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[公司专区] 7153 KOSSAN 高产尼品

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发表于 2011-4-26 20:16 | 显示全部楼层
Subject : KOSSAN - NOTICE OF BOOK CLOSURE
Contents : FINAL DIVIDEND OF 8 SEN TAX EXEMPT PER ORDINARY SHARE OF RM0.50 EACH FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2010.

Kindly be advised of the following :

1) The above Company's securities will be traded and quoted [ "Ex - Dividend" ]
as from : [ 24 June 2011 ]

2) The last date of lodgement : [ 28 June 2011 ]

3) Date Payable : [ 19 July 2011]

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发表于 2011-4-27 02:02 | 显示全部楼层
问问,假如我现在一直慢慢买进,到时我是不是一样可以得到它的Delidend ??

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发表于 2011-4-27 11:13 | 显示全部楼层
回复 22# stevenahsoon
在24 June 2011 之前买的票是可以得到dividen的。

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发表于 2011-5-14 16:14 | 显示全部楼层
拉曼大学 高产尼品工业 联手研发橡胶变建材
2011/05/14 11:14:00 AM
●南洋商报

(吉隆坡13日讯)拉曼大学今日与高产尼品工业(Kossan,7153,主板工业产品股)子公司同心橡胶产品公司签约合作研发,包括将橡胶与材料技术应用到建筑工程。

根据双方今天签署的了解备忘录,同心橡胶产品将派员工至拉曼大学在职进修;拉曼大学也将送学生到同心实习。

备忘录签署仪式在拉曼大学八打灵再也校园举行。岀席者包括拉曼大学校长拿督蔡贤德教授、副校长(研究与商品化)李仕伟教授、同心公司董事胡陈定及执行董事林绍鑫,以及负责推动合作计划的拉曼大学理工学院副教授刘豪熙博士。

联手研发橡胶产品

蔡贤德说,拉曼大学寻求正确合作伙伴,已设立20个研究中心,建立拉大全球研究网,提供平台给师生与来自世界各地的学术人员及科技人员交流。

他说,隨着备忘录的签署,拉曼大学将与同心一起研发橡胶产品。

胡陈定说,同心橡胶产品公司的管理层、对拉曼大学最近研发的一和胶基产品,即混凝土掺杂橡胶等物质做成的砖块深表兴趣,希望双方联营投资。

刘豪熙说,采用混凝土掺杂橡胶、甚至稻草等就地取材制成的砖块,不但更轻便及更经济美观,也容易散热,是值得大力推广的建筑材料。

他认为,废物利用制成建材,不但符合环保目标,又经济耐用,获得人们的广泛接受将是今后的发展趋势。

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发表于 2011-5-20 14:01 | 显示全部楼层
成本走高‧美元貶跌‧高產尼品首季淨利減24%
大馬財經  2011-05-20 13:29

(吉隆坡19日訊)因受到產品原料成本走高及美元匯率貶跌的負面衝擊,高產尼品(KOSSAN, 7153, 主板工業產品組)截至2011年3月31日為止的首季淨利減少24.43%至2千295萬5千令吉,比較前期為淨利3千零37萬9千令吉。

首季營業額2億5千644萬6千令吉,微降2.40%。

該公司文告指出,首季淨利及營業額下跌,主要是買家因原料成本走高而減少產品存貨,特別是樹膠汁成本高企,從而影響盈利表現。

首季的稅前盈利賺幅下跌至10.88%,較前期為13.8%。不過,整體而言,業績表現符合公司預測。該公司管理層認為,預料未來季度業績會更好。

星洲日報/財經‧2011.05.20

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发表于 2011-6-21 23:57 | 显示全部楼层
未來2年資本開銷6000萬 
高產尼品擴充產能


(吉隆坡21日訊)高產尼品(KOSSAN,7153,主板工業股)未來兩年的資本開銷高達6000萬令吉,主要是用來增設2家工廠和18條生產線,以把手套產量提升15%。

高產尼品董事經理拿督林寬城指出,該公司在今年與明年的資本開銷各為3000萬令吉,冀望透過兩大擴充計劃,即增設工廠及生產線,來提高手套的產量。

高產尼品目前共有10家工廠和164條生產線,年度產量多達120億只手套。

如今,該公司將增加18條線和2家工廠(各9條生產線)來生產高檔新產品。

「在這兩大擴充計劃下,我們的年度手套產量有望提高15%。」

林寬城是在出席高產尼品股東常年大會後,向記者發表上述談話。

高產尼品今天的股東常年大會,出席的小股東人數是去年的兩倍,而令吉走強、電費上調、乳膠價格與天然氣價格上漲,都是股東們非常關注的課題。

另外,許多分析員都建議投資者「守住」或「賣出」手套股。

對此,林寬城向小股東回應表示,分析員是根據公司前景、市場走勢、及業績表現作出投資評級。在原料價格高漲的局勢下,分析員不看好手套股是可以理解的。

無論如何,林寬城指出,目前,全球三大手套生產國為大馬、泰國和印尼,這3個國家的貨幣兌美元的匯率走勢都大同小異。

此外,各國的手套業者所使用的原料都是根據國際價格而定。

因此,產品價格也將不會有太大的差異。

買家其實別無選擇,必須繼續買貨。有鑑於此,林氏認為,手套領域的前景要比其他領域更好。

林寬城也聲言,比其他同行相比,高產尼品最大的優勢,是該公司的設施有更大的伸縮性,可以根據市場需求,用作生產丁手套或膠手套。

前者目前占總產量的40%,後者則占60%,該公司放眼在兩年內調換兩大產品的貢獻比重。

針對高產尼品剛完成收購CLEANERA香港有限公司51%股權,林寬城直言,這絕對是該公司今年的最後一項收購與併購活動。

CLEANERA是一家製造無塵室產品的公司,估計將在明年起,作出10%營業額貢獻。

儘管如此,林寬城透露,高產尼品將繼續在國內和海外尋求併購對象,包括,掛牌公司或非上市公司,但前提是可以創造價值。

「我們的現金高達9000萬令吉,今年料可衝破1億令吉,負債率更是低至0.15倍。如果併購活動是可以創造價值,並補助我們現有的業務,何樂而不為。」

http://www2.orientaldaily.com.my ... Q3i0mRc6z1Q2CDA26Zz

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发表于 2011-6-29 21:40 | 显示全部楼层
Better margins, cleanroom products to drive Kossan’s earnings      
  

Kossan Rubber Industries Bhd
(June 28, RM3.14)
Maintain hold at RM3.14 with revised fair value RM3.71: We are maintaining our “hold” rating on Kossan with a lower fair value of RM3.71, post a downward earnings adjustment and the rolling forward of our valuation base year from FY11F to FY12F. We continue to peg our valuation to a price-earnings ratio of 10 times FY12F earnings — at a 30% discount to its 10-year mean.

Following a recent company visit, we have trimmed our FY11F/13F earnings per share by -7% to -9% after incorporating lower margin assumptions due to further normalisation in margins (1QFY11: -1 percentage point quarter-on-quarter [q-o-q]). We now forecast an earnings before interest, tax, depreciation and amortisation (Ebitda) margin of 16% for FY11F, against 18% previously.

We understand the upcoming 2QFY11F earnings will likely be flattish on a q-o-q basis. We observe the earnings underperformance mimics the trend seen in the recent results of peers, underpinning our longstanding view that it is too premature to turn constructive on the sector at this juncture.

While management has attributed it largely to continued lacklustre demand for rubber gloves on minimal inventory holding by customers amid elevated latex prices, our channel checks reveal price undercutting has been rife within the basic natural rubber (NR) gloves segment. However, the impact on Kossan’s earnings has been relatively subdued, owing mainly to its more balanced product portfolio mix of 60:40 in nitrile:latex gloves.

The group’s earnings growth will continue to be primarily centred on better-margin glove variants as underpinned by its high utilisation rate of circa 90%.

We expect earnings contribution from 51%-owned Cleanera HK Ltd to rise from 10% to approximately 14% to 15% of group earnings on the back of increased capacity. Recall, Cleanera is principally involved in the manufacturing of cleanroom products such as masks, wipes and gloves.

The group has recently completed its US$3.06 million (RM9.3 million) acquisition of Cleanera and management remains confident of achieving a payback of 1.5 years. We expect a more aggressive marketing campaign to result in an increased market share for cleanroom products in China going forward.

Potential stock re-rating catalysts include: (i) a meaningful easing of the latex price; (ii) better-than-expected 2Q results. — AmResearch, June 28

http://www.theedgemalaysia.com/i ... ssans-earnings.html

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发表于 2011-7-8 21:32 | 显示全部楼层
CIMB Research has Buy on Kossan at RM3.17      
  
KUALA LUMPUR: CIMB Equities Research has a technical Buy on KOSSAN RUBBER INDUSTRIES BHD [] at RM3.17 at which it is trading at a FY12 price-to-earnings of 7.5 times and price-to-book value of 2.2 times.

It said on Friday, July 8 Kossan is consolidating in a bullish flag pattern. Recent rebound lift prices above the resistance channel as well as its 30-day and 50-day SMAs.

There is a good chance that the candles may swing past the flag resistance.

CIMB Research said once the RM3.24 level is taken out, it expect follow through momentum to pick up. This should further lift prices towards RM3.40 and RM3.58 next.

“Our short term bullish stance is also backed by the improving technical landscape. MACD has returned to the black while RSI is also rising.

“Risk takers may take some position here before the breakout materialises. Others should join the bandwagon when RM3.24 is taken out. Place a stop at below RM3.06-2.98 in case this is a bull trap,” it said.

http://www.theedgemalaysia.com/b ... ossan-at-rm317.html

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发表于 2011-8-25 18:42 | 显示全部楼层
CIMB Research downgrades Kossan to Neutral      
  
KUALA LUMPUR: CIMB Equities Research is downgrading KOSSAN RUBBER INDUSTRIES BHD [] from Outperform to Neutral.

The research house said on Thursday, Aug 25 that while valuations are cheap, this is balanced by overcapacity and higher energy costs.

“Although Kossan has been our top pick since Apr 2011, the stock has underperformed the sector. Hartalega is now our top pick,” it said.

CIMB Research said the 1H FY11 results were disappointing, making up only of 39% of its forecast and 37% of consensus estimates. As expected, no dividends were declared.

“We believe the poor results were due to volatile input costs and overcapacity in the sector. We are cutting our FY11-13 EPS forecasts by 15-16% as our utilisation assumptions were too optimistic.

“Our target price falls from RM3.87 to RM3.25, still based on a forward P/E of 9.1 times or a 30% discount to Top Glove’s 13.1 times benchmark P/E,” it said.

http://www.theedgemalaysia.com/b ... san-to-neutral.html

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发表于 2011-8-26 20:38 | 显示全部楼层
Kossan: Dismal earnings at half-time      
  
Kossan Rubber Industries Bhd
(Aug 25, RM2.71)
Maintain hold at RM2.78 with revised fair value of RM3.54 (from RM3.71): We maintain our “hold” rating on Kossan Rubber Industries but with a lower fair value of RM3.54 (RM3.71 previously), post 4%-16% downward earnings revisions on dismal 2QFY11 results.

Kossan’s 2QFY11 net profit of RM21 million missed both our and market expectations. Net profit of RM44 million (year-on-year: -27%) at half-time accounted for only 38% of our full-year forecast and 37% of consensus.

The group posted a sequentially higher revenue for 2QFY11, up 8% quarter-on-quarter (q-o-q) on an upward revision to average selling price (ASP). However, volume of gloves sold declined to about two billion pieces versus an average of 2.2 billion previously, given the lack of a meaningful improvement in demand for natural rubber (NR) gloves. Production mix for NR is still a high of 57%, while the balance is in synthetic variants.

Further margin normalisation was seen this quarter, with earnings before interest, tax, depreciation and amortisation (Ebitda) margin declining 2.1 percentage points q-o-q to 13%. We suspect the business operating environment remains competitive with price undercutting activities rife, particularly within the basic NR glove segment.

The earnings underperformance mimics the trend seen in recent results of peers, underpinning our long-standing view that it may be too premature to turn constructive on the sector.

On the flipside, the group’s strategy in focusing on better margin glove variants would reduce its exposure to latex price volatility. The group aims to boost production of synthetic gloves from 43% to about 60% moving forward. As it is, production mix of synthetic gloves as at August has increased to 50%. Synthetic gloves, namely nitrile variants, use butadiene as the main input.

All in, we cut our earnings forecasts by 16% for FY11F, and a smaller 3% to 4% for FY12F-13F, following lower margin assumptions, lower utilisation rates and revised latex prices. We are now projecting FY11F net profit to contract 15% year-on-year (y-o-y), before rebounding by 19% y-o-y in FY12F.

For exposure to the rubber gloves sector, we prefer Kossan for its more balanced product mix and cheap valuation. Current valuation is attractive, with the stock trading at a forward PE of 7.5 times. Our valuation continues to peg FY12F earnings to a fair PE of 10 times — at a 30% discount to its 10-year mean. — AmResearch, Aug 25

http://www.theedgemalaysia.com/i ... s-at-half-time.html

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发表于 2011-9-12 18:40 | 显示全部楼层
CIMB Research maintains Sell on Kossan      

KUALA LUMPUR: CIMB Equities Research said it is maintaining a Sell on Kossan Rubber Industries at RM2.80 at which it is trading at a FY12 price-to-earnings of 7.8 times and price-to-book value of 1.8 times.

It said on Monday, Sept 12 that prices have fallen below the key support at RM2.80 and the current rebound is testing this support turned resistance level. The trading band of RM2.80-RM2.98 is likely to be a formidable resistance for the bulls.

“MACD is slowly gaining strength but likely is too weak to lift prices higher. Its RSI remains below the 50-pts neutral mark.

“We expect lower prices in the coming weeks as long as the RM2.98 resistance is not breached. Downside support is seen around the RM2.68 and RM2.44-RM2.49 levels,” it said.

http://www.theedgemalaysia.com/b ... sell-on-kossan.html

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发表于 2011-11-8 19:23 | 显示全部楼层
Kossan expands into non-rubber products      

KUALA LUMPUR: Kossan Rubber Industries Bhd is embarking on a multi-pronged strategy for its next phase of growth. It involves the expansion of its glove manufacturing business and diversification into non-rubber products to create synergy.

The company plans to grow its annual glove production capacity by 42% to 17 billion pieces in the next two years, a crucial move to expand its product range and tap new markets. It is also seeking mergers and acquisitions (M&A) to grow its non-rubber product portfolio and diversify its income base.

Datuk Lim Kuang Sia, managing director and CEO, said Kossan, which currently has an annual glove capacity of 12 billion pieces, will build new factories and refurbish existing ones to increase output.

“We always prepare for tomorrow,” Lim told The Edge Financial Daily in an interview. Kossan already has 13 factories in Klang, of which 10 are for glove production, while the remaining three are for technical rubber products (TRP).

The 10 glove factories, with a total of 160 lines, have a combined annual capacity of 12 billion gloves. For now, natural rubber gloves make up 55% of total capacity while nitrile or synthetic rubber gloves constitute the balance of 45%.

For comparison, world rubber glove demand is seen at some 150 billion pieces this year, and is expected to register an annual growth of  8% to 10%. Malaysia is the world’s largest rubber glove producer, with about 60% of the global market.


Lim: Kossan's plans include the construction of two new factories - each dedicated to surgical land nitrile gloves - in Klang.
Lim said Kossan’s immediate plans include the construction of two new factories — each dedicated to surgical and nitrile gloves — in Klang.

These plants will add another two billion gloves to Kossan’s existing capacity, translating into 14 billion gloves a year by June 2012, he said. The surgical glove plant will have a capacity of 600 million pieces while the nitrile facility will have an output of 1.4 billion gloves.

Lim said these factories will involve a capital expenditure of some RM60 million which could be equally shared between the manufacturing facilities. Kossan’s factories, which are about 90% utilised, are interchangeable for natural rubber and nitrile glove production.

By 2013, its annual glove capacity is expected to reach 17 million gloves, helped by the manufacturer’s 200 production lines by then, said Lim. Nitrile gloves are expected to account for 60% of capacity while natural rubber gloves will make up the remaining 40%.

Lim said Kossan focuses on high-end gloves for the medical and non-medical sectors as this segment has a higher barrier of entry. He said the company intends to grow its portfolio from mainly medical examination gloves, to include surgical, cleanroom, sterilised and special application gloves.

Product diversification via M&A is seen as a crucial component of Kossan’s growth strategy. Lim said the company might acquire more companies dealing in non-rubber products such as face masks for the medical sector and antistatic wipes for the semiconductor industry.

He said these potential M&A must create synergy for Kossan, adding that the company’s healthy balance sheet will enable it to undertake such exercises. As at June 30 this year, Kossan had cash of RM84 million against borrowings of RM146.28 million, translating into net debt of RM62.28 million or net gearing of 0.13 times. The company’s shareholders’ funds stood at RM486.06 million.

Last June, Kossan acquired a controlling 51% stake in Hong Kong-based Cleanera HK Ltd for US$3.06 million (RM9.52 million). Cleanera manufactures cleanroom products such as masks, wipes and gloves.  

“Inorganic growth can help us grow faster,” said Lim, who expects Kossan to achieve 15% revenue growth in FY12 ending Dec 31. This follows an expected weaker performance in the current year.

Estimates by analysts polled by Bloomberg indicate that Kossan will register net profit of RM105.53 million and revenue of RM1.23 billion for FY11. This compares to FY10 net profit and revenue of RM113.38 million and RM1.05 billion.

With consensus earnings per share of 32.7 sen for FY11, the stock, at RM2.83, is trading at a price-earnings ratio of a low 8.9 times.

Kossan’s latest results have weakened. In 1HFY11ended June 30, the firm saw its net profit fall 27% to RM43.89 million from RM60.39 million a year earlier, though revenue rose 2% to RM532.06 million from RM519.26 million.

While the company benefited from higher selling prices for its products, costlier natural rubber — its main raw material — crimped its bottom line, the company said in notes accompanying its financials.

Natural rubber accounts for some 60% of the glove producer’s costs. Over the last six months, the rubber price reached a high of RM10.01 a kg on April 27 and a low of RM7.94 on Oct 24.  

Natural rubber prices have recently fallen along with other commodities due to concern over global a recession. This, along with the strengthening US dollar, should ease cost and margin pressures, but demand and overcapacity concerns remain.      

Kossan’s glove division accounted for 87% of its revenue during the first half, while TRP made up the remaining 13%, according to the firm. Its gloves are entirely exported while about 60% of its TRP are sold abroad.

Kossan’s external transactions are done in US dollars. Hence, the company will lose out if the ringgit strengthens against the greenback, which was the trend for much of this year until the last  two to three months when the financial market rout started.

Over the last six months, the ringgit traded at a high of 2.939 against the US dollar on July 27, and a low of 3.2048 on Oct 3.

From those lows, the ringgit gradually strengthened to 3.11 last Friday.

Economists said the weakening of Asian currencies, including the ringgit, against a firmer US dollar in recent weeks is a short-term phenomenon as global investors flocked to the greenback as a safe haven and unwind their US-dollar carry trades.

However, in the longer run, it is anticipated that Asian currencies will regain their strength against the US dollar given the prevailing growth and interest rate differential between emerging and advanced economies. The US dollar is also expected to weaken due to the country’s weak fiscal and trade balance dynamics, they said.

Kossan’s Lim said considering that Thailand is a rival glove exporter, a slower appreciation in the value of the baht against the US dollar compared to the ringgit could result in less competitive pricing for Malaysian-made gloves.

“(However) the impact is mild compared to latex prices,” he said. According to Lim, latex has a greater influence on average selling prices of gloves than other cost components.

Kossan’s TRP segment is worth watching. Lim said the division is expected to register up to 15% growth in annual turnover, as the company embarks on strategic partnerships with its customers in the US who are also TRP manufacturers.

The collaboration will essentially help Kossan secure a wider geographical reach for its TRP, especially in the global automotive sector, he said.  The company’s TRP portfolio also includes components for the marine, construction and aerospace sectors.

Lim said Kossan is assessing the feasibility of acquiring rubber plantation land in Malaysia and Cambodia. The company is considering offers from Cambodia. Any acquisitions would merely be a form of investment to diversify the company’s income base.

“Technically, it will not have anything to do with our glove operations,” he said.

Kossan shares ended three sen higher at RM2.83 last Friday, giving the company a market capitalisation of RM904.85 million. The stock has declined 11% this year against the FBM KLCI’s 2% fall, and has slumped 17% from a high of RM3.40 on March 31, 2011.

http://www.theedgemalaysia.com/i ... ubber-products.html

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发表于 2011-11-17 19:54 | 显示全部楼层
Company Name
:
KOSSAN RUBBER INDUSTRIES BERHAD  
Stock Name
:
KOSSAN  
Date Announced
:
17/11/2011
Financial Year End
:
31/12/2011
Quarter
:
3
Quarterly report for the financial period ended
:
30/09/2011
The figures
:
have not been audited

SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2011

INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
30/09/2011
30/09/2010
30/09/2011
30/09/2010
$$'000
$$'000
$$'000
$$'000
1Revenue
278,531
275,635
810,587
794,898
2Profit/(loss) before tax
31,123
38,108
85,676
113,148
3Profit/(loss) for the period
24,006
28,531
68,684
89,141
4Profit/(loss) attributable to ordinary equity holders of the parent
23,643
28,551
67,536
88,942
5Basic earnings/(loss) per share (Subunit)
7.39
8.93
21.12
27.82
6Proposed/Declared dividend per share (Subunit)
0.03
0.00
0.03
0.00








AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
1.5000
1.3800

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发表于 2011-11-17 19:55 | 显示全部楼层
最稳的手套股

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发表于 2011-11-17 23:22 | 显示全部楼层
Kossan 3Q net profit falls 17.2% to RM23.64m     

KUALA LUMPUR (Nov 17): KOSSAN RUBBER INDUSTRIES BHD []'s net profit for the third quarter ended Sept 30, 2011 fell 17.2% to RM23.64 million from RM28.55 million a year earlier, due mainly to higher cost of latex.

The company said on Thursday, revenue for the quarter, however, improved marginally to RM278.53 million from RM275.63 million. Earnings per share were 7.39 sen compared to 8.93 sen a year ago, while net assets per share was RM1.50.

Kossan declared a first interim dividend of three sen per share tax-exempt for the financial year ending Dec 31, 2011 to be paid to on Dec 20.

For the nine months ended Sept 30, Kossan’s net profit fell 24.2% to RM67.54 million from RM88.94 million, despite revenue increased just 1.9% to RM810.59 million from RM794.89 million in 2010.

Reviewing its performance, Kossan said the pre-tax profit margin increased from 9.67% to 11.17% in the current quarter mainly due to lower cost of natural latex which dropped an average of 10.20% from RM 9.87 to RM 8.91 in the current quarter.

On its prospects, Kossan said with the recent drop in rubber prices coupled with higher demand for both technical rubber products and gloves, the company was positive over its performance in the coming quarters.

http://www.theedgemalaysia.com/b ... 72-to-rm2364m-.html

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发表于 2011-11-18 23:44 | 显示全部楼层
Kossan 3Q profit down, but optimistic of prospects      

KUALA LUMPUR: Hit by higher material costs, glovemaker Kossan Rubber Industries Bhd’s net profit for the first nine months of the year fell 24% to RM67.5 million, despite a 2% revenue growth to RM810.6 million.

For 3QFY11 ended Sept 30, net profit fell 17.1% to RM23.6 million, although revenue rose to RM278.5 million from RM275.6 million. Natural latex prices rose 23.4% to RM8.63 per kg in 3QFY11 from RM6.99 last year, while the price of nitrile or synthetic latex rose 41.6% to RM6.43 from RM4.54 per kg.

Earnings per share fell from 8.93 sen to 7.39 sen for the quarter, and from 27.82 sen to 21.12 sen year-to-date.

The company is optimistic about its prospects. “With the recent drop in rubber prices coupled with higher demand for technical rubber products and gloves, management is positive of the performance in the coming quarters,” Kossan said.

The glovemaker said it plans to grow annual production capacity by 42% to 17 billion pieces over the next two years.

CEO and managing director Datuk Lim Kuang Sia said it is essential for the company to diversify through mergers and acquisitions and that it may consider taking up companies involved in non-rubber products.

As at Sept 30, Kossan had RM65.6 million cash and RM19.2 million in bank borrowings. Short-term borrowings stood at about RM135 million.

http://www.theedgemalaysia.com/i ... c-of-prospects.html

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发表于 2011-11-21 20:18 | 显示全部楼层
Kossan set to bounce      

Kossan Rubber Industries Bhd
(Nov 18, RM3.08)
Upgrade to buy at RM3.07 with revised target price of RM3.59 (from RM3.04): Kossan’s 9MFY11 results were in line with our and consensus expectations, accounting for 70% and 68% of the full-year figure respectively. As expected, 9MFY11 earnings were 24.1% lower year-on-year (y-o-y) at RM67.5 million.

The good performance in 3QFY11 is unsurprising as the latex price has softened to RM6.77 per kg from its highest level in April 2011 of RM10.93. Higher earnings of RM23.6 million (+12.9% quarter-on-quarter [q-o-q]) were mainly anchored by strong results from both its divisions. Pre-tax profit surged 25.2% q-o-q for its gloves (due to lower latex price) and 16% for its technical rubber products (TRP) (strong demand from automotive sector). Earnings before interest and tax (Ebit) margin for 3Q fell within our estimate of 11% to 12% at 11.8%. We expect Ebit margin for FY11F to average around 11.5% to 12%.

Kossan has declared an interim tax-exempt dividend of three sen which is expected to be paid on Dec 20. The three sen accounts for about 40% of our full-year figure.

We are rolling our valuation to FY12F with a price-earnings ratio of 10 times, which is Kossan’s three year-historical average PER. Thus, we derive a higher target price of RM3.59 (from RM3.04). Therefore, we are upgrading our call to “buy” from “neutral” previously. We believe that average FY12 PER of 10 times is sensible given that Top Glove Corp Bhd has always traded at a premium among glove players with a multiple of 14 times and Hartalega Holdings Bhd at 11 times. — MIDF Research, Nov 18

http://www.theedgemalaysia.com/i ... -set-to-bounce.html

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发表于 2012-1-13 18:33 | 显示全部楼层
粉乳胶手套产能过剩 手套业者收益回弹料受限
财经新闻 财经  2012-01-13 12:30






3 of 3(吉隆坡12日讯)分析员预见,2012年将是乳胶手套业者的“复苏年”,惟粉乳胶手套产能过剩,恐限制收益回弹幅度。

丁腈手套方面,由于业者开始拓展生产线,可能引领丁腈业务承受赚幅收窄的窘境。

马银行投资银行的报告指出,考量乳胶与丁腈手套业务走向后,决定维持领域“中和”投资评级。

分析员说,手套业者2010年适逢A(H1N1)型流感,导致粉乳胶手套产能过剩,进而影响了2011年的收益表现。

据了解,产能过剩问题需要1至3年时间才会被市场完全消化,所以,仍稍微影响粉乳胶手套业务今年赚幅。

目前粉乳胶手套生产线使用率约70%,而无粉乳胶手套及丁腈手套则接近极限。

“业者对增加丁腈手套生产线也持谨慎态度,毕竟这业务可能面临赚幅压缩情况。”

转向丁腈手套

分析员表示,目前丁腈手套价格高于无粉乳胶手套,市场的结构性需求已从乳胶手套转至被视为优质产品的丁腈手套。

目前乳胶与丁腈手套的市场比例为70:30,在丁腈手套逐渐夺走乳胶手套市场的情势下,预见两者在未来五年的需求与销售比例将到50:50的水平。

首选股贺特佳

鉴于较强稳的基本面,分析员看好贺特佳(Harta,5168,主板工业产品股),收益能力将高于顶级手套(TopGlov,7113,主板工业产品股)66%。

另外,分析员也建议买入高产尼品工业(Kossan,7153,主板工业产品股),尤其是开始提高在赚幅更高的丁腈手术手套专注力,前景备受看好。

对于顶级手套,分析员认为市场2012至2013财年16至38%的收益评估太高,估值有下调空间。

“顶级手套目前在22倍本益比上交易,高出16倍的历史水平,而且也高出领域12倍的水平非常多,因此给予‘卖出’投资评级。”

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发表于 2012-2-3 00:04 | 显示全部楼层
最近静的不得了。。。财务报告差不多要出炉了吧!

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发表于 2012-2-24 12:28 | 显示全部楼层
7153    KOSSAN    KOSSAN RUBBER INDUSTRIES BHD
Quarterly rpt on consolidated results for the financial period ended 31/12/2011
Quarter:4th Quarter
Financial Year End:31/12/2011
Report Status:Unaudited
Submitted By:CHIA ONG LEONG
Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period
31/12/201131/12/201031/12/201131/12/2010
RM '000RM '000RM '000RM '000
1Revenue281,530252,9731,092,1171,046,887
2Profit/Loss Before Tax30,45534,913116,130140,651
3Profit/Loss After Tax and Minority Interest24,28829,45092,972113,764
4Net Profit/Loss For The Period24,28829,45092,972113,764
5Basic Earnings/Loss Per Shares (sen)7.469.1528.5835.46
6Dividend Per Share (sen)0.000.000.000.00
As At End of Current QuarterAs At Preceding Financial Year End
7Net Tangible Assets Per Share (RM) 1.50001.3800

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