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[公司专区] 5080 POHKONG 寶光控股

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x 1
发表于 2009-8-18 12:35 | 显示全部楼层 |阅读模式
From: bla, bla, bla



The Group which was listed on the Main Board of KLSE in year 2004, is an integrated jeweller with principal activities in gold refining, designing, manufacturing, trading, supplying and retailing of gold ornaments, jewelleries and precious stones.

From a modest jeweller in 1976, Poh Kong today has burgeoned into Malaysia's largest jewellery retail chain store (entered Malaysia Book of Records) with a network of more than 90 outlets nationwide in 23 locations.



Shares issued: 410,351,752

The inventory, mainly gold in form of raw material, work-in-progress and finished good worth RM 0.95 a share!

Net asset value about RM 0.68 a share.

Up to 3rd quarter 2009, the company has accumulated EPS of 4.73 cents for financial year 2009. At current price of RM 0.39, it is trading at single digit PE.

Investment in physical gold doesn't give you any dividend yield but Poh Kong does.

Because of it substantial amount of gold in its inventory and the share price is traded at considerably big discount to net asset value, it could be an alternative to gold investment at "cheaper price" and yet getting dividend yield, having the best of both world.

*There was bonus issue of 3 for 4 and share split of 1 into 2 on 18 Feb 2008 and 19 Feb 2008 respectively.

Financial data was obtained from KLSE tracker except for year 2006 which was abstracted from company annual report.

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发表于 2009-8-18 17:40 | 显示全部楼层
如果金起价,少人买金。
如果金跌价,inventory 缩水。

My 2 cents

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 楼主| 发表于 2009-8-18 18:30 | 显示全部楼层
The inventory is recorded at cost. It is not revealed in the annual report at what cost the raws material was purchased.

With implementation of FRS 139, there may be a revaluation to the inventory if it was purchased at lower cost. As long as the gold price stay firm at current level, there is potential of upwards revaluation...

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x 2459
发表于 2009-8-18 23:47 | 显示全部楼层
如果金起价,少人买金。
如果金跌价,inventory 缩水。

My 2 cents
utmseng 发表于 2009-8-18 17:40


如果金价起,相对得手饰也会起价吧?

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x 62
发表于 2009-8-19 00:53 | 显示全部楼层
金价起,相对得手饰也会起价,人们少买,生意额跌。

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x 62
发表于 2009-8-19 00:59 | 显示全部楼层
For inventory, I believe if you look at the NAV, I believe a large portion of the NAV is on the gold inventory.  And I agree, that you have some discount on the share prices, versus the gold market prices stocked as inventory in Poh Kong.

However, with the gold prices unlikely to come down, the company will continue to have high NAV, but the sales will be severly impacted. Without good sales revenue and cash flow, it would not be too excited, right?

Of course, compare Poh Kong with others (eg Tomei, etc), Poh Kong definitely has higher economy of scale, and they can absort the volatility of gold prices much better.

My 2 cents again. :-)

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发表于 2009-8-19 01:04 | 显示全部楼层
Gold prices had been on the rise for recent years.  If you look at the EPS, it is on a down trend (I believe this proves that their sales drop).  No doubt the company's net asset is continue to rise.

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x 934
发表于 2009-8-19 07:46 | 显示全部楼层
Tan Teng Boo说金价起对存货好,但如果你们有注意新闻,有看quarterly review,金价上涨是会让顾客却步的。

我们再看pohkong的存货,这些存货都是制成品,不是金条。 如果都是金条,那他们就发达了,但,制成品是用来展示的,放在那里没有人买,它还是制成品。

一间没有顾客光顾的金店,肯定要面临亏损,因为店铺是要开销的。广告费和新店铺也要很多的成本。。。

只是提供不同意见而已,没有绝对的答案。

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 楼主| 发表于 2009-8-19 08:21 | 显示全部楼层
There are still demands for gold price is high... People still get married and gold is still the traditional gifts to married couples, and the rich ones still buying...

No doubt high gold price will affect buying sentiment. How severe the impact is is something to be assessed.

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x 16
发表于 2009-8-19 08:50 | 显示全部楼层
本帖最后由 goodluck88 于 2009-8-19 08:52 编辑

后果蛮严重的。。。很多小型的金店关门大吉了。。。
对,金价高还是有人会买。。。只是买的人少了,而且金价高也不代表金店赚得多,除非他们Inventory里面的金条全部是在非常低价的时候买入的。。。不然的话面对成本高涨,营业额下跌,同行竞争的同时,金店的业务是非常吃力的。。。
而且,如今的社会,越来越流行白金了。。

个人看法而已。。

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发表于 2009-9-30 20:31 | 显示全部楼层
本季宝光的成绩有进步,但这已不是重点。重点是。
我猜测宝光可能预期到营业额减少,因此逐渐把存货减至最低。可以看到它的存货已从4亿多减少到3.56亿。但好处是降低了gearing,金价上涨使margin 提高了。

今年我国的经济是衰退的,CPI 也是下降的。

简而言之,宝光的资产负债表更加健康了。

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发表于 2009-10-1 11:59 | 显示全部楼层
如果大家都觉得金价还有很大幅的升势,多少都会影响他们“要买趁早”而买。

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发表于 2009-10-1 16:44 | 显示全部楼层
Value stock, yes. But can remain undervalued for 5 years, 10 years or 20 years without some catalysts.

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x 934
发表于 2009-10-1 18:15 | 显示全部楼层
pohkong今年只会开一间新店,catalysts应该只有从margin去寻找了。

但,金价800的时候赚这么多,1000的时候也赚不多,总觉得有些原因。

还有一点必须注意的是,我们不能拿pohkong和tomei,degem benchmarking,因为三间公司出售的“含金量”都不一样(分别是:金,mix,宝石。)。
所以可以看到,tomei和degem不是金价上涨的受惠者,这一季的成绩已经显现。

我不觉得人们预期金价上涨,而跑去金店买金,我相信CPI影响更大。再说,也不是每个人都认为金价会上涨。印度妇女喜欢带金出街,要用钱的时候就把金拿去当掉(当店的年利息是26.8%),这已经是他们的习惯。如果是站在投资立场,我们会去买paper gold和金币,毕竟我们的认知都不同。

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发表于 2010-3-30 10:59 | 显示全部楼层
有时经过宝光的店面,顾客冷冷清清几个人,而他们的profit margin又不是很高,真有点好奇他们如何赚钱?

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发表于 2010-3-30 13:04 | 显示全部楼层
Not sure if it's accurate regarding klse.com.my POHKONG qtrly announcement regarding the dividend.  POHKONG did pay out 1.4 sen of dividend. http://www.klse.com.my/website/b ... ents/historical.jsp

According to the 31-Jan-10 quarterly report, the net working capital (according to invest_klse calculation) = 0.50 per share but inventory contribution is extremely high.  According to the current RM0.395 price, there's ~21% MOS.  http://investalks.com/viewthread.php?tid=207&highlight=

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发表于 2010-4-26 22:52 | 显示全部楼层

About POH KONG HOLDINGS BERHAD

About POH KONG HOLDINGS BERHAD  

After studying about POH KONG HOLDINGS BERHAD, I found a very strange thing.

The company shareholders brought a lot of the company share with RM0.40 at Dec 2009.
But, the shareholders sold some of them out with price less than RM0.4  after the latest financial report come out at Mac 2010.
(reference: http://pohkong.listedcompany.com/newsroom.html/cat/1357/year/2009)

The thing is the latest financial shown net profits grew 64.6% to RM7.49 million in the second quarter (2Q) of its financial year ending July 31, 2010 from RM4.55 million in the same period a year ago.  (http://www.theedgemalaysia.com/i ... 62602&Itemid=79)

Why such thing happen???
What is your opinions about this phenomenal??  

Thank you very much in advance

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发表于 2010-5-27 11:35 | 显示全部楼层
现在差不多来到近期最低价位,0.350
大家认为还会有下跌的空间吗?
我在怀疑宝光之所以会下跌这么多,是因为董事在卖出股份,
可是有点不明白就是,近期公司明明正在赚钱,为何还要卖出?
而且是以当初高价买入(0.40),低价卖出(0.38)
会不会是因为在这个六月中出来的业绩会很难看呢?

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x 934
发表于 2010-5-27 12:22 | 显示全部楼层
17# vincentphuah


如果比较tomei的派息率和eps,你可能会打退堂鼓。 但我觉得pohkong的业绩不会差到哪里去,不过现在的大市已经不可理喻了,买进以后恐怕卖不出。

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发表于 2010-5-27 13:44 | 显示全部楼层
董事在卖出股份(Even 董事 also not confidence?? How about investors???)

Maybe they found another good investment, who knows.

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