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[公司专区] 5102 Guan Chong 源宗集团

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发表于 2010-8-30 03:24 | 显示全部楼层 |阅读模式
Guan Chong, Coco Grinding Company, remarks:

1,Chairman statement, pg 10

Chairman statemnet is a bit short, without elaboration for operations, or significant events during the year review. Neither did CEO report anything, nor did the management sufficiently provide enough information about the company.

2,Board of directors, the balance, pg 13

The Board consists of 7 members, comprising 1 Executive Chairman, 3 Executive Directors including the Managing Director/Chief Executive Officer, 2 Independent Non-Executive Directors and 1 Non-Independent Non-Executive Director. The independent, non executive directors, is insufficient to meet the 1/3 line.

3, Number of Directors, pg 17

There is 10 director in total, 5 directors having RM50,000 salary, 1 director with RM350,000 salary, 1 director with RM450,000, 2 others above RM500,000. Where is the name of these directors? It has been stated above there is only 7 directors.

4, Operations Informations

Operations of  company is not included, what does the company get its profit? Where is the profit spent? How does the company perform? What it will do in the future? Nothing mentions but just numbers and minimal of informations.

5, Inventories, pg36

Investories amounted to 200 million, which increased 100 million from last year. Finished goods amount to 100 million, which is tenfold increase. Receivable decreased, is there problem with the sales of product?

6, Current liabilites, pg36

Current liabilites payable in one year, most in form of trade loans, what is trade loans? Contract from trading or hedging?  It amount to 200 million, of which 160 million is trade loans.

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x 57
发表于 2010-8-30 14:03 | 显示全部楼层
好像是炒可可期货混到不错, 它搭上原产品高涨的风。

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发表于 2011-1-27 23:00 | 显示全部楼层
Cocoa windfall for Guan Chong

KUALA LUMPUR: The recent sharp rise in cocoa prices has brought a windfall for Guan Chong Bhd, which had earlier stocked up on the soft commodity at substantially lower prices.  

The company’s profit margin has already widened substantially to 6.7% for the nine-month period ended September 30, 2010, from 1.8% in the previous corresponding period.

For nine-month period, Guan Chong’s revenue nearly doubled to RM836.3 million from RM424.8 million. Net profit soared more than seven-fold to RM56.17 million from RM7.66 million in the same period a year ago.

“We try to sustain profit margins of about 5% to 7% and sustain that no matter how high or low cocoa prices might go ” Guan Chong CEO Brandon Tay told The Edge Financial Daily yesterday.

Johor Baru-based Guan Chong is an upstream cocoa processor that converts raw cocoa beans into semi-complete ingredients like cocoa butter, cocoa cake and cocoa powder.

The company obtains its cocoa bean supply from Indonesia, Papua New Guinea, Ghana, Ivory Coast and Nigeria.

Tay said high cocoa prices are good for the company since it could always pass on the cost increase to its customers by quoting higher selling prices.

“Our prospects are good moving forward. Sales have indeed been great,” Tay added.

“You see, whether at high or low prices, the big boys have to buy cocoa from middleman like us. Once we use our supplies, we immediately hedge it on the futures market to replenish the stock for the coming already kept this [increasing raw material costs] in mind when making their orders,” he explains.

Cocoa prices shot up early this month due to political tension in Ivory Coast, where a disputed election has left the country with two rival presidents.

A one-month ban on cocoa exports from Ivory Coast, the world’s biggest cocoa producer, has added more upward pressure on prices. Cocoa prices rose to US$3,366 a tonne yesterday, from US$2,745 in late August last year.

Commodity analysts quoted by news agencies say that prices might even soar to the US$3700-level, the highest since 1979, should the supply of cocoa get even tighter.

On Bursa Malaysia, Guan Chong’s share price has climbed in tandem with the rise of cocoa prices. The stock surged to a record high of RM2.72 yesterday, up 51% from RM1.80 in mid-December. Analysts say the company’s improved financial performance could be attributed to the large stocks of raw cocoa beans it keeps in storage, which is now worth much more based on current prices.

Its balance sheet as at Sept 30, 2010, shows the company’s inventory has been reduced to RM165.29 million from RM229.98 million a year ago. According to Tay, 80% of the company’s inventory is in raw material.

In fact, escalating cocoa prices and its high inventory level have come in handy for the company in obtaining loans. Its gearing is currently at 1.21 times, based on long- and short-term borrowings at RM180.52 million and total equity of RM149.11 million.

“I know some analysts may not like it, but our company can afford to increase our gearing because our inventory mostly consists of cocoa beans,” Tay says.

Earlier, Tay had indiated that Guan Chong intended to sell some of its raw material stock to fund its second bean-grinding factory, on Batam Island, Indonesia.

“We have completed the first phase of the factory. If we run full capacity in the first phase, it will increase our capacity to 130,000 tonnes from 80,000 presently,” Tay says.

“We will complete the second phase of the factory by the end of this year. The second phase of the factory will add 60,000 tonnes to our capacity,” he adds.

Despite the threat of cocoa bean shortage due to the political unrest in Ivory Coast, Tay remains confident that it will not be a major problem for the company.

“Well, you know, every year they fight. They will eventually find a way to bring out the beans. They will somehow smuggle out from Ivory Coast into neighbouring countries such as Ghana, which will then delive to the rest of the world,” says Tay.

“So, we actually don’t really have to worry about the supply of cocoa beans,” he adds.

http://www.theedgemalaysia.com/h ... for-guan-chong.html

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发表于 2011-1-28 02:12 | 显示全部楼层
最近的趋势很有可能到3块钱,原产品也走高。从前辈身上打听会来的。

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发表于 2011-2-1 12:55 | 显示全部楼层


guan chong最新的業績表現亮眼! 接下來這個月還有送紅股, 憑單和股息, 真的好像新年送大禮一樣

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发表于 2011-2-1 13:07 | 显示全部楼层


我也不是很會看圖, 等高手出來講解講解

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发表于 2011-2-1 19:38 | 显示全部楼层
可可亚今年涨12% 巧克力零售价恐跟进

大纪元2011年01月27日讯】(大纪元记者张东光编译报导)全球最大的可可亚产地象牙海岸宣布出口禁令一个月,24日(周一)伦敦期货市场的可可亚行情闻讯飙涨3.9%至每吨2,223英镑,创去年8月初以来新高价。专家认为,不久的将来,巧克力零售价很可能反映成本涨价。

据《美联社》26日报导,这个出口禁令是由象国反对党领袖瓦塔拉(Alassane Ouattara)提出的,以便切断象国总统巴博(Laurent Gbagbo)的资金来源。德国商业银行(Commerzbank)统计,自本月5日以来,可可亚行情已经上涨12%。

美国市调机构敏特公司(Mintel)全球食品研究员玛西娅.摩格隆斯基认为,就算象牙海岸的政局在未来几周转为稳定,巧克力的零售价格肯定依旧涨价。

她说:“价格会上涨,因为目前的可可亚更贵。”此外,糖的价格也在上涨,但零售价格在经济衰退期间原封不动。她说,最近部份制造业者已经透过缩减产品尺寸的方式变相涨价了。

据象牙海岸政府统计,该国在2009年出口了25.3亿美元的可可亚。国际可可亚组织估计,象国可可亚的产量已开始减少,该国占全球总产量已由2007~2008年的38%,降为2009~2010年33%。

欧洲可可亚协会与伦敦可可亚商业联盟联合声明说,他们希望象国的政治紧张能尽快解决,“用时间、耐心与常识来解决困难,可能会拖延时日,但最重要的是,一旦秩序恢复平静之后,象国农业团体与可可亚产业等利益攸关的各界将不会遭受长期的伤害。”

伦敦专业巧克力制造商贝尔德公司 (Verde & Co)的厨师老板卡班斯对成本上升很不甘心,他说:“我贩卖这些巧克力已经七年了,相信我,这不是第一次,也不会是最后一次可可豆的价格受到冲击,因为价格总是不断涨、不断涨。”

他补充,可可亚产自“可能是全球政治最不稳定的地区,我想这是为何它总是价格波动极大的产品了。”

http://epochtimes.com/gb/11/1/27/n3155351.htm

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发表于 2011-2-1 21:41 | 显示全部楼层
Guan Chong expects to raise RM120mil

KUALA LUMPUR: Guan Chong Bhd (GCB) expects to raise up to RM120mil from through its corporate exercise of issuing RM2 for 60 million free warrants.

“Based on the exercise price of the warrants of RM2 per new GCB share, the company stands to potentially raise up to RM120mil during the tenure of the warrants upon full exercise of the warrants by the holders of the warrants.

“Such proceeds will be utilised for the day-to-day working capital requirements of the GCB group,” it told Bursa Malaysia yesterday.

The company said that it had fixed the exercise price for the warrants at RM2, which was 9.29% or 17 sen over the theoretical ex-price after the proposed bonus issue of RM1.83 per share, based on the five-day volume weighted average price of RM2.44.

The 60 million warrants were issued on the basis of one free warrant for every four existing shares held on the same entitlement date for the proposed bonus issue.

The corporate exercise also involved the proposed bonus issue of 80 million new shares of 25 sen on a one-for-three basis.

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发表于 2011-2-1 21:45 | 显示全部楼层
回复 8# 漫游无本


    漫遊兄, 我最近因為看到象牙海岸影響可可的價錢才開始發現這間公司的, 想不到你也有興趣啊

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发表于 2011-2-2 00:50 | 显示全部楼层
Guan Chong 4Q earnings surge 540% to RM42.9m


KUALA LUMPUR: GUAN CHONG BHD []’s fourth quarter earnings surged 540% to RM42.91 million from RM6.67 million a year ago on higher revenue, net gains from a stronger ringgit and commodity futures contracts.

The company said on Monday, Jan 31 revenue rose 52.5% to RM332.31 million from RM217.81 million while earnings per share were 17.88 sen compared with 2.78 sen a year ago. It proposed a dividend of 5.25 sen a share.

“The increase of 52.57% in turnover is mainly due to higher sales volume and market price of cocoa products. The profit before tax for the period ended Dec 31, 2010 increased substantially to RM 32.19 million.

“This is mainly attributed by higher revenue generated in current quarter, net gains arising from foreign exchange due to the appreciation of the ringgit, gain on commodity futures contracts and net fair value gains on foreign exchange derivatives,” it said.

For the financial year ended Dec 31, 2010, its earnings rose to RM100.11 million from RM14.92 million. Its revenue surged past the RM1 billion market to RM1.168 billion compared with RM642.65 million.

http://www.theedgemalaysia.com/b ... -540-to-rm429m.html

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发表于 2011-2-2 00:51 | 显示全部楼层
Guan Chong 4Q earnings surge 540% to RM42.9m


KUALA LUMPUR: GUAN CHONG BHD []’s fourth quarter earnings surged 540% to RM42.91 million from RM6.67 million a year ago on higher revenue, net gains from a stronger ringgit and commodity futures contracts.

The company said on Monday, Jan 31 revenue rose 52.5% to RM332.31 million from RM217.81 million while earnings per share were 17.88 sen compared with 2.78 sen a year ago. It proposed a dividend of 5.25 sen a share.

“The increase of 52.57% in turnover is mainly due to higher sales volume and market price of cocoa products. The profit before tax for the period ended Dec 31, 2010 increased substantially to RM 32.19 million.

“This is mainly attributed by higher revenue generated in current quarter, net gains arising from foreign exchange due to the appreciation of the ringgit, gain on commodity futures contracts and net fair value gains on foreign exchange derivatives,” it said.

For the financial year ended Dec 31, 2010, its earnings rose to RM100.11 million from RM14.92 million. Its revenue surged past the RM1 billion market to RM1.168 billion compared with RM642.65 million.

http://www.theedgemalaysia.com/b ... -540-to-rm429m.html

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发表于 2011-2-2 00:52 | 显示全部楼层
Guan Chong advances on stellar 4Q earnings

KUALA LUMPUR: Shares of GUAN CHONG BHD [] advanced in afternoon trade on Monday, Jan 31 after the confectionery manufacturer posted a set of stellar results in the fourth quarter ended Dec 31, 2010.

At 3.12pm, the shares rose 11 sen to RM2.92 with 509,900 shares done.

The FBM KLCI was just down 1.58 points to 1,520.31 on some fund buying after the index skidded to a low of 1,505.85 in early trade.

The company said its fourth quarter earnings surged 540% to RM42.91 million from RM6.67 million a year ago on higher revenue, net gains from a stronger ringgit and commodity futures contracts.

The company said on Monday, Jan 31 revenue rose 52.5% to RM332.31 million from RM217.81 million while earnings per share were 17.88 sen compared with 2.78 sen a year ago. It proposed a dividend of 5.25 sen a share.

“The increase of 52.57% in turnover is mainly due to higher sales volume and market price of cocoa products. The profit before tax for the period ended Dec 31, 2010 increased substantially to RM 32.19 million.

http://www.theedgemalaysia.com/b ... ar-4q-earnings.html

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发表于 2011-2-2 01:04 | 显示全部楼层
Guan Chong, Coco Grinding Company, remarks:

1,Chairman statement, pg 10

Chairman statemnet is  ...
无聊人 发表于 2010-8-30 03:24



    老板姓郑,巴冬Pt Jawa首富.
    现在厂搬去JB了,印尼也有新厂.

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发表于 2011-2-2 15:05 | 显示全部楼层
开始注意此股因为近期可可又涨价创新高,加上最新业绩成长惊人!
以今日闭市价 3.40 来算, P/E = 8.16; ROE = 69.66
如果乐观的话, P/E 来到 11~12, 目标价 = 4.58~ 5.00,可是暴性成长股 (可能我太乐观了)
注:买卖自负

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发表于 2011-2-2 17:03 | 显示全部楼层
短期投机没有问题可以赚,长期投资会在一段时间可能很痛苦。扣除hedging盈利现在已经高涨,原因是有warrant。负债太高,现金流简直不能看,虽然盈利高涨,但却不是实际的盈利,这类股上涨时很爽,一当趋势翻转,将会跌倒不像样。

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发表于 2011-2-3 11:09 | 显示全部楼层
随着股价急升,目前PE已经不低了。

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发表于 2011-2-3 13:03 | 显示全部楼层
其實這間公司最吸引我的原因是: 低PE, 高ROE
自從他公布了新的業績以後, 進一步拉低PE到8.15, 加上如果象牙海岸的局勢在近期內無法平緩下來, 我覺得可可的價錢還有進一步上升的可能的

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发表于 2011-2-22 21:23 | 显示全部楼层
短期投机没有问题可以赚,长期投资会在一段时间可能很痛苦。扣除hedging盈利现在已经高涨,原因是有warrant ...
8years 发表于 2011-2-2 17:03



    給你講中了
今天跌好慘

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发表于 2011-2-25 14:19 | 显示全部楼层
可可狂漲‧咖啡衝上33年高價
國際財經  2011-02-24 19:08
(美國‧紐約24日訊)象牙海岸宣佈延長出口禁令,引發供應短缺疑慮,可可價格22日刷新32年新高。產地歉收也推升咖啡豆價格衝上33年高點,零售商正醞釀去年來第四波漲價。

象牙海岸媒體引述政府發言人的話報導,國際認可的新總統歐瓦塔拉,已宣佈把原定實施一個月的可可出口禁令延長至3月10日。

受此消息衝擊,紐約洲際交易所(ICE)5月可可豆期貨價23日漲至每噸3,611美元;倫敦5月可可豆期貨也升抵每噸2,355英鎊,刷新去年7月創下每噸2,338英鎊的33年紀錄。

麥格里集團商品部門分析師哈克說,隨著政治危機擴大,美國可可豆價格每噸上看3,700美元,“雖然氣候合宜,價格也很吸引人,但短期內象牙海岸的可可供應仍非常不樂觀”。

象牙海岸是全球最大可可生產國,去年11月舉行大選後,前總統巴波落敗,但他拒絕交出領導權給歐瓦塔拉,導致政府運作停擺,並引爆國內血腥衝突,可可價格也因此節節攀漲。

目前象牙海岸擁有30萬噸的可可豆,其中10萬噸存放在港口;觀察家警告,由於這些豆子並未妥善保存,可能導致庫存急速銳減。此外,歐盟禁止船隻進入象國主要港口,也加深可可豆供應中斷疑慮。

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 楼主| 发表于 2011-2-25 14:43 | 显示全部楼层
其实这是一间可可加工厂,若原材料上涨,短期来说公司因为原料库存(包括期货得来)而看起来很有赚头,但是长期下去原材料上升,制成品售价要么也跟着飘扬打击公司的竞争力,或者赚幅会变相减少。

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