 当然,未来我就不知道了 )<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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如果觉得很乱了。你可以只看一个重点“盈利”。 但是,盈利的背后是什么? <br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
别担心,利润率会提供你一点的信息。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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请看下图。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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<img class="zoom" id="aimg_144994" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ0OTk0fDdkNjE3ZDAyfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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你会注意“深谷” ,还是 “山峰” ?<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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是的。你的选择,会决定你对某个股的判断,然后做出决策,最终做出决定。 <br style="overflow-wrap: break-word; word-wrap: break-word;" />
现在,2016是半个 “山峰”。 <br style="overflow-wrap: break-word; word-wrap: break-word;" />
未来的日子,也许出“再创高峰”,也许会出来“新的山崖”。 <br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
未来会出现新的高峰还是另一个深谷 ,我不知道。 所以,这里我不多说了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
好不好,最终还是交给你自己。看你的投资眼光和眼界了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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摸不到,看不到,并不是说,我们就一筹莫展,不知所措。这不是投资人应有的态度态度。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
我们应该积极进取,尝试从资产负债的表象中,寻求答案,找到解答,虽然不一定是真相的全部,但是能够知道一些背后隐藏的点点滴滴,就可以增加我们的投资筹码,和提升自己的投资安全程度。以此来在未来中增加获利的机会。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
成功,我幸;失败,我命。 起码,我已经尽了全力,无遗憾。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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下表,显示的是公司的总资产对比总债务的情况。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<img class="zoom" id="aimg_144995" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ0OTk1fGVmNGE0MDk3fDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
从资产和债务配置的情况,我们看到两个部分:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(一)资产成长,债务同步增加<br style="overflow-wrap: break-word; word-wrap: break-word;" />
(二)资产增长,债务下降<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
尤其是第二点,对投资人非常有利。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
进一步评估公司资产素质。看下图:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<img class="zoom" id="aimg_144996" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ0OTk2fDI0ZTdhZWFmfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
同样的情况,前面的部分流动资产上,流动债务也上;后半段,流动资产上,而流动债务下降。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
换为流动比例,可以清楚看出公司的短期资产素质,以及营运内部的情况。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<table cellspacing="0" class="t_table" data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-collapse: collapse; border-color: rgb(227, 237, 245); border-style: solid; empty-cells: show; overflow-wrap: break-word; table-layout: auto; width: 754px;">
<tbody style="overflow-wrap: break-word; word-wrap: break-word;">
<tr style="overflow-wrap: break-word; word-wrap: break-word;">
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
年份</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
00</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
01</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
02</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
03</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
04</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
05</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
06</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
07</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
08</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
09</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
10</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
11</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
12</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
13</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
14</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
15</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
16</td>
</tr>
<tr style="overflow-wrap: break-word; word-wrap: break-word;">
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
流动比率</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
2.24</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
2.32</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
4.45</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
2.91</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
3.03</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
2.40</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
1.42</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
1.44</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
1.46</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
1.57</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
1.52</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
1.77</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
2.30</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
2.88</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
3.69</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
4.26</td>
<td data-darkreader-inline-border-bottom="" data-darkreader-inline-border-left="" data-darkreader-inline-border-right="" data-darkreader-inline-border-top="" style="--darkreader-inline-border-bottom: #1e3c54; --darkreader-inline-border-left: #1e3c54; --darkreader-inline-border-right: #1e3c54; --darkreader-inline-border-top: #1e3c54; border-color: rgb(227, 237, 245); border-style: solid; overflow-wrap: break-word; overflow: hidden; padding: 4px;">
4.26</td>
</tr>
</tbody>
</table>
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
我们可以直接把重点放在2009年至2016这段时间。 从2009年的1.57 到2016年的4.26 ,公司显示出清楚的信息:公司的流动资产持续增加。(也就是说,短期债务减少。)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
这样的资产配置,提高了公司的安全程度。背后的带出来的信息是,公司的竞争力提高了——获利会越来越好。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
为什么会这么说?<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<br style="overflow-wrap: break-word; word-wrap: break-word;" />
试想,如果不是能力经营生意的能力提高了,获利能力提高了,怎样能赚钱? 怎么能够赚取更多的钱?赚到的钱在哪里?就是公司的流动资产。这家公司的股息派发不多,所以保留的盈利会存在公司资产里面,不管是流动资产还是固定资产。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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如果要更进一步知道盈利是以何种形式存在,那就看下图:<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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<img class="zoom" id="aimg_144998" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ0OTk4fDc2OGVkZGZmfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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现金。是的,公司内部握着的现金。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
尤其是这两年。公司的盈利几乎全部转换为现金。(可以参考后面的现金流)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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因为公司解决了大部分的债务,然后投资厂房的需要减少,股息的派发不多,然后(最重要的一点) 公司的近4年来的盈利都不错!<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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盈利不错,流入的钱多了,支出少了,自然钱就多了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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那么,这一笔钱,公司会怎样处理呢? (这就是这家公司的投资亮点了!)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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接下来,是股东权益。代表股东获得分配的保留盈余。当然,简单看看就好。在没有派发红股或者清盘的时候,你无法分享的。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
<img class="zoom" id="aimg_144997" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ0OTk3fGZiZTU5MDdhfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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好了,来到了现金流组了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
现金流的分析,非常重要的部分。如果说资产是经营的成果,那么现金流就是营运的过程。我们可以通过从过去的点滴,追溯公司的“用钱的艺术”。从而探讨公司的内部营运情况,经营文化,管理层的态度。从而协助投资人判断这家公司的价值,并且给这家公司定价。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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<img class="zoom" id="aimg_144999" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ0OTk5fDhjZTMwZmIwfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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实话实说,如果把年份拉长,公司所展示的营运活动现金并不怎么美。(也就是说,不太稳定,起起伏伏)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
在2000年至2004年间,虽然公司取得现金流入(正),但是并不稳定。2005年至2010之间,取得现金流入的年2006,08,09,而流出的年份为05,07和10年,而且差距相当大,所以出现大幅度的转变。因此,出现了上图中呈现的大起大落。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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但是,现金流不美,不代表它不会在未来慢慢变美。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
2011年开始,公司的现金流从2010的 - 2,852 反弹成19,634
,隔年下跌至19,682。然后,连续四年(2013-2016)现金流保持5千万以上。甚至创下了历史性的最高一刻 100,881
或一亿令吉的现金流。这里带出了重要的信息——竞争力提升。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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公司的竞争力提高了,才能带动盈利增加。盈利增加了,才能把钞票赚进来。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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赚到的资金,做了什么呢?<br style="overflow-wrap: break-word; word-wrap: break-word;" />
那就要参考下图的投资活动(红色线)。除了2005和2006年的大幅度投资(2005:RM107,371 ,000 , 2006:RM87,912,000)之外,其他的年份,公司的再投资活动(资本开支)大部分处在1千万左右。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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<img class="zoom" id="aimg_145000" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ1MDAwfGYwOGNjNmFjfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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下来的,加入可融资活动现金流(绿线),可以看到公司这些年来营运的全貌了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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<img class="zoom" id="aimg_145001" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ1MDAxfGViYjI0ODJkfDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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公司2009年以前,基本上是赚了多少,就把赚到的再投入自身的行业里。在2005和2006年动作比较大,融资了1.5亿元,作为这两年2亿元的投资资金来源。因此,公司的债务就直接水涨船高。 <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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2009年后,公司在融资活动方面的重要举动是:偿债。尤其是2009年,公司停发股息,停止资本开支,把该年的所有获利全数偿债。这是重要的里程碑。因为自此,公司的方针就是致力减债。(同一时间,借贷利息从2009年的6.4百万
降低至2010年的2.9百万。意思是,公司的盈利增加了)。详情可以参考前面的总资产对比总债务表。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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债务的减少,提高了公司的安全程度,也提高了公司的盈利。同样的,也可以看到公司的股息派发慢慢地增加了。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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<img class="zoom" id="aimg_145002" src="http://investalks.com/forum/forum.php?mod=attachment&aid=MTQ1MDAyfGQyYTNlMDE1fDE0OTQ1ODM1NTN8MTAwfDM0&noupdate=yes" style="cursor: pointer; overflow-wrap: break-word; word-wrap: break-word;" width="600" /> <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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从上图可以看到2000至2002年的股息为4.5百万。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
过后,2003的5.5百万提升到2005年的12.1百万。2005年这一年,公司也4送1红股。因为公司创下了当年的34.4百万盈利的高峰。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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接下来的三年(2006 -2008 ),股息为8百万。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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2009年,停止派息。过后的2010年,公司股息仅仅1.6百万而已,聊胜于无。自2011起,股息5.4百万慢慢增加至2016年的23.4百万。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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如果今年保持盈利水平,保持目前的资本开支,低债务财务结构,相信以公司的现金水平,未来有能力派发更高的股息。(至少可以确定一点的是:公司的派息政策是40% )<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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下来,是公司的股东回酬率(ROE)。从谷底反弹。相信接下来的业绩能够让公司的回酬稳定。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
至于,是否投资这家公司,首先,要知道这是一家什么公司。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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然后,需要知道自己花钱买了什么回家。 自己花钱投资,想要从这家公司得到什么,并且期望未来公司带来怎样的回酬或回报。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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万一未来出现误差,得不到/达不到自己的要求,你要怎么做。这些都需要自己做准备的。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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公司的运作每一个环节都循环的相扣。不能作为独立的个体来谈,必须以整体的情况来评估一家公司。 <br style="overflow-wrap: break-word; word-wrap: break-word;" />
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例如,公司的债务降低,带来什么好处?以低债务水平的财务结构,未来给公司带来什么价值?能够提升盈利吗?(能提升盈利。为什么?)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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赚了盈利,对这家公司的资产产生什么价值?进一步改变公司的整体运作情况吗? (可以改善公司的财务结构,也提高公司的竞争力,从哪里可以看出整体呢?)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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盈利以怎样的形式存在公司?会给公司带来什么明显的改变?改变是好的吗?改变会反映在公司的生产线吗?会为公司创造更高的价值吗?(流动比率,利润率,总资产比率的改变。改变的起点源自哪里?)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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这些所谓的价值,带给买这家公司股票的股东有什么影响?
是更好的回报吗?还是让大家空等待?要等多久?时间到了,是否可以兑现这些所谓的价值,带给股东们最大的价值?最终,这些价值可以转换为股东可以直接或者间接享受到的经营果实?
( 盈利预测、股息预测、红股预测 ,这是是否可以兑现为果实?吃得到吗?)<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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通过一层,有一层的解答。一步又一步的慢慢摸索,思考公司的上上下下,不管是否能够真正找到答案。这一切都会带给我们对一家公司更为全面的理解。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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就此停笔。 投资是一门艺术。<br style="overflow-wrap: break-word; word-wrap: break-word;" />
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</div>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-57215626395129030362017-05-03T15:12:00.000+08:002017-05-03T15:12:19.815+08:00CHINWEL (5007) 晉緯控股 - 浅谈今天在星报发表的Chinwell报导 <br />
<a name='more'></a>CHINWEL (5007) 晉緯控股 - 浅谈今天在星报发表的Chinwell报导 <br /><br />今天的这篇在The Star的Chinwell报导是比较负面的,尤其是标题几乎会让人联想到接下来两个季度的业绩都不会理想,股价大跌5分也是在情理之中。可是,我仔细看了这篇报导后,我认为接下来的业绩表现或许并不会太糟糕。主要是因为2017年的前两个季度,无论是营业额,还是盈利都比去年同期减少了10%左右,因此即使接下来的两个季度业绩与去年同期稍好,也是比2016年差了。<br /><br />从不同的角度来看这篇报章,或许就会得到不一样的结论:<br />1。来自亚洲、欧洲的订单开始回流,公司却因人手短缺而无法继续接订单。<br />--〉对我来说,人手短缺的问题比没有订单容易解决多了,也是企业很好的一个挑战。短期可以用OT来暂时缓解压力,这样在报章谈及人手短缺(外劳),也有让政府官员正视这问题,毕竟外资工厂在本地投产却没有员工,是政府外劳政策的失败!若不解决的话,那以后怎么吸引外资来我国设厂?<br /><br />2。公司必须预先支付13.9%的保护税,单单今年第四季就得付出约5mil的税务。<br />--〉这就是说大马工厂第4 季购买原料就高达37m,才会有5m的税务。若这原料在2018年的第一季入账,再加上税务回扣,那就会很好看了。 (原料占成本的50%,算算下,这37mil能够贡献的营业额可不少哦)<br /><br />3。2017年财政年,公司预计能够生产90,000 tonnes的标紧固件,与2016年持平。<br />--〉这也意味着公司在人手不足的情况下并没有流失多少市场率,是好消息来的。不过,或许上两个季度的销售价格调低了,因此营业额与盈利才比去年差。<br /><br />4。 wire rods的价格上扬了接近20%,公司也针对不同的客户调高了10-25%的价格。<br />--〉公司有能力把原料价格转嫁给客户,这当然也是好事。<br /><br />5。 DIY的产品将会进军新的欧洲市场<br /><br />6。钢线产品的生产力将会提高50%,从300tonnes至450tonnes。<br />--〉这也符合我早前的推断,本地的钢线业务是公司未来的成长动力。<br /><br />7。** Zion Market Research report, the global industrial fasteners market, valued at US$84.9bil in 2016, is expected to reach US$116.5bil in 2022, and is anticipated to grow at a compounded annual growth rate of 5.4% between 2017 and 2022.<br />--〉标紧固件从现在到2022的复利成长约5.4%,相信解决了人手问题后,公司就能够迎来成长了。<br /><br />总结是,我个人依旧认为Chinwell是一只值得投资的股票,尤其是公司超强的现金流与稳健的资产足于支撑它的股价,因此有下跌就是不错的买入机会,我会建议逢低加码。公司的第3季度是公司传统的淡季,过去3年的EPS都少过4分,不过公司早前表示欧洲的订单在今年1月开始回流并入账,因此我预期这个月即将出炉的业绩会比过去好,至少也能够达到4.5分。以目前1.66的价格计算的话,它的PE少过9,算是市场低估的股项之一。现在是牛市,轮炒风正炙,实在没有换股的理由,或许轮轮下,会轮到它大涨也不定。早前的Choobee还不是也从许许多多的负面消息与评论中杀出来一条荷兰路吗?<br /><img border="0" height="306" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjaJeqrsBgoIz2KZXitEqGJC2lyztuasSV9VV-PRLhMtmDn_h105mCT1EO-moEPUTWJX8op8bMuvYQMGaCixXbBLq0MYM9xzCNbR-xIYM1Vx7znE3Sc-iipKH1KHrXU6LNFmz2YwQ/s400/Chinwel.png" width="400" /><br /><br />Tuesday, 2 May 2017<br />Chin Well sees lower revenue and bottom line due to labour shortage<br /><br />BUKIT MINYAK: Chin Well Holdings Bhd is expecting a lower revenue and bottom line for its financial year 2017 ending June 30 (FY17) compared to FY16 due to a labour shortage and higher safeguard duties on wire rods from 40 countries, including China.<br /><br />Group executive director Tsai Chia-ling told StarBiz that although the markets in Europe and Asia had improved and orders for fasteners were steadily coming in, the group was not able to take in all the orders due to a labour shortage, which would have an impact on its performance for FY17.<br />“Besides a labour shortage, we have to pay a 13.9% safeguard duty on imported wire rods, an essential raw material for fasteners from China.<br /><br />“Although the duty is refundable, we will only be able to get the rebate in 2018.<br />“We have to pay about RM5mil of duty just for this fourth quarter ending June 30.<br />“This will impact our revenue and bottomline for FY17,” she said.<br /><br />For FY17, the group is expected to produce about 90,000 tonnes of fasteners, about the same as in FY16.<br /><br />Tsai said that the price of wire rods had increased by about 20% since January 2017.<br />“This is because China has curbed the production of steel due to its implementation of the Blue Sky project to cut down on environmental pollution.<br /><br />“Steel-based product producers worldwide have raised their prices in response to the situation.<br />“We have to increase the price of fasteners by 10% to 25%, depending on who the customers are,” she said.<br />On its do-it-yourself (DIY) fastener business, Tsai said the plan was to broaden the range of DIY fasteners in 2017 to tap into new markets in Europe.<br /><br />“Meanwhile, the group is increasing its production of grill mesh in Bukit Minyak next April to 450 tonnes a month from the current 300 tonnes.<br /><br />“This is slightly more than a third of its installed capacity of 1,200 tonnes a month.<br />“The grill mesh orders are for a United States customer based in Malaysia,” she said.<br /><br />The European market is expected to contribute about 50% of the group’s revenue for 2017, compared to 52% in 2016.<br /><br />“The concentration will still be on the European market, where we can produce high-value fasteners that can generate better margins.<br /><br />“In Asia, the market opportunities to sell high-value fasteners are limited.<br />“This is why the DIY fasteners are targeted at the European and US markets,” she said.<br /><br />According to the recent Zion Market Research report, the global industrial fasteners market, valued at US$84.9bil in 2016, is expected to reach US$116.5bil in 2022, and is anticipated to grow at a compounded annual growth rate of 5.4% between 2017 and 2022.<br /><br />“The global industrial fastener market is primarily driven by rapidly increasing demand from the end-use industries such as automotive, aerospace and construction.<br /><br />“Furthermore, the strong recovery in construction and the automotive segment is sustaining growth in the developed countries,” the report said.<br /><br />Read more at http://www.thestar.com.my/business/business-news/2017/05/02/chin-well-sees-lower-revenue-and-bottom-line/#cCws9ESgfoyZb7rZ.99<br /><br /><br />CHINWEL (5007) 晉緯控股 - 浅谈今天在星报发表的Chinwell报导 <br />http://tengkhan.blogspot.my/2017/05/chinwell.html<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-89018648204134212562017-03-13T22:51:00.001+08:002017-03-13T22:51:43.369+08:00CHINWEL (5007) 晉緯控股 - 再谈Chinwel Q2'17业绩 + 未来展望 <br />
<a name='more'></a><span style="font-size: large;">CHINWEL (5007) 晉緯控股 - 再谈Chinwel Q2'17业绩 + 未来展望 <br /><br />Chinwel的股价随着逊色的业绩出炉后,一度下滑到1.65的水平,但很快的就反弹回到1.7x的水平,成交量也慢慢的恢复到正常的水平。若把过去15个季度的表现来看(如下图),这季度的净利表现并不差,只是去年同期刚好是Chinwel最好的季度,当时受惠于中国的反倾销税获得更新而接获不少的订单;而这季度因为客户在中国商家加入供应标紧固件就采取观望的态度并谨慎下单,这才造就了业绩看起来逊色的反差效果。</span>
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Chinwel的超强现金流是我持续买入来摊平成本的信心来源,在开发新的Wire
Product如石龙网与防盗篱笆的前提下,它依然还能够在短短的7年半之内,从净负债134mil到最新季度的每股净现金100mil水平,是Bursa中少见的现金牛公司之一,因此,我对它能够维持40%的派息率感到乐观。有了充沛的现金流,公司进军物流业来扩展公司的营收似乎也不是什么难题了。<br />
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<b>标紧固件的表现与未来展望</b><br />
(取自季报:Fasteners Products posted a revenue of RM101.46 million and profit
before tax of RM13.28million respectively in the current reporting
quarter. Export of fasteners products to European countries in the
current quarter had dropped about 23.0% as compared to the preceding
year corresponding quarter. In order to stay competitive in the market,
the Fasteners division had marked down its selling price and thus
contributed to the lower profit before tax in the current quarter.
Nevertheless,the trading of steel bar managed to partially cushion the
drop in the sale of fasteners products in the current quarter and
sustains the total revenue of the division in the current quarter as
compared to the preceding year corresponding quarter.)<br />
在Chinwel季报中,管理层对于业务的发展的交代算是比较透明的,里头有提到几个重点<br />
1。 与去年同季比较,标紧固件(Fasterners)的营业额跌了约23%。<br />
2。 在中国厂家的加入下,为了提高标紧固件的竞争力,公司把产品的价格调低了。<br />
3。 Steel Bar的贸易生意帮忙减轻了标紧固件赚幅减少带来的冲击。<br />
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这些季报的信息之中,其实我们还可以做出一些推断<br />
1。 公司有做贸易Steel
Bar的生意(应该是把库存中的原料高价卖出去来赚价差)。根据我对Chinwel的了解,它对货源有着不错的议价能力(加上姐妹公司的产量,它的标紧固件产量是全球的老大)。因此,若它真的进军Steel
Bar的贸易生意,应该是有相当不错的发展空间。再加上老板一直都强调进军物流的意愿,我想或许就是为贸易生意铺路呱?<br />
2.。价格调低后,欧洲的部分订单已经开始回流,早前管理层在报章的采访中更表明了目前的订单已经接到5月了。换句话说,它的标紧固件的生意在接下来的两个季度都会很好。<br />
3。 即使有贸易部分的贡献,但我相信它的标紧固件的毛利还是相当不错的,随着中国生产成本逐渐增加,相信Chinwel以后的定价能力还能不断加强。<br />
4。 别忘了它每个季度都需要约5mil的depreciation成本,标紧固件的生意正常化之后,depreciation成本并不会增加,因此毛利应该还有些进步的空间。<br />
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<b>钢线产品的表现与未来展望</b><br />
(取自季报:Wire division recorded a total revenue of RM24.82 million which
represents an increase of 11.46% in its turnover. In line with the
higher turnover, the profit before tax had also increased to RM5.48
million in the current quarter as compared to the preceding year
corresponding quarter.)<br />
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季报中对钢线产品的表现并没有解释太多,只是简单的交待营业额增加了11%,同时毛利也增加到RM5.48mil的水平(几乎倍增)。基于钢线产品主要销售于大马市场,我猜想这一次的盈利的暴涨主要还是受惠于国际钢铁价格走高与本地钢线产品需求相当好。<br />
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翻阅5年前的年报,就会发现Chinwel的钢线产品本来是个不怎么赚钱的业务,以生产电线相关产品为主,它的业务直到2015年开始才进军石龙网与安全篱笆生产后才出现转机。据我所知,它的姐妹公司本来就有生产石龙网与安全篱笆,有这先天的条件,Chinwel进军石龙网与安全篱笆的业务几乎没有遇到多大的技术问题,生产的产品很快就获得了本地与国外(澳洲)的肯定+订单。<br />
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公司管理层也表示它将生产鸡笼来扩充钢线产品的业务,在加上本地的工程订单不断的发放,我相信,它的钢线产品未来的成长是值得我们去期待的。<br />
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<b>总结:</b><br />
仔细的翻看Chinwel的季度报告后,我认为业绩逊色是可以被理解与接受的,经过了欧洲市场面对中国商家涌入竞争的危机之后,相信Chinwel未来的路将会更好走。(反倾销税解除的风险已成为过去式了)<br />
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这两年来都能看到管理层不间断的在公开市场买回自家公司的股票(RM1.6-1.7之间)。由此可见,管理层对公司的未来有相当的信心,也很积极的去应对中国商家在欧洲市场的竞争,因此,我个人认为跟随管理层的脚步买入投资也是一个相当不错的选择。<br />
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<br />CHINWEL (5007) 晉緯控股 - 再谈Chinwel Q2'17业绩 + 未来展望 <br />http://tengkhan.blogspot.my/2017/03/chinwel-q217.html<br />
</span>Unknownnoreply@blogger.com