Tuesday, 22 August 2017

ANN JOO RESOURCES BERHAD 22.8.2017

Prospects

The global steel market, and the long product segment in particular, witnessed a surge in steel prices since the beginning of the second half of the year (“2H17”) given the China government’s continued efforts to curb steel capacity and, importantly, the elimination of induction furnaces.

For the remaining period of 2017, the Group remains optimistic about its prospects given the following fundamental drivers:

a. Global steel supply is expected to be affected by:
i. Potential output cuts by Chinese steel mills over winter; and
ii. Potential production constraints faced by electric arc furnace operators globally given shortages in graphite electrodes worldwide. 

This expected demand-supply imbalance should enable the Group to be in an advantageous position as a hybrid Blast Furnace-Electric Arc Furnace (“BF-EAF”) operator with high degree of operational flexibility.

The Group’s cost competitiveness will continue to drive its cost-leadership in the construction steel sector.

b. The expected upturn in construction steel demand from infrastructure and large-scale property development projects in Malaysia and most of the ASEAN countries, which are expected to ramp up in the latter part of 2017.

Nevertheless, shortage of foreign labour remains a potential issue for the construction industry which may temporarily affect domestic demand for construction steel.

The Group remains highly responsive to market changes and agile in sales mix and, in event of temporary lulls in domestic demand, the Group is able to rapidly increase its exports to meet regional demand.

c. Decreased import tonnage of billets from China given high domestic prices and ample infrastructure-driven demand in China.

The Group is well positioned to capitalise on export market opportunities within Asean region given large regional demand, fluctuating China supply and prolonged lead time for supply from Middle East and other regions.


Given the fundamental drivers mentioned above and continued enhancements in operating efficiency, the Group’s performance is expected to remain satisfactory for the remaining period of 2017.

INARI AMERTRON BERHAD 22.8.2017

Commentary on Prospects

Gartner Inc reported in their July 2017 press release that the worldwide semiconductor revenue is forecast to total USD401.4 billion in 2017, an increase of 16.8 percent from year 2016.  This will be the first time semiconductor revenue has surpassed USD400 billion.

The World Semiconductor Trade Statistics (WSTS) has in its semiconductor market forecast spring 2017 projects that the worldwide semiconductor market growth is expected to continue through in 2018 with all major product categories and regions are forecasted to grow with the overall market by 2.7%, followed by a slight decrease of 0.2% in 2019. 

In July 2017, IMF in its World Economic Outlook Update maintained the world economy growth projection of 3.5% in 2017 and 3.6% in 2018. The unchanged global growth projections mask somewhat different contributions at the country level. For the world’s two largest economies,

  • the growth forecast in the United States has been revised downward is based on the assumption that fiscal policy will be less expansionary going forward than previously anticipated, given the uncertainty about the timing and nature of fiscal policy changes and the market expectations of fiscal stimulus have also receded; 
  • China’s growth projection was revised up, reflecting the stronger than expected outturn in the first quarter of 2017 underpinned by previous policy easing and supply-side reforms and expectations of continued supportive fiscal policy from the government. 


For the new financial year ending 30 June 2018, the Group remains cautiously optimistic in delivering positive performance from our continuing manufacturing activities in the Wireless RF and Optoelectronics operations including the latest iris scan product manufacturing in line with projected industry performance and growth outlook in the worldwide semiconductor industry.

The Group also continues to work on new manufacturing projects to enhance its overall growth.  

DAGANG NEXCHANGE BERHAD 22.8.2017

Prospects for 2017

The Group’s Information Technology business continues to firm up its e-services by broadening its product range in business-to-business segment to complement the Group’s position in delivering business-to-government services.

The award to supply Portable Container Systems (“PCS”) for petroleum products by Petro Teguh (M) Sdn Bhd, is in line with our plan to pursue opportunistic contracting work in Oil & Gas downstream sector leveraging on OGPC’s expertise in delivering innovative engineered systems in short-cycle projects. This PCS project augurs well with our strategy to expand on the Group’s Energy division and further strengthen this business segment and provide growth moving forward.

Barring any unforeseen circumstances, the Group expects to deliver positive results for the year 2017.


SUMMARY OF KEY FINANCIAL INFORMATION
30 Jun 2017

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30 Jun 2017
30 Jun 2016
30 Jun 2017
30 Jun 2016
$$'000
$$'000
$$'000
$$'000
1Revenue
49,108
47,421
92,933
74,313
2Profit/(loss) before tax
13,308
91,531
29,451
97,803
3Profit/(loss) for the period
11,664
89,776
26,667
94,456
4Profit/(loss) attributable to ordinary equity holders of the parent
11,929
89,500
27,009
94,873
5Basic earnings/(loss) per share (Subunit)
0.68
11.54
1.55
12.24
6Proposed/Declared dividend per share (Subunit)
0.50
0.00
0.50
1.00


AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7Net assets per share attributable to ordinary equity holders of the parent ($$)
0.2400
0.2300

Maybulk (22.8.2017)

Prospect

The Baltic dry index averaged 1,006 points in Q2 2017.

China continues to import a record amount of iron ore and if the current level of buying is sustained into the second half of the year, China’s iron ore imports will exceed last year’s record of 1.024 billion metric tons and will help mitigate the reduced Indian coal imports.

The IMO recently announced that they would delay the deadline for the implementation of ballast water management system (“BWTS deadline”) on existing ships until the first statutory docking survey after 2019 against the original deadline of September 2017. With the delay in the BWTS deadline, owners may decide to defer the scrapping of older vessels and continue trading which is not positive for the freight market.

The outlook for the oil and gas sector continues to remain depressed and the timing of recovery is uncertain. This will continue to have a negative impact on the financial performance of our associate, POSH as well as MBC.

The Board is encouraged by the improving dry bulk market but remains concerned over the depressed offshore services segment and its adverse impact on the overall MBC’s performance. 

Dutch Lady (22.8.2017)




Revenue in current quarter increased by 7% compared to preceding year's corresponding quarter.

Lower profit before tax by 16% compared to last year, was due to higher material prices.

Revenue for first half of 2016 grew by 3.5% compared to corresponding period in 2016.

Lower profit before tax of 12.5% driven by higher material prices.


SUMMARY OF KEY FINANCIAL INFORMATION
30 Jun 2017

 
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30 Jun 2017
30 Jun 2016
30 Jun 2017
30 Jun 2016
$$'000
$$'000
$$'000
$$'000
1Revenue
263,540
246,685
513,640
496,470
2Profit/(loss) before tax
42,686
51,099
84,790
96,885
3Profit/(loss) for the period
32,233
36,709
64,155
70,596
4Profit/(loss) attributable to ordinary equity holders of the parent
32,233
36,709
64,155
70,596
5Basic earnings/(loss) per share (Subunit)
50.35
57.35
100.20
110.30
6Proposed/Declared dividend per share (Subunit)
0.00
0.00


AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7Net assets per share attributable to ordinary equity holders of the parent ($$)
1.8900
2.590

Parkson Retail Group HK (22.8.2017)

Parkson Retail Group
21.8.2017

INCOME STATEMENT
HKD Millions.
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 4,830 …. 5,221 …. 5,693 …. 5,724 …. 5,470
GrProf …. 1,614 …. 2,133 …. 2,628 …. 2,808 …. 1,837
EBIT …. (208) …. (111) …. 630 …. 676 …. -
Int Exp …. 195 …. 205 …. 188 …. 210 …. 133
PBT …. 692 …. (161) …. 436 …. 726 …. 1,421
Tax …. 527 …. 79 …. 165 …. 301 …. 397
PAT …. 172 …. (230) …. 296 …. 446 …. 1,046
EPS (Dil) …. 0.07 …. -0.09 …. 0.11 …. 0.16 …. 0.37
No of shr (Dil) …. 2,650.0 …. 2,705.0 …. 2,777.0 …. 2,808.0 …. 2,814.0



GP Marg …. 33.42% …. 40.85% …. 46.16% …. 49.06% …. 33.58%
PBT Marg …. 14.33% …. -3.08% …. 7.66% …. 12.68% …. 25.98%
NP Marg …. 3.56% …. -4.41% …. 5.20% …. 7.79% …. 19.12%
EBIT/Int …. -1.1 …. -0.5 …. 3.4 …. 3.2 …. #VALUE!



BALANCE SHEET
HKD Millions.
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 7,005 …. 5,515 …. 7,221 …. 8,353 …. 7,320
NCA …. 7,685 …. 10,270 …. 10,202 …. 9,201 …. 8,349
TA …. 14,690 …. 15,785 …. 17,423 …. 17,554 …. 15,669

CL …. 4,276 …. 4,521 …. 5,400 …. 5,202 …. 8,027
NCL …. 4,974 …. 5,249 …. 4,950 …. 5,075 …. 599
TL …. 9,250 …. 9,770 …. 10,350 …. 10,277 …. 8,626
Eq …. 5,440 …. 6,014 …. 7,074 …. 7,277 …. 7,043
TL+Eq …. 14,690 …. 15,785 …. 17,423 …. 17,554 …. 15,669



Cash …. 5,831 …. 4,002 …. 6,267 …. 6,349 …. 6,167
ST Debt …. 601 …. 769 …. 875 …. - …. 3,099
LT Debt …. 269 …. 141.4 …. 56.6 …. 188.4 …. -
Total Debt …. 870 …. 910 …. 932 …. #VALUE! …. #VALUE!

Inventories …. 411 …. 466 …. 519 …. 540 …. 479
AR …. 134 …. 98 …. 245 …. 238 …. 301
AP …. 1,655 …. 1,783 …. 2,267 …. 2,508 …. 2,360

CA-CL …. 2,729 …. 994 …. 1,821 …. 3,151 …. (707)

TD/Eq …. 16.0% …. 15.1% …. 13.2% …. #VALUE! …. #VALUE!
TD/TA …. 5.9% …. 5.8% …. 5.3% …. #VALUE! …. #VALUE!
TL/TA …. 63.0% …. 61.9% …. 59.4% …. 58.5% …. 55.1%

CR …. 1.64 …. 1.22 …. 1.34 …. 1.61 …. 0.91
QR …. 1.54 …. 1.12 …. 1.24 …. 1.50 …. 0.85



CE …. 16,245 …. 15,266 …. 18,290 …. 18,701 …. 13,809

Average of 2 years
CE (Avg) …. 15,756 …. 16,778 …. 18,496 …. 16,255 ….
TA (Avg) …. 15,238 …. 16,604 …. 17,489 …. 16,612 ….
Eq (Avg) …. 5,727 …. 6,544 …. 7,176 …. 7,160 ….






CASH FLOW STATEMENT
HKD Millions.
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 707 …. (146) …. 474 …. 771 …. 1,478
D&A …. 563 …. 500 …. 508 …. 489 …. 360
FFO …. 214 …. 202 …. 872 …. 887 …. 1,495
CWC …. 222 …. (693) …. (365) …. 3 …. (234)
NetOCF …. 436 …. (491) …. 507 …. 890 …. 1,261

Capex …. (497) …. (1,117) …. (753) …. (1,282) …. (658)

FCF …. (56) …. (1,578) …. (244) …. (391) …. 608
Dividends …. (31) …. (167) …. (175) …. (426) …. (622)

RE …. 676 …. (313) …. 299 …. 345 …. 856
Owner's Cash …. 773 …. (763) …. 229 …. (22) …. 1,180
FFO less Capex …. -283 …. -915 …. 119 …. -395 …. 837


NetOCF/Net Inc …. 61.7% …. 336.3% …. 107.0% …. 115.4% …. 85.3%
FCF/Net Inc …. -7.9% …. 1080.8% …. -51.5% …. -50.7% …. 41.1%
Capex/Net Inc …. 70.3% …. -765.1% …. 158.9% …. 166.3% …. 44.5%
Capex/NetOCF …. 114.0% …. -227.5% …. 148.5% …. 144.0% …. 52.2%
Capex/D&A …. 88.3% …. 223.4% …. 148.2% …. 262.2% …. 182.8%
DPO ratio …. 4.4% …. -114.4% …. 36.9% …. 55.3% …. 42.1%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 0.85 …. 1.01 …. 1.98 …. 2.00 …. 4.80
Market cap (m) …. 2,253 …. 2,732 …. 5,498 …. 5,616 …. 13,507

ROCE …. -1.3% …. -0.7% …. 3.4% …. 4.2% …. #VALUE!
ROA …. 1.1% …. -1.4% …. 1.7% …. 2.7% …. #DIV/0!
ROE …. 3.0% …. -3.5% …. 4.1% …. 6.2% …. #DIV/0!

FCF/Revenues …. -1.2% …. -30.2% …. -4.3% …. -6.8% …. 11.1%

FCF/Mkt Cap …. 0.0% …. -0.1% …. 0.0% …. 0.0% …. 0.0%
DY …. 1.4% …. 6.1% …. 3.2% …. 7.6% …. 4.6%

Mkt. cap/Equity (P/B) …. 0.41 …. 0.45 …. 0.78 …. 0.77 …. 1.92
Mkt. cap/Net Inc (P/E) …. 13.10 …. -11.88 …. 18.58 …. 12.59 …. 12.91



Today's Price HK …. 1.15
Shares (m) …. 2,650.0
Market cap (m) today …. 3,048

Mkt. cap/Equity (P/B) …. 0.56
Mkt. cap/Net Inc (PE) …. 17.72




Pentamaster (22.8.2017)


Pentamaster
21.8.2017

INCOME STATEMENT
Thousands
Year …. T4Q
Revenues …. 170,580
PBT …. 33,609
PAT …. 34,346
EPS (RM) …. 0.2118
No of shr (m) …. 146.7

PBT Marg …. 19.70%
NP Marg …. 20.13%


------------------------------



Pentamaster
21.8.2017

INCOME STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Revenues …. 151,939 …. 83,604 …. 81,047 …. 67,344 …. 56,896
GrProf …. 47,868 …. 23,831 …. 20,845 …. 11,788 …. 9,472
EBIT …. 27,514 …. 11,640 …. 5,759 …. 28 …. (3,979)
Int Exp …. 94 …. 10 …. 258 …. 358.2 …. 566
PBT …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
Tax …. (747) …. 2,392 …. 1,309 …. 1,066 …. 52
PAT …. 27,028 …. 11,953 …. 4,531 …. 2,385 …. (1,333)
EPS (Dil) …. 0.19 …. 0.09 …. 0.03 …. 0.02 …. -0.01
No of shr (Dil) …. 144,072.2 …. 133,265.0 …. 133,243.1 …. 133,243.1 …. 133,243.1



GP Marg …. 31.51% …. 28.50% …. 25.72% …. 17.50% …. 16.65%
PBT Marg …. 18.98% …. 17.56% …. 9.07% …. 5.82% …. -3.66%
NP Marg …. 17.79% …. 14.30% …. 5.59% …. 3.54% …. -2.34%
EBIT/Int …. 293.6 …. 1187.7 …. 22.3 …. 0.1 …. -7.0



BALANCE SHEET
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
CA …. 94,749 …. 43,656 …. 43,563 …. 35,579 …. 36,774
NCA …. 48,723 …. 52,899 …. 46,490 …. 51,294 …. 56,757
TA …. 143,471 …. 96,555 …. 90,053 …. 86,873 …. 93,531

CL …. 30,578 …. 14,927 …. 22,845 …. 24,483 …. 31,299
NCL …. 269 …. 2,646 …. 4,266 …. 3,129 …. 2,591
TL …. 30,847 …. 17,573 …. 27,111 …. 27,612 …. 33,890
Eq …. 112,174 …. 77,851 …. 62,942 …. 56,879 …. 54,067
TL+Eq …. 143,471 …. 96,555 …. 90,053 …. 86,873 …. 93,531



Cash …. 33,406 …. 15,388 …. 10,359 …. 4,899 …. 5,112
ST Debt …. 178 …. 101 …. 132 …. 6,507 …. 10,642
LT Debt …. 269 …. 141.4 …. 56.6 …. 188.4 …. -
Total Debt …. 447 …. 243 …. 188 …. 6,695 …. #VALUE!

Inventories …. 17,617 …. 6,543 …. 11,105 …. 10,738 …. 11,085
AR …. 41,530 …. 20,784 …. 20,387 …. 18,790 …. 19,942
AP …. 2,799 …. 3,280 …. 602 …. 653 …. 944

CA-CL …. 64,171 …. 28,729 …. 20,718 …. 11,096 …. 5,475

TD/Eq …. 0.4% …. 0.3% …. 0.3% …. 11.8% …. #VALUE!
TD/TA …. 0.3% …. 0.3% …. 0.2% …. 7.7% …. #VALUE!
TL/TA …. 21.5% …. 18.2% …. 30.1% …. 31.8% …. 36.2%

CR …. 3.10 …. 2.92 …. 1.91 …. 1.45 …. 1.17
QR …. 2.52 …. 2.49 …. 1.42 …. 1.01 …. 0.82



CE …. 146,300 …. 97,016 …. 77,568 …. 67,289 …. 67,344

Average of 2 years
CE (Avg) …. 121,658 …. 87,292 …. 72,428 …. 67,316 ….
TA (Avg) …. 120,013 …. 93,304 …. 88,463 …. 90,202 ….
Eq (Avg) …. 95,013 …. 70,396 …. 59,910 …. 55,473 ….






CASH FLOW STATEMENT
Thousands
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Net Inc …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
D&A …. 8,356 …. 4,436 …. 3,928 …. 6,315 …. 5,545
FFO …. 35,899 …. 13,454 …. 11,127 …. 6,314 …. 4,784
CWC …. (17,999) …. (5,405) …. 913 …. (771) …. (8,571)
NetOCF …. 17,899 …. 8,050 …. 12,040 …. 5,543 …. (3,787)

Capex …. (4,288) …. (3,790) …. (2,125) …. (1,787) …. (65)

FCF …. 14,084 …. 4,969 …. 11,632 …. 5,314 …. (3,852)
Dividends …. - …. - …. - …. - …. -
RE …. 28,838 …. 14,682 …. 7,352 …. 3,918 …. (2,083)
Owner's Cash …. 32,906 …. 15,328 …. 9,154 …. 8,447 …. 3,397
FFO less Capex …. 31,611 …. 9,664 …. 9,002 …. 4,527 …. 4,719


NetOCF/Net Inc …. 62.1% …. 54.8% …. 163.8% …. 141.5% …. 181.8%
FCF/Net Inc …. 48.8% …. 33.8% …. 158.2% …. 135.6% …. 184.9%
Capex/Net Inc …. 14.9% …. 25.8% …. 28.9% …. 45.6% …. -3.1%
Capex/NetOCF …. 24.0% …. 47.1% …. 17.7% …. 32.2% …. -1.7%
Capex/D&A …. 51.3% …. 85.4% …. 54.1% …. 28.3% …. 1.2%
DPO ratio …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013 …. 2012
Share Price RM …. 1.70 …. 0.71 …. 0.49 …. 0.22 …. 0.21
Market cap (m) …. 245 …. 95 …. 65 …. 29 …. 27

ROCE …. 22.6% …. 13.3% …. 8.0% …. 0.0% …. #DIV/0!
ROA …. 22.5% …. 12.8% …. 5.1% …. 2.6% …. #DIV/0!
ROE …. 28.4% …. 17.0% …. 7.6% …. 4.3% …. #DIV/0!

FCF/Revenues …. 9.3% …. 5.9% …. 14.4% …. 7.9% …. -6.8%

FCF/Mkt Cap …. 5.8% …. 5.3% …. 17.8% …. 18.1% …. -14.1%
DY …. 0.0% …. 0.0% …. 0.0% …. 0.0% …. 0.0%

Mkt. cap/Equity (P/B) …. 2.18 …. 1.22 …. 1.04 …. 0.52 …. 0.51
Mkt. cap/Net Inc (PE) …. 9.06 …. 7.92 …. 14.41 …. 12.29 …. -20.50



Today's Price RM …. 4.71
Shares (m) …. 146.653
Market cap (m) today …. 691

Mkt. cap/Equity (P/B) …. 6.16
Mkt. cap/Net Inc (PE) …. 20.11





Pentamaster
Quarterly Report History


Qtr Financial Revenue PBT  Net Profit PBT 
No Quarter (RM,000) (RM,000) (RM,000)
Margin
1 31-Mar-17 47,572 9,341   7,538 19.6%
4 31-Dec-16 43,476 7,337   9,548 16.9%
3 30-Sep-16 40,684 8,377   7,315 20.6%
2 30-Jun-16 38,848 8,554   6,664 22.0%
1 31-Mar-16 28,599 4,238   3,169 14.8%
4 31-Dec-15 19,256 2,411   1,482 12.5%
3 30-Sep-15 20,908 6,826   5,469 32.6%
2 30-Jun-15 24,089 4,021   3,251 16.7%
1 31-Mar-15 19,351 1,424   1,751 7.4%
4 31-Dec-14 22,293 3,109   2,114 13.9%
3 30-Sep-14 22,307 2,439   2,011 10.9%
2 30-Jun-14 26,689 2,544   1,607 9.5%
Qtr Financial EPS (Cent) ttm-EPS Dividend NTA
No Quarter (Cent) (Cent) (Cent) (RM)
1 31-Mar-17 5.14 21.21 0 0.79
4 31-Dec-16 6.51 18.38 0 0.733
3 30-Sep-16 4.99 12.98 0 0.671
2 30-Jun-16 4.57 12.09 0 0.621
1 31-Mar-16 2.31 9.96 0 0.576
4 31-Dec-15 1.11 8.96 0 0.554
3 30-Sep-15 4.1 9.44 0 0.539
2 30-Jun-15 2.44 6.85 0 0.498
1 31-Mar-15 1.31 5.62 0 0.474
4 31-Dec-14 1.59 #### 0 0.462
3 30-Sep-14 1.51 #### 0 0.446
2 30-Jun-14 1.21 #### 0 0.431