tag:blogger.com,1999:blog-250589152024-03-28T16:19:07.418+08:00Sharetisfy歌词Unknownnoreply@blogger.comBlogger49125tag:blogger.com,1999:blog-25058915.post-73443135212416383382023-04-30T14:58:00.003+08:002023-05-06T20:21:53.629+08:00 SASBADI 5252 SASBADI HOLDINGS BERHAD | Q2 业绩开箱<p> SASBADI 5252 SASBADI HOLDINGS BERHAD | Q2 业绩开箱<br /><br />马来西亚最大的课本印刷和供应公司 Sasbadi Holdings Berhad(SASBADI、5252)在过去 3 个财政年内因为行动管制令和疫情的关系,进而间接的被教育部和学校新书本的需求放缓所影响,订单自然也有所下跌。<br /><br />那么在历经了疫情的 “洗礼” 之后,SASBADI 接下来业绩又是否会回复光辉呢?接下来,我们就看看该公司的 Q2 业绩,了解其中的重点。<br /><br />以 2023 财政年 6M 对比去年同期来说,SASBADI 的首半年的营业额和税后盈利(“PAT”)分别增长了 52.25% 和 562.75%,而单论 Q2 的话则是分别增长了 34.58% 和 72.00% 左右。<br /><br />据了解,该业绩的增长主要归功于教育版的新出版物,以及新的教育部合约所带来的贡献。<br /><br />作为参考,SASBADI 在 11.10.2022 年所获得的 4 项合约价值共合为 RM 16.7 Million,该合约内容包括为教育部供应重印课本,以及符合共同语文参考框架(“CEFR”)的市场阅读数字解决方案的供应,以及支付的服务。<br /><br />那以毛利率(“GP Margin”)来说,SASBADI 的 GP Margin 在 2023 财政年 6M 内为 43.29%,对比去年的 GP Margin 提高了 3.83%,公司的净利率(“PAT Margin”)也从 10.80% 提高至 14.04%。<br /><br />以按季比较(对比 2023 财政年 Q1)来说,公司的营业额和 PAT 分别增长了 71.31% 和 340.75%;这一点笔者所了解到的是 SASBADI 本身的业务性质稍微具有周期性,其销售很大部分都集中在新学期的阶段中,而 3 月份普遍是新学年的 “开学期”,因此公司较容易在该季度中受惠。<br /><br />展望未来,SASBADI 也在季报中披露旗下的 Media Distribution 子公司将会议 RM 1.0 Million 向 Integra Creative Media 私人公司购买 “Oyez!Books” 商标的知识产权,预计在完成后将可以让 SASBADI 拓展到幼儿教育产品类的新业务。<br /><br />假设 SASBADI 的业绩接下来能保持现状(即回复到疫情前的水平),并且持续派息(目前股息率为 2.50% 左右)的话,或许投资者会重新关注这家以教育主题为主的公司。<br /><br />那么,读者们又如何看待 SASBADI 这家公司的前景呢?<br /><br />照片来源:The Edge Markets<br /><br />与 Exeed Group 开设股票户口:https://bit.ly/3d4fjav<br /><br />加入 Exeed Group 的大家庭:https://bit.ly/3Bt3cx7<br /><br />Disclaimer: Exeed Group accepts no liability whatsover for any direct or consequential loss arising from any use of content here.<br /><br />#SASBADI<br /><br />#EXEED<br /><br />#BURSA<br /><br />#股票<br /><br /><br />https://klse.i3investor.com/web/blog/detail/exeedgroup/2023-04-23-story-h-272489158<br /></p>Adminhttp://www.blogger.com/profile/16609839271303069034noreply@blogger.comtag:blogger.com,1999:blog-25058915.post-84762679239823498322020-09-09T19:47:00.002+08:002020-09-09T19:47:42.208+08:00Sasbadi almost golden cross <a name='more'></a><br /><div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG30yw4So4A4PK3lQo_HZMB3cO_8X5wCxKEw7kZI9goY3AiSaudU7gsGr_y5_0R7iWq29ivpW200LTlDlTNbzCN4E8Ia2W6-G0CLbOC5hlzBnFdvyKc9DiQRjNrcp5o7tgXiQ/s1706/sasb.jpeg" rel="nofollow" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="998" data-original-width="1706" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG30yw4So4A4PK3lQo_HZMB3cO_8X5wCxKEw7kZI9goY3AiSaudU7gsGr_y5_0R7iWq29ivpW200LTlDlTNbzCN4E8Ia2W6-G0CLbOC5hlzBnFdvyKc9DiQRjNrcp5o7tgXiQ/s1600/sasb.jpeg" /></a></div>
<br /><div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuX4HSts90aQj5-f3E7ecVjy47k-8NqjTvg6haCU4tizm0ez8xWm1u0iwzbUEK3jwnoURScKakPxPkMWgqnc0eKRmJ75sIkYNsvk-56K2oQdwb7uHnBd61-IqpEdJaxeMNtZo/s1706/sasba.jpeg" rel="nofollow" style="margin-left: 1em; margin-right: 1em;" target="_blank"><img border="0" data-original-height="998" data-original-width="1706" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjuX4HSts90aQj5-f3E7ecVjy47k-8NqjTvg6haCU4tizm0ez8xWm1u0iwzbUEK3jwnoURScKakPxPkMWgqnc0eKRmJ75sIkYNsvk-56K2oQdwb7uHnBd61-IqpEdJaxeMNtZo/s1600/sasba.jpeg" /></a></div>
EPF & Kwap also their shareholders<br /><br />https://klse.i3investor.com/blogs/musfaz/2020-09-09-story-h1513407401-Sasbadi_almost_golden_cross.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-91335785692552743072019-12-16T20:33:00.000+08:002020-01-16T20:34:11.825+08:00SASBADI (5252) Bags RM5Mil Contract for FY2020, Expected Strong Start FY2020<br />
<a name='more'></a><span style="font-size: large;"><br /></span><br />
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;">I took this weekend to conduct research for those company plunged more than 80% within 3 years. One of them is Sasbadi.</span></span></span><br />
<span style="font-size: large;">
</span>
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;">I identify three main reasons to invest in this company.</span></span></span><br />
<span style="font-size: large;">
</span><ol>
<li>
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;"><strong>After GE14, the stock has plunged more than 80% from its peak</strong>.
Imagine how many investors have caught up at the peak. The current
chart is pending for a breakout. The chart found a bottom at 0.17.</span></span></span></li>
</ol>
<span style="font-size: large;">
</span>
<span style="font-size: large;"><img height="392" src="https://klse.i3investor.com/files/my/blog/img/bl6063_sasbadi.jpg" width="600" /></span><br />
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span><ol>
<li value="2">
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;"><strong>Calculate of Your Margin of Safety and Risk of Rewards.</strong></span></span></span></li>
</ol>
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span>
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;">The
margin of safety is quite high. The margin of safety (safety margin) is
the difference between the intrinsic value of a stock and its market
price. In this case, I will use accounting book value instead of
intrinsic value to fair to my student. The NTA is around 37 cents and
now the company traded at the price of RM0.175 (16/12/2019). Risk of
reward. Target price of RM0.3cents with recoverable of profit with the
current price of RM0.175. Cut loss point at 0.16. You are having a good
return on the risk of rewards ratio.</span></span></span><br />
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span><ol>
<li value="3">
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;"><strong>RM5 Million Contract Awarded In their Pipeline</strong>.
Just do your own homework by sump up the latest contract awarded in
hand announced in BURSA website. You will find some information where
the Company will tell you when they will recognize the profit in FY2020.</span></span></span></li>
</ol>
<span style="font-size: large;">
</span><table border="0" cellpadding="0" cellspacing="0" style="width: 556px;">
<tbody>
<tr>
<td nowrap="nowrap" style="height: 21px; width: 120px;">
<span style="font-size: large;"><strong>Date</strong></span><br />
</td>
<td nowrap="nowrap" style="height: 21px; width: 312px;">
<span style="font-size: large;"><strong>Duration Contract</strong></span><br />
</td>
<td nowrap="nowrap" style="height: 21px; width: 125px;">
<span style="font-size: large;"><strong>Value Awarded (RM)</strong></span><br />
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
4-Dec-18</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
3 December 2018 to 2 December 2021</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
892,680.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
18-Sep-18</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
13 September 2018 to 31 December 2020</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
990,050.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
7-Mar-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
5 March 2019 to 4 March 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
746,460.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
28-Mar-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
26 March 2019 to 25 March 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
826,140.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
9-Aug-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
5 August 2019 to 4 August 2020</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
371,723.80</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
30-Aug-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
29 August 2019 to 28 August 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
335,720.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
24-Sep-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
23 September 2019 to 22 September 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
444,540.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
6-Nov-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
25 October 2019 to 24 October 2020</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
392,000.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<span style="font-size: large;">
</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
Total</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
4,999,313.80</span></div>
</td>
</tr>
</tbody>
</table>
<span style="font-size: large;">
</span><span style="font-size: large;">
Lastly, invest at your own risk. This articles merely my own sharing without suggesting buy or sell.</span><br />
<span style="font-size: large;"><br />https://klse.i3investor.com/blogs/SASBADI5252/2019-12-16-story248229-SASBADI_5252_Bags_RM5Mil_Contract_for_FY2020_Expected_Strong_Start_FY2020.jsp<br /></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-83752373193825887522019-12-16T13:32:00.000+08:002020-01-17T13:33:40.739+08:00SASBADI (5252) Bags RM5Mil Contract for FY2020, Expected Strong Start FY2020<br />
<a name='more'></a><span style="font-size: large;"><br /></span><br />
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;">I took this weekend to conduct research for those company plunged more than 80% within 3 years. One of them is Sasbadi.</span></span></span><br />
<span style="font-size: large;">
</span>
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;">I identify three main reasons to invest in this company.</span></span></span><br />
<span style="font-size: large;">
</span><ol>
<li>
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;"><strong>After GE14, the stock has plunged more than 80% from its peak</strong>.
Imagine how many investors have caught up at the peak. The current
chart is pending for a breakout. The chart found a bottom at 0.17.</span></span></span></li>
</ol>
<span style="font-size: large;">
</span>
<span style="font-size: large;"><img height="392" src="https://klse.i3investor.com/files/my/blog/img/bl6063_sasbadi.jpg" width="600" /></span><br />
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span><ol>
<li value="2">
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;"><strong>Calculate of Your Margin of Safety and Risk of Rewards.</strong></span></span></span></li>
</ol>
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span>
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;">The
margin of safety is quite high. The margin of safety (safety margin) is
the difference between the intrinsic value of a stock and its market
price. In this case, I will use accounting book value instead of
intrinsic value to fair to my student. The NTA is around 37 cents and
now the company traded at the price of RM0.175 (16/12/2019). Risk of
reward. Target price of RM0.3cents with recoverable of profit with the
current price of RM0.175. Cut loss point at 0.16. You are having a good
return on the risk of rewards ratio.</span></span></span><br />
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span><span style="font-size: large;">
</span><br />
<span style="font-size: large;">
</span><ol>
<li value="3">
<span style="font-size: large;"><span><span style="font-family: arial,helvetica,sans-serif;"><strong>RM5 Million Contract Awarded In their Pipeline</strong>.
Just do your own homework by sump up the latest contract awarded in
hand announced in BURSA website. You will find some information where
the Company will tell you when they will recognize the profit in FY2020.</span></span></span></li>
</ol>
<span style="font-size: large;">
</span><table border="0" cellpadding="0" cellspacing="0" style="width: 556px;">
<tbody>
<tr>
<td nowrap="nowrap" style="height: 21px; width: 120px;">
<span style="font-size: large;"><strong>Date</strong></span><br />
</td>
<td nowrap="nowrap" style="height: 21px; width: 312px;">
<span style="font-size: large;"><strong>Duration Contract</strong></span><br />
</td>
<td nowrap="nowrap" style="height: 21px; width: 125px;">
<span style="font-size: large;"><strong>Value Awarded (RM)</strong></span><br />
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
4-Dec-18</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
3 December 2018 to 2 December 2021</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
892,680.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
18-Sep-18</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
13 September 2018 to 31 December 2020</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
990,050.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
7-Mar-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
5 March 2019 to 4 March 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
746,460.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
28-Mar-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
26 March 2019 to 25 March 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
826,140.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
9-Aug-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
5 August 2019 to 4 August 2020</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
371,723.80</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
30-Aug-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
29 August 2019 to 28 August 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
335,720.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
24-Sep-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
23 September 2019 to 22 September 2022</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
444,540.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<div align="right">
<span style="font-size: large;">
6-Nov-19</span></div>
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
25 October 2019 to 24 October 2020</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
392,000.00</span></div>
</td>
</tr>
<tr>
<td nowrap="nowrap" style="height: 20px; width: 120px;">
<span style="font-size: large;">
</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 312px;">
<span style="font-size: large;">
Total</span><br />
</td>
<td nowrap="nowrap" style="height: 20px; width: 125px;">
<div align="right">
<span style="font-size: large;">
4,999,313.80</span></div>
</td>
</tr>
</tbody>
</table>
<span style="font-size: large;">
</span><span style="font-size: large;">
Lastly, invest at your own risk. This articles merely my own sharing without suggesting buy or sell.</span><br />
<span style="font-size: large;"><br />https://klse.i3investor.com/blogs/SASBADI5252/2019-12-16-story248229-SASBADI_5252_Bags_RM5Mil_Contract_for_FY2020_Expected_Strong_Start_FY2020.jsp<br /></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-43659261398880913892019-02-21T09:57:00.000+08:002020-01-17T09:58:22.251+08:0010 things I learned from the 2019 SASBADI (5252) Sasbadi Holdings Berhad AGM - Shak Chee Hoi<br />
<a name='more'></a><br /><br />
<div class="margint30" id="blogcontent" itemprop="articleBody">
<span class="post-byline">By Shak Chee Hoi on February 21, 2019</span><br />
<br />
Sasbadi Holdings Berhad is a Malaysian-listed company that specialises
in providing education solutions. Many Malaysians, including me, grew up
carrying tons of textbooks and workbooks that were published by Sasbadi
to school. Before this, little did I know that Sasbadi is a
public-listed company on Bursa Malaysia.<br />
Established in 1985, Sasbadi has a fair share in the early education
and national school products market in Malaysia. Over the years, Sasbadi
has grown to become a diverse education solutions provider of academic
and non-academic printed materials, digital and technology-enabled
products, applied learning tools, and a network marketing business.<br />
<figure class="wp-block-image">
<img alt="" class="wp-image-11985" src="https://i2.wp.com/fifthperson.com/wp-content/uploads/2019/02/sasbadi-price.png?fit=620%2C424&ssl=1" /><figcaption> Source: Google Finance</figcaption></figure>
In 2018, Sasbadi’s stock share price fell by 62.7% from RM0.59 to
RM0.22. As the publishing industry is increasingly disrupted by
digitisation, I wondered what Sasbadi’s outlook was for 2019 and beyond.
I took the opportunity to attend its AGM to find out more about its
growth and reminisce about the past.<br />
Here are 10 things I learned from the 2019 Sasbadi AGM:<br />
<strong>1. Revenue decreased by 5.7% from RM93.1 million in 2017 to RM87.8 million in 2018. </strong>The decline in revenue is due to the Ministry of Education’s (MoE) directive to <a href="http://www.theborneopost.com/2017/10/15/association-taken-aback-by-abrupt-directive-to-ban-workbooks/" rel="nofollow" target="_blank">ban workbooks for Year One to Year Three students, and restrict students in Year Four to Six to one workbook</a>
for each of the five core subjects. Nevertheless, Sasbadi’s revenue has
been increasing at a compound annual growth rate (CAGR) of 8.1% from
2010 to 2018.<br />
<figure class="wp-block-image">
<img alt="" class="wp-image-11979" src="https://i2.wp.com/fifthperson.com/wp-content/uploads/2019/02/sasbadi-revenue.png?fit=620%2C317&ssl=1" /><figcaption>Source: Sasbadi annual reports</figcaption></figure>
<strong>2. The revenue generated by the digital and network marketing
segment increased from RM6.1 million in 2017 to RM8.4 million in 2018.</strong>The
hike was equivalent to an annual three percentage-point increase in the
segment’s contribution to the Group’s revenue. The applied learning
products (ALP) and Science, Technology, Engineering, and Mathematics
(STEM) education segment registered a decline in its revenue
contribution due to the loss of non-recurring contracts from the supply
of Lego robotics sets and textbook reprints which were completed in 2016
and 2017 respectively.<br />
<figure class="wp-block-image">
<img alt="" class="wp-image-11982" src="https://i0.wp.com/fifthperson.com/wp-content/uploads/2019/02/sasbadi-segment-revenue-2017.png?fit=620%2C373&ssl=1" /><figcaption>Source: Sasbadi 2017 annual report</figcaption></figure>
<figure class="wp-block-image">
<img alt="" class="wp-image-11983" src="https://i0.wp.com/fifthperson.com/wp-content/uploads/2019/02/sasbadi-segment-revenue-2018.png?fit=620%2C373&ssl=1" /><figcaption>Source: Sasbadi 2018 annual report</figcaption></figure>
<strong>3. Net profit decreased by 75.0% from RM8.0 million in 2017 to RM2.0 million in 2018. </strong>Sasbadi’s
net profit peaked in 2016 and has been on a downward trend since.
Reasons for the drop in revenue include higher finance costs, provision
for impairment of inventories of RM4.0 million, as well as lower
revenue. Sasbadi has tried to keep its expenses in check by lowering its
sales, general, and administrative expenses in 2018 from the previous
year. A healthier bottom line was achieved in its recent 1Q 2019 results
as <a href="http://www.insage.com.my/Upload/Docs/SASBADI/Sasbadi%20Q1%202019%20Final.pdf" rel="nofollow" target="_blank">Sasbadi recorded an 84% increase in net profit</a> as at 30 November 2018 compared to the corresponding quarter in 2017.<br />
<figure class="wp-block-image">
<img alt="" class="wp-image-11981" src="https://i2.wp.com/fifthperson.com/wp-content/uploads/2019/02/sasbadi-profit.png?fit=620%2C321&ssl=1" /><figcaption> Source: Sasbadi annual report</figcaption></figure>
<strong>4. A shareholder highlighted that Sasbadi’s revenue had been flat for the past five years (refer to the graph under Point 1). </strong>The
shareholder anda representative from Minority Shareholders Watch Group
(MSWG) wanted to know more about Sasbadi’s growth plans for the
future.Managing director, Law King Hui, replied that Sasbadi would focus
its business mainly in Malaysia. It would continue to maintain a good
relationship with MoE through various initiatives such as the National
Robotics Competition. He reckoned that the publishing industry would
benefit from several MoE initiatives ranging from <a href="https://www.nst.com.my/news/government-public-policy/2018/12/440330/msia-pushes-reading-nation-aspiration-under-national" rel="nofollow" target="_blank">the 10-year National Reading Decade 2021-2030 programme</a> to calls for <a href="https://www.thestar.com.my/news/nation/2019/01/28/schooling-till-form-5-to-be-made-mandatory-govt-to-make-it-it-compulsory-for-students-to-complete-se/" rel="nofollow" target="_blank">mandatory schooling until Form Five</a>.
In response to another query from the same shareholder, Law applauded
the Malaysian federal government’s decision to maintain a transparent
open tender for projects although the new norm caused <a href="https://www.malaymail.com/news/malaysia/2019/01/09/form-3-maths-science-dlp-textbooks-out-in-march-but-online-version-availabl/1710651" rel="nofollow" target="_blank">hiccups in recent textbook production.</a><br />
<strong>5.</strong> <strong>MSWG was interested to know more about Sasbadi’s performance in its export business.</strong>
Law mentioned that they would identify suitable partners in foreign
markets with large populations such as China, Vietnam, and Pakistan for
its exported content business. Through partnerships, Sasbadi earns
passive royalty income by providing partners with intellectual property
rights to print, market, and sell Sasbadi’s products in foreign markets.
The potential growth is hard to predict as an agreement is signed based
on the partner’s perceived strength. As at 31 August 2018, Sasbadi’s
revenue contribution from exported contents stood at RM200,000 in 2018.
Revenue obtained from the export market will cushion the impacts of
seasonality patterns and the shrinking primary school workbook market on
the business.<br />
<strong>6<a href="https://www.blogger.com/null">. </a>A shareholder commented that no dividend was paid out in 2018.</strong>
Due to Sasbadi’s lacklustre financial results in 2018 and the
management’s prudent approach towards spending, Law answered that they
would wait for the soft retail market to bounce back before deciding to
resume paying a dividend. Sasbadi will distribute half of its yearly
earnings as dividends to shareholders in accordance with its policy if
it has sufficient funds for operations.<br />
<strong>7. MSWG highlighted the RM4.0 million provision for impairment
of inventories in 2018 and asked about the measures taken by the
management to prevent a similar occurrence in the future.</strong> Law
admitted that they were not stringent enough in the past two years. They
printed more titles and wanted to grow faster based on the general
positive economic outlook. Yet school grants were cut and money was not
trickling down the system. Consequently, the economy did not recover and
Sasbadi’s inventories piled up amidst the poor retail sentiment.
Sasbadi has begun to take measures by selling slow-moving titles through
discounted channels including their book fairs and <a href="https://en.wikipedia.org/wiki/Big_Bad_Wolf_Books" rel="nofollow" target="_blank">Big Bad Wolf Books</a>.
Consumers will still buy the books although they are slightly outdated
provided that the content remains relevant and the price is affordable.
Moving forward, Sasbadi will be more cautious and better manage the risk
of overproduction and sales returns so that inventories will not pile
up.<br />
<strong>8. MSWG also highlighted the 111.8% year-on-year increase in impairment losses on trade receivables to RM3.6 million in 2018. </strong>Law
explained that local businesses were affected by the poor retail
sentiment in the past two years including Sasbadi and its customers. A
customer had a slow take-off and faced difficulties selling the
slow-moving titles. Consequently, the customer did not have sufficient
cash flow to facilitate prompt payment. Moving forward, Sasbadi will
adopt more aggressive strategies to collect receivables.<br />
<strong>9. Sasbadi’s finance costs incurred from bank overdrafts grew from RM1.1 million in 2017 and RM1.4 million in 2018.</strong>To
reduce the reliance on bank overdrafts, Sasbadi will become more
aggressive in terms of debt collection and consider selling non-core
assets including the apartment units in Negeri Sembilan to generate cash
flows internally. They may also undertake an equity funding exercise
depending on market conditions after considering existing shareholders’
interest. The last potential resort raised shareholders’ alarms as
earnings per share would likely be diluted.<br />
<strong>10. As the print publishing segment accounted for more than
two-thirds of Sasbadi’s revenue in 2017 and 2018, MSWG enquired about
the outlook of the segment given the fact that Information and
Communications Technology (ICT) for learning and teaching is gaining
traction in Malaysia.</strong> According to Law, the challenges of
implementing ICT-centric education include connectivity issues in rural
areas, affordability of smart devices, and cost of replacement for lost
devices. He considered the education business a rather defensive
industry and the print publishing segment would still be relevant in the
near term before the challenges are tackled. I was a bit sceptical when
the managing director talked about computer illiteracy among parents,
which I think is among the minority as <a href="https://www.nst.com.my/news/nation/2018/02/331284/internet-users-malaysia-25mil-2006-245mil-2017" rel="nofollow" target="_blank">the internet user population in Malaysia surpassed 24 million in 2017</a>.
Sasbadi also invested in ICT-related education solutions by developing
in-house augmented reality (AR) technology. For instance, i-LEARN Ace
Junior was launched in August 2018 in response to the workbook ban. It
is a collaborative and interactive learning engagement platform between
teachers, students, and guardians that targets Year One to Three
students. During a break, Law also enthusiastically showcased to a small
group of shareholders how Sasbadi’s AR technology could make learning
fun using a smartphone.<br />
<br />
https://fifthperson.com/2019-sasbadi-agm/<br />
</div>
<br /><br /><br />https://klse.i3investor.com/blogs/kianweiaritcles/2019-02-21-story-h1457068967-10_things_I_learned_from_the_2019_Sasbadi_AGM_Shak_Chee_Hoi.jsp<br /><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-35957777067746590702019-01-28T15:16:00.001+08:002019-01-28T15:16:33.974+08:00SASBADI - A RECESSION PROOF STOCK WITH HIGH POTENTIAL, Calvin Tan Research<br />
<a name='more'></a><br /><br />
Dear Friends of i3 Forum,<br />
Sasbadi came to our attention due to some strong fundamentals<br />
<strong>1) Sasbadi Fortune is Turning Around</strong><br />
See this latest QR table of Sasbadi<br />
<br />
<table border="0" cellpadding="0" cellspacing="0" style="font-family: Arial, Helvetica, sans-serif; width: 100%px;">
<tbody>
<tr valign="top">
<td class="formTableHeader" style="font-family: Arial, Helvetica,; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px;" width="100%">
<div align="center">
<h4 style="color: #003f6d; font-size: 13px; margin: 12px 0px;">
<b>SUMMARY OF KEY FINANCIAL INFORMATION</b><br />
<b>30 Nov 2018</b></h4>
</div>
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="ven_table" style="border-collapse: collapse; border-color: rgb(223, 223, 223); border-style: solid; font-family: Arial, Helvetica, sans-serif; margin: auto; width: 100%px;">
<tbody>
<tr valign="top">
<td bgcolor="#EFEFEF" class="formTableColumnHeader" colspan="2" rowspan="5" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="21%">
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" colspan="2" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="43%">
<div align="center">
<b>INDIVIDUAL PERIOD</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" colspan="2" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="36%">
<div align="center">
<b>CUMULATIVE PERIOD</b></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="17%">
<div align="center">
<b>CURRENT YEAR QUARTER</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="26%">
<div align="center">
<b>PRECEDING YEAR<br />
CORRESPONDING<br />
QUARTER</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="25%">
<div align="center">
<b>CURRENT YEAR TO DATE</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="12%">
<div align="center">
<b>PRECEDING YEAR<br />
CORRESPONDING<br />
PERIOD</b></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="17%">
<div align="center">
30 Nov 2018</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="26%">
<div align="center">
30 Nov 2017</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="25%">
<div align="center">
30 Nov 2018</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="12%">
<div align="center">
30 Nov 2017</div>
</td>
</tr>
<tr>
</tr>
<tr valign="top">
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="17%">
<div align="center">
<b>$$'000</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="26%">
<div align="center">
<b>$$'000</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="25%">
<div align="center">
<b>$$'000</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="12%">
<div align="center">
<b>$$'000</b></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="2%">
<b>1</b></td>
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="19%">
<b>Revenue</b></td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="17%">
<div align="right">
30,508</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="26%">
<div align="right">
27,514</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="25%">
<div align="right">
30,508</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="12%">
<div align="right">
27,514</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#F7F7F7" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="2%">
<b>2</b></td>
<td bgcolor="#F7F7F7" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="19%">
<b>Profit/(loss) before tax</b></td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="17%">
<div align="right">
6,633</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="26%">
<div align="right">
3,586</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="25%">
<div align="right">
6,633</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="12%">
<div align="right">
3,586</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="2%">
<b>3</b></td>
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="19%">
<b>Profit/(loss) for the period</b></td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="17%">
<div align="right">
4,382</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="26%">
<div align="right">
2,381</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="25%">
<div align="right">
4,382</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="12%">
<div align="right">
2,381</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#F7F7F7" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="2%">
<b>4</b></td>
<td bgcolor="#F7F7F7" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="19%">
<b>Profit/(loss) attributable to ordinary equity holders of the parent</b></td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="17%">
<div align="right">
4,382<strong> (<span style="background-color: yellow;">14.3% profit)</span></strong></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="26%">
<div align="right">
2,381</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="25%">
<div align="right">
4,382</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="12%">
<div align="right">
2,381</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="2%">
<b>5</b></td>
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="19%">
<b>Basic earnings/(loss) per share (Subunit)</b></td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="17%">
<div align="right">
1.05</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="26%">
<div align="right">
0.57</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="25%">
<div align="right">
1.05</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="12%">
<div align="right">
0.57</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#F7F7F7" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="2%">
<b>6</b></td>
<td bgcolor="#F7F7F7" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="19%">
<b>Proposed/Declared dividend per share (Subunit)</b></td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="17%">
<div align="right">
0.00</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="26%">
<div align="right">
0.00</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="25%">
<div align="right">
0.00</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabelEV" style="background-color: #f7f7f7; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="12%">
<div align="right">
0.00</div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="2%">
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="19%">
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" colspan="2" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="43%">
<div align="center">
<b>AS AT END OF CURRENT QUARTER</b></div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnHeader" colspan="2" style="background-color: #5c0000; border-color: rgb(223, 223, 223); border-style: solid; color: white; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: bold; line-height: 16px; padding: 4px;" width="36%">
<div align="center">
<b>AS AT PRECEDING FINANCIAL YEAR END</b></div>
</td>
</tr>
<tr valign="top">
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="2%">
<b>7</b></td>
<td bgcolor="#F7F7F7" class="formTableColumnLabel" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="19%">
<b>Net assets per share attributable to ordinary equity holders of the parent ($$)</b></td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" colspan="2" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="43%">
<div align="right">
0.3700</div>
</td>
<td bgcolor="#EFEFEF" class="formTableColumnLabel" colspan="2" style="background-color: #ebebeb; border-color: rgb(223, 223, 223); border-style: solid; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 16px; padding: 4px;" width="36%">
<div align="right">
0.3600</div>
</td>
</tr>
</tbody>
</table>
<br />
Revenue increased by 10%<br />
Profit jumps by<strong> 94%</strong> from 0.57 sen to 1.05 sen<br />
NAV also increased slightly<br />
<br />
Will this strong growth of EPS be sustainable?<br />
Yes.<br />
<br />
<strong>2) VERY STRONG GROWTH IS POSSIBLE DUE TO 3 REASONS</strong><br />
i) Tun Dr. M propensity towards education. If fact after the election
Tun Dr M wanted to be the Education Minister. But as it turned out
someone else took that position. But that did not deter him. Why<br />
<br />
ii) Because Education got the Lion Share of the PH Budget<br />
<br />
<h1 style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: #111111; font-size: 56px; line-height: 68px; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">
Budget 2019: RM60.2 billion allocated for schools and education</h1>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
KUALA LUMPUR: The Education Ministry will receive RM60.2 billion under
Budget 2019 – the biggest allocation ever in the federal government’s
spending plan.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Finance Minister Lim Guan Eng yesterday announced that RM652 million is allocated for all school types in the country.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Prime Minister Tun Dr Mahathir, who wanted to become the Minister of
Education before but was not allowed, said that the huge RM60.24 billion
allocations for schools and education by PH are due to the fact that
the future generation needs to have more knowledge.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
He said the government has prioritised education to prepare students to face the future.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
<span style="background-color: yellow;">“<strong>Education is extremely important.</strong></span></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
“I wanted to be Education Minister, but they didn’t allow me to,” he joked.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Dr Mahathir stressed that the knowledge field has changed considerably and that nowadays students need to learn more things.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
<strong>3) Education is important because Malaysia must upgrade itself
from a low cost labour intensive economy to one that is high knowledge
& high skill.</strong></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Japan, China, Korea, Singapore's GDP have gone up 3X to 5X more than
Malaysia. Only by Knowledge (know how) can Malaysia catch up. So
education is not an option but a neccessity.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
And if just 10% of the Rm62 Billions go into more Printed or Digital
Books that means Rm620 Millions new orders. If 20% that would be a
Whopping Rm1.24 Billions Revenue for all Publishers. The cake is big
enough for all</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
<strong>3) EDUCATION is Non Cyclical & Recession Proof</strong></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
No matter how bad times are our children still go to Schools.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
In Subang people convert homes into multiple rooms for students.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
In Germany the Singapore Govt invested in Student Accommodations</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Why? Because this business is Recession Proof</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
So Sasbadi is in a recession proof business.</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
<strong>4) At 21.5 sen with NTA of 37 sen Sasbadi is selling at 42% discount to NTA</strong></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
There is now a huge margin of safety as price has fallen to very attractive level</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
<strong>5) SASBADI IS NOW A BUY LOW CLASSIC OPPORTUNITY</strong></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
EPF first reported its entry purchase at Rm2.60 to Rm2.70 for Sasbadi</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
After Capital Exercise Two for One Split & One for Two Bonus </div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
<em><span style="background-color: yellow;">EPF holding cost is 90 Sen</span></em></div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Now EPF is disposing Sasbadi at 21.5 sen for more than 75% discount.
EPF loss will be the gains of those brave enough to buy at near Rock
Bottom</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Last time EPF suddenly sold down Ajiya to Rm1.25. Both my Johor Sifu
& Johor buddies bought. Ajiya later powered to over Rm4.30 &
split - making my Johor Sifu Rm1.5 Millions</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
Another thing to note is Director's purchase price</div>
<div style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; box-sizing: border-box; color: black; font-size: 18px; margin: 0px 0px 1em; outline: 0px; padding: 0px; vertical-align: baseline;">
See</div>
<table class="nc dataTable no-footer" id="changeInShareholdingTable" role="grid" style="background: rgb(247, 247, 255); border-collapse: collapse; border-spacing: 0px; box-sizing: content-box; clear: both; color: #333333; font-family: Verdana, Arial, Helvetica, fantasy, sans-serif; margin: 0px; max-width: 100%; width: 100%px;">
<tbody>
<tr class="odd" role="row" style="background: rgb(215, 215, 248) !important;">
</tr>
<tr class="odd" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
09-Feb-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">500,000</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.470</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/09-Feb-2018/130492_1472855831.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="even" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
07-Feb-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">400,000</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.493</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/07-Feb-2018/130434_1174390365.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="odd" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
06-Feb-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">300,000</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.553</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/06-Feb-2018/130405_1081125949.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="even" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
26-Jan-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">300,000</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.583</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/26-Jan-2018/130289_3147972843.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="odd" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
25-Jan-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">404,700</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.591</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/25-Jan-2018/130258_892456525.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="even" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
24-Jan-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">142,200</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.600</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/24-Jan-2018/130230_1363059753.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="odd" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
22-Jan-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">50,000</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.600</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/22-Jan-2018/130170_1284185355.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="even" role="row" style="background-color: white;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
19-Jan-2018</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">303,100</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.600</td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
<a href="https://klse.i3investor.com/insider/director/5252/22-Jan-2018/130170_1284185355.jsp" style="color: #0066aa; text-decoration-line: none;" target="_blank" title="View Detail"><img alt="View Detail" class="sp view16" icon="" src="https://cdn1.i3investor.com/cm/icon/trans16.gif" style="background-image: url(; border: none; height: 15px; max-width: 100%; vertical-align: middle;" /></a></td>
</tr>
<tr class="odd" role="row" style="background: rgb(215, 215, 248) !important;">
<td class="left sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px;">
MR LAW KING HUI</td>
<td class="center sorting_1" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
30-Aug-2017</td>
<td class="center sorting_3" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;" width="80px">
<span class="up" style="color: #3f9066; font-weight: 700;">Acquired</span></td>
<td class="right" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: right;">
<span class="up" style="color: #3f9066; font-weight: 700;">105,000</span></td>
<td class="center" nowrap="nowrap" style="border-bottom-color: rgb(136, 187, 221); border-bottom-style: solid; border-top-color: rgb(136, 187, 221); border-top-style: solid; box-sizing: content-box; padding: 8px 10px; text-align: center;">
0.804<br />
</td>
</tr>
</tbody>
</table>
<br />
Insider buying price after ex-bonus ranges from <strong>47 sen to 80 sen</strong><br />
<em>So at 21.5 sen we are buying at a Huge 50% to 74% Discount!</em><br />
<br />
So far so bullish<br />
Now what are the downsides?<br />
<br />
1) The profit of Sasbadi depends on Govt Tenders which are fixed in
prices. But cost of production is not. If newsprint & ink price go
up then Sasbadi will make less profit. If paper prices spike up too high
then Sasbadi night even incur a loss.<br />
However, Sasbadi can ask for a higher price since tender process is year by year or semester by semester.<br />
<br />
2) With the sanguine management (Directors are fully aware of the Rm60.2 Billions : please note<strong> IT IS RM60.2 BILLIONS</strong> and not Rm60.2 Millions) And Rm60.2 Billions is about the cost of High Speed Rail which was postponed.<br />
So Directors have gone into added production & pile up even more inventories due to glowing prospects<br />
Now if there is cash flow constrain Company might go into borrowings or even issue RI to raise capital<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjriiHApXS0nVD229dFy_eY-RVEQphl7a9xWxl0T0vkI_861A9aT92lXCmgNeagTQvap7jZ3SUYpD_XQhmi2wiRjjA5TkwAcdjrNTVA7yxOEzjnoNeMtm9abpcL6uaxiEuVaqdBCw/s1600/internet.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="330" data-original-width="610" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjriiHApXS0nVD229dFy_eY-RVEQphl7a9xWxl0T0vkI_861A9aT92lXCmgNeagTQvap7jZ3SUYpD_XQhmi2wiRjjA5TkwAcdjrNTVA7yxOEzjnoNeMtm9abpcL6uaxiEuVaqdBCw/s320/internet.jpg" style="display: inline;" width="320" /></a></div>
<br />3) EPF entrust the selling or buying of shares to outsourced entities.
So there in no certainty whether EPF will continue to sell down Sasbadi
shares or start buying back again.<br />
<br />
So there are positives and there are negatives about Sasbadi.<br />
I cannot say buy or sell for you<br />
<br />
You have to decide with this information<br />
<br />
Good luck<br />
<br />
Best Wishes for All in Year 2019<br />
<br />
Calvin Tan<br />
Jurong West, Singapore<br />
<br />
https://klse.i3investor.com/blogs/www.eaglevisioninvest.com/191565.jsp Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-39322162533400344612019-01-25T08:46:00.004+08:002019-01-25T08:49:19.513+08:00SASBADI (5252) 文语控股 2年财测上调10%<br />
<a name='more'></a>目标价:23仙<br />
<br />
最新进展:<br />
<br />
文语控股(SASBADI,5252,主板电信与媒体股)截至去年11月杪的2019财年首季,净利劲扬84.04%,至438万2000令吉;上财年首季净利为238万1000令吉。<br />
<br />
同时,营业额从去年的2751万4000令吉,年增10.88%至3050万8000令吉。 <br />
<br />
行家建议:<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif79nn-2PU-V8sx5yoaAYAekKlMQsBrvn_WhM-bo0GH9NwyWzxOXxugFcjsG-MZaFmjq4vWpFtbOx1u8gpsOwaIaUri9cu-OxoAhbGMOC1X9ZlnNAjBVbVNEgW6ZVCtWx7TTQUbg/s1600/stocks+portfolio+2.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="360" data-original-width="490" height="235" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEif79nn-2PU-V8sx5yoaAYAekKlMQsBrvn_WhM-bo0GH9NwyWzxOXxugFcjsG-MZaFmjq4vWpFtbOx1u8gpsOwaIaUri9cu-OxoAhbGMOC1X9ZlnNAjBVbVNEgW6ZVCtWx7TTQUbg/s320/stocks+portfolio+2.jpg" style="display: inline;" width="320" /></a></div>
<br />
首季核心净利达530万令吉,分别占我们和市场全年预测的65%和63%。<br />
<br />
考虑到该公司赢得更多印刷课本的合约,印刷和网上出版业务的贡献有望走高,因而将2019至2020财年的财测各上调10%。<br />
<br />
不过,我们预计下半年的贡献会停滞,因为业务的周期性高。<br />
<br />
另外,管理层正面看待参与国际书展活动,因为可借此吸引更多人的兴趣,旨在减少依赖本地市场的营业额。<br />
<br />
财测上修后,我们维持“守住”评级,但微幅上调目标价3仙,至23仙。<br />
<br />
整体而言,我们相信文语控股的努力正开始见效,可缓和成本上升的问题。<br />
<br />
不过,考虑到其市值较小,仍维持12倍的本益比估值,但该公司依旧是教育领域市场复苏的代表。<br />
<img src="http://www.enanyang.my/wp-content/uploads/contentdir/image/261990/190124a0705.jpg" style="width: 600px;" /><br />
http://www.enanyang.my/news/20190124/文语控股-2年财测上调10/Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-41529581913876609262018-01-25T19:32:00.002+08:002018-01-25T19:32:49.096+08:00SASBADI (5252) - Sasbadi- Earnings Recovered <br />
<a name='more'></a><br /><br />
<div class="separator" style="clear: both; text-align: left;">
<b>Background</b></div>
<div class="separator" style="clear: both; text-align: left;">
</div>
<div class="separator" style="clear: both; text-align: left;">
Sasbadi Holdings Bhd ("Sasbadi") is a publisher of educational materials, undertaking print
publishing as well as online publishing of educational materials based on the
Malaysian National School Curriculum. It is also involved in the
distribution of applied learning products - miniature building blocks and
mechanical, electrical and electronic components, as well as devices for measuring
and analysing live signals, and software to create measurement and control
systems - designed to provide hands-on learning experience to students. </div>
<div class="separator" style="clear: both; text-align: left;">
</div>
<div class="separator" style="clear: both; text-align: left;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_vixkrnqG3lkzKzaJRE6r-FdWXSuWAuYc8nfiuFk_7Lh6-Wy_-XlrvuhdvQw0O1b3H8Gdon2bTyaIMVr3wQ4E1xqobvXOio0FjJNwQiGg6ag02U2AZOkBR4Jr_GPXuehsDGqb/s1600/Sasbadi%2527s+business+focus.gif" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="165" data-original-width="1022" height="51" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_vixkrnqG3lkzKzaJRE6r-FdWXSuWAuYc8nfiuFk_7Lh6-Wy_-XlrvuhdvQw0O1b3H8Gdon2bTyaIMVr3wQ4E1xqobvXOio0FjJNwQiGg6ag02U2AZOkBR4Jr_GPXuehsDGqb/s320/Sasbadi%2527s+business+focus.gif" width="320" /></a></div>
<div class="separator" style="clear: both; text-align: left;">
<i>Diagram: Sasbadi's Main Businesses</i></div>
<div class="separator" style="clear: both; text-align: left;">
</div>
<div class="separator" style="clear: both; text-align: left;">
<b>Result Update</b></div>
<br />
For QE30/11/2017, Sasbadi reported to a net profit of RM4.4 million as
compared to a net loss of RM4.2 million in the immediate preceding
quarter (QE31/8/2017). The turnaround was due to higher revenue &
lower operating expenses.<br />
<br />
The poor performance in QE31/8/2017 was due to a drop in revenue from
the academic publishing subsidiaries d- partially due to a seasonally
weaker quarter as well as weaker retail market. This decline was only
partially offset by the increase in revenue of the online/digital
products division - leading to an overall drop in revenue. In addition,
the group incurred higher operating costs in QE31/8/2017 due to the
consolidation of the United Publishing Group's full quarter results,
impairment loss on trade receivables, and increased interest expense
arising from higher gearing.<br />
<br />
<i>(Note: This latest quarterly result was announced on Jan 18.)</i><br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAdVLAxBe28-DwWGz6QIJ0r8WNllHdOGSBOTuUAPqvFXlzGzVMUVSdkN1-czYPJE49BEMkofUcVB5cKNUONpNWs-twBmhtTbTnqBDk94QBmKMceF7pD00SXWvf-8SIRJv4aDqO/s1600/Sasbadi%2527s+8Qs.gif" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="467" data-original-width="744" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAdVLAxBe28-DwWGz6QIJ0r8WNllHdOGSBOTuUAPqvFXlzGzVMUVSdkN1-czYPJE49BEMkofUcVB5cKNUONpNWs-twBmhtTbTnqBDk94QBmKMceF7pD00SXWvf-8SIRJv4aDqO/s320/Sasbadi%2527s+8Qs.gif" width="320" /></a><br />
<i>Table: Sasbadi's last 8 quarters' financial performance</i><br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRmjcPJ9sUzKGfFn7oazQocAWPO5KKpd1AjUzoMEDe3W1GPVfXboOzMvpJ_un4cNQ1HPwKiq7fxLrGI6eU_1QArZZ6HnSN4MFonBC86OEWVbcg0oC4SWjS3nb1o4w6R3CDlCpg/s1600/Sasbadi%2527s+14Qs.gif" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="620" data-original-width="496" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRmjcPJ9sUzKGfFn7oazQocAWPO5KKpd1AjUzoMEDe3W1GPVfXboOzMvpJ_un4cNQ1HPwKiq7fxLrGI6eU_1QArZZ6HnSN4MFonBC86OEWVbcg0oC4SWjS3nb1o4w6R3CDlCpg/s320/Sasbadi%2527s+14Qs.gif" width="256" /></a><br />
<span style="font-style: italic;">Graph: Sasbadi's </span><i>last 14 quarters' financial performance</i><br />
<br />
<b>Financial Position</b><br />
<br />
As at 30/11/2017, Sasbadi's financial position is deemed satisfactory with current ratio at 3.1x and gearing ratio at 0.50x.<br />
<b><br /></b>
<b>Valuation</b><br />
<br />
Sasbadi (closed at RM0.605 yesterday) is now trading at a trailing PER
of 21 times (based on last 4 quarters' EPS of 2.89 sen). However, if we
were to exclude the exceptional loss from QE31/8/2017, the 4 quarters'
EPS could be raised to 5.0-5.5 sen. Based on a full year EPS of 5 sen,
Sasbadi's PER would be 12 times. At this adjusted PER of 12 times,
Sasbadi looks fairly attractive.<br />
<b><br /></b>
<b>Technical Outlook</b><br />
<br />
Sasbadi share price is moving within a large expanding triangle. As
noted in the past, an expanding triangle is an unusual price pattern
where the bulls get more bullish over times while the bears get more
bearish as well. At some point, the stalemate must be resolved. Failing
which, the share price will move sideways or begin to converge. If we
make the fair assumption that the price will stay within the triangle,
then the next likely movement is for the share price to rise up to the
middle line. Thus the stock could be a good buy at the current price of
RM0.60.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH1479wK98QOZ2be8biVCRsU_0aH3TJWisVGbRezn-zaG-u6jD1nRGoMJINddB0JzWKjMjoXtPX9PlTRNiQAKqBJOqeZj7QI6NC7tJPHSHAmXWVQ_soHHL6klk8XcnrQmioKX9/s1600/Sasbadi+w20180124.gif" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="660" data-original-width="997" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjH1479wK98QOZ2be8biVCRsU_0aH3TJWisVGbRezn-zaG-u6jD1nRGoMJINddB0JzWKjMjoXtPX9PlTRNiQAKqBJOqeZj7QI6NC7tJPHSHAmXWVQ_soHHL6klk8XcnrQmioKX9/s320/Sasbadi+w20180124.gif" width="320" /></a><br />
<span style="font-style: italic;">Chart: Sasbadi's weekly chart as at Jan24, 2018 (Source: Malaysiastock.biz)</span><br />
<br />
<b>Conclusion</b><br />
<br />
Based on satisfactory financial performance & position and
reasonable valuation, Sasbadi is a good stock for long-term investment.<br />
<div>
</div>
<div>
<b><i style="mso-bidi-font-style: normal;">Note:</i></b><br />
<b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post.</i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;"><span style="mso-fareast-language: EN-US;"> However, I could have an indirect interest in </span>the
security or securities mentioned as some of my clients may have an
interest in the acquisition or disposal of the aforementioned security
or securities. </i></b><b style="mso-bidi-font-weight: normal;"><i style="mso-bidi-font-style: normal;">As investor, you should fully research any security before making an investment decision.<br /><br />http://nexttrade.blogspot.my/2018/01/sasbadi-earnings-recovered.html</i></b></div>
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-54414475078277828442018-01-23T07:55:00.001+08:002018-01-23T07:55:38.318+08:00SASBADI (5252) - Alliance DBS- Maintain a buy for SASBADI with TP RM1.05<br />
<a name='more'></a><br /><br />This article first appeared in The Edge Financial Daily, on January 22, 2018.<br /><br />Sasbadi Holdings Bhd<br />(Jan 19, 60.5 sen)<br /><br /><br /><strong style="box-sizing: border-box;"></strong>
<br />
<div style="box-sizing: border-box; color: #333745; font-family: Domine, serif; font-size: 18px; margin: 0px 0px 20px;">
<img alt="Image result for sasbadi" src="data:image/png;base64,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" /></div>
<br />Maintain buy with a target price of RM1.05: Sasbadi Holdings Bhd reported core earnings for its first quarter of financial year 2018 (1QFY18) of RM4.5 million (+2.3% year-on-year [y-o-y], > +200% quarter-on-quarter [q-o-q]). Although the bottom line for 1QFY18 only improved marginally y-o-y, we view the results positively since the 1QFY17 figure was boosted by non-recurring income. To recap, the group’s 1QFY17 core earnings were boosted by textbook reprinting contract and provisions of Lego Education robotic sets to primary and secondary schools amounting to RM3.6 million. If we strip off these two contributions from its 1QFY17 results, 1QFY18 earnings would have grown by double digits y-o-y.<br /><br />The stronger earnings y-o-y were mainly driven by a strong growth from its organic print publishing business, a higher contribution from its networking marketing operations, and 13% y-o-y reduction in its operating expenses. The improvement in its organic business and lower operating expenses illustrate the management’s recent strategies of streamlining cost and enhancing its revenue growth trajectory are starting to bear fruit. The q-o-q performance did not serve as a good comparison, given that Sasbadi’s business is highly seasonal.<br /><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjriiHApXS0nVD229dFy_eY-RVEQphl7a9xWxl0T0vkI_861A9aT92lXCmgNeagTQvap7jZ3SUYpD_XQhmi2wiRjjA5TkwAcdjrNTVA7yxOEzjnoNeMtm9abpcL6uaxiEuVaqdBCw/s1600/internet.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="330" data-original-width="610" height="173" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjriiHApXS0nVD229dFy_eY-RVEQphl7a9xWxl0T0vkI_861A9aT92lXCmgNeagTQvap7jZ3SUYpD_XQhmi2wiRjjA5TkwAcdjrNTVA7yxOEzjnoNeMtm9abpcL6uaxiEuVaqdBCw/s320/internet.jpg" style="display: inline;" width="320" /></a></div>
<br />Management aims to embark on at least one earnings-accretive acquisition annually to further strengthen its dominant position in the publishing industry and drive income growth. Our revenue assumptions for its network marketing business are RM15 million/RM20 million for FY18/FY19, and a stronger-than-expected contribution would serve as a catalyst for the stock.<br />In-page MRec<br />
<br />Although we view the 1QFY18 results positively, we believe that our previous earnings forecasts were overly optimistic. As forewarned in our previous report, despite our optimistic view of the group’s prospects, we do acknowledge that given the small base established in FY17, the group will need to grow its revenue by 39% and earnings by 187% to meet our previous FY18 earnings forecasts, which we deem to be stretched targets at this juncture. Besides that, the steep drop in its organic publishing business in 4QFY17 could indicate that its impending recovery would take a longer time than we had expected. We cut our FY18-FY19 earnings estimates by about 15%, mainly to account for lower organic growth in its publishing business and a higher finance cost.<br /><br />Post-earnings revision, we are maintaining our “buy” recommendation with a lower TP of RM1.05, pegged at a forward calendar year 2018 price-earnings ratio (PER) of 19 times. Our valuation is based on a 10% discount to its historical mean PER, which we believe is reasonable. — AllianceDBS Research, Jan 19<br /><br />http://klse.i3investor.com/blogs/huat8888/145112.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-37633179771552691682018-01-20T07:51:00.001+08:002018-01-20T07:51:43.424+08:00SASBADI (5252) - CIMB: Worst over for Sasbadi’s retail sales with TP RM1.32<br />
<a name='more'></a><br /><br />KUALA LUMPUR: CIMB Equities Research sees the worst is over for Sasbadi Holding whose share price fell by around 30% in the past three months after 4QFY17’s net loss and concerns of further weakness in retail sales. <br /><br />The research house said on Friday this offers investors an opportunity to accumulate the stock as it looks like the worst is over for retail sales. <br /><br />Sasbadi is publisher of educational materials mainly for the primary and secondary schools.<br /><br />“We maintain our EPS forecasts and target price (RM1.32) based on an unchanged 20% discount to 2019F 16 times P/E (our target P/E for the domestic education sector) to reflect its small market cap. <br />“Catalysts are stronger-than-expected MLM sales. Risks include weak MLM sales,” it said.<br /><br /><br /><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOqg7YqsoUBxcrcQNXzaPSBc1fDBMGItiDDIojZRYcUghqR8KB7mImaEhyphenhyphenkOwg5WmIWmfm_KK5Wab1EfMW7KpxUCjQfStSm76jYfVY8wS9xAAWOqRMI4Ol6GFTYDEKI2epCoE3Nw/s1600/publicinvest+research+01.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="246" data-original-width="470" height="167" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOqg7YqsoUBxcrcQNXzaPSBc1fDBMGItiDDIojZRYcUghqR8KB7mImaEhyphenhyphenkOwg5WmIWmfm_KK5Wab1EfMW7KpxUCjQfStSm76jYfVY8wS9xAAWOqRMI4Ol6GFTYDEKI2epCoE3Nw/s320/publicinvest+research+01.jpg" style="display: inline;" width="320" /></a></div>
<br /><br />Sasbadi’s 1QFY18 revenue was down 5.4% on-year at RM19.5mil, mainly due to 1QFY17’s one-off RM7mil revenue from the sale of Education Lego products and school text books to the government.<br /><br />“If we exclude 1QFY18’s estimated RM3mil MLM revenue, we estimate that 1QFY18’s domestic retail revenue was up by around 6% on-year. This is positive news for retail sales as FY17 retail sales was down by c.6% on-year due to weak domestic consumer sentiment,” it said.<br /><br />CIMB Research estimated that 1QFY18’s retail revenue was up 6% on-year at c.RM25.8mil, an indication that the worst is over for the retail division, which is its core business. <br /><br />“We believe retail sales should pick up this year,” it added. <br /><br />In the Budget 2018 speech last October, the government said it would give RM300mil worth of book vouchers to students, to be used to purchase school books at selected book shops in 2018. This should help boost Sasbadi’s retail sales.<br /> <br />“The “Chuck Chicken” books are already being sold at major bookshops in the country.<br /><br /> However, the global launch of the books is only expected to happen in the latter part of this calendar year. <br />
<br />
<div class="inline-img" id="slcontent_0_sleft_0_divLeadMedia" style="border: none; box-sizing: border-box; font-family: Lato, Arial, Helvetica, Arial, Tahoma, sans-serif; font-size: 16px; margin: 0px; padding: 0px;">
<div class="story-image" id="slcontent_0_sleft_0_mtLeadMedia_pnlMedia" style="border: none; box-sizing: border-box; margin: 0px; padding: 0px;">
<img data-thumb-img="/~/media/online/2018/01/19/00/41/sasbadi.ashx/?w=620&h=413&crop=1&hash=842C1BFC94C25776B94074CE3335106BEEA3B8A9" src="https://www.thestar.com.my/%7E/media/online/2018/01/19/00/41/sasbadi.ashx/?w=620&h=413&crop=1&hash=842C1BFC94C25776B94074CE3335106BEEA3B8A9" style="border: none; box-sizing: border-box; height: auto; margin: 0px; max-width: 100%; padding: 0px; vertical-align: middle; width: 1898.88px;" /></div>
</div>
<br />CIMB Research has not assumed any earnings for these books but this could be huge due to the growing popularity of “Chuck Chicken” cartoons worldwide. <br /><br />“We estimate 1QFY18 MLM revenue of around RM3mil vs. FY17’s RM6.1mil revenue. 1QFY18’s average monthly revenue was c.RM1mil vs. only RM500,000 in FY17 and we expect MLM revenue to take off in a big way over the next few months. <br /><br />“The MLM division already has more than 10,000 members and the company is looking to undertake major campaigns and promotions over the next few months to help boost its membership size. <br /><br />“With the government’s focus on science, technology, engineering and math (STEM), the company’s plan to franchise its robotics technology education division has great potential, in our view.<br /><br />“Sasbadi already has a tie-up with University Malaya to certify its robotics education classes. We have not factored in any profits from this division,” it said.<br /><br /><br />Read more at https://www.thestar.com.my/business/business-news/2018/01/19/worst-over-for-sasbadi-retail-sales/#ziMIB3arp4e0poIj.99Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-24721853248637532682018-01-01T12:32:00.000+08:002018-01-01T12:32:58.626+08:00SASBADI (5252) 文语控股 - 《2017 年 5大筛选高位逆转失意股之5》 :SASBADI (5252 )<br />
<a name='more'></a> 2017年股市风云回顾系列 - 5个今年逆转失落股篇<br /><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYpVPqAhRPXKbNnpt8XrRqy8WD4ltccGGwNfAWaLDuqA-cj6kWUHjmRS6JWNFhZ4c08CWWYQzZ_v7I8dhy7zZAQfC_fRuREqvE1OnnrmojlNLYyY_zmjpv3S3dNXRoO_XzSnwduA/s1600/STOCKS+MARKET+10.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="240" data-original-width="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYpVPqAhRPXKbNnpt8XrRqy8WD4ltccGGwNfAWaLDuqA-cj6kWUHjmRS6JWNFhZ4c08CWWYQzZ_v7I8dhy7zZAQfC_fRuREqvE1OnnrmojlNLYyY_zmjpv3S3dNXRoO_XzSnwduA/s1600/STOCKS+MARKET+10.jpeg" style="display: inline;" /></a></div>
<br />《2017 年 5大筛选高位逆转失意股之5》 :SASBADI (5252 )<br /><br />日线图 – 2017年12月29日<br />2017年历史高位:RM 1.07<br />上周五收市价:RM 0.57<br /><br />入选原因:<br /><br />之前基本面尚属不错的SASBADI 在今年年初还缓和上涨, 股价在上升到最高约1.07 后在其高位区间1.07 徘徊了一段时间后就逐步坠落到目前的低价0.555 后稍微反弹,几乎腰斩了一半,没有及时在高位卖出的目前只能继续住套房了。。。。<br /><br />SASBADI 目前技术温馨提示:<br /><br />股价目前下跌速度非常快及陡斜,目前还没有看到转势或反弹讯号,其短线支撑区间在0.555, 阻力区间在0.645, 虽然股价已跌了近50%, 但目前还看不到介入时机,此类股目前只有反弹机会,要转为上升趋势,需经过漫长的岁月等待了。。。<br /><br />战略防线:短线防线在RM 0555 区间 ,如再跌破,还需继续向下探底。。。<br /><span style="font-size: 14px;"></span>
<br />
<img height="450" src="http://klse.i3investor.com/files/my/blog/img/bl2663_2017decsasbadi_20171229.png" width="600" /><br />
<br />免责声明:<br />Mytraderview 的股票分析,纯粹是网主的个人观察及研究所得,只供作参考。任何人若根据这些分析、内容或资讯进行投资而有亏损,本网志慨不负责,一切买卖盈亏自负。<br /><br />注:MYtraderview也在面子书( facebook)设有专页,内里有更多精彩的股市文章及技术分析,并可作更多的互动及交流,喜欢技术分析的股友,也可在MYtraderview 面子书( facebook)专页上“Likes” Page,适时接收更多最新的大马股票技术分析及评论。。。<br /><br />MYtraderview面子书( facebook)专页:https://www.facebook.com/MYtraderview/<br /><br />(按以上连接可直接浏览MYtraderview面子书( facebook)专页)<br /><br />MYtraderview email : mytraderview@gmail.comUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-54078016587128736312017-08-03T22:12:00.003+08:002017-08-03T22:12:52.020+08:00SASBADI (5252) 文语控股 - Sasbadi 季报分析篇 (FY 2017, Q3) ~ BY 乡下小子 <br />
<a name='more'></a><span style="font-size: large;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2VNyI3tASWfdq8OY2jbSsTDx58avEQDqI1d3RxTXvdnmP25D83HhVmFvlhU56n28UDB220aJag0jlLJLTBpj8M7BL7lasv4Ov3xnTo86b6fmTu3VYRoCgE4hoMatXA4tXpTb7IQ/s1600/sasbadi2.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="538" data-original-width="1020" height="210" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi2VNyI3tASWfdq8OY2jbSsTDx58avEQDqI1d3RxTXvdnmP25D83HhVmFvlhU56n28UDB220aJag0jlLJLTBpj8M7BL7lasv4Ov3xnTo86b6fmTu3VYRoCgE4hoMatXA4tXpTb7IQ/s400/sasbadi2.png" width="400" /></a></span></div>
<span style="font-size: large;">
<b><br /></b>
</span><div class="separator" style="clear: both; text-align: center;">
<span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0PcFf_fLwnqTEc8ZEEj9zGZY44j7jhfnUxW12d52GOb01rKa-BxEqpGJsGBzUbuOyNdJag4I5UH4KvsUejBG98oJVhPlTVY3rDQQJJmgf-Ij9Zumw8O_IwkX-oRNTbCdu94h6tg/s1600/sasbadi.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1108" data-original-width="1008" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj0PcFf_fLwnqTEc8ZEEj9zGZY44j7jhfnUxW12d52GOb01rKa-BxEqpGJsGBzUbuOyNdJag4I5UH4KvsUejBG98oJVhPlTVY3rDQQJJmgf-Ij9Zumw8O_IwkX-oRNTbCdu94h6tg/s400/sasbadi.png" width="363" /></a></span></div>
<span style="font-size: large;">
<b><br /></b>
<b>1) 营业额和税前盈利</b><br />
<br />
营业额, 这个季度有 RM21.687million, 对比上个季度 (FY2017 Q2)减少了 20.2%。税前盈利, 也是下跌了大约一半
(50.13%), 目前这个季度税前盈利是 RM3.532.million。 管理层只是简单解释, 通常每年的第二个季度, 业绩会<br />
<a href="https://www.blogger.com/null" name="more"></a>比较好, 主要是那个时候遇到国内政府学校开学时期。<br />
<br />
<b>2)现金和负债篇</b><br />
<br />
现金方面, 这个季度显示公司有 RM15.7266million, 对比上个季度 (FY 17, Q2),是减少了 大约9.55%。 债务方面, 这个季度增加了 8.97%, 目前有RM30.796million。<br />
<br />
<b>3) Trade and other receivables and payables, Inventories</b><br />
<br />
Trade and other receivables, 对比上个季度, 下了大约6.53%, 目前有RM57.106million. 那
trade and other payables, 也是下降了大约21.9% , 目前这个季度有 RM14.395million.<br />
<br />
Inventories方面, 对比上个季度, 上升了4.6%, 目前有 RM 59.660million.<br />
<br />
<b>4) 管理层对公司接下来的前景看法</b><br />
<br />
管理层表示虽然第三个季度业绩表现不好, 但是管理层坚定表示最后一个季度, 公司还是会追求成长的业绩。<br />
<br />
另外, 同样的, 管理层再次再季报提出,公司会继续完成之前设下的目标, 比如1) 扩大销售点, 提高产品销售效率, 2) 产品多样化, 3)
制作和推介新的书籍和线上教育产品, 4) 提升 STEM (Science, Technology, Enginering 和
Mathematics) 相关产品的业绩, 5) 通过旗下的 Mindtech Eudcation, 提升直销或多重网络销售的服务,
6)寻找政府的新的招标活动 , 7)寻找合作项目机会, 尤其是那些项目有关联到公司内部开发的技术。<br />
<br />
最后是, 尽管还是会有一些不确定因素存在, 但是管理层对于公司接下来的表现维持理想的看法。<br />
<br />
<b>5) 季报有一个小重点 </b><br />
<br />
在21 July 2017, 公司收到 Penerbitan Pelangi Sdn Bhd 控告侵权事件。 整件事情是关于到 SPTM 和
MUET 的past year questions, 书籍印刷与销售。 目前公司得到MPM (Majlis Peperiksaan
Malaysia) 授权3 年, 从 2017年开始到2019年结束为止, 主要负责帮MPM出版SPTM 和 MUET 的past year
questions。 说一下, MPM 是政府的特有单位, 拥有所有过去的SPTM 和 MUET 的past year question 版权。<br />
<br />
Penerbitan Pelangi Sdn Bhd主要控告 Sasbadi 侵权, 是Pelangi 在 2011年到 2016年
出版的past year question papers. 其实整件是看起来, 你自己都知道发生什么事, 为何会有这个诉讼。
但是由于事情还在进行诉讼当中, 不便给自己的意见, 只能进一步看看公司怎样拆这个炸弹。<br />
<br />
<b>~~~个人看法</b><br />
<br />
目前价格是 RM 1.32 (1.8.2017) 对于上三个月我写的分析的公司股票价格是 RM1.55 (28.4.2017), 跌了
RM0.23. 股价确实跟着业绩下了不少。 以目前我对公司浅浅的了解, 暂时个人的看法是,管理层虽然有心经营,
但是目前公司只能够勉强维持现有的业绩, 不会太大的突破。简单的说, 虽说有红股加持, 公司除非拿到很多政府合约之外, 也需要不断收购同行,
来扩大自己的市场占有率, 才能够推高公司的业绩, 不然的话, 成本进一步提升, 盈利会继续的下跌下去。 有没有投资的机会?还是那句老话,
只能时刻留意公司的最新消息。
<br /><br />http://windscopo.blogspot.my/2017/08/sasbadi-fy-2017-q3-by.html</span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-27305584200462839032017-06-17T22:31:00.001+08:002017-06-17T22:31:16.856+08:00SASBADI (5252) 文语控股 - 文语控股 书中自有黄金屋<br />
<a name='more'></a> 2014-11-03 15:17<br /><br /><br />文语控股(SASBADI,5252,主板消费产品股)是于1985年创立,家喻户晓,目前已成为马来西亚最稳固的教育出版集团,也是根据国家学校校外课程出版小学和中学教育刊物的唯一出版商,在教育出版业占有9%的市场份额,在整个出版业占有6%市场份额。<br /><br />它也出版和供应作业簿、修正和教学指南、签到簿、儿童书以及实用教学产品,截至2013年8月31日止约有1380名活跃的客户,包括教育部、零售书店、补习中心以及学校。<br /><br />由2010至2014年的4年半,它总共卖出5600万册的刊物。<br /><br />拥有30年的经验,使它建立起良好声誉,用户对它的产品品质有信心。产品多元化,从作业簿再到学前教育积木的产品都有,比竞争者更有优势,这些客户群达到1380个。此外,公司大部份管理层都在出版界拥有经验。<br /><br />在马来西亚拥有130间零售书店客户,以及200间自营书店,这使得学生及教师容易购得它的产品。<br /><br />它拥有本身的内容团队,不依赖外在作者,使它可以更迅速地应对变革。例如PT3考试取代PMR考试时,它在政府宣布这项决定的不到一个月内,便出版了PT3考试的参考书。<br /><br />它是根据国家学校校外课程出版小学和中学教育刊物的唯一出版商,这使是它拥有独特的地位。<br /><br />此外,它也准备收购另一家出版社,这是出版国民型学校(华校)刊物的出版社。<br /><br />强劲现金流 开销却不高<br /><br />强劲现金流开销却不高。文语控股将全部印刷业务外包给第三方,所以资本开销不高,这也意味着年度现金流强劲。<br /><br />与此同时,也将支撑50%盈利派息的股息政策。<br /><br />根据过去记录,该公司每年拥有220万至1570万令吉的现金流,或相等于每股2.1至14.9仙的现金流。<br /><br />竞争优势 难被复制<br /><br />出版业的优势是建立在:1.有经验和有才华的编写团队;2.广泛和稳固的分销网络;3.多元化的产品,以及4.大规模出版。<br /><br />过去30年,文语控股已经建立起这方面的优势,它的竞争者和新进者,很难复制它的优势。<br /><br />处于良好的优势带领行业整合。与唯一的上市竞争者彩虹出版(PPG,7190,主板工业产品股)比较,文语控股占有更佳的优势,领导教育出版业整合。<br /><br />在我国的教育出版业,前三大的公司占有少过25%的市场份额,其余的市场是由约200家小型出版公司瓜分,每间出版商的平均营收为280万令吉,意味着市场领导者,例如文语控股拥有很大的并购空间。<br /><br />人口识字率 带动出版业<br /><br />马来西亚的人均收入及人口年轻,将会带动教育出版事业增长。<br /><br />于2009至2013年,我国的人均收入取得7.4%复合年增长率。<br /><br />年轻人口达到1340万人,或占2013年总人口的45.2%,他们的年龄介于0至24岁。未来4至10年期,这些人口将成为该公司客户,使市场对它的产品需求不断。<br /><br />除了入学学生不断增加之外,我国的识字率也在提升,这将激励出版业。<br /><br />我国的识字率高达94%,越高的识字率,意味着对出版刊物的需求更高。<br /><br />放眼收购 提升盈利<br /><br />私人出版业者通常较没有效率以及赚幅低,而教育出版公司是一门高赚幅的行业,所以预料在未来3年,文语控股将展开策略性并购。<br /><br />根据马来西亚书本出版商协会的资料显示,截至2011年9月份,它的会员当中,有143名会员或是占全体成员的81%的年营收少过1000万令吉。<br /><br />这也意味着80%的竞争者税后盈利不到100万令吉,或是蒙受亏损,文语控股因而有良好的谈判能力。<br /><br />收购Pearson Malaysia的书册名单只是一个开始。文语控股于2013年9月,有机会以550万令吉收购PearsonMalaysia书册名单的权力及生产权。<br /><br />额外营收1000万<br /><br />这是一家拥有50年历史的着名出版商,收购对文语控股有利,因为Pearson Malaysia是教育出版市场的著名品牌,以及这项收购可以为文语控股带来额外的1000万令吉营收。<br /><br />7月上市之后的第一项收购行动。上个月,文语控股收购多媒体出版社,成交价100万令吉。<br /><br />创新增长动力<br /><br />文语控股也计划扩张至分销应用教学产品,它将在2015年中设立两个应用教学中心,因为市场对尖端教育产品的需求日渐增加。<br /><br />建议中的应用教学中心,预料将提升文语控股的品牌以及形象,这也让该公司可以在未来3年,从一家着名的印刷厂商,转型成为一个多元化的教育集团。<br /><br />免责声明<br /><br />本文分析仅供参考,并非推荐购买或脱售。<br /><br />投资前请咨询专业金融师。<br />慧眼<br /><br />http://www.nanyang.com/node/659753?tid=902<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-33484347386465848782017-05-11T19:30:00.001+08:002017-05-11T19:30:21.915+08:00SASBADI (5252) 文语控股 - Sasbadi 季报分析篇 (FY 2017, Q2)~ BY 乡下小子 <br />
<a name='more'></a>SASBADI (5252) 文语控股 - Sasbadi 季报分析篇 (FY 2017, Q2)~ BY 乡下小子 <br /><br />
<div class="separator" style="clear: both; text-align: center;">
<span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyYQ4h4yatzWe8bQP1f3zFzzNF65QqKmnsRxUF8eMf7sYy8lH7Fe3rSz88Xm0yIJV3cbxnnToYyrcMCvbMQo7CzG3YYENdqD7DPtSckUKinJZC7jEuUrbwCUiuULR8sQG_hp5vAw/s1600/Screen+Shot+2017-04-29+at+9.19.34+AM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="168" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyYQ4h4yatzWe8bQP1f3zFzzNF65QqKmnsRxUF8eMf7sYy8lH7Fe3rSz88Xm0yIJV3cbxnnToYyrcMCvbMQo7CzG3YYENdqD7DPtSckUKinJZC7jEuUrbwCUiuULR8sQG_hp5vAw/s320/Screen+Shot+2017-04-29+at+9.19.34+AM.png" width="320" /></a></span></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBfzOyrD6nMkkVo6Z9fC9UvAidn9Jia2S9LlPA2RDZPlYpuAi2uXBRNPZMpCCLnJ5opRsyx_PI9p1F7k8quOxr66_-5ymoMwuNm-TrTH2m5VpaVM7wK2MNoR3QS1xA2W904DC93Q/s1600/Screen+Shot+2017-04-29+at+9.19.43+AM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBfzOyrD6nMkkVo6Z9fC9UvAidn9Jia2S9LlPA2RDZPlYpuAi2uXBRNPZMpCCLnJ5opRsyx_PI9p1F7k8quOxr66_-5ymoMwuNm-TrTH2m5VpaVM7wK2MNoR3QS1xA2W904DC93Q/s320/Screen+Shot+2017-04-29+at+9.19.43+AM.png" width="299" /></a></span></div>
<br />
<b><span style="font-size: large;">1) 营业额和税前盈利</span></b><br />
<br />
营业额, 这个季度有 RM27.173million, 对比上个季度 (FY2017 Q1)减少了 12.9%.公司解释, 这个季度为何不如上个季度的表现, 主要原因是<br />
<a href="https://www.blogger.com/null" name="more"></a>上个季度, 公司与教育部有一个合约, 负责供应和输送 新的和重印的教课书之外, 也有 robotic sets, 所以上个季度营业额才会这么高。 <br />
<br />
但是, 这个季度,税前盈利却增加了大约 11.0%, 目前这个季度税前盈利是 RM7.083.million, 主要是这个季度有更好的毛利, 也接间抵消了公司较高的运营成本。<br />
<br />
<span style="font-size: large;"><b>2)现金和负债篇</b></span><br />
<br />
现金方面, 这个季度显示公司有 RM17.386million, 对比上个季度 (FY 17, Q1),是增加了 大约14.89%。 债务方面, 这个季度增加了 4.48%, 目前有RM28.262million。<br />
<br />
<span style="font-size: large;"><b>3) Trade and other receivables and payables, Inventories</b></span><br />
<br />
Trade and other receivables, 对比上个季度, 下了大约12.59%, 目前有RM61.098million. 那
trade and other payables, 也是下降了大约14.54% , 目前这个季度有 RM18.432million.
这个季度还好, 有收回了一些钱, 但是payables 跟上个季度一样, 都是比债务还得更多。<br />
<br />
Inventories方面, 对比上个季度, 上升了 9.75%, 目前有 RM 57.034million.<br />
<br />
<span style="font-size: large;"><b>4) 管理层对公司接下来的前景看法</b></span><br />
<br />
管理层表示, 公司会继续追求之前对于FY2017设下的目标, 比如公司会继续追求 organic growth
(意思是指公司靠着现有的资源和业务,也就是不断提高产品质量和销量, 服务水平,找新的客户,
增加市场的占有率,也通过创新和提高生产效率等等的这些方法)使到公司进一步成长。 公司把它归类了5点, 1) 公司为了释放现有的资源去到最大价值,
会借着公司现有的子公司或收购公司的优势, 竞争力, 知识产权来拓展公司产品的销售。 2) 注重在于生产新的 new print and
online/digital educational products and material,3)继续直销,
也就是销售公司网络学习产品,通过 Mindtech Education 和 STEM的管道。 4)会继续寻找竞标教育部的课本合约的机会 5)
会继续寻找好的公司来收购, 壮大公司。<br />
<br />
最后是, 尽管还是会有一些不确定因素存在, 但是管理层对于公司接下来的表现维持积极的看法。<br />
<br />
<span style="font-size: large;"><b>~~~个人看法</b></span><br />
<br />
价格不断上涨的成本- 纸, 加上之前收购的公司, 目前运营成本应该是公司最主要的挑战。外加, 债务的利息,也是公司需要面对的问题。 另外,
再次看回去它旗下的机械教育, 网上教学,一样的情况,都没有带给它突破性的收入(就是可以占公司营业额比例比较明显的)。 虽然管理层提出了5个策略,
但是我个人看法, 目前教育部的合约, 和寻找好的公司来收购 , 是公司继续保持盈利成长的两大主要因数。<br />
<br />
目前价格是 RM 1.55 (28.4.2017) 对于上两个月我写的分析的公司股票价格是 RM1.57 (21.2.2017), 跌了 RM0.02. 股息方面, 这个季度派息了 1 仙。 左看右看, 公司的前景和数据, 确实有点摇头。<br />
<br />
虽然这次的季报, 我阅读完了, 抓不了公司前景是什么情况, 但是我自己跑去读了最近公司两个月的消息, 哈, 皇天不负有心人, 发现到一个亮点,
不能忽视的。 公司这两个月来, 有获得教育部一些的合约哦,虽然不是什么大的收入合约, 但是好过没有。 如果你想要了解更多的话,
可以去公司的官网查看。 看来, 管理层是有做事的, 一直积极为公司在争取合约, 至少公司接下来半年的收入可以得到保障了,不会太差。
如果公司更努力的去拿更多合约的话, 那公司的业务想必一定会更好, 这个的话, 只能时刻留意公司的最新消息。<br />
<br />
<br />
SASBADI (5252) 文语控股 - Sasbadi 季报分析篇 (FY 2017, Q2)~ BY 乡下小子 <br />
<br />
http://windscopo.blogspot.my/2017/05/sasbadi-fy-2017-q2-by_11.html<br />
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-66695983767119007472017-05-03T15:15:00.001+08:002017-05-03T15:15:44.745+08:00SASBADI (5252) 文语控股 - Sasbadi 季报分析篇 (FY 2017, Q2) ~ BY 乡下小子 <br />
<a name='more'></a>SASBADI (5252) 文语控股 - Sasbadi 季报分析篇 (FY 2017, Q2) ~ BY 乡下小子 <br /><br />
<div class="separator" style="clear: both; text-align: center;">
<span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4NYuw7Bf6mKvuNywjDDZpxWiBx72qunr5pvfwM6BACbcO70wDJtsKAWBqZFBe040_s3CKvd5fi8jKxNUxhmQEIbDhr6KCeBDc0_iUkJIqOw33jLhWfOUNjOsHTIqFhCQfJSJQWA/s1600/Screen+Shot+2017-04-29+at+9.19.34+AM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="210" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4NYuw7Bf6mKvuNywjDDZpxWiBx72qunr5pvfwM6BACbcO70wDJtsKAWBqZFBe040_s3CKvd5fi8jKxNUxhmQEIbDhr6KCeBDc0_iUkJIqOw33jLhWfOUNjOsHTIqFhCQfJSJQWA/s400/Screen+Shot+2017-04-29+at+9.19.34+AM.png" width="400" /></a></span></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPogJeLfZZL7dBJZSD55nYyOV1dTGMAGKmkGV3X5oyNjVL5aSfpFs16r99511HbzRKikE_whTy3lWbkgmavQkiz03LK5zeBf_RIK9ZeuXg9WCiPN2DNKoDN7M5eTD7-QSXwBsz1Q/s1600/Screen+Shot+2017-04-29+at+9.19.43+AM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPogJeLfZZL7dBJZSD55nYyOV1dTGMAGKmkGV3X5oyNjVL5aSfpFs16r99511HbzRKikE_whTy3lWbkgmavQkiz03LK5zeBf_RIK9ZeuXg9WCiPN2DNKoDN7M5eTD7-QSXwBsz1Q/s400/Screen+Shot+2017-04-29+at+9.19.43+AM.png" width="373" /></a></span></div>
<br />
<span style="font-size: large;">1) 营业额和税前盈利</span><br />
<br />
营业额, 这个季度有 RM27.173million, 对比上个季度 (FY2017 Q1)减少了 12.9%.公司解释,
这个季度为何不如上个季度的表现, 主要原因是上个季度, 公司与教育部有一个合约, 负责供应和输送 新的和重印的教课书之外, 也有 robotic
sets, 所以上个季度营业额才会这么高。 <br />
<br />
但是,<br />
<a href="https://www.blogger.com/null" name="more"></a> 这个季度,税前盈利却增加了大约 11.0%, 目前这个季度税前盈利是 RM7.083.million, 主要是这个季度有更好的毛利, 也接间抵消了公司较高的运营成本。<br />
<br />
<span style="font-size: large;">2)现金和负债篇</span><br />
<br />
现金方面, 这个季度显示公司有 RM17.386million, 对比上个季度 (FY 17, Q1),是增加了 大约14.89%。 债务方面, 这个季度增加了 4.48%, 目前有RM28.262million。<br />
<br />
<span style="font-size: large;">3) Trade and other receivables and payables, Inventories</span><br />
<br />
Trade and other receivables, 对比上个季度, 下了大约12.59%, 目前有RM61.098million. 那
trade and other payables, 也是下降了大约14.54% , 目前这个季度有 RM18.432million.
这个季度还好, 有收回了一些钱, 但是payables 跟上个季度一样, 都是比债务还得更多。<br />
<br />
Inventories方面, 对比上个季度, 上升了 9.75%, 目前有 RM 57.034million.<br />
<br />
<span style="font-size: large;">4) 管理层对公司接下来的前景看法</span><br />
<br />
管理层表示, 公司会继续追求之前对于FY2017设下的目标, 比如公司会继续追求 organic growth
(意思是指公司靠着现有的资源和业务,也就是不断提高产品质量和销量, 服务水平,找新的客户,
增加市场的占有率,也通过创新和提高生产效率等等的这些方法)使到公司进一步成长。 公司把它归类了5点, 1) 公司为了释放现有的资源去到最大价值,
会借着公司现有的子公司或收购公司的优势, 竞争力, 知识产权来拓展公司产品的销售。 2) 注重在于生产新的 new print and
online/digital educational products and material,3)继续直销,
也就是销售公司网络学习产品,通过 Mindtech Education 和 STEM的管道。 4)会继续寻找竞标教育部的课本合约的机会 5)
会继续寻找好的公司来收购, 壮大公司。<br />
<br />
最后是, 尽管还是会有一些不确定因素存在, 但是管理层对于公司接下来的表现维持积极的看法。<br />
<br />
<span style="font-size: large;">~~~个人看法</span><br />
<br />
价格不断上涨的成本- 纸, 加上之前收购的公司, 目前运营成本应该是公司最主要的挑战。外加, 债务的利息,也是公司需要面对的问题。 另外,
再次看回去它旗下的机械教育, 网上教学,一样的情况,都没有带给它突破性的收入(就是可以占公司营业额比例比较明显的)。 虽然管理层提出了5个策略,
但是我个人看法, 目前教育部的合约, 和寻找好的公司来收购 , 是公司继续保持盈利成长的两大主要因数。<br />
<br />
目前价格是 RM 1.55 (28.4.2017) 对于上两个月我写的分析的公司股票价格是 RM1.57 (21.2.2017), 跌了 RM0.02. 股息方面, 这个季度派息了 1 仙。 左看右看, 公司的前景和数据, 确实有点摇头。<br />
<br />
虽然这次的季报, 我阅读完了, 抓不了公司前景是什么情况, 但是我自己跑去读了最近公司两个月的消息, 哈, 皇天不负有心人, 发现到一个亮点,
不能忽视的。 公司这两个月来, 有获得教育部一些的合约哦,虽然不是什么大的收入合约, 但是好过没有。 如果你想要了解更多的话,
可以去公司的官网查看。 看来, 管理层是有做事的, 一直积极为公司在争取合约, 至少公司接下来半年的收入可以得到保障了,不会太差。
如果公司更努力的去拿更多合约的话, 那公司的业务想必一定会更好, 这个的话, 只能时刻留意公司的最新消息。 <br />
<br />
作者<br />
乡下小子<br />
<br />
<span style="font-size: small;">这篇文章纯粹作者看法,整篇文章并没有任何买卖建议,或推高股压低价的其他企图,单纯分享作者的功课,本人与作者"怒"不对你的盈亏负任何责任,谢谢。</span><br />
<br />
<span style="font-size: small;">SASBADI (5252) 文语控股 - Sasbadi 季报分析篇 (FY 2017, Q2) ~ BY 乡下小子 </span><br />
<span style="font-size: small;">http://windscopo.blogspot.my/2017/05/sasbadi-fy-2017-q2-by.html </span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-33024437379976860502017-04-05T11:53:00.000+08:002017-04-05T07:54:00.220+08:00Mudajaya, Voir, Suria Capital, MRCB, Ajiya, Icon, Sasbadi and NetX<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br />
<a name='more'></a>KUALA LUMPUR (April 4): Based on corporate announcements and news flow today, companies that might be in focus on Wednesday (April 5) include the following: Mudajaya Group Bhd, Voir Holding Bhd, Suria Capital Holdings Bhd, Malaysian Resources Corp Bhd, Ajiya Bhd, Icon Offshore Bhd, Sasbadi Holdings Bhd and NetX Holdings Bhd.<br />
<br />
Mudajaya Group Bhd said its 26%-owned associate company in India has begun selling 200 megawatt (MW) of electricity to several power distribution companies in Uttar Pradesh beginning yesterday.<br />
<br />
The sale by RKM Powergen Pvt Ltd is pursuant to the power purchase agreement that the company had inked with Uttar Pradesh Power Corp Ltd in March last year.<br />
<br />
"The power sales commencement is expected to contribute positively to the earnings of the group for the financial year ending 2017 moving forward," Mudajaya said in a filing with Bursa Malaysia.<br />
<br />
Mudajaya added that the balance 150MW of electricity will only be sold based on approval from Uttar Pradesh Power, subsequent to the Champa-Kurukshetra 800 kV HCDC pole and 765 kV Jaipur-Bhiwani transmission line which was commissioned on March 27.<br />
<br />
Mudajaya had in 2007 inked an agreement with RK Powergen Pvt Ltd — the 74%-owner of RKM Powergen — to develop four units of 360MW coal-fired thermal power plant in India.<br />
<br />
Voir Holdings Bhd plans to raise between RM7.92 million and RM11.52 million via a private placement to fund its construction projects and for working capital.<br />
<br />
While the issue price and potential investors have yet to be determined, Voir said the bulk of the proceeds — between RM5.07 million and RM7.62 million — will be used to fund its RM25.4 million, 1,000-unit apartment development in Kota Setar, Kelantan, said Voir in a Bursa Malaysia filing today.<br />
<br />
The Program Perumahan Rakyat (PPR) apartment project was sub-contracted to its subsidiary Million Twilight Sdn Bhd in September 2016, it added.<br />
<br />
The private placement involves the issuance of up to 19.2 million shares, representing 10% of the group's issued share capital. It will see the group's share capital enlarged to up to between RM73.92 million and RM107.52 million, from RM66 million currently.<br />
<br />
Suria Capital Holdings Bhd has entered into a Memorandum of Understanding (MoU) with a Taiwanese shipping company to seek opportunities for business cooperation between them.<br />
<br />
One of the programmes identified for collaboration is implementing growth strategies for substantially enhancing bilateral ports operation performance, Suria Capital said in a filing with Bursa Malaysia.<br />
<br />
It added that the MoU, which was signed by Suria Capital's wholly-owned unit Sabah Ports Sdn Bhd and Taiwan International Ports Corp Ltd, would not create any legally binding relationship between the parties. The three-year MoU took effect on April 3.<br />
<br />
Construction and property developer Malaysian Resources Corp Bhd (MRCB) is looking at collaborating with Indian conglomerate Adani Group to develop multiple convention centres in India.<br />
<br />
It said it inked a non-binding Memorandum of Understanding (MoU) yesterday with Adani Realty, a unit of the Adani Group, to express the intention to collaborate with each other.<br />
<br />
Adani Realty is involved in the development of residential, commercial and social club projects.<br />
<br />
"Adani Realty would complement MRCB's strong expertise in transit-oriented developments to leverage on the tremendous opportunities in India.<br />
<br />
"The MoU will remain valid for a period of six months or may be terminated at any time by mutual consent," MRCB said in a stock exchange filing today.<br />
<br />
Metal roofing and safety glass maker Ajiya Bhd saw a deviation of over 22% between its unaudited and audited financial statements for the financial year ended Nov 30, 2016 (FY16).<br />
<br />
Ajiya said there is a RM4.22 million or 22.54% deviation in terms of profit after taxation and minority interest (Patami) between the two sets of financial statements, after its external auditor Messrs Ernst & Young completed the audit for FY16 accounts.<br />
<br />
Ajiya reported a Patami of RM18.712 million in the unaudited financial statements for FY16, compared with a Patami of RM14.494 million in the audited one.<br />
<br />
The bulk of the variance, according to the group, was due to dividend to minority interest of a subsidiary company amounting to RM2.9 million, which was not added to the amount attributable to minority interest at group level.<br />
<br />
Secondly, the group also did not take into account additional bad debts, foreign exchange loss and other administrative expenses amounting to RM1.01 million in the unaudited financial statement.<br />
<br />
Icon Offshore Bhd has bagged an RM8 million contract to provide one platform supply vessel to Halliburton Energy Services (M) Sdn Bhd.<br />
<br />
“The contract is for a period of up to nine months, and it will contribute positively to earnings and net assets of the group for the financial year ending Dec 31, 2017 and beyond,” said Icon Offshore managing director Amir Hamzah Azizan in a statement yesterday.<br />
<br />
“We have stayed resilient during the prevailing downturn and made the necessary action to pave our way forward. This is the result of our hard work, organisation philosophies and culture, and we will ensure that we always provide the best quality of services to our partners and the industry,” he added.<br />
<br />
Book publisher Sasbadi Holdings Bhd has secured three contracts from the Ministry of Education to publish and supply Mathematics, Arts Education and Chinese Language textbooks worth a collective RM6.81 million.<br />
<br />
The three texbooks, said Sasbadi in a filing with Bursa Malaysia today, will be supplied to all Year 2 students at Chinese national-type primary schools throughout the country for about three years. The job, which commenced on March 31, will end on Dec 31, 2019.<br />
<br />
The contracts to supply mathematics and art education is worth RM2.98 million and RM763,070 respectively, and will be supplied by Sasbadi’s wholly-owned unit Sasbadi Sdn Bhd.<br />
<br />
The Chinese Language texbook deal is worth RM3.07 million. The books will be supplied by The Malay Press, in which Sasbadi has a 70% indirect stake held via its wholly-owned unit, Sanjung Unggul Sdn Bhd.<br />
<br />
Loss-making technology solutions provider NetX Holdings Bhd announced that its wholly-owned subsidiary Ariantec Sdn Bhd has signed a licensing agreement with Payallz International Ltd to license four electronic payment products that will be based on a 50:50 revenue-sharing model.<br />
<br />
The four products to be licensed are AllZ mPOS, AllZ+, AllZ 360° and AllZ Wallet, all of which are housed under Ariantec.<br />
<br />
This, said Ariantec, was because Payallz had today signed a partnership with Cambodia’s Hello Digital Co Ltd to provide technology resolutions and digital marketing services, which will include of AllZ mPOS, AllZ+, AllZ 360° and AllZ Wallet into their portfolio of products.<br />
<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAa2TDBNYhlzCFvxMZKJFbvUT6e9y95x84k-WKk6oyK09qjtdjWzfQStqY5r7jcZ2p_umXDJbfTMUzNt9vXHZ_UtikAPQQbzqL_PcvPVoYgB3hf14Lr0zlqOAxxfyhM5y64LinyA/s1600/corporate+may16.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAa2TDBNYhlzCFvxMZKJFbvUT6e9y95x84k-WKk6oyK09qjtdjWzfQStqY5r7jcZ2p_umXDJbfTMUzNt9vXHZ_UtikAPQQbzqL_PcvPVoYgB3hf14Lr0zlqOAxxfyhM5y64LinyA/s320/corporate+may16.png" width="320" /></a><br />
<br />
http://www.theedgemarkets.com/my/article/mudajaya-voir-suria-capital-mrcb-ajiya-icon-sasbadi-and-netxUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-66919259321000610752017-03-14T11:35:00.000+08:002017-03-14T10:45:21.974+08:00Sunway Construction, UEM Sunrise, IOI Properties, Tanco, Edaran, TRC Synergy, Sasbadi and Salutica <br />
<a name='more'></a>KUALA LUMPUR (March 13): Based on corporate announcements and news flow today, companies that may be in focus tomorrow (March 14) may include the following: Sunway Construction, UEM Sunrise, IOI Properties, Tanco, Edaran, TRC Synergy, Sasbadi and Salutica. <br />
<br />
Sunway Construction Group Bhd confirms that its subsidiary Sunway Construction Sdn Bhd (SCSB) has bagged a construction job from intercity railway operator Mass Rapid Transit Bhd (MRT) worth RM212.3 million.<br />
<br />
In a filing with Bursa Malaysia this afternoon, Sunway Construction said it signed the letter of acceptance with MRT Corp Sdn Bhd to build elevated stations and other associated works at Damansara Damai, Sri Damansara West and Sri Damansara East.<br />
<br />
The contract is for the Sungai Buloh-Putrajaya line, otherwise commonly referred to as the MRT2 line.<br />
<br />
"The project shall be completed on Sept 30, 2020. The project is expected to contribute positively to the earnings of SunCon Group from the financial year ending Dec 31, 2017 onwards," Sunway Construction said.<br />
<br />
UEM Sunrise Bhd's wholly-owned subsidiary UEM Sunrise (Canada) Alderbridge Ltd (UEMS Alderbridge) plans to sell three parcels of land in the district of New Westminster, Richmond, British Columbia, Canada, with a total area of 4.9 acres to 1107782 B.C Ltd, a wholly-owned subsidiary of South Street Development Group for RM372.57 million.<br />
<br />
"The proposed disposal is in line with the UEM Sunrise Group's strategy to concentrate on the domestic market in Malaysia and to shift its international business focus to Australia where the UEM Sunrise Group has two ongoing projects and a third project currently in the pipeline," UEM Sunrise said.<br />
<br />
"The move is expected to allow the UEM Sunrise Group to better focus itself in growing its operations in these countries," the group added.<br />
<br />
UEM Sunrise said the proposed disposal is expected to contribute about RM72.04 million to the group's earnings, adding that the proceeds from the proposed disposal will be utilised to meet UEM Sunrise's working capital requirements, and is expected to be utilised within a period of 12 months.<br />
<br />
The proposed disposal is expected to be completed within the third quarter of 2017.<br />
<br />
IOI Properties Group Bhd is aiming to start construction of an office development with an estimated gross development value (GDV) of at least S$3.5 billion (RM11 billion) at its newly acquired site in Central Boulevard, Singapore by the end of the year.<br />
<br />
IOI Properties executive chairman Tan Sri Lee Shin Cheng said the development will have a built up of about 1.5 million sq ft. He was speaking to reporters after the handover ceremony of a new multipurpose hall at Bandar Puteri Puchong, Selangor today.<br />
<br />
"I think we should be able to get all the approvals by the end of this year, so hopefully we can start construction by the end of the year or the first quarter of next year," he said, adding that the office space will be rented out to large corporations.<br />
<br />
Lee expects IOI Properties to hit and even surpass its RM2.3 billion sales target for the financial year ending June 30, 2017.<br />
<br />
The conditional mandatory takeover offer that loss-making Tanco Holdings Bhd has received from its major shareholders has been deemed "not fair" but "reasonable" by independent adviser BDO Capital Consultants Sdn Bhd.<br />
<br />
In recommending that Tanco's shareholders reject the offer of 8.12 sen a share and RM1.624 per redeemable convertible note (RCN), it said its "not fair" view outweighs the "reasonable" view.<br />
<br />
The company said the takeover offer was deemed reasonable as it would provide an opportunity for Tanco's minority shareholders to realise their investments in an efficient manner, as Tanco shares are deemed illiquid, with average trading volume of 3.87% of the free float recorded in the past year.<br />
<br />
As for the RCN, which is not publicly traded, the takeover offer provides an opportunity for the RCN holders to realise their investments in cash, it added.<br />
<br />
However, it said the share offer price and RCN offer price represent a significant discount of 73.4% against the estimated fair value per offer share of 30.54 sen, and estimated fair value per offer RCN of RM6.108, respectively.<br />
<br />
Edaran Bhd has bagged a RM20.6 million data facility development contract from the Inland Revenue Board of Malaysia (IRB).<br />
<br />
In a filing with Bursa Malaysia today, Edaran said its wholly-owned subsidiary Edaran IT Services Sdn Bhd has been awarded a tender for the supply, development, assembly, testing and maintenance of software, hardware and application for “Phase 1 Data Power output”.<br />
<br />
The contract will commence on Wednesday and expires on Sept 30, 2020.<br />
<br />
"Proceeds from the contract shall contribute towards the earnings of Edaran Group for the financial year ending June 30, 2018.<br />
<br />
“(Edaran's) earnings per share is estimated to increase by 2.2 sen (from 0.67 sen for the second quarter ended Dec 31, 2016)," said Edaran.<br />
<br />
TRC Synergy Bhd has bagged a contract for Projek Mass Rapid Transit Laluan 2: Sungai Buloh-Serdang-Putrajaya (SSP) from Mass Rapid Transit Corp Sdn Bhd for RM858.18 million.<br />
<br />
In a filing with Bursa Malaysia today, the company said the contract, known as — Package V205 : Construction and Completion of Viaduct Guideway and Other Associated Works from Kampung Muhibbah to Serdang Raya — was awarded to its wholly-owned subsidiary, Trans Resource Corp Sdn Bhd, last Friday.<br />
<br />
This confirms reports last Friday citing Mass Rapid Transit Corp Sdn Bhd (MRT Corp). MRT Corp in statement has said it has awarded work packages worth a total of RM2.74 billion to four companies for the MRT2 construction.<br />
<br />
Sasbadi Holdings Bhd today entered into two publishing agreements with Majlis Peperiksaan Malaysia (MPM) through its wholly-owned subsidiary Sasbadi Sdn Bhd (SSB).<br />
<br />
Under the publishing agreements, MPM will grant an exclusive licence to SSB to prepare, print, and sell the collections of past year question papers for Sijil Tinggi Persekolahan Malaysia (STPM) examination and Malaysian University English Test (MUET) as well as the reports on STPM examination and MUET for the examination years of 2017, 2018 and 2019, Sasbadi said in a filing with Bursa Malaysia today.<br />
<br />
The publishing agreements are for a period of three years from Jan 1, 2017 to Dec 31, 2019.<br />
<br />
Barely a year since it was listed on the ACE Market in May last year, Salutica Bhd has obtained the green light from the Securities Commission Malaysia (SCM) to transfer the listing of its shares to the Main Market.<br />
<br />
The consumer electronics products manufacturer did not specify the time frame to complete the transfer its shares to the Main Market, but in an announcement made in end-September last year, it had expected to complete it by the first quarter of this year.<br />
<br />
Salutica submitted the application to the capital market regulator to transfer the listing of its shares to the Main Market in early November last year.<br />
<br />
Salutica posted consolidated net profit of RM14.7 million in financial years ended June 30, 2014 (FY14), RM27.4 million in FY15 and RM24.3 million in FY16, which was higher than the minimum requirement.<br />
<br />
Meanwhile, Salutica had said its balance sheet "is in a healthy financial position, with positive cash flow from operating activities and no accumulated losses based on its latest audited consolidated statement of financial position".<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAa2TDBNYhlzCFvxMZKJFbvUT6e9y95x84k-WKk6oyK09qjtdjWzfQStqY5r7jcZ2p_umXDJbfTMUzNt9vXHZ_UtikAPQQbzqL_PcvPVoYgB3hf14Lr0zlqOAxxfyhM5y64LinyA/s1600/corporate+may16.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAa2TDBNYhlzCFvxMZKJFbvUT6e9y95x84k-WKk6oyK09qjtdjWzfQStqY5r7jcZ2p_umXDJbfTMUzNt9vXHZ_UtikAPQQbzqL_PcvPVoYgB3hf14Lr0zlqOAxxfyhM5y64LinyA/s320/corporate+may16.png" width="320" /></a></div>
<br />
<br />
<br />
http://www.theedgemarkets.com/my/article/sunway-construction-uem-sunrise-ioi-properties-tanco-edaran-trc-synergy-sasbadi-and-saluticaUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-21362382719607382932017-02-28T10:32:00.000+08:002017-02-28T10:32:15.348+08:00SASBADI (5252) 文语控股 - 浅谈 Sasbadi (5252) ~ BY 乡下小子<br />
<a name='more'></a>SASBADI (5252) 文语控股 - 浅谈 Sasbadi (5252) ~ BY 乡下小子<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkEeQbKdUOMmDNes_kjURqAKq5ysOaQMi2DoigoQfocq6VKbMN6P6PBFxoCAyzsw79MRjRdtusWcs8B-5-quv8rLN7V5wSxoUcXJkHDcgfCj66dUmduKdHOTqfn6lym0bW2_e3JA/s1600/Screen+Shot+2017-02-21+at+9.59.36+AM.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="122" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkEeQbKdUOMmDNes_kjURqAKq5ysOaQMi2DoigoQfocq6VKbMN6P6PBFxoCAyzsw79MRjRdtusWcs8B-5-quv8rLN7V5wSxoUcXJkHDcgfCj66dUmduKdHOTqfn6lym0bW2_e3JA/s400/Screen+Shot+2017-02-21+at+9.59.36+AM.png" width="400" /></a></div>
<br />
Sasbadi, 一间出版学校教材的公司,之前上市的时候, 有部分的人不太看好, 毕竟这一行业比较竞争激烈, 主要对手有 Pelangi
(上市公司)和其它的公司, 在跟它打对台。 上市之后 (RM 1.19 ~IPO 价格), 股价曾经慢慢爬到2块70多, 过后在去年3月份,
股票拆细, 1 分为2, 来到 RM1.20多, 大概差不多过了接近一年的今天, 目前又慢慢上到 RM 1.57 股价
(21.2.2017的股价)。 接近上市差不多3年了, 这间公司曾经就为投资者带来一个资本翻倍的回酬,
那会不会有另外一个翻倍的回酬呢?废话少说, 直接进入主题。。。<br />
<a href="https://www.blogger.com/null" name="more"></a><br />
<br />
<b><span style="color: orange; font-size: large;">~~~公司简介</span></b><br />
<br />
Sasbadi, 一间在1985年成立的公司,总公司目前位于 Kota Damansara, Selangor。
主要是出版或印制有关中小学的教科书给马来西亚各大中小学的学生。 原先的话, 第一次出版的作业书是给小六生学习, 为中学准备的,
过后慢慢演变成出版和印制各大科目的课本, 参考书, 作业书给中小学生阅读, 近几年也提供网上教育 (教学和作业书),
几乎是小学一年级到中学Form 5的书 (课本, 参考书, 作业书), 它几乎都有参与。 目前旗下品牌有'Sasbadi', 'Sasbadi
Online', 'Maya Press', 'Orbit Buku' 和 'MBP Publications’.<br />
<br />
<span style="color: orange; font-size: large;"><b>~~~公司管理层</b></span><br />
<br />
公司分别由三个人创办。 第一个创办人是 Mr. Law King Hui, 年届 57岁。 目前担任公司领导人职位, Managing
Director. 他在这一行, 已经超过 35年经验。 第二个创办人, Mr. Lee Swee Hang, 年届 63岁,
目前担任公司另外一个重要职位, Publishing Director。 他在这一行业, 同样的拥有超过 30年的经验。 看来目前公司未来十年,
都应该是他们另个领导着。 另一位是 Mr. Lee Eng Sang, 年届 65岁, 目前角色不大吃重, 虽然现在是公司的
non-independent non-executive director, 但是之前公司的销售部门都是由他打理。 至于接班人第二代,
已经安排进来了。 Ms. Law Yi Chian, 年届 28岁, 是Mr. Law King Hui 的女儿, 担任公司的Executive
Director<br />
职位。 虽然她已经在公司超过两年了, 但是相信还需要时间栽培。<br />
<br />
<span style="color: orange; font-size: large;"><b>~~~公司股东</b></span><br />
<br />
Mr. Law King Hui, 公司最大股东, 个人直接持有 18.32%, 接间持有 18.18%. Mr. Lee Swee Hang,
公司第二大股东, 个人直接持有 8.47%, 接间持有 18.18%. Mr. Lee Eng Sang, 三个创办人中, 持股量比较少,
个人直接持有 4.55%, 接间持有 18.18%. 三个人加起来, 直接和接间持有, 差不多有 49.52%. 另一个股东是 EPF, 持有
6.92%, 看来EPF 对这间公司也很有信心下。 至于三十大股东, 超过一半是基金的名字, 看来基金也很喜欢这间公司。<br />
<br />
<br />
<span style="color: orange; font-size: large;"><b>~~~年报分析篇 (AR2016)</b></span><br />
<br />
<b><span style="color: blue;">1)营业额和税前盈利</span></b><br />
<br />
年报有显示到, 无论当时还没有上市,或现在已经是上市公司了, 公司的营业额近五年来都是上升的趋势。 对比 FY2015, 今年增加了 5.4%,
来到了 RM92.69million. 之前在 2015年和 2016年收购的两间公司 Sanjung Unggul 和 United
Publishing House , 都陆续对公司今年的营业额做出贡献, Sanjung Unggul表现很好, 今年带来了
RM14.426营业额 , 至于United Publishing House, 因为是半路收购的, 所以目前才贡献 RM 864,000.
至于表现最好, 还是 Sasbadi Sdn Bhd, 贡献了 RM64.064million. <br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVsrno4skfpo88_8jASKsDvrgA6uDiWr0lOKx6YUJfgAjT0Cd61VltUbOFqi25Gx1mtperRUPx-vInixjrsNxdjiIvNfuEhDl8HOJsW0w7tUN07HEOl-1cAeSDyOWtAua3V87lRw/s1600/Screen+Shot+2017-02-21+at+9.34.37+AM.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="244" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVsrno4skfpo88_8jASKsDvrgA6uDiWr0lOKx6YUJfgAjT0Cd61VltUbOFqi25Gx1mtperRUPx-vInixjrsNxdjiIvNfuEhDl8HOJsW0w7tUN07HEOl-1cAeSDyOWtAua3V87lRw/s320/Screen+Shot+2017-02-21+at+9.34.37+AM.png" width="320" /></a></div>
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwFlg4dEFsPUg0rcTeJa0Ir-55sHEnegkHYNuEUhRQ2sNjsEXXEdNPxzLMAmz8dYky3BrIT7K5fv93fA2zRJ0IXeoJuZKF6Mb9kEAXfZI2ywAwgN03Q6da1b6DI5TJoBma9iVlgA/s1600/Screen+Shot+2017-02-21+at+9.34.49+AM.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="242" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwFlg4dEFsPUg0rcTeJa0Ir-55sHEnegkHYNuEUhRQ2sNjsEXXEdNPxzLMAmz8dYky3BrIT7K5fv93fA2zRJ0IXeoJuZKF6Mb9kEAXfZI2ywAwgN03Q6da1b6DI5TJoBma9iVlgA/s320/Screen+Shot+2017-02-21+at+9.34.49+AM.png" width="320" /></a></div>
<br />
<br />
<br />
同样的, 税前盈利也是上升的, 对比FY2015, 今年增加了3.38%, 今年有 RM22.23million。 不过要留意的是,
Sasbadi Online Sdn. Bhd. & Mindtech Education Sdn. Bhd. 今年还是亏损经营,
今年亏了 RM624,000. Sasbadi Learning Solutions Sdn Bhd. 从去年赚钱, 今年反而亏钱了, 今年亏了
RM319,000.<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrkI8gKrGYoWlI0SJY_YsU5uGIqnJhLKIoXxprbTiFaRw7ZuPdNkacAFSQAKzBuVxmrRxxv1fnbgGNlS2QcFPo0G3fejXQdZGPBY21RUdrUs_hienblqhtpSoXGSoe4zn20ol-qg/s1600/Screen+Shot+2017-02-21+at+9.34.43+AM.png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrkI8gKrGYoWlI0SJY_YsU5uGIqnJhLKIoXxprbTiFaRw7ZuPdNkacAFSQAKzBuVxmrRxxv1fnbgGNlS2QcFPo0G3fejXQdZGPBY21RUdrUs_hienblqhtpSoXGSoe4zn20ol-qg/s320/Screen+Shot+2017-02-21+at+9.34.43+AM.png" width="320" /></a></div>
<br />
<br />
<b><span style="color: blue;">2)现金和债务篇</span></b><br />
<br />
现金方面, 公司今年的现金持有,对比 FY2015, 增加了大约 3倍之多, 目前有RM25.885million, 有一点必须要提醒的,
公司有做 Private placement, 所以现金才会增加那么多。 相同的, 今年债务也增加了 , 对比去年, 增加了大约2.12倍,
目前有 RM20.036million。<br />
<br />
<b><span style="color: blue;">3)Trade and other receivables 和 Trade and other payables</span></b><br />
<br />
Receivables 方面, 今年有 RM 51.689million, 对比 去年增加了 27.89%。 Payables 方面, 今年有
RM 22.351 million, 增加了 66.32%。 个人看法, 因为有收购公司, 账目需要包括这些公司的财务,
所以目前这两个都是有大幅度提升的状况, 但是还是需要留意每个季度 (尤其是那些超过 120天的烂账 ,
目前已经有RM15.893million), 如果每个季度一直显示是这样增长下去, 就很大问题了。<br />
<br />
<b><span style="color: blue;">4)EPS </span></b><br />
<br />
EPS 这边的话, 因为公司股票拆细的情况, 公司在年报特别计算了。 FY2015 的 EPS, 是 6.04 仙, 今年 FY2016 是 6.19 仙, 增加了 0.15仙。<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<br />
<b><span style="color: blue;">5) Inventories</span></b><br />
<br />
这个的话, 今年有 RM47.869million。 除了原料方面, 公司的完成品, 应该就是教课书了, 对比去年增加了大约 1千多万马币,
目前有 RM39.840million, 这个的话, 我比较会留意, 因为教科书每一次都需要配合政府的政策,
不断推出新的教科书让学生增加新的知识。 所以这些已经出版好的书, 需要在下个政策改变之前, 都卖出去, 不然只能收藏在图书馆而已。<br />
<b><span style="color: blue;"><br /></span></b>
<b><span style="color: blue;">6)管理层对未来展望</span></b><br />
<br />
这里的话, 管理层是对未来公司长远的展望, 倒是没有多提。 管理层只是表示未来教育还是会扮演非常重要的角色,
除了公司目前已经进行了好几个计划之外, 也会时刻参与马拉西亚教育大蓝图 (2013-2025)里的计划。 个人看法是,
至少公司知道自己做教育这行业, 是需要跟着国内教育计划走的, 这点很正确, 如果太过于分散投资, 我倒是会很担心。<br />
<br />
<span style="color: orange; font-size: large;"><b>~~~财报一些特别地方</b></span><br />
<br />
~公司主要收入来源- content creation and print publishing, 管理层表示透过之前收购的两间公司
Sanjung Unggul 和 United Publishing House, 提升了公司在华小的市场率和产品多样化。另外, 公司透过The
Malaya Press Sdn Berhad 和 Sasbadi Sdn Bhd, 也分别拿到了 RM 5.45million 和 RM
9.34million 的教育合约, 合约是出版和印刷教科书给各大中小学。 公司也会在 FY2017 继续参与这类型的合约竞标。<br />
<br />
~公司今年的成就包括, 旗下的子公司, MindTech Education Sdn Bhd, 拿到直销执照 (为期两年), 可以销售公司网络学习产品, 比如i-LEARN Ace。<br />
<br />
~公司也参与到了时下最流行的科技- augmented reality (“AR”) , 举个例子, “My Fashion World” 系列, 把小孩的画画作品, 转化成立体的。 这个AR的技术, 可说是公司的一大突破。<br />
<br />
~另外公司的应用学习项目,目前继续与 教育部合作, 除了继续参与举办 National Robotics Competition 之外,
公司也在2016年10月份, 拿到教育部的供应合约 (RM3.85million), 继续推行机械的计划。 另外, 公司也透过旗下的子公司,
Distinct Motion Sdn Bhd , 推出另外一个项目, 主要是培养小孩对于编写机械程序和机械科技这方面的学习兴趣。 另外, 在
12月, 也跟马来亚大学合作, 主要研发有关机械人和STEM(science, technology, engineering, 和
mathematics) 教育。 管理层表示未来 STEM 教育举足轻重, 所以公司已经朝着这个领域前进, 准备成为这个领域的领头羊。 <br />
<br />
特别的一点, 值得表扬的, 公司年报可以透过四维码扫描, 然后就可以在手机看到了,不错哦。<br />
<span style="color: orange; font-size: large;"><b><br /></b></span>
<span style="color: orange; font-size: large;"><b>~~~季报分析篇 (FY 2017, Q1)</b></span><br />
<br />
<b><span style="color: blue;">1) 营业额和税前盈利</span></b><br />
<br />
营业额, 这个季度有 RM31.211million, 对比上个季度 (FY2016 Q4) 增加了 102.8%. 除了Sasbadi Sdn
Bhd 表现良好之外 (这个季度多了 RM 6.114million) , 另外 Sanjung Unggul Group (这个季度多了
RM 2.728million) 和 United Publishing Group (这个季度多了 RM
1.979million)也是表现不错。<br />
<br />
在子公司的表现不错之下, 同样的, 这个季度税前盈利也增加了大约 50%, 目前这个季度税前盈利是 RM6.379.million。<br />
<br />
<b><span style="color: blue;">2)现金和负债篇</span></b><br />
<br />
现金方面, 这个季度显示公司有 RM15.132million, 对比上个季度 (FY 16, Q4)是下跌了 大约41.6%。 债务方面, 这个季度增加了 35%, 目前有RM27.05million。<br />
<br />
<b><span style="color: blue;">3) Trade and other receivables and payables, Inventories</span></b><br />
<br />
Trade and other receivables, 对比上个季度, 又上升了大约35.2%, 目前有RM69.893million. 那
trade and other payables, 反而下降了大约3.51% , 目前这个季度有 RM21.566million.
这边需要留意了, 一般都是公司先还银行债务比较多, 毕竟那个有利息和借贷信用压力。<br />
<br />
Inventories方面, 对比上个季度, 上升了 8.56%, 目前有 RM 51.967million. <br />
<br />
<b><span style="color: blue;">4) 管理层看法</span></b><br />
<br />
管理层对公司接下来表现, 看法是正面的。 管理层表示, 自从上市之后, 除了不断收购公司之外, 也善于利用原有的资源,
令到公司目前正处于在一个很好的位置。 个人看法是也就是说公司现在处于进可攻, 退可守的位置, 无论是怎样的情况, 都可以应付。
管理层也表示还会继续寻找好的公司来收购, 壮大公司。<br />
<br />
另外FY2017, 公司会继续追求 organic growth (意思是指公司靠着现有的资源和业务,也就是不断提高产品质量和销量,
服务水平,找新的客户, 增加市场的占有率,也通过创新和提高生产效率等等的这些方法)使到公司进一步成长。 公司除了会继续注重在于新的 new
print and online/digital educational products and material, 也会继续那个直销,
也就是销售公司网络学习产品, 然后也会继续竞标教育部的课本合约,和会参与 STEM 教育计划。 <br />
<br />
<span style="color: orange; font-size: large;"><b>~~~个人看法</b></span><br />
<br />
从研究年报, 季报, 以有限的资源来看这间公司的未来, 公司原先的资源已经没有办法突破成长了, 所以才走收购路线。 在生意上, 收购公司,
除了可以直接增加更多收入之外, 也可以占领市场更大块的蛋糕, 也可以少一个对手, 不过要收购对的公司啦。除了那两间收购的公司,
相信会继续带来更多的营业额之外, 公司接下来如果要快速杀下更多市场占有率, 那它一定要不断收购公司才行了。 目前来说, 它旗下的机械教育,
网上教学,都没有带给它很大的收入。 <br />
<br />
除了继续收购公司壮大自己之外, 价格不断上涨的成本- 纸, 也是另外一个因数公司需要面对的。 另外还有合约, 跟教育部合作的合约,
都是有期限的, 需要时时刻刻去竞标。个人看法是, 教育生意这条路虽然是长做长有, 但是这条路, 不是一条简单的路, 要突破,
这间公司唯一的方法, 继续收购公司而已。<br />
<br />
如果是以数据来看, 目前股价是 RM1.57 (21.2.2017), 以FY2016 EPS, 6.19仙来算, PE 已经是 25.36.
也就是说, 如果它是成长快速的公司的话, 今年 EPS 最少要8仙, 然后股价一样保持是这个, PE 才会少过 20. 以股息来算,
FY2016 是 2.25仙, 然后股价是RM1.57 (21.2.2017), 周息率只有1.43% 而已。 目前数据都不是很乐观。<br />
<br />
这些都是我个人自己的看法, 不代表我是对的, 因为你看到的, 不代表我也看得到。<br />
<br />
作者<br />
乡下小子<br />
<br />
<span style="font-size: small;">这篇文章纯粹作者看法,整篇文章并没有任何买卖建议,或推高股压低价的其他企图,单纯分享作者的功课,本人与作者"怒"不对你的盈亏负任何责任,谢谢。</span><br />
<br />
<span style="font-size: small;">SASBADI (5252) 文语控股 - 浅谈 Sasbadi (5252) ~ BY 乡下小子 </span><br />
<span style="font-size: small;">http://windscopo.blogspot.my/2017/02/sasbadi-5252-by.html </span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-66501047609324565802016-11-16T21:26:00.000+08:002016-11-16T16:04:34.912+08:00个股点评 - 31 Oct - 11 Nov 2016<a name='more'></a>个股点评 - 31 Oct - 11 Nov 2016<br />
<br />
吴万发(GBH 3611),是一间厕所瓷器生产公司。公司是时赚时亏公司,有赚就小赚,亏有时小亏,当然也有大亏。不过公司这半年在营运上是小跌1.3%,但就出现87万亏损,去年同期是赚187万。公司手上持有大约1.6亿的现金,不过虽然手握有丰厚的现金,可是公司也没什么作为,最近公司也没有宣布未来有什么大的计划来好好的运用这笔资金,因此相信股价也会继续平静的躺住不动。这公司大股东是林华春,偶而可能会有发作一下,当然这偶而的等待是可长可短!(净资产 RM1.29)<br />
<br />
JKG置地(JKGLAND 6769),是一间地产发展公司。是陈华春比较有赚钱的公司。公司半年来税前盈利有1545万,比起去年963万多了60%,这是因为地产和油棕盈利都有显著的增加。公司半年每股盈利有1.43sen,如果照如此的发展模式看,全年应该有2sen以上。公司还有股息分,虽然不多,0.3sen股息,但如果不幸住上套房,还有股息来聊以自慰。陈华春每年或更长一段时间会把他手上控制公司的股票炒一炒,有时这间为主角,有时那间为主角,所以就常吸引股友跟他起舞,股友能够成功赚到钱是件开心的事,如果不幸住进套房,最好选些有赚钱有股息的,不然什么渣也没拿到就很痛苦了!(净资产 40sen)<br />
<br />
文语教育(SASBADI 5252),是一间课本出版公司。公司2016年全年业绩出炉,显示公司在营业额上增加了6%,在税后盈利上增加了9%,达到1727万,或每股6.25sen。公司在最后一个季度在销售额上和去年相比是下降的,主要是因为一些课本原本会在最后一个季度出版,而改成2017年第一个季度出版。但这个变化不改公司的盈利增长状况,显示公司有不错的盈利状态。也许下个季度会看到更多的销售额和盈利,因为上个季度部分销售挪移到下个季度来。公司是通过陆续的收购来扩张生意量,这前提是公司要有很强的管理层来执行,而公司管理层确实可以履行承诺持续的执行这项计划,所以其本益比可以维持在20倍以上的原因。(净资产 79sen)<br />
<br />
商业机器(MSNIAGA 5011),是一间软件开发和讯息管理公司。公司业绩出炉,显示公司9个月来由亏转盈,营业额上升10%,而税前盈利达481万,去年同期为亏损1468万。除了因为营收有增加,同时也是因为成本开发有所控制的关系。公司从2013年开始就已经亏损了3年,直到公司在去年停止了两项工程业务和实行成本控制,今年才始见有盈利。公司的营收主要靠政府工程,由于政府支出一直在减少,所以直接影响公司的表现,为此公司采取谨慎的成本控制来扭转劣势,成功达至目标而才有此成绩。公司是间现金公司,如果未来还可以保持这盈利状态,相信很快可以恢复其派息的能力。(净资产 RM1.903)<br />
<br />
家丽资(HOMERIZ 5160),是一间家具生产公司。公司2016年全年业绩出炉,显示公司又再进一步成长。营业额上升7.6%,而税后盈利升幅19%,达到2802万,或每股9.34sen。今年公司全年派息5sen,和现股价比周息率为5.55%。公司过去6年来都有成长,其营业复合成长率为11.89%,算很不错的成长。公司还是一间净现金公司,股息派发肯定不是问题,如果要选择比较稳重的投资对象,家丽资是可以考虑!(净资产39sen)<br />
<br />
佳捷协作(RAPID 7765),是一间电子和投资公司。是一间少人知晓的公司,要不是两年前由公司好手游老板通过这公司来买入丰隆资本的股票的新闻,基本上这间公司就几乎隐形。这间公司现在主要靠房地产和一些投资来维持营业额,业绩平平,时赚时亏。这半年来公司是亏损的,虽然只有1百万的亏损,但是看到其负债的数额和其营业额之差距,确实有点替这公司担心。其负债的水平产生的利息,半年就5百万,这数额就已经占了营业额一半,所以这间公司如果靠正常运营而出现盈利,那就非常出乎意料之外。其业绩表现和其股价根本就不是正常比,公司可以维持如此高的股价,想必和其老板在股市的本事有关。(净资产 RM1.32)<br />
<br />
希世康(SCICOM 0099),是一间语音外包和再培训公司。公司2017年第一个季度业绩才刚出来,显示公司不论在营业额和盈利又有成长。营业额上升16%,而税前盈利上升35%,达到1302万或每股3.38sen。公司每年都在成长,过去5年来营业额复合式成长为10.59%,而税后盈利符合式成长为35%,这种成长幅度在马股是非常稀少的。如果2017年全年每股盈利有15sen,以现股价来计算本益比,为大约14-15倍,不算低但合理。公司过往都有不错的成长幅度,这就是非常吸引人之处,且公司是净现金公司,所以是值得留意的股票!(净资产27sen)<br />
<br />
丰隆工业(HLIND 3301),是一间生产电单车和建筑材料公司。2017年第一季度业绩刚出来,营业额和盈利都有成长,营业额上升8.9%,而税前盈利也上升36.58%,这主要是其电单车销售强劲特别是在越南。公司业绩每年都有成长,股息也相应的提高,在最近其越南业绩为公司贡献良多。虽然我国是公司最早发迹之地,但随着我们经济放缓,其他国家的销售却成了重地。本地著名汽车公司,一些电讯和基建公司也往中南半岛去发展,随着他们的国家经济状况在逐步的改善,相信这些国家将会是未来多家公司发展的重点。(净资产RM4.46)<br />
<br />
台湾联友(FPI 9172),是一间生产音响器材公司。公司今年第3个季度业绩出炉,显示公司9个月来在营业额和盈利都有成长。营业额上升23%,而税前盈利增加10%,达1231万,不过这个盈利如果扣除子公司出售所得的盈利,那么就剩下510万而已。公司过去一年都在出售子公司和联号公司,也许是公司业务在做些调整的关系,让其产品较倾向音乐器材和个人影响设备上。这策略看来在销售额上有明显的反应,但其盈利上就还有需要更努力,如果公司可以有效的减少成本,和稳定汇率差价,相信其盈利状况就可以大大的改善。公司手上有不少的现金而且是零负债,所以如果在第四季度有更好的成绩,那么公司根据以往的纪录,派息是相当于其每股盈利,所以有可能股息会比去年还可观。(净资产96sen)<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv1Ht0QZgTs2zPByvEJeLTF5niqXqyOaZ2lYtv7vvAlEKnGrY819BVyQkBFB9M_qJK9hnVvO_mnLAbFmkElsi0T99FkfrgDaoIXL4C4gBOGPq5V5zAI5UNk1EiYf2y7JHQNOxQ1g/s1600/image.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgv1Ht0QZgTs2zPByvEJeLTF5niqXqyOaZ2lYtv7vvAlEKnGrY819BVyQkBFB9M_qJK9hnVvO_mnLAbFmkElsi0T99FkfrgDaoIXL4C4gBOGPq5V5zAI5UNk1EiYf2y7JHQNOxQ1g/s320/image.png" width="320" /></a></div>
<br />
个股点评 - 31 Oct - 11 Nov 2016<br />
http://koonhoo.blogspot.my/2016/11/31-oct-11-nov-2016.htmlUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-34518559766730131152016-10-21T19:52:00.000+08:002016-10-27T21:04:18.802+08:00SASBADI (5252) 文语控股 - SASBADI分析启发老师灵感 投资一个月赚钱RM12,000 <br />
<a name='more'></a><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVy6hV79C9mFExFRXiMSMzMaQeQN0UJ0XtFDz7kUep0BUcIccZ8qJlKQO1Ax2jRwa-8rHuvX_d6mLkEduBobR9bY8xhpMDe3h5sVi9-JOxrB-D1YeL16sxNEZ7ac-y_MaITDYVLA/s1600/STOCKS+2.jpeg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjVy6hV79C9mFExFRXiMSMzMaQeQN0UJ0XtFDz7kUep0BUcIccZ8qJlKQO1Ax2jRwa-8rHuvX_d6mLkEduBobR9bY8xhpMDe3h5sVi9-JOxrB-D1YeL16sxNEZ7ac-y_MaITDYVLA/s200/STOCKS+2.jpeg" width="200" /></a></div>
SASBADI (5252) 文语控股 - SASBADI分析启发老师灵感 投资一个月赚钱RM12,000 <br />
<br />
吉隆坡:郭老师<br />
<br />
我是一名退休教师,退休後专心投资股票,十多年来从股票市场赚到很理想的回酬,我对股票课程,讲座和投资书籍,都有浓厚兴趣,我觉得一定要不停学习,才会立於不败之地。<br />
<br />
所以,《股票消息》面市时,我就加入成为会员,从黄金会员,升级为钻石会员,到最高级的赞助会员,我认为这很值得。<br />
<br />
我曾在一本书看过这句话"从别人的成败中学习,是用不承受太多痛苦,又能最快变得更聪明。",《股票消息》分享的报告,就可以让我做到这句话。<br />
<br />
我减少了选股的时间,我就用《股票消息》报告研究的股,自已再研究一次,才决定是不是要买。<br />
<br />
十月三日《股票消息》研究报告中,探讨文语出版(SASBADI 5252)的前景,我感到特别有兴趣,可能这和我教师背景有关,文告出版做的是教科书生意,我认为是很好的生意。<br />
<br />
因此在报告出了後,我就买进50,000股,价格是RM1.08十月廿七日股价已到RM1.35。<br />
<br />
算一算账面,盈利已有RM12,000左右,一个月不到的时间,表现很不错。<br />
<br />
我打算套利一半,留一半再等待下去,RM6,000盈利,够我和老伴新年到中国杭州的旅费了。<br />
<br />
我欣赏你们INSPIRE会员的文章,希望再接再励,未来可以让我带来更多灵感。<br />
<br />
<br />
<br />
SASBADI (5252) 文语控股 - SASBADI分析启发老师灵感 投资一个月赚钱RM12,000<br />
<br />
http://sharesinfo4u.com/archives/35442Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-38322526399646750932016-07-18T23:53:00.000+08:002016-07-18T21:39:20.078+08:00Hits and mostly misses in 1H16 - The Edge<br />
<a name='more'></a><br />
<br />
<div class="panel-pane pane-node-content">
<div class="pane-content">
<br />
<article class="node node-article my node-odd published with-comments node-full view-mode-full clearfix" id="node-291987">
<header class="submitted">
<time class="full-format" datetime="2016-07-18T09:48:54">
By <a href="http://www.theedgemarkets.com/my/article/hits-and-mostly-misses-1h16#" rel="nofollow" target="_blank">The Edge Financial Daily</a> / The Edge Financial Daily | July 18, 2016 : 9:48 AM MYT</time>
<br />
<br />
</header>
</article>
</div>
</div>
<div class="field field-name-body field-type-text-with-summary field-label-hidden">
<div class="field-items">
<div class="field-item even">
This article first appeared in <i>The Edge Financial Daily,</i> on July 18, 2016.<br />
<br />
STOCKS in Malaysia had a roller-coaster ride over the first half of
the year (1H16) as the market reacted to concerns about ringgit
depreciation, oil price declines, possible interest rate hike by the US
Federal Reserve, the health of the Chinese economy and risks of a global
recession. Malaysian companies’ 1H16 profits also disappointed, leading
to further earnings cuts. The benchmark FBM KLCI lost about 6% of its
value to 1,600.92 in 21 days in January as investors were unnerved by
steep falls in Chinese equity markets. The index has somewhat recovered
since then, moving to 1,727.99 points on April 15 and closed at 1,668.40
last Friday. As the market enters 2H16, Meena Lakshana and Yimie Yong
took a look at how the 10 stock picks The Edge Financial Daily featured
on Jan 4 fared in 1H16 and whether the analysts’ views remain unchanged.<br />
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Sunway-Construction-Group_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Sunway Construction Group Bhd<br />
<br />
SUNWAY Construction Group Bhd (SunCon), which was seen as the best proxy to the construction sector this year underpinned by a strong infrastructure pipeline, had seen its share price climb 21% this year to close at RM1.65 last Friday, with a market capitalisation of RM2.13 billion. Its strong outstanding order book of RM5 billion, which translates into 2.6 times of its revenue in the financial year ended Dec 31, 2015, and expectations of more public infrastructure projects to be rolled out are keeping SunCon on TA Securities’ list of stock picks, with a target price of RM1.80.<br />
<br />
In a recent report, TA Securities expects SunCon to win as much as RM2.5 billion worth of jobs this year. This is supported by internal construction jobs of RM500 million to RM800 million a year (from Sunway Group) as bedrock orders.<br />
<br />
The research firm also pointed to SunCon’s cash-rich balance sheet. The group has a net cash position of 23 sen per share.<br />
<br />
With the current net cash position and limited capital expenditure requirement, there is a potential upside to its dividend payout going forward, said TA Securities. “Based on its minimum dividend payout of 35%, we expect SunCon to offer reasonable dividend yield of about 3%.”<br />
<br />
However, SunCon’s earnings did not fare well in the first quarter ended March 31, 2016, falling 15.5% to RM29.06 million. Its revenue shed 14.5% to RM424.5 million due to lower billings as some of the projects had reached or were near their completion stage.
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Inari-Amertron-Bhd_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Inari Amertron Bhd<br />
<br />
YEAR to date, Inari Amertron Bhd’s share price had slipped 18% to close at RM2.96 last Friday, with a market capitalisation of RM2.83 billion. The stock has been trading in a 52-week range of RM2.24 to RM3.96.<br />
<br />
In a note to clients on May 18, CIMB Equity Research analyst Mohd Shanaz Noor Azam blamed the stock’s decline on weak sentiment across the sector following the decline in Apple’s iPhone production and the strengthening of the ringgit against the US dollar.<br />
<br />
He believed Inari’s fundamentals remain intact given that its key customer, Broadcom, expects radio frequency content in smartphones to grow by more than 20% per year over the next three years. “Moreover, Inari is also diversifying its earnings stream with its latest venture into China, following an investment in PCL Technologies.”<br />
<br />
The research firm, which still counts Inari as its top pick in the semiconductor sector, is maintaining its “add” call on Inari, but with a lower target price of RM3.15 from RM3.65 previously.<br />
<br />
“We expect Inari to show stronger earnings growth in the fourth financial quarter ended June 30, 2016, driven by recovery in industry demand on the back of new smartphone launches in 2H16. Therefore, we believe Inari is still on track for another year of record profits in FY16,” said Mohd Shanaz.<br />
<br />
TA Securities technology analyst Paul Yap told The Edge Financial Daily that a major smartphone launch in 2H16, Inari’s ramp-up of capacity to 680 testers by September and a weak ringgit, which the research firm forecasts to slip to RM4.20 by year end, are expected to boost Inari’s performance in 2H16.
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Ewein-Bhd_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Ewein Bhd<br />
<br />
YEAR-on-year, Ewein Bhd has kept its earnings growth momentum going this year. Mercury Securities research head Edmund Tham said the Penang-based property developer has been posting consistent earnings over the past few quarters. Indeed, Ewein’s growth numbers have been impressive, mainly driven by its property development business.<br />
<br />
“Purely based on recent results, its fundamentals are intact. It (earnings growth) looks sustainable,” he told The Edge Financial Daily.<br />
<br />
For the first quarter ended March 31, 2016, Ewein posted a 514% increase in net profit to RM4.17 million on the back of a 108.23% jump in revenue to RM20.24 million, mainly due to recognition of profits from its City of Dreams project in Penang. Ewein is jointly developing the RM800 million condominium project in Bandar Tanjong Pinang with Consortium Zenith BUCG Sdn Bhd.<br />
<br />
However, Ewein’s share price movement does not reflect the earnings growth. Year to date, the stock had tumbled 28% from RM1.28 on Dec 31, 2015 to close at 92 sen last Friday, valuing it at RM204.12 million.
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Sasbadi-Holdings_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Sasbadi Holdings Bhd<br />
<br />
DESPITE being in a business often seen as recession-proof, educational publisher Sasbadi Holdings Bhd saw its quarterly net profit fall for the first time since its listing on the Main Market of Bursa Malaysia in July 2014, in the second financial quarter ended Feb 29, 2016 (2QFY16).<br />
<br />
Its net profit dropped 20% to RM6.64 million compared with RM8.34 million in 2QFY15, even though revenue rose 5% to RM33.86 million from RM32.11 million. It blamed the decrease in net profit on higher resources used for the textbook tender participation.<br />
<br />
In spite of the slightly tepid results, Hong Leong Investment Bank Research continues to like Sasbadi due to its strong annual free cash flow, high growth rate, its innovativeness in creating products that cater to technology-savvy youth and unique education exposure, which is closely linked to the country’s education system.<br />
<br />
In a report on June 20, its analyst Mardhiah Omar reiterated a “buy” call on Sasbadi, with a target price of RM1.55, implying a potential 21% upside to its closing price of RM1.22 last Friday.<br />
<br />
However, Mardhiah said its earnings forecast for FY16 has been slightly reduced by 4% as the research firm believes that the group would be slightly affected by the weak purchasing power and tough business environment. “Hence, we are expecting a softer 2H16 for the group.”
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Cahya-Mata-Sarawak_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Cahya Mata Sarawak Bhd<br />
<br />
CAHYA Mata Sarawak Bhd (CMS), touted as one of the best proxies for the mega projects in Sarawak, reported disappointing net profit in the first quarter ended March 31, 2016 (1QFY16). Its earnings plunged 98% to RM1.05 million from RM57.42 million in 1QFY15, as revenue fell by 29% year-on-year and due to lower profit margin as well as share of substantial losses in associates.<br />
<br />
RHB Research, which had a “buy” call on CMS, has downgraded the stock to “neutral” as it cuts its earnings forecast for FY16 and FY17 by 14.8% and 7.6% respectively and lowers its target price (TP) to RM4.80 from RM5.86 initially. The TP still offers a 34% potential upside from last Friday’s closing price of RM3.58. Year to date, however, CMS has lost almost 30% of its value from RM5.09 on Dec 31, 2015.<br />
<br />
In a report dated April 14, the research firm said CMS’ subscription to RM110 million convertible preference shares in OM Materials (Sarawak) Sdn Bhd suggested that the latter’s business environment may be more challenging than RHB Research had initially projected.<br />
<br />
It continues to like CMS as the best proxy to the rapid development activities in Sarawak. “We believe its medium- to longer-term outlook remains bright and CMS could make a comeback as soon as 2H16,” RHB Research added.
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Ta-Ann-Holdings_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Ta Ann Holdings Bhd<br />
<br />
TA ANN Holdings Bhd, with its attractive dividend yield, high-growth businesses and undemanding valuation, is a top pick in 2016 for analysts. However, its first-quarter earnings were less than impressive, coming in below expectations of Kenanga Research plantation analyst Voon Yee Ping and consensus, meeting only 11% and 9% of their core net profit estimates respectively.<br />
<br />
For the three months ended March 31, 2016 (1QFY16), Ta Ann posted a 53.7% decline in net profit to RM12.55 million on the back of a 1.6% decline in revenue to RM218.53 million.<br />
<br />
In a note to clients on May 20, Voon said the company posted weak results in 1QFY16 due a 16% year-on-year (y-o-y) and an 8% y-o-y decline to US$221 (RM871) per cu m and US$469 per cu m in log and plywood prices respectively, compounded by weaker production volume (logs and plywood declined 33% and 14% respectively).<br />
<br />
When contacted, Voon said Ta Ann’s share price was also impacted by the stronger ringgit at the start of the year and its weaker production volumes. Year to date, the share price had declined by 20% to close at RM3.29 last Friday, with a market capitalisation of RM1.46 billion.<br />
<br />
However, Voon is optimistic about Ta Ann moving forward as the ringgit has weakened since then and timber prices are expected to pick up. The ringgit closed at 3.9457 to the US dollar last Friday.<br />
<br />
“The first quarter was the worst for the year [in terms of timber prices], but with the weakening ringgit and timber prices improving things would be better going forward,” she said.<br />
<br />
For the long term, she said Ta Ann’s palm oil segment will boost its earnings as its young oil palms are coming into years of higher production. “The trees are six to seven years old on average. So over the next few years, Ta Ann’s plantation segment will be a better driver of its earnings.”
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Karex-Bhd_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Karex Bhd<br />
<br />
KAREX Bhd, the world’s largest condom manufacturer by volume which was seen as a strong beneficiary of the weak ringgit against the US dollar, saw its fortunes turn when the local currency strengthened this year as it reported a huge net foreign exchange loss of RM5 million for the third financial quarter ended March 31, 2016 (3QFY16). This dragged its net profit down by 37% to RM9.63 million from RM15.21 million a year ago.<br />
<br />
While Affin Hwang Capital remains upbeat about Karex’s strategic expansion into the high-margin own brand manufacturing (OBM) segment, it said the longer gestation period could keep costs elevated for the time being, keeping margins expansion in check. As such, in its May 30 note on Karex, Affin Hwang Capital revised its estimates on Karex downwards by 14% to 18% for financial year ended June 30, 2016 (FY16) to FY18 after taking into account the slower-than-expected ramp-up in the OBM segment, among others.<br />
<br />
Still, the research firm expects 4QFY16 core net profit to normalise to the region of RM15 million to RM20 million on weaker ringgit, while latex prices have eased back to around RM4.50 from RM5.<br />
<br />
“Successful expansion into the OBM segment would be a key rerating catalyst. However, valuations look rich for now,” it said, maintaining its “hold” call on Karex with a RM2.32 target price.<br />
<br />
Year to date, Karex’s share price has fallen 16% from RM2.75 on Dec 31, 2015 to RM2.30 last Friday, with a market capitalisation of RM2.31 billion.
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Tiong-Nam_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Tiong Nam Logistics Holdings Bhd<br />
<br />
TIONG Nam Logistics Holdings Bhd extended its positive earnings streak into the first three months of the year, with its net profit up 3% to RM36.55 million from RM35.55 million a year ago. The better quarterly profit helped push up full-year earnings by 9% to RM79.62 million for the financial year ended March 31, 2016 (FY16) from RM72.88 million in FY15.<br />
<br />
For FY17, TA Securities analyst Tan Kam Meng expects the group’s net profit to grow faster and see double-digit rate of growth. He is projecting a 14% increase in net profit to RM90.9 million in FY17 on increased warehouse storage capacity, jump in property revenue from its PineTree Residence project and new property sales of RM129.7 million.<br />
<br />
In a report dated June 7, Tan was of the view that Tiong Nam, being the largest land transportation and warehouse owner in Malaysia, was trading at an inexpensive price-earnings ratio of 4.9 times to calendar year 2017 earnings per share forecast.<br />
<br />
“This is unjustifiable given its strong earnings growth prospect. In addition, the establishment of a real estate investment trust in the near run could free up the group’s resources and enhance its balance sheet quality,” he said, initiating coverage on Tiong Nam with a “buy” recommendation and a RM1.82 target price, which implies a 12% potential upside to its closing price of RM1.62 last Friday. Year to date, the counter has risen 18%.<br />
<br />
Tan also believes that the current soft market condition has little impact on Tiong Nam’s property segment, which has been focusing on niche development. The property segment contributed 23% to the group’s total revenue in FY16.<br />
<br />
It noted that Tiong Nam will also be immune to higher land cost as it already owns 25 warehouses and has 253 acres (102ha) of undeveloped land bank.
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/Bumi-Armada-Bhd_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
Bumi Armada Bhd<br />
<br />
A VICTIM of the slowdown in the oil and gas sector, Bumi Armada Bhd saw its net profit fall 67% to RM23.43 million in the first quarter ended March 31, 2016 (1QFY16) from RM72.05 million a year ago, along with its revenue which dropped by 25% year-on-year to RM430.77 million.<br />
<br />
In a report dated June 1, Maybank Investment Bank Bhd (Maybank IB) said the 1QFY16 results came in below the research house’s and consensus initial financial year forecasts, prompting it to cut its FY16 to FY18 earnings for Bumi Armada by 3% to 30%.<br />
<br />
It expects Bumi Armada’s earnings to remain weak in 2QFY16 and 3QFY16, owing to the absence of earnings from one of the company’s floating production storage and offloading (FPSO) units called Armada Claire (which saw its contract terminated in March) and lower conversion works.<br />
<br />
However, Maybank IB sees a recovery from 4QFY16 onwards as Bumi Armada recognises profits from its four other vessels — FPSO Angola, FSU Malta, FPSO Kraken and FPSO Madura.<br />
<br />
The research firm is keeping its “buy” call on Bumi Armada, with an unchanged target price of RM1.05, adding that any share price weakness following the 1QFY16 results is an opportunity to accumulate.<br />
<br />
Year to date, Bumi Armada’s share price has lost 26% to close at 75 sen last Friday, with a market capitalisation of RM4.4 billion.
<img alt="" src="http://edgemarkets.s3-ap-southeast-1.amazonaws.com/pictures/SKP-Resources-Bhd_Graph_FD_18July16_theedgemarkets.jpg" draggable="false" height="390" width="322" /><br />
SKP Resources Bhd<br />
<br />
SKP Resources Bhd continued its earnings growth momentum in 1H16, posting an 88% jump in net profit to RM21.68 million for the fourth quarter ended March 31, 2016 (4QFY16). Revenue also rose 18% to RM231.97 million during the quarter.<br />
<br />
For the full FY16, it saw net profit jump 94% to RM82.15 million, coming in within Kenanga Research’s expectations.<br />
<br />
In a note dated May 31, Kenanga Research analyst Desmond Chong said the plastic moulding company’s long-term earnings prospects remained resilient anchored by two long-term contracts awarded by UK-based appliance manufacturer Dyson Ltd, with targeted sales contribution of RM1 billion per year on cordless vacuum cleaners.<br />
<br />
He is maintaining his “outperform” call on the stock, with a marginally lower target price of RM1.72 from RM1.76 previously.<br />
<br />
However, the Brexit vote last month sparked concern about the prospect of SKP Resources on the sale of Dyson products. The US is its biggest market, followed by Japan in terms of sales and profits.<br />
<br />
Still, an analyst who declined to be named said it is too early to gauge the impact of Brexit on SKP Resources, adding that sales weakness from the European Union would be made up by the growing demand for cordless vacuum cleaners in Asia.<br />
<br />
Compared with its closing price of RM1.31 on Dec 31, 2015, SKP Resources’ share price has fallen by 6% to close at RM1.23 last Friday, giving it a market capitalisation of RM1.44 billion.<br />
<br />
http://www.theedgemarkets.com/my/article/hits-and-mostly-misses-1h16</div>
</div>
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-57302255599047757912016-04-29T10:02:00.000+08:002016-04-29T10:02:45.300+08:00Trading Stocks - 29 April 2016 - Excel Force | Hiap Teck | Sasbadi | TPC Plus | POS | MYEG<br />
<a name='more'></a><br /><br />
<div class="margint30" id="blogcontent">
<img alt="" src="https://research.osk188.com/images/69/ciC517575526155722b265ba092.jpg" /><br />
Excel Force MSC (EFORCE) may trend higher after breaching the
MYR1.05 level in its latest session to reach a new high. A bullish
biasmay be present above this point, with a target price of MYR1.25. On
the other hand, the stock may drift sideways if it dips back
below the MYR1.05 level. Support may be found at MYR1.00, where
traders can exit upon a breach to avoid the risk of a
further correction.<br />
<br />
<img alt="" src="https://research.osk188.com/images/70/kJEd7964762355722b26688ea9.jpg" /><br />
Hiap Teck Ventures may climb further after surpassing the MYR0.45mark. A
bullish bias may be present above this point, with a target<br />
price of MYR0.57. The stock may take a breather if it falls
back below the MYR0.45 level. Support may be found at MYR0.41, where
traders can exit upon a breach to avoid the risk of a
further correction.<br />
<img alt="" src="https://research.osk188.com/images/71/k4ew18922301555722b2677dbbf.jpg" /><br />
Sasbadi may rebound further after recovering above the downtrend line
and MYR1.25 level. A bullish bias may be present above this
point, with a target price of MYR1.45. On the other hand, the stock may
drift sideways if it cannot sustain above the MYR1.25 level in the
near term. Support may be found at MYR1.20, where traders can
exit upon a breach on closing to avoid the risk of a
further correction.<br />
<br />
<img alt="" src="https://research.osk188.com/images/72/So5U20934058935722b26841282.jpg" /><br />
TPC Plus was testing the MYR0.46 level in its latest
session. The stock may trend higher if it breaches this point
in the near term, with a target price of MYR0.52. However, it
may experience a pullback if the MYR0.46 mark cannot be surpassed.
Support may be found at MYR0.40 where traders can exit upon a
breach to avoid the risk of a further correction.<br />
<img alt="" src="https://research.osk188.com/images/73/DDrd899972595722b26910d4b.jpg" /><br />
<img alt="" src="https://research.osk188.com/images/74/NjNT989203115722b269c843a.jpg" /><br />
Source: RHB Research - 29 Apr 2016<br />
<br />
http://klse.i3investor.com/blogs/rhb/95660.jsp <br />
</div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-25491012687269008572016-04-29T09:10:00.000+08:002016-04-29T09:10:53.475+08:00Companies in the news - Westports, EcoWorld, Tasek, Spritzer, Pavilion REIT, Petaling Tin, Karambunai, GHL Systems, AirAsia, NSOP, Nakamichi, Sasbadi, Pasdec, Tiong Nam, Lay Hong, DPS, Homeritz, Muhibbah, Atlan and Gadang <br />
<a name='more'></a><br />
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXxYO-lxQ7dsMGNkTYZW1G-dLq4vuq8FLNjKkNQ5Cr4kic7sG2WWKK6kDiK5Dlum6q9McuFuGOuPbQTQ4_JnJS4EGXKuuyewgmFlH1znjL4djcwXzFHJg7jb94Z7MvMyD8V8AsSQ/s1600/companies+in+the+news.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhXxYO-lxQ7dsMGNkTYZW1G-dLq4vuq8FLNjKkNQ5Cr4kic7sG2WWKK6kDiK5Dlum6q9McuFuGOuPbQTQ4_JnJS4EGXKuuyewgmFlH1znjL4djcwXzFHJg7jb94Z7MvMyD8V8AsSQ/s320/companies+in+the+news.jpg" width="320" /></a></div>
<br />
KUALA LUMPUR (April 28): Based on corporate announcements and news flow today, companies that might be in focus tomorrow (Friday, April 29) include: Westports Holdings Bhd, Eco World Development Group Bhd (EcoWorld), Tasek Corp Bhd, Spritzer Bhd, Pavilion REIT, Petaling Tin Bhd, Karambunai Corp Bhd, GHL Systems Bhd, AirAsia Bhd, Negri Sembilan Oil Palms Bhd (NSOP), Nakamichi Corp Bhd, Sasbadi Holdings Bhd, Pasdec Holdings Bhd, Tiong Nam Logistics Holdings Bhd, Lay Hong Bhd, DPS Resources Bhd, Homeritz Corporation Bhd, Muhibbah Engineering (M) Bhd, Atlan Holdings Bhd and Gadang Holdings Bhd.<br />
<br />
Westports Holdings Bhd’s first quarter net profit rose 42% to RM171.08 million, from RM120.19 million a year earlier, as the port operator's container throughput increased.<br />
<br />
In a statement to Bursa Malaysia today, Westports said profit growth for the quarter ended March 31, 2016 (1QFY16) also came on the one-off gain from its securities investment disposal.<br />
<br />
Westports said group revenue grew to RM464.71 million, from RM398.72 million, as container throughput increased 7% to 2.41 million twenty-foot equivalent units (TEU), from 2.26 million.<br />
<br />
Profit before tax (PBT) rose to RM211 million, from RM159.6 million.<br />
<br />
"The higher growth in PBT is due to one-off gain on disposal of investment in securities and excluding the one-off gain, the growth is at 19%. "The higher growth in PBT was attributable to revision in container tariff and lower fuel cost," Westports said.<br />
<br />
Eco World Development Group Bhd (EcoWorld) is proposing a private share placement to raise as much as RM768.39 million for EcoWorld International Bhd's initial public offering (IPO).<br />
<br />
In a filing with Bursa Malaysia today, the property developer said it wants to place out some 591.07 million new shares, which is equivalent to 25% of its existing paid-up capital, to raise as much as RM768.39 million, based on an indicative issue price of RM1.30 apiece.<br />
<br />
EcoWorld said a total of RM468 million or 60.9% of the fresh capital raised will be set aside for the share acquisition at EcoWorld International's IPO.<br />
<br />
Cement maker Tasek Corp Bhd's net profit slipped 3.8% to RM22.67 million in its first quarter ended March 31, 2016 (1QFY16), from RM23.57 million last year, largely on lower interest income and contribution from an associated company.<br />
<br />
Its interest income of RM2.4 million for 1QFY16 was lower compared with RM2.9 million last year, because of lesser amount of funds placed on term deposits, while the share of profit from the associate fell 76.6% on lower volume of sales and higher cost.<br />
<br />
Revenue for the quarter, however, rose 3% to RM171 million, from RM166 million a year ago, as revenue from its cement and concrete segments improved, according to its bourse filing.<br />
<br />
The cement segment registered a higher operating profit of RM25.4 million in 1QFY16 on net revenue of RM137.6 million compared with 1QFY15's operating profit of RM24.9 million on net revenue of RM133 million.<br />
<br />
Property developer EcoFirst Consolidated Bhd, which saw its net profit more than double to RM1.51 million in its third financial quarter ended Feb 29, 2016 (3QFY16), will focus on the acquisition of 87 acres of prime land in Ulu Klang, Selangor, which is currently underway.<br />
<br />
Its group chief executive officer and executive director Datuk Tiong Kwing Hee said its plans for the land will keep it busy and secure steady income for EcoFirst for the next 10 years.<br />
<br />
Spritzer Bhd’s net profit for the third quarter ended Feb 29 (3QFY16) rose 14.8% to RM6.19 million, from RM5.39 million a year ago, due to lower income tax expense.<br />
<br />
Earnings per share (EPS) rose to 4.21 sen, from 3.88 sen previously, the bottled mineral water manufacturer cum distributor told Bursa Malaysia in a filing today.<br />
<br />
The group said its effective tax rate for 3QFY16 was lower than the statutory income tax rate, mainly due to the overprovision of deferred tax, and recognition of deferred tax assets on unutilised reinvestment allowance carried forward.<br />
<br />
Pavilion Real Estate Investment Trust's (Pavilion REIT's) net property income (NPI) for the first quarter ended March 31, 2016 (1QFY16) stood at RM75.64 million, up from RM72.94 million in 1QFY15.<br />
<br />
Its net profit edged up by 1.62% to RM61.47 million, from RM60.49 million in the corresponding quarter last year, mainly due to higher NPI.<br />
<br />
For the quarter under review, the group registered a revenue growth of 1.49% to RM106.7 million, from RM105.1 million a year ago.<br />
<br />
In a note to Bursa Malaysia today, Pavilion REIT said total operating expenses were lower by RM1.1 million or 4% for the quarter under review, compared with 1QFY15.<br />
<br />
Petaling Tin Bhd announced it has received a notice of unconditional mandatory takeover on behalf of its president Tan Sri Dr Chen Lip Keong for all shares he does not own, for 24 sen per share.<br />
<br />
According to a bourse filing, Chen had on April 28 acquired some 133.24 million shares, equivalent to 38.53% of the company's share base, increasing his and the persons acting in concert (PACs) stake to 65.07%, from 26.54% prior to the acquisition.<br />
<br />
The PACs consist of Puan Sri Lee Chou Sarn, the spouse of Chen, and his three sons, Chen Yiy Hwuan, Chen Yiy Fon and Chen Yepern.<br />
<br />
Tan Sri Dr Chen Lip Keong, long term president of Karambunai Corp Bhd (KCB), has offered to buy all the remaining ordinary shares of KCB at 5 sen per offer share and all the remaining outstanding warrants of KCB at 2 sen per offer warrant.<br />
<br />
The offer, which also applies to any new KCB shares that may be issued prior to the closing date of the offer, is not conditional upon any minimum level of acceptances of the offer shares, as Chen holds more than 50% of voting shares in KCB.<br />
<br />
Chen, who has been the president and non-independent executive director of Karambunai since 1991, currently holds 68.46% of voting shares in KCB.<br />
<br />
GHL Systems Bhd has launched its Bluetooth-enabled mobile point of sales service (mPOS), dubbed AirPOS, for small and medium enterprises to accept cashless payments on smartphones or tablets.<br />
<br />
In a statement today, GHL said the product is also designed for entrepreneurs, as well as service personnel who are constantly on the move.<br />
<br />
“AirPOS allows businesses to accept payments via Credit and Debit Cards, and thus have access to 50 million local ATM cards in Malaysia, anywhere, anytime,” it said.<br />
<br />
“AirPOS is also Malaysia’s First Chip & Pin mPOS to accept ATM cards for payment, known as MyDebit by Malaysian Electronic Clearing Corp Sdn Bhd (MyClear), a subsidiary of Bank Negara Malaysia,” GHL added.<br />
<br />
AirAsia, NSOP, Nakamichi, Sasbadi, Pasdec, Tiong Nam, Lay Hong, DPS, Homeritz, Muhibbah, Atlan and Gadang<br />
<br />
The US-based Wellington Management International Ltd has disposed 18.47 million shares in AirAsia Bhd. According to Bursa Malaysia, Wellington Management Global Holdings had on April 19, ceased to be AirAsia’s substantial shareholder.<br />
<br />
However, it did not disclose the transaction price.<br />
<br />
Negri Sembilan Oil Palms Bhd’s (NSOP) value of its freehold and leasehold lands has increased to RM66.5 million, bringing the group's total land value to RM428.7 million.<br />
<br />
“The board today approved the incorporation of an increase in value of its lands arising from the valuation of freehold and leasehold lands by the group in the consolidated financial statements for the financial year ended Dec 31, 2015.<br />
<br />
“An amount of RM66.49 million, representing the increase in the fair value of the lands arising from the valuation performed by a professional valuer, is recognised in property, plant and equipment,” NSOP told Bursa Malaysia in a filing.<br />
<br />
Practice Note 17 (PN17) Nakamichi Corp Bhd has inked a memorandum of understanding (MoU) with Aktau Transit LLP (AT) on a proposed collaboration to jointly develop AT oilfields in Aktau, Kazakhstan.<br />
<br />
In a filing with Bursa Malaysia today, Nakamichi said the MoU is part of its regularisation plan.<br />
<br />
The timber company, whose shares have been suspended from trading for more than two years, said Nakamichi and AT have jointly agreed to commence discussions and negotiations on the structures and terms of the MoU, with the intention of finalising and entering into the relevant definitive agreements within three months from the date of the MoU.<br />
<br />
Sasbadi Holdings Bhd's units have secured three textbook contracts worth a total of RM7.71 million from the Ministry of Education (MoE).<br />
<br />
In a bourse filing today, Sasbadi said its wholly-owned unit Sasbadi Sdn Bhd (SSB) has signed and accepted a letter of acceptance from the ministry dated April 28 to publish, print and supply the textbook package on Mathematics for Year 1 of the Chinese national-type primary schools (SJKC) throughout Malaysia.<br />
<br />
The Mathematics textbook contract, which starts today, will last till Dec 31, 2018. The deal is valued at RM3.89 million.<br />
<br />
Pasdec Holdings Bhd, a 51.65%-owned subsidiary of Pahang State Development Corp (PKNP), said its group managing director (MD) Datuk Mohd Khairuddin Abdul Manan has been granted temporary leave of absence with immediate effect.<br />
<br />
This is to facilitate the completion of the ongoing forensic review by Messrs Deloitte Corporate Solutions Sdn Bhd, following news reports and Malaysian Anti-Corruption Commission's investigation that mining activity has been carried out on a land belonging to a subsidiary, Pasdec Corp Sdn Bhd, it said.<br />
<br />
In the interim, Datuk Abdul Rahim Mohd Ali, a non-executive director who is also the chief executive officer of PKNP, has been assigned the responsibility of performing the functions of the MD, until otherwise resolved.<br />
<br />
A wholly-owned subsidiary of Tiong Nam Logistics Holdings Bhd has succeeded in a civil suit claim for transportation charges against a unit of Lay Hong Bhd.<br />
<br />
In a filing with Bursa Malaysia, Lay Hong said its wholly-owned unit, Lay Hong Food Corp Sdn Bhd (LHF), has been ordered by the High Court to pay RM3.71 million to Tiong Nam Logistic Solutions Sdn Bhd (TNLS).<br />
<br />
LHF has to pay RM1.68 million claimed for services rendered, RM1.56 million being loss of business due to the failure to give six months written notice of nomination and RM470,500 being the loss of use of five trucks. LHF also has to pay costs of RM50,000.<br />
<br />
DPS Resources Bhd's (DPS') wholly-owned unit Shantawood Sdn Bhd (SSB) has inked a joint venture agreement to complete a mixed development on a piece of freehold land in Tanjung Minyak, Melaka, that has a gross development value of RM166.3 million .<br />
<br />
DPS said the proposed JV will raise the estimated GDV for DPS’s property development projects from RM23.34 million to RM189.61 million, which is expected to sustain the property development segment of the DPS group for the next six years.<br />
<br />
It added that the property diversification would reduce its dependency on its manufacturing segment.<br />
<br />
Homeritz Corporation Bhd’s second quarter net profit for financial year ended Feb 29, 2016 (2QFY16) jumped 23% to RM8.07 million, from RM6.56 million in the corresponding quarter a year ago, as a result of higher registered sales and the strengthening of the US dollar.<br />
<br />
The group’s revenue for Q2FY16 improved by 12.3% to RM42.5 million, compared with RM37.8 million in Q2FY15. In a note to Bursa today, Homeritz said the stronger revenue was mainly attributed to stronger US dollar.<br />
<br />
For the first half of financial year 2016 (1HFY16), the group’s net profit surged by 56.7% to RM16.97 million, from RM10.82 million in 1HFY15; while its revenue also saw a growth of 16.8% to RM83.2 million in 1HFY16, compared to RM71.2 million a year ago.<br />
<br />
Muhibbah Engineering (M) Bhd is proposing to undertake a private placement of up to 10% of its issued share capital to third party investors to raise gross proceeds of up to RM111.93 million.<br />
<br />
In a filing with Bursa Malaysia today, Muhibbah said the investors and the issue price will be announced later, after all relevant approvals for the proposed private placement have been received.<br />
<br />
"As the proposed private placement may be implemented in one or more tranches with the board’s decision, there could potentially be several price fixing dates and issue prices," it added.<br />
<br />
Atlan Holdings Bhd reported a 19.2% drop in net profit to RM11.8 million or 4.66 sen per share for the fourth quarter ended Feb 29 (4QFY16), from RM14.6 million or 5.77 sen per share a year ago.<br />
<br />
The lower earnings were mainly due to lower contributions from the duty free, automotive and property segments, it said in a filing with Bursa Malaysia today.<br />
<br />
Revenue fell 3.7% to RM195.57 million, from RM203.12 million in 4QFY15, it said.<br />
<br />
For the financial year ended Feb 29 (FY16), net profit dropped 7.3% to RM43.08 million. from RM46.47 million in FY15. Revenue rose 5.1% to RM768.06 million. from RM730.66 million.<br />
<br />
Gadang Holdings Bhd's net profit jumped 55% to RM25.11 million or 11.23 sen a share in the third quarter ended Feb 29, 2016 (3QFY16), from RM16.17 million or 7.47 sen a share, on improved profit margins from construction activities and higher contributions from its utility division.<br />
<br />
In a filing with Bursa Malaysia, Gadang said revenue grew 3.67% to RM175.92 million, from RM169.69 million in 3QFY15.<br />
<br />
For the first nine months ended Feb 29 (9MFY16), net profit soared 86% to RM63.69 million or 28.07 sen a share, from RM34.22 million or 15.81 sen a share in the previous corresponding period. Accumulative revenue increased 2.31% to RM427.28 million, from RM417.64 million.<br />
<br />
<br />
Companies in the news - Westports, EcoWorld, Tasek, Spritzer, Pavilion REIT, Petaling Tin, Karambunai, GHL Systems, AirAsia, NSOP, Nakamichi, Sasbadi, Pasdec, Tiong Nam, Lay Hong, DPS, Homeritz, Muhibbah, Atlan and Gadang <br />
http://www.theedgemarkets.com/my/article/westports-ecoworld-tasek-spritzer-pavilion-reit-petaling-tin-karambunai-ghl-systems-airasiaUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-49428981039911396082016-04-27T17:59:00.002+08:002016-04-27T17:59:58.241+08:00SASBADI (5252) - 热股: 获直销执照提振 文语控股扬2.5% <span style="font-size: x-large;"></span><br />
<a name='more'></a><span style="font-size: x-large;"><br /></span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEho5gtgXpyTLAXVytOMdgZW6LiRYraI7SD-Jm84QbsERLL-_Ymv89RY4-_Izt61qteUQJckCuBuei5AAAHQ6lhr_4b2p62bXLBLsRLR0_cFC5_6MUTFBCxYkWJqMXBtr5O3PVRSrQ/s1600/Sasbadi+Holdings+Bhd+02.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEho5gtgXpyTLAXVytOMdgZW6LiRYraI7SD-Jm84QbsERLL-_Ymv89RY4-_Izt61qteUQJckCuBuei5AAAHQ6lhr_4b2p62bXLBLsRLR0_cFC5_6MUTFBCxYkWJqMXBtr5O3PVRSrQ/s1600/Sasbadi+Holdings+Bhd+02.jpeg" /></a></div>
<span style="font-size: x-large;"><br /></span>
<span style="font-size: x-large;">(吉隆坡27日讯)获国内贸易、合作社与消费部批准直销执照,文语控股(Sasbadi Holdings Bhd)早盘上扬2.5%。<br /><br />休市时,一度扬至1.24令吉的文语控股,起3仙,至1.23令吉,成交量有11万3800股。市值为3亿4360万令吉。<br /><br />丰隆投资银行研究分析员 Mardhiah Omar维持该股的“买入”评级,因强劲的自由现金流、高增长率、产品创新,以迎合精通科技的青年,以及与国家教育体系紧密联系。<br /><br />然而,她点出文语控股未能赢得教育部的课本合约、转向网上平台、纸价上涨,以及国家课程和教育政策改革为风险。<br /><br />该公司昨日指出,独资子公司 Mindtech Education私人有限公司依据1993年直销及反金字塔计划法令,获得两年执照。<br /><br />与此同时,该公司在截至2月29日的2016财政年第二季,净利跌20.38%至664万令吉,归因于图书出版收入走低,以及员工人数增加。<br /><br />营业额从上财年同期的3211万令吉,增5.45%至3386万令吉。<br /><br />文语控股建议派发每股1仙的中期单层股息,付息日为6月9日。除权和享用权益日分别落在5月17和19日。<br /><br />该公司表示,营业额增加归功于整合收购后的 Sanjung Unggul私人有限公司与其子公司的业绩,但部分被学术书出版收入走低所抵销。<br /><br />分析员说,营业额占该研究机构和市场预测的34%,符合预期,因第二季通常是最强。<br /><br />不过,首半年的税后归属股东盈利(Patami)低于预期,分别占丰隆和市场预测的42%和41%。<br /><br />丰隆维持盈利预测不变,有待与管理层会面,获取最新消息。<br /><br />尽管如此,基于2017年的18倍本益比,分析员重申“买入”评级,目标价为1.55令吉。<br /><br />“目标本益比是基于教育领域的40%折价。我们认为估值合理,因相对较小的市值和低流通性。”<br /><br />(编译:陈慧珊)</span><br />
<span style="font-size: x-large;"></span><br />
<span style="font-size: x-large;"></span><br />
<span style="font-size: x-large;"><br />SASBADI (5252) - 热股: 获直销执照提振 文语控股扬2.5% </span><br />
<span style="font-size: x-large;">http://www.theedgemarkets.com<br /></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-67182822109312042972016-04-27T13:56:00.001+08:002016-04-27T13:56:51.539+08:00SASBADI (5252) - Hot Stock: Sasbadi rises 2.5% on getting direct selling licence <br />
<a name='more'></a><br /><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgBH6SaPGx3Y9nfCDmIZxilixeH_yvkZ-0tk6DOMpcwbabGuteU7JpSZe4hEShAo6qB-EsJvB6S57Miz27xLOWBPtthJ3iFe30QmXSPS5q_SppFo0WMOxxUypcwcPCTWlijOYVtA/s1600/Sasbadi+Holdings+Bhd+01.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="135" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgBH6SaPGx3Y9nfCDmIZxilixeH_yvkZ-0tk6DOMpcwbabGuteU7JpSZe4hEShAo6qB-EsJvB6S57Miz27xLOWBPtthJ3iFe30QmXSPS5q_SppFo0WMOxxUypcwcPCTWlijOYVtA/s320/Sasbadi+Holdings+Bhd+01.jpg" width="320" /></a></div>
<br />
KUALA LUMPUR (April 27): Sasbadi Holdings Bhd rose 2.5% upon the approval of a direct sales licence by the Domestic Trade, Cooperatives and Consumerism Ministry, which prompted a "buy" call by a research house.<br /><br />At 12.30pm, it rose three sen to RM1.23 after hitting an intra-morning high of RM1.24 with 113,800 shares done for a market capitalisation of RM343.6 million.<br /><br />Hong Leong IB Research (HLIB) analyst Mardhiah Omar retained a "buy" call on Sasbadi due to its strong annual free cash flow, high growth rate, innovativeness in creating products that cater to tech-savvy youths and unique education exposure which is closely linked to the country's education system.<br /><br />However, she counted Sasbadi's failure to win the textbook contract from the Education Ministry, migration towards online platform, spike in paper prices and changes in the national curriculum and educational policies as risks.<br /><br />Yesterday, Sasbadi said its wholly-owned unit Mindtech Education Sdn Bhd earned the licence for two years under the Direct Sales and Anti-Pyramid Scheme Act 1993.<br /><br />At the same time, it posted a 20.38% fall in net profit to RM6.64 million in its second quarter ended Feb 29, 2016 (2QFY16) due to lower revenue from book publishing and increased staff headcount for capacity building.<br /><br />Revenue rose 5.45% to RM33.86 million from RM32.11 million in 2QFY15.<br /><br />Sasbadi proposed an interim single tier dividend of one sen, payable June 9. The ex-date and entitlement date fall on May 17 and May 19 respectively.<br /><br />Sasbadi said the increase in revenue was mainly attributable to the consolidation of the results of Sanjung Unggul Sdn Bhd and its subsidiary post acquisition, but partly offset by lower revenue from its academic book publishing.<br /><br />Mardhiah said the revenue accounted for 34% of HLIB's and consensus estimation which it considered to be in line with the research house's and consensus revenue forecast as the second quarter is usually the strongest for the group.<br /><br />But Sasbadi's first half ended Feb 29, 2016's profit after tax and minority interests (Patami) came below HLIB's expectations, accounting for 42% and 41% of the research house's as well as the consensus estimation.<br /><br />HLIB's forecast is unchanged pending a meeting with the management for an update post the 2QFY16 results.<br /><br />Nevertheless, Mardhiah reiterated the "buy" call with target price of RM1.55 based on price to earnings (P/E) multiple of 18 times for the calendar year 2017 earnings per share.<br /><br />"Targeted P/E is based on a discount of 40% to education sector. Valuation is justified in our view due to Sasbadi's relatively small market capitalisation and low liquidity," Mardhiah said.<br />
<br />
SASBADI (5252) - Hot Stock: Sasbadi rises 2.5% on getting direct selling licence <br />
http://www.theedgemarkets.com/my/article/sasbadi-rises-25-getting-direct-selling-licenceUnknownnoreply@blogger.com