tag:blogger.com,1999:blog-250589152024-03-28T16:19:07.418+08:00Sharetisfy歌词Unknownnoreply@blogger.comBlogger19125tag:blogger.com,1999:blog-25058915.post-88748068670656336022020-07-23T08:40:00.001+08:002020-07-23T08:40:44.791+08:00疫苗有望年杪推出·制药股狂飙 <br />
<a name='more'></a>(吉隆坡22日讯)冠病疫苗研发初步结果良好,令制药股取代手套股成为市场追逐的新宠,更有4只上演涨停板好戏。<br /><br />发马 艾柏士保健 康大工业 联合药业涨停板<br /><br />发马(PHARMA,7081,主板医疗保健组)率领制药股上冲,走高1令吉零5仙或30%,至4令吉55仙的涨停板水平,为全场最大涨价股。<br /><br />艾柏士保健(AHE A L T H,7090,主板医疗保健组)、康大工业(KOTRA,0002,主板医疗保健组)和联合药业(DPHARMA,7148,主板医疗保健组)也携手涨停,分别起91仙、82仙和68仙,收报3令吉97仙、3令吉57仙和2令吉96仙。<br /><br />永信东南亚(YSPSAH,7178,主板医疗保健组)起47仙或19.34%,报2令吉90仙。<br /><br />市场人士表示,科学家周一公布了3组冠病疫苗初步试验结果,显示受试者可产生免疫反应,也没有不良副作用,疫苗有望在今年底推出,负责提供疫苗的制药公司将受惠。<br /><br />他们指出,全球不少股市如中国股市的制药股也都已经纷纷上涨。<br /><br />大马科学工艺及革新部长凯里早前表示,政府已鉴定政府相关公司的两家制药厂,一旦冠病疫苗研发成功,将负责冠病疫苗灌装加工服务(fill and finish)。<br /><br />这两家制药厂为发马和联合药业。<br /><br />市场人士认为,发马和联合药业获得政府的疫苗业务,股价上涨还可以理解,至于其他制药公司能否从疫苗研发中受惠,仍然是个疑问,股价跟着上涨显示市场投机炒风炽热。<br /><br />联昌研究在今日的报告中,将发马降级至守住,目标价3令吉40仙、联合药业降级至沽售,目标价2令吉。<br /><br />该行认为疫苗合约的详情仍然未出炉,潜在盈利增长已经反映在股价上。<br /><br /><img data-pagespeed-url-hash="3759874708" src="https://cdnpuc.sinchew.com.my/pic/2020-07/22/4b2168f8-8dc3-4672-8ba6-7ea85612e1b48f1d6ee2-ee92-4967-99dd-2c4a56f28729.jpg" title="" /> <br /><br />https://www.sinchew.com.my/content/content_2311615.html<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-7112924996418769452020-05-14T09:06:00.000+08:002020-05-14T09:06:21.632+08:00YSPSAH (7178) 永信東南亞挑战RM2.20/敏源 <br />
<a name='more'></a> 大马股市于5月13日的交投量创下多年来的新高,富时隆综指的交投走势恢复前期涨势。<br /><br />永信东南亚(YAPSAH,7178,主板保健股)反弹了。它于闭市时收2.09令吉,按日涨7仙或3.47%。<br /><br />永信东南亚的30分钟图表走势,突破它的顶头阻力线(B1:B2)。<br /><br />它的30分钟平滑异同移动均线指标(MACD),处于一个上升走势。<br /><br />它处于“0”支撑线上波动,永信东南亚的后市交投走势,或会出现一段短线回试下限支持线的支撑(B1:B2)。<br /><br />永信东南亚的日线图表走势于回试后,或会显现一段反弹走势,它或会挑战2.10-2.20令吉的阻力水平。<br /><br />免责声明<br /><img src="http://www.enanyang.my/wp-content/uploads/contentdir/image/366651/200514a1301_noresize.jpg" style="width: 600px;" /><br />本文纯属技术面分析,仅供参考,并非推荐购买。投资前请咨询专业金融师。<br /><br /><br /><br />https://www.enanyang.my/news/20200514/永信东南亚挑战rm2-20敏源/<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-85627152650416419842020-04-27T19:10:00.002+08:002020-04-27T19:10:30.549+08:00Stock Review – YSPSAH (7178) (Y.S.P.SOUTHEAST ASIA HOLDING BERHAD) <br />
<a name='more'></a><span style="font-size: xx-small;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Bursa Malaysia - <a href="https://www.bursamalaysia.com/trade/trading_resources/listing_directory/company-profile?stock_code=7178">7178</a></span></span><br />
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<span style="font-family: "times new roman" , serif;"><span style="font-family: "arial" , "helvetica" , sans-serif; line-height: 24.5333px;">Bloomberg - <a href="https://www.bloomberg.com/quote/YSP:MK">YSP:MK</a></span></span><br />
<span style="font-family: "times new roman" , serif;"><span style="font-family: "arial" , "helvetica" , sans-serif; line-height: 24.5333px;">Yahoo - <a href="https://finance.yahoo.com/quote/7178.KL/">7178 .kl</a></span></span><br />
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="font-size: small;"><span style="font-family: "times new roman" , serif;"><span style="line-height: 24.5333px;">Webpage - </span></span></span><a href="http://www.yspsah.com/Home/Home.asp">http://www.yspsah.com/Home/Home.asp</a></span><br />
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<span style="font-family: "arial" , "helvetica" , sans-serif; line-height: 27.6px;">Sector : Health Care</span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif; line-height: 27.6px;">Sub Sector :<a href="https://ivkls.blogspot.com/2020/04/industry-comparison-pharmaceuticals.html">Pharmaceuticals</a></span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></u></b></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Revenue
:</span></span></u></b></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH revenue mainly consists are from two segment
as below.</span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;"><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;">1) </span><span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Manufacturing</span></span></div>
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<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Manufacturing of Pharmaceutical
products.</span></span></div>
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<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-indent: -18pt;">2) </span><span style="text-indent: -18pt;">Trading</span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Import, export and trading in
various kinds of pharmaceutical, traditional herbal and veterinary products.</span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Pie chart below shows YSPSAH revenue distribution
for financial year 2018.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgVVZJVTmLli2B3J5svVrRY_BW78qWqO3v6apuoZ0FhiwxR86L700UsEjwyfr-vRfPTaOqEthVADd_yCPad8iNWUkh2xX6vYIfj-niJauR45QiwR3sKTVW2LU0UDIApdHz_xq_ZA/s1600/Revenue+2018.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="289" data-original-width="482" height="238" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjgVVZJVTmLli2B3J5svVrRY_BW78qWqO3v6apuoZ0FhiwxR86L700UsEjwyfr-vRfPTaOqEthVADd_yCPad8iNWUkh2xX6vYIfj-niJauR45QiwR3sKTVW2LU0UDIApdHz_xq_ZA/s400/Revenue+2018.png" width="400" /></span></a></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">From the pie chart above, YSPSAH main business focus
on manufacturing of Pharmaceutical products which stands 85 % of the 2018
revenue.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy922QiAChWhCtKIulY8qRcLlaAoKC47TG3u0VhswSb7GBjDEHAgioQLzziRaH-tKGlC6gDiTfoZkOPfM-rO7nvobXRZq7RtruRlQ-yGCcvmNr8m5P7IMkFQQI25Iyt1f2pwULtQ/s1600/revenue+and+operating+margin.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="248" data-original-width="603" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy922QiAChWhCtKIulY8qRcLlaAoKC47TG3u0VhswSb7GBjDEHAgioQLzziRaH-tKGlC6gDiTfoZkOPfM-rO7nvobXRZq7RtruRlQ-yGCcvmNr8m5P7IMkFQQI25Iyt1f2pwULtQ/s400/revenue+and+operating+margin.png" width="400" /></span></a></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Bar chart above shows revenue and operating margin
of YSPSAH from 2010 to 2018.</span></span></div>
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<table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-insideh: none; mso-border-insidev: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 352.7pt;" valign="top" width="470"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">5 Years Annualise Growth of Revenue</span></b></div>
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<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">8.63 %</span></b></div>
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<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 352.7pt;" valign="top" width="470"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">9 Years Annualise Growth of Revenue</span></b></div>
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<td style="padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">8.24 %</span></b></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH had very consistence revenue growth rate of
around 8 %.</span></span></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH operating margin is around 12 over the past 9
years expect in 2015 it had high operating margin of 17.83.</span></span></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Nett
Profit</span></span></u></b></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></u></b></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Bar Chart below shows YSPSAH nett profit from 2010 –
2018.</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQxR_8kv0qXh_BT39M67KivXT4Tth_ZED6wVHOY06Kp5cWo-jd13hgeANjiQt0u4soiYkuMCR144kGKMZ9kxAmfhLVd63wkjAGCVavHYFfyCJBnkJ9waT_f9n5_-dIR0YyyqdJRw/s1600/nett+profit.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="248" data-original-width="603" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQxR_8kv0qXh_BT39M67KivXT4Tth_ZED6wVHOY06Kp5cWo-jd13hgeANjiQt0u4soiYkuMCR144kGKMZ9kxAmfhLVd63wkjAGCVavHYFfyCJBnkJ9waT_f9n5_-dIR0YyyqdJRw/s400/nett+profit.png" width="400" /></span></a></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-insideh: none; mso-border-insidev: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
</table>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">5 Years Annualise Growth of Nett
Profit</span></b></div>
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">12.60 %</span></b></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">9 Years Annualise Growth of Nett
Profit</span></b></div>
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "arial" , "helvetica" , sans-serif;">9.45 %</span></b></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-insideh: none; mso-border-insidev: none; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;"></table>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">From the graph there is a significant increase in nett
profit since 2015 with 75% of nett profit grow in 2015. The nett profit surge
is mainly due to the goods and services tax (GST) implemented by the government
in April 2015 where its customer stocked up the pharmaceutical products to
avoid paying the GST. Besides that YSPSAH also had an unrealised gain of RM 6.7
million and RM 5.9 million for 2015 and 2016 respectively. While on other year between
2010 – 2018 period YSPSAH unrealised gain / loss on foreign exchange rate is
between RM 0.5 million to RM 1.0 million. In 2017 YSPSAH had unrealised lose on
foreign exchange of RM 6.6 million which drag the nett profit down by 27 % in
2017.</span></span></div>
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</span></span></div>
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<b><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Assets
and Liabilities</span></span></u></b></div>
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<b><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></u></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRlXPSIPNwLG25nWLjxpDA6FCzJJ8QSvfbI6MbpzjJTPcQdkO89ITZkDmoYLj5h5BoT7akuHezCcBUgHFT1CdJY22NJFfCVqAoh9upyhhiWGzbANj8wYD2M-lcjbO_qBR56lXAQw/s1600/Asset+and+Liabilities.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="248" data-original-width="603" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRlXPSIPNwLG25nWLjxpDA6FCzJJ8QSvfbI6MbpzjJTPcQdkO89ITZkDmoYLj5h5BoT7akuHezCcBUgHFT1CdJY22NJFfCVqAoh9upyhhiWGzbANj8wYD2M-lcjbO_qBR56lXAQw/s400/Asset+and+Liabilities.png" width="400" /></span></a></div>
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<b><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></u></b></div>
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<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">From the chart above, YSPSAH assets increase over
time while liabilities reduce from 2010 to 2016 and increase from 2017 to 2018.
In 2018 there is an increase in borrowing from RM 19,848,000 (2017) to
RM39,655,000 (2018).</span></span></div>
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<b><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Trade
Receivables</span></span></u></b></div>
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<b><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></u></b></div>
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<div class="MsoNormal">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Let compared trade receivable of YSHSAP against
trade receivable past due every year.</span></span></div>
<div class="MsoNormal">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiubaskstM-zkiUFPdiB2uJbrtFvpjEw5uWct5-fVXVw3dNIqB_rUK2lhnDfKOz8GtH1WS3VFethlXuV5u6UPMB9_y9Df0An_iL-KxUy8Fdc7wXDw3pTOmoRA8LgPBeAhQGSajmWg/s1600/trade+receivables.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="248" data-original-width="603" height="163" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiubaskstM-zkiUFPdiB2uJbrtFvpjEw5uWct5-fVXVw3dNIqB_rUK2lhnDfKOz8GtH1WS3VFethlXuV5u6UPMB9_y9Df0An_iL-KxUy8Fdc7wXDw3pTOmoRA8LgPBeAhQGSajmWg/s400/trade+receivables.png" width="400" /></span></a></div>
<div class="MsoNormal">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<br />
<div class="MsoNormal">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">From the comparison above, YSPSAH trade receivable
increase over time. Percentage of trade receivables past due from 2011 – 2018 have
a range of 16 % to 31 % with lowest in 2016 which is 16.69% and increase after 2016
to 24.75 % in 2018.</span></span></div>
<div class="MsoNormal">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Financial
Ratio</span></span></u></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></u></b></div>
<div class="MsoNormal">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">There would be few financial ratios to be look at
here:</span></span></div>
<div class="MsoNormal">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">1) Interest
Coverage Ratio (Green Bar Chart)</span></span></div>
<div class="MsoNormal">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">2) Cash
Ratio (Blue Line Chart)</span></span></div>
<div class="MsoNormal">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">3) Current
Ratio (Red Line Chart)</span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLBjE_6i6Liol0tuUs8w7zOdt-0frf2hDRMfba-Sx8B_csO4B-cCeqpFDjgYuXXShwtkDGsdy26C2ic-SOXWptUGnuDE_VKaZFsdGixMvLaxih3ThSCjxjTxiP2Ugi6LY-y03tdg/s1600/Financial+Ratio.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="281" data-original-width="603" height="186" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjLBjE_6i6Liol0tuUs8w7zOdt-0frf2hDRMfba-Sx8B_csO4B-cCeqpFDjgYuXXShwtkDGsdy26C2ic-SOXWptUGnuDE_VKaZFsdGixMvLaxih3ThSCjxjTxiP2Ugi6LY-y03tdg/s400/Financial+Ratio.png" width="400" /></span></a></div>
<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span>
<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">1) Interest
Coverage Ratio</span></span><br />
<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span>
<br />
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Interest coverage ratio measure how
capable the company pay off the existing debt. With an interest coverage ratio
above one mean the earnings before interest & tax (EBIT) is able to pay of
the full amount of the financial cost of the year. </span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH had interest coverage ratio
of 23.10.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-indent: -18pt;">2) </span><span style="text-indent: -18pt;">Cash
Ratio</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">As cash is the most liquid assets
of the company, cash ratio is use to determine company ability to pay off short
term liabilities using cash. Cash ratio above one indicates that company able
to settle all current liabilities using available cash.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH cash ratio maintain above 1
for the period except 2011 which the cash ratio is 0.92. In 2018 YSPSAH has RM
76,641,000 in cash and equivalent while have RM 39,655,000 of total borrowing.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-indent: -18pt;">3) </span><span style="text-indent: -18pt;">Current
Ratio</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Current ratio measures ability of
the company to pay off short term obligation (current liabilities). Current
ratio above one means the company able to pay off the current liabilities with
current asset.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH current ratio generally inverse
over time but in 2017 there is a drop in current ratio from 5.89 (2016) to 4.63
(2017) and recover to 5.21 in 2018. YSPSAH having current ratio well above one
which mean they are financially strong in short term.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Turnover in Days</span></span></u></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Let
look into three types of turn over as follow:</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="text-indent: -18pt;">1) </span><span style="text-indent: -18pt;">Inventory
Turnover (Blue Line)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">2) Trade
Receivables Turnover (Red Line)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;">3) Trade
Payable Turnover (Green Line)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNk3a_3GSINNTeHrVxmV861qUz2gZI9s_I9kOam1wZXgrbCVcHF8QawkfTjqjU__ru7YpxyV64Fu-x9Js54AKuOj6BAwlzMkPH7iJsHqAYmfJ-QXvW-fQVC6KPGiCyhV6JCGymNg/s1600/Turnover.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="212" data-original-width="603" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiNk3a_3GSINNTeHrVxmV861qUz2gZI9s_I9kOam1wZXgrbCVcHF8QawkfTjqjU__ru7YpxyV64Fu-x9Js54AKuOj6BAwlzMkPH7iJsHqAYmfJ-QXvW-fQVC6KPGiCyhV6JCGymNg/s400/Turnover.png" width="400" /></span></a></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">1)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Days
Sales of Inventory</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">9
Years Days Sales of Inventory Median (days) – 222</span></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH days sales of inventory had
increase from 192 in 2010 to 250 in 2012 before drop back to 222 in 2018 on
average took 222 days to sell their products. </span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">2</span><span style="line-height: 115%; text-indent: -18pt;">)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Trade
Receivable Turnover (Days)</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">9
Years Trade Receivable Turnover (Days) – 85</span></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH trade receivable turnover
had shown a downward trend from 100 days in 2010 to 78 days in 2018.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">3</span><span style="line-height: 115%; text-indent: -18pt;">)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Trade
Payable Turnover (Days)</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<b style="mso-bidi-font-weight: normal;"><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">9
Years Trade Payable Turnover (Days) – 35</span></span></b></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH trade payable turnover would
be constant around 35 days. YSPSAH trade payable turnover is less than trade
receivable turnover hence YSPSAH required some cash for the cash flow.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Per Share Analysis</span></span></u></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">1)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Earnings
per share (sen) (Blue Bar)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">2)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Dividend
per share (sen) (Red Bar)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">3)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Net
total assets per share (Green Line)</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBMiDbsTzDVqbXNosMzfMeoGYGs75YUxMRLO8-My_OqrRVu2B5gj1iKI2tTdLFYVn8SoPZ3ukRceJJsJKvj1oqy0hysBx2zSxvFErycbXd07k7wKS7DztIwqXXe3DlvsVHm3PybA/s1600/per+share+analysis.png" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><img border="0" data-original-height="349" data-original-width="603" height="231" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBMiDbsTzDVqbXNosMzfMeoGYGs75YUxMRLO8-My_OqrRVu2B5gj1iKI2tTdLFYVn8SoPZ3ukRceJJsJKvj1oqy0hysBx2zSxvFErycbXd07k7wKS7DztIwqXXe3DlvsVHm3PybA/s400/per+share+analysis.png" width="400" /></span></a></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%; text-indent: -18pt;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">1)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Earnings
per share</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH earning per share increase significantly
in 2015 and drop in 2017. The main reason of the significant increase and loss
was due to gain (2015) and loss (2017) in the foreign currency exchange.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">2</span><span style="line-height: 115%; text-indent: -18pt;">)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Dividends
per share</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH had pay dividend consistently
every year since 2010. YSPSAH dividend payout ratio is not consistent it range
about 0.3 to 0.6 over 2010 – 2018. In 2017 despite lower earnings per share
YSPSAH continue give high dividends to the shareholders, dividend payout ratio
of 0.57.</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle" style="text-indent: 0px;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><span style="line-height: 115%; text-indent: -18pt;">3</span><span style="line-height: 115%; text-indent: -18pt;">)<span style="font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: normal;"> </span></span><span style="line-height: 115%; text-indent: -18pt;">Net
total assets per share</span></span></div>
<div class="MsoListParagraphCxSpMiddle">
</div>
<div class="MsoListParagraphCxSpMiddle">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH net total assets had growth consistently
since 2015.</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<b style="mso-bidi-font-weight: normal;"><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Director’s Remuneration</span></span></u></b></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Some
company paid high remuneration to director despite low profit. Let see how much
is YSPSAH director’s remuneration in comparison to staff fee and operating
profit.</span></span></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
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<div class="MsoListParagraphCxSpFirst" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></div>
<div class="MsoListParagraphCxSpFirst" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH
director’s remuneration average stands 4.70% of total salaries expense and
about 11.68 % on average of the operating profit.</span></span></div>
<br />
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">YSPSAH
director’s remuneration does not reduce despite poor performance in 2017 which
make percentage against operating profit increase to 17.62 %. The percentage
against total salaries expenses also has increase from 4% in 2010 to 12 % in
2008.</span></span></div>
<div class="MsoListParagraphCxSpMiddle" style="margin-left: 0cm; mso-add-space: auto;">
</div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto;">
<b><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Market Report</span></span></u></b></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto;">
<b><u><span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span></span></u></b></div>
<div class="MsoListParagraphCxSpLast" style="margin-left: 0cm; mso-add-space: auto;">
<span style="line-height: 115%;"><span style="font-family: "arial" , "helvetica" , sans-serif;">
</span></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 140.3pt;" valign="top" width="187"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Date</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 226.6pt;" valign="top" width="302"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Research House</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.2pt;" valign="top" width="127"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="font-family: "arial" , "helvetica" , sans-serif;">Target Price</span></b></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 140.3pt;" valign="top" width="187"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">25-02-2020</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 226.6pt;" valign="top" width="302"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://drive.google.com/open?id=1Jo40XSRf9vR2gG_RD-TMm6K8JreZDDSO">AFFIN HWANG CAPITAL</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.2pt;" valign="top" width="127"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">2.21</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 140.3pt;" valign="top" width="187"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">26-02-2020</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 226.6pt;" valign="top" width="302"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "arial" , "helvetica" , sans-serif;"><a href="https://drive.google.com/open?id=1CkqAR-hHWbAa-eRMHIP9t8Bgk8D2Pack">CGS – CIMB SECURITIES SDN BHD</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.2pt;" valign="top" width="127"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "arial" , "helvetica" , sans-serif;">3.00</span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 140.3pt;" valign="top" width="187"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
</div>
</td>
<td style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 226.6pt;" valign="top" width="302"><div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="font-family: "arial" , "helvetica" , sans-serif;">Average Target Price</span></span></b></div>
</td>
<td style="background: yellow; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 95.2pt;" valign="top" width="127"><div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b><span style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial;"><span style="font-family: "arial" , "helvetica" , sans-serif;">2.605</span></span></b></div>
</td>
</tr>
</tbody></table>
<span style="font-family: "arial" , "helvetica" , sans-serif;"><br /></span>
<br />
<div class="MsoNormal">
<span style="line-height: 24.5333px;"><span style="color: #0000ee; font-family: "arial" , "helvetica" , sans-serif; font-weight: 700; text-align: justify;"><a href="https://ivkls.blogspot.com/p/summary-of-stock-review.html">Summary of Stock Reviews</a></span></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "helvetica" , sans-serif; line-height: 27.6px;"></span></div>
<div class="MsoListParagraph" style="margin-left: 0cm; mso-add-space: auto;">
<span style="font-size: small;"><span style="font-family: "arial" , "helvetica" , sans-serif; line-height: 27.6px;"></span></span></div>
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;"><span style="text-align: justify;"><br /></span><span style="text-align: justify;"></span><span style="text-align: justify;"><a href="https://ivkls.blogspot.com/p/blog-page.html"><b>Summary of Industry Comparison</b></a></span></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;"><span style="text-align: justify;"><b> </b></span></span></div>
<div class="MsoNormal">
<span style="font-family: "arial" , "helvetica" , sans-serif; font-size: small;"><span style="text-align: justify;"><b>http://ivkls.blogspot.com/2020/04/stock-review-yspsah-7178-yspsoutheast.html </b></span></span></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-86084743745700228812020-04-13T23:38:00.003+08:002020-04-13T23:38:52.435+08:00Industry Comparison – Pharmaceuticals<br />
<a name='more'></a><br /><br />
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Sector<span style="mso-tab-count: 2;"> </span>: </span></b><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Health
care</span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Sub
Sector <span style="mso-tab-count: 1;"> </span>:</span></b><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">
Pharmaceuticals</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal" style="tab-stops: 312.9pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">This comparison would
look into companies that manufacture and distribution of pharmaceutical products.
There are five (5) companies in this industry:</span></div>
<div class="MsoNormal" style="tab-stops: 312.9pt;">
<span style="font-family: "Times New Roman", serif; font-size: 16pt; text-indent: -18pt;"><br /></span></div>
<div class="MsoNormal" style="tab-stops: 312.9pt;">
<span style="font-family: "Times New Roman", serif; font-size: 16pt; text-indent: -18pt;">1) <a href="http://www.apexhealthcare.com.my/">AHEALTH (7090) – APEX HEALTHCARE BERHAD</a></span></div>
<div class="MsoNormal" style="tab-stops: 312.9pt;">
<span style="font-family: "Times New Roman", serif; font-size: 16pt; text-indent: -18pt;">2) <a href="https://www.duopharmabiotech.com/">DPHARMA (7148) – DUOPHARMA BIOTECHBERHAD</a></span></div>
<div class="MsoNormal" style="tab-stops: 312.9pt;">
<span style="font-family: "Times New Roman", serif; font-size: 16pt; text-indent: -18pt;">3) <a href="http://www.kotrapharma.com/">KOTRA (0002) – KOTRA INDUSTRIES BERHAD</a></span></div>
<div class="MsoNormal" style="tab-stops: 312.9pt;">
<span style="font-family: "Times New Roman", serif; font-size: 16pt; text-indent: -18pt;">4) <a href="https://www.bursamalaysia.com/trade/trading_resources/listing_directory/company-profile?stock_code=7081">PHARMA (7081) – PHARMANIAGA BERHAD</a></span></div>
<div class="MsoNormal" style="tab-stops: 312.9pt;">
<span style="font-family: "Times New Roman", serif; font-size: 16pt; text-indent: -18pt;">5) <a href="http://www.yspsah.com/Home/Home.asp">YSPSAH (7178) – Y.S.P SOUTHEAST ASIAHOLDING BERHAD</a></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Competitiveness</span></u></b><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><a href="https://www.investopedia.com/terms/m/marketshare.asp">Market shares</a></span> <span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">is
an importance indicator to determine the competiveness of the company. Total
revenue make from manufacturing and distribution of pharmaceutical products for
the year 2018 is <b style="mso-bidi-font-weight: normal;">RM 3,994,481,510</b>.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">COMPANY</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="265">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">REVENUE (PHARMACEUTICAL
PRODUCTS) 2018 (RM)</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">MARKET SHARE
(%)</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.apexhealthcare.com.my/">AHEALTH (7090)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="265">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">643,557,510</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">16.11</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="https://www.duopharmabiotech.com/">DPHARMA (7148)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="265">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">498,733,000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">12.49</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.kotrapharma.com/">KOTRA (0002)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="265">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">178,476,000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">4.47</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="background: #92D050; border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="https://www.bursamalaysia.com/trade/trading_resources/listing_directory/company-profile?stock_code=7081">PHARMA (7081)</a></span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="265">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2,384,956,000</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">59.71</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.yspsah.com/Home/Home.asp">YSPSAH (7178)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 7.0cm;" valign="top" width="265">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">288,759,000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 109.4pt;" valign="top" width="146">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">7.23</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">PHARMA had the highest market share in manufacturing
and distribution of pharmaceutical products in 2018 which is 59.71 %.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Operational</span></u></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">For operational, <a href="https://www.investopedia.com/terms/o/operatingincome.asphttps://www.investopedia.com/terms/o/operatingincome.asp">operating income</a> </span><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">of the companies had been review. Operating
income determine how much the companies’ revenue had turn into profit after
reduction cost of <a href="https://www.investopedia.com/terms/o/operating_expense.asp">operating expense</a></span><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Besides operating income, <a href="https://efinancemanagement.com/financial-analysis/operating-margin-ratio">operating margin ratio</a> </span><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">is
also calculated. Companies with higher operating margin ratio have more
probability to survive in today financial crisis. The median operating margin
ratio for this group of companies for 2018 is <b style="mso-bidi-font-weight: normal;">11.57 %.</b></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><b style="mso-bidi-font-weight: normal;"><br /></b></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">COMPANY</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="198">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2018 OPERATING
INCOME (RM)</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.0pt;" valign="top" width="212">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2018 OPERATING
MARGIN RATIO</span></b></div>
</td>
</tr>
<tr style="height: 7.15pt; mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 7.15pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.apexhealthcare.com.my/">AHEALTH (7090)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 7.15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="198">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">68,823,824</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 7.15pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.0pt;" valign="top" width="212">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">10.69</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="https://www.duopharmabiotech.com/">DPHARMA (7148)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="198">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">65,824,000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.0pt;" valign="top" width="212">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">13.09</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.kotrapharma.com/">KOTRA (0002)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="198">
<div align="right" class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">20,652,000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.0pt;" valign="top" width="212">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">11.57</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="https://www.bursamalaysia.com/trade/trading_resources/listing_directory/company-profile?stock_code=7081">PHARMA (7081)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="198">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">106,292,000</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.0pt;" valign="top" width="212">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">4.46</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="background: #92D050; border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.yspsah.com/Home/Home.asp">YSPSAH (7178)</a></span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 148.85pt;" valign="top" width="198">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">43,537,000</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 159.0pt;" valign="top" width="212">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">15.08</span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">PHARMA is having the highest operating margin ration
in this industry.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Sustainability</span></u></b></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">For the sustainability of the business, debt of the
companies is being review. There are two criteria to look at <a href="https://www.investopedia.com/terms/i/interestcoverageratio.asp">interest coverageratio</a></span>,<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">
which is used to determine how easy the companies able to pay off the interest
of outstanding debt and <a href="https://www.investopedia.com/terms/d/debtratio.asp">debt ratio</a></span>.
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">The
median debt ratio for 2018 is <b style="mso-bidi-font-weight: normal;">0.37</b>.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">COMPANY</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 163.0pt;" valign="top" width="217">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2018 INTEREST
COVERAGE RATIO</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.85pt;" valign="top" width="193">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2018 DEBT
RATIO</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background: #92D050; border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.apexhealthcare.com.my/">AHEALTH (7090)</a></span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 163.0pt;" valign="top" width="217">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">43.02</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.85pt;" valign="top" width="193">
<div align="right" class="MsoListParagraph" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.28</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="https://www.duopharmabiotech.com/">DPHARMA (7148)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 163.0pt;" valign="top" width="217">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">8.45</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.85pt;" valign="top" width="193">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.42</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.kotrapharma.com/">KOTRA (0002)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 163.0pt;" valign="top" width="217">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">4.35</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.85pt;" valign="top" width="193">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.37</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="https://www.bursamalaysia.com/trade/trading_resources/listing_directory/company-profile?stock_code=7081">PHARMA (7081)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 163.0pt;" valign="top" width="217">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2.95</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.85pt;" valign="top" width="193">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.72</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="background: #92D050; border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 154.25pt;" valign="top" width="206">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;"><a href="http://www.yspsah.com/Home/Home.asp">YSPSAH (7178)</a></span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 163.0pt;" valign="top" width="217">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">10.69</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 144.85pt;" valign="top" width="193">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.22</span></b></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">AHEALTH and YSPSAH <span style="mso-spacerun: yes;"> </span>are good companies for sustainability because they
has either high interest coverage ratio and low debt ratio.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Summary</span></u></b><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"></span></u></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></b></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">In summary a point is given to each company to evaluate
each company competitiveness, operational and sustainability. Points given are as
follows:</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Competitiveness</span></u></div>
<div class="MsoNormal">
<u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Criteria</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Point</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Greater
than 50 % Market Shares</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">5</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">30.01
% - 50.00 % Market shares</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">4</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">10.01
% - 30.00 % Market shares<span style="mso-tab-count: 1;"> </span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">3</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">5.01
% - 10.00 % Market shares<span style="mso-tab-count: 1;"> </span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">1.00
% - 5.00 % Market shares<span style="mso-tab-count: 1;"> </span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">1</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Less
than 1%</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Operational</span></u></div>
<div class="MsoNormal">
<u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Criteria</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Point</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Greater
than 15.00<span style="mso-spacerun: yes;"> </span>Operating Margin</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">5</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">12.51
– 15.00 Operating Margin</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">4</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">10.01
– 12.50 Operating Margin<span style="mso-tab-count: 1;"> </span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">3</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">5.01
– 10.00 Operating Margin<span style="mso-tab-count: 1;"> </span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">1.00
– 5.00<span style="mso-spacerun: yes;"> </span>Operating Margin<span style="mso-tab-count: 1;"> </span></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">1</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.00
– 1.00 Operating Margin</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 7; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Less
than 0</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Disqualified</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<div class="MsoNormal">
<u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">Sustainability</span></u></div>
<div class="MsoNormal">
<u><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></u></div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Criteria</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Point</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">No
Financial Cost</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Greater
than 10 Interest Coverage Ratio</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">1</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Less
than 10 Interest Coverage Ratio</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Criteria</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Point</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Less
than 0.30</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">3</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.30
– 0.40</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">2</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0.40
– 0.50</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">1</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 359.8pt;" valign="top" width="480">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; tab-stops: 240.0pt;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">Greater
than 0.50</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 102.3pt;" valign="top" width="136">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt;">0</span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
</div>
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-table-layout-alt: fixed; mso-yfti-tbllook: 1184;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.45pt;" valign="top" width="121">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">COMPANY</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Competitiveness</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Operational</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Sustainability</span></b></div>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.95pt;" valign="top" width="99">
<div align="center" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: center;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">Total</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="background: #92D050; border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.45pt;" valign="top" width="121">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"><a href="http://www.apexhealthcare.com.my/">AHEALTH (7090)</a></span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">3</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113">
<div align="right" class="MsoListParagraphCxSpFirst" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">3</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132">
<div align="right" class="MsoListParagraphCxSpMiddle" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">4</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.95pt;" valign="top" width="99">
<div align="right" class="MsoListParagraphCxSpLast" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-add-space: auto; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">10</span></b></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.45pt;" valign="top" width="121">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"><a href="https://www.duopharmabiotech.com/">DPHARMA (7148)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">3</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">4</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">1</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.95pt;" valign="top" width="99">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">8</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.45pt;" valign="top" width="121">
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"><a href="http://www.kotrapharma.com/">KOTRA (0002)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">1</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">3</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">2</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.95pt;" valign="top" width="99">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">6</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4;">
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<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"><a href="https://www.bursamalaysia.com/trade/trading_resources/listing_directory/company-profile?stock_code=7081">PHARMA (7081)</a></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">5</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">1</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">0</span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.95pt;" valign="top" width="99">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">6</span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 5; mso-yfti-lastrow: yes;">
<td style="background: #92D050; border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 90.45pt;" valign="top" width="121">
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;"><a href="http://www.yspsah.com/Home/Home.asp">YSPSAH (7178)</a></span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">2</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">5</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 99.25pt;" valign="top" width="132">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">4</span></b></div>
</td>
<td style="background: #92D050; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 73.95pt;" valign="top" width="99">
<div align="right" class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: right;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Times New Roman","serif"; font-size: 14.0pt;">11</span></b></div>
</td>
</tr>
</tbody></table>
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</div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;">From the evaluation above, YSPSAH (11 points) and
AHEALTH (10 points) are worth for further evaluation.</span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: "Times New Roman","serif"; font-size: 16.0pt; line-height: 115%;"><a href="https://ivkls.blogspot.com/p/summary-of-stock-review.html" style="font-family: "times new roman", serif; font-weight: 700; text-align: justify;">Summary of Stock Reviews</a></span></div>
<br /><br />http://ivkls.blogspot.com/2020/04/industry-comparison-pharmaceuticals.htmlUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-74758733626610628492020-02-20T17:19:00.000+08:002020-02-20T17:19:17.965+08:00【新冠肺炎】疫情提高卫生意识 医疗股成乱市避风港 <br />
<a name='more'></a><a href="https://www.enanyang.my/news/20200219/%e3%80%90%e6%96%b0%e5%86%a0%e8%82%ba%e7%82%8e%e3%80%91%e7%96%ab%e6%83%85%e6%8f%90%e9%ab%98%e5%8d%ab%e7%94%9f%e6%84%8f%e8%af%86-br%e5%8c%bb%e7%96%97%e8%82%a1%e6%88%90%e4%b9%b1%e5%b8%82/">2020年2月19日</a><br />
<br />
<img height="549" src="https://www.enanyang.my/wp-content/uploads/2020/02/200220a0805_noresize.jpg" width="640" /><br />
<br />
<br />
(吉隆坡19日讯)分析员认为,新冠疫情的爆发对近期本地医疗领域的激励不大,但相信长期会提高人们卫生意识,最终仍可利及该领域,不失为“乱市”中的避风港。<br />
<br />
艾芬黄氏投行研究日前发布报告指出,根据卫生部的防疫方针,私人医院需呈报和转介类似新冠病毒的病例给大型医院和国家感染中心,因此,估计疫情对私人医院业者的激励很小。<br />
<br />
疫情爆发至今,私人医院业者病患人数还未见显著提升。<br />
<br />
若看回非典爆发的2002到2003年期间,柔佛医药保健(KPJ,5878,主板保健股)当时病患人数大幅增长,但这只是因为适逢收购许多医院,在数据上医院数量从2所,增加至12所,而住院病患数量猛涨2.23倍。<br />
<br />
因此,分析员认为该数据没有参考价值;至于IHH医疗保健集团(IHH,5225,主板保健股)在当时则还未上市。<br />
<br />
“综合考虑后,我们相信现阶段疫情对私人医院的激励可能很小。”<br />
<br />
短期不管制药价<br />
<br />
另一方面,分析员得知短期不会实行药价管制,可能是因为本地药价已相当有的竞争力。<br />
<br />
况且一旦管制后,可能会造成单一来源药品的跨国生产商无利可图,而不愿将药品带入我国市场,从而使得病患无法获得最新药品。<br />
<br />
此外,医院可能提高其他不受管制的费用,来抵消药价管制带来的损失,所以卫生部若决定不实施管制,能扫去医院的不确定因素。<br />
<br />
长期惠及制药业<br />
<br />
考虑到新冠病毒传播速度,比当年的非典快一倍,分析员观察到人们卫生意识明显提高,促使预防类似症状季节性病毒疾病的产品需求走高。<br />
<br />
“我们认为,这可潜在利好涉及相关产品的生产、批发、经销和零售的制药业者。”<br />
<br />
然而,鉴于缺乏相关数据,即上述产品对公司的营收贡献,因此,分析员难以估量这项潜在利好。<br />
<br />
“根据我们预测,这类产品对制药公司的贡献不显著,因此,产品需求激增对公司净利相对较小。”<br />
<br />
不过,相信长期的卫生意识提升,仍可惠及该领域,因为人们倾向于保持健康及强大的免疫系统。<br />
<br />
<img height="240" src="https://www.enanyang.my/wp-content/uploads/2020/02/200220a0806_noresize.jpg" width="640" /><br />
<br />
抗跌力支撑前景<br />
<br />
对于即将出炉的业绩,分析员估计IHH医疗保健集团和柔佛医药保健,会继续录得稳健的病患人数增长。<br />
<br />
净利方面,分析员估计IHH医疗保健集团将录得较低的核心净亏,归咎于成都鹰阁(Gleneagles)的营运初期费用,该医院在去年10月开张。<br />
<br />
另外,该投行追踪的制药公司中,分析员预料Apex保健(AHEALTH,7090,主板消费股)和永信东南亚(YSPSAH,7178,主板保健股)的赚幅会继续恢复。<br />
<br />
“这要归功于前者新厂已投运生产,而后者新生产线可提高效率。”<br />
<br />
首选Apex保健<br />
<br />
分析员仍看好医疗领域的抗跌力和长期增长前景,因此,维持该领域的“增持”评级,首选股为Apex保健。<br />
<br />
放眼今年,分析员建议投资者留守制药领域,因为企业盈利潜在恢复,且能从政府开放本地药品经销市场的计划受益。
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-9446247441329204932020-01-28T20:02:00.000+08:002020-03-07T18:47:57.909+08:00作为医疗界frontline 的一员, 我相信这几天我所看到的,所读到的,最为真实 - 型男药剂师<br />
<a name='more'></a><br />
<br />
作为医疗界frontline 的一员, 我相信这几天我所看到的,所读到的,最为真实。<br />
<br />
我也愿意把我的一些想法和经验分享给各位members,以便各位斟酌考虑,tomorrow要不要in the game。<br />
<br />
<br />
<br />
口罩需求量瞬间暴涨<br />
过去一个礼拜所出售口罩的量,等于平时接近一年的量<br />
去年就算是烟霾时期,很多人来买口罩是以 ”片” 作为量词, 然而,这一次是以 ”盒”作为购买单位。<br />
<br />
然而,本地出售的surgical mask ,绝大多数都是中国进口oem 或者本地非上市企业oem的。<br />
本地也有一家上市公司,是直接代理销售口罩的- Adventa (注意!没有buy call !)<br />
他的基本面和成交量,大家可以直接参考Klse screener<br />
<br />
至于著名的3M 品牌,总是每一波烟霾/病毒疫情 行情里第一个断货的牌子。<br />
3M在美国上市, 业务也太大太广,估计口罩也贡献不了多少,应该少于5%<br />
自从武汉疫情爆发至今,纵然口罩卖断,其股价仍然不为所动。<br />
<br />
surgical mask 三层式口罩主要是由non-<br />
woven fabric 做成的,本地倒有一家公司是为口罩制作公司提供non woven fabric 的,就是 OCNCASH. (注意!没有buy call !)<br />
<br />
<br />
<br />
手套在医院/医疗的使用量需求有会有增长,但是不会像口罩那么惊人<br />
<br />
每次疫情爆发时,手套股往往都是先打头阵,因为人们最容易联想到疫情发生时候,医护人员就会使用到更多的 examination glove (不是surgical glove) ,因为需要为更多的民众/感染者进行服务。 每serve 一个病人, 就得换上一双新手套。<br />
<br />
examination glove 跟 surgical glove 本质上有区别,<br />
examination glove (检验手套)是医生或者护士平实接触病人时穿戴的,以达到防护自己和病人的功能。<br />
<br />
打个比方, 如果你今天去医院,你跟医生说你大便时候屁股痛,带血,然后医生就会piak 一声,穿上examination glove然后叫你趴在病床上,然后用 加藤鹰之指 伸进去……… 检验,摸摸看你有没有痔疮。<br />
<br />
Surgical glove 是手术用手套,生产的时候需要在controlled environment里制作,以确保产品产出后可以维持在无菌状态,so that 医生帮病人开刀的时候, 不会因为手套有细菌而造成病人有被细菌感染的风险。<br />
normally 肺炎是不会搞到开刀啦。<br />
<br />
值得一提的是, surgical glove 的售价是普通examination glove 的40-50 倍<br />
<br />
所以你看很多手套厂都说要venture into surgical glove 的生产,因为margin 比examination glove 好太多了。<br />
<br />
as a frontliner , 我的顾客是一般民众,<br />
我这几天的所看到的需求情况是:<br />
<br />
<br />
<br />
口罩 100 vs 手套 5<br />
<br />
手套股,在座各位都比我熟悉了<br />
四大天王(TOPGLOV HARTA KOSSAN SUPERMX)<br />
加上三小霸王 (COMFORT CAREPLS RUBEREX)<br />
<br />
(注意!没有buy call !)<br />
<br />
值得一提的是, RUBEREX 涉及的是工业手套,实际上跟武汉疫情无缘<br />
<br />
还有,虽然有一款surgical mask 的牌子是careplus ,但是却不是我们马来西亚的CAREPLS 制造的。<br />
<br />
<br />
<br />
药物需求量普通,保健品需求量暴涨<br />
肺炎通常涉及的药物: 发烧/ 感冒 / 咳嗽/ 化痰<br />
<br />
so far 需求量并没有上个两个月(11-12 月)A型流感时期时候那么惊人。<br />
<br />
马来西亚cough and cold syrup 的最大制造商 - AHEALTH 或许会有比较多的收获。<br />
DPHARMA / PHARMA / YSPSAH 的强点不在cough and cold products<br />
<br />
反之,保健品比如免疫力增强剂immune booster 的需求就真的蛮乐观。<br />
DPHARMA 旗下的Flavettes / Champs vitamin C 系列,<br />
PHARMA 旗下的CITREX vitamin C 系列, <br />
YSPSAH 旗下的Shine vitamin C系列<br />
这三家可能会受益, 尤其是 DPHARMA 的vitamin C 是本地vitamin C 市场里龙头,有很大的马来市场。<br />
<br />
(注意!没有buy call !)<br />
<br />
至于保健品制造厂NOVA 和 BIOHLDG ,<br />
应该也会有比较客观的收益。<br />
<br />
最大赢家应该是 retail segment 的 CARING ,但是好像是要私有化了。<br />
<br />
还有一个值得留意的是美国上市的 AbbVie ,<br />
前几天看到一则报导,说明了在北京卫生委员会选择利用了AbbVie 生产的抗艾滋病毒剂Kaletra ,作为对付武汉肺炎的一线治疗方案。<br />
<br />
<br />
<br />
<br />
<br />
https://www.facebook.com/groups/sharixinvestment/permalink/3307688462591715/<br />
<br />
<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-78673707723523901642019-07-15T20:49:00.002+08:002019-07-15T20:49:30.819+08:00台商到大马创业,打造药剂王国 | YSPSAH (7178) 永信東南亞 药剂股分析 | 股市的避风港行业 | 雪人诊股EP9 <br />
<a name='more'></a><span class="byline post-timestamp"><a class="timestamp-link" href="https://wislearninvestology.blogspot.com/2019/07/yspsah-ep9.html" rel="bookmark" title="permanent link"><time class="published" datetime="2019-07-15T04:53:00-07:00" title="2019-07-15T04:53:00-07:00"></time>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwG-hxRIz3rnOGvmpV2G5-nXKeqvukx23CLnzYXSnYa6hjklx67CuIs_aXo5TmxhbKp4XcBr2iRiR-cWgkbziiSkswyROEA9qMqCDjxS2WRDFcQ46-EW7z8ZbfgvU1y-HDTevpVQ/s1600/Capture.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="840" data-original-width="1600" height="336" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwG-hxRIz3rnOGvmpV2G5-nXKeqvukx23CLnzYXSnYa6hjklx67CuIs_aXo5TmxhbKp4XcBr2iRiR-cWgkbziiSkswyROEA9qMqCDjxS2WRDFcQ46-EW7z8ZbfgvU1y-HDTevpVQ/s640/Capture.JPG" width="640" /></a></div>
<h3 style="text-align: center;">
<span style="color: blue;">【 YSPSAH 简介与历史】 </span></h3>
YSPSAH 的全名其实是 Yung Shin Southeast Asia Holdings (永信东南亚),而 Yung Shin
(永信药品) 这个药剂大集团则是这个东南亚集团(YSPSAH)的母公司,目前 Yung Shin 这个国际医药集团一共在 12
个国家成立子公司,分别有台湾,中国,缅甸,马来西亚,越南,新加<br />
玻,菲律宾,柬埔寨,印尼,日本,美国,泰国。YSPSAH 目前则是负责东南亚地带的子公司业务。永信这个名字,继承的理念是以最好的品质,让顾客永远有信心把健康托付给他们。<br />
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目前 YSPSAH 主要从事进口,出口,贸易,与生产人用药物,动物药物,水产药物与药剂化学等产品。药物分成专利药(Patent
Medicine)和仿制药(Generic
Drug),专利药因为受专利保护,处于蓝海市场,可以提高药物的价格和独吞市场占有率;仿制药则是乘专利药的专利过期后的空档期制造出来,药物化学成分与专利要没两样,价格却天渊之隔,不过仿制药却是个红海市场,竞争十分激烈。永信集团就是处于这个红海市场,专门生产仿制药的大集团。<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHoCJVLyr7nZ8nTpUiKdBhtmiZ97CiKD5o1CQ7YIzF-eewNetwKxjjgE4CFVj-HRiImDzo9AGcs5U6G3mqRqbCZcbpI-YzDlasq7pprM8SsoOC4JWXlji0LUdnL8tYnPb0mRuFvQ/s1600/Capture.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="564" data-original-width="471" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHoCJVLyr7nZ8nTpUiKdBhtmiZ97CiKD5o1CQ7YIzF-eewNetwKxjjgE4CFVj-HRiImDzo9AGcs5U6G3mqRqbCZcbpI-YzDlasq7pprM8SsoOC4JWXlji0LUdnL8tYnPb0mRuFvQ/s400/Capture.JPG" width="333" /></a></div>
永信在东南亚市场的开拓是在80年代尾声,当时李芳信 25岁(现今永信东南亚的董事长),因为菲律宾政变,所以就选择了马来西亚作自己扩张家族企业的起源处。<br />
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永信东南亚目前也是大马药剂业(Pharmaceutical
Sector)当中市值最小的上市企业,仅有3亿6千万的市值(截至6月24号)。不过市值小也不是坏处,如果有任何利好因素,如业绩成长或利好新闻的推动的时候,在行业中市值较小的公司反而股价涨幅会比市值大的公司更加有力度。还有值得一提的是,李芳信身为富二代却没富二代的懒惰,反而克服了语言不通(台湾人大多英语不太流利)的障碍,飘洋过海到南来开拓事业,从原本办公室都没有到今天成为大马药剂业领头之一的壮绩的确令人敬佩。<br />
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在 YSPSAH 年报里的资讯不多,官方网站里也没公开公司的产品出来,估计是</div>
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因为仿制药产品的种类甚多,五花八门。不过从2007年报和公司网站中几张照片得知,</div>
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市场上满著名的 “Shine” 药物是 YSPSAH 的主要产品之一。 </div>
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李芳信坦诚仿制药市场的竞争虽然激烈,但入门门槛却很高,主要是因为每一</div>
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个国家对药物管制的条规和法律有所不同,在马来西亚的药物大多都需要有清真</div>
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(Halal)的认证才能打进马来西亚三大名族中最大族群- 马来人的市场。 </div>
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永信东南亚以 cGMP(current Good Manufacturing Practice) 来作为生产药物</div>
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的准则。cGMP 是食品药品监督管理局(FDA, aka Food and Drug Administration) 的</div>
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生产标准,目的是为了保证稳定的产品质量,而药物质量就是 cGMP 的核心。 </div>
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<span style="color: blue;">【 YSPSAH 筹码面 与 管理层 】 </span><span style="color: blue;"> <div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkkbgYH79-NMkRXYIPyAFNRA_wXRgSXf3ud0fwhmBuEN3IXlTcRjB0bOFsTsaLu7FjEOyibB4dV9xKvmfWaIF1kCF7TNCQDVf-_maUfj38CZ4MKiD9OuM3JDmEofCuphO_1-gypw/s1600/Capture.JPG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1192" data-original-width="1072" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkkbgYH79-NMkRXYIPyAFNRA_wXRgSXf3ud0fwhmBuEN3IXlTcRjB0bOFsTsaLu7FjEOyibB4dV9xKvmfWaIF1kCF7TNCQDVf-_maUfj38CZ4MKiD9OuM3JDmEofCuphO_1-gypw/s640/Capture.JPG" width="574" /></a></div>
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YSPSAH 的股东人数(截至2019年3月29号)总共有 2789 位,YSPSAH 的大股东当中有李氏</div>
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家族 – Dato‘ Lee Fang Hsin (李芳信) 作为董事长,Lee Fang Chen (Lee Fang Hsin 的哥哥),</div>
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和 Lee Ling Chin (两个李氏兄弟的姐姐) 。三姐弟都是从台湾的 YSP
打工开始自己的生涯,一步一步升级到今日的董事局。从下图可以看出,李氏家族持股比例相当高。那到底为什么这三个李氏姐弟能够受到如此高的重视呢?
这其实是因为三姐弟的父亲 –
李天德先生就是永信药品集团的创办人,早在以前就做好传承的计划,如今更让他的儿女把自己的理念继承到不同国家。目前三姐弟任然是永信药品(母公司)的董事和大股东。 </div>
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YSPSAH 红股(Bonus Issue)和附加股(Right Issue)发行历史:<br />
• 2005 年 8 月2日 - 红股: 10 送 1<br />
• 2006 年 7 月14日 – 红股:10 送 1<br />
• 2007 年 11 月6日- 附加股:每2股获得1只凭单认购权<br />
• 2009年7月10日- 附加股:每5股获得2只附加股认购权<br />
• 2011年7月12日- 附加股:每3股获得1只附加股认购权<br />
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YSPSAH 过去10年的股息都很稳定,在2015年后每股股息更提高到8仙左右的水平,不过从目前的股价来计算,这个股息率不高,只有3.27%
,所以股息并不是这只股吸引人之处。YSPSAH 最新的股息除权日在2019年6月27日,股息派发日将会在7月26号。 YSPSAH 主席(Dr.
Anis Bin Ahmad)在最新年报中提到,目前本地的药剂市场已经达到75 亿的市值
,比起外国一些大型药剂企业,目前本地的市场还是小巫见大巫。毕竟在资本市场里一些上游企业具有设计和生产专利药( originator
drugs/patented
drugs)的能力,而专利就迫使这些大型企业在获得专利后独吞了几乎整个人类的药剂市场。看了下面的图片后,你就知道为什么我会说大马的药剂行业比起世界级的药剂企业的确还差很远,所以有机会的话等这些外国企业大跌,大资金的投资者还是可以考虑参与其中的。比起市值大马药剂业差很多,但对本地小资金的投资者固然是好事,大市值的公司一般股价起伏不比本地小型市场来得高,所以小资金的投资者要投资药剂市场还是先专注在本地。 </div>
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目前对 YSPSAH 最大的挑战就在于这些外国的上游企业生产的专利药还是在本地市场占据大部分市场份额(market share)。根据
YSPSAH 最新年报,目前YSPSAH 擅长生产的仿制药(Generic drugs)占了本地市场的21% 份额,24%
成药(Over-the-counter),55% 专利药。再加上本地管联公司 Pharmaniaga
就已经占了卫生部颁发合约的33%,从目前局势来看,11月即将到期的特许经营权续约的可能性还是很大的,毕竟这几年 Pharma
在本地药剂市场形成的网络已经达到 “Too big to fail” 的局势。政府把 Pharma
稍微垄断性质的竞争优势拿走的可能性应该不高,除非有黑天鹅的发生。假如没有黑天鹅发生,那 YSPSAH 这种非管联的公司就得继续与其他公司竞争。</div>
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至于 YSPSAH 的扩张计划,本来要进攻中东(middle
east)的新兴市场的计划因为当地的政治紧张趋势被拖延了。为了减低成本和提高生产效率,固体口服药剂的生产效率将会通过新的仪器来提高产量,公司也会新增其他有关联的生产仪器。目前公司在
Yemen,Senegal,和越南的业务也取得了进一步的发展。<br />
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<span style="color: blue;"> 【YSPSAH 前景】 </span></h3>
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YSPSAH 对于公司的未来十分保守,表示来临的 2019 财政年将极具挑战,而且公司也<br />
不会有重大的进展和变革,公司已经对目前的表现满意。2019 财政年的其中一个计划<br />
是公司将会扩张在 Bangi 的厂,将原本固体口服药剂的产量提高1倍。另外,公司也会<br />
参与一些东南亚和非洲国家政府的合约竞标,进攻一些成熟的市场,比如加拿大,澳<br />
洲和纽西兰。<br />
<h3>
<span style="color: blue;">【WEALTH PARK 基本面数据整合与分析】</span></h3>
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<span style="color: red; font-size: medium;">以下数据为 Wealth Park 基本面付费软件数据,欲订阅请自行浏览 WealthPark 官方网站。</span></div>
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<br />
YSPSAH 长期以来营业额都保持增长,至到2018年逐渐有饱和的情况。公司净利润长<br />
期虽然保持增长,但是却不稳定,原因是利润空间(profit mergin)的起伏。公司balance sheet
相当健康,长期以来应付短期债务的能力相当好。Roe 方面则不太理想,长期处于10%以下的水平。YSPSAH
是一家务十分健康的公司,但假如要高成长的话就不太适合了,不过公司的股息还算稳定。<br />
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<span style="background-color: white; color: red; font-family: "roboto" , sans-serif; font-size: 15px; text-align: justify;">注意:此文章已经是2星期前发布在内部群组的报告,更多关于群组的消息请浏览下方的资讯。</span></div>
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<span style="font-size: 18.06px;"><span style="color: blue;"> 好康介绍 ↓↓↓↓↓</span></span></h2>
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<span style="font-size: 18.06px;"><span style="color: blue;"><br /></span></span></div>
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<h2 style="clear: none; color: #757575; font-family: Roboto, sans-serif; font-size: 22.53px; font-stretch: normal; font-variant-east-asian: normal; font-variant-numeric: normal; line-height: 24px; margin: 18.7px 0px;">
<span style="font-size: 18.06px;"><span style="color: blue;"> 好康介绍 ↓↓↓↓↓</span></span></h2>
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<span style="color: red; font-family: "dengxian";">点击以下链接询问详情:</span><span style="color: red; font-family: "dengxian";"> </span></div>
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<span style="color: red; font-family: "dengxian";">👉</span> <a href="https://www.facebook.com/371185570087436/posts/508066883065970?sfns=mo" style="background: transparent; color: #2196f3; font-family: dengxian; text-decoration-line: none;" target="_blank">TRUEVESTORS 投资理财俱乐部</a><span style="color: red; font-family: "dengxian";"> 👈</span><br />
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<span style="color: red; font-family: "dengxian";"><span style="color: red; font-family: "dengxian";"><span style="color: red; font-family: "dengxian";">👉</span><span style="color: #757575; font-family: "roboto" , sans-serif;"> </span><a href="https://www.facebook.com/371185570087436/posts/508066883065970?sfns=mo" style="background: transparent; color: #2196f3;" target="_blank">TRUEVESTORS 投资理财俱乐部</a><span style="color: red; font-family: "dengxian";"> 👈</span></span></span><br />
<span style="color: red; font-family: "dengxian";"><span style="color: red; font-family: "dengxian";"><span style="color: red; font-family: "dengxian";"><span style="color: red; font-family: "dengxian";">👉</span><span style="color: #757575; font-family: "roboto" , sans-serif;"> </span><a href="https://www.facebook.com/371185570087436/posts/508066883065970?sfns=mo" style="background: transparent; color: #2196f3;" target="_blank">TRUEVESTORS 投资理财俱乐部</a><span style="color: red; font-family: "dengxian";"> 👈</span></span></span></span></div>
<div>
<span style="color: red; font-family: "dengxian";"><br /></span></div>
<div>
<span style="color: red; font-family: "dengxian";">(前所未有,市场最有价值,价格最亲民的会员配套)</span></div>
<div>
<span style="color: red; font-family: "dengxian";"><br /></span></div>
<div>
<div style="text-align: justify;">
<span style="background-color: transparent; font-family: "roboto" , sans-serif; line-height: 24px; text-align: left;">😊
10 合 1
的的价值以这样低的价格拥有,在市面上是相当低估的,况且里面的导师全都不是以这个教课作为主要收入,全都有自己的主要收入来源,都以投资为事业。现在就赶快私信我们报名!请
whatsapp 0164290775 或私信 investology fb 网站获得报名资讯。</span></div>
</div>
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<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-39345021576777471422019-05-15T08:26:00.001+08:002019-05-15T08:26:52.729+08:00[Y.S.P. SOUTHEAST ASIA HOLDING BHD:更加重视提升营运效率,增加产品注册,有效及更大胆的营销,推广及销售策略,为了在产品销售方面更加重视在线业务,他们已经做了很多努力来提高品牌和产品意识] - James的股票投资James Share Investing<br />
<a name='more'></a> [Y.S.P. SOUTHEAST ASIA HOLDING BHD:更加重视提升营运效率,增加产品注册,有效及更大胆的营销,推广及销售策略,为了在产品销售方面更加重视在线业务,他们已经做了很多努力来提高品牌和产品意识,同时积极突出品牌]<br /><br />截至2018年12月31日止年度,永信东南亚录得收入2.8876亿令吉,较去年同期录得的收入2.6156亿令吉增加10.4%。永信东南亚的税前利润为4230万令吉,而去年同期则为2969万令吉。这是因为与去年同期相比,生产力较高的商品销售成本较低。<br /><br />永信东南亚本季度的收入为7604万令吉,而上一季度(“3Q18”)的收入为7,328万令吉,增幅为3.8%。增加主要是由于本地市场需求增加。由于本季度产品组合变化带来的利润率较高,永信东南亚于4Q18实现税前利润939万令吉,而第3季度则为918万令吉。<br /><br />前景:<br />永信东南亚将更加重视提升营运效率,增加产品注册,有效及更大胆的营销,推广及销售策略。为了在产品销售方面更加重视在线业务,他们已经做了很多努力来提高品牌和产品意识,同时积极突出品牌。永信东南亚对明年维持财务表现持乐观态度。<br />-------------------------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.41 (dividend RM0.015) in 8 months 26 days, total return is 99.3%<br /><br />b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.39 in 4 months 22 day, total return is 73.8%<br /><br />c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.34 in 10 months 9 days, total return is 68.6%<br /><br />d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.78 in 3 months 18 days, total return is 35.7%<br /><br />e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 in 4 months 16 days, total return is 31.6%<br /><br />f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.34 (dividend RM0.0825) in 6 months 24 day, total return is 28.2%<br /><br />g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.04 in 4 months 10 days, total return is 22.4%<br /><br />h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.70 (dividends RM0.03) in 7 months 10 days, total return is 21%<br /><br />i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 5 months 20 day, total return is 13%<br /><br />j) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.45 (dividend RM0.01) in 10 months 9 days, total return is 4.3%<br /><br />我希望将我的策略分享给读者,希望他们在阅读后能够表现出色。我正在使用基本面分析(Fundamental Analysis):<br /><br />预计公司每年的增长率必须> 14%<br /><br />我想说服读者学习基本面分析FA以便能从股市赚钱。<br /><br />我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过 jamesngshare@gmail.com 或我的FB页面 https://web.facebook.com/jamesshareinvest/ 与我联系<br /><br />1)【股票-实际操作班】课程:<br />10a.m. – 9p.m.,免费午餐和晚餐<br /><br />5月25日星期六:Hotel Sri Petaling, KL<br /><br />6月15日星期六:Silka Johor Bahru Hotel, Johor Bahru<br /><br />6月23日星期日:AG Hotel Penang, George Town<br /><br />2)【看懂年报和季报】课程:<br />11a.m. – 7p.m.,免费茶和咖啡<br /><br />5月26日星期日:Hotel Sri Petaling, KL 3份点心<br /><br />7月27日星期六:Silka Johor Bahru Hotel, Johor Bahru 5份点心<br /><br />8月11日星期日:AG Hotel Penang, George Town 4份点心<br /><br />3) 【公司业绩分享会】:<br />2p.m. – 7p.m.,免费茶和咖啡<br /><br />6月9日星期日:Hotel Sri Petaling, KL 3份点心<br /><br />6月16日星期日:Silka Johor Bahru Hotel, Johor Bahru 5份点心<br /><br />6月22日星期六:AG Hotel Penang, George Town 4份点心<br /><br />有兴趣的朋友,可以电邮或PM FB page联络我<br />email:jamesngshare@gmail.com<br />电话/Whatsapp : 011 - 15852043<br /><br />为了方便大家查询我写过的公司和选股文章以及视频,制作了索引。大家只要依照日期,就能从这 <br />https://web.facebook.com/jamesshareinvest/posts/2254929048107170 找到公司和选股文章以及视频。<br /><br />James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/<br /><br />James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp<br /><br />Facebook Group: https://www.facebook.com/groups/jamesinvesting<br /><br />这个是我的TELEGRAM Group链接,大家可以在这个Group获知何时做Fb live: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw<br /><br />请大家来Follow James的Instagram,获取最新的资讯: https://www.instagram.com/p/BxWkEDfA0Zp<br /><br />这个分享纯属讨论以及领域的分析,买或卖自负。请Like和Share这个post。最终决定永远是你的,谢谢。<br /><br />James Ng<br />-------------------------------------------------<br />[Y.S.P. SOUTHEAST ASIA HOLDING BHD: place greater emphasis on enhancing operational efficiency, increasing product registration, effective and bolder marketing, promotional and sales strategies, much efforts have been made to increase brand and product awareness in tandem with an aggressive blitz in brand explosure to target a more pronounced online presence in product marketing and sales]<br /><br />The Group recorded a revenue of RM288.76 million for the year ended 31 December 2018, 10.4% higher compared with the revenue of RM261.56 million recorded in the same period last year. The Group recorded a higher profit before tax of RM42.30 million as compared to RM29.69 million in the same period last year. This was due to lower cost of goods sold with higher production and productivity compared with same period last year.<br /><br />The Group recorded a revenue of RM76.04 million for the current quarter as compared to RM73.28 million for the immediate preceding quarter ("3Q18") which was an increase of 3.8%. The increase was mainly due to an increase in demand from local market. The Group achieved a profit before tax of RM9.39 million in 4Q18 compared to RM9.18 million in 3Q18 as a result of higher profit margin from changes in product mix during the quarter under review.<br /><br />Prospects:<br />The Group will place greater emphasis on enhancing operational efficiency, increasing product registration, effective and bolder marketing, promotional and sales strategies. Much efforts have been made to increase brand and product awareness in tandem with an aggressive blitz in brand explosure to target a more pronounced online presence in product marketing and sales. The Group is optimistic of maintaining the financial performance next year.<br />--------------------------------------------------------------------------<br />James Ng Stock Pick Performance:<br />Since Recommended Return:<br /><br />a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM1.41 (dividend RM0.015) in 8 months 26 days, total return is 99.3%<br /><br />b) GBGAQRS (GABUNGAN AQRS BHD), recommended on 16 Dec 18, initial price was RM0.80, rose to RM1.39 in 4 months 22 day, total return is 73.8%<br /><br />c) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.34 in 10 months 9 days, total return is 68.6%<br /><br />d) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM0.78 in 3 months 18 days, total return is 35.7%<br /><br />e) KGB (KELINGTON GROUP BHD), recommended on 23 Dec 18, initial price was RM0.965, rose to RM1.27 in 4 months 16 days, total return is 31.6%<br /><br />f) BAUTO (BERMAZ AUTO BHD), recommended on 14 Oct 18, initial price was RM1.89, rose to RM2.34 (dividend RM0.0825) in 6 months 24 day, total return is 28.2%<br /><br />g) VIZIONE (VIZIONE HOLDINGS BHD), recommended on 30 Dec 18, initial price was RM0.85, rose to RM1.04 in 4 months 10 days, total return is 22.4%<br /><br />h) BJFOOD (BERJAYA FOOD BHD), recommended on 30 Sep 18, initial price was RM1.43, rose to RM1.70 (dividends RM0.03) in 7 months 10 days, total return is 21%<br /><br />i) ELKDESA (ELK-DESA RESOURCES BHD), recommended on 18 Nov 18, initial price was RM1.27, rose to RM1.40 (dividend RM0.035) in 5 months 20 day, total return is 13%<br /><br />j) HSL (HOCK SENG LEE BHD), recommended on 1 Jul 18, initial price was RM1.40, rose to RM1.45 (dividend RM0.01) in 10 months 9 days, total return is 4.3%<br /><br />I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:<br /><br />the forecasted growth of a company must > 14% per year<br /><br />I wish to convince readers to learn FA in order to make money from stock market.<br /><br />I am providing STOCK PICK SERVICE for readers who want to make money from Malaysian stock market. Those who want to subscribe to my mailing list to achieve a good return from stock market, you can contact me at jamesngshare@gmail.com or PM me in my FB page https://web.facebook.com/jamesshareinvest/<br /><br />In order to facilitate the query of the company and stock picking articles and videos I have written, an index has been produced. Everyone can find company and stock picking articles and videos from https://web.facebook.com/jamesshareinvest/posts/2254929048107170 by date.<br /><br />James的股票投资James Share Investing Blog: https://klse.i3investor.com/blogs/general/<br /><br />James的股票投资James Share Investing Blog Index: https://klse.i3investor.com/blogs/general/blidx.jsp<br /><br />Facebook Group: https://www.facebook.com/groups/jamesinvesting<br /><br />This sharing is purely a discussion and analysis of the sector, buying or selling at your own risk. Please Like and Share this post. Final decision is always yours, thank you.<br /><br />James Ng<br /><br />https://klse.i3investor.com/blogs/general/206047.jsp<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-9359568421477339382018-12-17T17:55:00.000+08:002018-12-17T17:55:55.911+08:00股票点评 - 3 Dec - 13 Dec 2018<br />
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2018年12月17日星期一 <br />
3 Dec - 13 Dec 2018<br />
长青纤维板( EVERGRN 5101),是一间从事生产纤维板和家具公司。公司今年的业绩和股价都下滑厉害,贸易战对公司起不了提振作用。公司 2018 年首 9 个月的营收上升 9.6% ,但税前盈利却下滑 28.4% ,剩下 3517 万或每股盈利( 9 个月) 2.85sen 。公司的营收虽然持续的上升,但因为纤维板竞争激烈,价格下滑,毛利减少,再加上原料成本上升,因此导致整体盈利出现萎缩的状况。原本以为贸易战对公司有利,但事实上并没有给公司带来好处,所幸由于马币在走弱,才让公司表现不至于出现更糟的状况。短期未来纤维板同样面对竞争激烈,所以公司只能在成本上着手,希望业绩不会继续下滑(净资产 RM1.41 ) <br />
(想买指数 2星半,公司的业绩受到销售价格下跌和原料成本上升的影响,短期内相信整个局势难有逆转,所以公司只能在成本上着手,希望可以维持公司的盈利表现) <br />
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家丽资机构( HOMERITZ 5160),是一间从事生产家具的公司。公司会计年度结算在 8 月份,所以今年 2018 年的全年业绩已经出来,其全年营收下跌 1.49% ,而税后盈利出现大幅度的下跌 31.7% ,达 2106 万或每股盈利( 12 个月) 7.02sen 。公司销售以出口为主,所以大多的销售以美元计价,由于上半年美元走弱,所以影响了公司销售的总额和盈利表现。由于下半年马币走弱,所以可以预见营收和盈利就会回到高位,加上公司积极在降低成本,让生产线更多自动化,如果中美贸易战又沾上好处,相信 2019 年首个季度的业绩会比较突出(净资产 48sen ) <br />
(想买指数 3星半,公司 2018 年受到汇率的影响,所以业绩出现下滑,而相信 2019 年会业绩会逐步好转。需留意美元的波动,这会是影响公司较大的因素) <br />
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堡发资源( POHUAT 7088),是一间从事家具生产公司。公司 2018 年 9 个月的业绩,营收下跌 2.6% ,其税前盈利也跟着下跌 31.3% ,达 3116 万或每股盈利( 9 个月) 11.97sen 。公司的营收下跌主要是因为越南业务的生产产品是比较便宜的家具,导致营收下跌,同时又遇到生产成本上升所以毛利出现萎缩,所幸公司在其他成本上有所控制和下跌,但还不足够去弥补毛利的损失,以致整体的盈利状况出现显著的回落。有分析员认为公司会受到中美贸易战的好处,但现在中美贸易问题有所缓解,就不知道公司实际获得好处有多少,相信要看多至少两个季度的业绩才可以确定公司受惠有多大(净资产 RM1.359 ) <br />
(想买指数 3星, 2018 年首 9 个月的业绩下滑,期望贸易战可以带给公司好处,不过贸易战有所缓解,会否因此影响公司,还需要观望) <br />
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利兴工业( LIIHEN 7089),是一间从事生产家具的公司。公司 2018 年首 9 个月的营收上升 9.7% ,而税前盈利却下跌 36% ,盈利达 4886 万或每股盈利( 9 个月) 20.16sen 。和一般出口导向的家具公司一样,因为在上半年面对马币强劲的影响,导致公司无法在汇率上占到好处,以致毛利下跌,而又正好面对生产成本,诸如人利成本,原料成本等,所以整体盈利下滑幅大。不过第 3 季度开始因为马币走弱,公司在这个季度盈利和前两个季度盈利有明显的好转,因此相信第 4 季度盈利会有更不错的表现。至于贸易战是否对公司产生正面的好处,就还需要观察(净资产 RM1.64 ) <br />
(想买指数 3星,首 9 个月业绩随着美元走弱而下滑,但近期美元走强,相信公司短期盈利会有明显的上扬) <br />
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康大工业( KOTRA 0002),是一间制药公司。公司 2019 年首个季度就有很不错的表现,其营收上升 8.88% ,其税前盈利也同时上升 1.47 倍达 569 万,或每股盈利( 3 个月) 4.25sen 。公司的本地和海外市场都有很不俗的成长,今年首个季度的运营成本又比去年减少,所以盈利有明显的上升。公司不太有什么动向,所以市场上难获取公司的讯息,也导致公司的交易量低下,不过药剂股过去数年都有不错的增长,特别是出口海外的公司,因此相信公司接下来的表现还是可期的(净资产 RM1.18 ) <br />
(想买指数 3星, 2019 年第一季度有不错的增长,相信全年业绩会有不错的表现,更何况是不太会受到大市影响的药剂业) <br />
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永信东南亚( YSPSAH 7178),是一间从事药物生产公司。公司是台湾人为大股东兼董事,公司 2018 年 9 个月的生意额有持续的增长,其营收上升 9.9% ,而其税前盈利同时也增加 52.25% ,达 3291 万或每股盈利( 9 个月) 17.10sen 。公司今年表现不俗,除了因为销售增加,其生产成本下降成了主要构成盈利增加的因素。公司去年的表现处在低潮,经过了一年努力,公司终于走回上升轨道,相信公司的业绩会持续的稳健成长(净资产 RM2.22 ) <br />
(想买指数 3星,公司今年的业绩表现不俗,随着市场的需求和公司积极扩张业务,相信公司未来会有不错的表现) <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC5lPpMZMHt2XbzsfJYPy1V6qeRzg897M3gN5UlsWTk_stlpLIvijpge5x0CT3Pu3yZIGWdBIm6PG01fy37GCc6ZvHNNlfsRBx50AQShbhz2qg2Jolgu6W8pv0dRmCRJ98JphWnA/s1600/STOCK+PICKS.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="443" data-original-width="820" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjC5lPpMZMHt2XbzsfJYPy1V6qeRzg897M3gN5UlsWTk_stlpLIvijpge5x0CT3Pu3yZIGWdBIm6PG01fy37GCc6ZvHNNlfsRBx50AQShbhz2qg2Jolgu6W8pv0dRmCRJ98JphWnA/s320/STOCK+PICKS.png" style="display: inline;" width="320" /></a></div>
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艾毕士保健( AHEALTH 7090),是一间从事药剂生产公司。公司 2018 年 9 个月的业绩有不俗的成长,其营收上升 4.68% ,而其税前盈利更是增加 32.4% ,达 5253 万,或每股 35.65sen 。公司除了营收上升,其生产成本下跌,是整个盈利推动力,毛利率增加,因此大幅度提高了公司整体盈利状况。看了 3 间药剂公司报告,大家今年都有显著的成长,比起其他行业,这个行业表现是今年最亮眼的,除了出口销售有增加,加上新政府购买药物公开招标计划,这些都推动了药剂股的营收表现,中短期未来药剂股都是可以看好的(净资产 RM3.12 ) <br />
(想买指数 3星半,公司今年下半年在增加新生产线的推动下,公司可以在营收和盈利方面都会有显著的增加,中短期是受到看好的) <br />
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利直南控股( DKSH 5908),是一间从事贸易分销,销售医药保健产品和物流公司。公司 2018 年 9 个月的业绩显得平平,其营收上升 6.8% ,但其税前盈利却下跌 6.9% ,达 4634 万或每股盈利( 9 个月) 21.6sen 。公司在贸易分销上虽然销售受到 GST 0% 税率的正面影响,但却在同个季度,公司做出一些资产减值,所以导致盈利下跌,而在销售医药和物流业务却是有显著的增长,但整体盈利还是被资产减值给压低了。公司在医药保健上受到新政府购药的政策给以正面的影响,所以相信未来公司在这业务上会继续显著的增长,从而也带动公司未来的盈利表现(净资产 RM3.72 ) <br />
(想买指数 3星半,公司今年股价显著的往下,除了受到市场氛围和业绩影响,更重要的是受到被踢出清真股行列,不过公司的本质和未来盈利还是受到看好的) <br />
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来源:<a contextmenu="fcltHTML5Menu1" href="http://koonhoo.blogspot.com/" target="_blank">鸟样股票</a>(http://koonhoo.blogspot.com/2018/12/3-dec-13-dec-2018.html)Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-76834465331305606362018-10-26T20:09:00.003+08:002018-10-26T20:09:55.003+08:00预算案值得关注的个股(四)- 医疗保健<br />
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预算案值得关注的个股 (四)<br />
医疗保健</div>
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2018年美国当地时间26日,发生了一个微妙的历史性事件。占据道琼斯指数蓝筹股榜单超过百年的企业通用电气GE正式被剔除,取而代之的是美国医药连锁企业沃博联。</div>
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要知道能够被Dow Jones选中成为蓝筹股的企业都是最能代表美国经济及产业的股票,而美国做为世界强国其经济体制肯定会影响全球经济的走势。</div>
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看似简单的汰弱留强的动作,其实带来了一个很重要的讯息,那就是医疗保健行业正式篡位,在美国经济结构中的地位更加突出,甚至可以说未来这10年里什么行业最有看头,看医疗保健你就会知道答案了。</div>
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- 在未来十年,在人口走向老龄化的情况下,每天都有1万名婴儿潮一代的就业者走向65岁的退休年龄,医疗保健也将会逐渐占据主导地位。</div>
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- 单单在中国,医疗健康产业规模从2011年的1.6万亿发展到2017年的 5.1万亿元,预计到2020年将达到规模8万亿元</div>
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- 随着人工智能的应用,医疗保健领域也逐渐迈向了自动化和数据化,医疗结合现代科技如AI和大数据的应用趋势已不能在忽略了。</div>
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各位读者如果也有用心留意的话,虽然最近股市蛮‘熊’的,但医疗保健个股好像并没有跌太多,放眼其它国家的股市,似乎这个领域的股票蛮抗跌的。那讲了那么多,和即将出炉的预算案有些什么关系呢?</div>
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首先既然这是全球即将展露风头的行情, tak kira you suka kah tak suka, pun kena
perhatikan.
新任卫生部长祖基菲里阿末哥曾说,该部目前面临各种问题,如药物昂贵,医务专员福利不理想,病人等候时间过长等,与前朝政府对卫生部拨款不足有关,盼争取更多的拨款。</div>
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2018年的医疗开销为266亿令吉,而政府有意将拨款大幅调高50至75%;有关措施包括提供每年500令吉医疗津贴予最低40%家庭收入群(B40)、调高诊疗所收费及增加卫生部医药供应渠道。可以较大胆的预设,希盟政府曾多次承诺会增加对医疗保健领域的拨款,来临的预算案绝对值得多加留意这领域的动向。</div>
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在这里小篇和各位读者分享个人蛮欣赏的医疗保健领域的一些个股 (注:并不存在任何买卖建议)</div>
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1. Ahealth<br />
- 2000年上市至今连续17年取得成长<br />
- 营业额在过去4年保持7.5%的CAGR<br />
- 积极进入数码领域;计划于2018年底之前在网上推出新平台,让本地的医生及药剂师可轻易自行网上订购药品。</div>
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风险:-<br />
- 成交量偏低 (长期投资者都不愿卖出,若要套现卖出可能有点难度)<br />
- SPP NOVO在投产后的折旧成本预计在短期内拉低AHEALTH的收益 (但这座新厂预计可从2019年起作出显著的贡献)</div>
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2. CCMDBIO</div>
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<span style="font-family: inherit;">- 稳定的营业额和净利润的 yoy 整长</span></div>
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- 拥有国内首家泡腾片制造厂</div>
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风险:-<br />
- 目前马币疲弱将增加进口 active pharmaceutical ingredient (原材料)的成本<br />
- 油价的上升将多少影响药物生产的成本.<br />
- 销售太过依赖政府医院等</div>
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3. YSPSAH<br />
- 营业额连续 2 个季度 (17Q4 & 18Q1) 突破历史新高<br />
- 美金近期的走高预计将带来外汇盈利<br />
- 印尼新厂开始投入运作</div>
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风险<br />
- 和 Ahealth 一样,成交量偏低</div>
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注:- 以上只是小编个人看法,并不是什么买卖建议。做为理性投资者,买卖自负,人人有责!</div>
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我们已经开启了免费的 Telegram group 以方便更快更及时的分享消息哦.</div>
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默. 泰然</div>
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<br />https://klse.i3investor.com/blogs/motairang/179802.jspUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-15842259661111692492018-08-16T20:22:00.003+08:002018-08-16T20:22:57.165+08:00YSPSAH (7178) 永信東南亞 - 永信东南亚(YSPSAH)- 国内增长推动营收 <br />
<a name='more'></a> 永信东南亚(YSPSAH)- 国内增长推动营收<br /><br /><br />永信东南亚的2Q18核心利润远超预期。 在稳健的国内增长和更好的产品组合的支撑下,EBITDA利润增长12.4%。 由于新加坡和越南市场下滑,出口销售疲软。<br /><br /><br />
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<br />2Q18收入增长13%至6,790万令吉,带来上半年收入至1,394万令吉(增长9%)。 这是由于持续的销量增长和更好的产品组合,主要来自国内市场(增长17%)。 该季度可以通过贸易补充库存活动得到补充。 在2018年上半年增长8%,制造部门将继续成为增长的引擎。 更令人印象深刻的是,由于更好的产品组合和更高的规模经济,上半年的制造业部门利润增长了惊人的51%。 扣除成本与费用后,核心净利润为2,010万令吉(增长46%),超出预期。<br />
<br />2Q18的净利润率增长5%至13%,主要是由于永信东南亚制造部门的进展。 2018年2季度的优惠税率为23.7%(2017年第2季度为33.5%)也是一个因素。 出乎意料的是,上半年的出口销售额(通常占总销售额的30%)同比下降8%。 大多数外国市场出现下滑,特别是越南和新加坡。<br /><br />预计核心每股盈利年均复合增长率为21%。 因国内部门即将出现的结构性改善,将支撑着永信东南亚在可预见的未来的前景。<br /><br /><br />Disclaimer:<br />All posts and documents submitted in this blog are solely for open discussion and education purposes only. All recommendations and opinion provided are solely for your consideration only and you should exercise your own judgment in forming your own investment decision(s). Please also be informed that equity investment is risky and we recommend you to conduct sufficient searches for information in addition to referring our recommendations and/or opinion herein, prior to making an investment decision.<br /><br />You should take full responsibility of your investment decision(s) and we accept no liability whatsoever for any direct or consequential loss arising from any use of our recommendations and/or opinion provided herein or any solicitations of an offer to buy or sell any securities. Comments and opinions forwarded/provided by members/followers of this blog do not belong to the Admin and we take no responsibility of such. <br /><br />https://fatta888.blogspot.com/2018/08/yspsah.htmlUnknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-78724308450281939422018-07-17T20:01:00.003+08:002018-07-17T20:01:07.394+08:00YSPSAH (7178) 永信東南亞 - 永信东南亚(YSPSAH)- 现有竞争地位,表明更高赢率<br />
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永信东南亚(YSPSAH)- 现有竞争地位,表明更高赢率</span></h2>
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<span style="font-size: large;"><span style="font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;">即合同采购的自由化和新的健康计划,永信东南亚有能力跟进制药行业的新发展。同时,继续看好永信的估值不高(市盈率为9.4倍,低于5年均值11倍),出口驱动型增长和行业前景改善。</span></span><br />
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<span style="font-size: large;"><span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAnbDRi_mH9tVvYhMAbueXd0KfxyZ4t8orA2WLu5tM4ebqC2z1QwtE8MgS6NQ6tuvrIvQV3E-NM9hV7eDYtmXX6adNjusojFSFJTWAwUZL3wqoBpZS_f0WwZUUPBGCPIV91abU/s1600/YSP-Southeast-Asia-Holdings.jpg" rel="nofollow" style="margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img border="0" data-original-height="498" data-original-width="747" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjAnbDRi_mH9tVvYhMAbueXd0KfxyZ4t8orA2WLu5tM4ebqC2z1QwtE8MgS6NQ6tuvrIvQV3E-NM9hV7eDYtmXX6adNjusojFSFJTWAwUZL3wqoBpZS_f0WwZUUPBGCPIV91abU/s320/YSP-Southeast-Asia-Holdings.jpg" style="background: transparent none repeat scroll 0% 0%; border-radius: 0px; border: 1px solid transparent; box-shadow: 0px 0px 0px rgba(0, 0, 0, 0.2); padding: 8px; position: relative;" width="320" /></a></span></span></div>
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<span style="font-size: large;"><span style="font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;">根据永信过去从卫生部获得合同的记录,其机会一直很低,即不到政府年度支出40亿令吉的1%。随着卫生部采购流程的潜在自由化,这意味着要获得更多这些合同可能会有进一步的好处,对永信是一个恩惠,使得永信的整体竞争力。</span></span><br />
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<span style="font-size: large;"><span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgNv9CsrQ6HfyEUgHEIBFr30Z8MliQGPA3fuqp9frxsgE-AP7JHsV5YWEABRRE-0q6BVgZ63f1G151-SlQTqSWmw8vs2n0wOaPlAC1KZ4dkP8fnMnT7HOzTZMmc-qbeDB9HFK3/s1600/ysp_sah_7.png" rel="nofollow" style="margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img border="0" data-original-height="270" data-original-width="415" height="208" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhgNv9CsrQ6HfyEUgHEIBFr30Z8MliQGPA3fuqp9frxsgE-AP7JHsV5YWEABRRE-0q6BVgZ63f1G151-SlQTqSWmw8vs2n0wOaPlAC1KZ4dkP8fnMnT7HOzTZMmc-qbeDB9HFK3/s320/ysp_sah_7.png" style="background: transparent none repeat scroll 0% 0%; border-radius: 0px; border: 1px solid transparent; box-shadow: 0px 0px 0px rgba(0, 0, 0, 0.2); padding: 8px; position: relative;" width="320" /></a></span></span></div>
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<span style="font-size: large;"><span style="font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;">根
据马来西亚竞争委员会的制药行业报告,制药公司在许可进口商和本地制造商(其中包括永信,Apex
Healthcare,Hovid和Kotra等当地上市公司)之间有着广泛的区别。尽管与默克,辉瑞和拜耳等公司竞争,但永信已经在马来西亚获得了
2.9%的特许药品公司市场份额。与当地上市公司相比,永信的营业利润仅次于CCM
Duopharma。这表明,凭借纯粹的竞争力和优点,永信可能会获得更多的卫生部合约,而不是目前的<1 span=""></1></span></span><br />
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<span style="font-size: large;"><span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG8731HHxhganNsjfO_O5G3bJ2sYfZd8-NcDGEFVDqnnlduUx9atv5Xn-dfcfUi2f2eDUf6R9sHo0Vrp-Ii1MrWpxSaL49Y9FL-_J2yZWj0wx4j0IFYOLD8M7DV1F5vkSZqCx8/s1600/80_61.jpg" rel="nofollow" style="margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img border="0" data-original-height="452" data-original-width="600" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiG8731HHxhganNsjfO_O5G3bJ2sYfZd8-NcDGEFVDqnnlduUx9atv5Xn-dfcfUi2f2eDUf6R9sHo0Vrp-Ii1MrWpxSaL49Y9FL-_J2yZWj0wx4j0IFYOLD8M7DV1F5vkSZqCx8/s320/80_61.jpg" style="background: transparent none repeat scroll 0% 0%; border-radius: 0px; border: 1px solid transparent; box-shadow: 0px 0px 0px rgba(0, 0, 0, 0.2); padding: 8px; position: relative;" width="320" /></a></span></span></div>
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<span style="font-size: large;"><span style="font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;">希
盟领导的政府打算在政府的头100天内推出一项新的医疗计划,Peduli
Sihat。然而,鉴于对政府财政状况的审议,卫生政策仍未确定。该计划每年向全国每个B40家庭提供500令吉的援助(按收入计算,马来西亚家庭占
40%)。它既可以补充并且可以方便地获得私立医院和诊所的初级保健服务。根据2015年约有270万B40家庭,这一金额在13亿令吉的范围内。一旦根
据咨询费用的最佳案例底价进行调整,13亿令吉的医药成分可能达到5亿令吉。这将立即推动现有50亿令吉的私人医药支出。新的健康计划Peduli
Sihat的潜在实施可能会成为私人医药支出的直接福音。预计它将推动对仿制药的需求,从而使永信等仿制药生产商受益。</span></span><br />
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<span style="font-size: large;"><span style="color: black;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBfUyDzzd9C5WTcFODNa0L6dSZ800NNcFRAARK9LHbemglTmlR3a3B5NQjTUotWK7KpqJKOsGQskADNRqC847jckG3_l5ChDYWahn3XTLJB91biJxiDg1AWQNEQ8dCTeflbnnA/s1600/Y11.png" rel="nofollow" style="margin-left: 1em; margin-right: 1em; text-decoration-line: none;" target="_blank"><img border="0" data-original-height="292" data-original-width="591" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBfUyDzzd9C5WTcFODNa0L6dSZ800NNcFRAARK9LHbemglTmlR3a3B5NQjTUotWK7KpqJKOsGQskADNRqC847jckG3_l5ChDYWahn3XTLJB91biJxiDg1AWQNEQ8dCTeflbnnA/s320/Y11.png" style="background: transparent none repeat scroll 0% 0%; border-radius: 0px; border: 1px solid transparent; box-shadow: 0px 0px 0px rgba(0, 0, 0, 0.2); padding: 8px; position: relative;" width="320" /></a></span></span></div>
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<span style="font-size: large;"><span style="font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;">随
着该集团蓬勃发展的出口许可证,预计将逐步推动出口销售。催化剂将由潜在增长的出口市场推动,这些出口许可证很好地定位了永信,以挖掘人口众多的潜在市场
和较低的医疗保健支出/人均,从而在可预见的未来支撑增长。再加上出口销售作为收入的一个越来越重要的组成部分,反映出更多样化和出口带动的强劲增长前
景。</span><br style="font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;" />
</span><br />
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<span style="font-size: large;"><span style="line-height: 18.2px;">Source: https://fatta888.blogspot.com/2018/07/yspsah.html</span></span></div>
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-84153252888117954142018-01-30T21:47:00.000+08:002018-01-30T21:47:02.080+08:00YSPSAH (7178) 永信東南亞 - 成长中的制药公司,现金充足积极发展。 <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitstkbTtdiQvEsrIGX8Yzo5KNWcz2YWkSLb3gcqmDfTffK_Lw-uNFWuWw6YRIyAOgOqJg4PFVdU5-FcKbDgNqTgXWfgzZ6M24iYtEzHBiFWjOLrrYHqPFeSG76feqdzmGVKuVk/s1600/Capture.PNG" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="466" data-original-width="842" height="354" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitstkbTtdiQvEsrIGX8Yzo5KNWcz2YWkSLb3gcqmDfTffK_Lw-uNFWuWw6YRIyAOgOqJg4PFVdU5-FcKbDgNqTgXWfgzZ6M24iYtEzHBiFWjOLrrYHqPFeSG76feqdzmGVKuVk/s640/Capture.PNG" width="640" /></a></div>
<span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><b>主要业务:</b></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><b>药物制造与贸易 -</b> 所制造的药物类型有凝胶、胶囊、片剂及粉末类型。主要医药用途如抗生素、抗糖尿病、抗血小板及注射用途的药物。YSP在多个东南亚国家都有自己的分公司,如越南、柬埔寨、印尼、缅甸、菲律宾、新加坡及泰国(泰国公司只是associate)</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;">制
药公司并不算是近年股市中的宠儿,在一波强势走势中的受惠程度也不如出口公司明显。身为中小型的制药公司,YSP的制药原料大部分从海外进口(用美金付
款),然后再将经过加工制造的产品销售于国内与海外客户。YSP目前有30%的营业额贡献于海外客户,相对而言YSP在生意方面也形成了部分的汇率对冲。</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><b>业务领域营业额分布:</b></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCS17IRcm-z0eLRTB22E62TBdZczb9FB-ZJRFFXZQUL2JsAvCO6biQ1HidXPuCX0aj03fr3xll2_yLSqYtmcrYJYmlAdku2txEsTKq-gE5S35XRkbZ7bub7JrTZUVZVRyS3N8z/s1600/1.jpg" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><img border="0" data-original-height="272" data-original-width="782" height="222" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCS17IRcm-z0eLRTB22E62TBdZczb9FB-ZJRFFXZQUL2JsAvCO6biQ1HidXPuCX0aj03fr3xll2_yLSqYtmcrYJYmlAdku2txEsTKq-gE5S35XRkbZ7bub7JrTZUVZVRyS3N8z/s640/1.jpg" width="640" /></span></a></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;">(摘自2017财政年第三季度季报)</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;">非
常明显公司的核心业务是制造业,占了总营业额的82.8%,根据2|8定律可以定义制造业为公司的命脉。在累积三个季度业绩表现中贸易领域的盈利明显不如
去年同季度,主要原因是营运成本与生产成本增加了。不过在核心业务制造业方面盈利表现是比去年累积三个季度更佳的,源自于更高的营业额并没有影响原本的赚
幅。</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><b>积极运用现金投资以增强竞争力</b></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;">对
于现金充裕的公司,除了派高息给股东外另一个更好的选择就是为公司创造更高的企业价值。YSP目前投资于半自动化检测器及新的线上管理系统来操作机械,让
生产过程更有效率。另外也有在越南投资新产房以制造兽医用途药剂,准备供应东南亚庞大的市场。同时在2017年3月宣布收购一家药剂公司60%的股权。被
收购的公司AAI是一家制药公司,生产超过100种药剂与健康产品。据公司文告中表示,YSP共调动RM5.4mil的现金收购了AAI60%的股权,以
这个价格推算AAI整间公司市值大约是RM9mil。不过文告中表示被收购股权时AAI的净资产值只有区区RM1.42mil,看来YSP是看重AAI公
司的技术优势与企业间合作的协同效应。</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><b>稳健的基本面</b></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><b>YSP有着非常稳的基本面数据:</b></span></div>
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为制造业公司能保持超低的负债及充裕的现金流,可见管理层确实有一套非常好的经营手法。目前公司的净现金值达RM54mil,是目前市值(约
RM360mil)的15%。有那么高的现金比例,派息率3.29%显得有稍微低一些问题(理想收息股周息率最少要4%以上),不过公司每年都有将部分资
金投资在子公司,这点可以在财报中的investment cash
flow中获得相关资讯。至于赚幅、本益比、ROE都还算不差,处于中等水平。如果和本地另一家中小型制药公司AHEALTH比较,YSP还略占上风。</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;"><b>股东股权</b></span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;">YSP
集团是由主要大股东Dato Dr Lee Fang Hsin家族掌控,Dato Dr Lee Fang
Hsin一人就拥有接近50%的股权(direct & indirect)。不过在2016财政年年报中显示Lembaga Tabung
Haji也是其中一位有分量的大股东,并拥有超过5%的股份成为substantial shareholder。</span></div>
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<span style="font-family: "times" , "times new roman" , serif; font-size: medium;">WeShare WeTrade<br /><br />http://wesharenwetrade.blogspot.my/2018/01/yspsah-7178.html</span><br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-83442133043141028382017-06-17T20:04:00.001+08:002017-06-17T20:04:30.840+08:00YSPSAH (7178) 永信東南亞 - 永信东南亚 制药股宝石<br />
<a name='more'></a> 2012-08-27 12:21<br /><br /> <br /><br />永信东南亚(YSPSAH,7178,主板消费产品股)是一家具有创意和领导地位的大马制药公司,于2004年6月在第二交易板上市,之后成功在2006年6月转到主要交易板。<br /><br />今日,其集团生产的药品多样化,包括柜台人用药品、动物用药品、水产养殖药品等;区域公司和商业联盟遍布新加坡、越南、菲律宾、缅甸、柬埔寨、泰国、印尼、汶莱、寮国,以至斯里兰卡、非洲和中东国家。<br /><br />公司大股东是拿督李芳信博士(集团董事经理),持有48%股权。<br /><br />整体来说,虽然市场充斥着不确定性的挑战,达证券预测永信东南亚在2011-2014年,至少能够以10%的复率成长。这归功于它持续努力开发本地以及海外现有和新产品的范围,以致能够应付市场稳步上扬的药品需求。<br /><br />台湾母公司支持<br /><br />以永信东南亚1.06令吉的价钱,与其同行如发马(PHARMA,7081,主板贸服股)和APEX保健(AHEALTH,7090,主板消费产品股)比较,永信东南亚处于偏低的7.7倍本益比(是对手12倍的35%折价)和股价对账面价值0.7倍(为同业的60%折价),同时,还有不错的4%周息率和净现金630万令吉。<br /><br />永信东南亚是一家有实力的药剂制造商,其背后支持者为台湾上市的母公司———永信药品工业(Yung ShinPharmaceutical Industry Co.Ltd.)。<br /><br />永信东南亚的主要优势,为它能提供全面性的产品组合,多元顾客群和出色的研发能力。<br /><br />由于有母公司的支持,永信东南亚也和全世界的分行一起通力加强其在大马和东南亚的地位。<br /><br />马来西亚被选为主要的据点,以扩充公司在东南亚的市场。<br /><br />同时,公司也在区域公司和商业联盟遍布新加坡、越南、柬埔寨、缅甸、印尼和泰国建立坚固的行销网络。永信东南亚集团和它子公司的协力合作,以将公司带到顶峰为目标。<br /><br />顾客群多元化<br /><br />永信东南亚有多元化、过万的顾客群,其中包括了医院、诊所、药剂行、兽医、禽畜、农场、水产养殖、饲料、普通药房乃至柜台销售。平均80%的业务是供应大马本地市场,其余20%销售则由海外贡献。<br /><br />因此,永信东南亚有完整的传递网络和业务代表遍布大马,以服务其庞大的顾客群。<br /><br />药剂业前景强劲<br /><br />药剂业传统上由内需推动,不过在2002年,当大马成为药剂测试合作社(PIC/S)成员之后,这业务在出口取得了显着的突破。<br /><br />根据卫生部(MOH)的报告,在2011年,我国的药剂产品出口额达到5.64亿令吉(年对年增加6%)。随着全球越来越接受PIC/S,它已成为我国本土制药商的一项重要条件。<br /><br />因此,这两项推动力———内需和出口,现在将推动药剂业成为大马经济成长的策略性引擎。<br /><br />卫生部乐观的认为,大马药剂业在2012年的出口将成长8%至6.1亿令吉。一个世界权威性的研究团体也预测,本地的药品和柜台药物市场将在2015年,增加到24.5亿令吉。<br /><br />(来源:永信东南亚2011年报)<br /><br />【业务回顾】<br /><br />在2011年11月,卫生部给永信东南亚在万宜的工厂颁发了GMP(Good ManufacturingPractice)证书,这同时引申到其消毒产品(sterile products)。永信东南亚呈上了8项消毒产品申请,一旦成功注册,诸如眼药水和小份量针剂将在2012年底面市。<br /><br />2011年4月,在越南DONG NAI的工业区,永信东南亚的药剂和动物用药品工厂也获得GMP证书。至今已有32项产品注册而工厂也在2011年9月开始生产。即将报废的主要药物版权,以及潜在的药品出口可能性将进一步擦亮大马药剂业的前景。<br /><br />不管是本地或出口市场,前景依然亮丽;同时,永信东南亚的扩充计划正带来丰硕的果实,我们相信未来的业绩将会具有说服力,同时令人兴奋。<br /><br />【成绩回顾】<br /><br />永信东南亚2012首半年带来840万令吉盈利(按年起7.3%),主要是较高的业务(8860万令吉,按年起18.2%)。<br /><br />达证券乐观的认为,永信东南亚的前景光明,随着主要药物版权的报废,将会占有更大的药物市场。<br /><br />同时,其市场扩充到印尼,将更增加区域的需求,因此它将能更策略性的计划其药品的生产,以及出口的导向,最终将能在运作和物流方面的节省费用。<br /><br /><br />文:慧眼<br /><br />http://www.nanyang.com.my/node/472779?tid=902<br />Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-10507219477321817022017-06-09T15:10:00.002+08:002017-06-28T08:12:22.154+08:00YSPSAH (7178) 永信東南亞 - YSPSAH 东南亚永信 2017年AGM:不靠政府医院订单 积极开拓印越市场<br />
<a name='more'></a><span style="font-size: large;">YSPSAH (7178) 永信東南亞 - YSPSAH 东南亚永信 2017年AGM:不靠政府医院订单 积极开拓印越市场</span><br />
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<span style="font-size: large;"><span><img height="338" src="http://klse.i3investor.com/files/my/blog/img/bl1559_img20170523wa0000.jpeg" width="600" /></span></span><br />
<span style="font-size: large;"><span>时间:9.30am</span></span><br />
<span style="font-size: large;"><span>日期:2017年5月23日</span></span><br />
<span style="font-size: large;"><span>地点:Bandar Utama One World Hotel</span></span><br />
<span style="font-size: large;"><span>公司简介:(Y.S.P.
SAH)現已居馬來西亞的前五大藥廠,營收及獲利每年都以二位數的幅度成長,在馬來西亞擁有約407種註冊藥品,全東南亞註冊藥品更達1151種。在越南
設立的動物製劑廠除了搶攻越南內需市場,也扮演永信集團在台灣、馬來西亞及其他國家的動物藥生產基地。</span></span><br />
<span style="font-size: large;"><span><img src="http://klse.i3investor.com/files/my/blog/img/bl1559_img20170523wa0002.jpeg" style="height: 300px; width: 400px;" /></span></span><br />
<span style="font-size: large;"><span>一登记股东名册,便收到一份很不错的见面礼,这就是近期很流行,广告打得很吭的高纤维谷粮饮品,正好可以拿来孝敬两老。</span></span><br />
<span style="font-size: large;"><span>出席的股东不多,约有三分之二的位子没有坐满。</span></span><br />
<span style="font-size: large;"><span>包括我在内,提问者约有五、六个人。废话不多说,马上进入提问环节。</span></span><br />
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</span><br />
<span style="font-size: large;"><span>1. 公司的客户有哪些?</span></span><br />
<span style="font-size: large;"><span>政府医院的订单YSP完全没有份,全部给Pharmaniaga和CCMduobio那些大咖拿去。</span></span><br />
<span style="font-size: large;"><span>高级的私人医院如Gleneagle喜欢用西方大厂的药物,可以向病人收取更高的费用。</span></span><br />
<span style="font-size: large;"><span>所以YSP的客户一向来都是私人诊所、药剂行。</span></span><br />
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</span><br />
<span style="font-size: large;"><span>2. 公司有什么销量保证的名牌药物?</span></span><br />
<span style="font-size: large;"><span>YSP没有自家研发的药物,也不打算自家研发。毕竟研发新药物的费用庞大,投入时间长,回收期慢,更重要的是需要大量的专业人才,这偏偏是大马所缺乏的。</span></span><br />
<span style="font-size: large;"><span>公司的专精在于复制开放专利的药物,透过大量生产,压低价格,以量制胜。</span></span><br />
<span style="font-size: large;"><span>公司每年都会研发40多个非专利药物,这是公司的增长的动力来源。</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>3. 网购兴盛,公司为何不透过Lazada、阿里巴巴这些网购品台来销售产品?</span></span><br />
<span style="font-size: large;"><span>药物不是一般的消费品,受到卫生局的严格监管。购买时也必须经过医生或药剂师的解释与批准,决不能自己淘宝。YSP一般上是透过自己的销售团队或者Agent来接洽医药单位。</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>4. 公司目前有面对哪些威胁?</span></span><br />
<span style="font-size: large;"><span>有,来自中国的药厂。之前,YSP在越南有一个药物叫Borax,卖得很不错。谁知道中国的药厂改了个名叫Vorax以更廉价出售,结果我们的市场额被抢了一大半。</span></span><br />
<span style="font-size: large;"><span>所以我们必须加强与Agents的紧密合作关系,获得他们的信赖,才不容易被抢客。</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>5. 公司为何主力开拓印尼和越南的市场?</span></span><br />
<span style="font-size: large;"><span>目前公司有七成的营业额来自大马,三成来自海外。</span></span><br />
<span style="font-size: large;"><span>大马的市场大致上已经饱和了,未来只会单位数成长。至于印尼和越南这两个国家有了一定的经济基础,但经济能力不高,需要廉价但品质良好的药物,YSP正好能满足这块市场的需求。</span></span><br />
<span style="font-size: large;"><span>同时,在当地生产成本相对低廉,又有经济规模,可达到自给自足。</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>6. 公司的牲畜与水殖部门取得双位数的增长,在未来有机会变成盈利贡献的主力吗?</span></span><br />
<span style="font-size: large;"><span>YSP这部门取得飞跃性的成长感到鼓舞,但是还是选择谨慎扩展,毕竟动物不如人命,那些兽医诊所或养殖有较高的倒闭风险,我怕收不回账。</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>7. 何人可(Hovid)因产品包装错误标签,被当局吊销生产执照,制药业务即时停摆,损失惨重。公司如何不会重犯Hovid的错误?</span></span><br />
<span style="font-size: large;"><span>YSP对于生产药物向来严谨,位于Bangi的厂房符合食品良好生产规范(GMP)及药物品质系统最新需求MS ISO 13485:2006以及澳洲的Australian Therapeutic Good Administration (TGA)。</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>8. 那么公司有机会夺取Hovid的客户订单吗?</span></span><br />
<span style="font-size: large;"><span>董事笑说:“We know each other and we are friendly competitors.”</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>9. 公司的表现虽然良好,但是本益比却总比同行低,好像目前来讲本益比不超10,而同行的平均本益比却在15。</span></span><br />
<span style="font-size: large;"><span>基本上,股价的表现是由市场决定的,也可能是YSP过于低调,很少在媒体上曝光,股东大会结束后,将会晤投行分析师。</span></span><br />
<span style="font-size: large;"><span>然后也有股东建议董事在来年的股东大会要做Presentation,毕竟不是人人都对药业有深入了解</span></span><br />
<span style="font-size: large;"><span>最后,我也建议公司有十年没有分红股,是时候了,董事表示会take note.</span></span><br />
<span style="font-size: large;">
</span><br />
<span style="font-size: large;"><span>总结:YSP是稳定成长加稳定派息又是净现金公司,是很不错的投资。</span></span><br />
<span style="font-size: large;"><span>也符合我买股进可攻退可守的原则,当然买这只股你也不要期望能够暴赚。</span></span><br />
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</span><br />
<span style="font-size: large;"><span>值得参考的文章:<a href="http://www.ettoday.net/news/20120805/83141.htm" rel="nofollow" target="_blank">永信、康樂搶得清真大商機</a></span></span><br />
<span style="font-size: large;"><span>東南亞地區的醫藥市場開始起飛,印尼、馬來西亞、菲律賓、新加坡等八個醫藥市場價值高達二三一億美元,未來將持續成長。儘管東南亞國家眾多,各國醫療法規相當複雜,但年輕人口龐大,醫藥政策逐步開放,潛力雄厚,又居融合華人、回教及歐美文化的戰略地位,相當值得開拓。</span></span><br />
<span style="font-size: large;"><span>東南亞人口多達六億,深耕該市場可進一步前進中東市場,大搶十八億人口的伊斯蘭商機。永
信東南亞控股已在東協十國完成行銷通路布局,光是在馬來西亞的診所及藥局通路就有二萬家,在新加坡的醫藥通路也有五千家,也推出具備清真認證
(HALAL)的多項保健品,並已成功外銷至中東國家。</span></span><br />
<br />
<span style="font-size: large;"><span>YSPSAH (7178) 永信東南亞 - YSPSAH 东南亚永信 2017年AGM:不靠政府医院订单 积极开拓印越市场 </span></span><br />
<span style="font-size: large;"><span>http://klse.i3investor.com/blogs/kakashit/125017.jsp </span></span><br />
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Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-64704218010484106092017-03-19T11:49:00.001+08:002017-03-19T11:49:37.152+08:00YSPSAH (7178) - (RICHE HO ) Y.S.P. Southeast Asia - Boring Counter with Strong Track Record<br />
<a name='more'></a>YSPSAH (7178) - (RICHE HO ) Y.S.P. Southeast Asia - Boring Counter with Strong Track Record<br /><br />
<img height="73" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_1.png" width="259" /><br />
Y.S.P. Southeast Asia Holding Berhad (“YSPSAH”) <br />
<u>Background</u><br />
YSPSAH’s history can be traced back to year 1987 when it established as
a trading company under the name of YSP in Malaysia. It was mainly
involved in manufacturing and trading of pharmaceutical and veterinary
products.<br />
In year 1992, the Group obtained manufacturing license from MIDA and
began operation of manufacturing plant in Malaysia. In year 2004, YSPSAH
was listed in Ace Market of Bursa Securities and subsequently
transferred its listing status to Main Market in year 2006.<br />
As to date, it was one of the innovative and leading pharmaceutical
companies in Malaysia. It covered a wide array of pharmaceutical,
veterinary and aquatic products, with regional offices as well as
strategic alliances in most of the Southeast Asia countries. YSPSAH
sells its products to clinics, drugstores, pharmacies, Chinese medical
halls and private hospitals.<br />
Besides, YSPSAH also diversified into traditional herbal products with
60% equity stake in Sun Ten Pharmaceutical, a renowned manufacturer of
standardized and concentrated herbal extracts from Taiwan.<br />
<img height="168" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_2.png" width="585" /><br />
<br />
<u>Financial Highlights</u><br />
<img height="307" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_3.png" width="495" /><br />
YSPSAH’s financial performance had been improving consecutively over
the past 5 years. Its revenue had grown steadily from MYR157m in FY11 to
MYR237m in FY16, which equivalent to compound annual growth rate
(“CAGR”) of 8.6%.<br />
Its excellent result was supported by better demand for the Group's
products especially from local market. In other words, its domestic
sales were still in a growing phase. It was partly due to the
implementation of goods and services tax (“GST”) in year 2015 which led
to consumers stocking up on pharmaceutical products in the first
quarter.<br />
In FY15, YSPSAH had successfully tendered to supply products to
Government hospitals and the General Practitioners segment. The Group
also registered higher sales from overseas markets and its subsidiary in
Vietnam, namely Y.S.P. Industries Vietnam.<br />
Despite a steady growth in revenue, YSPSAH’s net profit had remained
flat in FY11 to FY15, before showing a significant improvement in FY15
and FY16. It was due to higher cost of goods sold from product mix which
led to lower gross margin. In short, the cost of doing business had
increased from year to year.<br />
Having said so, in FY15 and FY16, USD/MYR had surged by approximately
25%, from 3.60 to 4.50. YSPSAH was a beneficiary of weakening of MYR. As
a result, it recognized favorable foreign exchange gain in recent two
years, which contributed significantly to the Group.<br />
<br />
<u>Foreign Exchange Risk</u><br />
<img height="203" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_4.png" width="600" /><br />
Annual Report 2016 had yet to be released. Hence, the latest FY16 data was not available.<br />
Domestic market contributed 75% of the Group’s revenue in FY15,
whereas the remaining 25% was contributed by overseas market. YSPSAH was
exposed to foreign currency risk on sales, purchases and borrowings.<br />
Strengthening of USD against MYR was a double-edged sword for YSPSAH,
as it allowed the Group to be more competitive in emerging markets in
developing countries but also resulted in higher import costs for raw
materials.<br />
Even though the Group was predominantly operating in Malaysia, it still
benefited from favorable foreign exchange gain due to its business
exposure in Vietnam, Indonesia, Philippines and Singapore.<br />
<img height="288" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_5.png" width="485" /><br />
According to its quarter report, the foreign exchange gain recorded by
the Group in recent two years was MYR6.55m and MYR7.06m respectively.<br />
Excluding these non-cash item, YSPSAH’s net profit in FY15 and FY16 was supposed to be MYR22.4m and MYR20.5m respectively.<br />
<br />
<u>Seeking for Opportunities</u><br />
<img height="56" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_6.png" width="455" /><br />
In Sep 2016, the New Southbound Policy (新南向政策) was officially launched.
It was the initiative of the Taiwan’s Government to enhance cooperation
and exchanges between Taiwan and 18 countries in Southeast Asia.<br />
The policy, which was aimed at improving trade and investment ties with
Southeast Asia countries, presented opportunities for YSPSAH to work
with its Taiwanese counterparts. As at Oct 2016, the Group was in talks
with few local partners in Taiwan for possible partnerships, including
dealerships, distributorships and joint ventures.<br />
<img height="65" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_7.png" width="402" /><br />
FYI, there were many good healthcare products made by Taiwanese
manufacturers. The management believed the Group can play a major role
to assist them in bringing their products to Southeast Asia,
particularly Malaysia, by becoming their sales agent or distributor.
YSPSAH can even jointly set up a manufacturing plant in the future.<br />
In fact, the Group had already been approached by several Taiwanese
firms keen to create partnership due to its long-established presence in
this region and extensive network.<br />
Commonly, China, Japan and US market was the primary options for
Taiwanese business when they wanted to expand into new markets, due to
strong domestic consumption in the countries.<br />
However, the management believed Southeast Asia was an emerging market.
Most countries were not facing an ageing population, so the earlier
enter this market the better. Going forward, YSPSAH anticipated more
Taiwanese investments in Malaysia, forming a perfect springboard to
build their businesses in Southeast Asia.<br />
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<u>Malaysia Operations – Bangi Plant</u><br />
In FY15, YSPAH had successfully registered 13 pharmaceutical,
veterinary and aquatic products in local. This had increased the Group’s
total registered products in Malaysia to 378. Its total export licenses
had increased to 1119 in FY15 as compared to 1013 in FY14.<br />
<img height="243" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_8.png" width="402" /><br />
Do note that, the date above was up to FY15 only. FY16 data was not available.<br />
In FY16, YSPAH had upgraded its current Good Manufacturing Practice
certified plant in Bangi, Selangor through automation. It had further
improved the Group’s production efficiency.<br />
For the venture into medical device manufacturing, YSPAH had granted
Good Distribution Practice in Medical Device certification in Jul 2015.
It was waiting conform of the requirement of manufacturing medical
devices for its Bangi plant.<br />
Other than that, YSPAH had successfully secured the approval in Oct
2015 of which added an ampoule production in its Bangi plant.
Manufacturing of ampoule products can be expected to commence following
the product registration.<br />
In addition, its Bangi plant was granted GMP accreditation by the Gulf
Cooperation Council. With this, YSPAH will be able to commence product
registration, paving the way for further business opportunities in the
Middle East.<br />
YSPAH had also commenced renovation of its newly acquired building for Logistics and Research and Development in FY15Q4.<br />
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<u>Overseas Operations – Vietnam & Indonesia plant</u><br />
YSPSAH overseas operation was mainly focus on its pharmaceutical and
veterinary factory in Vietnam. I had carved a niche in a significant
market segment by supplying its veterinary products to feed mill
factories. Besides, the plant was also gearing up to export veterinary
products to Indonesia and Cambodia in FY16.<br />
YSPSAH had improved its product registration from 59 in FY14 to 90 in FY15.<br />
Other than that, YSPAH’s new pharmaceutical manufacturing plant in
Indonesia had completed in FY15Q4. Approval of import permit was
received in Nov 2015 and this facilitated the import of machineries and
equipment for the plant. The commissioning of the machineries and
equipment were expected to commence by now.<br />
<img height="105" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_9.png" width="516" /><br />
In Sep 2015, YSPAH had acquired an office building in Indonesia for Indonesian Rupiah 14.5 billion (equivalent to MYR4.38m)<br />
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<u>HOVID – Manufacturing License Revoked</u><br />
<img height="95" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_10.png" width="338" /><br />
In Jan 2017, the pharmaceutical and herbal products maker HOVID had
halted all its manufacturing activities following the revocation of its
manufacturing licenses by the Health Ministry.<br />
The manufacturing licenses for both HOVID’s facilities in Perak was
repealed, as a result of audit conducted which found that the Group’s
compliance were not acceptable and its pharmaceutical quality system did
not comply with the latest requirements.<br />
As a same industry player, YSPSAH potentially benefited from this
event. It might be a golden opportunity to take over part of HOVID’s
market shares in pharmaceutical industry.<br />
Do note that, it may be difficult for a new company to attempt to
produce the same products as a larger, established pharmaceutical firm.
This was because the larger firm already had a large infrastructure and
distribution network established and had achieved better marginal
economies.<br />
Besides, brand name recognition was critical when dealing with
supplements or tablets that can have physiological effects. Most
consumers were rightly wary of a product they had never heard of or a
company they did not trust. This can be a difficult barrier to
overcome.<br />
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<u>Technical Chart</u><br />
<img height="299" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_11.png" width="600" /><br />
As at 14<sup>th</sup> Mar 2017, YSPSAH closed at MYR2.20.<br />
YSPSAH was in a downtrend since Aug 2015 at where its share price had
dropped from 3.30 to 1.80 in one and a half year, which equivalent to a
drop of 45%.<br />
However, in recent months, it had successfully breakout from the trend
line, which indicated that its downtrend had temporarily came to an end.<br />
Its immediate resistance level was located at 2.22. Once it breakout
from this level, YSPSAH may trend higher to 2.70, followed by 3.30. Its
current support level was located at 1.80.<br />
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<u>Ratio Analysis</u><br />
<img height="200" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_12.png" width="523" /><img height="431" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_13.png" width="600" /><br />
YSPSAH was very healthy in term of financial strength and balance
sheet. Currently, it holds MYR52m net cash on hand, which equivalent to
39 cent cash per share.<br />
Besides, the Group had been declaring dividends consistently since
FY06. In FY16, it had proposed 8.5 cent dividends as a reward for
shareholders, the highest in Group’s history.<br />
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<u>Conclusion</u><br />
YSPSAH was a good fundamental company with proven track record. It was
one of the top four pharmaceutical companies in Malaysia, alongside
Pharmaniaga, CCM Duopharma Biotech and Apex Healthcare.<br />
Moving forward, the Group would remain focused in improving its
operational efficiency, increasing product registration, and embarking
on more aggressive marketing, promotional and sales strategies, to
facilitate a sustainable performance in year 2017.<br />
<img height="62" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_14.png" width="213" /><br />
Besides, BMI Research holds a bullish outlook for Malaysia's
pharmaceutical market over its forecast period. It believe the
government's commitment to expanding healthcare access coupled with the
country's growing population and disease burden will drive medicine
demand in the coming years.<br />
Fundamental wise, YSPSAH definitely will be a safe bet as its downside
was limited. Technical wise, it had breakout from its major downtrend.
It was expected to move further up once it breakout from its resistance
level 2.22.<br />
<img height="171" src="http://klse.i3investor.com/files/my/blog/img/bl2001_ysp_15.png" width="600" /><br />
According to the analyst consensus in Bursamarketplace, they had given YSPSAH an average score of 10 and “OUTPERFORM” rating.<br />
<br />
YSPSAH (7178) - (RICHE HO ) Y.S.P. Southeast Asia - Boring Counter with Strong Track Record <br />
http://klse.i3investor.com/blogs/rhinvest/118588.jsp Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-12169429467989146972016-01-04T09:42:00.002+08:002016-01-04T09:42:28.828+08:00YSPSAH (7178) - 永信东南亚 (YSPSAH, 7178) - 紧抓住所描绘的梦想<br />
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<span style="font-size: large;"><span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;"><span style="background-color: white; line-height: 22.4px;">大家好!今天</span></span><span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif; line-height: 22.4px;">战略特工将为大家介绍 </span><span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif;"><span style="line-height: 22.4px;">【YSPSAH 永信东南亚】。</span></span></span></div>
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【YSPSAH 永信东南亚】成立于1987年,早期为一家小型的药品销售公司,经过28年的的努力,【YSPSAH 永信东南亚】已经成为马来西亚其中具有领导地位的药品公司,实际反应在不断成长的营业额及持续扩大的行销网路上。</span></div>
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该公司是一家具有创意和领导地位的制药公司,于2004年6月在第二交易板上市,之后成功在2006年6月转到主要交易板。</span></div>
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【YSPSAH 永信东南亚】结合了研发导向的生产理念,生产了一系列高品质的锭片、胶囊、栓剂乳膏及软膏等产品。而产品的种类更是涵盖了人用药品、OTC、动物及水产用药等,持续不断的引进新的生产技术与研发新产品,同时追求卓越的的品质。</span></div>
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【YSPSAH 永信东南亚】<span style="background-color: white; line-height: 22.5px;">是一家有实力的药剂制造商,其背后支持者为台湾上市的母公司———永信药品工业(Yung Shin Pharmaceutical Industry Co.Ltd.)。</span></span></div>
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<span style="font-size: large;"><span style="background-color: white; line-height: 1.5em;">这些优势使它能提供全面性的产品组合,多元顾客群和出色的研发能力。</span></span></div>
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由于有母公司的支持,<span style="line-height: normal; text-align: justify;">【YSPSAH 永信东南亚】</span>能够和全世界的分行一起通力加强其在大马和东南亚的地位。</span></div>
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马来西亚被选为主要的据点,以扩充公司在东南亚的市场。</span></div>
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同时,公司也在区域公司和商业联盟遍布新加坡、越南、柬埔寨、缅甸、印尼和泰国建立坚固的行销网络。永信东南亚集团和它子公司的协力合作,以将公司带到顶峰为目标。</span></div>
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除此之外,<span style="text-align: justify;">【YSPSAH 永信东南亚】拥有</span><span style="line-height: 1.5em;">多元化、过万的顾客群,其中包括了医院、诊所、药剂行、兽医、禽畜、农场、水产养殖、饲料、普通药房乃至柜台销售。</span></span></div>
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随着主要药物版权的报废,将会占有更大的药物市场。</span>
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从近期的业绩来看,目前公司仅剩下2015年第四季度的业绩还没公布。预计将在2月尾公布。</span></div>
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虽然如此,可是截至第三个季度累计净盈利已达2千2百60万6千,已超越去年整年业绩的37巴仙。</span></div>
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如没以外,第四季度业绩出炉,营业额和净利极可能破新高!</span></div>
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<span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcrWVZ8iUJsW5n9Pf755NGxGMAYVwKifRivNMNdIrS4tsojDYKeKhhM261yAecQd9Xo3ZIJ6YHGJ_RwbZazZw7XOgHWniq8S0Is1MT-zoe7lXBmx4fvA5fAa3di_bjfF3iuEvf/s1600/2015Dec-YSPSAH-800x600.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhcrWVZ8iUJsW5n9Pf755NGxGMAYVwKifRivNMNdIrS4tsojDYKeKhhM261yAecQd9Xo3ZIJ6YHGJ_RwbZazZw7XOgHWniq8S0Is1MT-zoe7lXBmx4fvA5fAa3di_bjfF3iuEvf/s640/2015Dec-YSPSAH-800x600.png" width="640" /></a></span></div>
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目前,永信东南亚 (YSPSAH, 7178)正在陷入横摆巩固中,就连2015年第三季度的业绩在2015年11月24日出炉,接下来的走势都没有出现上涨的趋势。</span></div>
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所以,目前战略特工建议大家可以把这个股放进watchlist里面,只要带量突破,就是上升趋势的开始。</span></div>
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<span style="font-size: large;"><span style="background-color: white; line-height: 22.5px;">公司大股东是拿督李芳信博士(集团董事经理),持有48%股权。</span></span></div>
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永信东南亚控股有限公司总裁李芳信,1987年从台湾单枪匹马到陌生的马来西亚打拼,经过近30年的努力建立了自己的药品王国,在亚细安10国均设有工厂或分公司。</span></div>
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李芳信是台中大甲知名企业永信药品的第二代,虽上有四兄二姐,但这位老幺并没有被宠坏,反而选择离开家族的保护伞到海外闯天下。</span></div>
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「人生就是一直重复做着两件事情,一是选择,二是要甘愿! 」1987年,李芳信的父亲、台湾永信药品创办人李天德给了儿子三条路:一是留在集团内担任采购,二是负责开拓公家医院市场的业务,第三条路则是因应台币大幅升值,干脆到国外去看看。</span></div>
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这位李家么子选择了最后一条,只身赴马来西亚闯天下,这一待就是24年,也拼出了自己的药品王国——永信东南亚控股公司。</span></div>
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永信药品是现今台湾最大综合药厂,是年营业额台币30余亿元的上市公司,创办人李天德有5子2女,但如果你想像当年的画面,是一位带着雄厚资源的老板之子出国开疆辟土,那离真实会有点遥远。</span></div>
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李芳信当年去马来西亚,恰巧遇上台湾永信的马国小代理商要退出,他于是成立了一家小贸易公司,从永信的代理商做起,刚开始公司只有两位内勤职员、三位业务
代表,将设备、场地精简到最低限度,在前5、6年里,李芳信不是睡仓库,就是睡宿舍,「台湾永信其实属于坚实的中小企业,对于开拓市场,不是用大军压境式
的,而是我住在那里,看着那里,然后慢慢去深入。」他说。</span></div>
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<span style="font-size: large;"><b>创业 一台车跑遍西马</b></span></div>
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<span style="font-size: large;"><b>先做通路再盖工厂水到渠成</b></span></div>
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尽管当时是用相当困难的方式在经营,但李芳信显然传承了来自父亲的业务本领——这个无价的宝藏。年轻时,他曾被父亲丢到工厂实习,透过永信布建在全台各地
的业务代表,以接驳方式,带着他巡回全岛两个多月,让他见识到不同的成功业务代表,如何透过不同的方法,一样可以拿到业绩,「我那时心里有个想法:有人口
就有市场,有市场就有生意,我凭什么不能生存,重点只在于有没有找到切入或融入市场的办法而已。」</span></div>
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为了实地观察及接触马来西亚的市场,李芳信曾经开着租来的车,把行李丢在后车厢,长达两个多月没回家,跑遍整个西马。为了拓展业务,他带着电话簿及地图就
上路,看到地图上有农场就跑农场(卖动物药),有医院就跑医院,
路途上看到有诊所、药房,就直接走进去找老板,用简单的英文谈生意,当时连拿到500元的订单都可以让他高兴个半天。</span></div>
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为了要和当地人有共通话题可聊,他边跑业务还顺道观光,尤其那些只有本地人才会去的地方更要去尝试,作为和当地人博感情的谈话素材。
「我的策略是半步半步快快走,公司的人数也不是一路往上冲,而是视市场开拓状况加加减减、有进有退。」他认为所谓的水到渠成,就是得先挖好沟渠(做通
路),再来盖水库(盖工厂),才能免除过程中「水到了,却渠未成,而淹死人」的状况,因此李芳信足足做了4年代理,直到1990年才敢投下大笔资金兴建药
厂。</span></div>
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脑筋永远动得比人快的他,马上想到工厂落成后的销售通路问题,于是在兴建工厂的同时,在1991年进入新加坡设立贸易公司。</span></div>
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在马来西亚和新加坡打稳地基后,李芳信进一步把事业版图扩大至东南亚其他国家,除了菲律宾的工厂是接管以外,其余皆由他一手从零开始打造。</span></div>
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他的成功经验成为台商南进之借鉴,但他在峰会以“东盟(亚细安)崛起的机会与挑战”为题的论坛上却一语道破:“进入东南亚是假议题,因为十国都不一样!”</span></div>
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他直言,东南亚各国的民情、文化、宗教差异大,在一国成功的模式无法复制到另一国,每到一个国家都必须重新思考商业模式。</span></div>
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投资东南亚的另一挑战是确定定位问题,他认为台商南进的动机分五类:廉价劳工的取得、原物料的取得、跟进日本大厂、投入农林渔牧业、从事服务业;不同定位有不同战略,所以</span></div>
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要先了解自己才能展开拳脚。</span></div>
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李芳信特别提醒,跨国远距离管理是经营者管理能力的最大挑战,要诀在于保持自己信念的同时融入当地人的信念,“无法改变对方,就要改变自己”。</span></div>
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<span style="font-size: large;"><b><u>创业心得</u></b></span></div>
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<span style="font-size: large;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4e0fXp1WYBcHSBMjiYVH6Uh5_g2kgnHzVZLf_IMwo6fZGaP3zWRBzAQSR9TdninVhv5fUPyLGWy8TVl15anJj1mJJohJq9B2g-zIBHim3DInRBNJ1wwU6NG4wYHhWtmWc3GXy/s1600/03-03-2-1.gif" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="412" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4e0fXp1WYBcHSBMjiYVH6Uh5_g2kgnHzVZLf_IMwo6fZGaP3zWRBzAQSR9TdninVhv5fUPyLGWy8TVl15anJj1mJJohJq9B2g-zIBHim3DInRBNJ1wwU6NG4wYHhWtmWc3GXy/s640/03-03-2-1.gif" width="640" /></a></span></div>
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永信生产学名药(也称通用药,Generic Drugs,专利期已过的药),据李芳信介绍,这是个红海市场,而在红海的生存之道就是做决策的速度要够快,才能抢得先机。</span>
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他透露不少人曾向他讨教赚钱的方程式,他总是幽默回答:“除了服务好之外,品质一定要好,价钱贵一点,把它卖出去,讲完了。”他说完犹自哈哈大笑。</span>
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他接着认真解释,学名药这类产品很难有差异性,因此公司的服务、行销、形象成了胜出关键。所谓服务,即是了解产品和客户,有了充分了解才知道怎么提供最好的服务。</span>
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能言善道的他甚至拿银行来作比喻,指每家银行领出来的钞票都一样,不可能有差异性,但银行卖的产品其实并非钞票,而是服务和信用,这些都无法创造,得慢慢累积才会有成果。同样的,永信药品经过长时间累积,已在业界建立良好信誉。</span>
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当年到新马打拼,父亲李天德告诉他:“时间到了,你那些旧的朋友必须舍弃,你必须去认识新的朋友。”</span>
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这句话影响李芳信至深,他初到东南亚时便广结良缘,结果发现真的获益匪浅。经验告诉他,看书只能长知识,唯有与朋友讨论才能产生智慧去处理问题,很多时候对方的两句话有如醍醐灌顶,困难跟着迎刃而解。</span>
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他坦言,在近30年的创业过程中,也曾遭受很大的挫折跟伤害。好在他生性乐天,表示困难已忘得差不多了,只记得自己如何解决难题,以及从中吸取什么教训。</span></div>
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截至2015年12月31日,<span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif; line-height: 22.4px; text-align: justify;">【YSPSAH 永信东南亚】处于RM2.48的价位。</span></span><br />
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<span style="font-size: large;"><span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif; line-height: 22.4px; text-align: justify;">YSPSAH (7178) - 永信东南亚 (YSPSAH, 7178) - 紧抓住所描绘的梦想</span></span><br />
<span style="font-size: large;"><span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif; line-height: 22.4px; text-align: justify;"><br />http://invest-tactics141.blogspot.my/2016/01/yspsah.html</span></span><br />
<span style="font-size: large;"><span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif; line-height: 22.4px; text-align: justify;"><br />YSPSAH, YSPSAH (7178) 永信東南亞, 7178, CN7178, KLSE:YSPSAH, Investment, 股市战略特工141 </span><br />
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<span style="font-size: large;"><span style="color: #333333; font-family: Arial,Tahoma,Helvetica,FreeSans,sans-serif; line-height: 22.4px; text-align: justify;"><br /></span></span>Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-46864458428443667102015-12-09T15:44:00.002+08:002015-12-11T08:18:28.730+08:00YSPSAH (7178) 永信東南亞 - 斤经济较:冷门股试验:YSPSAH,SHH <span style="font-size: x-large;"><br /></span>
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<a name='more'></a><span style="font-size: x-large;">YSPSAH (7178) 永信東南亞 - 斤经济较:冷门股试验:YSPSAH,SHH </span><br />
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<span style="font-size: x-large;">之前说要做一个寻找冷门股的试验,</span></div>
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<span style="font-size: x-large;">其实一早就已经开始了,</span></div>
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<span style="font-size: x-large;">之所以没分享出来,</span></div>
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<span style="font-size: x-large;">是因为还在试验阶段,</span></div>
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<span style="font-size: x-large;">不想带大家去荷兰。</span></div>
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<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">第一支股选的是</span><span lang="en-US" style="font-family: "calibri";">YSPSAH</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
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<span style="font-size: x-large;">主要是看它忽然有很大的交易量,</span></div>
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<span style="font-size: x-large;">感觉上快要来了,</span></div>
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<span style="font-size: x-large;">加上是医药业,</span></div>
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<span style="font-size: x-large;">算是防御性股票,</span></div>
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<span style="font-size: x-large;">因为总是有人生病嘛,</span></div>
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<span style="font-size: x-large;">买的价位也蛮高的,</span></div>
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<span style="font-size: x-large;"><span lang="en-US" style="font-family: "calibri";">RM2.57</span><span lang="zh-CN" style="font-family: 宋体;">。</span></span></div>
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<span style="font-size: x-large;">怎知买了之后,</span></div>
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<span style="font-size: x-large;">就跟我不断跌,</span></div>
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</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">曾经一度跌到</span><span lang="en-US" style="font-family: "calibri";">RM2.3+</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">好不容易等到出业绩,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">而且是漂亮的业绩,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">一度冲上</span><span lang="en-US" style="font-family: "calibri";">RM2.7,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">但是还是掉回来,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">徘徊在</span><span lang="en-US" style="font-family: "calibri";">RM2.5+</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">还亏少少。</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;"><br /></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">第二支买入的是</span><span lang="en-US" style="font-family: "calibri";">SHH</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">主要原因是家私股现在很红,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">唯一出口家私而且还不红的,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">可以算是</span><span lang="en-US" style="font-family: "calibri";">SHH</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">新的一季业绩除了,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">盈利上涨</span><span lang="en-US" style="font-family: "calibri";">700%</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">但是股价上涨</span><span lang="en-US" style="font-family: "calibri";">5%</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">我觉得还有戏,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">所以隔天直接买入,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="en-US" style="font-family: "calibri";">RM2.18</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">怎知一买就跌,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">几天内跟我跌到</span><span lang="en-US" style="font-family: "calibri";">RM2.08</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">差不多</span><span lang="en-US" style="font-family: "calibri";">5%</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">今天忽然大涨</span><span lang="en-US" style="font-family: "calibri";">14%,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">算起来我还赚</span><span lang="en-US" style="font-family: "calibri";">10%</span><span lang="zh-CN" style="font-family: 宋体;">。</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;"><br /></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">经过这两只冷门股的经验后,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">我得出几个结论。</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">买冷门股</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span style="color: red;"><span lang="en-US" style="font-family: "calibri";">1 </span><span lang="zh-CN" style="font-family: 宋体;">要耐等</span></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">冷门股之所以叫冷门股,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">是因为没有什么人注意,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">所以就要等到人注意它,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">需要时间,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">它不像热门股一样,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">今天买明天就有行情。</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;"><br /></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span style="color: red;"><span lang="en-US" style="font-family: "calibri";">2 </span><span lang="zh-CN" style="font-family: 宋体;">要耐跌</span></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">当冷门股没有作为的时候,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">很多散户会一点一点卖掉,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">导致股价一点一点下跌,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">冷门股通常没有支撑力,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">所以你会看到你的股价不断下跌,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">但是如果它起的时候,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">一天就可以收复失地,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">好像</span><span lang="en-US" style="font-family: "calibri";">SHH</span><span lang="zh-CN" style="font-family: 宋体;">的</span><span lang="en-US" style="font-family: "calibri";">case</span><span lang="zh-CN" style="font-family: 宋体;">。</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;"><br /></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">比较起当红热门股,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">冷门股的策略要改变。</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span style="color: red;"><span lang="zh-CN" style="font-family: 宋体;">第一</span><span lang="en-US" style="font-family: "calibri";"> </span><span lang="zh-CN" style="font-family: 宋体;">等低一点的价格再买</span></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">热门股尤其是在牛市时,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">股价很快就冲了,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">如果你犹豫一下,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">可能就买不到了。</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">冷门股刚好相反,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">起的时候暴起,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">跌的时候慢慢跌,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">而且跌的时间比起的长,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">如果你想买冷门股,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">可以等它跌了一阵子过后,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">才买进。</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;"><br /></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span style="color: red;"><span lang="zh-CN" style="font-family: 宋体;">第二</span><span lang="en-US" style="font-family: "calibri";"> </span><span lang="zh-CN" style="font-family: 宋体;">止损点要放低一点</span></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">冷门股的跌幅通常比较大,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">因为冷门没有人排队买进,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">如果有大户要出货,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">会跌好一整子,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">很多时候会超过</span><span lang="en-US" style="font-family: "calibri";">10%</span><span lang="zh-CN" style="font-family: 宋体;">才反弹,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">如果你放止损点在</span><span lang="en-US" style="font-family: "calibri";">10%</span><span lang="zh-CN" style="font-family: 宋体;">,</span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">那么你就会错过之后的涨潮。</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;"><br /></span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span style="color: red;"><span lang="zh-CN" style="font-family: 宋体;">第三</span><span lang="en-US" style="font-family: "calibri";"> </span><span lang="zh-CN" style="font-family: 宋体;">股市大跌时,最先卖冷门股</span></span></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">当股市大跌时,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">很多散户会开始恐慌,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">然后大量抛售股票,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">冷门股的交易量本来就小,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">如果遇到这种恐慌型的散户,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">股价就会被他们砸得很惨,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">所以当股市忽然大跌,</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">最先放掉的就是冷门股。</span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;"><br /></span></div>
<span style="font-size: x-large;">
</span><br />
<div lang="zh-CN" style="font-family: 宋体; margin: 0in;">
<span style="font-size: x-large;">暂时可以分享的经验就这么多,</span></div>
<span style="font-size: x-large;">
</span><br />
<div style="margin: 0in;">
<span style="font-size: x-large;"><span lang="zh-CN" style="font-family: 宋体;">欢迎其它朋友来分享买冷门股的经历</span><span lang="en-US" style="font-family: "calibri";">^^</span></span></div>
<div style="margin: 0in;">
</div>
<div style="margin: 0in;">
<br />
<span style="font-size: x-large;"><span lang="en-US" style="font-family: "calibri";">http://moonitez89.blogspot.my</span></span></div>
Unknownnoreply@blogger.comtag:blogger.com,1999:blog-25058915.post-37872384366513251872015-05-15T12:06:00.001+08:002015-05-15T19:23:40.503+08:00YSPSAH (7178) - YSPSAH: Bottom-line soared <br />
<a name='more'></a><br /><br />
<div class="post-header">
</div>
<b>Background</b><br />
<br />
<div class="MsoNormal">
</div>
<div class="MsoNormal">
Y.S.P.Southeast Asia Holding Berhad (“YSPSAH”) is involved
in the importation, export, and tradeing of various kinds of pharmaceutical
products as well as the manufacturing of pharmaceutical products.</div>
<br />
<b>Latest Quarterly Results</b><br />
<br />
For QE31/3/2015, YSPSAH's net profit rose 33% q-o-q or 71% y-o-y to
RM9.3 million while revenue rose 8% q-o-q or 15% y-o-y to RM59.3
million. revenue rose q-o-q due to higher demand of the Group's products
especially from
export segment. Bottom-line improved due to higher revenue, more
efficient operations
and lower cost margin for product mix during the quarter under review. <br />
<br /><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdWQ-HFe7HuQUQvJtNuwCabOjMU1B1Ltp6ihHywZ4P-8pD3snag0wCd8Pe0QRMB08y78MrzRxGR1nXMcjzgnxrajrZKnF-W9fTQVanAnYXcYgfg8h_JBl2javIPbUGIUxXNF9W/s1600/YSPSAH's+8Qs.gif" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="125" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdWQ-HFe7HuQUQvJtNuwCabOjMU1B1Ltp6ihHywZ4P-8pD3snag0wCd8Pe0QRMB08y78MrzRxGR1nXMcjzgnxrajrZKnF-W9fTQVanAnYXcYgfg8h_JBl2javIPbUGIUxXNF9W/s320/YSPSAH's%2B8Qs.gif" width="320" /></a><i> </i><br />
<i>Table: YSPSAH's last 8 quarterly results</i><br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA-69BUSuupNOOlwTA5bGGjVY5u7Ii9QC0d749e-RxLNjKwK-i5zo5naZHInq0umKQCOyZ71iirkbf6CDJFiPEfkJB64XDWPFe-WcqXwmaP846F72SdriadzR_Vn7_UpqHcgcN/s1600/YSPAH's+12Ys.gif" style="margin-left: 1em; margin-right: 1em;">/<img border="0" height="271" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjA-69BUSuupNOOlwTA5bGGjVY5u7Ii9QC0d749e-RxLNjKwK-i5zo5naZHInq0umKQCOyZ71iirkbf6CDJFiPEfkJB64XDWPFe-WcqXwmaP846F72SdriadzR_Vn7_UpqHcgcN/s320/YSPAH's%2B12Ys.gif" width="320" /></a><br />
<i>Chart 1: </i><i><i>YSPSAH</i>s last 11 quarterly result</i><br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh16rUhh5U_tJK8E-_Hj6xN99351SBhBrJrbPOxI4OjJ-W5pxNCW9Nt8xN4R76QQzojy8DfxfeSnT9FmrXPgbCL-68ib4T-8OOOkXn2Z2QAKv-DmFTiECcmVfj7ZoJ5EcLFhSFQ/s1600/YSPAH's+11Qs.gif" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh16rUhh5U_tJK8E-_Hj6xN99351SBhBrJrbPOxI4OjJ-W5pxNCW9Nt8xN4R76QQzojy8DfxfeSnT9FmrXPgbCL-68ib4T-8OOOkXn2Z2QAKv-DmFTiECcmVfj7ZoJ5EcLFhSFQ/s320/YSPAH's%2B11Qs.gif" width="320" /></a>
<br />
<i>Chart 2: </i><i><i>YSPSAH</i>'s last 11 yearly result</i>
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<br />
<b>Financial Position</b><br />
<br />
As at 31/3/2015, YSPSAH's financial position is deemed satisfactory,
with current ratio at 4.4 times & gearing ratio at 0.3 times. Cash
balances stood at RM56 million before deducting loan & borrowings
totaling RM17 million & finance leases totaling RM7 million. After
netting off, the net cash balances stood at RM32 million (or, 24 sen
p.s.). <br />
<br />
<b>Valuation</b><br />
<br />
YSPSAH is rallying in early morning trades now. As at 9.30am, it trading
at RM1.80 or at a PE of 9 times
(based on last 4 quarters' EPS of 20.4 sen). At this PE, YSPSAH is
deemed undervalued. It could command a PE multiple of 10-12 times for a
smallcap pharmaceutical stock in the current environment.<br />
<br />
<b>Technical Outlook</b><br />
<br />
YSPSAH broke above its horizontal line at RM1.25 in June 2013 &
rallied to a high of RM1.85 in May 2014. Further upside would only come
if YSPSAH can break above the RM1.85 mark.<br />
<br />
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG4L2cNH098g8kwJ8_qj_m_q0zUwDtwsYtTxGnwJDqPkB3sofoj-lSJYHkfIzbdLzR8IaUDeIVq4vxzLA_wuj1vaDNXFgEmp4KR8ilF63x0EEWea9QKYXlHaNlBeO4cvtwKoSo/s1600/YSPAH+m20150514.gif" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgG4L2cNH098g8kwJ8_qj_m_q0zUwDtwsYtTxGnwJDqPkB3sofoj-lSJYHkfIzbdLzR8IaUDeIVq4vxzLA_wuj1vaDNXFgEmp4KR8ilF63x0EEWea9QKYXlHaNlBeO4cvtwKoSo/s320/YSPAH+m20150514.gif" width="256" /></a><br />
<i>Chart 3: </i><i><i>YSPSAH</i>'s monthly chart as at May 14, 2015 (Source: ShareInvestor,c</i>om)<br />
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<b>Conclusion</b><br />
<br />
Based on improved financial performance, healthy financial position
& attractive valuation, YSPSAH could be a good stock for long-term
investment.<br />
<br />
<b>Note: </b><br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: Arial; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">In
addition to the disclaimer in the preamble to my blog, I hereby confirm
that I do not have any relevant interest in, or any interest in
the acquisition or disposal of, YSPSAH.</span></b><br />
<br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: Arial; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;">YSPSAH (7178)</span></b><br />
<br />
<b style="mso-bidi-font-weight: normal;"><span style="font-family: Arial; font-size: 12.0pt; mso-ansi-language: EN-US; mso-bidi-language: AR-SA; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-US;"> </span></b><a href="http://nexttrade.blogspot.com/" target="_blank">nexttrade</a>Unknownnoreply@blogger.com