Harimau Capital

CEO許願單‧媽咪食品董事經理馮世淵：提振本地與國際滲透率
大馬財經 2011-01-04 19:09
（吉隆坡4日訊）食品與飲料業的成長保持正面，在接下來幾年預料可取得20至30%成長率，全球經濟改善、市場基本因素保持正面，媽咪食品（MAMEE, 5282, 主板消費品組）預計2011年營業額及盈利保持偏高。
投資1億提昇生產設備
2015年之前營收 欲達10億
我們的目標不只是2011年，而是放眼2015年之前，營業額將達到10億令吉，為了達到目標，我們已投資接近1億令吉，以提昇在馬六甲的生產設備，深入本地與國際市場的滲透率。
儘管原料價格上漲，對整體食品與飲料業造成衝擊，公司在2010年取得進展穩健，集團在截至2010年9月30日的9個月內，營業額增長16%，達到3億5千700萬令吉，預料全年營業額將超越2009年的表現，對媽咪食品而言相當不錯，因為食品與飲料業的成長率一般只在個位數水平。
公司營業額的成長，主要是本地與出口市場的業務對集團作出貢獻，新產品也在那一年推出。
我們一些新的產品，如“Mister Potato Rice Crisps”，是大馬市場首個以米糧為基礎的產品；另外，還有“Rio Fiesta”果汁、“Mamee Mie Goreng”，這些新的產品，不只有助於提高集團的食品與飲料業，也提高消費者對公司產品的認知，在食品與飲料業的多數領域，我們的產品基本位居第1或第2位。
此外，我們也加強集團的分銷網絡，以便擴大本地市場的覆蓋率，郊外及鄉下消費者方便購獲我們的產品。
集團在2010年展開廣告與促銷努力，重新尋求產品的定位，改善本地市場的滲透率，塑造第二代消費者對媽咪食品的支持。
不過，我們在2010年面對原料價格上漲的挑戰，通過嚴謹的成本控制措施，有助緩和衝擊，其他挑戰包括美元匯率疲弱，畢竟出口市場銷量佔集團營業額的30%。
但在我們擴大國內外市場分銷管道、提高生產率之後，預料今年市佔率將繼續提高。
媽咪食品清楚集團的成功是整體員工努力的成果，希望我們的職員繼續努力，加強我們身為食品與飲料業廠商的地位，例如設定在5年時間內，營業額達到10億令吉，以便我們通過股息的分發，給予股東較高回酬。
星洲日報／財經‧2011.01.04

Public Bank - Organic growth regionally. TP for next 3 year RM20
Mahsing
Paramount
Maxis

LPI CAPITAL (8621) - The stock has gone up to RM 13.18 from RM 11.50 within one month recently. Based on estimated EPS 78 sen on FY2011, the stock is fully value now. But you can start to accumulate the stock if it fail below RM12. Target Price for next 3 year: RM16.

Delloyd Venture (6505) - Delloyd is a tier one manufacturer of automotive parts and components that has in the past few years made a foray into palm oil plantation with a total planted area of 12,300 ha. Delloyd’s auto segment also manufactures bus chassis in Indonesia through a JV with an Indonesia partner, in addition to owning an exclusive distributorship for Beiqi Foton to import buses and bus chassis. On the local front, it also owns several dealerships in Malaysia selling
a variety of marques. Its core activity is the manufacturing of door mirrors and
window regulators to a wide range of automotive manufacturers.Currently profit contribution from automotive and palm oil division are 2:1 ratio.

Palm oil prices are currently trading at good levels and in recent months CPO and Palm Kernel prices have increased to around RM3,000 and RM2,000 per metric tonne
respectively. Due to the increase in yield in the Group's oil palm plantation in Indonesia, and coupled with the strong CPO price, this sector has produced substantially higher profits for the period under review. With the increase in the acreage of matured areas in the plantation in Indonesia resulting from newly matured plantings, the gradual increase in the production of CPO from the oil mill there and CPO prices expected to remain firm, the outlook for the Group's plantation sector is will be very soon equal or exceed the automotive division. TP price for next 3 years : RM5.50

Carlsberg
Ajinomoto Malaysia (2658) - Should accumulate at < RM4 for long term.

1. Plenitude reported RM 65.2 million and 16.2 million in both revenue and net profit in Q2'08 which EPS is 11.99 in this quarter. The result was mainly attributable to progressive profit recognised on properties sold, completed and handed over in respect of Taman Desa Tebrau in Johor, Taman Putra Prima in Selangor, Bandar Perdana in Kedah, The Residences and Changkat View in Sri Hartamas, Kuala Lumpur. Apart from the profit contributed from property development projects, Tanjung Bungah Beach Hotel in Penang has also contributed 2.4% to the Group’s net profit. The share price have been going down to RM 2.10 level from RM3.00 from last Quarter, investor can start to monitor and accumulate the share at this price level.

2. BLD Plantation reported RM 49.4 mil and RM 10.9 mil in revenue and net profit onQ4'07 which EPS is 12.05sen . The full year EPS is 41.1 sen . Current CPO price stay above RM 3000 since beginning of year and staying at RM 38xx now. The EPS growth is expected to exceed 50% if the 2008 CPO average price is above RM3000. Although BLD plantation is one of the cheapest plantation stock in the market but very little information provided on the number of planted acres and matured acres . It make investor diificult to estimate the company growth.

3. Oriental Holding reported RM1,259.9 mil and RM70mil in revenue and net profit on Q4'07 which translated to EPS = 12.61. The full year EPS was 61.21 sen in financial year 2007 and cash reserve has increased from RM 1.278billion in 2006 to RM 1.708 billion. The net cash generated from operating activities was RM473 mil. Accumulate the stock on price level which below the NTA RM6.40 and it expected plantation earning will continue to contribute positively in 2008.

4. Mahsing reported RM120mil and RM20mil in revenue and net profit on Q4'07 which translated to diluted EPS = 3.34 sen. The full year diluted EPS 14 sen. Should buy if the share price dip below RM1.50

5. Mamee reported RM88.2mil and RM4.5mil in revenue and net profit on Q4'07 which translated to EPS = 6.87 sen. The full year diluted EPS 21.1 sen. Rising cost of commodities which contribute significantly on the cost of sale, it is expect another tough year for Mamee. Hold

6. Mycron and Melewar continued to report poor result on last quarter.

The Group's turnover for the third quarter ended 30 September 2006 increased by 19% against same period last year. The positive turnover growth was contributed by higher domestic demand ahead of festive seasons. Higher margin sales mix, higher cost leverage, as well as lower percentage of advertising and promotion expenditures has resulted in higher profit before tax by 48% as compared to same period last year.

The Group's turnover for the 9 months ended 30 September 2006 increased by 16% against the same period last year. The positive turnover growth was contributed mainly by higher domestic demand. Profit Before Taxation increased by 65% against the same period last year. The significant increase in profit before tax was mainly due to higher margin sales mix, higher cost leverage, coupled with lower percentage of advertising and promotion expenditures during the 9 months ended 30 September 2006.


9 months EPS = 31.57sen