tag:blogger.com,1999:blog-250589152024-03-28T16:19:07.418+08:00Sharetisfy歌词Unknownnoreply@blogger.comBlogger26125tag:blogger.com,1999:blog-25058915.post-78515162790868241822022-09-19T21:43:00.000+08:002022-09-19T21:43:35.509+08:00Improvements in 2Q2022 results, but dark clouds persist<p>Improvements in 2Q2022 results, but dark clouds persist<br /><br />BURSA Malaysia-listed companies delivered an improved performance in the second quarter of this year (2Q2022) over the preceding quarter, as more corporates posted better results on both a year-on-year (y-o-y) and quarter-on-quarter (q-o-q) basis, likely owing to the normalisation of economic activities.<br /><br />In 2Q2022, 60.1% of companies reported better earnings than a year earlier, compared with 55.3% in 1Q2022. The results were also largely improved on a quarterly basis, as 51.9% reported better results in 2Q2022 against 46.6% in 1Q2022.<br /><br />Normalisation of economic activities, tapering of Covid-19 cases and the high prices of commodities such as crude palm oil (CPO) and crude oil boosted Malaysia’s economy. This, in turn, translated into better corporate earnings.<br /><br />Challenges remain, however, largely because of persisting inflationary pressures. The latest increase in interest rates last Friday, which pushed the overnight policy rate to 2.5%, could dampen business activities.<br /><br />Maybank Investment Bank Bhd analysts Anand Pathmakanthan and Wong Chew Hann observed in a Sept 2 report that macro challenges related to surging inflation, sharply rising interest rates and growing recession risks that have weighed on developed markets are now catching up in Southeast Asia.<br /><br />“Operating margin pressures have been rising across a broad range of sectors, underpinned by increasing labour and raw material input costs, while a damaging combination of rising inflation and interest rates are eroding disposable incomes, and hence demand, going into 2H2022. Further, the tight fiscal situation means concerns about the sustainability of current inflation-capping subsidies are a major market overhang, the latter made worse by policy inertia/U-turns by a fractious governing coalition,” they said in the report.<br /><br />The Maybank IB analysts add that while resilient external demand and strong bank sector fundamentals are key market supports, the market will struggle to find traction in the face of broadening growth and earnings stresses, as well as negative revisions stemming from an interrelated combination of margin squeeze and weakening end-demand.<br /><br />“Policy flip-flops relating to subsidies have also raised market risk premium as the implied urgent fiscal situation will raise concerns about further earnings-sapping levies on the corporate sector akin to cukai makmur in Budget 2022,” they said in the report.<br /><br />Looking back at 2Q2022, corporate earnings largely improved, with more companies reporting results that exceeded analysts’ estimates, compared with the January-to-March quarter.<br /><br />CGS-CIMB said this led to a higher earnings revision ratio for companies under its coverage. Earnings revision ratio refers to the percentage of companies that reported earnings that exceeded expectations versus the percentage of companies that reported earnings that came in below expectations.<br /><br />CGS-CIMB says its earnings revision ratio of companies under its coverage improved to 1.34 times in 2Q2022 from 0.92 times in 1Q2022, which was significantly better than the average 0.48 times for 2Q earnings revision ratio over the past 10 years.<br /><br />“As such, the 2Q2022 revision ratio of 1.34 times is significantly better than the historical trend, which is positive, as analysts may have been cautious in their earnings projections on recovery from Covid-19,” said CGS-CIMB head of research for Malaysia Ivy Ng Lee Fang in the research house’s 2Q2022 earnings wrap report.<br /><br />The ratio of companies under CGS-CIMB’s coverage that posted results above the research house’s expectations rose to 33% in 2Q2022 compared with 26% in 1Q2022, while the ratio of underperformers fell to 24% during the quarter from 28% in 1Q2022.<br /><br />“This is broadly in line with our view that 2Q earnings for corporates will likely benefit from high commodity prices (CPO and crude oil) due to the ongoing Russia-Ukraine war and higher consumer spending due to pent-up demand, as well as Hari Raya and one-off EPF special withdrawal of RM10,000,” Ng said in the report.<br /><br />According to CGS-CIMB, the outperformance came mainly from automotive players, conglomerates, services and transport infrastructure sectors. Sectors that disappointed included chemicals, industrials, shipping, and travel and leisure.<br /><br />The core net profit of the 131 companies that had released their results as at Sept 3 grew 17% q-o-q on the back of higher CPO prices and improved consumer spending, according to CGS-CIMB. Earnings fell 11% y-o-y, however, owing to weaker earnings from glove players, Lotte Chemical Titan Holding Bhd and MISC Bhd, as well as higher taxes due to the one-off cukai makmur.<br /><br />Meanwhile, 30% of the companies under MIDF Research’s coverage registered earnings that came in above the research house’s expectations in 2Q2022, compared with 25% in 1Q2022. However, negative surprises edged up slightly at 32% against 31% in 1Q2022. As such, MIDF Research said the percentage of companies with results that met expectations declined to 38% in 2Q2022 from 44% in 1Q2022.<br /><br />The energy sector registered the highest percentage of positive surprises, at 75% of stocks under its coverage, while the healthcare, telecommunications and media sectors led the underperformers at 57% each.<br /><br />The construction, consumer products and services, energy, financial services, plantation, property and technology sectors recorded improved earnings in 2Q2022 compared with the preceding quarter and previous corresponding quarter, the research house noted.<br /><br />On the other hand, telecommunications, media and transport and logistics were sectors that registered both negative sequential and y-o-y earnings (as reported) growth percentages in 2Q2022.<br /><br />Meanwhile, Maybank IB noted in its 2Q2022 earnings recap report that the core net profit of companies under its coverage declined 17% y-o-y, dragged by the glove, petrochemical, healthcare, non-bank financial institutions and technology sectors.<br /><br />However, stripping out the impact from the earnings decline in the glove sector, the core net profit of companies under its coverage expanded 9% y-o-y. On a quarterly basis, core net profit increased 5% from 1Q2022.<br /><br />“Positively, there were fewer PLCs with core earnings that fell short of our expectations compared with the preceding quarter,” Anand and Wong said in the report. “While earnings misses (relative to our forecasts) exceeded beats again, the ratio of misses-to-beats was lower at 1.2 times for 2Q2022 (versus 1.5 times in 1Q2022), with 27% of the core profit below our expectations, 22% above and 51% in line. This compared with 36% below, 25% above and 39% in line in 1Q2022.”<br />Lower profitability expected in 2023<br /><br />Despite the largely positive 2Q2022 results, analysts remain cautious about corporate earnings this year. Several research houses have lowered their FY2022 earnings outlook for the companies under their coverage as well as the FBM KLCI.<br /><br />Maybank IB has projected a higher 1.9% y-o-y core earnings decline for companies under its coverage, compared with an estimated decline of 1% in early June. For the FBM KLCI, the bank estimates a 6.1% decline in core earnings this year, compared with a 5.5% fall earlier.<br /><br />The higher decline in estimated core earnings this year is because of the glove sector’s huge drop in net profit. For Maybank IB, excluding the glove stocks, its core earnings growth estimate for companies under its coverage is 12.6% in 2022. However, this growth estimate is also lower than the 13.2% pencilled in earlier, indicating that its analysts had been more bullish at the start of the year, until the 2Q2022 results changed their views.<br /><br />Nevertheless, for 2023, the core earnings of companies under the bank’s coverage, excluding glove stocks, are estimated to grow by a higher quantum of 18.7%, compared with 17.1% estimated previously.<br /><br />Including glove stocks, the core earnings of companies under Maybank IB’s coverage is estimated to grow 17.4% in 2023, which is still higher than the previously estimated 15.9%. The FBM KLCI’s core earnings are expected to grow 13.5% in 2023.<br /><br />According to Maybank IB, most sectors are expected to post higher earnings in 2022E except gloves (-86% y-o-y), petrochemicals (-22%), utilities (-7%), non-bank financial institutions (-19%), media (-19%, led by Astro Malaysia Holdings Bhd), shipping (-13%, led by MISC) and ports (-14%, led by Westports Holdings Bhd).<br /><br />Core profit growth in the banking and plantation sectors is expected to be smaller this year after a strong 2021, Maybank IB forecasts, with the former anticipated to register a growth of 4% y-o-y and the latter, 7%. Meanwhile, core earnings for telcos are expected to be flattish, with a 0.7% y-o-y growth, while gaming counters are expected to return to the black this year from losses in 2020/21. Losses in the aviation sector are expected to narrow this year.<br /><br />CGS-CIMB also downgraded its core net profit estimates for the component stocks of the FBM KLCI this year, projecting a decline of 1.8%, compared with a decline of 0.1% previously. But it raised its estimates for FY2023, pencilling in a growth of 12.2%, from 10.7% previously.<br /><br />The research house anticipates that Genting Malaysia Bhd, Press Metal Holdings Bhd, Hartalega Holdings Bhd, Genting Bhd and MISC will post much lower earnings this year. However, the earnings of Hong Leong Bank Bhd, CIMB Group Holdings Bhd, PPB Group Bhd, Telekom Malaysia Bhd and Hong Leong Financial Group Bhd are estimated to be higher than previously forecast.<br /><br />MIDF Research tweaked higher its aggregate 2022 and 2023 earnings estimate and forecasts for the constituents of the FBM KLCI under its coverage, by 1.4% to RM65.4 billion and 0.6% to RM68.4 billion respectively.<br /><br />“The higher aggregate figures for FY2022 and FY2023 were contributed mainly by upward earnings revisions of plantation (pursuant to the recent change to CPO target levels), financial services and telecommunications constituents, but moderated by downward revisions of healthcare, transport and utilities constituents. Likewise, the aggregate FY2022 and FY2023 earnings estimate and forecast of the stocks under MIDF Research’s universe were revised higher by 4.3% to RM83.3 billion and by 1.3% to RM88.6 billion respectively,” the research house said.<br />Recommended sectors and stocks for 2H2022<br /><br />Maybank IB recommends mid-cap banks and insurers, as well as automotive, aviation, gaming, healthcare, petrochemical and technology players. It remains underweight on glove stocks, following the 2Q2022 results, and neutral on sectors such as construction, consumer, electronic manufacturing services, large-cap banks, media, mid-cap oil and gas, plantations, ports and shipping, real estate investment trusts, property, telecommunications and utilities.<br /><br />Among the banking stocks, Maybank IB has a “buy” call on Hong Leong Bank, RHB Bank, Alliance Bank (M) Bhd and Allianz Malaysia Bhd. It also has a “buy” call on Bermaz Auto Bhd, Petronas Chemicals Group Bhd, Kuala Lumpur Kepong Bhd and Mega First Corp Bhd, among others.<br /><br />Over the past three months, CGS-CIMB has upgraded 12 stocks, higher than the three upgrades in the quarter before, Ng said in the 2Q2022 earnings wrap report, mainly because of more attractive valuations, following recent share price retracements or improved earnings prospects.<br /><br />Stocks that were upgraded to “add” included Affin Bank Bhd, Bumi Armada Bhd, DKSH Holdings (Malaysia) Bhd, Duopharma Biotech Bhd, Eco World Development Group Bhd, Hap Seng Plantation Bhd, KPJ Healthcare Bhd, Maxis Bhd, Power Root Bhd and Velesto Holdings Bhd.<br /><br />But the research house also downgraded more stocks over the past three months — 15 in total — compared with 11 in the previous results review.<br /><br />The key downgrades to “reduce” are Hartalega, Lotte Chemical Titan and Panasonic Manufacturing Malaysia Bhd. Stocks that were downgraded to “hold” from “add” include Farm Fresh Bhd, Kossan Rubber Industries Bhd, Malaysia Pacific Industries Bhd and Malayan Cement Bhd.<br />Earnings estimates upgrade led by plantation and banking stocks<br /><br />Plantation companies and banking stocks outperformed the broader market — and other FBM KLCI component stocks — in the second quarter (2Q2022) as their earnings benefited from soaring crude palm oil (CPO) prices and rising net interest margins respectively.<br /><br />CGS-CIMB Securities Research, for instance, listed Hong Leong Bank Bhd (HLBB), CIMB Group Holdings Bhd and Hong Leong Financial Group Bhd (HLFG) among the top five gainers in its earnings forecast upgrades for 2022, alongside PPB Group Bhd and Telekom Malaysia Bhd.<br /><br />In a Sept 3 strategy note, CGS-CIMB said it had revised upwards the 2022 earnings estimate of HLBB by RM214.2 million and CIMB’s by RM203 million. HLFG’s earnings estimate was raised by RM51.5 million.<br /><br />The upward revision to the earnings estimates of HLBB and CIMB is expected to impact 0.3% of the FBM KLCI’s earnings this year while the impact of HLFG’s is expected to be 0.1%.<br /><br />Being the third largest bank in the country after Malayan Banking Bhd and Public Bank Bhd, CIMB has a weightage of 10.3% on the benchmark index’s estimated earnings for 2022. HLBB’s earnings are expected to contribute 3.5% to the FBM KLCI’s earnings this year, while HLFG’s earnings are anticipated to contribute 1.6%.<br /><br />“We regard HLBB’s 2QCY2022 financial performance to be the best among Malaysian banks, with strong performance in almost all areas,” Ivy Ng Lee Fang, head of research for Malaysia at CGS-CIMB, said in the report.<br /><br />Among the positive takes for HLBB was its loan growth of 8% year on year (y-o-y) as at end-June — the second highest in the sector, an explosive 41.1% y-o-y jump in associate contribution from the Bank of Chengdu, and the credit charge-off rate of seven basis points, which was the lowest in the sector, excluding the net write-backs by certain banks, said Ng.<br /><br />CGS-CIMB is projecting a healthy core net profit growth of 12.5% for HLBB for the financial year ending June 30, 2023, underpinned by a 13.4% drop in tax expense (without cukai makmur), an 8% rise in Bank of Chengdu’s contribution and a 6.3% increase in net interest income, supported by robust loan growth and positive impact from Bank Negara Malaysia’s policy rate hikes.<br /><br />“We also see Hong Leong Bank as one of the most defensive banks against the credit risks from various headwinds, including the Covid-19 pandemic and heightened inflation, as its asset quality is one of the best in the sector,” Ng said in the report.<br /><br />Meanwhile, the plantation sector saw the biggest upwards earnings revisions among the FBM KLCI constituent stocks by MIDF Research. The sector’s earnings were revised upwards by RM2.15 billion for 2022 and RM1.24 billion for 2023.<br /><br />In total, MIDF Research revised its 2022 earnings estimate for the FBM KLCI to RM65.38 billion from an earlier estimate of RM64.48 billion, or a 1.4% change.<br /><br />In 2Q2022, the aggregate earnings of the FBM KLCI’s constituent members in the plantation sector increased 18.4% y-o-y and 35.4% q-o-q to RM1.96 billion. After consumer products, the sector recorded the second highest jump in earnings on both an annual and quarterly basis among the FBM KLCI members.<br /><br />Overall, the performance of the plantation counters under MIDF Research’s coverage was mixed, with 57% within expectations, 29% exceeding expectations and 14% coming in below expectations.<br /><br />The big planters such as Sime Darby Plantation Bhd, Kuala Lumpur Kepong Bhd, FGV Holdings Bhd, IOI Corp Bhd and Genting Plantations Bhd, as well as TSH Resources Bhd and PPB, posted resilient earnings, driven by fatter margins on the back of higher average CPO prices realised. CPO prices hovered at about RM6,000 per tonne in 2Q2022.<br /><br />Nevertheless, MIDF Research observed that the majority of palm oil producers experienced lower fresh fruit bunch (FFB) production and yield in the first half of the year due to an unusually heavy rainfall pattern in January to early June, which was compounded by an acute shortage of harvesters.<br /><br />“We expect the production level to slightly improve tracking high cycle months (three to four quarters ahead), on better weather conditions as well as the return of foreign workers in early August,” MIDF Research said in its 2Q2022 earnings wrap report dated Sept 2.<br /><br />It noted that the vegetable oil market’s condition is influenced by the subdued production outlook for soybean due to the ongoing drought in the US and South America. However, there is a positive development for sunflower oil as the three Black Sea ports in Ukraine have reopened, prompting the possibility of about 100 to 150 cargo ships allowed out per month, which points to a gradual improvement in the country’s agricultural exports, it added.<br /><br />“The CPO price is expected to trade sideways at about RM4,000 to RM4,500 per tonne, benefiting from the price disparity between CPO and soybean oil, which [was] around US$531 in July, based on US Department of Agriculture data. However, we also recognised its downside risk on fragile demand outlook on the back of inflationary pressures, coupled with tight household spending on high base interest rate locally and globally,” said MIDF Research.<br /><br />Note that the CPO price has fallen 43.28% from its all-time high of RM6,326 per tonne on April 29 to RM3,583 per tonne last Thursday. Since September, the CPO price has consistently been trading at below RM4,000 per tonne, and is trending downwards. Will the plantation sector continue to shine in the second half of 2022 and in 2023?<br /><br />http://www.theedgemarkets.com/article/improvements-2q2022-results-dark-clouds-persist<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-30405628788650028592021-10-11T18:51:00.000+08:002021-10-11T18:51:10.496+08:00Brokers Digest: Local Equities - Tenaga Nasional Bhd, myNEWS Holdings Bhd, Revenue Group Bhd, DKSH Holdings (M) Bhd<p><span></span></p><a name='more'></a><br />
<p></p><div class="mt-3 imgw-400 embed-right"><a class="mobx embedimg-icon" data-rel="ceolightbox" href="https://assets.theedgemarkets.com/pictures/LB-TNB-tem1390_theedgemarkets.jpg"><img alt="" class="img-fluid" src="https://assets.theedgemarkets.com/pictures/LB-TNB-tem1390_theedgemarkets.jpg" /></a></div>
<h3><span style="color: #e74c3c;">Tenaga Nasional Bhd</span></h3>
<p>Target price: <strong>RM11.80 <span style="color: #2ecc71;">OUTPERFORM</span></strong></p>
<p><strong>KENANGA RESEARCH (SEPT 28)</strong>: As at March this year,
coal-fired plants made up 48% of TNB’s generation asset portfolio in
Peninsular Malaysia and contributed about 24% to the group’s revenue. To
address this issue, TNB is set to increase its renewal energy (RE)
assets to 8,300MW by 2025 from 3,406MW currently, with RE making up 10%
of group revenue from 5% currently. It has budgeted RM6.5 billion for
this capacity expansion, where more than 97% is from two geographical
areas, the UK and Europe, as well as Southeast Asia, with only 361MW
expansion locally. Meanwhile, our stress test shows that TNB has no
financial issue for such expansion, with its gearing still at
comfortable levels of 45% to 46% throughout FY22 to FY25, meaning it
still has room to gear up to the optimal level of 55%, from 46.3% in
FY20.</p>
<p>After its last new coal plant, the 70%-owned Jimah East Power (JEP),
which was commissioned in 2019, TNB has pledged not to invest in
greenfield coal plants in the future. It has committed to reducing
coal-based capacity by 50% in 2035 and to be coal-free by 2050. We
believe these commitments are achievable, given that two TNB-owned coal
plants will be retired in 2029 and 2030, which would reduce its coal
generation capacity by 46% by 2030, while JEP’s power purchase agreement
will expire by 2044, after which there will be no more coal-fired
plant, way ahead of its 2050 coal-free target.</p>
<p>We are positive over its RE expansion plan and its commitment to be
coal-free by 2050 to address ESG concerns. We also like its resilient
earnings profile, which keeps its dividend payout consistent with
potential for a special dividend in place. Thus, its FY22 PER of 10.7
times seems fairly attractive. As such, we continue to rate the stock as
“outperform” with a higher target price of RM11.80 from RM11.76,
reflecting its updated asset valuation and trailing mean PER. The stock
is also supported by a decent dividend yield of more than 4% with
potential for a special dividend. Downside risk to our recommendation is
weaker-than-expected earnings from non-regulated businesses.</p>
<div class="mt-3 imgw-300 embed-right"><a class="mobx embedimg-icon" data-rel="ceolightbox" href="https://assets.theedgemarkets.com/pictures/LB-myNews-tem1390_theedgemarkets.jpg"><img alt="" class="img-fluid" src="https://assets.theedgemarkets.com/pictures/LB-myNews-tem1390_theedgemarkets.jpg" /></a></div>
<h3><span style="color: #e74c3c;">myNEWS Holdings Bhd</span></h3>
<p>Target price: <strong>90 sen <span style="color: #3498db;">HOLD</span></strong></p>
<p><strong>CGS-CIMB RESEARCH (SEPT 28)</strong>: As movement
restrictions across most states have gradually eased from August, we
expect footfall and sales to recover in 4QFY21. A normalisation in
footfall could also lead to a better product mix in our view (favouring
ready-to-eat food compared with lower-margin essential items), which
could aid in gross margin recovery. We also expect the group to
aggressively resume the opening of new CU-branded outlets to meet its
target of about 30 stores by end-2021.</p>
<p>We lower our FY21 EPS forecasts mostly to factor in weak sales in
3QFY21. We maintain our “hold” call on the stock with a lower target
price of 90 sen, in line with our earnings downgrade. Our target price
is based on an unchanged 24 times CY22 PER, in line with regional
convenience store peers. We think current valuations fairly reflect the
near-term recovery prospects and risks. Notwithstanding near-term
challenges, strong reception for its new CU outlets and myNEWS
SUPERVALUE stores could drive medium- to long-term growth. Key upside
and downside risks are better- or weaker-than-expected reception for its
CU outlets, as well as faster- or slower-than-expected recovery in
sales per store.</p>
<div class="mt-3 imgw-300 embed-right"><a class="mobx embedimg-icon" data-rel="ceolightbox" href="https://assets.theedgemarkets.com/pictures/LB-Revenue-tem1390_theedgemarkets.jpg"><img alt="" class="img-fluid" src="https://assets.theedgemarkets.com/pictures/LB-Revenue-tem1390_theedgemarkets.jpg" /></a></div>
<h3><span style="color: #e74c3c;">Revenue Group Bhd</span></h3>
<p>Target price: <strong>RM2 <span style="color: #3498db;">HOLD</span></strong></p>
<p><strong>MAYBANK IB RESEARCH (SEPT 27)</strong>: Revenue Group’s
4QFY21 core net profit came in at RM2 million (more than 400% y-o-y,
-44% q-o-q), bringing full-year FY21 to RM12 million (+45% y-o-y). Core
net profit margin stood at 11% in 4Q21 (+2ppt y-o-y, -6ppt q-o-q).
However, viewed on a cumulative basis, net profit margin was flattish
y-o-y, at 22% for 12MFY21.</p>
<p>We have forecast three-year core net profit CAGR of 27.5% (FY21-24)
for Revenue, underpinned by a sustained shift towards electronic
transactions in the domestic market. We revise our earnings estimates
for FY22 and FY23 by -1% and +2.5% respectively, the key change being a
stronger solutions segment outlook in FY23. Target price is derived as
SOP of: (1) CY22 fully diluted EPS multiplied by PER target of 50.6
times; and (2) net cash from the warrants exercise. Within the
e-payments space, we prefer GHL Sytems Bhd for its entrenched payment
processing-focused platform, with sizeable transaction payment value and
regional exposure in emerging Asean. Notable catalysts include a
digital banking licence win and accelerated adoption of fintech
solutions to build a stronger payments ecosystem.</p>
<div class="mt-3 imgw-300 embed-right"><a class="mobx embedimg-icon" data-rel="ceolightbox" href="https://assets.theedgemarkets.com/pictures/LB-DKSH-tem1390_theedgemarkets.jpg"><img alt="" class="img-fluid" src="https://assets.theedgemarkets.com/pictures/LB-DKSH-tem1390_theedgemarkets.jpg" /></a></div>
<h3><span style="color: #e74c3c;">DKSH Holdings (M) Bhd</span></h3>
<p>Target price: <strong>RM6 <span style="color: #2ecc71;">OUTPERFORM</span></strong></p>
<p><strong>PUBLICINVEST RESEARCH (SEPT 28)</strong>: We are expecting
demand for the marketing and distribution (M&D) segment to improve
in 2HFY21, following the gradual reopening of the economy as more than
80% of Malaysia’s adult population has been fully vaccinated. This
should also bode well for the distribution channels of the hotel,
restaurant and café segment, which was affected by the Covid-19-related
movement restrictions. While the distribution for healthcare products
has been negatively affected by the lower footfall in hospitals, we
think that patient volume is likely to pick up post-reopening.</p>
<p>DKSH is slowly reaping the benefits of its internal efficiency
project, which saw its 1HFY21 Ebit margin improve to 2.3% from 1.6% in
1HFY20, given better operational efficiencies. In addition, the better
margin mix — given the higher contribution from its in-house brands —
should continue to support its M&D segment margins.</p>
<p>While 3QFY21 is likely to be weaker q-o-q due to seasonality, we are
expecting consumer demand to pick up in 4QFY21 amid festive spending.
Meanwhile, we understand that the group is looking to take advantage of
the lower interest rate environment by paring down some loans that it
took to finance Auric’s acquisition previously.</p><p><br />http://www.theedgemarkets.com/article/brokers-digest-local-equities-tenaga-nasional-bhd-mynews-holdings-bhd-revenue-group-bhd-dksh<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-20798091814798614432021-10-05T08:20:00.002+08:002021-10-05T08:20:12.029+08:00热门股:DKSH(DKSH,5908,主板消费股) 上挑RM5.79<p><span></span></p><a name='more'></a>热门股:DKSH(DKSH,5908,主板消费股) 上挑RM5.79<br /><p></p><div class="margint30" id="blogcontent" itemprop="articleBody"> <div>
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DKSH(DKSH,5908,主板消费股)的日线股价趋势,于10月4日显现一段技术反弹走势,闭市时报5.42令吉,按日涨37仙或7.33%,短期间该股或会上挑5.43-5.79令吉水平。</p>
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4/10/21行情</p>
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闭市:5.42令吉</p>
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起落:+37仙</p>
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成交量:12,447宗</p>
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最高:5.46令吉</p>
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最低:4.96令吉</p>
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本益比:17.917倍</p>
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毛周息率:--</p>
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52周最高:5.46令吉</p>
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52周最低:2.80令吉</p>
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https://www.enanyang.my/行家论股/热门股dksh-上挑rm579</p> </div><p><br /> 1</p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-50899660290628416612021-10-01T08:28:00.002+08:002021-10-01T08:28:19.620+08:00热门股:DKSH(DKSH,5908,主板消费股) 上挑RM5.47<p><span></span></p><a name='more'></a><p></p><div class="margint30" id="blogcontent" itemprop="articleBody"> <div>
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DKSH(DKSH,5908,主板消费股)的日线股价趋势,于9月30日显现一段技术反弹走势,闭市时报5.19令吉,按日涨28仙或5.70%。短期间该股或会上挑5.20-5.47令吉水平。</p>
<p>
30/9/21行情</p>
<p>
闭市:5.19令吉</p>
<p>
起落:+28仙</p>
<p>
成交量:10,831宗</p>
<p>
最高:5.25令吉</p>
<p>
最低:4.96令吉</p>
<p>
本益比:17.157倍</p>
<p>
毛周息率:--</p>
<p>
52周最高:5.34令吉</p>
<p>
52周最低:2.80令吉</p>
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<img alt="DKSH集团股价走势 30/9/21" height="360" src="https://www.enanyang.my/sites/default/files/styles/media_image/public/2021-09/210930dksh.JPG?itok=x7V7XaO0" width="690" /></div>
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<p>
https://www.enanyang.my/行家论股/热门股dksh-上挑rm547</p> </div>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-34366511786543638752021-09-28T08:07:00.007+08:002021-09-28T08:07:59.360+08:00上升股:DKSH(DKSH,5908,主板消费股) 阻力RM5.63<p><span></span></p><a name='more'></a><br />上升股:DKSH(DKSH,5908,主板消费股) 阻力RM5.63<br /><br />DKSH(DKSH,5908,主板消费股)的日线交投走势,于9月27日闭市时收4.96令吉,按日涨67仙或15.62%,短期上升阻力或会处于4.97-5.63令吉水平。<br /><br />27/9/21行情<br /><br />闭市:4.96令吉<br /><br />起落:+67仙<br /><br />成交量:20,867宗<br /><br />最高:4.98令吉<br /><br />最低:4.36令吉<br /><br />本益比:16.397倍<br /><br />毛周息率:--<br /><br />52周最高:4.98令吉<br /><br />52周最低:2.80令吉<br /><br />DKSH股价走势27/09/21<br /><img alt="DKSH股价走势27/09/21" height="352" src="https://www.enanyang.my/sites/default/files/styles/media_image/public/2021-09/210927dksh%20chart_0.JPG?itok=8R71-uY4" width="690" /><br />https://www.enanyang.my/行家论股/上升股dksh-阻力rm563<br /><br /><p></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-76979819918333621662021-09-28T07:58:00.007+08:002021-09-28T07:58:44.368+08:00DKSH (5908): DKSH HOLDINGS MALAYSIA BHD is set to resume its uptrend, says RHB Retail Research<p><span></span></p><a name='more'></a>DKSH (5908): DKSH HOLDINGS MALAYSIA BHD is set to resume its uptrend, says RHB Retail Research<br /><br />KUALA LUMPUR (Sept 28): RHB Retail Research said DKSH Holdings (M) Bhd is set to resume its uptrend as it bounced off the 21-day average line to breach the immediate resistance of RM4.78 – printing a 52-week high.<br /><br />In a trading stocks note today, the research house said the buying pressure above that level is expected to propel the stock towards the next resistance point of RM5.35, followed by the RM6.00 threshold.<br /><br />“However, this expectation will be cancelled if it falls below the support of RM3.82,” it said.<br /><br />https://www.theedgemarkets.com/article/dksh-set-resume-its-uptrend-says-rhb-retail-research<br /><p></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-72418463413789211932021-03-25T18:27:00.000+08:002021-03-25T18:27:30.846+08:00Which government-linked institution gets the most dividends for 4Q20?<p><span></span></p><a name='more'></a><br /><br />
<p></p><div class="content text-justify" style="font-size: 16px;">
<div class="mt-4 embed-right"><a class="mobx embedimg-icon imgw-400" data-desc="" data-rel="ceolightbox" data-title="" href="https://assets.theedgemarkets.com/pictures/20210324_amount_of_dividend_received_in_4q.png"><img alt="" class="img-fluid" src="https://assets.theedgemarkets.com/pictures/20210324_amount_of_dividend_received_in_4q.png" /></a></div>
<p>KUALA LUMPUR (March 25): Based on the list of top 10 companies in
Malaysia's government-linked investment companies (GLICs) portfolio (in
terms of holdings size), six GLICs are expected to receive a total
dividend of RM2.76 billion for the fourth quarter of 2020 (4Q20) based
on their shareholdings.</p>
<h3>Khazanah Nasional Bhd</h3>
<p>Sovereign wealth fund Khazanah Nasional Bhd stands to reap a total
dividend of RM1.29 billion — the highest among GLICs — based on data
compiled by The Edge.</p>
<p>Khazanah, which announced a dividend of RM2 billion to the Malaysian
government in 2020, reported a net profit of RM2.9 billion last year
despite the challenging economic environment due to the Covid-19
pandemic.</p>
<p>Notably, from the top 10 companies in its portfolio, Tenaga Nasional
Bhd (TNB) has paid the most dividend to Khazanah, amounting to RM849.95
million.</p>
<p>TNB — in which Khazanah holds 25.77% equity interest — declared a
final single-tier dividend of 18 sen per share and a special single-tier
dividend of 40 sen per share for the fourth quarter of financial year
2020 (4QFY20) ended Dec 31, 2020.</p>
<p>Telecommunication group Axiata Group Bhd is expected to deliver
RM168.56 million to Khazanah through its second interim dividend of five
sen in its 4QFY20 while CIMB Group Holdings Bhd will be paying a total
of RM129.91 million to Khazanah from its interim dividend of 4.8 sen.</p>
<p>Meanwhile, TIME dotCom Bhd and Telekom Malaysia Bhd will be handing
over a total of RM80.26 million and RM60.94 million respectively.</p>
<p>Five out of the top 10 companies did not declare any dividend for the
period — namely UEM Sunrise Bhd, Malaysia Airports Holdings Bhd,
Bioalpha Holdings Bhd, Malaysia Building Society Bhd (MBSB) and Lotte
Chemical Titan Holding Bhd.</p>
<div class="mt-4 embed-right"><a class="mobx embedimg-icon imgw-300" data-desc="" data-rel="ceolightbox" data-title="" href="https://assets.theedgemarkets.com/pictures/20210324_which_government_linked_institution_gets_the_most_dividends_for_4q20.jpg"><img alt="" class="img-fluid" src="https://assets.theedgemarkets.com/pictures/20210324_which_government_linked_institution_gets_the_most_dividends_for_4q20.jpg" /></a></div>
<h3>EPF</h3>
<p>While there are concerns over the relaxed withdrawal conditions for
the i-Sinar facility and with the voluntary reduction in employees' 2021
share of statutory contribution rate to 9% from 11%, the Employees
Provident Fund (EPF) is expected to receive a total dividend of RM955.55
million from the top 10 companies, in terms of shareholdings, in its
portfolio.</p>
<p>Just like Khazanah, TNB is expected to hand over a total dividend of
RM590.91 million to the provident fund while RHB Bank Bhd is slated to
pay RM170.58 million in dividend cheque to EPF.</p>
<p>EPF has a direct stake of 17.86% in the national utility company and 42.54% in RHB.</p>
<p>Meanwhile, Axiata will be paying a dividend of RM79 million, given the provident fund's 17.23% stake in the telco.</p>
<p>Sime Darby Plantation Bhd, on the other hand, will be giving RM62.09
million in dividend while EPF stands to get RM47.27 million from Telekom
Malaysia Bhd, RM2.9 million from Bermaz Auto Bhd and RM2.79 million
from Globetronics Technology Bhd.</p>
<p>Only three out of the top 10 companies did not declare any dividend —
namely MBSB, Malaysian Resources Corp Bhd (MRCB) and IJM Corp Bhd.</p>
<h3>PNB</h3>
<p>Based on the top 10 largest companies in its portfolio, Permodalan
Nasional Bhd (PNB) is entitled to receive a total dividend of RM370.73
million.</p>
<p>PNB — the state-controlled unit trust fund — will be receiving the
largest dividend cheque through its holding in Malayan Banking Bhd
(Maybank). It will be receiving a total amount of RM319.48 million.</p>
<p>Notably, PNB holds a direct interest of 7.27% in Maybank, the largest
financial institution in Malaysia in terms of asset size. The banking
group declared a final single-tier dividend of 38.5 sen in its 4QFY20.</p>
<p>Cumulatively, through its holding in the banking group via Amanah
Saham Bumiputera (ASB), the fund management company stands to receive
RM1.86 billion in dividend from Maybank. ASB holds a direct interest of
41.28%.</p>
<p>The fund is also expected to receive a dividend of RM25.02 million
from Sime Darby Bhd as the conglomerate has announced a dividend of six
sen per share.</p>
<p>Meanwhile, pharmaceutical company Duopharma Biotech Bhd will be
expected to hand over a dividend of RM19.78 million to PNB based on its
six sen dividend declared to its shareholders.</p>
<p>The other two companies — Axis Real Estate Investment Trust (REIT)
and UMW Holdings Bhd — are expected to deliver dividends of RM4.42
million and RM2.04 million respectively to PNB.</p>
<p>Five out of the top 10 companies did not declare any dividend —
namely S P Setia Bhd, MNRB Holdings Bhd, Velesto Energy Bhd, BIMB
Holdings Bhd and Amanah Harta Tanah PNB.</p>
<h3>KWAP</h3>
<p>Kumpulan Wang Amanah Persaraan (KWAP) is slated to obtain RM104.73 million from its top 10 companies in its portfolio.</p>
<p>Petronas Gas Bhd (PetGas) is one that will pay the most dividend,
amounting to RM56.56 million to KWAP. PetGas has declared a dividend of
27 sen to its shareholders.</p>
<p>Meanwhile, KWAP received a dividend payment of RM30.79 million
through its shareholding in the local stock exchange operator, Bursa
Malaysia Bhd. Bursa announced a final dividend of 26 sen per share and a
special dividend of eight sen per share for FY20.</p>
<p>KWAP will also be receiving a dividend of RM8.68 million from its
holding in Inari Amertron Bhd, RM4.69 million from CapitaLand Malaysia
Mall Trust and RM4 million from Axis REIT.</p>
<p>Five out of the top 10 companies did not declare any dividend —
namely LBS Bina Group Bhd, S P Setia Bhd, Yinson Holdings Bhd, SKP
Resources Bhd and IJM Corp Bhd.</p>
<h3>LTAT</h3>
<p>Meanwhile, Lembaga Tabung Angkatan Tentera (LTAT) will be receiving a dividend cheque of RM27.79 million for 4Q20.</p>
<p>The biggest contributor would be Affin Bank Bhd, which the fund has a
35.24% stake in. LTAT is expected to receive RM25.65 million from Affin
Bank, based on the 3.5 sen dividend declared.</p>
<p>The fund also received a dividend of RM1.35 million from Boustead
Plantations Bhd, RM494,755 from Atlan Holdings Bhd and RM292,556 from
Pharmaniaga Bhd.</p>
<p>Six out of the top 10 companies did not declare any dividend — namely
Boustead Holdings Bhd, OCK Group Bhd, Boustead Heavy Industries Corp
Bhd, DKSH Holdings (Malaysia) Bhd, Wah Seong Corp Bhd, and Malaysia
Marine and Heavy Engineering Holdings Bhd.</p>
<h3>LTH</h3>
<p>Lembaga Tabung Haji (LTH), on the other hand, is entitled to receive a total dividend of RM9.93 million.</p>
<p>Gas Malaysia Bhd, which has declared a dividend of 5.4 sen, will be paying LTH a dividend cheque of RM5.37 million.</p>
<p>The pilgrimage fund also stands to receive RM2.64 million from
Taliworks Corp Bhd, RM1.37 million from Al-'Aqar Healthcare REIT and
RM557,265 from Ranhill Utilities Bhd.</p>
<p>Six out of the top 10 companies did not declare any dividend — namely
TH Plantations Bhd, Theta Edge Bhd, BIMB, Southern Acids (M) Bhd, Cahya
Mata Sarawak Bhd and MRCB.<br /><br />http://www.theedgemarkets.com/article/which-governmentlinked-institution-gets-most-dividends-4q20<br /></p></div><p><br /> </p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-65129975622128171742020-11-20T08:26:00.002+08:002020-11-20T08:26:30.359+08:00 Harrison Holdings (M) Bhd (HARISON 5008) Vs DKSH Holding (M) Bhd (DKSH 5908)<p><span></span></p><a name='more'></a> <p></p><div style="margin-left: 54pt; text-align: left;"><b><span style="font-family: "Times New Roman", serif; line-height: 115%;">Sector : </span></b><span style="font-family: "Times New Roman", serif; line-height: 115%;">Consumer
Products and Services<br /></span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">Sub
Sector <span style="mso-tab-count: 1;"> </span>:</span></b><span style="font-family: "Times New Roman", serif; line-height: 115%;">
Consumer Services</span></div><div style="margin-left: 54pt; text-align: left;"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">Focus
<span style="mso-tab-count: 2;"> </span>: </span></b><span style="font-family: "Times New Roman", serif; line-height: 115%;">Trading
and Distribution<br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"> <br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Harrison Holding (M) Bhd (HARISON) and
DKSH Holding (M) Bhd (DKSH) are the only two large trading and distribution
public listed company in Malaysia. Both company are owned by foreign company
HARISON major shareholder is Bumi Raya International Holding Company Limited
which incorporate in Cayman Islands while DKSH major shareholder is Diethelm
Keller Siber Hegner from Swizerland. Both company coincidentally owned Famous
Amos, HARISON operate Famaous Amos in Singapore while DKSH owned Famous Amos in
Malaysia. HARISON focus in East Malaysia while DKSH focus in Peninsular
Malaysia.<br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"> <br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">This blog would compare the two
companies in term of:<br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"> <br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="mso-list: Ignore;">1)<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Operating
Segment<br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="mso-list: Ignore;">2)<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Income
Sheet Item<br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="mso-list: Ignore;">3)<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Balance
Sheet Item<br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="mso-list: Ignore;">4)<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span></span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Market
Ratio</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Operating
Segment</span></u></b></div><div style="margin-left: 54pt; text-align: left;"><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></u></b><span style="font-family: "Times New Roman", serif; line-height: 115%;">HARISON had separate it operation in three segment</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="mso-list: Ignore;">i)<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Trading and Distribution</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /> </span><span style="font-family: "Times New Roman", serif; line-height: 115%;">This
Segment contribute 95 % of the 2019 profit. It comprised of trading and
distribution of consumer products, building material and agricultural chemical
products and liquor products.</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="mso-list: Ignore;">ii)<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Retail</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">This
is a new segment for HARISON which show a separated reporting segment after
acquisition of Watts Harrison Sdn Bhd in Penisular Malaysia which wholesale and
retails Komonoya brand inMalaysia and The Famous Amos Chocolate Chip Cookies
Singapore Pte Ltd which wholesale and retails the Famous Amos Cookies in
Singapore.</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;"><span style="mso-list: Ignore;">iii)<span style="font-family: "Times New Roman"; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Others</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Other
segment include engineering, insurance, shipping, travel agency service and
rental of property.</span></div><div style="margin-left: 54pt; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div><div style="margin-left: 54pt; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgz868-gvnWEDcQ-iobr68RafOHwsYt2QZvqTSO7e3POdETxrMhkhih7nMGlJtq7WMtSxpM2tLROL0bG6VWUAWYbfDYf4mXlk4xLgt9axJpWWB-YyLpwYf6ilmGkq9yMoGdQJZNqQ/s617/HARISON+Segment.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="337" data-original-width="617" height="218" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgz868-gvnWEDcQ-iobr68RafOHwsYt2QZvqTSO7e3POdETxrMhkhih7nMGlJtq7WMtSxpM2tLROL0bG6VWUAWYbfDYf4mXlk4xLgt9axJpWWB-YyLpwYf6ilmGkq9yMoGdQJZNqQ/w400-h218/HARISON+Segment.png" width="400" /></a></div></div><div style="margin-left: 54pt; text-align: left;"><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">DKSH
had separate into three reported segment:</span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;">i)<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;">Marketing and Distribution</span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif;">This
segment includes Fast Moving Consumer Goods (“FMCG”) business and Performance
Material business.</span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;">ii)<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;">Logistics service</span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif;">This
segment includes the Healthcare business and supply chain focused
telecommunication business</span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;">iii)<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">
</span></span><span style="font-family: "Times New Roman", serif; line-height: 115%; text-indent: -36pt;">Other</span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif;">The
key business in this segment is the Famous Amos Chocolate Chip Cookies chain of
retails outlets.</span></div><div style="margin-left: 0cm; text-align: left;"><span style="font-family: "Times New Roman", serif;"><br /></span></div><div style="margin-left: 0cm; text-align: left;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoUVBj8P_rAv4cgYTuZvOSjygp-PFjsLbG_sd7xnCDSmZUL0B2e20rVYbMktMuPW6E93pBocLL808jKSfS6sgSugFHTwQxyavPYthQgVw9BCDAdJEuO5szwgrDFQYy-OT17q2YnQ/s579/DKSH+Segment.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="337" data-original-width="579" height="233" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoUVBj8P_rAv4cgYTuZvOSjygp-PFjsLbG_sd7xnCDSmZUL0B2e20rVYbMktMuPW6E93pBocLL808jKSfS6sgSugFHTwQxyavPYthQgVw9BCDAdJEuO5szwgrDFQYy-OT17q2YnQ/w400-h233/DKSH+Segment.png" width="400" /></a></div><br /></div></div><div style="margin-left: 54pt; text-align: left;"><div style="margin-left: 0cm; text-align: left;"><div style="text-align: left; text-indent: -18pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span><span style="font-family: "Times New Roman"; font-size: 7pt; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">DKSH
Marketing and Distribution Service and Logistics Services segment can be
classified as Trade and Distribution Segment. Hence both company make almost
all their profit from Trade and Distribution Segment.</span></div></div></div><div style="margin-left: 54pt; text-align: left;"><div style="margin-left: 0cm; text-align: left;">
<p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Both
company did not make much on the retail segment. HARISON only make 1% and DKSH
is making loss in their retail segment for the year 2019.</span></p><p class="MsoListParagraphCxSpLast" style="mso-list: l0 level1 lfo1; text-indent: -18.0pt;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></p>
<p class="MsoNormal"><b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Income
Statement</span></u></b></p><p class="MsoNormal"><b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></u></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr>
<td rowspan="2" style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.3pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman", serif;">Ratio</span></b></p>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="247">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">HARISON</span></b><span style="font-family: "Times New Roman", serif;"></span></p>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 184.9pt;" valign="top" width="247">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">DKSH</span></b><span style="font-family: "Times New Roman", serif;"></span></p>
</td>
</tr>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2018</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2019</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2018</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2019</span></b></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.3pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Gross
Profit Margin</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">10 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">11 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">8 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">9 %</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.3pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Operating
Margin</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">2 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">3 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">2 %</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.3pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Nett
Profit Margin</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">2 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1 %</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.3pt;" valign="top" width="123">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Degree
of Operating Leverage</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">2.23</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 92.45pt;" valign="top" width="123">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">5.83</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-family: "Times New Roman", serif; line-height: 115%;"> </span></p>
<p class="MsoListParagraphCxSpFirst" style="mso-list: l3 level1 lfo2; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Both
companies had one percent higher gross profit margin and operating margin for
the year 2019 compared to 2018. </span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">DKSH
nett profit margin did not increase for the year 2019 because of high financial
cost for the year 2019. </span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l3 level1 lfo2; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">DKSH
financial cost had increase by 457 % for the year 2019. </span></p>
<p class="MsoListParagraphCxSpLast" style="mso-list: l3 level1 lfo2; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">HARISON
had better gross profit margin, operating margin and nett profit margin
compared to DKSH.</span></p>
<p class="MsoNormal"><b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Balance
Sheet </span></u></b></p><p class="MsoNormal"><b><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></u></b></p>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr>
<td rowspan="2" style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman", serif;">Ratio</span></b></p>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 164.55pt;" valign="top" width="219">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">HARISON</span></b><span style="font-family: "Times New Roman", serif;"></span></p>
</td>
<td colspan="2" style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 164.55pt;" valign="top" width="219">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">DKSH</span></b><span style="font-family: "Times New Roman", serif;"></span></p>
</td>
</tr>
<tr>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2018</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2019</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2018</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">2019</span></b></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman", serif;">Solvency Ratio</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Current
Ratio</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1.63</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1.59</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1.39</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1.48</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Quick
Ratio</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1.07</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">1.09</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.91</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.97</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Cash
Ratio</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.22</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.22</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.07</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.02</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Total
Debt / Equity</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.65</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.46</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.10</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.85</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman", serif;">Liquidity Ratio</span></b></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;"> </span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Cash
Conversion Cycle</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">76.50</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">60.02</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">27.73</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">36.28</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Intangible
to Book Value</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">2.50 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">2.41 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.03 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">63.51 %</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 133.0pt;" valign="top" width="177">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Inventory
to Sales</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.13</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.12</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.25pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.12</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 82.3pt;" valign="top" width="110">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">0.11</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><br /></p>
<p class="MsoListParagraphCxSpFirst" style="mso-list: l1 level1 lfo3; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">HARISON
has better solvency ratio compared to DKSH</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">DKSH
total debt to equity ratio had increase from 0.10 in 2018 to 0.85 in 2019</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">DKSH
had lower cash conversion cycle (36.28 in 2019) compared to HARISON (60.02 in 2019)</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l1 level1 lfo3; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">DKSH
had intangible to book value had increase from 0.03 % in 2018 to 63.51 % in
2019</span></p>
</div></div><div style="margin-left: 54pt; text-align: left;"><div style="margin-left: 0cm; text-align: left;"><div style="text-align: left; text-indent: -18pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">Both
HARISON and DKSH had similar inventory to sales ratio</span></div><div style="text-align: left; text-indent: -18pt;"><b style="text-indent: -18pt;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></u></b></div><div style="text-align: left; text-indent: -18pt;"><b style="text-indent: -18pt;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Market
Ratio</span></u></b></div><div style="text-align: left; text-indent: -18pt;"><span style="font-family: "Times New Roman", serif;"><br /></span></div><div style="text-align: left; text-indent: -18pt;"><span style="font-family: "Times New Roman", serif;">As of 19 November 2020</span></div><div style="text-align: left; text-indent: -18pt;"><span style="font-family: "Times New Roman", serif;"><br /></span></div></div></div><div style="margin-left: 54pt; text-align: left;"><div style="margin-left: 0cm; text-align: left;">
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><b><span style="font-family: "Times New Roman", serif;">Ratio</span></b></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">HARISON</span></b></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;"><b><span style="font-family: "Times New Roman", serif;">DKSH</span></b></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Market
Cap</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">253,000,000</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">563,000,000</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">P/E</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">11.03</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">12.24</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Dividend
Yield</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">5.41</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">2.80</span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.0pt;" valign="top" width="205">
<p class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;"><span style="font-family: "Times New Roman", serif;">Dividend
Pay out</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">59.70 %</span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.05pt;" valign="top" width="205">
<p align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;"><span style="font-family: "Times New Roman", serif;">34.28%</span></p>
</td>
</tr>
</tbody></table>
<p class="MsoNormal"><br /></p>
<p class="MsoListParagraphCxSpFirst" style="mso-list: l2 level1 lfo4; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">HARISON
is the smaller company in term of market cap compare to DKSH</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">HARISON
had lower P/E ratio which is 11.03 compare to DKSH which is 12.24</span></p>
<p class="MsoListParagraphCxSpMiddle" style="mso-list: l2 level1 lfo4; text-indent: -18.0pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">HARISON
had higher dividend yield of 5.41 %
compared to DKSH which is 2.8 %</span></p>
</div></div><div style="margin-left: 54pt; text-align: left;"><div style="margin-left: 0cm; text-align: left;"><div style="text-align: left; text-indent: -18pt;"><span style="font-family: Symbol; line-height: 115%;">·<span style="font-family: "Times New Roman"; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="font-family: "Times New Roman", serif; line-height: 115%;">HARISON
had higher dividend payout compared to DKSH</span></div><div style="text-align: left; text-indent: -18pt;"><b style="text-indent: -18pt;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></u></b></div><div style="text-align: left; text-indent: -18pt;"><b style="text-indent: -18pt;"><u><span style="font-family: "Times New Roman", serif; line-height: 115%;">Conclusion</span></u></b></div><div style="text-align: left; text-indent: -18pt;"><span style="font-family: "Times New Roman", serif; line-height: 115%;"><br /></span></div><div style="text-align: left; text-indent: -18pt;"><span style="font-family: "Times New Roman", serif; line-height: 115%;">Of the two company, </span><span style="font-family: "Times New Roman", serif;">HARISON is worth to further analysis.</span></div><div style="text-align: left; text-indent: -18pt;"><br /></div><div style="text-align: left; text-indent: -18pt;"><a href="https://ivkls.blogspot.com/p/summary-of-stock-review.html" style="font-family: "times new roman", serif; font-weight: 700; text-align: justify; text-indent: 0px;">Summary of Stock Reviews</a></div><div style="text-align: left; text-indent: -18pt;"><br /></div><div style="text-align: left; text-indent: -18pt;"><b style="font-family: "times new roman", serif; text-align: justify; text-indent: 0px;"><a href="https://ivkls.blogspot.com/p/blog-page.html" style="font-family: "times new roman", serif; text-align: justify; text-indent: 0px;">Summary of Industry Comparison<br /><br />http://ivkls.blogspot.com/2020/11/harrison-holdings-m-bhd-harison-5008-vs.html<br /></a></b></div></div></div>
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"></span>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-12213170028097803002020-08-15T22:00:00.000+08:002020-08-15T22:00:12.807+08:00[DKSH (5908) DKSH控股 DKSH HOLDINGS MALAYSIA BHD:收购了Auric Malaysia的贡献,2019年获得的新客户,以及市场营销和分销部门在行动控制令第一阶段的消费者需求增加] - James的股票投资James Share Investing <br />
<a name='more'></a> [DKSH HOLDINGS MALAYSIA BHD:收购了Auric Malaysia的贡献,2019年获得的新客户,以及市场营销和分销部门在行动控制令第一阶段的消费者需求增加]<br /><br />该季度的收入与2019年第一季度相比,从15.6亿令吉增长10.3%至17.2亿令吉,而比2019年第四季度的16.1亿令吉增长7.1%。对比第四季度和前一季度有进步的主要原因是收购了Auric Malaysia的贡献,2019年获得的新客户,以及市场营销和分销部门在行动控制令第一阶段的消费者需求增加。该结果还反映了销售的稳定性以及在营销和分销部门以及物流部门中现有客户的持续有机增长。<br /><br />运营支出的增长少于收入增长,这反映了所有部门的运营效率持续增长。由于Auric Malaysia业务的贡献,2019年第一季度与增长和效率改善项目相关的成本的存在,以及持续的内部增长,本季度的税前利润比2019年同期增长了100%以上;除了其他部门业务利润下降外,所有业务部门现有客户都有增长。<br /><br />市场营销和分销部门:<br />与2019年第一季度相比,该季度的收入增长了14.1%,从7.362亿令吉增长至8.403亿令吉,比2019年第四季度的7.859亿令吉增长了6.9%。该部门收入的增长反映了Auric Malaysia业务的积极贡献,除了现有客户和2019年获得的新客户的持续有机增长,以及在行动控制令初期的消费者需求增加。<br /><br />该季度的营业业绩为2240万令吉,比2019年第一季度的-40万令吉增长了100%以上,比2019年第四季度的1250万令吉增长79.6%。营业利润相对于第一季度有所改善主要是由于Auric Malaysia的贡献以及2019年第一季度增长和效率改善项目产生的非经常性费用。与之前的2019年第四季度相比有所改善是由于即将来临的节日旺季带来了成本基础的改善和销售的增长,以及自有品牌的更好的利润组合,而自有品牌的利润在Hari Raya之前有所上升。<br /><br />物流部门:<br />与2019年第一季度相比,该季度的收入增长了7.3%,从8.106亿令吉增至8.701亿令吉,比2019年第四季度的8.031亿令吉增长了8.3%。该部门的医疗保健和电信领域的收入均实现了有机增长。<br /><br />该季度的营业业绩为1490万令吉,比2019年第一季度的1270万令吉增加了16.8%,比2019年第四季度的2090万令吉减少了28.7%。与2019年第一季度相比,经营业绩有所改善,这反映了利润率得到改善和强劲的收入增长。<br /><br />其他部门:<br />本季度的经营业绩为-940万令吉,低于2019年同一季度报告的-410万令吉。<br /><br />前景:<br />通过Fast Moving Consumer Goods (“FMCG”)业务的改进项目以及成功收购和整合Auric Malaysia,这集团在2019年末在营销和分销部门的转型方面取得了积极进展,并且持续稳定物流及其他领域的增长。在2020年开始时,该集团已经做好了继续保持这一增长轨迹的准备。<br /><br />这集团已准备了详细的业务连续性计划,并无缝制定了这些计划,以使所有基本医疗保健和快速消费的产品能够持续向市场提供服务。他们优先考虑员工和利益相关者的健康和福利,同时确保在危机应对的各个阶段中以最大允许的水平来进行日常运营。董事会将在全年继续审查当前的市场和现金状况,并在审慎的情况下考虑中期股息。尽管目前存在不确定性,但这集团对中长期的增长机会充满信心。<br />------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a. FRONTKEN CORP BHD, recommended on 12 Aug 18, initial price was RM0.715, rose to RM3.46, dividend RM0.04, in 2 years 2 days, total return is 389.5%<br /><br />b. TOP GLOVE CORP BHD, recommended on 1 July 18, initial price was RM12.14, rose to RM47.64 adjusted, dividend RM0.52, in 2 Years 1 month 13 days, total return is 296.7%<br /><br />c. MI TECHNOVATION BERHAD, recommended on 2 Jun 19, initial price was RM1.67, rose to RM5.90 adjusted, dividend RM0.055, in 1 Year 2 months 12 days, total return is 256.6%<br /><br />d. KKB ENGINEERING BHD, recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.64, dividend RM0.04, in 2 Years 1 month 13 days, total return is 111.3%<br /><br />e. OPENSYS M BHD, recommended on 24 May 20, initial price was RM0.355, rose to RM0.67, dividend RM0.0025, in 2 months 21 days , total return is 89.4%<br /><br />f. KAREX BHD, recommended on 20 Oct 19, initial price was RM0.445, rose to RM0.675, dividend RM0.015, in 9 months 25 days, total return is 55.1%<br /><br />g. POWER ROOT BHD, recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.10, dividend RM0.188, in 1 Year 10 months 7 days, total return is 43.9%<br /><br />h. PROLEXUS BHD, recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.64, dividend RM0.003, in 11 months 20 days , total return is 41.3%<br /><br />i. DESTINI BHD, recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.28, in 10 months 21 days , total return is 40%<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超过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 />Whatsapp : 011 - 15852043<br /><br />请订阅James的股票投资James Share Investing的Youtube频道:https://www.youtube.com/channel/UC60FiPa8yhuzgA0YMPuzgXQ<br /><br />Facebook Group: https://www.facebook.com/groups/jamesinvesting<br /><br />这个是我的TELEGRAM Group链接: 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 />免责声明:<br />高波动性投资产品,你的交易存在风险。过往表现不能作为将来业绩指标。内容仅作为分享,讨论以及领域的分析,而非是一种投资建议,买或卖自负。请Like和Share。最终决定永远是你的,谢谢。<br /><br />James Ng<br />------------------------------------------<br />[DKSH HOLDINGS MALAYSIA BHD: contribution from the acquisition of Auric Malaysia, new clients secured in 2019, and increased consumer demand during first stages of the Movement Control Order period in the Marketing and Distribution segment]<br /><br />Revenues for the quarter grew by 10.3% from RM 1.56 billion to RM 1.72 billion compared with the corresponding first quarter of 2019, while improving by 7.1% from RM 1.61 billion in the preceding fourth quarter of 2019. The increase in comparison to the corresponding first quarter and preceding fourth quarter was predominantly because of the contribution from the acquisition of Auric Malaysia, new clients secured in 2019, and increased consumer demand during first stages of the Movement Control Order period in the Marketing and Distribution segment. The results also reflect stability of sales and ongoing organic growth of existing clients in both the Marketing and Distribution segment and Logistics segment.<br /><br />The operating expenses increased less than the revenue growth reflecting the continued gains from operational efficiency in all segments. Profit before tax for the quarter improved by more than 100% compared to the same quarter of 2019 due to contribution of the Auric Malaysia business, the presence of costs relating to the growth and efficiency improvement project in the first quarter of 2019, and ongoing organic growth of existing clients in all segments except for lower profit in the Others segment.<br /><br />Marketing and Distribution segment:<br />Revenues for the quarter grew by 14.1% compared to the corresponding first quarter of 2019, increasing from RM 736.2 million to RM 840.3 million, while improving by 6.9% against those of the preceding fourth quarter of 2019 which was RM 785.9 million. This segment’s improved revenue reflects the positive contribution from Auric Malaysia business, in addition to ongoing organic growth of existing clients and new clients secured in 2019, and an increase in consumer demand during early stages of the Movement Control Order period.<br /><br />The operating result for the quarter was RM 22.4 million, which was more than a 100% increase on RM -0.4 million reported for the same first quarter in 2019 and by 79.6% above the preceding fourth quarter of 2019 of RM 12.5 million. The improvement in operating result against the corresponding first quarter was predominantly because of the contribution from the Auric Malaysia business and the non-recurring cost incurred for the growth and efficiency improvement project in the corresponding first quarter of 2019. The improvement compared to the preceding fourth quarter of 2019 was due to an improved cost base and improved sales due to the upcoming festive season and a better margin mix from own brands which have a seasonal uplift ahead of Hari Raya.<br /><br />Logistics segment:<br />Revenues for the quarter grew by 7.3% compared to the corresponding first quarter of 2019, increasing from RM 810.6 million to RM 870.1 million, while improving by 8.3% against those of the preceding fourth quarter of 2019 which was RM 803.1 million. The growth in revenue was organic in both the Healthcare and Telecommunications areas of the segment.<br /><br />The operating result for the quarter was RM 14.9 million, which is a 16.8% increase on the RM12.7 million reported for the corresponding first quarter of 2019, while reducing by 28.7% against those of preceding fourth quarter of 2019 which was RM 20.9 million. The improvement in operating result compared to the corresponding first quarter of 2019 reflects strong revenue growth supported by improved margin mix.<br /><br />Others segment:<br />The operating result for the quarter of -RM 9.4 million was lower than -RM 4.1 million reported for the same first quarter in 2019.<br /><br />Prospects:<br />The Group ended 2019 having positively progressed with the transformation of the Marketing and Distribution segment, both through the improvement project on the Fast Moving Consumer Goods (“FMCG”) business and through the successful acquisition and integration of Auric Malaysia, and there was continued steady and stable growth in the Logistics and Others segments. As 2020 began the Group was very well positioned to continue this growth trajectory.<br /><br />The Group had prepared detailed Business Continuity Plans and enacted these seamlessly to enable ongoing service of all essential healthcare and FMCG products to the market. They prioritized employee and stakeholder health and welfare while ensuring ongoing operations at the maximum allowed levels during various phases of the crisis response. The board will continue to review the prevailing market and cash position throughout the year and will consider an interim dividend when it is prudent to do so. Despite current uncertainties, the Group is confident about the growth opportunities in the medium to long term.<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 over 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 />
<br />
https://klse.i3investor.com/blogs/general/2020-08-15-story-h1512359047.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-6997568972884193312020-08-11T22:23:00.000+08:002020-08-11T22:23:07.926+08:00Covid-19 Vaccine related stocks: Only 4 counters<br />
<a name='more'></a><br /><br />1. Dpharma - Packaging and bottling of Covid-19 vaccines<br /><br />2. Pharma - Packaging and bottling of Covid-19 vaccines<br /><br />3. Titijaya - Tie up with China's Sinopharm (State owned vaccine producer for China that is currently performing Phase III trials in Saudi Arabia. Could be doing vaccine hub via property development <br /><br />4. DKSH - Links to European vaccine producers<br /><br />https://klse.i3investor.com/blogs/Jlks/2020-08-11-story-h1511649956-Covid_19_Vaccine_related_stocks_Only_4_counters.jsp<br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-19760237309478923602020-04-12T11:51:00.000+08:002020-04-12T11:51:07.096+08:00【全球大抗疫】管控令期间大量囤货 必需品消费股销售暴涨<br />
<a name='more'></a><br /><br />(吉隆坡11日讯)消费股在行动管控令期间冷暖自知,要如何选择受益的股?分析员推荐,那些获消费者大量囤货的必需性食品,可受惠于暴涨的销售量。<br /><br /><br />联昌国际投行研究分析员在报告中说,受惠的干粮和冷冻食品制造商,包括雀巢(NESTLE,4707,主板消费股)、佳源食品(KAWAN,7216,主板消费产品股)及力之源(PWROOT,7237,主板消费股)。<br /><br />同时,全利资源(QL,7084,主板消费股)和古晋中央冷藏(CCK,7035,主板消费产品股)同样受惠,但会被酒店领域如餐饮服务和酒店等的低需求所抵消。<br /><br />便利商店也受惠<br /><br />而我国消费和药剂最大分销商DKSH集团(DKSH,5908,主板消费股)的杂货需求走高,应能激励管控令期间的营业额提升。<br /><br />分析员认为,非必需开销会减少,影响消费模式。食品公司的销售,要靠适合在家食用的产品支撑。<br /><br /><br />除了便利店运营商如MYNEWS控股(MYNEWS,5275,主板消费股)、大马7-11控股(SEM,5250,主板消费股),和全利资源的全家便利店(Family Mart),其他所追踪的零售股料受严重打击。<br /><br /><img alt="200412A0703_noresize" class="alignnone wp-image-1390150 size-full img-fluid" height="2216" src="https://www.enanyang.my/wp-content/uploads/2020/04/200412A0703_noresize.jpg" width="1845" /><br /><br />电商贡献不大<br /><br />受挫的零售业者,包括宝利机构(BONIA,9288,主板消费股)、OWG控股(OWG,5260,主板消费股)及PANAMY(PANAMY,3719,主板消费股),因为在管控令期间被迫停业。<br /><br />“虽然管控令期间的电子商务需求攀升,但对零售业者的贡献不大,2019财年营业额的贡献低于5%。”<br /><br />分析员维持消费领域的“中和”评级,并相信必须食品的消费需求稳定的利好,已经反映在当前的估值,即未来1年35倍的本益比,稍微高于过去5年的均值。<br /><br />相对的,主打非必需食品的公司估值低迷,未来1年13.6倍的本益比,比过去5年均值低两个标准差。<br /><br />首选股为DKSH集团、力之源及古晋中央冷藏,因为估值相当诱人,需求也强劲。<br /><br />https://www.enanyang.my/news/20200411/%E3%80%90%E5%85%A8%E7%90%83%E5%A4%A7%E6%8A%97%E7%96%AB%E3%80%91%E7%AE%A1%E6%8E%A7%E4%BB%A4%E6%9C%9F%E9%97%B4%E5%A4%A7%E9%87%8F%E5%9B%A4%E8%B4%A7-br%E5%BF%85%E9%9C%80%E5%93%81%E6%B6%88/<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-74720740254788367152020-02-24T19:54:00.002+08:002020-02-24T19:54:43.342+08:00阿笔谈股系列33-浅谈DKSH (5908) DKSH控股-市场拓展服务提供商<br />
<a name='more'></a><br /><br />
This article first appeared in Investips.my Blog & Facebook, on February 24, 2020.<br />
<br />
DKSH主要业务是为客户产品提供营销及分销的服务。所营销及分销的产品种类繁多,如消费品、食品、保健品、药物等。<br />
于12月2018年,宣布以RM480.91M 收购 Auric Pacific (M) Sdn Bhd。 这是一家经营冷冻食品公司,自家的品牌如SCS butter和Buttercup等。<br />
<a href="https://www.nst.com.my/business/2018/12/442694/dksh-acquire-entire-equity-auric-pacific-rm48091m" rel="nofollow" target="_blank">https://www.nst.com.my/business/2018/12/442694/dksh-acquire-entire-equity-auric-pacific-rm48091m</a><br />
<br />
在最新季报Q42019,DKSH表示Auric Malaysia巳经完全融入该集团(Auric Malaysia fully integrated into the Group)。<br />
<strong><u>风险</u></strong><br />
<ol>
<li>
Low fixed margin business</li>
<li>
客户产品不再让DKSH提供营销及分销服务</li>
</ol>
<br />
<strong>催化</strong><strong>剂:</strong><br />
<ol>
<li>
Auric Malaysia的融入,协同效应(synergy effect)</li>
</ol>
成本节约的协同效应很大程度上依靠消除重叠,包括公司总部、地区管理机构、销售机构设置、分销和仓储的布局及物流管理。<br />
<ol>
<li value="2">
DKSH is in a business where size matters. The more volume a company
handles, the better it is placed to achieve synergy savings.
规模至关重要。公司处理的数量越多,就越能实现协同节约。</li>
</ol>
<br />
DKSH RM2.82/share, 市值RM444.60M, P/E 11.4, ROE 6.30 NTA RM3.934/share<br />
<br />
注:阿笔个人<strong>持有该公司股份,但</strong>并非该公司董事,顾问或员工。以上投资分析,纯属阿笔个人意见和观点。任何人因看此文章而造成任何投资损失,阿笔恕不负责。<br />
免责声明:以上言论纯属读者分享,<strong>并没有任何买卖建议,或推高股压低价的其他企图,怒本网站不对你的盈亏负任何责任,谢谢<br /><br />https://klse.i3investor.com/blogs/ahbi/2020-02-24-story-h1483939420.jsp</strong>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-17681503937242195622019-06-24T15:32:00.003+08:002019-06-24T15:32:54.525+08:00DKSH (5908) DKSH Holdings (Malaysia) Berhad - Stock Buddy (大马股市)<br />
<a name='more'></a><span style="font-size: large;"><br /></span><br />
<ul>
<li style="color: #1d2129; font-family: Helvetica,Arial,sans-serif; margin: 6px 0px;"><span style="font-size: large;">
DKSH是一家来自瑞士的跨国企业,主要的业务是为客户的产品提供营销及分销的服务。在大马一共有三大业务:营销及分销,物流,和经营Famous Amos巧克力饼干,目前在全马各地共有91间Famous Amos门市。</span></li>
<li style="color: #1d2129; font-family: Helvetica,Arial,sans-serif; margin: 6px 0px;"><span style="font-size: large;">
营销及分销的产品种类广泛,包括了消费品,食品,保健品,药剂等等。</span></li>
<li style="color: #1d2129; font-family: Helvetica,Arial,sans-serif; margin: 6px 0px;"><span style="font-size: large;">
2018年营业额为6bil,净利44mil,EPS 28.3仙。在今年3月29日完成收购了Auric Pacific (M) Sdn
Bhd。这是一家经营冷冻食品的公司,自家的品牌包括了著名的SCS butter,
Buttercup等等。预料这项收购将进一步提高2019年营销及分销业务的盈利能力。</span></li>
<li style="color: #1d2129; font-family: Helvetica,Arial,sans-serif; margin: 6px 0px;"><span style="font-size: large;">
值得一提的是,因为这项收购而在19Q1的季报里出现了一次性4.9mil的费用,以及公司正在进行改善效率和盈利的项目,成本增加了11.2mil,导致19Q1亏损了618k,管理层透露这个项目会持续到19Q2。因此接下来19Q2的成本也会增加,但是这个项目的效益也会在19Q2开始显现出来,并会在长期改善成本基础和盈利能力。</span></li>
<li style="color: #1d2129; font-family: Helvetica,Arial,sans-serif; margin: 6px 0px;"><span style="font-size: large;">
展望未来,管理层对物流和Famous Amos的业务保持乐观,营销及分销业务预料在Auric Pacific的贡献下以及完成了效率和盈利改善项目后能够持续增长。</span></li>
<li style="color: #1d2129; font-family: Helvetica,Arial,sans-serif; margin: 6px 0px;"><span style="font-size: large;">
CIMB投行最近发了DKSH的研究报告,维持‘加码’评级,目标价为RM3.64,对比目前的股价RM2.54有大约40%的上涨空间。</span></li>
</ul>
<span style="font-size: large;">
</span><div class="text_exposed_show" style="color: #1d2129; display: inline; font-family: Helvetica,Arial,sans-serif;">
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;">
风险</span></div>
<ul>
<li style="font-family: inherit; margin: 6px 0px;"><span style="font-size: large;">
消费低迷拖累整体销售。</span></li>
<li style="font-family: inherit; margin: 6px 0px;"><span style="font-size: large;">
效率和盈利改善项目的效益不如预期。</span></li>
<li style="font-family: inherit; margin: 6px 0px;"><span style="font-size: large;">
营业成本增加。</span></li>
<li style="font-family: inherit; margin: 6px 0px;"><span style="font-size: large;">
以上纯属分享,没有买卖建议。</span></li>
</ul>
</div>
<span style="font-size: large;"><br />https://www.facebook.com/malaysiastockbuddy/posts/435846923919618</span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-64380669606144396232019-06-24T15:13:00.001+08:002019-06-24T15:13:24.859+08:00《《 简易基础分析:DKSH (5908) DKSH控股 》》<br />
<a name='more'></a><span style="font-size: large;"><br /></span><br />
<div style="font-family: Helvetica,Arial,sans-serif; margin: 0px 0px 6px;">
<span style="font-size: large;">
DKSH Holdings (Malaysia) Berhad</span></div>
<span style="font-size: large;">
</span><div style="font-family: Helvetica,Arial,sans-serif; margin: 6px 0px;">
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">DKSH是一家来自瑞士的跨国企业,主要的业务是为客户的产品提供营销及分销的服务。在大马一共有三大业务:营销及分销,物流,和经营Famous Amos巧克力饼干,目前在全马各地共有91间Famous Amos门市。<br />
营销及分销的产品种类广泛,包括了消费品,食品,保健品,药剂等等。</span>
<span style="font-size: large;"><span style="font-family: inherit;">-</span><span style="font-family: inherit;">2018年营业额为6bil,净利44mil,EPS
28.3仙。在今年3月29日完成收购了Auric Pacific (M) Sdn
Bhd。这是一家经营冷冻食品的公司,自家的品牌包括了著名的SCS butter,
Buttercup等等。预料这项收购将进一步提高2019年营销及分销业务的盈利能力。</span></span></div>
<span style="font-size: large;">
</span><div class="text_exposed_show" style="display: inline; font-family: Helvetica,Arial,sans-serif;">
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;"><span>值得一提的是,因为这项收购而在19Q1的季报里出现了一次性4.9mil的费用,以及公司正在进行改善效率和盈利的项目,成本增加了11.2mil,导致19Q1亏损了618k,管理层透露这个项目会持续到19Q2。因此接下来19Q2的成本也会增加,但是这个项目的效益也会在19Q2开始显现出来,</span></span><span style="font-size: large;"><br /></span>
<span style="font-size: large;"><span>并会在长期改善成本基础和盈利能力。</span></span></div>
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;"><br /></span>
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">展望未来,管理层对物流和Famous Amos的业务保持乐观,营销及分销业务预料在Auric Pacific的贡献下以及完成了效率和盈利改善项目后能够持续增长。</span></div>
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">CIMB投行最近发了DKSH的研究报告,维持‘加码’评级,目标价为RM3.64,对比目前的股价RM2.54有大约40%的上涨空间。</span>
<span style="font-size: large;"><br />
</span></div>
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;"><span>风险</span></span><span style="font-size: large;"><br /></span>
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">消费低迷拖累整体销售。</span></div>
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">效率和盈利改善项目的效益不如预期。</span></div>
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">营业成本增加。</span></div>
<div style="font-family: inherit; margin: 6px 0px;">
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">以上纯属分享,没有买卖建议。</span>
<span style="font-size: large;"><br /></span>
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DKSH Holdings (Malaysia) Berhad</span></div>
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<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">DKSH是一家来自瑞士的跨国企业,主要的业务是为客户的产品提供营销及分销的服务。在大马一共有三大业务:营销及分销,物流,和经营Famous Amos巧克力饼干,目前在全马各地共有91间Famous Amos门市。<br />
营销及分销的产品种类广泛,包括了消费品,食品,保健品,药剂等等。</span>
<span style="font-size: large;"><span style="font-family: inherit;">-</span><span style="font-family: inherit;">2018年营业额为6bil,净利44mil,EPS
28.3仙。在今年3月29日完成收购了Auric Pacific (M) Sdn
Bhd。这是一家经营冷冻食品的公司,自家的品牌包括了著名的SCS butter,
Buttercup等等。预料这项收购将进一步提高2019年营销及分销业务的盈利能力。</span></span></div>
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<span style="font-size: large;"><span>-</span></span><span style="font-size: large;"><span>值得一提的是,因为这项收购而在19Q1的季报里出现了一次性4.9mil的费用,以及公司正在进行改善效率和盈利的项目,成本增加了11.2mil,导致19Q1亏损了618k,管理层透露这个项目会持续到19Q2。因此接下来19Q2的成本也会增加,但是这个项目的效益也会在19Q2开始显现出来,</span></span><span style="font-size: large;"><br /></span>
<span style="font-size: large;"><span>并会在长期改善成本基础和盈利能力。</span></span></div>
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<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">展望未来,管理层对物流和Famous Amos的业务保持乐观,营销及分销业务预料在Auric Pacific的贡献下以及完成了效率和盈利改善项目后能够持续增长。</span></div>
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<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">CIMB投行最近发了DKSH的研究报告,维持‘加码’评级,目标价为RM3.64,对比目前的股价RM2.54有大约40%的上涨空间。</span>
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<span style="font-size: large;"><span>风险</span></span><span style="font-size: large;"><br /></span>
<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">消费低迷拖累整体销售。</span></div>
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<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">效率和盈利改善项目的效益不如预期。</span></div>
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<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">营业成本增加。</span></div>
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<span style="font-size: large;"><span>-</span></span><span style="font-size: large;">以上纯属分享,没有买卖建议。</span>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-3403926578866189812019-05-20T13:33:00.001+08:002019-05-20T13:33:34.858+08:00[DKSH (5908) DKSH控股DKSH HOLDINGS MALAYSIA BHD:预期于2019年第一季度完成对Auric Pacific(M)Sdn Bhd的收购,这将对2019年营销及分销业务的盈利能力作出积极贡献] - James的股票投资James Share Investing<br />
<a name='more'></a> [DKSH HOLDINGS MALAYSIA BHD:预期于2019年第一季度完成对Auric Pacific(M)Sdn Bhd的收购,这将对2019年营销及分销业务的盈利能力作出积极贡献]<br /><br />Quarterly:<br />与2017年第四季度相比,本季度收入从13.8亿令吉增长16.1%至16亿令吉,而对比2018年第三季度,则从15.2亿令吉增长5.4%。与相应的2017年第四季度和2018年第三季度相比,反映了所有部门市场的销售稳定性和现有客户的持续有机增长。与2018年第三季度相比,税前利润增长了11.4%,这反映了在稳定的运营成本的支持下,收入的持续有机增长。<br /><br />年初至今:<br />与2017年相比,收入从55.1亿令吉增长9.1%至60.1亿令吉。此收入增长源于现有客户的主要有机增长,主要来自物流业务部门和新客户,主要是营销和分销部门。<br /><br />营销和分销部门:<br />Quarterly:<br />本季度的收入与2017年第四季度相比增长了12.5%,从6.371亿令吉增加至7.17亿令吉,而与2018年第三季度(即7.264亿令吉)相比下降了1.3%。与相应季度相比,该部门市场的收入增长反映了销售稳定性和现有客户的持续有机增长。<br /><br />年初至今:<br />2018年的收入为28.3亿令吉,比2017年的26.3亿令吉收入高出7.6%。该部门的收入增长是由于现有客户的有机增长以及新客户的贡献。<br /><br />物流部门:<br />Quarterly:<br />本季度的收入与2017年第四季度相比增长了19.3%,从7.224亿令吉增加到8.619亿令吉,与2018年第三季度的7.758亿令吉相比,增长了11.1%。与2017年第四季度及2018年第三季度相比,收入增长反映了该部门市场的有机增长,并且由于产品不是季节性的,因此没有节日期的影响。<br /><br />本季度的经营业绩为1,400万令吉,较2017年第四季度报告的840万令吉增加67.8%,较2018年第三季度报告的1110万令吉增加26.1%。收益率改善以及运营效率持续提升造成了收入的强劲。<br /><br />年初至今:<br />与2017年相比,2018年的收入增长了10.5%,从28.3亿令吉增加到31.2亿令吉。收入的增长是有机驱动的。 2018年的经营业绩为4870万令吉,较2017年增长48.5%。这反映了强劲的收入,包括改善利润率组合,2018年第一季度的一次性债务复原以及降低运营成本的运营效率。<br /><br />其他部门:<br />Quarterly:<br />与2017年第四季度相比,本季度收入从1670万令吉增长13.1%至1880万令吉,与2018年第三季度相比增长36.1%。与去年相比收入的改善反映了每家店收入增长的改善,因为新店的开业是战略性的。<br /><br />2018年第四季度的经营业绩为50万令吉,相当于2017年第四季度的20万令吉改善,以及2018年第三季度的140万令吉改善。 2017年是由于收入增加,而2018年第三季度的改善与季节性收入波动有关。<br /><br />年初至今:<br />2018年的收入为6170万令吉,与2017年相比增加了11.6%。与去年相比收入的改善反映了总店面的增加和消费者需求的改善。<br /><br />前景:<br />这集团对2019年的前景持谨慎乐观态度。物流业务的前景仍然乐观。这集团预期于2019年第一季度完成对Auric Pacific(M)Sdn Bhd的收购,这将对2019年营销及分销业务的盈利能力作出积极贡献。这集团在市场营销中开展效率及盈利能力的改善项目,因此2019年上半年的成本会增加。该项目预计将实现销售优化和成本效益,并且长期会不断改善成本基础和盈利能力。<br /><br />客户和客户组合仍然保持多元化,并得到强大的销售,营销和分销基础设施的支持。凭借可扩展的业务模式,集团在整个价值链中提供全面的服务组合,根据客户的特定需求进行量身定制。此外,由行业领先的IT系统支持的操作风险管理流程和控制,继续支持现有业务和新客户。<br /><br />两个市场趋势另外支持这集团的中长期前景。首先,马来西亚不断壮大的中产阶级支持对消费品和医疗保健产品的需求。其次,制造商越来越关注核心竞争力,并寻求专业服务提供商,以帮助他们扩大市场。<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 RM1.42 (dividend RM0.015) in 9 months 5 days, total return is 100.7%<br /><br />b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.34 in 10 months 16 days, total return is 68.6%<br /><br />c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.34 in 4 months 29 day, total return is 67.5%<br /><br />d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.29 (dividend RM0.008) in 4 months 23 days, total return is 34.5%<br /><br />e) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.78 (dividends RM0.03) in 7 months 17 days, total return is 26.6%<br /><br />f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.30 (dividend RM0.0825) in 7 months 3 days, total return is 26.1%<br /><br />g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.72 in 3 months 25 days, total return is 25.2%<br /><br />h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 4 months 17 days, total return is 18.8%<br /><br />i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.38 (dividend RM0.035) in 5 months 27 days, total return is 11.4%<br /><br />j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.09 in 3 months 27 days, total return is 4.8%<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 />1)【股票-实际操作班】课程:<br />10a.m. – 9p.m.,免费午餐和晚餐<br /><br />5月25日星期六:Hotel Sri Petaling, KL<br /><br />6月15日星期六:Silka Johor Bahru Hotel, Johor Bahru<br /><br />6月23日星期日:AG Hotel Penang, George Town<br /><br />2)【看懂年报和季报】课程:<br />11a.m. – 7p.m.,免费茶和咖啡<br /><br />5月26日星期日:Hotel Sri Petaling, KL 3份点心<br /><br />7月27日星期六:Silka Johor Bahru Hotel, Johor Bahru 5份点心<br /><br />8月11日星期日:AG Hotel Penang, George Town 4份点心<br /><br />3) 【公司业绩分享会】:<br />2p.m. – 7p.m.,免费茶和咖啡<br /><br />6月9日星期日:Hotel Sri Petaling, KL 3份点心<br /><br />6月16日星期日:Silka Johor Bahru Hotel, Johor Bahru 5份点心<br /><br />6月22日星期六:AG Hotel Penang, George Town 4份点心<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 <br />https://web.facebook.com/jamesshareinvest/posts/2260367727563302 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 />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: https://www.instagram.com/p/Bxq33xrn3NV<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 />[DKSH HOLDINGS MALAYSIA BHD: The Group expects to complete the acquisition of Auric Pacific (M) Sdn Bhd in the first quarter of 2019 and this will positively contribute to the profitability of the Marketing and Distribution segment in 2019]<br /><br />Quarterly:<br />Revenues for the quarter grew by 16.1% from RM 1.38 billion to RM 1.60 billion as compared to the corresponding fourth quarter of 2017, while improving by 5.4% from RM 1.52 billion in the third quarter of 2018. The increase in comparison to the corresponding fourth quarter of 2017 and preceding third quarter of 2018 reflects the stability of sales and ongoing organic growth of existing clients in all segments. Profit before tax grew 11.4% compared to the preceding third quarter of 2018, reflecting the continuing organic growth in revenue, supported by stable operating costs.<br /><br />YTD:<br />Revenues grew by 9.1% from RM 5.51 billion to RM 6.01 billion as compared to 2017. This revenue growth resulted from underlying organic growth in existing clients, primarily in the Logistics segment and new clients, primarily in Marketing and Distribution segment.<br /><br />Marketing and Distribution segment:<br />Quarterly:<br />Revenues for the quarter grew by 12.5% compared to the corresponding fourth quarter of 2017, increasing from RM 637.1 million to RM 717.0 million, while declining by 1.3% against those of the preceding third quarter of 2018 which was RM 726.4 million. This segment’s improved revenue compared to the corresponding quarter reflects stability of sales and ongoing organic growth of existing clients.<br /><br />YTD:<br />Revenues for 2018 were RM 2.83 billion, which were 7.6% above revenues of RM 2.63 billion in 2017. This segment’s revenues grew due to organic growth of existing clients and contributed by new clients.<br /><br />Logistics segment:<br />Quarterly:<br />Revenues for the quarter grew by 19.3% compared to the corresponding fourth quarter of 2017, increasing from RM 722.4 million to RM 861.9 million, while improving by 11.1% against those of the preceding third quarter of 2018 which was RM 775.8 million. The growth in revenue compared to the corresponding fourth quarter of 2017 and preceding third quarter of 2018 reflect the organic growth in this segment and does not have a festive period effect as the products are not seasonal.<br /><br />The operating result for the quarter was RM 14.0 million, which is an 67.8% increase on RM 8.4 million reported for the corresponding fourth quarter of 2017 and an 26.1% increase on RM 11.1 million reported for the preceding third quarter of 2018. This reflects strong revenue supported by improved margin mix and continued gains from operational efficiencies.<br /><br />YTD:<br />Revenues for 2018 grew by 10.5% compared to 2017, increasing from RM 2.83 billion to RM3.12 billion. The growth in revenue was organically driven. The operating result for 2018 was RM 48.7 million, which is an 48.5% increase on 2017. This reflects strong revenues supported by improving margin mix, one-off debts recovery in first quarter of 2018 and operational efficiencies which reduce operating expenses.<br /><br />Others segment:<br />Quarterly:<br />Revenues for the quarter grew by 13.1% from RM 16.7 million to RM 18.8 million as compared to corresponding fourth quarter 2017 and increased by 36.1% on the preceding third quarter of 2018. The improvement in revenue against prior year reflects the improved per store revenue growth as outlet openings are strategically driven.<br /><br />The operating result for the fourth quarter of 2018 was RM 0.5 million, which represents a RM0.2 million improvement on the corresponding fourth quarter of 2017 and a RM 1.4 million improvement on the preceding third quarter of 2018. The improvement on the corresponding quarter of 2017 is due to improved revenue while the improvement against the preceding third quarter of 2018 relates to seasonal revenue fluctuations.<br /><br />YTD:<br />Revenues were RM 61.7 million in 2018 which increased by 11.6% against 2017. The improvement in revenue against prior year reflects the addition in total outlets and improving consumer demand.<br /><br />Prospects:<br />The Group takes a cautiously optimistic outlook on 2019. Prospects remain positive for the Logistics Segment. The Group expects to complete the acquisition of Auric Pacific (M) Sdn Bhd in the first quarter of 2019 and this will positively contribute to the profitability of the Marketing and Distribution segment in 2019. The Group commenced an efficiency and profitability improvement project in the Marketing and Distribution segment which will involve a significant increase in cost in the first half of 2019. This project is expected to deliver sales optimization and cost efficiencies during 2019 and an ongoing improved cost base and profitability in the long term.<br /><br />The client and customer portfolio remains well diversified and supported by a strong sales, marketing and distribution infrastructure with a capillary reach. With a scalable business model, the Group offers a comprehensive portfolio of services along the entire value chain, customized and tailor-made to clients’ specific needs. Furthermore, operational risk management processes and controls, supported by an industry leading IT system, continue to support the existing businesses as well as new clients.<br /><br />Two market trends additionally support a positive medium-to-long-term outlook for the Group. Firstly, the growing middle class in Malaysia supports the demand for consumer goods and healthcare products. Secondly, manufacturers increasingly focus on core competencies and seek specialized service providers that will help grow the market for and with them.<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 RM1.42 (dividend RM0.015) in 9 months 5 days, total return is 100.7%<br /><br />b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.34 in 10 months 16 days, total return is 68.6%<br /><br />c) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.34 in 4 months 29 day, total return is 67.5%<br /><br />d) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.29 (dividend RM0.008) in 4 months 23 days, total return is 34.5%<br /><br />e) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.78 (dividends RM0.03) in 7 months 17 days, total return is 26.6%<br /><br />f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.30 (dividend RM0.0825) in 7 months 3 days, total return is 26.1%<br /><br />g) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.72 in 3 months 25 days, total return is 25.2%<br /><br />h) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.01 in 4 months 17 days, total return is 18.8%<br /><br />i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.38 (dividend RM0.035) in 5 months 27 day, total return is 11.4%<br /><br />j) HSSEB (HSS ENGINEERS BHD), recommended on 20 Jan 19, initial price was RM1.04, rose to RM1.09 in 3 months 27 days, total return is 4.8%<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 />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://web.facebook.com/jamesshareinvest/posts/2260367727563302 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 />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/207163.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-78032520401877400432019-01-23T20:54:00.002+08:002019-01-23T20:54:39.222+08:00浅谈DKSH (5908) DKSH控股 - RH Research<br />
<a name='more'></a> 帮助企业扩展现有市场或开发新市场,提供包括原料供应、研究分析、市场销售、分销物流到售后服务的涵盖所有产品整个价值链的任意服务组合,简短而言就是市场拓展服务 (Market Expansion Services) 。<br /><br />为企业提供多项专业销售渠道,由注册、市场进入研究分析、市场策划和销售、重新分装、分销等等,在现有和新市场分销他们的产品。<br /><br />本地分销团队可确保客户的产品在本地大型超市、商店、售货亭、医院和药店上架。旗下拥有许多大型和知名的国际和本地家居品牌,如Mead Johnson、Heinz、Newell Brands、Tender Soft和Oldtown,以及Roche、GSK和Pfizer等等一些在大马市场寻求扩张的医疗保健企业。<br /><br />✔ 拥有分销各类产品的丰富经验与广泛分销网,是其他竞争对手缺乏的优势;基于每个市场文化不同,假设外国企业想要进军大马市场,DKSH将成为他们的首选合作伙伴。<br /><br />✔ 尽管整体业务增长缓慢,但是营业额在过去5年介于RM5-5.5b之间,显示出稳定性极高,主要归功于现有客户的内部成长。<br /><br />✔ 在2013-2015年期间经历长达3年的成长周期,分别在Shah Alam和Kota Kinabalu开设2间新的分销中心,以及在Petaling Jaya设立新总部。<br /><br />✔ 营业额在最新季度FY18Q3突破RM1.5b关口,写下有史以来的新高,主要因为GST从6%下调至0%成功刺激市场的消费心态;尽管如此,盈利却按年下跌8%,主要因为承担较高的开销。<br /><br />✔ 值得一提,在Q3也受到一名客户价值RM2.7m合约的负面影响;管理层并未在季报中透露具体内容,仅表示这一现象预计不会拖累来临Q4的业绩。剔除这笔注销金额,Q3核心盈利为RM12m,超越去年同期的RM10m。<br /><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFoO4Yluy20CNkJbaLm2x7SEfJJ5a0Wx4mdbPabmcohcUUP6KizJjXS9OBc1fl_odppMiL_aI6qQM_tRyXVCEbplNW1GZ9fmd7g2zwLps5875kYwGFkmqNEhB3rDL4H14vz5titw/s1600/STOCKS+IN+FOCUS+3.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="177" data-original-width="285" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjFoO4Yluy20CNkJbaLm2x7SEfJJ5a0Wx4mdbPabmcohcUUP6KizJjXS9OBc1fl_odppMiL_aI6qQM_tRyXVCEbplNW1GZ9fmd7g2zwLps5875kYwGFkmqNEhB3rDL4H14vz5titw/s1600/STOCKS+IN+FOCUS+3.jpeg" style="display: inline;" /></a></div>
<br />✔在去年12月,DKSH建议以SGD158m或RM481m现金收购Auric Pacific (M) 的100%股权;后者是本地冷冻产品分销的主要业者之一,为酒店、餐馆和咖啡馆提供食品服务渠道,同时也分销Buttercup和SCS Butter等领先的黄油品牌。<br /><br />✔ 通过这项收购,DKSH可扩大客户群、扩大产品范围和实现交叉销售 (Cross-Selling),以产生协同效应;Auric Pacific去年录得RM20.5m的盈利,平均录7-8%的赚幅,高于DKSH的平均1%左右。<br /><br />✔ 整项收购将以内部资金和银行贷款完成,但是以DKSH目前的财务状况,有融资这么大笔的资金确实有些难度;值得一提,卖家并未提供任何盈利保证条款;收购能否完成仍然需要观察融资计划是否到位;假设突然宣布附加股计划,势必对股价造成冲击。<br /><br />✔ 事实上,鉴于过去的盈利表现,以及相对平稳的快速消费品分销行业的性质,DKSH看起来并不像一家高成长的企业。尽管如此,过往的累积声誉、稳健的基本面、偏低的估值 (7倍PE) 和高股息率 (4.5%) 使得DKSH是一项有吸引力的投资。<br /><br />✔ PublicInvest研究所把DKSH的评级提升至“超越大市”,但是却把目标价从RM3.40调低至RM3.00,根据9倍的PE。<br /><br />✔ 近几个月的抛售主要因为从Shariah-compliant名单 除名,预计这现象预计只是暂时性;近期在底部的交易量放大,意味着价值投资者已开始买入这支股票;从高峰6.60大跌至今,已超过60%的跌幅,个人认为下跌风险已非常小。<br />
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https://www.facebook.com/rhresearch/posts/2289192951092311Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-45087572283587362192019-01-22T19:10:00.001+08:002019-01-22T19:10:20.026+08:00(Icon) Why DKSH At Current Level Is Less Risky Than Many People Think<br />
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<span style="font-family: lucida sans unicode,lucida grande,sans-serif;"><span style="font-size: 16px;">DKSH trades between RM4 and RM6 most of the time.</span></span><br />
<br />
<img src="https://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20190122_at_11.37.10_am.png" style="height: 350px; width: 700px;" /><br />
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<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Based on 158 mil shares, the market essentially ascribed it a valuation ranging from RM632 mil to RM948 mil.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Based
on historical earning of RM51 mil, it seemed that the market is
comfortable with PER between 12 times and 18 times for the company.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">However,
due to its recent announcement of intended acquisition of Auric Pacific
for RM500 mil (yet to be consummated), share price has collapsed to
RM2.35 as at today. This translates into market cap of RM371 mil.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Investors
have reason to be worried. As at September 2018, DKSH has RM190 mil
borrowings and small amount of cash. Plus the RM500 mil borrowings to
fund the acquisition, interest bearing debts will balloon to RM690 mil.
This is quite a huge amount, as shareholders' funds is only RM586 mil.
Gearing will become 1.17 times.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">For
most people, the first reaction is to shy away, as there is certain
degree of financial risk associated with such high gearing.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">What happens if there is an economic downturn and DKSH faces liquidity problem ? Will DKSH go into financial distress ?</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Not likely. Because they can always do a cash call (rights issue or placement, depends on the price).</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Isn't that bad ? Wouldn't that result in expansion of equity base, potentially diluting earnings and ROE ?</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Yes, it will.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">But
if you take a closer look, even if that happens, worst come to the
worst market capitalisation will go back to pre decline level.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Let's put in some numbers for illustration purpose.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Let's
say DKSH does a rights issue of RM200 mil. That should be sufficient to
address the issue as borrowings will be brought down to a more
comfortable level of RM490 mil, while shareholders' funds will become
RM786 mil. Gearing will drop from 1.17 times to 0.62 times. A relatively
conservative and safe level for an established and well run company
such as DKSH. (you can do another simulation with RM300 mil cash call,
and the gearing will drop to 0.44 times).</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">What will happen when market cap balloon from the current RM371 mil to RM571 mil post rights issue ?</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Nothing bad or drastic will really happen.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">This
is because based on DKSH's earning of RM51 mil, market had previously
accepted a valuation ranging from RM632 mil to RM948 mil.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">I know the message is not really that clear at this point, let me elaborate.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">The
market has penalised DKSH very severely due to the Auric Pacific deal,
causing its market cap to decline from RM632 mil to RM371 mil now.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Due
to that overreaction, even if they subsequently undertake a rights
issue of RM200 mil to RM300 mil, worst come to the worst, you will face
stagnation of share price. Share price is unlikely to go further down
from current level.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">In
other words, if you buy at current level of RM2.35 and you are lucky,
there will be no cash call, and you can potentially enjoy upside of 100%
as share price goes back to as high as RM6.00 pursuant to earning
multiple reflation.</span></span><br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif79nn-2PU-V8sx5yoaAYAekKlMQsBrvn_WhM-bo0GH9NwyWzxOXxugFcjsG-MZaFmjq4vWpFtbOx1u8gpsOwaIaUri9cu-OxoAhbGMOC1X9ZlnNAjBVbVNEgW6ZVCtWx7TTQUbg/s1600/stocks+portfolio+2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="360" data-original-width="490" height="235" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif79nn-2PU-V8sx5yoaAYAekKlMQsBrvn_WhM-bo0GH9NwyWzxOXxugFcjsG-MZaFmjq4vWpFtbOx1u8gpsOwaIaUri9cu-OxoAhbGMOC1X9ZlnNAjBVbVNEgW6ZVCtWx7TTQUbg/s320/stocks+portfolio+2.jpg" style="display: inline;" width="320" /></a></div>
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">If
you are unlucky and there is a cash call, you are likely only to lose
the opportunity for capital appreciation. There is unlikely to be huge
downside risk. Because historically the market has already been
comfortable with such market capitalisation based on earning of RM51
mil.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">Limited risk, with substantial upside. That is how I see DKSH at current price level.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">(If
you find my reasoning above incorrect, kindly let me know. As I would
also want to take remedial action to correct my mistake. Thank you)</span></span><br />
<br />
<em><span style="font-size: 16px;"><span style="font-family: lucida sans unicode,lucida grande,sans-serif;">p/s : Cynics will accuse me of intention to pump and dump. Just wait for them to appear.<br /><br />https://klse.i3investor.com/blogs/icon8888/190994.jsp</span></span></em><br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-19979720236398599022018-12-26T17:41:00.000+08:002018-12-26T17:41:02.028+08:00[DKSH (5908) DKSH控股 DKSH HOLDINGS MALAYSIA BHD] - James的股票投资<br />
<a name='more'></a> [DKSH HOLDINGS MALAYSIA BHD:由于引入销售和服务税(SST)相关的短期波动,营销和分销部门的前景仍然不太乐观,特定客户合同的一次性负面影响,影响了第三季度业绩]<br /><br />季度:<br />本季度的营业费用由去年同期第三季度的13.6亿令吉增加10.7%至15亿令吉。经营费用较2018第二季度的14.2亿令吉增加5.6%至15亿令吉。由于本季度一次性可疑债务拨备导致营业利润较2018年第二季度减少34.6%,造成成本增加超过收入改善。与2017年同期相比,本季度税前利润下降7.4%,与2018年第二季度相比下降了33.1%。<br /><br />年初至今:<br />经营费用较2017年的40.8亿令吉增加6.9%至43.7亿令吉。由于产品组合的变化导致相应的销售商品成本小幅上升,该期间的成本增长略高于收入增长,以及成本基数略微增加以支持未来增长。与2017年相比,税前利润下降6.9%。税前利润下降是产品组合变化和成本基数略有增加的结果。<br /><br />营销和分销部门:<br />季度:<br />本季度的经营业绩为490万令吉,较2017年第三季度下降28.2%,比2018年第二季度低了47.9%。经营业绩较2017年第三季度减少反映了产品结构的变化,一次性可疑债务拨备的影响以及相对于去年同期和2018年第二季度增加的成本基数。<br /><br />年初至今:<br />2018年的经营业绩为1,960万令吉,较2017年减少37.6%。经营业绩减少反映了第二季度产品结构的变化,一次性可疑债务准备以及相对于上一期间增加的成本基础以支持未来成长。<br /><br />物流部门:<br />季度:<br />与2018年第二季度相比,经营业绩相对稳定,略微下降0.3%。<br /><br />年初至今:<br />2018年的经营业绩为3470万令吉,较2017年增长41.9%。<br /><br />其他部门:<br />季度:<br />二零一八年第三季的经营业绩较二零一七年同季轻微上升3.6%,对比二零一八年第二季则减少120万令吉。<br /><br />年初至今:<br />2018年第三季度的经营业绩比去年减少了80万令吉。尽管收入有所改善,但业绩减少反映了费用增加。<br /><br />前景:<br />由于与2018年9月1日引入销售和服务税(SST)相关的短期波动,营销和分销部门的前景仍然不太乐观。特定客户合同的一次性负面影响,影响了第三季度业绩但预计不会影响第四季度。<br />------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.14 in 2 months 10 days, total return is 13.2%<br /><br />b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 5 months 23 days, total return is 13.2%<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 (包括茶点)<br /><br />日期:2月24日星期日<br />地点:Hotel Sri Petaling, KL (包括茶点)<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/187134.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 />[DKSH HOLDINGS MALAYSIA BHD: prospects for the Marketing and Distribution Segment remain less positive due to short-term volatility relating to the introduction of Sales and Services Tax (SST), an one-off negative impact from a specific client contract impacted the third quarter result]<br /><br />Quarterly:<br />Operating expenses for the quarter increased by 10.7% from RM 1.36 billion to RM 1.50 billion as compared to corresponding third quarter of 2017. Operating expenses increased by 5.6% from RM 1.42 billion to RM 1.50 billion as compared to the preceding second quarter of 2018. The cost increased more than the improvement in revenue due to a one-off doubtful debts provision in the current quarter resulting in profit from operations decreased by 34.6% compared to the preceding second quarter of 2018. Profit before tax for the quarter declined by 7.4% compared to the same quarter of 2017 and declined by 33.1% compared to the preceding second quarter of 2018.<br /><br />YTD:<br />Operating expenses increased by 6.9% from RM 4.08 billion to RM 4.37 billion as compared to 2017. The cost increase for the period was slightly higher than the growth in revenue due to a change in product mix which led to a corresponding small increase in cost of goods sold and slight increase in cost base to support future growth. Profit before tax declined by 6.9% as compared to 2017. The lower profit before tax performance is a result of the change in product mix and slight increase in cost base.<br /><br />Marketing and Distribution segment:<br />Quarterly:<br />The operating result for the quarter was RM 4.9 million, which was 28.2% below the same third quarter of 2017 and below the preceding second quarter of 2018 by 47.9%. The reduction in operating result against the third quarter of 2017 reflects a product mix shift, effect from a oneoff doubtful debts provision and increased cost base relative to the prior year quarter and preceding second quarter of 2018.<br /><br />YTD:<br />The operating result for 2018 was RM 19.6 million, which was 37.6% below 2017. The reduction in operating result reflects a product mix shift in the second quarter, one-off doubtful debts provision and increased cost base relative to the prior period to support future growth.<br /><br />Logistics segment:<br />Quarterly:<br />As compared to the preceding second quarter of 2018, the operating results is relatively stable showing a marginal decrease by 0.3%.<br /><br />YTD:<br />The operating result for 2018 was RM 34.7 million, which is an 41.9% increase on 2017.<br /><br />Others segment:<br />Quarterly:<br />The operating result for the third quarter of 2018 improved marginally by 3.6% on the corresponding quarter of 2017 and reduced by RM 1.2 million on the preceding second quarter of 2018.<br /><br />YTD:<br />The operating result for the third quarter of 2018 was RM 0.8 million lower than prior year. The reductions reflect rising expenses despite improved revenue.<br /><br />Prospects:<br />Prospects for the Marketing and Distribution Segment remain less positive due to short-term volatility relating to the introduction of Sales and Services Tax (SST) on September 01, 2018. A one-off negative impact from a specific client contract impacted the third quarter result but is not expected to affect the fourth quarter.<br />------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.14 in 2 months 10 days, total return is 13.2%<br /><br />b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.90 in 5 months 23 days, total return is 13.2%<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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<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/187134.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 />
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https://klse.i3investor.com/blogs/general/187840.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-9359568421477339382018-12-17T17:55:00.000+08:002018-12-17T17:55:55.911+08:00股票点评 - 3 Dec - 13 Dec 2018<br />
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2018年12月17日星期一 <br />
3 Dec - 13 Dec 2018<br />
长青纤维板( EVERGRN 5101),是一间从事生产纤维板和家具公司。公司今年的业绩和股价都下滑厉害,贸易战对公司起不了提振作用。公司 2018 年首 9 个月的营收上升 9.6% ,但税前盈利却下滑 28.4% ,剩下 3517 万或每股盈利( 9 个月) 2.85sen 。公司的营收虽然持续的上升,但因为纤维板竞争激烈,价格下滑,毛利减少,再加上原料成本上升,因此导致整体盈利出现萎缩的状况。原本以为贸易战对公司有利,但事实上并没有给公司带来好处,所幸由于马币在走弱,才让公司表现不至于出现更糟的状况。短期未来纤维板同样面对竞争激烈,所以公司只能在成本上着手,希望业绩不会继续下滑(净资产 RM1.41 ) <br />
(想买指数 2星半,公司的业绩受到销售价格下跌和原料成本上升的影响,短期内相信整个局势难有逆转,所以公司只能在成本上着手,希望可以维持公司的盈利表现) <br />
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家丽资机构( HOMERITZ 5160),是一间从事生产家具的公司。公司会计年度结算在 8 月份,所以今年 2018 年的全年业绩已经出来,其全年营收下跌 1.49% ,而税后盈利出现大幅度的下跌 31.7% ,达 2106 万或每股盈利( 12 个月) 7.02sen 。公司销售以出口为主,所以大多的销售以美元计价,由于上半年美元走弱,所以影响了公司销售的总额和盈利表现。由于下半年马币走弱,所以可以预见营收和盈利就会回到高位,加上公司积极在降低成本,让生产线更多自动化,如果中美贸易战又沾上好处,相信 2019 年首个季度的业绩会比较突出(净资产 48sen ) <br />
(想买指数 3星半,公司 2018 年受到汇率的影响,所以业绩出现下滑,而相信 2019 年会业绩会逐步好转。需留意美元的波动,这会是影响公司较大的因素) <br />
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堡发资源( POHUAT 7088),是一间从事家具生产公司。公司 2018 年 9 个月的业绩,营收下跌 2.6% ,其税前盈利也跟着下跌 31.3% ,达 3116 万或每股盈利( 9 个月) 11.97sen 。公司的营收下跌主要是因为越南业务的生产产品是比较便宜的家具,导致营收下跌,同时又遇到生产成本上升所以毛利出现萎缩,所幸公司在其他成本上有所控制和下跌,但还不足够去弥补毛利的损失,以致整体的盈利状况出现显著的回落。有分析员认为公司会受到中美贸易战的好处,但现在中美贸易问题有所缓解,就不知道公司实际获得好处有多少,相信要看多至少两个季度的业绩才可以确定公司受惠有多大(净资产 RM1.359 ) <br />
(想买指数 3星, 2018 年首 9 个月的业绩下滑,期望贸易战可以带给公司好处,不过贸易战有所缓解,会否因此影响公司,还需要观望) <br />
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利兴工业( LIIHEN 7089),是一间从事生产家具的公司。公司 2018 年首 9 个月的营收上升 9.7% ,而税前盈利却下跌 36% ,盈利达 4886 万或每股盈利( 9 个月) 20.16sen 。和一般出口导向的家具公司一样,因为在上半年面对马币强劲的影响,导致公司无法在汇率上占到好处,以致毛利下跌,而又正好面对生产成本,诸如人利成本,原料成本等,所以整体盈利下滑幅大。不过第 3 季度开始因为马币走弱,公司在这个季度盈利和前两个季度盈利有明显的好转,因此相信第 4 季度盈利会有更不错的表现。至于贸易战是否对公司产生正面的好处,就还需要观察(净资产 RM1.64 ) <br />
(想买指数 3星,首 9 个月业绩随着美元走弱而下滑,但近期美元走强,相信公司短期盈利会有明显的上扬) <br />
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康大工业( KOTRA 0002),是一间制药公司。公司 2019 年首个季度就有很不错的表现,其营收上升 8.88% ,其税前盈利也同时上升 1.47 倍达 569 万,或每股盈利( 3 个月) 4.25sen 。公司的本地和海外市场都有很不俗的成长,今年首个季度的运营成本又比去年减少,所以盈利有明显的上升。公司不太有什么动向,所以市场上难获取公司的讯息,也导致公司的交易量低下,不过药剂股过去数年都有不错的增长,特别是出口海外的公司,因此相信公司接下来的表现还是可期的(净资产 RM1.18 ) <br />
(想买指数 3星, 2019 年第一季度有不错的增长,相信全年业绩会有不错的表现,更何况是不太会受到大市影响的药剂业) <br />
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永信东南亚( YSPSAH 7178),是一间从事药物生产公司。公司是台湾人为大股东兼董事,公司 2018 年 9 个月的生意额有持续的增长,其营收上升 9.9% ,而其税前盈利同时也增加 52.25% ,达 3291 万或每股盈利( 9 个月) 17.10sen 。公司今年表现不俗,除了因为销售增加,其生产成本下降成了主要构成盈利增加的因素。公司去年的表现处在低潮,经过了一年努力,公司终于走回上升轨道,相信公司的业绩会持续的稳健成长(净资产 RM2.22 ) <br />
(想买指数 3星,公司今年的业绩表现不俗,随着市场的需求和公司积极扩张业务,相信公司未来会有不错的表现) <br />
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艾毕士保健( AHEALTH 7090),是一间从事药剂生产公司。公司 2018 年 9 个月的业绩有不俗的成长,其营收上升 4.68% ,而其税前盈利更是增加 32.4% ,达 5253 万,或每股 35.65sen 。公司除了营收上升,其生产成本下跌,是整个盈利推动力,毛利率增加,因此大幅度提高了公司整体盈利状况。看了 3 间药剂公司报告,大家今年都有显著的成长,比起其他行业,这个行业表现是今年最亮眼的,除了出口销售有增加,加上新政府购买药物公开招标计划,这些都推动了药剂股的营收表现,中短期未来药剂股都是可以看好的(净资产 RM3.12 ) <br />
(想买指数 3星半,公司今年下半年在增加新生产线的推动下,公司可以在营收和盈利方面都会有显著的增加,中短期是受到看好的) <br />
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利直南控股( DKSH 5908),是一间从事贸易分销,销售医药保健产品和物流公司。公司 2018 年 9 个月的业绩显得平平,其营收上升 6.8% ,但其税前盈利却下跌 6.9% ,达 4634 万或每股盈利( 9 个月) 21.6sen 。公司在贸易分销上虽然销售受到 GST 0% 税率的正面影响,但却在同个季度,公司做出一些资产减值,所以导致盈利下跌,而在销售医药和物流业务却是有显著的增长,但整体盈利还是被资产减值给压低了。公司在医药保健上受到新政府购药的政策给以正面的影响,所以相信未来公司在这业务上会继续显著的增长,从而也带动公司未来的盈利表现(净资产 RM3.72 ) <br />
(想买指数 3星半,公司今年股价显著的往下,除了受到市场氛围和业绩影响,更重要的是受到被踢出清真股行列,不过公司的本质和未来盈利还是受到看好的) <br />
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来源:<a contextmenu="fcltHTML5Menu1" href="http://koonhoo.blogspot.com/" target="_blank">鸟样股票</a>(http://koonhoo.blogspot.com/2018/12/3-dec-13-dec-2018.html)Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-4246097515946250082018-12-17T00:29:00.000+08:002018-12-17T07:38:22.598+08:00(Tradeview 2019) Forward 6 Value Picks for 2019 (TM, PPHB, DKSH, Elsoft, BJ Food & Perstima)<br />
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="background-color: white; color: #444444;">Dear fellow readers, </span></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="color: #444444;">Once
again, these writings are just my humble highlights (not
recommendation), feel free to have some intellectual discourse on this.
You can reach me at :</span></span></span><span style="color: #444444;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="color: #444444;">Telegram channel : </span><a href="https://telegram.me/tradeview101" rel="nofollow" target="_blank"><span style="color: #4d469c;">https://telegram.me/tradeview101</span></a></span></span><span style="color: #444444;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="color: #444444;">Website / Blog : </span><a href="http://www.tradeview.my/" rel="nofollow" target="_blank"><span style="color: #4d469c;">http://www.tradeview.my/</span></a></span></span><span style="color: #444444;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="color: #444444;">or Email me to sign up as private exclusive subscriber : tradeview101@gmail.com</span></span></span><span style="color: #444444;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="color: #444444;">_____________________________________________________________________________</span></b></span></span><span style="color: #444444;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="color: #222222;">Many
are looking back at 2018 wondering what went wrong and how could things
be so bad? For Tradeview, we recommended significantly lesser stocks in
2018 and was very prudent in our investment due to the uncertainties.
Apart from QL, Poh Kong and a handful of public calls, we didnt do much
public calls. This was because we did not have a clear direction. </span><br />
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<img alt="Image result for hold cash" height="404" src="https://realinvestmentadvice.com/wp-content/uploads/2018/05/Hold-Cash.png" width="640" /><br />
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<span style="color: #222222;">We also
suffered losses like many fund managers and investors. We also held
certain stocks like MYEG, Eforce, Layhong which plummeted tremendously.
However, thankfully these are only a small proportion of our holdings.
In fact, our cash holding was the largest and we will publicly admit we
actually made significant numbers of calls to our private group members
in the month of November and December. We called close to 8 stocks in
the month of November and December. These 2 months collectively has more
stock picks than others. We finally saw the opportunity especially to
collect some of the stocks which was in our watchlist for a long time.
Our cash holdings was aggressively poured into these stocks.</span><br />
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<img alt="Image result for 2019" height="353" src="https://www.feismaitiu.ie/wp-content/uploads/2018/06/2019.jpg" width="640" /><br />
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<span style="color: #222222;">We would like
to share with all that our picks are mid term to long term and
definitely we will hold it into 2019. It also a collection of stocks
which can weather the storm and turbulence. Amongst those, we would like
to share are the following and at the price of entry as below :</span></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><img alt="Image result for TM" height="309" src="https://assets.bharian.com.my/images/articles/telekom-logo_1534324787.jpg" style="font-size: 18px; text-align: start;" width="400" /></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="background: white; color: #444444;">1. TM</span></b></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="background-color: white; color: #444444;">We
called TM earlier during the selldown at around RM3+ and when it was
sold down, we waited until RM2.40 and below to call a further entry to
average down. YB Gobind definitely rock the telco industry after
becoming minister. Of course this is in the best interest of the people
and users, which we have no objection. However, this severely impacted
the related sector and companies of which EPF, KWAP, PRS funds are among
the key investors in these companies. Indirectly, we may benefit from
lower monthly telco fees but the losses from the holdings in these blue
chips is far greater. Having said that, we know the actual valuation
for TM is much higher than RM3 and this was a good collection
opportunity. We therefore called and collected.</span></span></span><br />
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="background: white; color: #444444;">2. PPHB</span></b></span></span><span style="font-size: 13.5pt;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="background: white; color: #444444;">Similarly
for PPHB, our initial valuation for the stock will be RM0.70 at least.
The company continued to outperform and severely undervalued when
FBMKLCI mid cap index fell close to 25% for the year. This was a good
opportunity to collect at around 55 sens and below. The downside to this
stock is because there is no dividend policy and may appear as a value
trap. Nonetheless, the whacked down share price far below its actual
value provide a good opportunity to enter a mid term value investment</span> </span></span><br />
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><img alt="Image result for dksh malaysia" src="http://dksh.com/cs/DKSH/images/logo_dksh.svg" /></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="background: white; color: #444444;">3. DKSH</span></b></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="background-color: white; color: #444444;">When
we first called DKSH at RM3+, our estimated would be around RM4.60.
When the share price fell to RM2.50, we further averaged down. Many have
asked us why are we so bullish with DKSH and the purpose behind. Well,
for one DKSH fell along with other blue chips and even out of the
Syariah list. However, this company has very strong management and the
international clientele which is the foundation of their distribution
network gave us the confidence to hold. Whilst the margin is this, the
valuation is cheap compared the mother company and regional players.
It's book value is RM3.79 and the PER is trading at 6.9x hence it is a
stock that will definitely rebound in the long term and one that we are
willing to hold through the storm. </span><br />
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<img alt="Image result for bjfood" height="266" src="https://assets.theedgemarkets.com/Berjaya-Food_5.jpg" width="400" /></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="background: white; color: #444444;">4. </span><span style="color: #444444;">BJ Food</span></b></span></span><span style="font-size: 13.5pt;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="background-color: white; color: #444444;">To
be honest apart from the Starbucks franchise, we actually dont really
like the other brands under BJ Food. The money churner is still
Starbucks and it is Msia's market proxy to the US's global brand. We are
also no particularly impressed with the management of Berjaya group
management as a whole. A strong management would be able to do way
better than the current valuation. However, we note that the company has
disposed of their loss making Kenny Rogers business in Indonesia and
starting to return to black. Additionally, substantial shareholder is
buying to support the share price. We think this year will be turnaround
year for BJ Food coupled with the consistent quarterly dividend of 3%
full year, can look to collect at below RM1.35.</span></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="background: white; color: #444444;">5. Perstima</span></b></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="background: white; color: #444444;">Our
old favourite is back in the radar as the valuation for it should be at
RM6 due to the high dividend yield, stronger revenue growth and opening
of new markets and manufacturing facility in Philippines. Should the
company declare dividend this year to be 20 sens, the yield at current
price would be about 4%. Even the PER is undervalued based on the
revenue growth and improvement in profit margin. When the market is as
weak as it is, we advocated to our readers to consider buying on
weakness. It remain was one the steady quiet mover that has rebounded
for the year from a low of RM3+. There is still upside to RM5+ in the
mid term. </span></span></span><span style="font-size: 13.5pt;"></span></div>
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" 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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="background: white; color: #444444;">6. Elsoft Research Bhd.</span></b></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="color: #444444;"><span style="background-color: white;">We
waited for Elsoft to retrace for a long time. We continued growth,
strong dividend payout policies and record revenue for the year, the
share price was steady for a long time. We finally had the chance on 11
December, a day after Datin Rosmah birthday to collect the stock at
RM1.17. Many may think they just went ex dividend not long why bother to
enter now? Well if I am a large fund that requires steady returns every
QR to declare a year end payout, maybe I wouldn't but to me, the stock
was trading at an immensely attractive valuation and almost at the
bottom. I cant time the bottom but at that price, it works out perfectly
with enough upside and sufficient margin of safety.</span></span></span></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;">https://www.bloomberg.com/news/articles/2018-02-07/buying-the-dip-works-nicely-a-30-year-history-of-routs-shows</span></span><span style="font-size: 13.5pt;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><span style="background: white; color: #444444;">There
are definitely others to the list of stocks we have watched, observed,
consider, and called. Mostly with the market continuously being
volatile, when the time comes, opportunity knocks, and value surfaces,
what would you do? The above link demonstrates the beauty of buying on
dips and weakness over chasing rallies.</span></span></span><span style="font-size: 13.5pt;"></span></div>
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<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><b><span style="background: white; color: #444444;"><b>Food for thought: </b></span></b></span></span><br />
<h3 style="-webkit-text-stroke-width: 0px; background-color: white; box-sizing: border-box; color: #111516; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; font-size: 25px; font-style: normal; font-variant-caps: normal; font-variant-ligatures: normal; font-weight: 400; letter-spacing: normal; line-height: 32px; margin: 50px 0px 17px; orphans: 2; text-align: start; text-decoration-color: initial; text-decoration-style: initial; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px;">
<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><img height="299" src="https://static.businessinsider.sg/2018/03/03/55884ebc6da811d007adf0f7.jpg" width="400" /></span></span></h3>
<h3 style="background-color: white; box-sizing: border-box; color: #111516; font-size: 25px; font-weight: 400; letter-spacing: normal; line-height: 32px; margin: 50px 0px 17px; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px;">
<span style="font-size: 16px;"><span style="font-family: "times new roman" , "times" , serif;"><i>Like
many famous investors, Li often bought when others sold. When riots
inspired by Mao Zedong's Cultural Revolution broke out in Hong Kong in
1967, Li invested in the city's property as prices tanked.<br /><br />https://klse.i3investor.com/blogs/tradeview/186736.jsp</i></span></span></h3>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-81524376874279130612018-09-10T17:02:00.001+08:002018-09-10T17:02:09.376+08:00DKSH (5908) DKSH控股 - [DKSH HOLDINGS MALAYSIA BHD:销售和服务税(SST)以及特定客户一次性负面影响的合同] - James的股票投资James Share Investing<br />
<a name='more'></a> [DKSH HOLDINGS MALAYSIA BHD:销售和服务税(SST)以及特定客户一次性负面影响的合同]<br /><br />这季:<br />与2017年第二季度相比,本季度收入从13.9亿令吉增长3.5%至14.4亿令吉,但从2018年第一季度的14.6亿令吉同比减少0.9%。与去年同期相比增长是由于现有客户的有机增长,而与上一季度相比的收入减少是由于从2018年6月1日起商品和服务税(GST)率从6%转变为0%而导致的消费者需求的变化。<br /><br />本季度的运营成本从2017年第二季度13.7亿令吉增加3.7%至14.2亿令吉,而相应成本增长主要与上述收入增长一致。与2017年同期相比,本季度的税前利润下降了15.1%。<br /><br />今年迄今为止:<br />与2017年相比,经营成本从27.3亿令吉增加5.0%至28.7亿令吉。这些成本增长与上述收入增长基本一致。然而,由于产品组合的变化导致相应的销售成本小幅增加以及支持未来增长的成本基础略有增加,因此该期间的成本增长略高于收入增长。与2017年相比,税前利润下降6.7%。税前利润下降是产品组合变化和成本基数略有增加的结果。<br /><br />营销和分销部门:<br />这季:<br />本季度的经营业绩为950万令吉,较2017年第二季度下降40.4%,但高于2018年第一季度的81.3%。2017年第二季度经营业绩的下降反映了产品结构的变化,支持未来增长的成本基础增加,而2018年第一季度的轻微改善是由于有利的销售组合以及节日销售的增加和稳定的成本。<br /><br />今年迄今为止:<br />2018年的经营业绩为1470万令吉,比2017年下降40.2%。经营业绩的下降反映了第二季度产品结构的变化以及相对于前一时期的成本基础增加以支持未来增长。<br /><br />物流部门:<br />这季:<br />本季度的收入为7.332亿令吉,比2017年第二季度的6.916亿令吉收入高6.0%,比2018年第一季度的7.514亿令吉收入低2.4%。比起2018年第一季度,由于自2018年6月1日起商品及服务税率从6%转为0%生效,需求发生变化。与2018年第一季度相比,经营业绩减少了9.8%,是由于2018年第一季度一次性坏账回收。<br /><br />今年迄今为止:<br />2018年的经营业绩为2350万令吉,较2017年增长59.2%。<br /><br />其他部门:<br />这季:<br />2018年第二季度的经营业绩为30万令吉,对比2017年第二季度改善了30万令吉和2018年第一季度改善了170万令吉。<br /><br />今年迄今为止:<br />2018年第二季度的经营业绩比去年减少了80万令吉。减少反映出销售增长相对较低,费用增加。<br /><br />前景:<br />由于从2018年9月1日引入销售和服务税(SST)以及特定客户一次性负面影响的合同的相关短期波动,营销和分销部门的前景不太乐观。<br />------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.92 in 26 days, total return is 28.7%<br /><br />2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months, total return is 19.8%<br /><br />3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 6 days, total return is 10.1%<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 />日期:10月6日星期六,10月7日星期日,10月13日星期六,10月14日星期日,10月20日星期六,和10月21日星期日<br />地点:Sri Petaling (KL), Pusat Bandar Puchong, George Town (Penang),Johor Bahru和M Hotels (Kuching)<br />时间:10a.m. – 7p.m<br />有兴趣的,可以电邮或PM报名<br />email:jamesngshare@gmail.com<br />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/170872.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 />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 />最终决定永远是你的,谢谢。<br /><br />James Ng<br />---------------------<br />[DKSH HOLDINGS MALAYSIA BHD: introduction of Sales and Services Tax (SST) and negative impact from a specific client contract]<br /><br />Quarterly:<br />Revenues for the quarter grew by 3.5% from RM 1.39 billion to RM 1.44 billion as compared to the corresponding second quarter of 2017, while decreasing by 0.9% from RM 1.46 billion in the first quarter of 2018. The increase in comparison to the prior year is due to organic growth in existing clients while the revenue reduction in comparison to the preceding first quarter is due to a shift in consumer demand due to the transition of the Goods and Services Tax (GST) rate from 6% to 0% which was effective from June 1, 2018.<br /><br />Operating costs for the quarter increased by 3.7% from RM 1.37 billion to RM 1.42 billion as compared to corresponding second quarter of 2017, which the increase was largely in line with the revenue growth listed above. Profit before tax for the quarter declined by 15.1% compared to the similar quarter of 2017.<br /><br />Year-to-date:<br />Operating costs increased by 5.0% from RM 2.73 billion to RM 2.87 billion as compared to 2017. These cost increases were largely in line with the revenue growth listed above. However, the cost increase for the period were slightly higher than the growth in revenue due to a change in product mix which led to a corresponding small increase in cost of goods sold and slight increase in cost base to support future growth. Profit before tax declined by 6.7% as compared to 2017. The lower profit before tax performance is a result of the change in product mix and slight increase in cost base.<br /><br />Marketing and Distribution segment:<br />Quarterly:<br />The operating result for the quarter was RM 9.5 million, which was 40.4% below the same second quarter of 2017 but was above the preceding first quarter of 2018 by 81.3%. The reduction in operating result against the second quarter of 2017 reflects a product mix shift, increased cost base to support future growth whereas the slight improvement over the preceding first quarter of 2018 due to favorable sales mix with the onset of festive period sales and stable costs.<br /><br />Year-to-date:<br />The operating result for 2018 was RM 14.7 million, which was 40.2% below 2017. The reduction in operating result reflects a product mix shift in the second quarter and increased cost base relative to the prior period to support future growth.<br /><br />Logistics segment:<br />Quarterly:<br />Revenues for the quarter were RM 733.2 million, which were 6.0% higher than the RM 691.6 million revenues in the corresponding second quarter of 2017, and 2.4% below revenues of RM 751.4 million of the preceding first quarter of 2018. The downturn compared to the preceding first quarter of 2018 was due to altered demand due to the transition of the GST rate from 6% to 0% which was effective from June 1, 2018. As compared to preceding first quarter of 2018, there was a 9.8% decrease in operating result due to a one-off bad debt recovery in first quarter of 2018.<br /><br />Year-to-date:<br />The operating result for 2018 was RM 23.5 million, which is an 59.2% increase on 2017.<br /><br />Others segment:<br />Quarterly:<br />The operating result for the second quarter of 2018 was RM 0.3 million, which represents a RM0.3 million improvement on the corresponding second quarter of 2017 and a RM 1.7 million improvement on the preceding first quarter of 2018.<br /><br />Year-to-date:<br />The operating result for the second quarter of 2018 was RM 0.8 million lower than prior year. The reductions reflect relatively low sales growth with increased expenses.<br /><br />Prospects:<br />Prospects for the Marketing and Distribution Segment are less positive due to short-term volatility relating to the introduction of Sales and Services Tax (SST) on September 01, 2018 and a one-off negative impact from a specific client contract.<br />------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />1) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM0.92 in 26 days, total return is 28.7%<br /><br />2) Gtronic (GLOBETRONICS TECHNOLOGY BHD), recommended on 8 Jul 18, initial price was RM2.17, rose to RM2.60 in 2 months, total return is 19.8%<br /><br />3) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM0.875 in 2 month 6 days, total return is 10.1%<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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<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/170872.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 />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 />Final decision is always yours, thank you.<br /><br />James Ng<br />
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https://www.facebook.com/jamesshareinvest/posts/2112765365656873Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-37979858268018099892016-12-02T10:31:00.002+08:002016-12-02T10:31:51.612+08:00DKSH (5908) - DKSH should still be a strong company <br />
<a name='more'></a>DKSH (5908) - DKSH should still be a strong company<br />
<br />I know I do owe some of you some of my opinion on DKSH. It has done well
for the 2Q16 registering RM20.4 million net profit. However, that
number has dwindled to RM5.4 million in its 3Q16, which can be shocking
for some shareholders as we may not be used to such volatility for a
company like DKSH. To be frank, there should not be much seasonality in
this business, but I believe the quarter with Hari Raya could have
impacted it as it is in the distribution business.<br />
<br />
Other than that, there should not be much of a reason for its profits to
be that way except that it took a much higher provision for impairment
in receivables of RM9.72 million (see below). While it is not a good
thing for the company, I guess it sometimes an unavoidable thing - being
part of business.<br />
<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3Mit_D6_rgrZDnTfVXAHNpPA9BTBImU6sMKYfI6WptgjF5vsstlN_gMp1AKVHsrX4NzRH7GIOke5y5u72YDP0cfLhGaB7HJl2s-kQ2Yh9XxbXiKpzqd9Poy6PNX9gpwLL_NFbUg/s1600/Screenshot+2016-12-01+22.25.20.png" style="margin-left: auto; margin-right: auto;"><img border="0" height="536" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3Mit_D6_rgrZDnTfVXAHNpPA9BTBImU6sMKYfI6WptgjF5vsstlN_gMp1AKVHsrX4NzRH7GIOke5y5u72YDP0cfLhGaB7HJl2s-kQ2Yh9XxbXiKpzqd9Poy6PNX9gpwLL_NFbUg/s640/Screenshot+2016-12-01+22.25.20.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">The company took a RM9.72 million impairment charge for 3Q16</td></tr>
</tbody></table>
For those that are worried over this, I do not think this is a concern.<br />
<br />
I actually have someone who asked me and being concern over its low cash
in the balance sheet. Its cash as shown below was left at RM9.674
million. Again, I do not think that it is a cause for concern as DKSH
certainly has short term working capital funding from banks. It may just
happen that for its closing 3Q16, its cash position seemed to be on the
low side.<br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ2HpE82RnhetYvS9o3S9Yh18mVOx-zklCNWq4XMfFqxM6Sw7Q6QN6AEnin6o0O3XKHEjRIODhDJv8Mp12lL_yoaCEQC41HjisTtBIBQBR8QRQJJHpv0uosOXKChRNqPuCl5VV-A/s1600/Screenshot+2016-12-01+22.24.26.png" style="margin-left: auto; margin-right: auto;"><img border="0" height="546" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhJ2HpE82RnhetYvS9o3S9Yh18mVOx-zklCNWq4XMfFqxM6Sw7Q6QN6AEnin6o0O3XKHEjRIODhDJv8Mp12lL_yoaCEQC41HjisTtBIBQBR8QRQJJHpv0uosOXKChRNqPuCl5VV-A/s640/Screenshot+2016-12-01+22.24.26.png" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Cash at RM9.7 million</td></tr>
</tbody></table>
Because of the nature of its business, do not expect DKSH to have very
high profit margin - as it is more of a trading company. I would however
be happy if it is able to manage that better. It did better in 2Q16 as
compared to 3Q16.<br />
<br />
For DKSH or many companies for that matter, we should not be too
concerned over its quarter to quarter results but more of its medium to
long term fundamental.<br />
<br />
It does provide guidance and below is what it says. It does provide a decent to positive outlook of its future.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKeqrcJVZ7HSiMAq9Fna9Shyphenhyphen0tZuFardK6O_mmGDx5GFyfv8DDBAwNHUklPnOwGwJDsM4SMqpYlGslfBGzToYNz61i5SHBLnfQdc7V9EauI0XhA95f24gJ9A_5lUehoM-7IZvnoQ/s1600/Screenshot+2016-12-01+22.26.52.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKeqrcJVZ7HSiMAq9Fna9Shyphenhyphen0tZuFardK6O_mmGDx5GFyfv8DDBAwNHUklPnOwGwJDsM4SMqpYlGslfBGzToYNz61i5SHBLnfQdc7V9EauI0XhA95f24gJ9A_5lUehoM-7IZvnoQ/s640/Screenshot+2016-12-01+22.26.52.png" width="640" /></a></div>
The reason I own DKSH is that it does have a certain <i>moat</i> as its
actual competitors in terms of what it can do is not that many. It is a
distributor, not a retailer. Retailers are getting challenges from
e-commerce, but DKSH should be able to survive that as its business is
more of a B2B rather than B2C.<br />
<br />
Further, if one is to look at its reasoning for its growth, the second
reason is a very strong reason - companies are more and more looking at
doing ONLY what it does best. Which means especially the foreign
importers, they will focus on using companies like DKSH to do the market
expansion, distribution rather than doing it themselves. This is a
global trend now and moving forward.<br />
<br />
DKSH (5908) - DKSH should still be a strong company <br />
http://www.intellecpoint.com/2016/12/dksh-should-still-be-strong-company.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FIFWDU+%28SERIOUS+investing%29 Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-60662735652693918472016-11-27T10:39:00.000+08:002016-11-27T10:39:54.024+08:00JHM, DKSH, SUPERLON, TGUAN, Opensys, KESM, Oldtown, MBSB, MFCB, MFCB-WA, BioAlpha <br />
<a name='more'></a><br /><br />
Some updates for my personal diary for myself .<br /><br />JHM<br />JHM stock announced good result. Big jump from previous quarter. Although revenue dropped a bit from preceding quarter, profit improved due to better margin on product mix. I think short term may not have big push upward, medium term hoping for catalysts from i)new Europe and Japan market profits, ii)aerospace certification and iii)transfering to Bursa Main Market in 2018. The growth is still there, but may need some time. Made another 100% return from a stock and this stock will remain in my list. You can see that I will not take out the stock from my list if made 10% or 20% or even 100%. Make decision not base on %, but the PE ratio and future growth.<br /><br />DKSH Holdings stock.<br />Result is bad and DKSH share price down. Few weeks ago I took off OCK and Vitrox from my list. I have forgotten about DKSH.<br />Poor judgement on DKSH was due to:<br />i)The guidance of better result from management was wrong. Weak demand recorded.<br />ii)Reference of good future from a popular blogger was wrong.<br />iii)I have forgotten to exclude profit from the lost of major telco customer many months ago, which will make the PE ratio high.<br />DKSH has been taken out from my list. Damages? Less than 10% because the first entry price was low.<br /><br />Taken out from the list not because of the drop or recent profit, but there is no concrete future growth.<br /><br />You can see that average down is good only if the future is good. And do not hesitate to take off the stock from our list.<br /><br />Superlon stock.<br />Superln as reported saw KWSG emerged as a substatial shareholder.<br /><br />Thong Guan stock.<br />TGuan recent result is good and share price has improved.<br /><br />Some of the growth stories from The Star...<br />The company is projecting a “double-digit percentage” growth in its revenue and bottom line.<br /><br />.....He said the strongest growing markets were now in the Philippines, Vietnam and South Korea. The company, he said, is getting strong orders from Japan, Australia, New Zealand and South Africa.<br /><br />.......On the outlook for the first quarter of 2017, Ang said the group had received enquiries and orders for the new value-added products such as the nano-layered stretch film materials, stretch hood materials, and films for automatic-packing machines.<br /><br />The future growth is still there, so TGuan stock will remain in the list.<br /><br />Opensystem stock.<br />Opensys profit not good. Share price also down. I did not manage to get the reason on why revenue up but profit down except that it was due to currency fluatuation. Will continue to monitor because the customers' orders are still a lot for the coming months.<br /><br />KESM stock.<br />Result good but the share price very hard to cross the RM10 consistently. If it crosses, probably another 100% gain for me.<br /><br />BioAlpha Holdings.<br />BIOHLDG result as expected, nothing. But it is more for the future after the rights issue. Rights issue has been announced and ex date coming soon. The company will use the proceeds from rights issue to grow.<br /><br />Mega First Corporatiob Bhd.<br />MFCB result for me is expected, drop on existing business but made from new hydro plant construction. Not sure how market will react. Past few weeks MFCB share price dropped because of uncertainty after the US Election and the volatility of Ringgit and Bursa Malaysia. I saw high % of its assets are in USD so strong USD should not be a problem. Although the share price was hit badly, now it has recovered nicely.<br /><br />If we look at MFCB-WA, the price has recovered and went up higher than before it drop.<br /><br />It is still not too late for those who wish to sell their mothers/cars/houses to sai lang on MFCB-WA. When Chinese friends took me that someone no waist, no backbone and no brain, it doesn't mean that. No waist means the lady's waist is big. No backbone means lazy. No brain means stupid. Sell mother sell car sell house does not mean we sell. Sell mother means sell mother shares (underlying stock). Sell car sell house means invest more after we have sought consultation from Financial Adviser. For more info on MFCB, please refer to my earlier posts.<br /><br />MBSB.<br />Also announeced result. No comment.<br /><br />Old Town stock.<br />Result not so good. Newbie also doesn't know his Oldtown and other stocks announced result. I don't think he knows how frequent a stock announces result. But he still made good profit.<br /><br />Once again repeated again and again. It is not difficult to make money from stock market as proven by the stocks sharing here for the past 6 years and Newbie's journey for the past two years. Upside is unlimited and downside is limited. Sometimes we made wrong decisions, but losses are limited.<br /><br />For update and to support, please Like my Facebook.<br /><br />https://facebook.com/PeggyMethod<br /><br />Thanks<br /><br /><div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg38G7c0O5Mqw8xiSR0aUbAmQMtrcRILV3ckgtoZgJtX9NexeuA7k8mGK0axLvJxcvpOvHekhMrKJUHHPGU1UZqdrt6YlwUQH3yHcqX7d2S6a7KApHUN7JmXjidO6VoYMbzJygSYg/s1600/Financial_Results-200x.png" style="margin-left: 1em; margin-right: 1em;"> <img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg38G7c0O5Mqw8xiSR0aUbAmQMtrcRILV3ckgtoZgJtX9NexeuA7k8mGK0axLvJxcvpOvHekhMrKJUHHPGU1UZqdrt6YlwUQH3yHcqX7d2S6a7KApHUN7JmXjidO6VoYMbzJygSYg/s400/Financial_Results-200x.png" /> </a> </div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-18157776206886620392016-08-25T14:48:00.000+08:002016-08-25T14:48:12.058+08:00DKSH (5908) - DKSH HOLDINGS(M)BHD : 1H2016 webcast <br />
<a name='more'></a>DKSH (5908) - DKSH HOLDINGS(M)BHD : 1H2016 webcast<br />
<br />
I am still holding DKSH and on private note, in fact I bought more but
in small quantum. It is a unique company with very little competitors in
Malaysia. The only thing is it was not performing as well, but recently
in the recent quarter results it managed to do better which causes its
share price to rise recently. To be frank, I was not happy with its
cashflow last 2 -3 years, but I feel that there are not that many
similar opportunities just like this company. In its latest
announcement, it terminated a telco business and it seems it replaces
the business with a smaller telco. I am not sure who, but it seems that
the margin was too small, hence the termination of the bigger telco.<br />
<br />
I am not going to provide guidance, but one will need to understand the
business better. From this webcast, you will know the uniqueness of the
company although it is for entire Asia.<br />
<br />
Listen to the webcast for <a href="http://www.dksh.com/data/webcast/160713_Webcast/dksh160713_1100.html" target="_blank">DKSH's 1H2016</a> parent. Again, to invest one will need to understand the business.<br />
<br />
I like its business, its strength and uniqueness. As countries (Malaysia
included) push for consumption based economic growth, DKSH will benefit
more. In the webcast, it says DSKH takes opportunity from companies who
want to turn its fixed costs to variable costs, hence its engagement
with DKSH who has larger and stronger presence to any company who wants
to do business in those countries. More and more companies are focusing
on what they do best, hence leaving DKSH on distribution and marketing.<br />
<br />
There were many questions with regards to its competitors and according
to the Group CEO, he sees only 2 major competitors - Li & Fung and
Zuellig. Zuellig has presence in Malaysia but I do not see Li &
Fung.<br />
<br />
In future, I do see however China distribution company wanting a piece
of the pie here in SEA region but it is not that easy to take DKSH's
strength away.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbt4iP3TmYNvBRhXnS6E7vrv1mNV2vNydGNn7RFQTDgdMX3e-NvuC1oDt-l8Cc5LWt3t25gdZLHL-DKUAYJaCDL7pNiUx6qcghVzKQJy9bqKqrL97R0h-VjdIJ6-v3vCr3NN9oQw/s1600/DKSH.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbt4iP3TmYNvBRhXnS6E7vrv1mNV2vNydGNn7RFQTDgdMX3e-NvuC1oDt-l8Cc5LWt3t25gdZLHL-DKUAYJaCDL7pNiUx6qcghVzKQJy9bqKqrL97R0h-VjdIJ6-v3vCr3NN9oQw/s1600/DKSH.jpeg" /></a></div>
<br />
DKSH (5908) - DKSH HOLDINGS(M)BHD : 1H2016 webcast <br />
<br />
http://www.intellecpoint.com/2016/08/dksh-1h2016-webcast.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+blogspot%2FIFWDU+%28SERIOUS+investing%29<br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-3466249631019228552016-08-25T08:07:00.001+08:002016-08-25T08:07:10.596+08:00DKSH (5908) - (Icon) DKSH - Sexy Turnaround Story. This Company Has Moat And Unlimited Growth Potential<br />
<a name='more'></a>DKSH (5908) - (Icon) DKSH - Sexy Turnaround Story. This Company Has Moat And Unlimited Growth Potential<br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_4.02.06_pm.png" style="height: 154px; width: 400px;" /><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"><span style="font-size: 16px;"><b>1. Introduction</b></span></span><br />
<br />
<span style="font-size: 16px;">DKSH released its June 2016 quarterly report yesterday. Net profit grew by 80% Q-o-Q. </span><br />
<br />
<span style="font-size: 16px;">The group used to do well in the past but
suffered decline in profitability in FY2015 due to restructuring of its
operation (which incurred additional costs). With the new platform in
place, it seemed that the Group is now in a position to deliver stronger
earnings going forward.</span><br />
<br />
<b style="color: #333333; font-family: Verdana, Arial, Helvetica, fantasy, sans-serif; line-height: 16px;">Quarter Result:</b><br />
<table border="0" cellpadding="0" cellspacing="0" class="nc" style="background-color: #f7f7ff; border-collapse: collapse; border-spacing: 0px; color: #333333; font-family: Verdana, Arial, Helvetica, fantasy, sans-serif; line-height: 16px; margin: 0px; max-width: 100%; width: 100%px;">
<tbody>
<tr>
<th class="left" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px;">F.Y.</th>
<th class="left" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px;">Quarter</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">Revenue ('000)</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">Profit before Tax ('000)</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">Profit Attb. to SH ('000)</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">EPS (Cent)</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">DPS (Cent)</th>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2016-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2016-06-30</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,354,890</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">27,368</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top"><span style="background-color: yellow;">20,417</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top"><span style="background-color: yellow;">12.95</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">9.50</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2016-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2016-03-31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,332,797</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">15,679</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">11,270</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">7.15</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-12-31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,355,905</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">13,799</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">10,081</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">6.39</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-09-30</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,425,143</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">6,612</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">4,513</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">2.86</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-06-30</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,372,006</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">13,787</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">10,017</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">6.35</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-03-31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,419,132</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">16,811</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">12,225</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">7.75</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-12-31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,380,295</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">23,208</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">17,277</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">10.96</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-09-30</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,311,159</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">19,520</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">14,678</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">9.31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-06-30</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,361,014</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">19,753</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">14,457</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">9.17</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">22.50</td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-12-31</td>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-03-31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">1,287,013</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">17,934</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">13,499</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">8.56</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">-</td>
</tr>
</tbody>
</table>
<br />
<br />
<br />
<b><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"><span style="font-size: 16px;">2. Principal Business Activities</span></span></b><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">DKSH is previously known as Diethelm. It is 74% owned by Swiss company DKSH International Ltd. </span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">The DKSH Group has a long history operating in Asia.</span><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;"> </span><span style="color: #252525; font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px; line-height: 22px;">The
company has its origin in the activities of three Swiss entrepreneurs
who sailed in the 1860s to Asia. It later grew into a giant group with
business operation in Malaysia, Thailand, China and other Asian
countries.</span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">DKSH
is basically a trading company. It describes its core business activity
as "Market Expansion Service". It helps manufacturers to expand into
new market. </span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">However,
unlike ordinary trading company, DKSH not only distributes the clients'
goods, it also manages their marketing, repackaging, cash collection,
supply chain management, etc. In other words, if you are a client of
DKSH, you can outsource the entire marketing and sales to DKSH and focus
on product development and manufacturing. </span><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_1.58.58_pm.png" style="height: 220px; width: 700px;" /><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;"> </span><br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_1.59.23_pm.png" style="height: 370px; width: 800px;" /><br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_1.59.41_pm.png" style="height: 330px; width: 800px;" /><br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_2.00.15_pm.png" style="height: 280px; width: 800px;" /><br />
<br />
<br />
<br />
<b><span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">3. Background Financials</span></span></b><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">Based on 158 mil shares and price of RM5.20, DKSH has market cap of RM822 mil. </span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">It reported aggregate net profit of RM46 mil in the past 12 months. As such, historical PER is 18 times.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">The group has net assets of RM512 mil, loans of RM67 mil and cash of RM100 mil. As such, it is in net cash position. </span></span><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_2.09.03_pm.png" style="height: 500px; width: 700px;" /><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"><span style="font-size: 16px;">DKSH
used to trade as high as RM9.00 in March 2014. However, as earning
declined, share price gradually retraced to below RM4.00 in 2015. </span></span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"><span style="font-size: 16px;">It seemed that investors has high regard for the company as it attracted PER of more than 15 times in the past.</span></span><br />
<br />
<table border="0" cellpadding="0" cellspacing="0" class="nc" style="background-color: #f7f7ff; border-collapse: collapse; border-spacing: 0px; color: #333333; font-family: Verdana, Arial, Helvetica, fantasy, sans-serif; line-height: 16px; margin: 0px; max-width: 100%; width: 100%px;">
<tbody>
<tr style="background-color: rgb(215, 215, 248) !important; background-position: initial initial !important; background-repeat: initial initial !important;">
<th class="left" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px;">F.Y.</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">Revenue ('000)</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">Profit Attb. to SH ('000)</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">EPS (Cent)</th>
<th class="right" style="background-color: rgb(120, 168, 200) !important; border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; color: white; padding: 5px; text-align: right;">PE</th>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2015-12-31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">5,572,186</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">36,836</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">23.36</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top"><a href="http://klse.i3investor.com/blogs/icon8888/102838.jsp" style="color: #0066aa; text-decoration: none;" title="PE"><span style="background-color: yellow;">17.13</span></a></td>
</tr>
<tr>
<td class="left" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px;" valign="top">2014-12-31</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">5,339,481</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">59,911</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top">38.00</td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; padding: 5px; text-align: right;" valign="top"><a href="http://klse.i3investor.com/blogs/icon8888/102838.jsp" style="color: #0066aa; text-decoration: none;" title="PE"><span style="background-color: yellow;">14.16</span></a></td>
</tr>
</tbody>
</table>
<br />
<br />
<br />
<b><span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">4. Historical Profitability</span></span></b><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_3.00.43_pm.png" height="475" width="456" /><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">Key observations :-</span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">(a)
EBITDA margin declined substantially in FY2015 due to relocation cost.
The group moved its head office from Jalan University to The Ascent at
Paradigm, PJ. It also opened a new distribution centre in Kota Kinabalu,
Sabah. All these activities incurred additional cost in the form of
double rental, warehousing, etc.</span> <span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">The breakdown of the additional cost are as set out below :-</span></span><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_2.29.38_pm.png" height="152" width="399" /><br />
<i><span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"> (Source : FY2015 annual report)</span></span></i><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"><span style="font-size: 16px;">In
the FY2015 annual report, the company explained that investment in
these new facilities lays the platform for future growth :-</span></span><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_2.40.48_pm_1.png" height="261" width="331" /><br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_2.42.42_pm.png" height="589" width="327" /><br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_2.42.59_pm.png" height="467" width="327" /><br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_2.46.13_pm.png" height="243" width="335" /><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">(b)
EBITDA margin rebounced strongly in June 2016 quarter to 2.5% (from
FY2015's 1.2%). As a result, net profit increased by more than 80% Q-o-Q
to RM20 mil. </span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"><span style="font-size: 16px;"><span style="background-color: yellow;">The
latest quarter profit includes provision for doubtful debts of RM4.7
mil and derivative gain of RM1.7 mil. Excluding those exceptional items,
net profit would have been higher at RM23 mil. Based on 158 mil shares,
<b>Core EPS in this latest quarter is actually 14.3 sen</b>.</span></span></span><br />
<br />
<br />
<br />
<b><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;"><span style="font-size: 16px;">5 Concluding Remarks</span></span></b><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">(a)
I first noticed DKSH in 2011 when it was trading at RM2.00. I did a
quick check and found out that the stock was trading at approximately 10
times PER then. I brushed it aside as I felt that it would have been
fully valued.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">How
wrong have I been !!! In the subsequent few years, I watched haplessly
as DKSH was re-rated all the way to RM9.00. Fair enough, earnings had
grown by quite a fair bit, but there was also massive expansion in PE
multiples. It turned out that investors (mostly funds, as per annual
reports) have high regard for the group and its business model and hence
were willing to pay a premium.</span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">(b) This round when DKSH showed an improvement in earning, I decided to jump on the opportunity. </span></span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">Can
I make money from this investment ? I guess it all boils down to future
earnings. The stock’s adjusted EPS in latest quarter is 14.3 sen. If
they managed to repeat the performance and deliver full year EPS of 57.2
sen (being 14.3 sen x 4), the stock is still cheap at current level.
Based on 15 times PER, it should trade at RM8.50. </span></span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: 16px;">(c)
Having said so, even if future quarters’ EPS are lower, I will still be
comfortable to hold on for long term. In my opinion, DKSH is a company
with moat. Its extensive network of suppliers and distribution channels,
in-depth knowledge of domestic market, international exposure, super
efficient Swiss management team and economy of scale sets it apart from
its competitors, most of which are local trading companies or logistic
operators.</span><br />
<br />
<span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif; font-size: small;">The Group should be able to thrive.</span><br />
<br />
<span style="font-size: 16px;"><span style="font-family: "lucida sans unicode" , "lucida grande" , sans-serif;">(d)
I also like its growth potential. There is no limit to the number of
products that can be distributed by the Group. In the past few months
alone, the group has added one client after another.</span></span><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_3.25.12_pm.png" height="559" width="600" /><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_3.27.14_pm.png" height="563" width="600" /><br />
<br />
<img src="http://klse.i3investor.com/files/my/blog/img/bl1338_screen_shot_20160824_at_4.00.53_pm.png" height="265" width="584" /><br />
DKSH (5908) - (Icon) DKSH - Sexy Turnaround Story. This Company Has Moat And Unlimited Growth Potential<br />http://klse.i3investor.com/blogs/icon8888/102838.jspUnknownnoreply@blogger.com