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 [SUPERMAX CORP BHD:完成对巴生Meru一块土地的收购,计划在此土地上新建3个工厂。 2020年3月11日,公司还达成协议购买巴生市Meru的另一块工业用地,公司计划在该工业用地上建设16号工厂]

3Q20 vs 3Q19:
集团从全球天然橡胶和丁腈橡胶手套的销售中取得了总收入4.472亿令吉,比去年同期增长了23.8%或8600万令吉。集团整体销售的增长主要是由于Covid-19流行病导致需求增长,因此集团海外分销中心的销售激增,是手套制造部门平均销售价格上涨的原因,这是全球急需购买包括医用手套在内的个人防护设备(PPE)产品的结果。

此外,本季度其最新工厂投产的新生产线的产量增加,也带来贡献。 EBITDA和PBT分别增长74.0%和92.8%,这是由于销售额增加以及包括较低的原材料价格和美元兑令吉走强等较低的运营支出。 EBITDA,PBT和PAT的利润率也有了实质性的改善,并在本季度创下了近几年的最高记录,分别为25.0%,21.3%和16.2%。

3Q20 vs 2Q20:
在前一个季度的基础上,集团的收入增长了16.0%或6,170万令吉,而EBITDA,PBT和PAT分别增长了88.7%,128.0%和141.0%。本季度的业绩显着提高,主要是由于全球Covid-19大流行爆发后对医用手套的需求增长,导致本季度开始出现购买热潮,特别是在Supermax Group经营所在的国家。

本季度新工厂增加的新产能,较低的生产成本,分销和制造较高的平均销售价格,以及美元兑令吉的走强,是促使这两个分销部门和手套制造部门改善财务业绩的四个主要原因。

前景:
手套部:
在全球COVID-19大流行中,今年手套的需求增长。需求激增导致平均销售价格(ASP)迅速上涨,因为买家急于确保自己的个人防护设备(PPE)的供应,包括医用手套。

丁腈和天然橡胶材料价格Year-on-Year分别下降了11%和6%,Quarter-on-Quarter分别下降了7.3%和2.5%。同时,美元兑MYR升值,Year-on-Year增长2.18%,Quarter-on-Quarter增长0.36%。

当前的市场条件有利于Supermax集团,预计他们的前景至少会在未来1.5至2年内保持强劲,因针对COVID-19的疫苗仍在研发中。这场大流行从2020年3月/ 4月开始为Supermax集团带来了丰厚的利润,这让Supermax Group运营的7个国家/地区的分销部门和马来西亚的手套制造部门都获利。

随着全球COVID-19的爆发,公司看到了新消费者和新消费量的出现。大流行导致对PPE产品(包括医用手套)的需求激增。这些保护和感染控制产品的使用范围已从医疗保健和一线工人扩展到了广大公众。

从Supermax集团运营的配送中心,他们发现要求立即供应的手套需求量显着增加。他们在配送中心过往4个月才卖掉的库存,现在6周内以更高的平均售价售出。 Supermax集团的手套制造部门在此机会中处于优势地位,可以提高收益,加快发展以及扩大产能计划。该公司正在建设3个新工厂,这使他们能够利用医用手套的需求的增长,减少其供不应求的状况,并增加整体产能以应对全球严重的PPE短缺。

增加资本支出以提高产能:
到2019年底,公司已完成对巴生Meru一块土地的收购,计划在此土地上新建3个工厂。 2020年3月11日,公司还达成协议购买巴生市Meru的另一块工业用地,公司计划在该工业用地上建设16号工厂。两座工厂的建设工作已经开始,第三座工厂的建设也将很快开始。

这三个工厂将在CY2022之前实现商业生产,这将使集团的产量每年增加120亿件,从261.8亿只手套增加到381.8亿只手套。速柏玛将投入总资本支出7亿1千500万令吉,这笔预算已用于提高产能。

隐形眼镜部:
速柏玛于本年度至今的隐形眼镜业务取得良好进展。它继续扩大其全球营销范围,目前已扩展到超过65个国家。通过在美国(aveovision.com),马来西亚(aveovision.my),英国(aveovision.co.uk),最近一次在巴西(aveovision.com.br)开设的网站,从批发分销到移动卡车,再到在线B2C销售,已经使用了各种平台在全球范围内推广其隐形眼镜。持续的市场扩张和经常性收入的增加,使收入不断提高。

手套分销,制造和隐形眼镜部门的前景仍然强劲,他们对Supermax的自主品牌制造(OBM)暨分销业务模型产生的较高收益(对比传统的OEM模型产生的收益)感到乐观,因需求增长。
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James Ng Stock Pick Performance:
Since Recommended Return:

a) FRONTKN (FRONTKEN CORP BHD), recommended on 12 Aug 18, initial price was RM0.715, rose to RM2.33 (dividend RM0.04) in 1 year 9 months 9 days, total return is 231.5%

b) KKB (KKB ENGINEERING BHD), recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.89 (dividend RM0.04) in 1 year 10 months 18 days, total return is 142.8%

c) MI (MI TECHNOVATION BERHAD), recommended on 2 Jun 19, initial price was RM1.67, rose to RM3.65 (adjusted)(dividend RM0.055) in 11 months 17 days, total return is 121.9%

d) TOPGLOV (TOP GLOVE CORP BHD), recommended on 1 July 18, initial price was RM12.14, rose to RM23.32 (adjusted)(dividend RM0.32) in 1 Year 10 months 20 days, total return is 94.7%

e) JAKS (JAKS RESOURCES BHD), recommended on 20 Jan 19, initial price was RM0.575, rose to RM1.05 in 1 year 3 months 29 days, total return is 82.6%

f) PWROOT (POWER ROOT BHD), recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.27 (dividend RM0.148) in 1 Year 7 months 13 days, total return is 52.1%

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):

预计公司每年的增长率必须> 14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

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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。

James Ng
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[SUPERMAX CORP BHD: the Company had completed the acquisition of a piece of land in Meru, Klang on which it plans to build 3 new plants. On March 11th, 2020, the Company had also entered into an agreement to purchase another piece of industrial land in Meru, Klang, on which the Company plans to build plant #16]

3Q20 vs 3Q19:
The Group recorded total revenue of RM 447.2 million from global sales of its natural rubber and nitrile rubber gloves, an increase of 23.8% or RM 86.0 million compared to the corresponding period a year ago. The increase in overall Sales for the group were mainly due to surge in Sales from the Group's Overseas Distribution Centres as a results of exponential surge in demand due to the Covid-19
pandemic, contribution of higher Average Selling Prices from the Glove Manufacturing Division as a results of the global rush in stocking up on personal protective equipment (PPE) products including Medical Gloves.

In addition, the contribution from the increase in production output from new production lines commissioned at its latest plant during the current quarter. EBITDA and PBT were 74.0% and 92.8% higher respectively, due to higher sales recorded and with lower operating expenses including lower raw material prices and stronger US Dollars against Ringgit. EBITDA, PBT and PAT Margins have also improved substantially and recorded the highest among the last few years at 25.0%, 21.3% and 16.2% respectively during this quarter.

3Q20 vs 2Q20:
On a preceding quarter basis, the Group's revenue rose by 16.0% or RM 61.7 million while its EBITDA, PBT & PAT increased by 88.7%, 128.0% & 141.0% respectively. The performance during this quarter was substantially higher mainly due to exponential increase in demand for Medical Gloves following the outbreak of the Covid-19 pandemic globally resulting buying rush happened started this quarter especially in Countries where Supermax Group operates.

The new additional production capacity from the new plant added during the current quarter, lower production costs, higher average selling pricing from both distribution and manufacturing and stronger US Dollars against Ringgit are the 4 main reasons that have contributed to the better Financial Performance from both Distribution Centres and Glove Manufacturing Division during this quarter.

Prospects:
Glove Division:
The demand of gloves has exponentially increased this year amid the global COVID-19 pandemic. The surge in demand has resulted in a rapid rise in average selling prices (ASPs), as buyers rush to secure their supply of personal protective equipment (PPE), including medical gloves.

Nitrile and natural rubber material prices have decreased by 11% and 6% respectively Year-on-Year, and 7.3% and 2.5% respectively Quarter-on-Quarter. At the same time, the USD has strengthened against the MYR, by 2.18% Year-on-Year and 0.36% Quarter-on-Quarter.

The current market conditions favour Supermax Group, and their outlook is expected to remain strong for at least the next 1.5 to 2 years, while a vaccine against COVID-19 is still under development. The pandemic has brought Supermax Group bumper profits beginning March/April, 2020, for both the Distribution Division from the 7 countries where Supermax Group operates and the Glove Manufacturing Division in Malaysia.

Following the outbreak of COVID-19 globally, the Company is seeing the emergence of new consumers and new consumption not previously seen. The pandemic has resulted in a demand surge for PPE products, including medical gloves. The use of these protective and infectioncontrol products has expanded beyond healthcare and frontline workers to also include the general public.

From the distribution centres where Supermax Group operates, they have seen significant increases in the demand of gloves for immediate supply. Their usual 4-month working inventory at their distribution centres were sold within 6 weeks and at higher ASPs. Supermax Group‘s Glove Manufacturing Division is strongly positioned for this opportunity to boost earnings and expedite and its capacity expansion plans. The Company is building 3 new factories in tandem, allowing them to capitalize on the exponential growth in demand of medical gloves, reduce its widening capacity oversold position, and increase overall capacity to cater to the acute global shortage of PPE.

Increase in Capital Expenditure to boost Production Capacity:
Towards the end of 2019, the Company had completed the acquisition of a piece of land in Meru, Klang on which it plans to build 3 new plants. On March 11th, 2020, the Company had also entered into an agreement to purchase another piece of industrial land in Meru, Klang, on which the Company plans to build plant #16. Construction work has already commenced on 2 plants and work on a 3rd plant would commence soon.

The 3 plants would add 12.0 billion pieces per annum to the Group‟s installed capacity from 26.18 billion gloves to 38.18 billion gloves when these 3 plants have completed commissioning and in commercial production fully by CY2022. The Group will invest total Capital Expenditure of RM715 million & this amount has been budgeted to boost Production Capacity.

Contact Lens Division:
The Group has made good progress in its contact lens business during the current year-to-date. It has continued to expand its global marketing reach, which has extended to over 65 countries presently. Various platforms have been employed to market its contact lenses worldwide, from wholesale distribution, to mobile trucks, to online B2C sales via websites launched in the US (aveovision.com), Malaysia (aveovision.my), the UK (aveovision.co.uk), and most recently in Brazil (aveovision.com.br). Top-line performance is improving as a result of continued market expansion and increasing recurring revenue.

The prospect from Distribution, Manufacuring of Gloves and Contact Lens divisions remain robust and they are optimistic that Supermax's Own Brand Manufacturing (OBM) cum Disribution business model yields better returns than the traditional OEM model when demand spikes exponentially.
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I wish to share my strategy to readers, hope that they can perform well after reading this. I am using Fundamental Analysis:

the forecasted growth of a company must > 14% per year

I wish to convince readers to learn FA in order to make money from stock market.

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.

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.

James Ng

https://klse.i3investor.com/blogs/general/2020-05-22-story-h1507778920.jsp

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