tag:blogger.com,1999:blog-250589152024-03-28T16:19:07.418+08:00Sharetisfy歌词Unknownnoreply@blogger.comBlogger71125tag:blogger.com,1999:blog-25058915.post-67890370414959307642024-03-27T19:51:00.003+08:002024-03-27T19:51:21.066+08:00RGB 0037 RGB INTERNATIONAL BHD:大股东持续买入的潜力股?RGB 0037 RGB INTERNATIONAL BHD:大股东持续买入的潜力股?<p> <iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="362" src="https://www.youtube.com/embed/4DAxpsIOZLk" width="644"></iframe></p><br/><br/>https://www.youtube.com/watch?v=4DAxpsIOZLkAdminhttp://www.blogger.com/profile/02423328634093657906noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-36699966780282260432023-08-28T20:50:00.001+08:002023-08-28T20:50:06.360+08:00▋ RGB 2Q23 - 最新的业绩update 🎰<div>▋ RGB 2Q23 - 最新的业绩update 🎰</div><div><br></div><div>📌 在最新的业绩中,RGB再次呈现出非常不错的表现,这个季度完成了RM26.5m的PAT。公司的PAT已经连续3个季度QOQ增长,截至FY23的前两个季度,累计的PAT已经达到了RM38m。如果对比公司最佳财政年FY19全年净利润RM40m仅相差RM2m</div><div><br></div><div>📌 在公司业务持续强劲的背景下,公司现金储备已达RM210m,RGB也在这个季度发放了每股0.006令吉的特别股息(如果以目前股价为RM0.36【市值为RM557m】公司现有的现金占了总市值的37%)</div><div><br></div><div>📌 公司最主要得益于其SSM(赌博机销售业务)业务强劲的表现,菲律宾博彩是公司目前最大的贡献地区。未来1-2年,菲律宾还将有数家新娱乐酒店竣工,相信RGB可以继续从这些,新酒店获得新的订单</div><div><br></div><div>📌 公司也表示这个季度爆发性的业绩成长并非one off的成长,随着疫情后旅游业的复苏,老虎机更新,新酒店以及复购方面的需求,公司有望继续获得更多潜在订单。</div><div><br></div><div>📌 公司强调将持续努力提高整体利润率,特别是在TSM部门方面,通过成本优化和节流措施。</div><div><br></div><div>📌 公司的另外个TSM部门(提供和放置老虎机)业绩目前还没完全恢复到疫情前的水平。公司计划继续优化该部门的成本,以提高这个部门的收益率。</div><div><br></div><div>📌 公司计划采取的策略,包括了要求更高的收入分成、采用租赁转购模式,以及引入最新的游戏等,以让这个部门的表现恢复到疫情前。</div><div><br></div><div>📌 目前,公司的现金主要存放在美国货币市场,预计每个季度将为公司带来RM1.5m至RM2m的利息收入</div><div><br></div><div>.</div><div><br></div><div>▋ 总结:</div><div><br></div><div>RGB的生意相信有望继续持续成长,本季度的突出业绩增长并非一次性的事件,我们相信在接下来几个季度,公司每个季度的平的PAT 有望继续维持在平均RM15m到RM20m的范围内。🤔</div><div><br></div><div>公司的SSM业务已经有了基本的recurring order 和 replacement order🎰,所以公司只要继续专注于开发菲律宾、柬埔寨和马来西亚的新潜在客户,相信公司的盈利就能够继续持续稳健增长。📈</div><div><br></div><div>相信维持RGB业绩今年和明年可以继续成长的理由,相信就是菲律宾和柬埔寨即将陆续竣工的新娱乐酒店。</div><div><br></div><div>再加上公司手上目前手握RM200m的现金,可能公司会有更多动作或者举动来回馈投资者,或者是利用这些现金去进行生意上扩张</div><div><br></div><div>————————————————————————</div><div> 以下纯属我们自己的分享 Like and Follow 我们的 Page 👍👍 </div><div>欢迎加入我们新的 Telegram Group : </div><div>https://t.me/+oXLqP3tco6w5NzQ9</div><div>————————————————————————</div><div><br></div><div>https://m.facebook.com/story.php?story_fbid=pfbid0UfHiG18mAnuYfC5ALJd6mxSGS6JRrTMas5TZLdXYmM6GysK7F1u97zBuGrNBXTADl&id=100090769942900&mibextid=Nif5oz<br></div>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-44577904513985651222023-08-07T20:08:00.001+08:002023-08-07T20:08:08.679+08:00【马股分析】RGB 0037 RGB INTERNATIONAL BHD 除了云顶之外,竟然还有另一家赌场相关的上市公司即将迎来大复苏?而且股价在一个月内暴涨 77% !【马股分析】RGB 0037 RGB INTERNATIONAL BHD 除了云顶之外,竟然还有另一家赌场相关的上市公司即将迎来大复苏?而且股价在一个月内暴涨 77% !<p> <iframe allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="362" src="https://www.youtube.com/embed/wY6zM0dGpdY" width="644"></iframe></p><br/><br/>https://www.youtube.com/watch?v=wY6zM0dGpdYAdminhttp://www.blogger.com/profile/02423328634093657906noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-13446703900829036602023-06-26T08:23:00.004+08:002023-06-26T08:23:20.387+08:00 RGB 0037 RGB INTERNATIONAL BHD has come out to play in a big way<p> RGB 0037 RGB INTERNATIONAL BHD has come out to play in a big way<br /><br /><br /><br /><br />Investors expect RGB International Bhd to trend higher after it surged to a new multi-year high and closed above the 30 sen psychological mark on June 20. <br /><br /><br />The stock also broke out from the 1-week bullish rectangle pattern, indicating that the near-term bullish trend may persist.<br /><br /><br />Over the past year, the counter jumped a whopping 204.6% to close at 34 sen on June 21.<br /><br /><br />It was trading at a 52-week low of 10 sen most of 3Q last year but has now touched its multi-year high.<br /><br /><br />Those are indications from a technical point of view.<br /><br /><br />Fundamentally, the electronic gaming machine and equipment has been drawing investors’ interest with its revival.<br /><br /><br />The company returned to the black with an impressive net profit of RM10.5 million in 1QFY23 from a net loss of RM3.3 million a year ago.<br /><br /><br />Revenue surged close to 3x yoy to register RM95.2 million versus RM32 million.<br /><br /><br />Interestingly, RGB has been a net-cash company since 2015, as it reduced its borrowings and completed its capex cycle. <br /><br /><br />Its FY22 FCF yield was 14%.<br /><br /><br />In terms of growth, investors are excited over its position ride on the Philippines' gaming boom.<br /><br /><br />It has large exposure to the potential US$10 bil GGR market in the Philippines.<br /><br /><br />RGB International is the distributor for two main slot machines suppliers; Light & Wonder (LNW) and Aristocrat in the Philippines.<br /><br /><br />Interestingly Philippines is RGB’s biggest market as it accounted for 73% of the company’s FY22 revenue while Malaysia contributed 27%.<br /><br /><br />RGB distributes gaming products, such as slot machines and baccarat, to casinos and resorts in the Philippines FCF yield was 14% and it has been net-cash<br /><br /><br />Already, RGB hopes to benefit from the casinos scheduled to open in the next few years as well as from the privatization of 41 casinos by the Philippines gaming regulator (PAGCOR).<br /><br /><br />New casinos and integrated resorts have been in talks with RGB to either purchase or lease their machines as RGB is the exclusive distributor for the LNW and Aristocrat.<br /><br /><br />These brands dominate 70% of the gaming machines in the Philippines. <br /><br /><br />RGB also provides turnkey technical set-up for new venue, which made up 35% of group revenue.<br /><br /><br />RGB will also be on a strong growth trajectory after it has won an order to deliver 2,500 additional machines solely to Solaire North in 2023, and is currently in talks with IEC (1009 HK) for its new orders in the Philippines.<br /><br /><br />RGB’s addressable market has also expanded with the introduction of PIGO, whereby operators could offer remote access gaming via slot machines in their properties,<br /><br /><br />It is also expanding preventive maintenance with major customers, such as Genting Malaysia and possibly in the Philippines. <br /><br /><br />Meanwhile, Thailand and Vietnam could be the next targets, as the countries are pushing to set up new casinos.<br /><br /><br />Also on RGB’s radar is Japan and the UAE.<br /><br /><br />Further cost optimisation. RGB’s marketing expenses have historically accounted for c.50% of its gross profit, thus eroding profitability. <br /><br /><br />But 1Q23 saw such expenses fall to 39% of gross profit.<br /><br /><br />It is looking to roll out potentially 2,000 slot machine systems in 2023 and 2024. This could allow RGB to earn from the manufacturing services and royalty fees.<br /><br /><br />Essentially signs are looking good for the counter to touch more highs. <br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B03223106P1AB0CC<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-23085066147005419562023-06-26T01:27:00.000+08:002023-06-26T08:37:03.756+08:00 RGB 0037 RGB INTERNATIONAL BHD 已大显身手<p> RGB 0037 RGB INTERNATIONAL BHD 已大显身手<br /><br /><br />投资者预计 RGB International Bhd 在飙升至多年新高并于 6 月 20 日收于 30 仙心理关口上方后将继续走高。<br /><br /><br />该股也突破了 1 周看涨的矩形形态,表明近期看涨趋势可能会持续。<br /><br /><br />在过去一年里,该股大幅上涨 204.6%,于 6 月 21 日收于 34 仙。<br /><br /><br />在去年第三季度的大部分时间里,该股交易价格处于 52 周低点的 10 仙,但目前已触及多年高点。<br /><br /><br />这些都是从技术角度来看的迹象。<br /><br /><br />从基本面上说,这家电子游戏机和设备的复兴已经引起了投资者的兴趣。<br /><br /><br />该公司在 2023 财年第一季度扭亏为盈,净利润为 1,050 万令吉,而一年前的净亏损为 330 万令吉。<br /><br /><br />同比收入飙升近 3 倍,从 3200 万令吉升至 9520 万令吉。<br /><br /><br />有趣的是,RGB 自 2015 年以来一直是一家净现金公司,因为它减少了借款并完成了资本支出周期。<br /><br /><br />其 FY22 FCF 收益率为 14%。<br /><br /><br />在增长方面,投资者对其在菲律宾博彩热潮中的地位感到兴奋。<br /><br /><br />它对菲律宾潜在的 100 亿美元 GGR 市场有很大的敞口。<br /><br /><br />RGB International 是两家主要老虎机供应商的经销商;菲律宾的 Light & Wonder (LNW) 和 Aristocrat。<br /><br /><br />有趣的是,菲律宾是 RGB 最大的市场,占该公司 22 财年收入的 73%,而马来西亚贡献了 27%。<br /><br /><br />RGB 向菲律宾的赌场和度假村分销博彩产品,例如老虎机和百家乐。 FCF 收益率为 14%,且为净现金。<br /><br /><br />RGB 已经希望从计划在未来几年开业的赌场以及菲律宾博彩监管机构 (PAGCOR) 对 41 家赌场的私有化中受益。<br /><br /><br />由于 RGB 是 LNW 和 Aristocrat 的独家经销商,新的赌场和综合度假村一直在与 RGB 就购买或租赁他们的机器进行谈判。<br /><br /><br />这些品牌主导了菲律宾 70% 的游戏机。<br /><br /><br />RGB 还为新场馆提供一站式技术设置,占集团收入的 35%。<br /><br /><br />RGB 在赢得 2023 年仅向 Solaire North 额外交付 2,500 台机器的订单后,也将走上强劲的增长轨道,目前正在与 IEC(1009 HK)就其在菲律宾的新订单进行谈判。<br /><br /><br />RGB 的目标市场也随着 PIGO 的推出而扩大,运营商可通过其财产中的老虎机提供远程访问游戏。<br /><br /><br />它还扩大了与主要客户的预防性维护,例如马来西亚云顶和菲律宾。<br /><br /><br />与此同时,泰国和越南也可能成为下一个目标,因为这些国家正在推动建立新的赌场。<br /><br /><br />RGB 关注的国家还有日本和阿联酋。<br /><br /><br />在进一步优化成本方面。 RGB 的营销费用历来占其毛利的 50% 左右,从而侵蚀了其盈利能力。<br /><br /><br />但在 23 年第一季度,此类费用下降至毛利的 39%。<br /><br /><br />它希望在 2023 年和 2024 年推出可能的 2,000 个老虎机系统。这可以让 RGB 从制造服务和特许权使用费中获利。<br /><br /><br />从本质上看,有迹象表明该股有望触及更多高点。<br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B01324449P0AB0CC<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-72875678834646541972023-06-22T08:03:00.006+08:002023-06-22T08:03:58.143+08:00RGB 0037 RGB INTERNATIONAL BHD has come out to play in a big way<p> RGB 0037 RGB INTERNATIONAL BHD has come out to play in a big way<br /><br /><br /><br /><br />Investors expect RGB International Bhd to trend higher after it surged to a new multi-year high and closed above the 30 sen psychological mark on June 20. <br /><br /><br />The stock also broke out from the 1-week bullish rectangle pattern, indicating that the near-term bullish trend may persist.<br /><br /><br />Over the past year, the counter jumped a whopping 204.6% to close at 34 sen on June 21.<br /><br /><br />It was trading at a 52-week low of 10 sen most of 3Q last year but has now touched its multi-year high.<br /><br /><br />Those are indications from a technical point of view.<br /><br /><br />Fundamentally, the electronic gaming machine and equipment has been drawing investors’ interest with its revival.<br /><br /><br />The company returned to the black with an impressive net profit of RM10.5 million in 1QFY23 from a net loss of RM3.3 million a year ago.<br /><br /><br />Revenue surged close to 3x yoy to register RM95.2 million versus RM32 million.<br /><br /><br />Interestingly, RGB has been a net-cash company since 2015, as it reduced its borrowings and completed its capex cycle. <br /><br /><br />Its FY22 FCF yield was 14%.<br /><br /><br />In terms of growth, investors are excited over its position ride on the Philippines' gaming boom.<br /><br /><br />It has large exposure to the potential US$10 bil GGR market in the Philippines.<br /><br /><br />RGB International is the distributor for two main slot machines suppliers; Light & Wonder (LNW) and Aristocrat in the Philippines.<br /><br /><br />Interestingly Philippines is RGB’s biggest market as it accounted for 73% of the company’s FY22 revenue while Malaysia contributed 27%.<br /><br /><br />RGB distributes gaming products, such as slot machines and baccarat, to casinos and resorts in the Philippines FCF yield was 14% and it has been net-cash<br /><br /><br />Already, RGB hopes to benefit from the casinos scheduled to open in the next few years as well as from the privatization of 41 casinos by the Philippines gaming regulator (PAGCOR).<br /><br /><br />New casinos and integrated resorts have been in talks with RGB to either purchase or lease their machines as RGB is the exclusive distributor for the LNW and Aristocrat.<br /><br /><br />These brands dominate 70% of the gaming machines in the Philippines. <br /><br /><br />RGB also provides turnkey technical set-up for new venue, which made up 35% of group revenue.<br /><br /><br />RGB will also be on a strong growth trajectory after it has won an order to deliver 2,500 additional machines solely to Solaire North in 2023, and is currently in talks with IEC (1009 HK) for its new orders in the Philippines.<br /><br /><br />RGB’s addressable market has also expanded with the introduction of PIGO, whereby operators could offer remote access gaming via slot machines in their properties,<br /><br /><br />It is also expanding preventive maintenance with major customers, such as Genting Malaysia and possibly in the Philippines. <br /><br /><br />Meanwhile, Thailand and Vietnam could be the next targets, as the countries are pushing to set up new casinos.<br /><br /><br />Also on RGB’s radar is Japan and the UAE.<br /><br /><br />Further cost optimisation. RGB’s marketing expenses have historically accounted for c.50% of its gross profit, thus eroding profitability. <br /><br /><br />But 1Q23 saw such expenses fall to 39% of gross profit.<br /><br /><br />It is looking to roll out potentially 2,000 slot machine systems in 2023 and 2024. This could allow RGB to earn from the manufacturing services and royalty fees.<br /><br /><br />Essentially signs are looking good for the counter to touch more highs. <br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B03223106P1AB0CC<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-82020576512032238382023-06-13T21:12:00.006+08:002023-06-13T21:12:52.752+08:00RGB 0037 RGB INTERNATIONAL BHD – 企业分享<p> RGB 0037 RGB INTERNATIONAL BHD – 企业分享<br /><br /><br />在大盘普跌的情况下,RGB股价却连续多天强势上涨,如今已写下5年新高。<br /><br /><br />不久前获得机会前往RGB的办公楼探访,由Dato' Seri Chuah分享一路走来的创业史以及赌场行业的奥妙。<br /><br /><br />- 创办于1986年,当时市面上一律采用的机械化角子机和老虎机时常面临故障问题。在从中看到商机后,透过与日本伙伴合作将游戏机进行改良,成为东盟首家推出全电子化、高稳定性的赌博机。就连90年代澳门赌王何鸿燊的赌场也向RGB采购。<br /><br /><br />- 值得一提,RGB名字的由来是以往机械化赌博机屏幕的3种颜色,分别是红 (Red)、绿 (Green)和蓝 (Blue)。<br /><br /><br />- 经过多年的发展后,如今已成为全球赌博机最顶尖2个品牌Aristocrat和Scientific Games的东盟地区独家分销商。这2个品牌占全球赌博机市场的大约80%分额。普遍上,每台赌博机的售价介于RM120-130k,取决于游戏和功能。<br /><br /><br />- 赌博机的寿命可以长达7年,短则1-2个月。客户最大的风险在于投资在冷门的赌博游戏,导致受欢迎程度非常低。因此,为了减少不必要的麻烦,客户通常购买热门的游戏。作为售后服务的一部分,客户可以在6个月内免费更换一次游戏,之后就必须购买整个游戏系统。<br /><br /><br />-除了一次性将产品卖给客户之外,也为他们提供技术支援和零件替换,直到售后的赌博机在市面上被淘汰。目前,在云顶有多达15位长期驻守的维修团队,专门为云顶多达6,000台的赌博机进行维护工作。<br /><br /><br />-为了配备最新的游戏或者技术,客户通常将陈旧的赌博机以低价卖回给RGB。如此一来,透过翻新和改良,可以再次在市场上进行循环。转手的次数越多,从中挤出的利润越高。<br /><br /><br />-每台赌博机在买卖或者销毁之前,都需要获得政府部门的批准,凸显行业受到高度监管的性质。每台赌博机都配备一张蓝卡,类似于身份证。目前,手持一张存放赌博机的执照,需要每年进行更新。<br /><br /><br />-自进入后疫情时代以来,赌场行业发生很多正面的变化,并且带来很多商机。为了避免人与人之间近距离接触,所有赌场已经将桌面游戏,例如三公、大小等等转换成电子赌博机。事实上,由于私隐的缘故,很多年轻人倾向于在电子赌博机下注。、<br /><br /><br />- 与此同时,赌博机的趋势也从以前的小屏幕转换成大屏幕,采用像素更高、字体更大及更清楚的LCD屏幕。在以上2项变化的推动下,来自本地的营收在去年相当好。<br /><br /><br />- 另一方面,对于一些手持赌场执照,可是却不善经营的客户,从中也具备商机。RGB以联营的方式参与赌场经营老虎机的特许经营权,与客户之间有多项合作模式,例如租赁、利润共享、以及收费管理服务。<br /><br /><br />- 特许经营权的生意模式在于早期需要投入非常大的资本开销,因为所安装的赌博机可以高达几百台,甚至上千台。作为生意上的互补,内部也有专属的维护团队。<br /><br /><br />- 值得一提,Dato' Seri Chuah是会计背景的专才,生意作风一直以来倾向于保守。在落实每个项目之前都非常谨慎,以确保回报高于直接售出。虽然如今生意遍布菲律宾、越南、寮国、东帝汶等等9个国家,市面上有多达5,000台,但是账面上却没有任何贷款。<br /><br /><br />- 一般上,赌博机制造商不参与特许经营权的生意,主要因为不敢冒险进行高额投资,同时技术转变的速度也非常快。<br /><br /><br />- 每个特许经营权的联营条件都不一样,取决于多个因素,例如当地的税收政策、新或旧的赌博机、潜在风险等等。如果客户选择旧机器,那么资本开销将非常低,因为都是市面上循环的赌博机。合作期限通常为5年,此后客户可以选择全购或继续合作。所有项目追求的回本期限为2年半。<br /><br /><br />- 目前,在旗下46个特许经营权的赌场当中,有30个位于菲律宾,以及9个位于柬埔寨。菲律宾的大选在去年才尘埃落定,基本上未来5年的博彩业政策已经落实,可说是相当友好。事实上,当地很多知名的超级富豪有意分一杯羹,例如Enrique Razon、Andrew Tan等等,透过与RGB联营的方式学习如何去管理赌场。<br /><br /><br />- 在柬埔寨,受到政策的限制,任何企业都不可以在NagaWorld方圆内的200公里建设新赌场,不过当地却有很多企业跑漏洞,在柬埔寨与泰国及越南之间的边境设立赌场。<br /><br /><br />- 随着经济全面开放,2023年将是旅游业大幅反弹之年。旗下特许经营权如今在95%的水平下运作,大家都不需要保持社交距离,而且赌博机之间已经不用再隔开一个位置。如无意外,很多赌场预计将在未来2年更换赌博机,以迎合行业的回升。在疫情前平均每年可以售出大约1,200台赌博机,今年备受看好提升至2,000台。<br /><br /><br /><br />- 与此同时,在去年获得一项价值高达RM270m的订单,来自于菲律宾1座新赌场。在2,600台老虎机当中,他们向RGB采购2,300台。如今已在Q1交付其中的20-25%,预计大部分将在Q3交付。根据以往的记录,平均分销赚幅为12%。换句话说,这项订单可以带来超过RM30m的净利润。<br /><br /> <br /><br />- 经过大约3年的烧钱对抗疫情后,很多国家如今已经策划着如何提高国家收入,并且有意将博彩税视为其中一个来源。未来放眼每年将有1-2座大型赌场在菲律宾、柬埔寨和越南落实。<br /><br /><br />- 疫情最坏的情况已过去,当时除了50%的特许经营权无法投入运作,另外50%也必须以社交距离的方式运作。曾经有一段时间,多达半年没有任何进账,不过在同个时间却必须背负高额的折旧开销。<br /><br /><br />-根据折旧的会计准则,之前投资的赌博机全部有5年的折旧期限。以此计算,2017年投入的大约RM100m资本开销已在去年全部完全折旧,进而有望直接推高净利润。此外,从2023年起。所有新投资将采用为期8年的折旧期限。<br /><br /><br />- 承诺将利润的30%以1年2次的形式派回给股东。<br /><br />总结,RGB的业绩在多方刺激下,将在2023年引来爆发年。管理层没有给出指引,不过根据计算,想象空间非常巨大,而且业绩并非是一次性的因素,未来几年有望保持相同的节奏。<br /><br /><br />其一,RM270m的一次性订单将带来RM30m的利润;其二,2,000台的替换赌博机将带来另外大约RM30m的利润;其三,特许经营权在疫情前带来大约RM20m的盈利,个人估计今年可以提高至RM30m;其四,折旧开销将减少大约RM10m。<br /><br /><br />根据以上推算,RGB的今年盈利可以至少突破RM50m。以现有股价RM0.27计算,其估值PE仅9倍左右而已。<br /><br />#RGB<br /><br />纯属分享!<br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B01313714P0AB0DB<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-82028099544826572362023-05-06T16:38:00.003+08:002023-05-06T20:21:33.997+08:00 博彩业的加速对 RGB 0037 RGB INTERNATIONAL BHD 来说是不是一个收获满满的时代?<p> 博彩业的加速对 RGB 0037 RGB INTERNATIONAL BHD 来说是不是一个收获满满的时代?<br /><br /><br />大多数投资者都关注云顶有限公司和云顶马来西亚有限公司等博彩股,它们是经济复苏的主要受益者。<br /><br /><br />当中国决定全面重新开放边界时更是如此。<br /><br /><br />哪些其他柜台也将随着博彩业的改善而表现更好?<br /><br /><br />RGB 国际有限公司就是其中之一。<br /><br /><br />它是一家在博彩行业已有30多年历史的赌场机器供应商。<br /><br /><br />现在人们可以不受限制地跨境,这有助于促进博彩业和交通,赌场运营商将希望用令人兴奋和更新的游戏机来吸引赌徒。<br /><br /><br />认识到 RGB 令人振奋的增长前景后,投资者确实对该股表现出了浓厚的兴趣。<br /><br /><br />RGB 从 10 仙的低点飙升至 25 仙,然后在 4 月 20 日收于 22 仙。<br /><br /><br />该公司在截至 2022 年 12 月 31 日的财政年度从上一年的净亏损 1030 万令吉扭亏为盈,净利润为 460 万令吉。<br /><br /><br />收入略高于 2.149 亿令吉,为 2.725 亿令吉。<br /><br /><br />此外,该公司拥有强劲的资产负债表,净现金为 7620 万令吉。<br /><br /><br />至于自由现金流,从2023年起每年可能产生8000万令吉-1亿令吉<br /><br /><br />与目前 22 仙的股价和 3.4 亿令吉的市值相比,合理的市价至少为 40 仙或 6.18 亿令吉市值。<br /><br /><br />有了自由现金流,这对于希望扩大其技术支持和管理 (TSM) 部门的 RGB 来说是个好兆头。<br /><br /><br />当公司在过去 3 个财政年度未支付股息后宣布 23 财年派发 30% 的股息时,也引起了很多欢呼。<br /><br /><br />30% 的派息将转化为 23 财年和 24 财年分别为 2.6% 和 2.9% 的潜在股息收益率。<br /><br /><br />乐天预测其 23 财年和 24 财年的净利润将分别增长 898.8% 和 8.90%,给予买入建议。<br /><br /><br />该研究机构将 RGB 的目标价定为 29 仙,前提是 FY23EPS 为 3 仙,本益比为 10.4 倍(5 年平均市盈率)。<br /><br /><br />从本质上讲,RGB 在东盟地区运营了大约 37 年,享有强大的市场份额,为 9 个国家/地区的持牌赌场运营商供货。<br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B01355313P0AEAA2<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-33303622568756943792023-05-06T16:28:00.004+08:002023-05-06T20:21:33.420+08:00 Is it a rewarding time for RGB 0037 RGB INTERNATIONAL BHD as gaming scene accelerates?<p> Is it a rewarding time for RGB 0037 RGB INTERNATIONAL BHD as gaming scene accelerates?<br /><br /><br /><br />Most investors look at gaming counters such as Genting Bhd and Genting Malaysia Bhd, which are main beneficiaries of the economic recovery.<br /><br /><br />More so when China decided to reopen its borders fully.<br /><br /><br />Which other counters will also stand to fare better with improving gaming sector? <br /><br /><br />RGB International Bhd is one of them.<br /><br /><br />It is a casino machine supplier that has been in the gaming industry for over 30 years. <br /><br /><br />Now that people can cross borders unrestricted, this helps to boost the gaming sector and with traffic, casino operators will want to entice gamblers with exciting and newer gaming machines.<br /><br /><br />Recognising the exciting growth prospects for RGB, investors have indeed shown much interest in the counter.<br /><br /><br />RGB has gone from a low of 10 sen to surge to 25 sen before closing at 22 sen on April 20.<br /><br /><br />The company returned to the black with a net profit of RM4.6 million for the financial year ended Dec 31, 2022 from a net loss of RM10.3 million in the previous year.<br /><br /><br />Revenue was marginally higher at RM272.5 million versus RM214.9 million.<br /><br /><br />In addition, the company has a strong balance sheet with net cash of RM76.2 million. <br /><br /><br />As for free cash flow, it may generate RM80 million -100 million per year from 2023 onwards<br /><br /><br />A reasonable market price is at least 40 sen or RM618 million market capitalisation compared to a share price of 22 sen and market cap of RM340 million currently.<br /><br /><br />With the free cash flow, this will bode well for RGB looking to expand its technical support and management (TSM) segment.<br /><br /><br />There is also much cheers when the company declared a 30% dividend payout for FY23 after not paying dividend in the last 3 FYs.<br /><br /><br />The 30% payout will translate into a potential dividend yield of 2.6% and 2.9% in FY23 and FY24 respectively.<br /><br /><br /> Rakuten has forecast its FY23 and FY24 net earnings to grow at 898.8% and 8.90% respectively, giving it a BUY recommendation.<br /><br /><br />The research house has set a target price of 29 sen for RGB premised on PER of 10.4x (5 years average PE) on FY23EPS of 3 sen.<br /><br /><br />Essentially, with about 37 years operations in the Asean region, RGB enjoys a strong market share, supplying to licensed casino operators in 9 countries.<br /><br /><br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B02210537PBAEABC<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-59573385531930287352023-05-05T17:25:00.007+08:002023-05-06T20:21:33.515+08:00RGB 0037 RGB INTERNATIONAL BHD Uptrend for The Gambling Industry?<p> RGB 0037 RGB INTERNATIONAL BHD Uptrend for The Gambling Industry?<br /><br />As countries gradually reopen and China implemented border opening on January 8th this year, which undoubtedly further boosted the global tourism industry. Not only the catering industry but also the entertainment industry, such as gambling industry, has entered the path of recovery. <br /><br /><br />Today, I would like to share with readers one of Malaysia's largest gambling-related companies, RGB International Berhad (RGB, 0037).<br /><br /><br /><br />According to the company's 2021 annual report, RGB was established in 2003 and is headquartered in Penang, Malaysia. RGB is an electronic gaming device supplier and a listed company on the Main Board. In fact, the company first entered the gambling industry in 1986 through its subsidiary, RGB Sdn Bhd, providing various gambling equipment and services. Now, it has become a leading electronic gambling and casino equipment supplier in Malaysia.<br /><br /><br />Referring to their official website, RGB has over 300 employees operating businesses in several Asian countries, including Malaysia, Cambodia, the Philippines, Macau, Singapore, Laos, Vietnam, Timor-Leste, and Nepal.<br /><br /><br />RGB's main businesses are divided into three categories: Sales and Marketing (SSM), Technical Support and Management (TSM), and Engineering Services.<br /><br /><br />Most of the company's revenue comes from SSM business, which is the manufacturing and selling of various electronic gaming machines (EGMs), gambling equipment, and various gambling-related parts. Its business accounted for about 69.73% of total revenue in the 2021 fiscal year.<br /><br /><br />The second-largest business is TSM, which mainly provides equipment franchise plans to Asian gambling companies and provides customers with technical, management, marketing, and consulting services. This business accounted for approximately 29.71% of total revenue in the 2021 fiscal year.<br /><br /><br />The third business is Engineering Services, which provides technical support and repair services. This business contributed 0.22% of operating revenue in the 2021 fiscal year.<br /><br /><br />Regarding financial performance, RGB achieved a total revenue of approximately RM216.33 million in the 2021 fiscal year, an increase of 17.55% from the low base in 2020. The company's net loss also decreased from approximately RM28.74 million in 2020 to about RM9.82 million, mainly due to the recovery of the Asian gambling market.<br /><br /><br />Looking at the latest quarterly performance, namely the fourth-quarter report (Q4FY2022) announced by RGB in February 2023, the company achieved a revenue of RM119.77 million, a year-on-year increase of 111.57%. This was mainly due to the increase in product sales driving the growth.<br /><br /><br />The company also achieved a net profit of approximately RM9.33 million in that quarter, about 121 times higher than the net loss of about RM76,000.00 in the same period of 2021, mainly due to the strong rebound in the operating ability of the business departments in multiple countries.<br /><br /><br />Interestingly, the company's TSM business showed a pre-tax loss in that quarter. This was due to a fire that occurred at a casino in Cambodia last December, resulting in an impairment of assets of about RM5.90 million in that quarter. However, the company has bought insurance for these devices and expects to receive insurance compensation in the future.<br /><br /><br />To sum up the full-year performance of the 2022 fiscal year, RGB's revenue was RM272.47 million, and the net profit was RM4.63 million, successfully turning losses into gains after two consecutive years of losses. In addition, the company's cash flow is stable, and it is a net cash company with no debt.<br /><br /><br />It is worth noting that RGB's wholly-owned subsidiary, RGB (Macau), received new bulk orders from existing customers in September 2022, with a total value of RM270.00 million. According to reports, product delivery is expected to occur in 2023 and revenue will be recognized using the cash on delivery method. This new order is expected to bring positive profit performance to the company in 2023.<br /><br /><br />Looking ahead, with the reopening of borders and the increase in international travelers, the tourism and hotel industries are expected to continue to recover, especially in the regions where the company operates. Therefore, despite facing inflationary pressures on operating costs, management expects better performance in 2023, supported by optimistic market prospects and strong orders.<br /><br /><br />However, the company also faces some business risks, including uncertainty in the Asian gaming market and intensified competition. In addition, changes in government regulations, such as policies to impose sin taxes on the tobacco, alcohol, and gambling industries, which will affect the company's after-tax net profit.<br /><br /><br />So, what are your thoughts on RGB, currently valued at RM340.60 million with a PE ratio of 73.58?<br /><br /><br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B02361500PBAEAC1<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-34247955022641486542023-05-05T17:24:00.002+08:002023-05-06T20:21:33.426+08:00RGB 0037 RGB INTERNATIONAL BHD博彩行业蠢蠢欲动<p> RGB 0037 RGB INTERNATIONAL BHD博彩行业蠢蠢欲动<br /><br />随着各国逐步解封,中国也在2023年1月8日实施边界开放,这无疑将进一步地提振全球旅游业。不仅是餐饮业,就连娱乐行业的博彩业也步入复苏轨道。<br /><br /><br />今天,小编要与各位读者分享马来西亚最大博彩相关公司之一,RGB International Berhad (RGB、0037)。<br /><br /><br /><br />根据公司2021年年报显示,总部位于马来西亚槟城的RGB成立于2003年,是一家电子博彩设备供应商,也是在主板上市的公司。其实,该公司早在1986年就通过其子公司RGB Sdn Bhd 涉足博彩业,并提供各种博彩设备和服务,如今已发展成为马来西亚领先的电子博彩和赌场设备供应商。<br /><br /><br />从官网得知,RGB迄今拥有超过300名员工,在马来西亚、柬埔寨、菲律宾、澳门、新加坡、寮国、越南、东帝汶以及尼泊尔等多个亚洲国家经营公司业务。<br /><br /><br />RGB的主要业务可分为三类,那就是销售和营销(“Sales and Marketing“ ,SSM)、技术支持与管理(“Technical Support and Management”,TSM)以及工程服务(“Engineering Services”)。<br /><br /><br />公司大部分营业收入来自SSM业务,也就是制造和销售各种电子游戏机(“electronic gaming machine”,EGM)、博彩设备及各种博彩相关零部件。其业务约占2021财年总收入的69.73%。<br /><br /><br />其次是TSM业务,主要为亚洲博彩公司提供器材特许经营计划,并为客户提供技术、管理、营销和咨询服务。该业务占据了2021财年约29.71%的总收入。<br /><br /><br />接下来是工程服务业务,即是提供技术支援和维修服务。该业务在2021财年贡献了0.22%的营业收入。<br /><br /><br />财务状况方面,RGB在2021财年实现了RM216.33 million左右的总营业额,较2020年的低基数,增加了17.55%。而公司的净亏损也从2020年的RM28.74 million左右,降至约RM9.82 million。这是由于亚洲地区的博彩市场呈现出复苏迹象。<br /><br /><br />以最新的季度业绩,也就是RGB在2023年2月所公布的第四季季报(Q4FY2022)来看,公司取得RM119.77 million的营业额,同比上涨了111.57%。这主要是由于产品销量的增加推动了业绩的增长。<br /><br /><br />公司也在该季度取得了RM9.33 million左右的净利润,比2021年同期约RM76,000.00的净亏损高出约121倍。这是由于公司在多个国家的业务部门的营业能力出现了强而有力的回升。<br /><br /><br />有趣的是,该公司的TSM业务在该季度出现税前亏损。这是由于去年的12月柬埔寨一家赌场发生火灾,导致该季度资产减值RM5.90 million。不过,该公司已为这些设备投了保险,并预期能在未来获得保险赔偿。<br /><br /><br />总结2022财年全年业绩,RGB的营业额为RM272.47 million,而净利润为RM4.63 million,连续2年亏损后成功扭亏为盈。此外,公司的现金流稳定,是一家零负债的净现金公司。<br /><br /><br />值得一提的是,RGB旗下独资子公司RGB(澳门)在2022年9月获得现有客户的新批量订单,总值达RM270.00 million。据报道,产品交付期预计将落在2023年,采用货到付款方式来确认收入。此新订单预料将为公司在2023年带来正面的盈利业绩。<br /><br /><br />展望未来,随着边境的重新开放和国际旅客的增加,旅游业和酒店业有望持续复苏,尤其是在公司运营的地区。因此,在乐观的市场前景和在强劲的订单支撑下,尽管经营成本面临通胀压力,但管理层表示预计2023年的业绩将会有更好的表现。<br /><br /><br />虽然如此,公司也存在一些商业风险,其中包括亚洲博彩市场的不确定性和竞争加剧。此外,政府法规的变化,例如增加罪恶税(如烟酒和赌博行业)的政策,都会影响公司的税后净利。<br /><br /><br />最后,各位读者对当前拥有RM340.60 million市值以及73.58倍PE估值的RGB有什么看法呢?<br /><br /><br />#RGB<br /><br />https://xifu.my/OpinionsComment.aspx?BID=B01322633P0AEAB1<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-51580584210447076992023-03-18T10:04:00.002+08:002023-05-06T20:22:15.787+08:00🎯RGB 0037 RGB INTERNATIONAL BHD - RGB国际<div>🎯RGB 0037 RGB INTERNATIONAL BHD - RGB国际</div><div><br /></div><div>✅RGB国际创立于2003年,并在马股主板上市,是一家电子博彩器材供应商,公司早在1986年已通过旗下子公司涉足于博彩业,如今已发展为一家领先的电子博彩器材和赌场设备供应商,以及主要的博彩器材特许经营供应商,业务遍布在亚洲多个国家,如大马,柬埔寨,新加坡,澳门,菲律宾,寮国等。</div><div><br /></div><div>✅公司可分为3个主要业务,即Sales and Marketing (SSM),主要是生产和销售各种角子机和电子博彩器材,Technical support and management (TSM),主要是提供器材特许经营计划予亚洲博彩业者,并为客户提供技术,管理,营销和咨询服务,以及Engineering Services提供技术支援,以及维修保养服务。</div><div><br /></div><div>✅2021年的营业额为216mil,净亏损9.8mil,而在上个月发布的22Q4季报,营业额为119.76mil,净利9.32mil,营业额YoY大涨了117%,并成功转亏为盈,去年同期净亏损76k。其中SSM业务贡献了85.47mil营收,占了总营收的71.36%,对比去年同期大涨了126%,税前盈利对比去年同期也增长了111%,主要是因为产品销量增加提振了表现。</div><div><br /></div><div>✅而TSM业务在本季贡献了32.74mil营收,占了总营收的27.34%,对比去年同期增长了95%,主要是器材营运数量在多个赌场增加,因此取得更好的表现,税前亏损对比去年同期也收窄了61%,主要是本季共有5.9mil的资产减值,因为去年12月在柬埔寨的赌场发生了火灾,不过这些器材都已经投保,因此管理层预期能够在未来获得保险赔偿。</div><div><br /></div><div>✅总结2022财年全年的表现,营业额达272.47mil,净利4.63mil,营业额对比2021年增长了27%,并在连续亏损2年后成功转亏为盈,2021年净亏损9.8mil。</div><div><br /></div><div>✅其中SSM业务的营收为172.51mil,占了总营收的63.31%,按年增长了15%,主要归功于更高的产品销量,不过税前盈利则下滑了14%,主要是因为更高的出差和营销开销,以在疫情后重新与客户联系。而TSM业务则贡献了96.74mil的营收,占了总营收的35.5%,按年增长了52%,主要是因为更多的器材营运数量提振了业务表现,因此税前亏损也按年收窄了76%。</div><div><br /></div><div>✅至于QoQ的表现,22Q4的营收和净利对比22Q3分别增长了70%和633%,主要也是由SSM和TSM这2大业务取得正面表现所推动。</div><div><br /></div><div>✅值得一提的是,公司在去年9月宣布旗下子公司获得SSM业务现有客户的新批量订单,总值2亿7000万令吉,产品交付期落在2023年,预计货到付账,这个新订单预料将为公司在2023年贡献正面的盈利表现。</div><div><br /></div><div>✅另一方面,公司的现金流稳定,是一家零负债的净现金公司,不过公司并没有制定股息政策,上一次派息是在2019年,股息为0.3仙。</div><div><br /></div><div>✅展望未来,随着边境重开,国际旅客增加,尤其是在公司所经营的区域,旅游业和酒店业预期将持续复苏。因此在利好的市场前景和在强劲的订单支撑下,尽管面对营运成本的通胀压力,管理层预计在2023年能够取得显著更好的表现。</div><div><br /></div><div>✅技术走势方面,股价在2月份上涨至RM0.25的52周新高后回调,周五收在RM0.195,短期内预料将继续盘整,并在RM0.185左右寻找支撑,可以继续关注。</div><div><br /></div><div>风险‼️</div><div>✅无法取得更多订单。</div><div>✅营运成本上涨。</div><div><br /></div><div>✅免责声明:以上纯属教育/个人分享,并没有任何买卖建议。</div><div><br /></div><div>📌如果你觉得这个分享对你有帮助,请like和share,您的鼓励是我们的动力,谢谢大家。🙏</div><div><br /></div><div>📌如果您想要享有更低brokerage的股票户口,更好的股票经纪服务,欢迎联络我们:</div><div>📞Call 016-232 9317 (Ivan Lee)</div><div>📱Whatsapp: https://api.whatsapp.com/send?phone=60162329317&text=YES,OPENACCOUNT</div><div>📝在FB留言</div><div><br /></div><div>#RGB</div><div><br /></div><div>https://m.facebook.com/story.php?story_fbid=pfbid02oL1mKSGHBE6LdduXBan4mGjyaSYdV2RGZhXxxpTQmgDxzAfZzqBszymRwuq7Cascl&id=100063528130146&mibextid=Nif5oz<br /></div>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-54277562482458356612023-01-11T15:27:00.001+08:002023-01-11T15:27:40.602+08:00RGB是一家制造和维修老虎机的净现金公司<div>【RGB】</div><div><br></div><div>新的一年里,</div><div>祝大家新年新气象,</div><div>兔年励精图治、弃旧图新、大展宏图、前途无量。🥰</div><div><br></div><div>距离自己最后一次写公司已有一段时间了,</div><div>近来突然很多读者询问要求写下关于2023年看好的公司。</div><div><br></div><div>那2023年呢,</div><div>确实看中了几家我认为有机会成长的公司,</div><div>其中一家就是大家不会陌生的RGB。</div><div><br></div><div>RGB是一家制造和维修老虎机的净现金公司,业务主要分成三个部分:</div><div>SSM - 生产以及销售老虎机和赌场相关用具</div><div>TSM -以盈利分享模式特许经营老虎机,提供技术支持和咨询服务</div><div>Engineering Service-售后服务和维护服务</div><div><br></div><div>业务:</div><div>SSM的业务占了公司营业额接近60%的revenue,TSM 约40% 以及Engineering Service 1%左右。</div><div><br></div><div>业务主要分布于东南亚国家:马来西亚、越南、柬埔寨、菲利宾、辽国 以及 澳门赌场。</div><div><br></div><div>东南亚(不包括马来西亚)占85-90%的营业收入、马来西亚占10-15%的营业收入。</div><div><br></div><div>过去业绩表现:</div><div><br></div><div>公司在2018/2019时期营业额暴涨,主要是主要是因为老虎机的订单数量增加,其中包括 RGB 投放了更多新的老虎机去做特许经营(从出租老虎机模式变成与赌场业者盈利共享模式),老虎机放置在东南亚各国家的赌场里开启了与赌场profit sharing 的生意模式。</div><div><br></div><div>RGB真正可以赚钱的部门在哪?:</div><div> </div><div>SSM 部门</div><div> </div><div>- 2017的PROFIT MARGIN 是13.7%</div><div> </div><div>- 2018的PROFIT MARGIN 是9 %</div><div> </div><div>- 2019的PROFIT MARGIN 是12.4%</div><div> </div><div>- 由此可见SSM 部门,REVENUE 越高PROFIT MARGIN 反而越低,这个有可能给予顾客的折扣造成的。</div><div>- 2019 年的margin 会比较高是由比较多样化的游戏产品带出的溢价能力。</div><div><br></div><div> </div><div>TSM 部门</div><div> </div><div>- 2017的PROFIT MARGIN 是27.8%</div><div> </div><div>- 2018的PROFIT MARGIN 是20.2 %</div><div> </div><div>- 2019的PROFIT MARGIN 是18.6 %</div><div> </div><div>由此可见,TSM部门的PROFIT MARGIN 比SSM部门来的高很多,所以相信公司转换策略的方向有望提高公司的Profit margin.</div><div><br></div><div>直到2020年,公司的新策略还没开始奏效,就遇上了疫情来袭。赌场不能营业,所以公司被迫承担更多的depreciation (之前做买入老虎机特许经营做capex )。因此蒙受亏损长达两年。</div><div><br></div><div>但终于,公司在最新季度的业绩终于转亏为盈,因为受惠于东南亚地区的开放,赌场客流量逐渐恢复。</div><div><br></div><div>展望未来:</div><div><br></div><div>近期,RGB (澳门)有限公司在9月2022年时公布公司获得销售与营销业务的现有顾客的批量订单,价值270m的订单额。产品交付期将落在2023年。</div><div><br></div><div>在封控长达三年后,中国政府宣布将从2023年1月8日开始彻底开放边境,这是2020年3月以来,中国首次开放边境。意味着外出旅游的中国人将会对东南亚国家带来不少的旅游收入,因此赌场的客流量就会增加,公司的业绩复苏就水到渠成。</div><div><br></div><div>我认为值得留意的是,TSM 部门的profit sharing 盈利共享模式,是进一步提振RGB 盈利的强大推动力。</div><div><br></div><div>总结:</div><div><br></div><div>个人认为RGB属于复苏+成长型公司,如若业绩可回到2019年相信股价也有望重回巅峰。</div><div><br></div><div>除了RGB之外,SHANG也是一个有机会受惠于中国边境开放的公司。主要业务是大家不陌生的Shangrila酒店,Resort度假村 等等,业绩最近也出现转亏为盈。不知道大家怎么看呢。</div><div><br></div><div>(补充:RGB的潜在风险包括有顾客取消订单以及美元汇率强劲波动。)</div><div><br></div><div>https://www.facebook.com/100063923180337/posts/pfbid02NqNWwMAQhVQ7MRSTM3R4cRcwK27Pwwkw8dpWsvTryyrcsRik6ywQCKmNMeuBRKvtl/?mibextid=Nif5oz<br></div>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-43454596623530854392022-05-10T19:34:00.003+08:002022-05-10T19:34:43.557+08:00盈利股息料大改善 分析员喊买博彩股<p>盈利股息料大改善 分析员喊买博彩股<br /><br />(吉隆坡10日讯)大马博彩业股价明显落后市场,但随着边境与相关限制解除,分析员相信盈利与股息展望将大大改善,料能重拾辉煌,维持“增持”评级。<br /><br />大华继显研究发布报告写到,随着本地每日确诊数降至1000人以下,及大多数防疫相关措施废除,博彩领域仍是经济重开的主要直接受惠者。<br /><br />同时,尽管博彩业没有抗衰退的属性,但当前折价估值与复苏前景,也限制了下行空间。<br /><br />“虽然在利率走高与通胀压力下,今年是个不确定性的一年,但防御性的博彩业务,可大幅抵御这些影响。”<br /><br />除了云顶大马(GENM,4715,主板消费股),博彩业者股价表现均大大落后市场表现,且仍以低过历史平均估值的价格进行交易。<br /><br />因此分析员相信,2023财年盈利与股息的迅速复苏,将反映在股价的显著回升。<br /><br />再来,防疫相关的行动限制解除,及产能恢复亦是绝佳利好因素。<br /><br />“政府在本月初更放松防疫措施,包括解除没接种疫苗人士的限制,及免除(来访场所时)扫描应用程序与户外戴口罩的需要。”<br /><br />分析员了解到,针对云顶大马在本地赌场入场人数不再设限,而万字票投注站方面,随着繁琐接触者追踪要求取消后,赌客更愿意下注,特别是老年与外国赌客。<br /><br />“续上月开放国门后,迹象显示大量国际游客将涌入大马与云顶世界,这将推动云顶集团次季起的盈利复苏。”<br /><br />同时,我国近期终于重新启动引进外劳,分析员认为将万字票业营收表现,年杪有望回返接近疫前水平。<br /><br />另外,佳节与公共假期期间消费趋向强劲。<br /><br />“得益于农历新年与近期开斋佳节连假提振,我们估计博彩业盈利可在今年上半年恢复。”<br /><br />“我们估计赌场与万字票子领域,本财年营收增幅,将分别介于14%到89%,与74%到127%。”<br /><br />综合考量后,分析员维持博彩领域“增持”评级,首选云顶大马和万能(MAGNUM,3859,主板消费股)。<br /><br />同时,该领域展望利好,最终也会传递给规模较小的业者,例如从事电子博彩游戏机与设备制造与销售的RGB国际(RGB,0037,主板消费股)。<br /><br />子领域点评<br /><br />●赌场子领域<br /><br />预料云顶世界总博彩营收可回到2019财年的70%到75%水平,云顶(GENTING,3182,主板消费股)和云顶大马上半年盈利,很可能可以看到持续复苏。<br /><br />报告补充,云顶世界去年末季博彩总营收,已然恢复到疫前的逾60%。<br /><br />这多亏了大众市场博彩总营收的提振,因为有本地游客庞大的被抑制需求,及外国游客量回流的支撑。<br /><br />此外,该集团海外营运也良好复苏,尤其是博彩营收已经超越疫前的美国业务。<br /><br />个股:云顶大马<br /><br />随着美国卡茨基尔云顶世界博彩总营收回到疫前水平,联号公司帝国度假村估计会在今年交付健康的除息税折旧与摊销前盈利(EBITDA)增长,得益于近期获得的网络体育投注执照。<br /><br />更重要的是,管理层认为帝国度假村不再需要更多的资金注入。<br /><br />同时,云顶大马美国盈利最大贡献者的纽约云顶世界,将全面受惠于新酒店Hyatt Regency JFK的开张;酒店将在8月开张。<br /><br />其次,纽约云顶世界同样是强力的纽约下州博彩执照竞争者;竞标估计下半年展开。<br /><br />若赢得执照,分析员认为可提振纽约云顶世界2亿到2.5亿美元(约8.8到11亿令吉)的EBITDA。<br /><br />个股:云顶<br /><br />拉斯维加斯云顶世界在2021财年末季,交付振奋人心的营收与EBITDA表现,超越了分析员最初刚开始营业会亏损的预测。<br /><br />长远来看,随着忠实体育场与拉斯维加斯会议中心的开放,拉斯维加斯云顶世界的游客量将进一步增长。<br /><br />●万字票子领域<br /><br />万字票子领域估值仍接近疫情时的低谷,但鉴于低风险、稳定现金流和丰厚周息率,该领域仍是避险市场中理想的避风港。<br /><br />“随着当前万字票销售与营收,恢复至疫前80%到85%水平,我们估计近期防疫措施的移除,及可聘请外劳,将进一步激活万字票业务盈利,最快可在本季看到盈利恢复至疫前90%以上。”<br /><br />这可让万能与多多博彩(SPTOTO,1562,主板消费股)从次季起,重拾诱人的逾6%年收益率。<br /><br />至于明年,在盈利强韧与稳定派息率支撑下,分析员更估计周息率可达8%。<br /><br />“在低利率环境与波动资本市场中,这应该可满足投资者对永续高周息率投资的胃口。”<br /><br />另外,两者估值处于诱人的本益比10倍到11倍,远低过疫前3年均值的14到15倍。<br /><br />“这种估值对于一个轻资产模式,并将大部分现金流作为股息派发的行业而言,特别具有吸引力。”<br /><br />https://www.enanyang.my/%E8%B4%A2%E7%BB%8F%E6%96%B0%E9%97%BB/%E7%9B%88%E5%88%A9%E8%82%A1%E6%81%AF%E6%96%99%E5%A4%A7%E6%94%B9%E5%96%84-%E5%88%86%E6%9E%90%E5%91%98%E5%96%8A%E4%B9%B0%E5%8D%9A%E5%BD%A9%E8%82%A1<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-46929561646342589812021-03-07T22:41:00.001+08:002021-03-07T22:41:43.705+08:00RGB (0037)-沉睡中的猛虎。<div><span><a name='more'></a></span>RGB (0037)-沉睡中的猛虎。</div><div><br /></div><div>公司简介:成立于1986年的一家槟城公司在2004年1月上市大马股票交易所筹集RM37million。当年上市价格为RM0.50,市值约3.73亿令吉。当年股价一度狂涨至最高价的RM2.08。</div><div><br /></div><div>RGB 的业务就是销售和服务赌博娱乐机(人们俗称的老虎机)。如今RGB已被公认为是亚洲赌博娱乐机和设备的主要销售和营运商。业务也片铺马来西亚,柬埔寨王国,菲律宾,澳门,新加坡,老挝,越南,东帝汶和尼泊尔。</div><div><br /></div><div>🔥RGB 有两大业务:</div><div>(i) Sales and marketing, and manufacturing of electronic gaming machine (SSM)</div><div>顾名思义就是制造和销售赌博娱乐机,赌场设备以及各种与该机器相关的零件和组件</div><div>-以历年平均值来看SSM占该公司65%的营业额和约55%盈利</div><div><br /></div><div>(ii) Technical Support and Management (TSM)</div><div>这主要是提供技术上的支持和咨询服务给予53间赌博娱乐机营运商以确保该赌博机可以正常运作,RGB再与运营商分享利润。这也说明这业务靠的就是赌量。这当中涉及的赌博机器大约有5700架。</div><div>-以历年平均值来看TSM占该公司35%的营业额和约45%盈利</div><div><br /></div><div>🔥其实自上市以来RGB的业绩都是稳定成长可惜在2008年因柬埔寨政府实行国民禁赌政策从而导致业绩的衰退4年(2008-2011)。由于业绩的不给力,所以股价也跟随一蹶不振。</div><div><br /></div><div>🔥 2012年RGB开始转亏为盈直到2019年业绩都是蒸蒸日上,但是股价却在2016年尾的最后一波上涨后就没再回到之前的位置。</div><div><br /></div><div>🔥估值也越来越便宜,这当中可能是因为投资者认为这门生意太过于传统而不愿意再给予像上市时的PE25估值吧。</div><div><br /></div><div>🔥而2020年刚好又遇到COVID-19来袭导致该公司再度陷入亏损。此景犹如温故知新 (对比2008年的挑战以及过后的复苏)。</div><div><br /></div><div>🔥以最新季度报表来看,尽管2020年是多么的挑战但该公司的营运现金流依然是正数的!再加上该公司依然处于净现金状态。</div><div><br /></div><div>🔥2020年的主要亏损源自TSM业务因为各国为应对COVID-19而采取的封国措施。由上面的业务解说有提到,TSM靠的就是赌量,越多人赌,可分享利润就越高。随着各界开始开放,该业务也开始看见生机。</div><div><br /></div><div>🔥这贴附上2020年两大业务的税前利润与亏损,可以清楚看见两大业务都已经在2020Q3开始复苏了!</div><div>管理层也表示开始看到了2021年博彩业的复苏也预计2021年的业绩会更好!</div><div><br /></div><div>🔥估值而言,现在市值只是2亿令吉。疫情受控,边界开放过后,旅游博彩业有报复性的消费,相信该公司回到2019年的赚益(4千万令吉)只是时间问题而已,以现在的市值和至少PE8的估值实属低估!</div><div><br /></div><div>🔥个人感言:这家公司磨的就是耐心,现在百业复苏,而股价还在底部的公司少之又少。正所谓烂船都有三根钉更何况是一家有能力复苏的公司。投资者只需静待其股价回归其合理水平。</div><div><br /></div><div>#marketnarrator</div><div><br /></div><div>以上文章仅供参考和教育用途。该信息不应被解释为投资/交易建议,也不应被视为购买或出售或持有所提及任何证券的邀请或建议。</div><div><br /></div><div>https://m.facebook.com/story.php?story_fbid=926207024810867&id=482876155810625<br /></div><div><br /></div><div><br /></div>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-56056898760625224902020-01-30T15:42:00.000+08:002020-01-30T20:44:16.702+08:00Bahvest, Engtex, ES Ceramics, Globaltec Formation, Mclean, Oceancash, Pansar, RGB, Xidelang<br />
<a name='more'></a>KUALA LUMPUR (Jan 30): theedgemarkets.com has highlighted nine stocks with momentum today at Bursa Malaysia’s afternoon close. All stocks displayed negative momentum.<br /><br />The stocks with negative momentum were<br /><br />RGB International Bhd – up 2.5 sen at 20 sen<br /><br />Oceancash Pacific Bhd – down 3.5 sen at 58.5 sen<br /><br />Bahvest Resources Bhd – down 1.5 sen at 58 sen<br /><br />ES Ceramics Technology Bhd – up half a sen at 38 sen<br /><br />Mclean Technologies Bhd – up two sen at 29 sen<br /><br />Engtex Group Bhd – up half a sen at 85 sen<br /><br />Xidelang Holdings Ltd – unchanged at 17 sen<br /><br />Globaltec Formation Bhd – down four sen at 45 sen<br /><br />Pansar Bhd – up 1.5 sen at 65 sen<br /><br />The list of stocks with momentum is generated using a proprietary mathematical algorithm highlighting stocks with a build-up in trading volume and price. The algorithm differentiates between stocks that exhibit positive (+ve) momentum and negative (-ve) momentum.<br /><br />This list is not a buy or sell recommendation. It merely tells you which stocks are seeing higher than normal volume and price movements. The share price may move up or down from this point. But the “+ve” (suggesting a rising price trend on volume) and “-ve” (suggesting a falling price trend on volume) indicators should give readers a better idea of what the market is buying and when to sell. Note also that momentum generally only persists for a short period of time.<br /><br />However, each stock has an accompanying fundamental score and valuation score to help readers evaluate the attractiveness of the stocks, if they want to ride the momentum.<br /><br />For more detailed financial information and reports on the above-mentioned stocks, please subscribe to AbsolutelyStocks at www.absolutelystocks.com<br /><br />https://www.theedgemarkets.com/article/bahvest-engtex-es-ceramics-globaltec-formation-mclean-oceancash-pansar-rgb-xidelang<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-39735959115789254412020-01-24T06:52:00.000+08:002020-01-24T18:52:45.207+08:00《看图说故事 42 - RGB (0037) RGB國際 冷眼心碎股》<br />
<a name='more'></a>《看图说故事 42 - RGB 0037 冷眼心碎股》<br />
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RGB, 是冷眼前辈在2016年尾亲点的其中一只心水股。<br />
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前辈的名字在2015年至2017年都出现在公司的年报中。不过2018年的年报已看不到他的名字了。<br />
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前辈是心碎💔离场了吗?🤷🏻♂️<br />
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RGB是家属于娱乐休闲类的公司,其实就是赌的行业。<br />
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🎰公司的核心业务🎰<br />
1)Sales & Marketing(SSM)<br />
主要是制造与销售老虎机或其它赌具。<br />
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2)Technical Support & Management (TSM)<br />
主要是与赌场签署特许经营协议,负责提供技术支援与管理赌场里的老虎机,从赌注中获得稳定的现金流。<br />
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3)Engineering Services<br />
提供老虎机的保养与维修服务<br />
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🎲2018财政年SSM贡献70%营业额,TSM贡献29%,剩下1%来自Engineering service。<br />
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🎲公司目前是亚洲最大的老虎机特许经营与管理公司。业务遍布大马、柬埔寨、菲律宾、越南、寮国、新家坡、澳门、东帝汶、尼泊尔。而菲律宾是主要业绩来源国。<br />
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🎲TSM 业务在截至2018年尾,在全亚洲拥有超过30个特许经营据点,超过5,500台老虎机在运作。<br />
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🎲把TSM业务分拆香港上市的计划,因市况不明朗而被搁置。这也间接影响了扩展计划。<br />
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🎲管理层在年报或季报中对未来展望都非常正面。总是说明年会比今年好。不过,2019年3个季度过去了,好像并没有比去年好😅<br />
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难怪连冷眼前辈也心碎不玩了😅🤣<br />
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目前股息率在3.8%左右,只是面对这样在下跌通道运行的股价,何时才能拉中Jackpot🎰呢?!<br />
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🎰🎰🃏🃏🀄️🀄️♠️♠️♣️♣️♥️♥️♦️♦️🎲🎲<br />
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投资达人TAvestor FBpage 将在二月一号满一周年了。希望过去的分享大家都喜欢,今年也将会举办更多活动回馈大家。<br />
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所以一定要Like & Follow #投资达人TAvestor<br />
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还要记得Share & Tag 你的好朋友呀!<br />
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㊗️大家鼠年行大运,恭喜发财🎊🎉<br />
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#RGB<br />
#tavestortee<br />
#投资达人TAvestor<br />
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《免责声明》<br />
以上内容与图表纯属个人观点,只供参考以做学习用途,并非任何买卖建议,一切盈亏自负。<br />
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https://m.facebook.com/tavestor/?refid=52&__tn__=C-R<br />
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<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-65153811236322297092019-05-31T07:40:00.002+08:002019-05-31T07:40:36.329+08:00RGB (0037) RGB國際 周年股东大会 - Stockaholics<br />
<a name='more'></a>来来来,今天咱们来谈些赌场生意<br />RGB 周年股东大会<br />• 管理层表示今年他们预计将会出售1600架”老虎机”,目前已送出完成400架。剩余的将会在第三季第四季度传送。 <br />• 这1600架,有50-60% 是传送至菲律宾 <br />• 公司在河内的发展本将在今年5月送出的100多架机器,因为程序上有些阻碍,所以公司预期7月才能交货。 <br />• TSM方面,他们在今年得到1300架的特许权运到菲律宾,而这合约是以五年为期,保守估计将会为公司带来USD50mil <br />• 在柬埔寨方面,就得到280架的特许权,合约也是为期五年,保守估计将会为公司带来USD10mil <br />• 由于TSM在积极发展,所以今年公司的治本支出和去年差不多 <br />• 今年公司将会增设5-6间的营业办公司<br />• 菲律宾 2-3间<br />• 柬埔寨 2间<br />• 西哈努克 1 间<br />WY, Stockaholics<br /><br />https://www.facebook.com/stockaholics.intl/posts/2443687799197953<br /><br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-11545004458573324952019-03-11T21:05:00.000+08:002019-03-11T21:05:54.329+08:00 股票点评 25 Feb - 8 March 2019<br />
<a name='more'></a> 25 Feb - 8 March 2019<br />
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马化工(CCM 2879),是一间从事销售化学品和聚合物公司。公司2018年全年业绩表现还不俗,起营收增加6.8%,而其税后盈利由亏转盈,盈利高达3076万,或每股盈利15.33sen。公司的营收增加,和其管理成本和融资成本下跌都是导致公司整体盈利增加的主因。不过第四季度显示公司的毛利率下跌,而且营收也下跌,成了公司隐忧,因为这情况不知会否持续或是短暂问题。公司至2017年进行重组和成功减债后,让公司可以更加专注在化学品和聚合物业务,而且让公司的财务压力降低以致融资成本减少,这些已经启到作用,不过公司还需要更进一步开发更多市场,那么业绩才会有更亮丽的表现。<br />
(净资产RM1.86 本益比 12.85 股息9sen(2018) 股东回酬 8.03%)<br />
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森立木业(TIMWELL 7854),是一间伐木和销售木材相关产品公司。公司2018年的业绩表现很不俗,其营收增加14.24%,其税后盈利增加接近3倍,达628万或每股盈利7.30sen。公司除了因为营收增加外,公司的资产进行估值而获得额外特别盈利达280万,所以整体的盈利有大幅度的提高。森立木业公司规模不大,虽然过去3年来的表现有逐步成长,不过始终规模都不大,而且公司手上的现金相当不多,纵然有不错的盈利,但公司并不能给出较好的股息。公司2017年是首次给股息,股息有1sen,相信今年应该也会有,不过考虑公司的现金规模,股息大慨也是在1sen左右。公司股息不高,股票流通量也不高,吸引力大减,因此股票价格变化不大,因此还需要管理层多些努力来改变现况。<br />
(净资产RM0.569 本益比 9.04 股息1sen(2017) 股东回酬 12.83%)<br />
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RGB国际(RGB 0037),是一间从事角子机生意的公司。公司2018年全年业绩看来不俗,其营收增加50%,而其税后盈利也增加15%,达3543万,或每股盈利2.29sen。公司营收大幅度增加,但其毛利率在第四季度大幅度减少,以致拖累了全年毛利表现,幸好公司的管理成本减少,而且是出现税务回拨,才有此盈利状况。公司在第四季度表现不太好看,营收和盈利都大幅度减少,这当然让投资者担忧,期望公司管理层可以在新的季度做出改变。公司今年会把其技术支援和维修部门分坼到香港上市,这对公司和股东们是好消息,如果成功上市,而且价格好,自然就拉抬公司的股价,也可以吸引更多投资者的注意。<br />
(净资产RM0.15 本益比 10.26 股息0.7sen(2017) 股东回酬 15.27%)<br />
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云顶大马(GENM 4715),是一间从事娱乐和酒店管理公司。公司2018年全年业绩不佳,受多重因素影响,其营收增加6.4%,但其原本税后盈利却变成了税后亏损,其亏损额达8635万,或每股盈利0.35sen。公司虽然营收增加,毛利率也增加,但却因为对美国的投资做出资产减值高达19亿的行动,而导致整体盈利下滑至负数。公司过去几个月风波不断,虽然现在看起来风平浪静,不过其主题游乐园到底会什么下场就很令人期待,如果公司成功令到主题乐园继续进行的话,那么公司今年业绩一定比去年好,可令公司业务更多元化,降低政府提高赌博税务影响,不过现在看来没什么进展,只怕年尾又要进行减值活动,那么公司股东会很受伤。公司昨天突然宣布特别股息,把全年股息提高至19sen,比去年还多出2sen,但去年是赚17亿,今年是亏钱,看来公司那么奇特的派息,很令人遐想!<br />
(净资产RM3.22 本益比 N/A 股息19sen(2018) 股东回酬 -0.10%)<br />
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艾利斯(IRIS 0010),是一间从事销售身份识别卡;建筑和食品加工业务公司。公司2019年首9个月的业绩成功从亏转盈,其9个月的营收虽然减少30%,但却由亏转盈,税后盈利为576万或每股盈利(9个月)0.68sen。公司在脱售非核心的教育事业后,虽然营收大幅度减少,但却成功连续3个季度都有盈利,而未来公司还会再继续脱售其他亏损业务(食品加工)和非核心业务,专注在身份识别卡业务,那么公司的盈利状况将会大大的改变,因为只是身份识别业务就有超过千万的盈利,可是却因为其他业务亏损而大大拖低了盈利,因此公司期望可以在2019年逐步出售这些亏损非核心业务。政府会在今年第三或第四季宣布新的本地身份识别卡价值3亿的合约,如果公司成功获得此合约,那么公司肯定可以在此业务上锦上添花。<br />
(净资产RM0.091 本益比 15 股息N/A 股东回酬 -18.02%)<br />
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神通科技(SCOMNET 0001),是一间从事生产医药器材电线,和通讯电线公司。公司2018年的业绩表现亮眼,其营收上升1.56倍,而其税后盈利也增加3.7倍,达1217万,或每股盈利1.89sen。公司是在2017年尾收购一间医药器材电线公司后,业绩突飞猛进,从过往小赚变成有不错的盈利。公司由于2018年的业绩暴升,其股价也同时上升了好几倍,但以本益比来看,公司股价并不便宜,而且公司2018年第四季度的表现好像有点放慢脚步了,如果接下来的季度都如此,那么公司的股价会显得相当昂贵,除非公司开始给股息,要不然股价要维持在高位并不容易<br />
(净资产RM0.21 本益比 39.68 股息N/A 股东回酬 -9.00%)<br />
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帕乐兴(BRAHIMS 9474),是一间承包和提供餐饮给大型运输机构和餐饮公司。公司2018年的业绩终于让公司跌入PN17 的行列,公司是前首相弟弟的,而且连续大亏数年,经营手法是大有问题。2018年其营收下跌6%,但其税后亏损高达52倍,亏损额1亿1604万,或每股亏损43.65sen。公司虽然全年毛利有达43%,但在第四季度却只有2%,而且每年的运营成本都在增加,今年又多了一项商誉减值高达8860万,所以出现大亏。公司虽然持续都获得食品合约,不过却也年年亏损,几乎看不到有反转的可能。去年年初其有多年管理经验的CEO,突然以私人理由宣布辞职,很有可能他知道这间公司有很大问题,而且处理不容易,也许管理层和大股东要进行一些洗牌过程,才有可能改变这间公司的命运。<br />
(净资产-RM0.02 本益比 N/A 股息N/A 股东回酬 N/A)<br />
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PECCA集团(PECCA 5271),是一间从事生产汽车和飞机沙发公司。公司2019年首半年业绩不俗,其营收增加11.59%,而其税后盈利也同时增加66%,达932万或每股盈利(6个月)5.02sen。公司首半年因为受到一段免税期而让汽车销量增加,加上原料成本减少,毛利大增,所以令到公司上半年出现明显的盈利涨幅。未来虽然有多款新汽车会连续推出市场,而且将会运用到公司提供的皮革沙发,因此公司的前景应该还可以维持,不过因为没有了免税带来的好处,加上汽车工会预测今年汽车的销量增长几乎和去年持平,所以公司下半年的增长有可能会放缓,就没有上半年增长那么迅速了。<br />
(净资产RM0.888 本益比 14.87 股息 5sen(2018) 股东回酬 8.25%)<br />
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陆兴旺(MUHIBAH 5703),是一间从事建筑工程,吊机和经营柬埔寨机场公司。公司2018年全年业绩不俗,其营收增加12.4%,而其税后盈利也增加21.8%,达2亿3304万,或每股盈利30.12sen。公司虽然受到本地建筑业务放缓影响,不过却因为吊机生意和特许经营的机场生意有不错的成长,进而带动了公司整体的营收和盈利。公司最近收购了另一间吊机公司,贡献相当大笔的盈利,相信未来公司的营收和盈利还是要靠吊机和经营机场来推动成长。<br />
(净资产RM2.33 本益比 9.92 股息 7sen(2017) 股东回酬 12.85%)<br />
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利达(BTECH 0011),是一间从事处理废水和净化水公司。公司2018年全年业绩看来是不错,不过放长时间看,和过去5年比较算平平。公司2018年全年营收上升3.3%,而税后盈利增加3.9%,达415万,或每股盈利1.66sen。公司今年因为营收增加,所以有比较不错的盈利表现。公司过去都有持续盈利,过去5年盈利介于4-5百万范围内。也许基于业务性质,公司盈利是没什么问题,但公司要有持续性的成长就可能不太容易,这也解释了为何其股价的波动性不大。公司股息给的相当慷慨,今年给出了1.6sen的股息,几乎给出100%盈利,而过去4年,每年都有给出1.2sen - 1.6sen的股息,如果按股息除以股价来算,公司的股息率回酬比银行定存还高些。<br />
(净资产RM0.23 本益比18.79 股息 1.6sen(2018) 股东回酬 7.17%)<br />
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https://koonhoo.blogspot.com/2019/03/25-feb-8-march-2019.htmlUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-48434263192666440552019-03-11T20:53:00.000+08:002019-03-11T20:53:22.073+08:00Cover Story: Brighter outlook for small caps?<a name='more'></a><br />Cover Story: Brighter outlook for small caps?<br /><br />The outlook for small-cap stocks is looking brighter this year as potential changes in global economic trends and market sentiment could see foreign funds flowing back into emerging markets, including Malaysia. This could push up the prices of small caps, say fund managers. <br /><br />Choo Swee Kee, chief investment officer at TA Investment Management Bhd, says the FBM Small Cap Index fell more than 30% last year. It was a meaningful correction that presented several investment opportunities for investors with a higher risk appetite.<br /><br />“Prices are much cheaper now and some stocks are trading at price-earnings ratios (PERs) of less than 12 times. This is despite the fact that the businesses of these companies are still growing at decent rates. Yes, it is a good time to bargain-hunt,” says Choo.<br /><br />The FBM Small Cap Index had rebounded 16.14% to 13,123.04 points year to date (as at Feb 21). However, it is still relatively low compared with its peak of 18,082.88 points in January last year.<br /><br />The battering that the small-cap space received last year was due to retail investors exiting the market before and after the 14th general election. It was also because of significant earnings downgrades by analysts and research firms on small-cap companies, says Apex Investment Services Bhd CEO Clement Chew.<br /><br />He adds that the average PER of the FBM Small Cap Index is now at a more reasonable level. “The FBM KLCI had fallen 3.6% from the start of last year to February this year. By comparison, the FBM Small Cap Index had fallen 23% over the same period. For investors with a bigger risk appetite, it is a good time to look at the small-cap space.” <br /><br />Global economic trends could benefit local small caps, according to Ang Hin Yik, investment services manager at Eastspring Investments Bhd. He says if the US Federal Reserve were to halt its balance sheet unwinding efforts and put an end to its interest rate hike cycle this year, the US dollar should stabilise or weaken. Coupled with a stable economic environment in the rest of the world, global fund flows that fled the emerging markets could return.<br /><br />“Malaysia should be one of the beneficiaries if fund flows reverse and local small caps see a stronger rebound [than large caps] as investors’ risk appetite improves,” says Ang.<br /><br />The unresolved trade war between the US and China has brought opportunities to some Malaysian companies in the technology sector, he adds. “Some companies are seeing higher loadings from [global] clients as Malaysia is seen as a preferred manufacturing destination. Some companies are grabbing this opportunity to expand their market share.”<br /><br />The ongoing trade war has ignited uncertainties in the tech sector and the raging war on 5G technology has slowed smartphone shipments considerably. Tech stock prices have retreated as a result.<br /><br />“However, we view this as a golden opportunity to accumulate positions for the longer term as we believe the sector is still on a secular upward trend amid the introduction of new applications and gadgets such as cloud computing and medical devices,” says Ang.<br /><br />However, some fund managers caution about investing in the sector. Lim Tze Cheng, CEO of Inter-Pacific Asset Management Sdn Bhd (InterPac), says while the share prices of good small-cap companies are attractive, the domestic economy is slowing down. “This is partly due to the review of mega infrastructure projects by the government.”<br /><br />The payment of tax refunds (including the Goods and Services Tax and personal income tax) of up to RM37 billion will spur the economy, but its impact will only be felt by the end of this year or later, he adds.<br /><br />A fund manager who declines to be named says political uncertainties could hamper the prices of small caps. “For instance, news reports say some members of the Pakatan Harapan coalition are plotting against Prime Minister Dr Mahathir Mohamad. What if such things really happened? It is hard to tell.”<br /><br />On the global front, Lim says there is a reasonably high chance that the US-China trade tensions may not be resolved this month. Eastspring’s Ang says global economic growth may continue to slow down this year due to the lower growth rates in the world’s major economies.<br /><br />Apex’s Chew says investors should take note of the liquidity issue in the small-cap space. “These stocks are generally illiquid, which make them risky and difficult to sell when market sentiment deteriorates. Also, since they have relatively lower institutional exposure, price volatility can be huge.”<br /><br />Investors should invest in good quality companies, says Ang. “To sum it up, we think there are pockets of outperformance in small-cap stocks after the drastic plunge in share prices last year. We expect good quality names to rebound as the selldown in 2018 was indiscriminate as investors’ risk appetite had waned.<br /><br />“The selling volume in the space has declined to indicate selling exhaustion. Insider buying of small-cap companies is also on the rise as their management teams are optimistic about their long-term potential. A lot of negativity has been priced in and valuations are now much cheaper.”<br /><br />The following are some small-cap companies that fund managers like.<br /><br /><br /><br />SLP Resources<br /><br />SLP Resources Bhd manufactures plastic products and related goods. InterPac’s Lim likes the company as it has enjoyed a high profit margin over the years. Its earnings could improve further due to its foray into the manufacturing of healthcare products and low raw material prices.<br /><br />“The company enjoys a profit margin of about 11% to 12% over the year. This is an impressive number for a manufacturing company,” says Lim.<br /><br />“Manufacturers usually have single-digit profit margins of 5% to 6%. Even at 8%, they are considered pretty well run.”<br /><br />The main reason behind the double-digit profit margin is that the company produces various types of high-quality kitchen bags that cater for the Japanese market. These Mizukiri bags are suitable for the disposal of food items as they have tiny holes at the bottom for liquid to flow out, says Lim. “These are not the black rubbish bags that Malaysians typically use and I don’t think it is sold locally.”<br /><br />He expects the export of these kitchen bags to do well. In 2017, about one-third of the company’s revenue of RM180 million was derived from its exports to Japan. In the first nine months of last year, about RM53 million of its RM140 million in revenue came from Japan.<br /><br />Another growth driver going forward is the low raw material price of resin and the manufacturing of backsheet films for diapers, says Lim.<br /><br />The raw material of plastic products is resin — a solid or highly viscous substance that reacts to certain conditions (such as heat) or other substances. There are various kinds of resin and the two most commonly used for industrial manufacturing of plastic products are low-density and high-density polyethylene.<br /><br />The prices of these two resins have been trending down since last year due to an increase in supply. Lim says this is because resin capacity is building up in countries such as the US and India. Even in Malaysia, the Pengerang Integrated Petroleum Complex, scheduled for completion this year, will increase the output of petrochemical (the base material for resin) and could further increase the global supply of resin.<br /><br />The trend of low resin prices augurs well for companies such as SLP Resources as the raw material takes up about 70% to 80% of their production costs. “Even if resin prices do not drop further, it is good for the company,” says Lim.<br /><br />Another key driver for potentially better future earnings is the manufacturing of breathable backsheet films that help contain the liquid inside baby diapers. Lim says the company is strong in R&D and has come out with one of the world’s thinnest backsheet for baby diapers. This product could boost the company’s earnings in the future.<br /><br />Lim says the company has a long history in the industry and a strong management team. “The company started as a business that traded in resin. Kelvin [Khaw], its group managing director, and the second generation of the Khaw family built up the manufacturing business. He is a technical person and has managed the company well. His background is a reason SLP Resources is strong in R&D.”<br /><br /><br /><br />P.I.E Industrial<br /><br />P.I.E Industrial Bhd started out as a manufacturer of wires and cables. In 1997, it expanded its capabilities to include mould and die fabrication, plastic injection moulding and printed circuit board assembly, among others.<br /><br />Lim says the company tends to be overlooked by investors. Its quarterly numbers may not look particularly impressive while its accounts payable look huge in total. The company has a solid client base that includes multinational corporations but it is unable to publicise this fact due to the confidential nature of the contracts it has signed with clients.<br /><br />However, if investors look carefully at the company’s financials, it has good and stable earnings. It also enjoys a profit margin of 7% to 8% — a healthy rate in the manufacturing industry, says Lim.<br /><br />He says the company’s performance should be evaluated on an annual basis as it supplies products to industrial players. “They provide products to a niche segment of industrial clients. They are not in the cash business like Apple, which sells iPhones to the mass market.<br /><br />“Industrial products include barcode readers, industrial equipment chargers and medical devices used by industry players. The volumes are several hundred thousand a year rather than millions.<br /><br />“Its earnings also depend on product shipments and they only receive full payment after the products are delivered.” <br /><br />Lim says the company’s accounts payable seem like a big number, but it is a manageable sum. The company had accounts payable of RM112 million in 2017, about 16% of its total revenue. “This rate is quite common among manufacturing companies that operate in the industrial segment,” he adds.<br /><br />The company had cash amounting to RM106 million and RM87 million in 2016 and 2017 respectively, without any debt, says Lim. <br /><br />He says the company would attract more investor attention if its profit and revenue continue to grow. “I also like the fact that the company has been in the industry since the 1990s and has a strong management team.”<br /><br /><br /><br />Karex<br /><br />Karex Bhd, the world’s largest condom manufacturer, is a home-grown company based in Klang, Selangor. It produces 15% of the global condom supply and supplies to well-known brands such as Durex.<br /><br />However, local investors seem to have lost confidence in the company in recent years. This is reflected in its sliding share price. The stock had plunged 85% from its peak in January 2016 to 46 sen per share on Feb 20.<br /><br />This is hardly surprising as the company’s net profit has fallen drastically in the last few years. According to Bloomberg, Karex’s net profit nosedived from RM66.7 million in 2016 to RM10.1 million in 2018 despite its revenue growing from RM343.6 million to RM408 million during the period.<br /><br />TA’s Choo, however, favours the stock and expects the company’s earnings and profit margin to recover this year. He says the fall in net profit in the last three years was mainly due to higher administrative and marketing costs incurred to promote the company’s own condom brand. The Karex condom, which has a higher profit margin than the company’s non-branded products, has not been selling fast enough to cover the company’s higher expenses.<br /><br />“The company’s management had to go through a learning curve in marketing and selling their own brand to consumers. Previously, they were only manufacturing products for other companies. But now, they are selling their own brand of condoms in the market,” says Choo.<br /><br />According to an analyst report by JP Morgan released in December last year, the percentage of the company’s administrative and distribution costs as compared with its total revenue had increased by 15%, 20% and 22% in FY2016, FY2017 and FY2018 respectively. The report also pointed out that the Karex brand had a higher gross profit margin (of more than 50%) than its non-branded products supplied to other companies (28% to 30%). It was also higher than those sold to governments and non-governmental organisations via tender projects (12% to 15%). <br /><br />Choo expects the company to turn around this year. He says sales of the Karex condom have improved in the last three years. The momentum could continue and contribute to the company’s earnings.<br /><br />“Their own brand is more commonly seen on the shelf and has more exposure. This contributed about 4% to its total revenue in FY2014 and the number doubled in FY2016. It hit 15% in FY2018,” says Choo.<br /><br />The steady increase and higher sales of the Karex condom could see a recovery in the company’s profit margin this year. “We are expecting it to climb about 10%,” he says. <br /><br />Choo says there have not been many changes to the company’s core business. “It continues to supply condoms to the commercial and tender market. That is why its revenue has been steady. It is the profit margin that has been affected.”<br /><br />He says the management team has been looking for ways to improve the business such as being on the lookout for new factories and purchasing new machinery to improve efficiency.<br /><br /><br /><br />RGB International<br /><br />Apex’s Chew is optimistic about the prospects of RGB International Bhd, a gaming products supplier that derives a large part of its revenue from Cambodia and the Philippines. It manufactures and distributes gaming products to overseas companies and provides gaming machine concession programmes to gaming operators.<br /><br />Formerly known as Dreamgate Corp Bhd, the company’s share price once hit a high of 49 sen per share in 2007 before crashing to 8 sen. Back then, the company was riding on Cambodia’s growing gambling sector and even derived about half its revenue from the country at one point.<br /><br />However, the Cambodian government sent out a directive in December 2008 and February 2009 prohibiting sports betting and electronic gaming machines in entertainment clubs. As a result, the company suffered huge losses and had to pull out from a joint-venture casino known as Chateau De Bavet.<br /><br />“Since then, the company has revamped its business model and focuses on selling slot machines and providing concession programmes. Its concession business is doing well as it benefits from both sides of the equation. The company supplies the machines and takes 50% of the profit earned by the gaming operator while the operator does not need to bear any costs in acquiring the machines,” says Chew.<br /><br />The company has grown quite rapidly in recent years, he adds. “Its business model is pretty strong and earnings increased 19% and 22% in 2016 and 2017 respectively. This year, it should be about 16%.<br /><br />“The company is trading at a price-earnings ratio of nine times, which is quite cheap. It has a strong balance sheet and is in a net cash position. It may gain more investor attention going forward.”<br /><br /><br /><br />Asian small caps look attractive<br /><br />Small-cap stocks in other parts of Asia are also starting to look attractive. Gary Lim, regional fund manager at Apex Investment Services Bhd, says small caps in the region have bottomed out. This is partly reflected in the MSCI Asia ex-Japan Small Cap Index, which had fallen 24.96% to 903.25 points last October but has been rising steadily since the start of the year.<br /><br />The index has climbed 5.8% year to date (as at Feb 21) to 1,012.75 points. This compares with its previous peak of 1,214.17 points in February last year.<br /><br />Lim’s positive view on Asian small-cap stocks is based on two global events. The first is that the US Federal Reserve has indicated that it will end its balance sheet unwinding this year. It has also mentioned that a plan will be announced to “provide more certainty about the process for completing the normalisation of the Federal Reserve’s balance sheet”.<br /><br />This could be positive for the stock market, says Lim. “To give you an idea, the Fed’s balance sheet was about US$1 trillion before the 2008 global financial crisis and it went up to about US$4.5 trillion after the crisis. Many people expect it to fall to US$2 trillion or US$2.5 trillion. However, if the balance sheet run-off were to stop at the end of this year, the Fed balance sheet would shrink to about US$3.5 trillion — a higher level than what the market expects.”<br /><br />Lim says the possibility of the US-China trade war being resolved soon is another potential catalyst for the region’s small caps. According to a CNBC news report, negotiators from both sides are drawing up six memoranda of understanding on structural issues such as forced technology transfer and cybertheft, intellectual property rights, services, currencies, agriculture and non-tariff barriers to trade.<br /><br />Bloomberg has reported that the US recently sought a pledge to keep the Chinese renminbi stable. This is aimed at neutralising any efforts by Beijing to counter US tariffs.<br /><br />“Over time, I think the US has realised that there is nothing much they can squeeze out of China [and it is time that the two parties strike a deal],” says Lim.<br /><br />One way to invest in the regional small-cap space is through unit trust funds. According to the Lipper Fund Table, the Equity Asia Pacific Small & Mid Cap fund category generated an average return of -12.05% in the past 12 months (as at Feb 15). The returns were 25.38% and 16.13% in the past three and five years respectively.<br /><br />The ringgit-hedged United Japan Discovery Fund, launched by UOA Asset Management Sdn Bhd, has been the top performer in the last three years, with a return of 66.55%. This is followed by Templeton Asian Smaller Companies MYR fund (33.75%) and PB Asia Emerging Growth fund (14.15%). Last year, five of the six funds in the category generated negative returns.<br /><br />http://www.theedgemarkets.com/article/cover-story-brighter-outlook-small-capsUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-2371305016579105722019-01-14T15:30:00.001+08:002019-01-14T15:30:16.203+08:00RGB - The JACKPOT MACHINE Is READY TO SPIN<br />
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Yes it's time and best time to consider <b>RGB (0037) </b>again ! Why ? Many obvious reason will be list down when you finish reading it.<br />
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<b>RGB</b> is a very unique company in Malaysia as the only <b>Slot Machine maker</b> and service maintenance company which already quite well known in trader eye as used to be invested by <b>COLD Eye</b> the famous <b>Malaysia Investor. </b></div>
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Let this article tell you how much more business potential for <b>RGB</b> as <b>RGB</b> recent great sales are coming from <b>CAMBODIA ! </b>(quarterly report<b> </b>mentioned INDOCHINA, assume to be VIETNAM, CAMBODIA, MYAMAR)</div>
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<b><a href="http://asianews.it/news-en/Casino-boom-in-Cambodia:-+-53-per-cent-in-2018-only-45865.html" rel="nofollow" target="_blank">http://asianews.it/news-en/Casino-boom-in-Cambodia:-+-53-per-cent-in-2018-only-45865.html</a></b><br />
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However we usually don't explain on how the business too detail as we like to put fact on table and let them talk themself. </div>
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First for most, quarterly report : <span style="color: red;"><b>(READ BELOW closely STRONG INFO EXPOSED !)</b></span></div>
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Very obvious, we can see <b>RGB</b> have making very good improvement
recent years, and latest quarterly result even post quarterly new high
at RM 11.9 million net profit !! </div>
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This is not enough right? Why ? Because we have doubt for coming
quarterly result. That's already solved because we know how to interpret
information as below: </div>
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Source from this link : <b><a href="https://www.enanyang.my/news/20181210/%E7%9C%8B%E5%A5%BD%E5%B8%82%E5%9C%BA%E9%9C%80%E6%B1%82-rgb%E6%94%BE%E7%9C%BC4000%E4%B8%87%E7%A8%8E%E5%89%8D%E7%9B%88%E5%88%A9/" rel="nofollow" target="_blank">HERE</a> </b></div>
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The news above mentioned that <span style="color: red;"><b>highly confident</b> </span>that profit before tax for full year can hit RM 40 million profit before tax. </div>
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Let us just assume lah, if really RM 40 million profit before tax, then coming February quarter can post what result?<br />
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Just minus RM 40 million whole year to the announced 3 quarter which is :</div>
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RM 40 mil - RM 13.2 mil (3rd quarter) - RM 8.8 mil (2nd quarter) - RM
6.7 (3rd quarter) = RM 11.3 mil for coming quarter result. </div>
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<span style="font-size: large;"><b><span style="color: red;">Minus TAX should at least have </span><span style="color: blue;">RM 8-9 Million</span><span style="color: red;"> net profit which is way better than last year only 6 million ! </span></b></span></div>
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<span style="font-size: large;"><b><span style="color: blue;">50 %</span><span style="color: red;"> increase !!</span></b></span></div>
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Not enough? </div>
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It's nett cash company with roughly RM 0.055 cent per share ! </div>
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So definitely a safe and healthy company !</div>
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<b><span style="color: red;">SOME MORE ! </span></b></div>
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Source : <b><a href="http://www.sinchew.com.my/node/1796937/rgb%E5%9B%BD%E9%99%85%E5%88%86%E6%8B%86%E4%B8%9A%E5%8A%A1%E8%B5%B4%E6%B8%AF%E4%B8%8A%E5%B8%82" rel="nofollow" target="_blank">HERE </a></b></div>
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The company servicing department already in planing to list<b> IPO in HONG KONG</b> !
And it will be this year ! This will confirm unlock the company value
further as IPO in HONG KONG definitely get very good valuation !!</div>
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<b><span style="font-size: large;">Good enough and lets look at the price chart, has it low enough? Should we chase ? </span></b><br />
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What?? Weekly chart also show Technically it's still at bottom because
of recent trade war and bad sentiment? Such good opportunity to buy at
bottom, risk reward seems to be great !! Set cut if break RM 0.19 and
potential upside target at least 5 time of cut loss which is RM 0.25 !!
Lose 1 cent and win 5 cent ! Wow !</div>
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What about daily chart ? </div>
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Even more obvious that RM 0.205 sideways breakout with volume !<b> It's a good early bullish sign that still not yet up too much !</b> There
is a gap at RM 0.25 at September 2018, could it be a big hint this bull
wanna fill the gap very soon? Its definitely a yes to us !</div>
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As a conclusion :</div>
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1. RGB already posting strong solid result over years.<br />
2. Cambodia, Vietnam CASINO all boom and increase over the year.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; margin: 0px;">
3. RGB income can be recurring due to servicing so no risk running out of sales.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; margin: 0px;">
4. RGB service department going to IPO in HK.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; margin: 0px;">
5. RGB price still at bottom and just almost turn up. </div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; margin: 0px;">
6. RGB is a net cash per share RM 0.055 cent company with very little debt.</div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; margin: 0px;">
7. RGB doing unique business that no much competitor in Malaysia. </div>
<div style="color: black; font-family: "Times New Roman"; font-size: medium; margin: 0px;">
<br />
My own personal "hope" for short term price to reach <b>RM 0.25</b>, mid term hope <b>RM 0.30. <br /><br />https://klse.i3investor.com/blogs/logictradinganalysiss/189887.jsp</b></div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-78197154921435781882018-08-26T08:42:00.001+08:002018-08-26T08:42:58.533+08:00RGB (0037) - High Earning Growth Moving forward!<br />
<a name='more'></a><br /><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><strong>A little background introduction:</strong></span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">RGB
is a one stop gaming solutions provider for clients in the gaming
industry. Based in Malaysia with more than 30 years of experience in
gaming industry, they have set their footprint across most of SEA
countries in Macau, the Philippines, Singapore, Vietnam and Cambodia.
They mainly operate in 2 segments: SSM (Sales & Marketing), which
involved in manufacturing and trading of various gaming products, &
TSM (Technical, Support & Management), which provides leasing of
gaming machines to casinos & slot club operators on a revenue share
basis. I’m not going to go through in details here, as few bloggers and
article have already covered about this stock previously, you can google
it up if you wish to know more.</span></span><br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-4hPXkchfYXOWxeaut53fQa6pVWRDsZDUCLN8wBASTMQIRl22uh7vQLjmMBn8IauLRmiMFQi54_4Dj2Y5rc8B9Yh9FA4tFO21z19excVQYsE87HowTvfdjxDecQzFhGlwARWGzg/s1600/STOCKS.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="245" data-original-width="321" height="244" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-4hPXkchfYXOWxeaut53fQa6pVWRDsZDUCLN8wBASTMQIRl22uh7vQLjmMBn8IauLRmiMFQi54_4Dj2Y5rc8B9Yh9FA4tFO21z19excVQYsE87HowTvfdjxDecQzFhGlwARWGzg/s320/STOCKS.jpg" style="display: inline;" width="320" /></a></div>
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><strong>Now,
to save your time of reading, let me get straight to the point: this
company RGB, is about to report explosive earning growth in coming
quarters. I’m going to tell you why.</strong></span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">On 30<sup>th</sup> May 2018, Starbiz release an interview with RGB on their coming prospect. Here’s what the Group MD, Datuk Chuah Kim Seah said:</span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"> <img height="125" src="http://klse.i3investor.com/files/my/blog/img/bl4770_11.png" width="600" /></span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Basically information that we can derive from the above statement:</span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">1) Sales of one machine = RM162m/1200 units = RM135k</span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">2) For first half they had delivered 779 units of machines, total revenue = 779 x RM135k = RM105m</span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">So
for 1H18, total sales for their sales & marketing segment is
RM105m, If we use this figure to deduct Q1 Sales & Marketing revenue
RM15.17m, we will be able to get their Q2 estimated revenue from
S&M, which is RM105m-RM15.17m = <strong>RM90m. in 2017, their profit margin from this segment is 14%. RM90m X14% = RM12.6m.</strong></span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><strong>How About TSM (Technical support & management) division? </strong></span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Currently,
TSM segment operates in 38 concession venues across Asia with a total
of 6,207 machines as at end of 2017. From last year, they have secured
another 1,500 machines to supply to various customers and operate under
concession business, which will start to contribute to their bottomline
in this year. That’s a 24% increase in number of machines compare to the
year before. And it doesn’t just stop there. In the recent interview
with starbiz, Datuk Chuah indicated that RGB has also locked in another
850 gaming machines for its concession and leasing business this year,
and will contribute another RM30-35m in turnover in 2019.</span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Looks like pretty promising, Isn’t it?</span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">But
in order to not to get too excited, let’s assume everything remain the
same for now, at least for next quarter.TSM division revenue in Q118 was
RM32m. Let’s assume both revenue & profit remain the same, Profit
will be RM9.75m.</span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Total
aggregate profit =RM12.6m+RM9.75m = RM22.35m. Minus off unallocated
expenses RM3.4m (Plug from Q1), operating profit will be RM18.95m.
Assume finance cost of RM230k & tax expenses of RM4.5m, <strong>Net profit = RM14.22m or EPS 10.5sen. </strong>Well sometimes things are too good to be good, so Let’s apply margin of safety and -20%, it will still equal to<strong> RM11.38m, EPS 8.4sen.</strong></span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">If this performance can be sustained for the rest of quarters, their EPS will came out to be<strong> 3 sen. Let’s apply a 12x PE and target price = RM0.36.</strong></span></span><br />
<br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #333333; line-height: 115%;">Datuk
Chuah is being quite bullish and super confident on his company as
well, he had mentioned few times in interviews and also financial report
that RGB Is going to perform better than 2017.</span></span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><img height="132" src="http://klse.i3investor.com/files/my/blog/img/bl4770_12.png" width="600" /></span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">He
even told Zi Hui in an interview that the growth rate in 2018 will
surpass than that of 2017. 2017 vs 2016, growth rate = 21.8%, If FY2018
able to grow 25%, the net profit will be RM38m, minus off RM6.4m in Q1,
they will need to deliver RM31.6m for the balance 3 quarters, that’s an
average of RM10.3m net profit per quarter. RM38m also equals to EPS of
2.8sen. Not too far from my estimation earlier.</span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><img height="98" src="http://klse.i3investor.com/files/my/blog/img/bl4770_13.png" width="600" /></span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Other Plus points:</span></span><br />
<ul>
<li>
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Past financial track record – net profit growing 5 years consecutively. CAGR of 35.47%.</span></span></li>
<li>
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Strong BalanceSheet, Net Cash per share 7.51sen</span></span></li>
<li>
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">Expanding
their business to fresh markets such as Nepal and South America. Huge
potential as there are lots of machines with more than 10 years old and
need to be replaced</span></span></li>
<li>
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;">According
to Technavio’s Global Casino Gaming Equipment Market 2017-2021 report,
the global casino gaming equipment market is expected to grow at a
compounded annual growth rate of 15.25% over the next four years.</span></span></li>
</ul>
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><strong>How is their share price doing?</strong></span></span><br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><img height="371" src="http://klse.i3investor.com/files/my/blog/img/bl4770_14.png" width="600" /></span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><strong>Uptrend
but not too aggressive, finding support on the trend line. It’s my
biggest investment in my portfolio which took up 50% of my capital and
I’m still looking to add position. </strong></span></span><br />
<br />
<span style="font-size: 14px;"><span style="font-family: arial,helvetica,sans-serif;"><strong>Disclaimer: This is not a buy call. Sharing is Caring :)<br /><br />http://klse.i3investor.com/blogs/hanliang88/171154.jsp</strong></span></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-51284942844074076972018-06-25T20:27:00.002+08:002018-06-25T20:33:53.482+08:00RGB (0037) - Why RGB Value at RM0.6 by Fong Si Ling<a name='more'></a><br />
<br />
<img alt="Image result for rgb international" src="http://www.thestar.com.my/%7E/media/online/2013/06/08/03/29/doc6aarqxriy0k1d0icrfdx.ashx/?w=620&h=413&crop=1&hash=1C0839EEF9519CE6B7228FD2E34E48102B4788A5" /><br />
<br />
<br />
<br />
<br />
1. New Market-Head-start into South American via Mexico back in 2017.<br />
<br />
3 years target market share 5% in equivalent to 10,000 unit gaming machine.(Huge Market)<br />
<br />
2. Strong cash pile(Net cash position)<br />
<br />
3. Dividend payout 0.7c for YA17 increase from 0.6c YA16 and .05 YA15.(dividend increase Y2Y)<br />
<br />
4. Chuah expect 15% top-line growth.<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-iP_21GxVcPy75VSVFjPrYQYawlFmjaWPh9Xr7bJUrfcgVvprp3h7BDBxtDMzpqbzUOMBV41yK6aKWKBgsN98HmapxSUdjIc7CustqOS1rTvHl09ypg1wXl-JELhuTbP8AA3L4Q/s1600/STOCKS+MARKET+2.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="165" data-original-width="306" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-iP_21GxVcPy75VSVFjPrYQYawlFmjaWPh9Xr7bJUrfcgVvprp3h7BDBxtDMzpqbzUOMBV41yK6aKWKBgsN98HmapxSUdjIc7CustqOS1rTvHl09ypg1wXl-JELhuTbP8AA3L4Q/s320/STOCKS+MARKET+2.jpeg" style="display: inline;" width="320" /></a></div>
5. Chuah up stake recently(April'18). (Off market transaction)<br />
<br />
6. RGB boss confident its company valuation worth 60c in 3 years(via Cold Eye speech in 2017<br />
<div class="post-header">
<div class="post-header-line-1">
</div>
</div>
<div class="post-body entry-content" id="post-body-5450157703150056243">
<div class="separator" style="clear: both; text-align: center;">
</div>
</div>
7. SSM Division(Substantial order will booked in only Quarter 2)<br />
<br />
Vietnam-679 gaming machine+25 Card suffer machine had already delivered in mid Apr'18(Total<br />
<br />
package worth RM92Mil).<br />
<br />
Cambodia-170 gaming machine ready to install in June'18<br />
<br />
8.TSM Division(Concession-Profit Sharing+Preventative maintenance services)<br />
<br />
Revenue increase approximate 50% compare Qtr4'17(RM32Mil/RM21.5)-It been very consistent within 20Mil-22Mil/quarter for the past 12 quarters.<br />
<br />
9. Datuk Chua Kim Seah stake in RGB up from 26% in 2017 to over 28% in 2018.<br />
<br />
http://klse.i3investor.com/blogs/icon123/162438.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-60584776837394425072018-01-09T08:04:00.001+08:002018-01-09T08:04:19.212+08:00RGB (0037) - RGB International expects RM50mil more in turnover <br />
<a name='more'></a>Group managing director Datuk Chuah Kim Seah(pic) told StarBiz that of the five, four were signed in 2017 and one was signed in 2016.<br />
<br />
GEORGE TOWN: Electronic gaming machines and equipment manufacturer RGB International Bhd<br />
<br />
image: https://cdn.thestar.com.my/Themes/img/chart.png is expecting an additional RM50mil in turnover this year from five concessions and leasing deals inked last year and the year before.<br />
<br />
Group managing director Datuk Chuah Kim Seah said that of the five, four were signed in 2017 and one was signed in 2016.<br />
<br />
“The concessions are for DNA Star Vegas in Cambodia, Philippines Amusement and Gaming Corp (Pagcor) in the Philippines, Golden Sands Dili in Timor Leste, SKKS Slot Club in Laos, and Casino Royale in Kathmandu,” he told StarBiz.<br />
<br />
RGB will be supplying DNA Star Vegas with 900 new gaming machines.<br />
<br />
<br />
“We have delivered 80 units already. Under the agreement we signed, RGB will also manage all the existing machines, which adds up to 1,500 units,” he said.<br />
<br />
Chuah said RGB would supply a wide area progressive jackpot system to Pagcor to link all its 160 gaming machines in 14 casinos nationwide.<br />
<br />
“We are supplying 250 units to Golden Sands Dili in Timor Leste by the second quarter. For SKKS Slot, we are providing 150 new machines for their expansion.<br />
<br />
“So far, we have delivered 60 units to SKKS Slot.<br />
<br />
“We have delivered 80 machines out of 200 machines agreed upon to Kathmandu,” he said.<br />
<br />
On sales, Chuah said RGB would deliver 679 machines and 25 units of card shuffling and chip sorting machines with a value of RM92mil to an integrated resort in Vietnam.<br />
<br />
“The deal was signed in 2017 but is being implemented now because the deposit has just been received.<br />
<br />
“These machines will be delivered by mid-April,” he said.<br />
<br />
Moving ahead, RGB plans to expand its presence in the countries that would benefit from the One Belt, One Road initiative.<br />
<br />
“We expect these countries, most of which are locations where we already have a presence, to boom with investments that they will attract in the near future.<br />
<br />
“This is why we are now recruiting new staff to handle the expansion of our business in the One Belt, One Road region,” he said.<br />
<br />
Chuah expected net profit to grow by double digits in percentage terms for the financial year ended Dec 31, 2017 (FY17) over that of FY16.<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqr0iuNbwRe7s3mXEToeu4hb5D7Aum0r7BMOZOq4h8bJ8DPtus2QuOViYd05UZ46FeoeL4J6nmQ-sUeDTWAU92en2NMNZVCxGo-LV9CBcSzcMeUIdMtYouXXq_PPO_tT8ocJVi8A/s1600/13516196_1747537002124688_3743324095003511988_n.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="163" data-original-width="309" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqr0iuNbwRe7s3mXEToeu4hb5D7Aum0r7BMOZOq4h8bJ8DPtus2QuOViYd05UZ46FeoeL4J6nmQ-sUeDTWAU92en2NMNZVCxGo-LV9CBcSzcMeUIdMtYouXXq_PPO_tT8ocJVi8A/s1600/13516196_1747537002124688_3743324095003511988_n.jpg" style="display: inline;" /></a></div>
<br />
RGB derives 95% of sales from the Asia-Pacific region.<br />
<br />
Besides the RGB brand name, the company also distributes international brands in various Asian countries.<br />
<br />
According to Technavio’s Global Casino Gaming Equipment Market 2017-2021 report, the global casino gaming equipment market is expected to grow at a compounded annual growth rate of 15.25% over the next four years.<br />
<br />
The report said countries such as Japan are aiming to legalise casino gaming because it generates high revenue contribution globally.<br />
<br />
An increasing middle-class population and rising disposable income will also fuel market growth.<br />
<br />
Read more at https://www.thestar.com.my/business/business-news/2018/01/08/rgb-sees-additional-revenue-from-deals-rgb-international-expects-rm50mil-more-in-turnover/#GFTDFdr7XC028iIU.99Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-66385237479111046262017-09-11T15:47:00.002+08:002018-12-04T08:42:25.826+08:00RGB (0037) RGB國際 - RGB国际次季业绩升 进军南美洲反应鼓舞 <br />
<a name='more'></a>综合报导:楹媄<br /><br />电子博彩和娱乐游戏机制造商RGB国际(RGB,0037,主板贸服组)把业务范围扩大到南美洲后,逐渐引起了注意。<br /><br />RGB董事总经理和大股东拿督蔡金城透露,为了测试市场,RGB国际向墨西哥和哥伦比亚运出了一些老虎机;其后更可能会出货到秘鲁、智利和阿根廷,目前后二者仍处于勘探阶段。<br /><br />他指出,墨西哥和哥伦比亚有许多亚洲游客,尤其中国游客占大多数,是个极具活力的市场。由于反应令人鼓舞,该集团计划明年输出更多机器到南美市场。<br /><br />拿督蔡金城表示,拉丁美洲市场的增长潜力巨大,该地区现有30万到40万台游戏机,墨西哥有20万,哥伦比亚和秘鲁估计各有5万到8万台游戏机。<br /><br />“作为起始,我们只计划攻占一小部分市场,倘若在墨西哥的20万台机中占5%,那我们就有1万台了。”拿督蔡金城说,这对RGB国际而言,是低成本低风险的投资。<br /><br />除了马新两国,RGB也在柬埔寨、菲律宾、越南、东帝汶、老挝和尼泊尔设有办事处,该集团在这些市场上有为数约6000多台的游戏机。<br /><br />每年,RGB国际为亚洲(包括我国云顶及其他综合度假村)超过1万2000台老虎机和游戏设备提供防护检修服务。<br /><br />复制亚洲成功模式<br /><br />该集团的市场行销服务部(SSM )目前贡献60%的收入,其余40%来自技术支援管理(TSM)。然而,利润较高的却是技术支援管理部门,占集团收益的60%。<br /><br />RGB国际有意在南美洲复制其在亚洲的成功模式,矢志成为蜚声遐迩的业者。<br /><br />拿督蔡金城指出,南美洲现有许多游戏机机龄已超过10年, 因此,RGB国际大有潜能可以取替运作不佳的机器。<br /><br />RGB国际于8月29日公布了截至6月30日止的表现比前佳之2017财年第2季度业绩,利润按年增长24%至864万令吉,收入也按年增长3%至5970万令吉。<br /><br />拿督蔡金城说,第2季度的业绩成长归因于某些特定的产品组合和一次性销售的变化;南美洲的业务则仍需数年才能反映出显著的盈利贡献。<br /><br />2017财年上半年,RGB国际的净利润为1480万令吉,营收达9740万令吉。<br /><br />年头迄今,该集团的股价一直持平,8月30日以28仙挂收,市值达3亿7400万令吉。<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/AVvXsEjwStK5RNWgD1a-TyxIiLxbgYxzfVA76hWQZamaAKZkE7B0HrFPSTMG_1T2oVWNed8G8QgqUExPU1oyo6KYgZ0HdvcaTCrJqGlHKrNwyQBGreIzMsxgNTDhuiRbupHg2rzqLZwqkw/s1600/RGB++0037+RGB+INTERNATIONAL+BHD.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" data-original-height="413" data-original-width="620" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjwStK5RNWgD1a-TyxIiLxbgYxzfVA76hWQZamaAKZkE7B0HrFPSTMG_1T2oVWNed8G8QgqUExPU1oyo6KYgZ0HdvcaTCrJqGlHKrNwyQBGreIzMsxgNTDhuiRbupHg2rzqLZwqkw/s1600/RGB++0037+RGB+INTERNATIONAL+BHD.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">RGB (0037) RGB國際 - RGB国际次季业绩升 进军南美洲反应鼓舞 </td></tr>
</tbody></table>
<br /><br /><br />http://sharesinfo4u.com/archives/46373Unknownnoreply@blogger.com