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 [SUPERMAX CORP BHD:制定了从现在到2022年总共建设5家手套制造厂的扩张计划,到2022年年底将增加222.5亿只的产能,使手套总数达到484.2亿只]

4Q20 vs 4Q19:
Supermax取得了有史以来最好的季度财务业绩。收入飙升至9亿2910万令吉,比去年同期增加147.1%或5亿5320万令吉。 EBITDA,PBT和PAT利润率达到有史以来最高水平,达到行业领先水平,分别为60.4%,55.9%和43.9%,盈利能力急剧上升。

该集团的业绩主要归因于:
a)在Covid-19大流行的背景下,对医用手套和其他PPE的需求呈指数增长。
b)12号工厂A座生产线的新投产,增加了额外的生产能力。
c)从2020年3月开始,其制造和分销部门的平均销售价格(ASP)每月增加。
d)增加集团对最终用户的全球销售的百分比;包括销售给Supermax Group运营所在国家/地区和超过165个国家/地区的政府和政府机构。
e)通过自有品牌制造(OBM),经验证的商业模式,并通过制造和分销获得2条收入流。

Supermax已经稳固的财务状况已得到显着增强,最显着的是净现金状况,截至2020年6月30日的现金和银行余额为11.8亿令吉,而一年前为1.738亿令吉。增长的主要原因是客户提前支付30%,40%和50%的定金以确保供应。

4Q20 vs 3Q20:
自今年上半年以来,全球流行病继续蔓延,对速柏玛手套的需求持续旺盛。与上一季度相比,收入增长107.7%至9亿2910万令吉。盈利能力也继续大幅提高。这些主要是由于:

a)来自12号工厂A座生产线100%全面投产的贡献,这些装置的年产能为22亿只手套。
b)来自制造和分销部门的自有品牌制造(OBM)贡献了较高的收益。
c)平均销售价格(ASP)继续上涨,从而为制造和分销业务带来了更高的收益。
d)简化的供应链使集团能够获得比传统OEM模式更高的回报。

虽然上一季度的表现强劲,但本季度的利润率也继续大幅增长。 EBITDA利润率从25%增至60.4%,PBT利润率从21.3%增至55.9%,PAT利润率从16.2%增至43.9%。

前景:
手套部:
随着世界抗击COVID-19大流行,对作为个人防护设备的手套的需求日益增加。他们看到了新消费者的出现和新消费的出现,这些是以前在Covid-19之前从未见过的。目前,他们处于超卖状态。

自2020年3月以来,需求激增导致平均售价(ASP)迅速上升。世界各国政府都增加了医疗保健支出预算,以控制大流行的影响,并为可能的第二波或更多波做好准备。有鉴于此,他们预计需求将在2021年中之后保持旺盛。

自Supermax成立以来,他们就采用了自主品牌制造(OBM)模式,通过该模式,他们以其内部品牌制造产品,包装和销售。他们目前通过自己的分销中心以自己的品牌出口55%的产品,并通过独立分销商出口40%的产品,剩余的5%用于OEM生产。由于当前的强劲需求,他们正利用这次机会与新客户和分销商建立新的关系,因为他们预计大流行后会继续重复订购。

他们的产品销往165个以上的国家,最大的贡献者是美洲地区,在2020财年贡献了51%的收入。亚洲/大洋洲和欧洲分别占2020财年收入的23%。就产品细分而言,nitrile powder free手套占72%,latex powder free占18%,powdered latex和surgical手套分别占7%和3%。

在产能扩张方面,他们已经制定了从现在到2022年总共建设5家手套制造厂的扩张计划,到2022年年底将增加222.5亿只的产能,使手套总数达到484.2亿只。最高的ASP尚未反映在当前季度中,他们对他们的OBM和分销业务模式在未来几个季度中会表现得更加健康感到乐观。

隐形眼镜部:
在今年年初至今,该集团的隐形眼镜业务取得了良好进展。它继续扩大其全球营销范围,目前已覆盖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。持续的市场扩张和不断增加的经常性收入使收入表现不断提高。

口罩制造:
Supermax集团已决定在马来西亚和加拿大进入FaceMask Manufacturing。这是对集团多年来建立的现有全球供应链的补充。此外,他们正在响应巨大的全球范围的消费需求。一些细节如下:

a)Supervision Optimax Sdn Bhd:
马来西亚的口罩生产将由Supervision Optimax Sdn Bhd的新部门负责。
初始产能:每月800万片口罩。
商业生产的目标日期:CY 4Q2020
目标市场:通过超过165个国家/地区的现有分销渠道的全球市场。但是,他们将为本地市场提供马来西亚制造的口罩,以抗击Covid-19大流行,直到遏制Covid-19并解除出口销售的禁令为止。

b)加拿大的Supermax:
为了响应加拿大政府关于通过加拿大制造实现PPE供应自给自足的呼吁,他们正在与加拿大合作伙伴合作,投资口罩制造,重点是加拿大市场。

可再生能源投资:
Supermax集团已获得MIDA的批准,以屋顶太阳能的形式投资可再生能源。该计划的总资本投资为4,500万令吉。随着对可再生能源的投资,速柏玛将在能源消耗方面的效率更高,从而为制造部门节省了电费。
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James Ng Stock Pick Performance:
Since Recommended Return:

a. FRONTKEN CORP BHD, recommended on 12 Aug 18, initial price was RM0.715, rose to RM3.45, dividend RM0.04, in 1 year 11 months 30 days, total return is 388.1%

b. TOP GLOVE CORP BHD, recommended on 1 July 18, initial price was RM12.14, rose to RM54.60 adjusted, dividend RM0.52, in 2 Years 1 month 10 days, total return is 354%

c. MI TECHNOVATION BERHAD, recommended on 2 Jun 19, initial price was RM1.67, rose to RM5.84 adjusted, dividend RM0.055, in 1 Year 2 months 9 days, total return is 253%

d. KKB ENGINEERING BHD, recommended on 1 Jul 18, initial price was RM0.795, rose to RM1.60, dividend RM0.04, in 2 Years 1 month 10 days, total return is 106.3%

e. OPENSYS M BHD, recommended on 24 May 20, initial price was RM0.355, rose to RM0.67, dividend RM0.0025, in 2 months 18 days , total return is 89.4%

f. KAREX BHD, recommended on 20 Oct 19, initial price was RM0.445, rose to RM0.79, dividend RM0.015, in 9 months 22 days, total return is 80.9%

g. DESTINI BHD, recommended on 24 Sep 19, initial price was RM0.20, rose to RM0.32, in 10 months 18 days , total return is 60%

h. PROLEXUS BHD, recommended on 25 Aug 19, initial price was RM0.455, rose to RM0.68, dividend RM0.003, in 11 months 17 days , total return is 50.1%

i. POWER ROOT BHD, recommended on 7 Oct 18, initial price was RM1.59, rose to RM2.16, dividend RM0.188, in 1 Year 10 months 4 days, total return is 47.7%

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超过14%

我想说服读者学习基本面分析FA以便能从股市赚钱。

我为想从马来西亚股票市场赚钱的读者提供STOCK PICK服务。想订阅我的邮件以从股票市场获取良好回报的人,可以通过jamesngshare@gmail.com 或我的FB页面与我联系。

Whatsapp : 011 - 15852043

请订阅James的股票投资James Share Investing的Youtube频道:https://www.youtube.com/channel/UC60FiPa8yhuzgA0YMPuzgXQ

Facebook Group: https://www.facebook.com/groups/jamesinvesting

这个是我的TELEGRAM Group链接: https://t.me/joinchat/LhwHNhdU1fDgxrSafTrTiw

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免责声明:
高波动性投资产品,你的交易存在风险。过往表现不能作为将来业绩指标。内容仅作为分享,讨论以及领域的分析,而非是一种投资建议,买或卖自负。请Like和Share。最终决定永远是你的,谢谢。

James Ng
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[SUPERMAX CORP BHD: they have put in place expansion plans of building total of 5 glove manufacturing plants between now and until year 2022 with additional production capacity of 22.25 billion making total of 48.42 billion gloves by end of year 2022]

4Q20 vs 4Q19:
Supermax achieved its best ever quarterly financial performance in its history. Revenue soared to RM929.1 million, which was 147.1% or RM553.2 million higher compared to the corresponding Quarter a year ago. Profitability rose sharply with EBITDA, PBT and PAT margins at its highest ever and industry leading levels of 60.4%, 55.9% and 43.9% respectively.

The Group's performance was mainly due to:
a) An exponential rise in demand for Medical Gloves & other PPEs on the back of the Covid-19 pandemic.
b) Increase in additional production capacity from the newly commissioned lines at plant # 12 block A lines.
c) Increase in average selling prices (ASPs) each month started in March, 2020 for both its Manufacturing and Distribution divisions.
d) Increase in percentage of the Group's capacity & Global Sales to end-users; including sales to governments and government agencies of various countries where Supermax Group operates and in over 165 countries.
e) Proven business model through Own Brand Manufacturing (OBM) with 2-streams of income via Manufacturing & Distribution.

Supermax's already sound financial position has strengthened dramatically, most notably to a net cash position with cash & bank balances amounting to RM1.18 billion as of 30 June 2020 compared to RM173.8 million a year before. The increase is mainly due to customers paying 30%, 40% and 50% deposits in advance to secure supply.

4Q20 vs 3Q20:
The Group continued to receive strong demand for its gloves as the global pandemic continued to spread around the world since the early part of the year. Compared to the preceding quarter, revenue rose by 107.7% to RM929.1 million. Profitability also continued to improve substantially. These are mainly due to:

a) Contribution from the 100% fully commissioned of Plant #12 Block A lines which are with installed annual capacity of 2.2 billion gloves.
b) Higher contribution earnings of Own brand Manufacturing (OBM) from both Manufacturing & Distribution Division.
c) Continue rise in average selling prices (ASPs) and thus contributing higher earnings from Manufacturing and Distribution.
d) Streamlined the Supply Chain enabled the Group to reap & yield the highest returns than the traditional OEM model.

With the strong performance in the preceding quarter, profit margins continued to rise dramatically for this quarter as well. EBITDA margin surged from 25% to 60.4%, PBT margin from 21.3% to 55.9%, and PAT margin from 16.2% to 43.9%.

Prospects:
Glove Division:
The demand for gloves as a personal protection equipment has heightened as the world fights the COVID-19 pandemic. They are seeing the emergence of new consumers and new consumption not previously seen before prior to Covid-19. Currently, they are in the oversold position.

The surge in demand has resulted in a rapid rise of average selling prices (ASPs) since March 2020. Governments all over the world have increased healthcare spending budgets to contain the effects of the pandemic and in preparation of a possible second or more waves. In light of this, they expect the demand to remain buoyant beyond mid-2021.

Since the founding of Supermax, they have adopted the Own Brand Manufacturing (OBM) model whereby they manufacture the products, package and market under their In-house brands. They currently export 55% of production under their own brands via their own distribution centres and 40% through independent distributors. The remaining 5% is for OEM production. Due to the current robust demand, they are taking the opportunity to build new relationships with new customers and distributors in anticipation that they will continue with repeat orders post pandemic.

Their products are sold to over 165 countries, the largest contributor being the Americas region which contributed 51% of revenue in FY2020. Asia/Oceania and Europe each contributed 23% to FY2020 revenue. In terms of product segmentation, 72% is from nitrile powder free gloves, followed by 18% from latex powder free and 7% and 3% from powdered latex and surgical gloves respectively.

In terms of capacity expansion, they have put in place expansion plans of building total of 5 glove manufacturing plants between now and until year 2022 with additional production capacity of 22.25 billion making total of 48.42 billion gloves by end of year 2022. The highest ASPs have not been reflected in this current quarter and they are optimistic that their OBM cum distribution business model will exhibit even healthier performance in the coming quarters.

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 cover 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.

Face Mask Manufacturing:
Supermax Group has decided to enter into FaceMask Manufacturing in Malaysia and in Canada. This is to complement to the existing Global Supply Chain that the Group built over the years. In addition, they are responding to the huge demand and consumption required globally. Some details are as follows:

a) Supervision Optimax Sdn Bhd:
The Facemask Manufacturing in Malaysia would be undertaken by a new division of Supervision Optimax Sdn Bhd.
Initial capacity: 8 million pieces of Face Masks per month.
Target date of Commercial Production: CY 4Q2020
Target market: Global Market through the existing distribution channels in over 165 countries. However, they shall supply the Made in Malaysia Facemask for the local market to fight the Covid-19 pandemic at the moment until Covid-19 is contained & until the ban of the Export Sales is lifted.

b) Supermax in Canada:
To respond to the call by the Canadian Government to be self-sufficient in PPE supply with Made in Canada, they are working with their Canadian partners to invest in Face Mask Manufacturing with primary focus for the Canadian market.

Investment into Renewable Energy:
Supermax Group has received approval from MIDA for the investment of Renewable Energy in the form of Roof-Top Solar Energy. A total Capital Investment of RM45 million has been budgeted for this initiative. With the investment in renewable energy, the Group would be more efficient in terms of energy consumption and thus savings of electricity costs for the Manufacturing division.
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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 over 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/2020-08-12-story-h1511672928.jsp
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