EVERGRN (5101) 长青纤维板 - [ EVERGREEN 业绩报告 ] - J4 Investment Capital




[ EVERGREEN 业绩报告 ] - J4 Investment Capital


Fiscal Year
Revenue( 000’)
 Net Profit (000’)
Profit Margin
30 June 2017
258,982
6,200
2.39%
30 June 2018
289,915
11,959
4.13 %
Percentage increase
11.94%
92.88 %
64.57 %

首先 , 以整体表现来看其实公司是比上一个 ( QoQ ) 和去年 ( YoY ) 都来得差 , 进步是在
于公司的营业额和工厂的运营率.

营业额表现

Q2 ‘ 18 的营业额 ( RM 289.915 mil ) 比起去年 ( YoY ) 的 RM 258.982 mil 增加了11.94 % .
虽然产品的价格在这个季度是下跌的 , 但是因为有位于 Segamat 的一家 Particle Board
厂能贡献较高的产量, 使整体有了进步.

以国内的营业额来看 , 也是比去年的 Q2 有较高的营业额 , 原因就在于 Segamat 厂的贡
献.

以泰国的营业额来看, 公司在以往都面对了技术上如机器的问题, 使位于泰国的厂无法正
常的运作. 在这个季度却发现到生产线开始全面投入, 销售价格也有所以高, 产量增加 ,因
而贡献了更高的营业额.

盈利表现

Q2 ‘ 18 的盈利 ( RM 11.959 mil ) 比起 去年 Q2’ 17 ( YoY ) 的 RM 6,200 进步了 92.88 % .
但其中还有包括了 9 mil 的一次性盈利 包括外汇 ( RM 5.5 mil ) , 投资盈利 ( RM 3.1 mil )
 , 变卖机器 ( RM 0.466 mil ) 和利息 ( RM 0.394 mil ) .

在国内和本地的盈利表现都是因为较高的产量和外汇盈利让整体的数字提高.
但扣除了所有一次性的盈利后 , 公司的盈利是大约 RM 3 mil , 比起去年的 RM 6 mil (
YoY )  少了 50% , 上个季度 的 RM6.7 mil 少了55 % .
如果只扣除外汇盈利 ( Forex Gain ) 和变卖机器的数额 , 公司的盈利是 RM 5 mil.

公司展望

公司对正在发生的贸易战还是有一定的挑战和风险. 但由于美金的走高, 原料成本 ( Glue
和 Log ) 在下半年开始下滑 , 使管理层对下一个季度保持乐观, 也相信可以达到满意的表现.

个人
以整体表现 , 只要公司可以确保本地和国外的工厂能够正常的运作 , 相信下个 QR ( Q3
‘1 8 ) 是可以达到 RM 300 mil 的. 美金的走高和较低的原料价格 , 有助于公司在未来的盈利 .

Thailand segment

The Thailand segment’s revenue for the quarter ended 30 June 2018 increased by
11.4% or RM11.78 million to RM115.51 million from RM103.73 million recorded
in the preceding year corresponding quarter. The increase in revenue was mainly
attributable to higher sales volume as a result of higher production volume derived
from upgraded machineries.

Profit before tax for the current quarter increased by 76% to RM7.55 million
compared to a profit before tax of RM4.29 million recorded in the corresponding
quarter of the preceding year. The increase in profit was contributed by higher sales
revenue, more synergistic cost savings derived from power plants, and couple with
foreign exchange gain in the current quarter.

Malaysia segment

The Malaysia segment’s revenue for the quarter ended 30 June 2018 increased by
17.0% or RM22.91 million to RM157.84 million from RM134.93 million recorded
in the preceding year corresponding quarter. The increase in revenue was mainly
contributed by full commercial run of Particle Board Plant in Segamat despite of
lower average selling price of products.

Profit before tax for the current quarter increased by RM0.54 million to RM6.47
million compared to a profit before tax of RM5.93 million recorded in the
corresponding quarter of the preceding year. The increase in profit was mainly
attributable to foreign exchange gain in the current quarter compared to foreign
exchange loss incurred in the preceding year corresponding quarter.

Consolidated

The Group’s revenue for the quarter ended 30 June 2018 increased by 11.9% or
RM30.94 million to RM289.92 million from RM258.98 million recorded in the
preceding year corresponding quarter. Despite of lower average selling price, the
increase in revenue was mainly due to higher sales volume of the Group’s products
especially from full commercial run of Particle Board Plant in Segamat.
Profit before tax for the current quarter increased by 31.1% or RM3.29 million to
RM13.86 million compared to a profit before tax of RM10.57 million recorded in
the corresponding quarter of the preceding year. The increase in profit was mainly
contributed by foreign exchange gain in the current quarter compared to foreign
exchange loss in the preceding year corresponding quarter.

Commentary of Prospects

While demand for panel boards and furniture remain intact, competition in the
industry continued to heighten with new capacities being launched within the
region. Coupled with uncertainties generated from a possible full fledged trade war
between the two largest economies of the world, the Group expects a more
challenging operating environment in the second half of the year with heighten
price competition. Nonetheless, a stronger USD will help to mitigate some of the
effects from pricing pressure. Production cost is expected to be lower with helped
by falling log and glue prices which came off their year's high levels. With the
challenging operating environment, the Group expects satisfactory results in next
quarter.
 

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