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[公司专区] 7216 Kawan 佳源食品

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发表于 2017-2-15 23:17 | 显示全部楼层
hewin 发表于 2017-2-14 08:39
Kawan Food chairman buys nearly 3m shares

13 February 2017

昨天又转手了。。                        
2天转了4,140,000 票

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发表于 2017-2-16 09:58 | 显示全部楼层
朋友的新产品。。Onigini 饭团。。Huat啊!

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发表于 2017-2-24 18:44 | 显示全部楼层
7216                 KAWAN                 KAWAN FOOD BHD                        

              Quarterly rpt on consolidated results for the financial period ended 31/12/2016            
              
Quarter:4th Quarter
Financial Year End:31/12/2016
Report Status:Unaudited
Submitted By:

Current Year QuarterPreceding Year Corresponding QuarterCurrent Year to DatePreceding Year Corresponding Period
31/12/201631/12/201531/12/201631/12/2015
RM '000RM '000RM '000RM '000
1Revenue42,56340,932186,893165,773
2Profit/Loss Before Tax9,6467,77941,54040,135
3Profit/Loss After Tax and Minority Interest7,1936,94932,98132,035
4Net Profit/Loss For The Period7,1936,85732,98232,035
5Basic Earnings/Loss Per Shares (sen)2.893.5513.2516.38
6Dividend Per Share (sen)0.350.000.600.00
As At End of Current QuarterAs At Preceding Financial Year End
7Net Assets Per Share (RM) 1.08001.0300


Remarks:
                  You are advised to read the entire contents of the announcement or attachment.
To read the entire contents of the announcement or attachment, please access
the Bursa website at http://www.bursamalaysia.com               
            
              
24/02/2017   06:34 PM            
              

Ref Code: 201702243100372            

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发表于 2017-2-24 18:58 | 显示全部楼层
TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) : RECURRENT RELATED PARTY TRANSACTIONS KAWAN FOOD BERHAD. ("KAWAN" or "the Company")- Proposed Renewal of Shareholders' Mandate for the Recurrent Related Party Transactions of a Revenue or Trading Nature and Proposed New Shareholders' Mandate for Additional Recurrent Related Party Transactions of a Revenue or Trading Nature ("Proposed Shareholders' Mandate")                                                                       
KAWAN FOOD BERHAD
                        
                                        
TypeAnnouncement
SubjectTRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS)
                                RECURRENT RELATED PARTY TRANSACTIONS
DescriptionKAWAN FOOD BERHAD. ("KAWAN" or "the Company")- Proposed Renewal of Shareholders' Mandate for the Recurrent Related Party Transactions of a Revenue or Trading Nature and Proposed New Shareholders' Mandate for Additional Recurrent Related Party Transactions of a Revenue or Trading Nature ("Proposed Shareholders' Mandate")
                                                                                                                        The Board of Directors of KAWAN wishes to announce that the Company intends to seek its shareholders' approval for the Proposed Shareholders' Mandate pursuant to Paragraph 10.09 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad at the forthcoming Thirteenth Annual General Meeting.
A Circular to shareholders containing the information on the above will be issued in due course.
This announcement is dated 24 February 2017.
                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         KAWAN FOOD BERHAD                                                       
Stock Name KAWAN
Date Announced24 Feb 2017
CategoryGeneral Announcement for PLC
Reference NumberGA1-24022017-00090
                                         


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发表于 2017-2-25 12:31 | 显示全部楼层
本帖最后由 hewin 于 2017-2-25 13:47 编辑

业绩出来非常糟糕,看来,大家都趁着往荷兰的船。

公司出口去美国的营业额衰退了,万一美国的新总统trump以后施行40%的美国进口税,那就把公司的美国出口完全给压着,无法竞争下去了,美国梦碎了。

这公司让小弟想回去买过的以前能的wellcal, 就算有新产能,但没有订单,无法消化新工厂的产能,股价过后掉了40%。



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发表于 2017-2-25 14:24 | 显示全部楼层
本帖最后由 mankit87 于 2017-2-25 16:57 编辑

显然Q2'16和Q3'16太突出导致Q4'16好像大跌。
其实yoy北美跌了12%。
拜一看市场怎么看这个业绩吧。





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发表于 2017-2-25 16:22 | 显示全部楼层
HIGHER FOREX GAIN, HIGHER SALES LIFT KAWAN FOOD’S 4Q PROFIT
admin | February 24, 2017
KUALA LUMPUR (Feb 24): Frozen food manufacturer Kawan Food Bhd saw its net profit gain 3.5% to RM7.19 million in the fourth quarter ended Dec 31, 2016 (4QFY16) from RM6.95 million a year ago, on higher foreign exchange currency gain and higher sales registered from all regions — with the exception of North America.

Quarterly revenue rose 4% higher at RM42.56 million in 4QFY16 from RM40.93 million a year ago, Kawan Food — known for its frozen paratha pastry – said in a filing with Bursa Malaysia this evening.

The group’s business is split by geographic segment, namely Malaysia, rest of Asia, Europe, North America, Oceania and Africa. All regions saw revenue improvements, apart from North America which saw a 12% drop.

There was also a foreign currency gain of RM2.8 million during the quarter, versus a loss of RM900,000 a year ago, the group said.

For the full year ended Dec 31, 2016 (FY2016), Kawan Food saw net profit jump 3% to RM32.98 million from RM32.04 million a year ago, while revenue marched up 13% to RM186.89 million from RM165.77 million.

Kawan Food updated that construction of its new plant at Pulau Indah, Selangor is progressing accordingly to the revised schedule.

“The new factory is expected to be in operation in the second half of the year. The research and development activities are continuing for new products which are planned to be manufactured in the new factory,” Kawan Food added.

Shares in Main Market-listed Kawan Food closed 16 sen or 3.76% higher at RM4.41 today, giving it a market capitalisation of RM1.19 billion.

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发表于 2017-2-27 12:04 | 显示全部楼层
佳源食品挫6.12% 盈利疲弱及券商砍目标价
By Surin Murugiah / theedgemarkets.com   | February 27, 2017 : 11:16 AM MYT   
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Translated by Google Translator:
选择语言​▼
(吉隆坡27日讯)佳源食品(Kawan Food Bhd)的净利低于同侪和券商预测,归咎于高于预期的广告收入与促销成本,券商仍重申该股“增持”评级,并调低目标价至5.15令吉,该股今日中盘交投淡静中跌挫6.12%。

截至11时01分,佳源食品挫27仙至4.14令吉,一共有3万5100股易手。

联昌国际投资银行在志期2月26日的研究报告中指出,佳源食品的新厂房正面临初期问题,2017年下半年才能投产。

“我们还没获得有关当局批准的免税地位。我们因而削减2017至2018财政年每股盈利预测,从而反映出所缴纳的税务。该公司拥有再投资税务津贴(reinvestment tax allowance)。

“我们仍重申该股‘增持’评级,但随着我们下调每股盈利预测,目标价也从5.56令吉,调降至5.15令吉。”



(编译:倪嫣鴽)

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发表于 2017-2-27 12:11 | 显示全部楼层
本帖最后由 hewin 于 2017-2-27 12:14 编辑

Kawan Food
4Q16: Tax free or not?

February 26, 2017

■ At 87% of FY16 forecasts, Kawan’s net profit was below consensus and our expectations mainly due to higher-than-expected adex and promotional expenses.

■ New factory is facing teething issues; to start only from early 2H17 onwards.


■ No approval yet from authorities on tax-free status. We cut FY17-18F EPS to reflect taxes to be paid. The company has reinvestment tax allowance.


■ Still an Add but TP falls from RM5.56 to RM5.15 following FY17-18F EPS cuts.


Kawan’s FY16 net profit rose only 3.2% yoy
Kawan’s FY16 revenue rose 12.7% yoy mainly due to strong export sales, particularly to the US. However, FY16 net profit rose only 3.2% yoy to RM33m due to higher adex and promotional expenses. In addition, FY16 forex gain was only RM1.9m compared to
FY15’s RM5.6m. The company declared a 2.5 sen final DPS. For the full-year, the company paid a DPS of 8.5 sen, above our forecast of 5 sen DPS.

New factory facing teething problems but should be resolved soon
The company’s new factory is almost completed. However, management needs to resolve some teething problems before commercial operations can start. The company indicated commercial production will only start in early 2H17, which is disappointing.
However, when the new factory starts operations, the company plans to focus on the ready-to-eat (RTE) market segment in a significant way. Kawan is also targeting convenience stores and the airline industry.

More frozen products
When the new factory is up, the company would also introduce more variety in its frozen products, particularly targeting the export market. The new factory can produce 3x more than its existing capacity. Over the past 1-2 years, the company’s domestic operations were running at full capacity. Fortunately, the company could still squeeze additional production from its factory in China.

Net cash balance sheet
The company’s net cash stood at RM56m or 20 sen net cash per share as at end-Dec. In 2016, Kawan raised RM55.8m from the conversion of outstanding warrants, which expired in Jul 2016. The funds raised helped finance the company’s capex. Kawan’s total capex over the past two years was RM115m.

No tax-free status yet
We had earlier forecast tax-free earnings for Kawan from FY17 onwards. The company was supposed to get tax-free status for building a factory in the Selangor Halal Hub in Pulau Indah. However, until now, the company has yet to secure approvals from the
authorities. As such, we now conservatively assume Kawan will pay an effective 10% tax rate from FY17 onwards, based on reinvestment tax allowance benefits instead.

Remains an Add
As such, we cut our FY17-18F EPS forecasts by 6-8% and introduce FY19 estimates.This leads to a lower target price, based on an unchanged 2018 20x P/E target (20% discount to our 25x 2018 P/E target for F&B sector). The stock remains an Add; potential
re-rating catalysts include higher-than-expected revenue from the new factory and strong export market sales. Downside risks are weak domestic sales.





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发表于 2017-3-2 14:52 | 显示全部楼层
朋友疯了,业绩这么烂还能飙

点评

等下就announce  发表于 2017-3-2 17:39
可能要来了,谁知道,哈哈哈  发表于 2017-3-2 17:35
应该学学ql,派红股,就没有人记得业绩的痛了。。。  发表于 2017-3-2 17:30
小声点。。要生了  发表于 2017-3-2 15:18

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发表于 2017-3-2 15:26 | 显示全部楼层
novice05 发表于 2017-3-2 14:52
朋友疯了,业绩这么烂还能飙


睾丸其实已经牢牢地被控制在一个单位中。 要它勃起它就勃起, 要它下垂它就下垂。  已经跟收入脱离干系了。

点评

下垂了  发表于 2017-3-3 11:53

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发表于 2017-3-2 15:31 | 显示全部楼层
GREEDY 发表于 2017-3-2 15:26
睾丸其实已经牢牢地被控制在一个单位中。 要它勃起它就勃起, 要它下垂它就下垂。  已经跟收入脱离干系 ...

你很有深度

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发表于 2017-3-3 19:21 | 显示全部楼层
Interim Dividend                                               
KAWAN FOOD BERHAD
               
               
EX-date16 Mar 2017
Entitlement date20 Mar 2017
Entitlement time05:00 PM
Entitlement subjectInterim Dividend
Entitlement descriptionInterim Single Tier Dividend of 2.5 sen per ordinary share
Period of interest                                        payment                                           to                                  
Financial Year End31 Dec 2017
Share transfer book                                        & register of members will be                                           to    closed from (both dates inclusive) for the purpose of determining the entitlement                               
Registrar or Service Provider name, address, telephone no                                        Symphony Share Registrars Sdn. Bhd.Level 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul Ehsan03-78418000                               
Payment date31 Mar 2017
a.Securities                                        transferred into the Depositor's Securities Account before 4:00 pm                                        in respect of transfers20 Mar 2017
b.Securities deposited                                        into the Depositor's Securities Account before 12:30 pm in respect                                        of securities exempted from mandatory deposit
c.                                        Securities bought on the Exchange on a cum entitlement basis                                        according to the Rules of the Exchange.
Number of new                                        shares/securities issued (units) (If applicable)
Entitlement indicatorCurrency
                                                Currency                                                                                        Malaysian Ringgit (MYR)                                       
                                                Entitlement in Currency                                                                                        0.025                                       
                                        Par Value                                                                        Malaysian Ringgit (MYR) 0.000                               
               
                                       
                       
Remarks :
Arising from the migration to the no par value regime under the Companies Act 2016, par value is no longer relevant.
               
               
               
                                                        Announcement Info                       
Company Name                                                         KAWAN FOOD BERHAD                                       
Stock Name KAWAN
Date Announced03 Mar 2017
CategoryEntitlement(Notice of Book Closure)
Reference NumberENT-03032017-00005
                         


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发表于 2017-3-5 18:22 | 显示全部楼层
倆虎相爭,必有一商。
目前只有RHB Asset 和 Public Mutual 爭寶座。

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大众鸡精也来插一脚?  发表于 2017-4-5 10:50
https://markets.ft.com/data/equities/tearsheet/profile?s=KAWAN:KLS  发表于 2017-3-5 22:14
发哥,哪里拿到的资料?这些是kawan的股东吗?  发表于 2017-3-5 22:11

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发表于 2017-4-1 12:52 | 显示全部楼层
原料变贵了 食品价逼著涨

2017年03月31日



报导:陈淑薇、温丽媚

(吉隆坡31日讯)国內食品业隨著国家经济不景气,近年来个別调整售价,让民眾感到无比压力,怨言四起;惟,食品业者本身也直呼吃不消,原材料的涨幅节节升高,他们也只能无奈调涨价格!

不管是柴米油盐等,食品原料、调味料、主食材到配料等,举凡是进口產品都因为马幣节节衰弱而出现价格调整;尤其是近2年来,许多食物原料成本都在涨价,令我国餐饮业、食品业及熟食业者都感到头痛,担心涨价幅度惊人会嚇走客户,不涨价又面对亏损,只能试探市场行情再酌量调整。

凤凰饼家东主陈汝顺表示,进货价格近来的確上涨了不少,特別是食油,如在过去一年每5公斤需17令吉,现在则要价23令吉。其次,便是糖、麵粉以及香港进口的麵粉,成本比以往提高许多。

鼓励厂家合併

「为了维持原有口感,依然会坚持使用高价的香港麵粉,但是会掺和一些本地麵粉,除了支持本土製以外,也可以节省部分成本。」

他说,有时候特定食材並不一定是因为口味,正如糖分可以拉长保存期限,同时也有保鲜的作用,故在製作过程上不可省略。「就好像低糖月饼为何比普通月饼价钱还要来得高,原因在于前者需使用从日本进口的糖和材料,並非外界认知的糖放少一点,就可以了!」

他也强调,虽然外国进口的原材料的价格经换算后比本地高,但最主要还是因为官方进口税太高,导致食材成本提高。

马来西亚麵包、饼乾、糖果、麵条和粿条厂商会主席黄福寧表示,小麦是从国外进口,并以美金交易,自从令吉持续贬值再加上麵粉取消津贴后,粿条和麵条的成本持续增加。

「粿条和麵条的价格是自由浮动,因此每个厂家的涨幅都不一样,预计这2年的涨幅约从5%至10%以上。」

「我本身在2014年出售的粿条和麵条价格为每公斤1令吉40仙,现在的价格是1令吉50仙,仅调高5%的价格。」

他坦言,如今薄利多销已不是最佳方案,该行业从20年前开始,每年陆续有小规模的面厂关闭,除了受到经济压力外,也有者是面对没有接班人的问题。

「我们曾鼓励小规模厂家可合併生產,节省不必要的开销,如员工薪水。」

「无可否认,我们已进入需要转型的时代,但合併的方案並非所有人的能接受,至今也没有厂家愿意合併生產。」

马幣疲弱征消费税引「涨」潮

进口食品或食物材料涨价,与马幣疲弱脱不了关係!

受访者在接受《东方日报》採访时认为,这2年来,由于受到令吉贬值和国家实施消费税的因素,导致食品价格有所上涨。

一些商家则表示,肉价近几年来经过多次涨幅,如今已无从得知是什么因素导致涨潮迟迟不会消退。

雪隆潮州京果商行总务林福財坦言,中国罐头的涨幅很高,包括午餐肉、排骨和扣肉的罐头价格涨幅约为一倍。

「这主要是受到令吉贬值的影响,每罐午餐肉价格从两三年前的3令吉涨至7或13令吉。酱油需视品牌,涨幅是50%至100%不等;蠔油则是比起过去贵了50%左右。」

未影响销售量

马来西亚食品暨玩具商公会会长曾庆乐则表示,自从我国开始征收消费税后,食品的价格免不了迎来一阵涨潮。

「再加上令吉贬值和外劳员工最低薪金制的调整,这2年来,预计饼乾和零食的价格约上涨20%。」

此外,冷藏食品业者陈元隆表示,冷藏食品的部分原料是从国外进口,因此,在令吉持续贬值后,冷藏食品的价格约上涨20%。

「虽然价格增加,但仍未影响销售量,毕竟食品是必需品,顾客还是会购买。」


source:http://www.orientaldaily.com.my/central/zm20162327

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发表于 2017-4-5 10:01 | 显示全部楼层
最近很冷。。放点热气

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最近又静悄悄的升上去了~~  发表于 2017-4-5 10:49
steady  发表于 2017-4-5 10:17

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发表于 2017-4-5 11:58 | 显示全部楼层
本帖最后由 hewin 于 2017-4-5 16:38 编辑

Kawan Food
Help from Nantong


April 3, 2017

■ The company organised a 4Q16 results briefing.

■ The new factory in Pulau Indah faces some teething problems but management aims to resolve all issues by mid-2017.

■ The factory in Nantong, Jiangsu province, China helped boost group production in 2016 as the existing Shah Alam factory is running at full capacity.

■ It has yet to receive approval for halal hub tax incentives for the new factory, but we estimate that the company has RM100m reinvestment tax allowance instead.

■ We maintain our Add call with an unchanged target price of RM5.15.

4Q16 results briefing for fund managers and analysts
Kawan Food held its 4Q16 results briefing this morning and about 30 attendees were present. The presentation was led by its managing director Timothy Tan.

Export sales showed the strongest growth in FY16
In FY16, Kawan’s export sales growth was strong, up 14.7% yoy to RM110.1m. 8% of the growth came from increased volume with the remaining 7% likely from forex gain.
The 13.4% increase in domestic sales came from higher volume. It seems that domestic sales have recovered from the implementation of GST in Apr 2015.

Some teething problems at the new factory in Pulau Indah
Kawan’s management indicated that it is facing teething problems at the new factory. Management is working towards resolving the problems by mid-2017 and the commissioning of the new factory should follow thereafter. The new factory’s production
capacity should be 3-4x of the existing factory in Shah Alam.

Additional capacity from factory in Nantong, China
The existing factory in Shah Alam has been running at full capacity since 2015. However, the company was able to ramp up production from its factory in Nantong in 2016. Even after increasing production last year, the China-based factory is only running
at 50% capacity. As such, Kawan can still boost group production capacity and group revenue this year, while waiting for the commissioning of the new factory in Pulau Indah.

No news yet on halal hub tax incentives
The company was supposed to enjoy tax incentives by setting up its new factory in Pulau Indah, the halal hub. However, Kawan has yet to receive the approvals for the tax incentives. This has been a major disappointment for the company. Fortunately, Kawan
has reinvestment tax allowance benefits and should pay an effective 10% tax rate in FY17-18.

Targeting the ready-to-eat (RTE) market
The company is looking at growing the RTE market in a big way this year. Kawan is the first to target RTE products like nasi lemak, “mee hoon” and other traditional local dishes to be sold at kopitiams and convenience stores. It is also looking to supply RTE to
airlines and will be participating in trade exhibitions to promote its RTE products.

Remains an Add
We maintain our EPS forecasts and target price, based on 20x 2018 P/E which is a 20% discount to our 25x 2018 P/E target for the F&B sector. The discount is to reflect its small market cap size. The stock remains an Add; potential re-rating catalysts include
higher-than-expected revenue from the new factory and strong export market sales. Downside risks are weak domestic sales.

4Q16 results briefing

Kawan Food organised a fund manager and analyst briefing on the recent4QFY16 results. There were about 30 attendees. The presentation was led by its managing director, Timothy Tan.

Strongest growth was from the export market
In FY16, export sales growth was strong, up 14.7% yoy at RM110.1m. 8% ofthe growth came from volume increase with the remaining 7% likely from forexgain. The 13.4% gain in domestic sales came from higher volume.

Paratha is Kawan’s main product
Paratha is the company’s main product, generating 46% of group sales in FY16.The second and third best-selling products are spring roll pastry (SRP) andchapatti. These three products contributed 77% of group revenue in FY16. Forthe export market, paratha contributed 65% of export revenue while chapattimade up 23%. Paratha and chapatti collectively contributed 88% of total exportrevenue

The US is Kawan’s main export market
The US is Kawan’s main export market, contributing nearly half of group exportsales. Kawan’s top three export markets (the US, the UK and Australia)contributed almost 70% of group export sales in 2016

New factory only ready by mid-2017
Management indicated that it is facing some problems at the new factory inPulau Indah. The company is working towards resolving the issues by themiddle of the year and commissioning of the new factory should followthereafter. The new factory’s production capacity should be 3-4x of the existingfactory in Shah Alam.

The existing factory is running at full capacity
The existing factory in Shah Alam has been running at full capacity since 2015.However, the company was able to ramp up production at its China-basedfactory in 2016. Even after increasing production last year, the China-basedfactory is only running at 50% capacity. As such, Kawan can still boost groupproduction capacity this year, while waiting for the commissioning of the newfactory.

Still no answer on the halal hub tax incentives
Kawan was supposed to gain from the tax incentives by setting up its newfactory in Pulau Indah, Selangor’s halal hub. The incentives include 100%income tax exemption on qualifying capital expenditure for a period of 10 yearsor income tax exemption on export sales for a period of five years.However, until today, the company has yet to receive the approvals for the taxincentives. This has been a major disappointment for the company. Fortunately,Kawan has reinvestment tax allowance benefits and should pay an effective10% tax rate in FY17-18.

RTE to kick off in a big way from 2H onwards
Kawan is looking at growing the ready-to-eat (RTE) market this year,particularly when the new factory in Pulau Indah is up and running. Kawan istargeting RTE products like nasi lemak, “mee hoon” and other traditional localdishes to be sold at kopitiams and convenience stores. The company is alsolooking to supply RTE to airlines and will be participating in trade exhibitions topromote its RTE products.






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谢谢  发表于 2017-4-5 12:45

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发表于 2017-4-28 12:11 | 显示全部楼层
Circular/Notice to Shareholders                                               
KAWAN FOOD BERHAD

                        
SubjectPROPOSED RENEWAL OF SHAREHOLDERS" MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE. AND PROPOSED NEW SHAREHOLDERS' MANDATE FOR ADDITIONAL RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE
        
               
                                            Please refer attachment below.            
            
                                                    Attachments                               
                                                                        Kawan Food Bhd - Circular.pdf                                
                                441.9 kB                           
                        
                    
                               
               
                                                        Announcement Info                                                       
Company Name                                                         KAWAN FOOD BERHAD                                       
Stock Name KAWAN
Date Announced28 Apr 2017
CategoryDocument Submission
Reference NumberDCS-26042017-00138

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发表于 2017-5-31 20:13 | 显示全部楼层
Kawan Food

1Q17: seasonally weak quarter

May 30, 2017

■ 1Q17 net profit was at 12% of our and Bloomberg consensus FY17 forecasts, within expectations as 1Q is typically its weakest quarter.

■ New factory problems being resolved; target commencement in 2H17. New factory had been delayed for more than a year.

■ No approval yet from authorities on the tax-free status for its new factory, but the company has reinvestment tax allowance.

■ Production to rise 3-4x when new factory kicks off.

■ Remains an Add, commissioning of the new factory a potential major boost to share price.

1Q17 net profit up 24.3% yoy
Kawan’s 1Q17 revenue rose 14.5% yoy, driven by higher export sales to the EU and Asia. Domestic sales rose 11.7% yoy in 1Q to RM18.1m, the largest revenue contributor for the quarter. 1Q17 net profit surged 24.3% yoy to RM5.4m, mainly due to a lower forex loss of RM0.1m in 1Q17 vs. RM3.3m in 1Q16, albeit partly offset by higher promotional expenses in 1Q17. No interim DPS was declared, in line with our expectation.

Problems at the new factory to be solved soon
The construction of Kawan’s new factory is almost completed. However, the company still needs to resolve a few problems before commercial operations can begin. The company is targeting commercial production in 2H17. The ready-to-eat (RTE) market segment will be one of the key markets Kawan is looking to penetrate soon. These includes convenience stores, the airline industry, cafes and restaurants.

More frozen products
When the new factory is up, Kawan will be able to produce 3x more paratha and thosai compared to its current capacity. Over the past few quarters, the company’s domestic operations had been running at full capacity, with new orders met by additional
production from the excess capacity at its China factory.

Net cash balance sheet
The company’s net cash stood at RM47.5m or 18 sen net cash per share as at end-Mar. We estimate the company has invested close to RM140m capex for the new factory.
Conversion of Kawan's outstanding warrants in 2016 raised around RM56m, which helped fund its major capex. .

No tax-free status yet
There is still no news on the tax incentives the company was supposed to get setting up its new factory at the “Selangor halal hub” in Pulau Indah. Fortunately, the company has reinvestment tax allowance benefits instead, translating to effective tax rate of around 10% over the next 2-3 years.

Remains an Add
We maintain our EPS forecasts and target price, based on an unchanged 2018F 20x P/E target (20% discount to our 25x 2018F P/E target for the F&B sector). The stock remains an Add. Potential re-rating catalysts include higher-than-expected revenue from the newfactory and strong export sales. Weak domestic sales are a key downside risk to our call.




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 楼主| 发表于 2017-5-31 20:17 | 显示全部楼层
hewin 发表于 2016-10-24 21:55
How Halal Food Became a $20 Billion Hit in America

Sometimes, culinary trends move in sync with p ...

今天开AGM,不知开到如何了?

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