LOG GRAPH
AT A GLANCE
Showing posts with label QL. Show all posts
Showing posts with label QL. Show all posts
Tuesday, 23 April 2024
Friday, 1 March 2024
Thursday, 22 February 2024
Friday, 1 March 2019
QL Resources (Kenanga Research)
QL Resources Bhd - 9M19 Broadly Within Expectations
9M19 PATAMI of RM173.5m (+11%) and absence of dividends are within expectations. Better marine segment’s yield and expanding base of the integrated livestock segment as well as the eventual turn-around of the group’s convenience store chain could translate well to the group’s long-term profitability. We maintain our UP rating and TP of RM5.70.
9M19 broadly within. 9M19 PATAMI of RM173.5m is deemed broadly within our/consensus estimates, making up 81%/76% of respective fullyear expectations. No dividend announced, as expected. The group typically pays a single interim dividend annually; expected to be 4.5 sen for FY19.
YoY, 9M19 revenue of RM2.72b (+10%) was thanks to higher catch rates from the marine products manufacturing (MPM) segment and growth in output and sales from integrated livestock farming (ILF). Palm oil activities (POA) continued to be weaker from softer CPO prices and unsold inventories. Regardless, PBT grew slightly by 9% thanks to stronger results from the two divisions mentioned above. 9M19 PATAMI registered at RM173.5m (+11%) after incurring lower effective taxes of 14.5% (0.8ppt).
QoQ, 3Q19 revenue of RM978.9m grew by 6% on the back stronger sales from both MPM and ILF. PBT soared by 39% due to better margins from MPM and POA due to better conditions leading to higher catch rates and FFB yields, respectively. ILF, however, continued to churn stable margins. Due to higher effective taxes during the quarter (19%, +10.8ppt), 3Q19 PATAMI closed at RM69.1m (+14%).
On better steps. The continued growth in the MPM segment presents a welcomed change as it was previously bogged down by highly unfavourable weather conditions, which lowered catch rates. Further gains could come from its new surimi plant and fleet expansion. The POA segment may trail poorly if weak CPO prices persist. Still, contribution from this segment could remain less meaningful to the group as opposed to its other businesses (i.e. <10 120="" achieves="" against="" and="" base="" bases="" br="" buffer="" by="" chain="" commodity="" convenience="" could="" demonstrated="" detrimental="" expected="" familymart="" feed="" fluctuations="" from="" further="" fy20="" generate="" group="" growth="" had="" hand="" has="" ilf="" in="" indonesia.="" is="" it="" its="" local="" locations.="" market.="" milling="" of="" on="" optimal="" other="" pbt="" players="" potential="" production="" profits="" progressively="" proven="" provide="" s="" some="" store="" strong="" the="" to="" vietnam="" when="" which="">Post results, we leave our FY19E/FY20E assumptions unchanged.
Maintain UNDERPERFORM and TP of RM5.70. Our valuation is based on an unchanged 40.0x FY20E PER (within the stock’s +1.5SD over its 3- year mean PER). We believe the rich valuation is reflective of a higher investor appetite, attributed to the stock’s defensive quality in the consumer staples space. However, we also believe that current trading valuation could be excessive due to its: (i) low dividend prospects at c.1% (vs. best peer’s yield of 4%), and (ii) slower earnings growth expectations c.6% (vs. peers’ average of +10%).
Risks to our call include: (i) significant improvement to MPM sales, (ii) significant uptick in palm oil prices and sales volume, (iii) better-than expected demand of poultry products abroad.
Source: Kenanga Research - 1 Mar 2019
9M19 PATAMI of RM173.5m (+11%) and absence of dividends are within expectations. Better marine segment’s yield and expanding base of the integrated livestock segment as well as the eventual turn-around of the group’s convenience store chain could translate well to the group’s long-term profitability. We maintain our UP rating and TP of RM5.70.
9M19 broadly within. 9M19 PATAMI of RM173.5m is deemed broadly within our/consensus estimates, making up 81%/76% of respective fullyear expectations. No dividend announced, as expected. The group typically pays a single interim dividend annually; expected to be 4.5 sen for FY19.
YoY, 9M19 revenue of RM2.72b (+10%) was thanks to higher catch rates from the marine products manufacturing (MPM) segment and growth in output and sales from integrated livestock farming (ILF). Palm oil activities (POA) continued to be weaker from softer CPO prices and unsold inventories. Regardless, PBT grew slightly by 9% thanks to stronger results from the two divisions mentioned above. 9M19 PATAMI registered at RM173.5m (+11%) after incurring lower effective taxes of 14.5% (0.8ppt).
QoQ, 3Q19 revenue of RM978.9m grew by 6% on the back stronger sales from both MPM and ILF. PBT soared by 39% due to better margins from MPM and POA due to better conditions leading to higher catch rates and FFB yields, respectively. ILF, however, continued to churn stable margins. Due to higher effective taxes during the quarter (19%, +10.8ppt), 3Q19 PATAMI closed at RM69.1m (+14%).
On better steps. The continued growth in the MPM segment presents a welcomed change as it was previously bogged down by highly unfavourable weather conditions, which lowered catch rates. Further gains could come from its new surimi plant and fleet expansion. The POA segment may trail poorly if weak CPO prices persist. Still, contribution from this segment could remain less meaningful to the group as opposed to its other businesses (i.e. <10 120="" achieves="" against="" and="" base="" bases="" br="" buffer="" by="" chain="" commodity="" convenience="" could="" demonstrated="" detrimental="" expected="" familymart="" feed="" fluctuations="" from="" further="" fy20="" generate="" group="" growth="" had="" hand="" has="" ilf="" in="" indonesia.="" is="" it="" its="" local="" locations.="" market.="" milling="" of="" on="" optimal="" other="" pbt="" players="" potential="" production="" profits="" progressively="" proven="" provide="" s="" some="" store="" strong="" the="" to="" vietnam="" when="" which="">Post results, we leave our FY19E/FY20E assumptions unchanged.
Maintain UNDERPERFORM and TP of RM5.70. Our valuation is based on an unchanged 40.0x FY20E PER (within the stock’s +1.5SD over its 3- year mean PER). We believe the rich valuation is reflective of a higher investor appetite, attributed to the stock’s defensive quality in the consumer staples space. However, we also believe that current trading valuation could be excessive due to its: (i) low dividend prospects at c.1% (vs. best peer’s yield of 4%), and (ii) slower earnings growth expectations c.6% (vs. peers’ average of +10%).
Risks to our call include: (i) significant improvement to MPM sales, (ii) significant uptick in palm oil prices and sales volume, (iii) better-than expected demand of poultry products abroad.
Source: Kenanga Research - 1 Mar 2019
Monday, 11 April 2016
QL 11.4.2016
Top Chart: Chart of Revenue, PBT and EPS.over 13 years
Revenue = Red line
PBT = Green line
EPS = Blue line
Bottom Chart: Chart of EPS, High Price and Low Price over the last 13 years
EPS = Brown line
High Price = Blue line
Low Price = Purple line
Friday, 12 October 2012
QL Resources Bhd (23.8.2012)
Date announced 23-Aug-2012
Quarter 30/6/2012
Qtr 1
FYE 31/3/2013
STOCK QL
C0DE 7084
Price $ 3.3
Curr. PE (ttm-Eps) 20.22
Curr. DY 1.36%
| Dividends | % chg | |
| Curr. FY0 | 4.50 | 5.9% |
| Prev FY1 | 4.25 | 36.0% |
| Prev FY2 | 3.13 | |
| Curr. DY | 1.36% | |
| Risk vs Returns | ||
| Upside | 3.96 | 80% |
| Downside | 1.00 | 20% |
| Returns | ||
| One Yr Apprec Pot. | 10% | |
| Avg Yield | 3% | |
| Avg Tot. Ann Return | 13% | |
| (for next 5 years) | ||
| INPUT VARIABLES | ||
| Today's Share Pr $ | 3.30 | |
| EPS GR % | 15% | |
| Avg H. PE | 15.0 | |
| Avg. L. PE | 12.0 | |
| Rec. Severe Low Pr | 2.89 | |
| Current PE | 20.22 | |
| Signature PE | 13.50 | |
| RV | 150% | |
| Rational Price | 2.20 | |
| Dividends | ||
| Present Dividend | 4.50 | |
| Avg % DPO | 28% | |
| Present Div Yield | 1.36% | |
| Present High Yield | 1.56% | |
| EPS G. RATE | 15% | |
| Present Market Pr. | 3.30 | |
Saturday, 23 June 2012
Investor's Checklist: Consumer Services
Most consumer services concepts fail in the long run, so any investment in a company in the speculative or aggressive growth stage of the business life cycle needs to be monitored more closely than the average stock investment.
Beware of stocks that have already priced in lofty growth expectations. You can make money if you get in early enough, but you can also lose your shirt on the stock's rapid downslide.
The sector is rife with low switching costs. Companies that establish store loyalty or store dependence are very attractive. Tiffany's is a good example; it faces limited competition in the retail jewelery market.
Make sure to compare inventory and payables turns to determine which retailers are superior operators. Companies that know what their customers want and how to exploit their negotiating power are more likely to make solid bets in the sector.
Keep an eye on those off-balance sheet obligations. Many retailers have little or no debt on the books, but their overall financial health might not be that good.
Look for a buying opportunity when a solid company releases poor monthly or quarterly sales numbers. Many investors overreact to one month's worth of bad same-store sales results, and the reason might just be bad weather or an overly difficult comparison to the prior-year period. Focus on the fundamentals of the business and not the emotion of the stock.
Companies also tend to move in tandem when news comes out about the economy. Look for a chance to pick up shares of a great retailer when the entire sector falls - keep that watch list handy.
Ref: The Five Rules for Successful Stock Investing by Pat Dorsey
Read also:
Investor's Checklist: A Guided Tour of the Market...
Beware of stocks that have already priced in lofty growth expectations. You can make money if you get in early enough, but you can also lose your shirt on the stock's rapid downslide.
The sector is rife with low switching costs. Companies that establish store loyalty or store dependence are very attractive. Tiffany's is a good example; it faces limited competition in the retail jewelery market.
Make sure to compare inventory and payables turns to determine which retailers are superior operators. Companies that know what their customers want and how to exploit their negotiating power are more likely to make solid bets in the sector.
Keep an eye on those off-balance sheet obligations. Many retailers have little or no debt on the books, but their overall financial health might not be that good.
Look for a buying opportunity when a solid company releases poor monthly or quarterly sales numbers. Many investors overreact to one month's worth of bad same-store sales results, and the reason might just be bad weather or an overly difficult comparison to the prior-year period. Focus on the fundamentals of the business and not the emotion of the stock.
Companies also tend to move in tandem when news comes out about the economy. Look for a chance to pick up shares of a great retailer when the entire sector falls - keep that watch list handy.
Ref: The Five Rules for Successful Stock Investing by Pat Dorsey
Read also:
Investor's Checklist: A Guided Tour of the Market...
Friday, 22 June 2012
Investor's Checklist: Consumer Goods
Find companies that enjoy the cost advantages of manufacturing on a larger scale than most other competitors. One related issue is whether the firm holds dominant market share in its categories.
Look for the firms that consistently launch successful new products - all the better if the firm is first to market with these innovations.
Check to see if the company is supporting its brand with consistent advertising. If the firm constantly promotes its products with sale prices, it's depleting brand equity and just milking the brand for shorter-term gain.
Examine how well the firm is handling operating costs. Occasional restructuring can help squeeze out efficiency gains and lower costs, but if the firm is regularly incurring restructuring costs and relying solely on this cost-cutting tactic to boost its business, tread carefully.
Because these mature firms generate so much free cash flow, it's important to make sure management is using it wisely. How much of the cash is turned over to shareholders in the form of dividends or share repurchase agreements?
Keep in mind that investors may bid up a consumer goods stock during economic downturns, making the shares pricey relative to its fair value. Look for buying opportunities when shares trade with a 20 percent to 30 percent margin of safety.
Ref: The Five Rules for Successful Stock Investing by Pat Dorsey
Read also:
Investor's Checklist: A Guided Tour of the Market...
Read also:
Investor's Checklist: A Guided Tour of the Market...
Sunday, 27 November 2011
QL Resources Bhd
| Company Name | : | QL RESOURCES BERHAD |
| Stock Name | : | QL |
| Date Announced | : | 21/11/2011 |
| Financial Year End | : | 31/03/2012 |
| Quarter | : | 2 |
| Quarterly report for the financial period ended | : | 30/09/2011 |
| The figures | : | have not been audited |
| Converted attachment : |
| Please attach the full Quarterly Report here: |
QL Qtrly announcement-2nd quarter 30 9 2011.xls| Remark: |
 | | |
| Currency | : | Malaysian Ringgit (MYR) |
SUMMARY OF KEY FINANCIAL INFORMATION |
30/09/2011 |
INDIVIDUAL PERIOD | CUMULATIVE PERIOD | ||||
CURRENT YEAR QUARTER | PRECEDING YEAR CORRESPONDING QUARTER | CURRENT YEAR TO DATE | PRECEDING YEAR CORRESPONDING PERIOD | ||
$$'000 | $$'000 | $$'000 | $$'000 | ||
| 1 | Revenue | 495,184 | 438,725 | 949,751 | 823,239 |
| 2 | Profit/(loss) before tax | 47,770 | 42,813 | 83,969 | 75,992 |
| 3 | Profit/(loss) for the period | 38,521 | 36,405 | 68,375 | 64,611 |
| 4 | Profit/(loss) attributable to ordinary equity holders of the parent | 38,001 | 33,008 | 65,791 | 59,805 |
| 5 | Basic earnings/(loss) per share (Subunit) | 4.57 | 4.21 | 7.91 | 7.64 |
| 6 | Proposed/Declared dividend per share (Subunit) | 0.00 | 0.00 | 0.00 | 0.00 |
AS AT END OF CURRENT QUARTER | AS AT PRECEDING FINANCIAL YEAR END | ||||
| 7 | Net assets per share attributable to ordinary equity holders of the parent ($$) | 0.9200 | 0.8800 | ||
6 Month ending 30-11-2011
Income Statement
Revenue 949.751m
PBT 83.969m
PAT 68.375m
EPS
Basic 7.91 sen
Depreciation and Amortisation (26.175m)
Finance costs (10.414m)
Balance Sheet
ASSETS
NCA 1,023.290m
CA 638.405m
TOTAL ASSETS 1,661.695m
EQUITY AND LIABILITIES
Total Equity 831.012m
NCL 334.870m
CL 495.813m
TOTAL LIABILITIES 830.683m
TOTAL EQUITY AND LIABILITIES 1,661.695m
Net Assets per share RM 0.92
Inventories 208.100m
Biological assets 40.214m
Trade receivables 154.570m
Payables 127.726m
Cash and cash equivalents 145.745m
LT borrowings 285.231
ST borrowings 361.833m
Dividends attributable to shareholder
30.9.2011 (35.357m)
30.9.2010 (29.503m)
Cash flow statement
Net cash from operating activities 66.816m
Net cash used in investing activities (144.405m)
Net cash from financing activities 101.277m
Number of ordinary shares in issue 832.000m
Market Watch
| Announcement Date | Financial Yr. End | Qtr | Period End | Revenue RM '000 | Profit/Lost RM'000 | EPS | Amended | ||||||
| 22-Aug-11 | 31-Mar-12 | 1 | 30-Jun-11 | 454,566 | 29,855 | 3.34 | - | ||||||
| 24-Feb-11 | 31-Mar-11 | 3 | 31-Dec-10 | 450,949 | 35,749 | 8.41 | - | ||||||
| 22-Nov-10 | 31-Mar-11 | 2 | 30-Sep-10 | 438,725 | 36,405 | 8.43 | - | ||||||
| 23-Aug-10 | 31-Mar-11 | 1 | 30-Jun-10 | 384,514 | 28,207 | 6.86 | - | ||||||
23.11.2011 Price RM 2.90 PE 17.82x DY 1.47% Market cap 2412.8m | |||||||||||||||||||||||||||||||||||||||
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