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[公司专区] 5102 Guan Chong 源宗集团

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发表于 2011-3-3 13:14 | 显示全部楼层
新設備投入運作‧源宗可可增產

    * 大馬財經

2011-03-02 19:19

(吉隆坡2日訊)源宗集團(GUANCHG, 5102, 主板消費品組)新可可研磨設備投入運作,年度總產量將累積至14萬公噸。

公司董事經理兼首席執行員鄭賀聯表示,公司投資7千萬令吉在印尼巴淡島首階段可可研磨設備,廠房每年產能為6萬公噸,若加上巴西古當廠房,總產能累積至14萬公噸。

“全球可可需求增加,我們認為有需要擴大研磨設施以應付不斷增加的訂單需求。”

他表示,由於巴淡島靠近可可豆資源及柔佛總部,因此是理想設廠位置。巴西古當廠房的可可豆大部份來自印尼,遭徵收15%出口稅,可是,巴淡島廠房則可享有0%原料關稅。

截至2010年12月31日,公司營業額從前期的6億4千270萬令吉,成長至12億令吉,淨利也創歷史新高,達1億令吉。

星洲日報/財經‧2011.03.02

http://biz.sinchew-i.com/node/44517

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发表于 2011-3-7 17:46 | 显示全部楼层
Guan Chong expands cocoa grinding capacity to 140,000 tonnes annually

KUALA LUMPUR: GUAN CHONG BHD [] has expanded the capacity for cocoa grinding to 140,000 tonnes a year with the successful commissioning of its plant in Batam, Indonesia.

The company said on Tuesday, March 1 it had invested about RM70 million in the first phase of CONSTRUCTION [] and installation of the new plant which has an initial annual grinding capacity of 60,000 tonnes.

“With the new facility, Guan Chong now has a total annual capacity of 140,000 tonnes, adding to the group’s 80,000 tonne facility in Pasir Gudang,” it said.

The Pasir Gudang plant processes cocoa beans mainly from Indonesia, which recently started to impose export tax of up to 15% on Indonesia-produced cocoa beans on a schedular basis.

Guan Chong said with a grinding plant in Indonesia, it would benefit from processing zero-tariff raw materials.

The Batam plant houses an office, warehouse, and production floor containing state-of-the-art production equipment of cocoa presses and filters to produce the whole assortment of cocoa butter, powder, liquor, and cake.

Subsequent two phases of the construction and installation will enable the plant to have a final annual capacity of 120,000 tonnes.

http://www.theedgemalaysia.com/b ... onnes-annually.html

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发表于 2011-3-7 23:23 | 显示全部楼层
Guan Chong sets RM120m for Batam plant

KUALA LUMPUR : Guan Chong Bhd is allocating some RM120 million to build its cocoa-grinding plant in Batam, Indonesia. The plant, with an annual capacity of 120,000 tonnes, will more than double the company’s grinding capacity to 200,000 tonnes from 80,000 tonnes.

The move to set up a factory in Batam enables the cocoa ingredients processor to source its primary raw material at lower prices from Indonesia, which has slapped export taxes on the commodity, Guan Chong managing director and CEO Brandon Tay Hoe Lian told The Edge Financial Daily yesterday.

He added the Batam facility would be built in two phases. The initial phase involving an annual capacity of 60,000 tonnes has been commissioned at a cost of about RM70 million. The second portion, expected to be commissioned this September, will involve another RM50 million outlay.

The company’s factory, which has an annual capacity of 80,000 tonnes in Pasir Gudang, Johor, is already fully utilised due to the rising global demand for cocoa ingredients of butter and powder. It also has a cocoa cake grinding facility in the US.

“Therefore, we found it necessary to expedite our grinding capacity expansion to cope with the growing orders from our end-customers,” Tay said.

The Batam facility, on a 33,181 square metre land, will produce cocoa butter, powder, liquor and cake.

He said Batam is a strategic location for the company, considering its proximity to the source of cocoa beans, as well as to the company’s headquarters in Johor.      

The Pasir Gudang plant derives the bulk of its cocoa beans from Indonesia, which had recently imposed an export tax of up to 15% on cocoa beans produced. Setting up a grinding plant in Indonesia enables Guan Chong to benefit from zero-tariff raw materials.

The company also purchases the commodity from Papua New Guinea apart from African countries such as Ghana, Ivory Coast and Nigeria.

Tay said Guan Chong has earmarked a capital expenditure (capex) of RM70 million this year compared to the RM51 million set aside last year.

The capex allocation to expand capacity is viewed as a positive move to ride the growing demand for cocoa products. But this also raises questions on the company’s balance sheet, which is highly leveraged.

As at Dec 31, 2010, it had a cash balance of RM11.9 million compared with bank borrowings of RM205.43 million plus trade receivables of RM148.9 million. Tay noted that the capex would be first financed by internal funding as well as bank borrowings.

Guan Chong’s net assets stood at 75 sen a share as at Dec 31, 2010. The company’s most valuable asset is its inventories, totalling RM154.92 million, which is mostly cocoa beans that have appreciated in price over the last two months.  

In FY10 ended Dec 31, Guan Chong’s net profit soared seven-fold to RM100.02 million, or 41.67 sen a share, from a year earlier as revenue rose 83% to RM1.17 billion.

The company said its financials were helped by foreign exchange gains due to a strengthening ringgit. The firm had also booked gains from commodity futures contracts, and foreign exchange derivatives.

On the impact of high cocoa bean prices, Tay said the soft commodity, which was traded at a 32-year high of US$3,706 a tonne yesterday is not expected to hurt Guan Chong’s financials because the company is able to pass the additional expenses to its customers.

“We buy high and sell high,” Tay said. He added that existing high cocoa bean prices may lead to less competition in the cocoa processing industry.

Cocoa prices have risen due to the political crisis in Ivory Coast where a disputed election has resulted in the country having two rival governments.

Guan Chong sells its semi-finished cocoa products, and purchases its raw materials in US dollars.

http://www.theedgemalaysia.com/i ... or-batam-plant.html

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发表于 2011-4-24 20:40 | 显示全部楼层
GuanChong ROE, NTA, DPS is how much?
cheer 发表于 2011-4-22 20:38


ROE 2010 = 41.67 / 0.746 = 55.9
NTA 2010 = 0.746 per share
DPS 2010 = 0.5 sen tax exempt and 9.5 sen 4% less tax at 25% / 2.86 = 76.25 / 2860 = 2.7%
     
希望对你有帮助!

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x 890
发表于 2011-5-2 14:11 | 显示全部楼层
續加強可可產量 源宗集團市值看漲

    * 財經

01/05/2011 15:27
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 (吉隆坡1日訊)源宗集團(GUANCHG,5102,主要板消費)成本管理得當,獲利前景可期,券商認為認為,該公司未來2年的淨利年複成長率(CAGR)擴張16.3%,至1億3530萬令吉。

 黃氏星展唯高達證券研究報告指出,該公司可可年產量已由1990年的6000公噸,增至目前14萬公噸,為全球10大可可生產商之一,隨著印尼工廠即將于明年次季完工,年產量料額外增加6萬公噸。

 此外,源宗集團也可藉印尼設廠優勢,以零稅務購進當地可可豆。

 該行首次評估此股,即可予“買進”評級,主要是看好源宗集團市值,或可由目前9億4100萬令吉,跟隨強勁盈利增長擴張。

 源宗集團目前14萬公噸可可產量,已悉數接獲客戶訂單,相信足以讓公司忙碌至年底,該公司一般都是預先與客戶簽署合約,同時再確保充足可可豆供應。

 以此方法規避可可豆價格波動形成的本影響,有助確保源宗集團穩定獲利,我們預計,該公司淨利年複成長率可在2012年增加16.3%,至1億 3530萬令吉。

 目前3.60令吉目標價,等同2012財年10倍本益比(PE)。

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发表于 2011-5-3 18:32 | 显示全部楼层
Guan Chong a sweet buy

Guan Chong Bhd
(April 29, RM2.93)
Initiating coverage with buy call at RM2.94 with target price of RM3.60: Guan Chong (GC) manufactures and sells cocoa ingredients: cocoa butter (54% of FY10 revenue), cocoa powder/cake (43%) and cocoa liquor (3%). Exports were 92% of sales last year as it counts global chocolate manufacturers like Mars, Hershey’s and Lotte as customers.

From 6,000 per tonne per year in 1990, GC has gradually raised capacity 140 tonnes per year now to rank among the top 10 cocoa processors in the world. It is set to grow bigger when another 60,000 tonnes per year is added when its new plant in Indonesia — which has the advantage of buying zero-tariff local beans — is fully completed by 2Q12.

The group’s current 140,000-tonne capacity is fully taken up by customer orders, thus keeping it busy until end-2011. It normally signs forward contracts with buyers and secures cocoa bean supplies simultaneously.

Matching selling prices with bean costs via hedging insulates it against fluctuating cocoa prices, thus locking in margins and earnings up front. We project two-year net profit to expand at 16.3% compound annual growth rate to RM135.3 million in FY12F.

Our fair value is pegged to 10 times target price-earnings ratio, using fully diluted FY12F earnings per share. This is a steep discount to DBSV’s 15 times FY11/12 PER accorded to Singapore-listed Petra Food, its nearest peer.

GC is an under-researched counter. We like it because its market cap (RM941 million) is poised to expand along with strong profit growth. Potential risks to earnings are a global economic collapse (leading to customers deferring deliveries as demand falls) and disruptions to cocoa bean supply. — HwangDBS Vickers Research, April 29

http://www.theedgemalaysia.com/i ... ng-a-sweet-buy.html

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发表于 2011-5-4 20:58 | 显示全部楼层
Guan Chong hits 4-day low at RM2.85

KUALA LUMPUR: GUAN CHONG BHD [] shares fell to a four-day low of RM2.85 in late afternoon on Wednesday, May 4 as investors took profit after the recent strong run-up its share price in recent weeks.

At 4.04pm, it was down 15 sen to RM2.85 with 366,800 shares done. The warrants fell eight sen to RM1.31.

Hwang DBS Vickers Research had recently initiated coverage with Buy call and RM3.60 target price.

“Our fair value is pegged to 10x target PE, using fully diluted FY12F EPS. This is a steep discount to DBS Vickers’ 15 times FY11/12 PE accorded to Singapore-listed Petra Food, its nearest peer,” it said.

HDBSVR said Guan Chong was an under-researched counter.

“We like it because its market cap (RM941 millio) is poised to expand along with strong profit growth. Potential risks to earnings are a global economic collapse (leading to customers deferring deliveries as demand falls) and disruptions to cocoa bean supply,” it said.

To recap, Guan Chong manufactures and sells cocoa ingredients: cocoa butter (54% of FY10 revenue), cocoa powder/cake (43%) and cocoa liquor (3%). Exports were 92% of sales last year as it counts global chocolate manufacturers like MARS, Hershey’s and Lotte as customers.

Since 1990, its capacity has increased from 6,000 tonnes per annum to  140,000 tonnes now to rank among the top 10 cocoa processors in the world.

“It is set to grow bigger when another 60,000 tonnes per annum at its new plant in Indonesia – which has the advantage of buying zero-tariff local beans – is fully completed by 2Q12,” it said.

http://www.theedgemalaysia.com/b ... y-low-at-rm285.html

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发表于 2011-5-16 22:38 | 显示全部楼层
Guan Chong 1Q net profit jumps 52.5% to RM30.08m

KUALA LUMPUR: GUAN CHONG BHD [] net profit for the first quarter ended March 31, 2011 jumped 52.5% to RM30.08 million from RM19.73 million a year earlier, due mainly to higher revenue, net gains arising from foreign exchange due to appreciation of the ringgit, and net fair value gains on foreign exchange derivatives.

Revenue for the quarter rose 7.8% to RM290 million from RM268.95 million in 2010. Earnings per share was 9.44 sen, while net assets per share was 62.7 sen.

Guan Chong proposed a final tax-exempt single-tier dividend of 3 sen per share in respect of FY2010, amounting to a payout of about RM9.6 million.

Reviewing its performance, Guan Chong said on Monday, May 16 that it was optimistic of its performance in the current financial year given that the new cocoa processing plant located in Batam, Indonesia had commenced its production in first quarter of 2011.

“We believe Guan Chong is well-positioned for growth as many initiatives to improve our competitiveness and profitability have been systematically carried out by the management team,” it said.

The company said it expects its performance to be satisfactory for the current financial year

http://www.theedgemalaysia.com/b ... 525-to-rm3008m.html

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发表于 2011-5-17 18:39 | 显示全部楼层
(吉隆坡17日讯)可可产品销量和售价提高,源宗集团(GUANCHG,5102,主要板消费)首季净利按年成长52.5%到3008万4000令吉,建议每股派息3仙。

 该公司发布文告指出,截至3月底首季,随著可可产品销量增长37%到2万2939公吨,营业额微增7.8%到2亿9000万令吉。

 该公司说,每股盈利达9.44仙,优于去年同期的6.17仙。

 源宗集团董事经理兼总执行长郑贺联透露,巴西古当的厂房自今年初来,以最高产能使用率运作,确保达到顾客订单需求。

 “巴西古当厂房今年的订单已满,印尼巴淡岛的新厂房将负责顾客增加的订单。

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发表于 2011-5-20 13:45 | 显示全部楼层
源宗集团交易价误49%
2011/05/20 11:09:58 AM
●南洋商报

(吉隆坡19日讯)源宗集团(GuanChg,5102,主板消费产品股)表示,相关人士交易的实际价值与预计价值误差超过10%。

这项涉及SMC Food 21有限公司的相关人士交易,原预计价值为600万令吉,实际价值达896万5214令吉,误差高达49%。

源宗集团表示这主要是因为该集团增加白糖原料的使用,以满足客户对可可成分为主的相关产品。
http://www.nanyang.com/NewsCente ... mp;SID=7&CID=12

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发表于 2011-5-21 08:56 | 显示全部楼层
听說裡面的高层吃錢顶兇的, 自己看著辦吧.

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发表于 2011-7-6 10:01 | 显示全部楼层
源宗印尼巴淡岛增产
2011/07/06 9:52:51 AM
●南洋商报

(印尼5日讯)源宗集团(GuanChg,5102,主板消费产品股)宣布,计划在印尼巴淡岛可可粉研磨厂增设生产线。

该公司董事经理兼总执行长郑贺联透过文告,发表上述谈话。

“今年3月投产的首个生产线,满足了当时的需求量,但需求量持续增加,我们决定增加另外一条产线,以应付市场需求。”

郑贺联说,该公司将通过内部资金和向银行借贷筹得所需资金,并预料在今年9月动工,于2012年次季投入生产。

据了解,源宗集团目前年产能为14万公吨,印尼巴淡岛和大马巴西古当厂房,分别贡献6万和8万公吨。

“新产线的年产量达6万公吨,届时我们每年的总产能则达20万公吨,成为区域其中一家最大的可可生产商。”

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发表于 2011-7-6 11:33 | 显示全部楼层
听說裡面的高层吃錢顶兇的, 自己看著辦吧.
Peter 发表于 2011-5-21 08:56



    最好自己去查查看年报。听说会死人的。
自己家族生意,作为领导层,拿的薪水不会多。
400多万的director fees, compare with 1亿 净利,多少巴仙?(所有directors)
10亿的生意额,又是多少巴仙?
目前为止,中国,印度年度平均consume可可product还是很少。自己看着办吧。

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发表于 2011-7-6 17:17 | 显示全部楼层
Guan Chong to double capacity by 2Q12      
  
BATAM: Guan Chong Bhd, the country’s largest cocoa processor,  plans to double the capacity at its Batam plant by 2Q12, which will boost its annual cocoa grinding capacity to 200,000 tonnes.

Brandon Tay Hoe Lian, Guan Chong managing director and CEO, said the expansion is in light of how quickly its first production line at the Batam facility, which was commissioned in March, has been filled up.

“[We are] already fully sold for the entire 2011 due to the rising demand for our cocoa ingredients of butter and powder,” he said in a statement.

Guan Chong’s current total annual capacity is 140,000 tonnes, of which 80,000 is produced at its plant in Pasir Gudang, Johor, and the rest in Batam, Indonesia. Installation of the second 60,000-tonne production line in Batam will begin in September, and is expected to be commissioned by 2Q12. The Batam plant is capable of producing cocoa butter, powder, liquor and cake, the company said.

“The increased capacity will position us as one of the leading players in the global cocoa industry,” Tay said.

http://www.theedgemalaysia.com/i ... pacity-by-2q12.html

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发表于 2011-7-6 21:08 | 显示全部楼层
马来西亚版每日头条 – 06/07/11
2011年07月06日每日头条(马来西亚版)

源宗集团将把印尼厂房的产能翻倍
源宗集团(Guan Chong)的董事经理郑贺联表示,公司计划在2012年第二季度把其印尼新厂房的产能翻倍,由于对可可油和可可粉的需求不断提高。自公司位于巴淡岛的新厂房于2011年3月投产以来,其第一条生产线的利用率有增无减,以满足排满今年一整年的订单。因此公司计划在2012年安装第二条生产线,以增加20万吨产能来满足与日俱增的环球订单。

启示:公司的巴淡岛厂房可轻易地从印尼当地及其位于柔佛州的总部取得可可豆供应,并因可购得免税可可豆而节省成本,由于印尼当局对当地所生产的可可豆征收高达15%的出口税。

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发表于 2011-7-27 17:18 | 显示全部楼层
Kan Sam an alternative to Guan Chong     
  
KUALA LUMPUR: Investors looking to invest in Malaysian cocoa players may soon have a new choice — Kan Sam Foods Bhd, which is en route to a Main Market listing. And its history is interestingly linked to that of another major player, Guan Chong Bhd.

There are not many cocoa players listed on Bursa Malaysia, with choice for investors largely limited to Guan Chong Bhd and TSH Resources Bhd, both of which undertake cocoa processing. While that is the core business of Guan Chong, it forms only a very small part of TSH’s diversified operations, which include palm oil plantations and hardwood flooring.

Investors hoping to ride on the four-year long uptrend in cocoa prices have naturally gravitated towards Guan Chong, particularly in the past year as civil war in Ivory Coast, the world’s largest cocoa producer, sent prices to 30-year highs at US$3,775 (RM11,136) per tonne in March 2011. By comparison, they were below US$2,000 per tonne for much of the early part of this decade.   

Not surprisingly, Guan Chong has been one of the market’s best performing stocks, a fact acknowledged by The Edge Billion Ringgit Club awards, where it recently won the awards for Best Performing Stock and Highest Profit Growth Company in the consumer products sector.

But soon, potential main market entrant Kan Sam will widen the choice.

Kan Sam shares a similar pedigree with Guan Chong, although it takes some scrutiny to find the link.

As seen from its preliminary prospectus, Kan Sam’s roots date back to the 1980s when its substantial shareholder JB Cocoa Group Bhd was established in Muar, Johor.

According to the document, JB Cocoa was formerly known as Guan Chong Group Sdn Bhd, whose principal business was the processing of cocoa beans. Then in 1990, a cocoa processing plant was built in Pasir Gudang under Guan Chong Cocoa Manufacturer Sdn Bhd (GCCM).

Kan Sam chairman Tey Kan Sam @ Tey Hin Ken and his son, the company’s managing director Tey How Keong, were involved in the setting up of both the plant and the company. In fact, GCCM was at one point a subsidiary of JB Cocoa until the latter disposed of the former to Guan Chong Resources Sdn Bhd as part of a restructuring exercise in 2003.

Guan Chong Resources is currently the holding company of the listed Guan Chong. A look at the directors of the listed Guan Chong show even further ties, with a director Tay Chi @ Tay Chin Chuan cited as one of the founding members of JB Cocoa. Guan Chong managing director Tay Hoe Lian has been with GCCM since 1997.

Yet, there is no public mention of the links between the two companies. It is learned that the heads of both companies are in fact related.

“They are apparently cousins who started the business of cocoa together. However, the two then amicably parted ways due to differences in business directions,” said a source.

In terms of earnings, according to the prospectus draft for FY10, Kan Sam posted a net profit of RM48.1 million on the back of RM504.2 million in revenue. This was higher than the previous year when net profit stood at RM23 million and revenue was RM386.2 million. Among Kan Sam’s future plans is the expansion of its plant in the Port of Tanjung Pelepas, in an exercise expected to cost RM44 million to be implemented over two years.

In addition, Kan Sam has also been granted a call option to acquire a stake in PT Koko, which has plans to construct a cocoa liquor facility in Indonesia that is expected to commence in mid-2012. The company has also been granted a call option to acquire a stake in Kakao GmbH, which intends to construct a cocoa butter melting, deodorising and warehouse facility in Germany.  

For Guan Chong, FY10 was a good year as it saw its net profit jump to RM101.1 million from RM14.3 million in FY09. Revenue for the year also surpassed RM1 billion on the back of better sales, gains from foreign exchange as a result of the stronger ringgit as well as the overall improvement of commodity prices in general.

In terms of share price, Guan Chong at its current share price of around RM2.70 is trading at a historical price-earnings (PE) multiple of 7.85 times, while its projected PE multiple is 7.32 times. Its average over the past 12 months has been RM1.91.

Most recently, Guan Chong is looking to double the capacity of its new plant in Indonesia by 2012, as a result of the rising demand for cocoa butter and powder. The company noted that since the commissioning of its facilities in Batam in March, orders for the first production line have been rapidly filling up.

In a May 30 report, Hwang-DBS Vickers noted that the company is currently on track to add 60,000 metric tonnes by 2Q12.

“Contributions from Batam will rise as it will make up 40% of the group’s sales volume from 2Q11 onwards,” said Hwang-DBS. The research house has a “buy” call on Guan Chong with a target price of RM3.60.

Cocoa prices have been on a high since the civil war in Ivory Coast. Although the civil war ended last year, the price of cocoa beans is still high at above US$3,000 per tonne because of supply constraints. According to reports, analysts are expecting prices to remain high into at least 2013.

With Kan Sam’s impending IPO, there will soon be two listed cocoa players and more choice for investors. An interesting issue will be what Kan Sam’s IPO offer price will be, as a high IPO price could trigger a re-rating of Guan Chong. Also, which stock will find more flavour with investors?

http://www.theedgemalaysia.com/i ... -to-guan-chong.html

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发表于 2011-8-11 13:49 | 显示全部楼层
Guan Chong 2Q net profit up 18.8% to RM34.4m      

KUALA LUMPUR: GUAN CHONG BHD []’s net profit rose 18.8% to RM34.45 million in the second quarter ended June 30, 2011 from RM19.51 million a year ago, boosted by higher cocoa products sales and foreign exchange (forex) gains.

It said on Thursday, Aug 11 its revenue rose 23.5% to RM334.64 million from RM270.78 million. Earnings per share were 10.84 sen versus 6.10 sen. It declared dividend of three sen per share.

“The increase of 23.58% in turnover is mainly due to higher sales volume of cocoa products as the result of a full-quarter contribution from its Batam plant, which commenced operation in February this year,” it said.

Guan Chong said the profit before tax for the quarter ended June 30, 2011 increased substantially to RM 40.24 million mainly due to higher revenue generated in current quarter, net gains arising from foreign exchange due to appreciation of the ringgit  and net fair value gains on forex derivatives..

It also improved from the first quarter, with pre-tax profit at RM 40.24 million from RM 33.79 million in the preceding quarter, boosted by substantially by a full-quarter contribution from its new cocoa processing plant in Batam, which started in February.

For the first half, earnings rose 64.4% to RM64.53 million from RM39.24 million while revenue increased by 15.7% to RM624.64 million from RM539.73 million.

http://www.theedgemalaysia.com/b ... -188-to-rm344m.html

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发表于 2011-8-12 17:13 | 显示全部楼层
Guan Chong profits surge 77%      
  
KUALA LUMPUR: Cocoa processor Guan Chong Bhd (GCB) posted a net profit of RM34.45 million on the back of RM334.64 million in revenue for 2QFY11 ended June 30. Its earnings per share for 2Q was 10.84 sen.

In contrast to a year ago, GCB’s net profit for 2Q surged 76.5% while revenue strengthened 23.6%.

In a statement yesterday, GCB said the better showing was mainly due to higher sales volume of cocoa products as the result of a full-quarter contribution from its Batam plant in Indonesia, which commenced operation in February.

“While our Pasir Gudang maintained its full capacity in the quarter under review, our recently-commissioned Batam plant processed 13,000 tonnes of cocoa beans to raise the group’s total production capacity to about 32,000 tonnes in 2Q11,” said GCB managing director and CEO Brandon Tay Hoe Lian.

The strengthening ringgit also nudged GCB’s profits upwards.  

For the six months ended June 30, GCB’s net profit increased by 64.5% to RM64.53 million from RM39.24 million in the same period last year, while revenue strengthened by 15.7% to RM624.641 million from RM539.733 million a year ago.

Basic earnings per share amounted to 21.69 sen for 1H11, compared with 12.27 sen in the previous corresponding period.

“Apart from higher sales tonnage, the enhanced bottom line was also due to reduced finance costs and recognition of tax incentives from increased export allowance,” GCB said.

Other than strong demand for chocolate, GCB said demand for cocoa has held steady through the various economic cycles, even as the food and beverage industry continues to innovate various cocoa applications.

“Given these factors, the outlook remains bright for cocoa processors,” Tay said.

Despite the cheer at GCB, Bloomberg on Aug 10 reported that cocoa futures fell to a two-month low on signs of ample global supplies. Output in Ivory Coast, the world’s largest cocoa producer, was said to be rising to a record 1.5 million tonnes ending Sept 30, according to analysts in a Bloomberg survey.

GCB declared a second interim single-tier dividend of three sen net per share. GCB has set a dividend policy to pay a minimum of 25% of group net profits to shareholders, effective FY11.

Coupled with the first interim dividend of 2.25 sen, the group’s dividend payout for FY11 would amount to 5.25 sen per share, or RM16.8 million to date, translating into 26% of 1H11 group net profit.

GCB ended trading unchanged at RM2.60.

http://www.theedgemalaysia.com/i ... ofits-surge-77.html

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发表于 2011-8-12 17:18 | 显示全部楼层
买卖Guan Chong须留意
1. cash vs bank borrowing
2. earning 是 公司主业赚的还是 hedge cocoa 的。

just some sharing and question for shareholder to understand more with the company

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发表于 2011-8-16 13:16 | 显示全部楼层
对!还要看cash是如何turnover的,能不能cover and sustain the business.
Hedge cocoa 自然对冲,客户的都是下了contract才expand的!两边结果是revenue上升,hedge对冲没有赚,不说你不知。如果你买Nestle,看好它,说什么Milo啊。不如看GuanChong不是更有potential!

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