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楼主: chengyk

[公司专区] 7084 QL Resource 全利资源

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发表于 2009-9-8 17:38 | 显示全部楼层
7084    QL    QL RESOURCES BHD
Notice of Shares Buy Back - Immediate Announcement
Date of Buy Back:08/09/2009
Description of Shares Purchased:Ordinary shares of RM0.50 each
No. of Shares Purchased:22,000 shares
Minimum Price Paid For Each Share Purchased:RM 3.380
Maximum Price Paid For Each Share Purchased:RM 3.440
Total Consideration Paid:RM 75,070.27
No. of Shares Purchased Retained in Treasury:0 shares
No. of Shares Which Are Proposed To Be Cancelled:0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date:3,769,700 shares

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发表于 2009-9-9 17:26 | 显示全部楼层
7084    QL    QL RESOURCES BHD
Notice of Shares Buy Back - Immediate Announcement
Date of Buy Back:09/09/2009
Description of Shares Purchased:Ordinary shares of RM0.50 each
No. of Shares Purchased:46,000 shares
Minimum Price Paid For Each Share Purchased:RM 3.340
Maximum Price Paid For Each Share Purchased:RM 3.380
Total Consideration Paid:RM 154,793.32
No. of Shares Purchased Retained in Treasury:0 shares
No. of Shares Which Are Proposed To Be Cancelled:0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date:3,815,700 shares

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发表于 2009-9-10 19:02 | 显示全部楼层
7084    QL    QL RESOURCES BHD
Notice of Shares Buy Back - Immediate Announcement
Date of Buy Back:10/09/2009
Description of Shares Purchased:Ordinary shares of RM0.50 each
No. of Shares Purchased:13,000 shares
Minimum Price Paid For Each Share Purchased:RM 3.350
Maximum Price Paid For Each Share Purchased:RM 3.400
Total Consideration Paid:RM 43,761.76
No. of Shares Purchased Retained in Treasury:0 shares
No. of Shares Which Are Proposed To Be Cancelled:0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date:3,828,700 shares

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x 5
发表于 2009-9-11 23:17 | 显示全部楼层
本帖最后由 投资小子 于 2009-9-11 23:21 编辑

7084    QL    QL RESOURCES BHD
Notice of Shares Buy Back - Immediate Announcement
Date of Buy Back:11/09/2009
Description of Shares Purchased:Ordinary shares of RM0.50 each
No. of Shares Purchased:29,000 shares
Minimum Price Paid For Each Share Purchased:RM 3.300
Maximum Price Paid For Each Share Purchased:RM 3.330
Total Consideration Paid:RM 96,256.12
No. of Shares Purchased Retained in Treasury:0 shares
No. of Shares Which Are Proposed To Be Cancelled:0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date:3,857,700 shares

3,857,700  X 3.30 = 12,730,410
这批股票价值有1千2百多万。。

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x 0
发表于 2009-9-12 12:57 | 显示全部楼层
请问大家对QL的心目价位是多少呢?

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x 1079
 楼主| 发表于 2009-9-12 16:55 | 显示全部楼层
我代无花兄答你,"QL 是没有目标价的,可以长期持有,不用卖出"。

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发表于 2009-9-12 19:31 | 显示全部楼层
OSK Investment Research
September 9, 2009

Sailing Abroad
In line with QL’s strategy to expand to the region, QL is venturing to Vietnam and Indonesia. The company has restarted its Vietnam project and proposed a JV for a chick breeder farm. It has also ventured into Surabaya and Kalimantan. We expect stronger contribution to come in post-2014, particularly from palm oil activities (POA) as its trees start to mature and bear fruit. Given that earnings from all three divisions are intact, we are maintaining our estimates for FY10 and FY11. Nonetheless, we are applying a 10% premium over our previous PER for QL’s future earnings potential. Hence, we arrive at a new TP of RM3.83 from RM3.68 previously. Maintain Buy.

Too competitive in Vietnam. QL has reconsidered its Vietnam venture after having put it on hold for nearly two years. This time around, the company is proposing a JV with a local Vietnam egg producer for the supply of day-old chicks through a breeder farm. QL will be injecting RM30m to RM40m into the JV over the next two years.

Eyes on Indonesia. QL is also looking for opportunities in Indonesia. It will open its first overseas food processing plant in Surabaya, targeting a capacity of 5000m tonnes per year. QL is currently fulfilling the required procedures for the land to proceed with the construction of the new plant. The company has also invested in land in Kalimantan its POA and management has hinted at better POA contribution from 2014 onwards. As the trees start to mature in 2014, we believe palm oil earnings would come in gradually.

Earnings intact. We believe all three divisions will continue to deliver their respective bottomline numbers. Japan and China have started to replenish surimi stocks as the Japanese have re-entered the surimi market due to depleting stocks. Although egg margins will normalise, we still see growth from this division as its previous acquisitions have started to contribute.

Maintain BUY. We are maintaining QL’s earnings for FY10 and FY11. However, we think the company deserves a better valuation for its resilient business model and future earnings potential of all its three divisions. Furthermore, with the new ventures in Vietnam and Indonesia, we are applying a 10% premium over our previous PER of 12.5x, and derive a new PER of 13.75x. Hence, we also arrive at a higher TP of RM 3.83 (based on the average of 13.75x PER and 2.4x PBV) against RM3.68 previously. We maintain our Buy recommendation.


KEY HIGHLIGHTS

VIETNAM IS BACK!
Egg farm too competitive in Vietnam. QL had previously ventured into Vietnam to set up an egg farm targeting 400,000 eggs per day. This was a greenfield project that would cost approximately RM50m to start. Although egg prices in Vietnam are market-driven and there is huge demand for eggs, the project was put on hold for nearly two years. This was mainly because management was being prudent given the economic volatility in Vietnam. We gather that Vietnam’s egg market is somewhat different than that of Malaysia’s as egg producers there face stiff competition from China’s egg exports. From Figure 1, we can see that China is the largest egg producing country in the world, exporting 4x more eggs than the second largest egg producer. China’s egg production exceeds the demand for eggs. Hence, the over-capacity in the Chinese market has flooded neighbouring countries such as Vietnam.

What’s up with Vietnam? Given the prospects in the otherwise competitive egg market in Vietnam, QL has instead proposed a joint venture (JV) with a local Vietnam egg producer. QL will set up a ‘day-old chick’ breeder farm and supply the chicks to the egg producer for the production of eggs. Egg producers require a constant supply of day-old chicks to nurture into productive layers (Refer Figure 2). As each layer retires after 13-14 months, egg producers would need to replenish their supply of day-old chicks every 23 weeks. Although QL has yet to finalise the details of the JV, we think the company would gain from the JV as it is able to tap the market while not being directly exposed to the competition. QL will be injecting RM30m to RM40m into the JV over the next two years.


INDONESIA: LAND OF OPPORTUNITIES
Finalising for Surabaya. In line with its regional expansion, QL is currently looking for opportunities in Indonesia and will open its first overseas food processing plant in Surabaya, Indonesia. The new surimi processing plant is targeting a first phase production capacity of 5000 tonnes per year, boosting existing production by at least 25%. The construction of the surimi plant will cost about RM25m, which will be internally funded by the company. QL is currently fulfilling the necessary procedures for the land to proceed with the construction of the new plant. We believe this will create more opportunities for QL as:
(i) Potential demand from the locals. With a population of 206m based on 2009 estimates, Indonesia is ~7 times the size of Malaysia, which speaks volumes of the potential demand for surimi. Although the new plant will mainly supply the export market, we believe QL may increase its surimi supply to the Indonesian market as it expands its production capacity later.
(ii) Affordable pricing. Private consumption contributes 62% of GDP and remains the prime driver of Indonesia’s economic growth. The majority of Indonesians spend most of their disposable income on basic consumption, with almost half being spent on food. Coupled with a large population base, we think QL’s products would be in high demand as surimi products are affordable.
(iii) Rich fishing resources. Indonesia is the world's largest archipelago with 13,667 islands, and rich fishing resources with a total catch of 4.1m tonnes based on 2000 figures. This ranked Indonesia as the world’s sixth largest fish catch in the world. As such, this would continue to ensure QL’s fishing supply during the low fishing season in Malaysia. Hence, this will continue to support QL’s MPM earnings during the monsoon season.
(iv) Less competition. We believe QL will benefit from the venture as there is less competition from the local players. Although there are many surimi plants in Surabaya, the existing surimi plants are smaller players which employ obsolete technology for surimi making. Unlike the local players, QL practises the closed concept and operates a hygienic environment, which is a priority to buyers, particularly Japanese buyers.
(v) Geographically good for exports. Surabaya, being one of the main trading ports in East Indonesia, has port facilities of international standard. QL will be able to capitalise on the facilities available since the new venture caters mainly for exports.

Substantial contribution from CPO. Apart QL has also invested in Kalimantan land for its palm oil activities (POA), from which management has hinted of better contribution from 2014 onwards. QL had previously acquired 20,000 hectares of oil palm estate development in Eastern Kalimantan, Indonesia with total planted to date of 13,000 acres. It is estimated that by 2014, it would have planted ~30,000 acres in Indonesian estates. QL has two milling plants and acts as a middle man earning from milling margins, whereby it buys fresh fruit bunches (FFB) from farmers and sells the CPO to local refinery. Therefore, as the trees start to mature in 2014, we believe the palm oil earnings would come in gradually. QL has also allocated capex of approximately RM100m over the next 2 years for a new CPO milling plant in Kalimantan which will take 18 months to build. This plant will facilitate with the milling of FFB harvested from the Kalimantan estates.


HOW ABOUT QL’S DAILY BUSINESS?
Replenishing on surimi. We gather that China and Japan have started to replenish surimi stocks. We believe the Japanese have re-entered the surimi market as stocks deplete. Previously, the demand for surimi was lower as a consequence of overstocking by Japanese buyers when surimi price surged last year. Nonetheless, the lower demand for surimi did not have an adverse impact on QL’s earnings as the company has the flexibility of switching from supplying surimi (fish paste) to manufacturing surimi products such as crabsticks, fishballs and others. We reckon that earnings from this division will continue to grow.

Egg prices normalise. Aside from its MPM business, its ILF business is also flourishing as egg prices remain firm throughout the year due to a shortage of eggs, which has driven prices to near all-time highs, amid cheaper raw material costs. Going forward, we think that egg margins should normalise as egg prices have gradually declined from the previous high of 30.7 sen but we may still see growth from this division as its previous acquisitions, namely Hiap Loong Poultry Farm and Ansan Poultry Farm, have started to contribute to QL’s bottom line. The “Cuti-Cuti Malaysia” campaign and festive seasons in the coming months will support egg and surimi consumption.

POA to gain come 2014. Although earnings from this division were not impressive in the company’s last quarter (owing to lower CPO prices and reduced FFB from poor weather in Sabah), we believe in the earnings potential of Kalimantan as trees begin to mature in 2014.

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发表于 2009-9-14 19:31 | 显示全部楼层
不知不觉,已经回到红股消息之前的股价了。
今天用 kossan 换 3.28 的 QL

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x 10
发表于 2009-9-14 20:06 | 显示全部楼层
本帖最后由 Wonderful 于 2009-9-14 20:09 编辑

Notice of Shares Buy Back - Immediate Announcement
Reference No QRB-090914-2F68A  

Company Name : QL RESOURCES BERHAD   
Stock Name  : QL   
Date Announced : 14/09/2009   

Date of buy back
14/09/2009
Description of shares purchased
Ordinary shares of RM0.50 each
Currency
Malaysian Ringgit (MYR)

Total number of shares purchased (units)
18,000
Minimum price paid for each share purchased ($$)
  3.260
Maximum price paid for each share purchased ($$)
3.330
Total consideration paid ($$)
59,100.38
Number of shares purchased retained in treasury (units)
18,000
Number of shares purchased which are proposed to be cancelled (units)
Cumulative net outstanding treasury shares as at to-date (units)
3,875,700

Adjusted issued capital after cancellation
(no. of shares) (units)

Total number of shares purchased and/or held as treasury shares against the total number of outstanding shares of the listed issuer (%)
1.17

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发表于 2009-9-14 21:04 | 显示全部楼层
艾爾尼諾若加劇
棕油價或升至RM3000

報導:陳愛玲

(吉隆坡14日訊)氣侯不佳加上全球庫存量緊縮,我國原棕油產量將受影響,2010、11年的棕油期貨價格將上漲至每噸2400令吉,一旦艾爾尼諾(El Nino)現象加劇,價格有可能達每噸3000令吉。

據馬銀行投資銀行分析報告,明年原棕油價格漲幅為12.5%至20%,估計淨利將增5%至33%。

報告指出,截至目前,原棕油價格維持在每噸2255令吉左右水平,預計這價位將維持至年底。

出口增5.6%

由于我國今年5月至7月間的降雨量低于平均水平的17%,加上齋戒月的關係,影響油棕樹鮮果串的產量和庫存量。

棕油產量較去年同期下跌4%,庫存量僅141萬噸,于去年同時期相比,下跌了23.4%。

雖然產量減少,但在出口方面卻增至1030萬噸,比去年同時期增長5.6%。

印度面臨季候風影響,中國受旱災影響,對原棕油需求將持續增加,進而帶動原棕油需求。

根據貨運調查公司SGS和Intertek估計,因為開齋節和屠妖節的關係,9月1日至10日的棕油出口只有約33萬噸,惟印度和中國的需求在近期內將維持不變。

艾芬投資銀行的分析報告則預測,2010、11的原棕油期貨每公噸達2300令吉。

該行指出,隨著上週美國農業局預測,大豆產量增加的消息傳出后,大豆價格在上週五下跌1.1%。

原棕油期貨價格也遭受壓力,在上週五閉市時,價格下滑至每噸2145令吉,跌幅達1.8%。

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发表于 2009-9-14 23:23 | 显示全部楼层

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发表于 2009-9-14 23:24 | 显示全部楼层

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x 16
发表于 2009-9-15 08:37 | 显示全部楼层
179# 红龙


分析员开始唱好,棕油价格又要下跌了。。

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x 25
发表于 2009-9-16 16:14 | 显示全部楼层
QL有人在RM3.26 500lot , 500 lot 一直support着价钱。。。应该PRICE会稳住了

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x 5
发表于 2009-9-16 17:37 | 显示全部楼层
7084    QL    QL RESOURCES BHD
Notice of Shares Buy Back - Immediate Announcement
Date of Buy Back:16/09/2009
Description of Shares Purchased:Ordinary shares of RM0.50 each
No. of Shares Purchased:31,000 shares
Minimum Price Paid For Each Share Purchased:RM 3.240
Maximum Price Paid For Each Share Purchased:RM 3.340
Total Consideration Paid:RM 101,097.21
No. of Shares Purchased Retained in Treasury:31,000 shares
No. of Shares Which Are Proposed To Be Cancelled:0 shares
Cumulative Net Outstanding Treasury Shares As At To-Date:3,913,700 shares


3,913,700  X 3.34 = RM13,071,758

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x 141
发表于 2009-9-16 17:39 | 显示全部楼层
184# 投资小子


今天10lot最高价是QL自己buyback的
公司在托股价?

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发表于 2009-9-16 17:43 | 显示全部楼层
Total Consideration Paid : RM 101,097.21
No. of Shares Purchased Retained in Treasury : 31,000 shares

101097.21 / 31000 = 3.2612

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x 25
发表于 2009-9-16 17:48 | 显示全部楼层
184# 投资小子


今天10lot最高价是QL自己buyback的
公司在托股价?
小番薯 发表于 2009-9-16 17:39


公司每天都在BUY BACK SUPPORT 啦。。。。。只要卖压一没有,很快就会上回了

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x 21
发表于 2009-9-16 19:09 | 显示全部楼层
我也发现到卖压很强大,如果公司自己今天都buy back 3.34 推高
那么是谁在卖票 ?

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x 31
发表于 2009-9-17 20:03 | 显示全部楼层
三大核心業務持穩‧全利資源維持財測
大馬財經  2009-09-17 19:12
(吉隆坡)全利資源(QL,7084,主板消費品組)積極進軍越南和印尼,和多元業務至棕油業,預期在2014年才會有強勁貢獻,僑豐研究基於現有三大核心業務持穩,而維持2010與2011財政年財測。
兩個財政年度淨利預測分別為9750萬令吉和1億1360萬令吉,由於未來賺益潛能,調高全利資源目標價至3令吉83仙,維持“買進”評級。
4000萬投資越南雞蛋農場
全利資源越南的投資延宕2年,公司將在未來兩年注入3000萬至4000萬令吉與越南雞蛋農場聯營,供應蛋雞雞種,聯營方式較直接在越南涉雞蛋生產風險更低。
在越南生產雞蛋,需面對全球最大雞蛋生產國中國劇烈競爭,供過於求的中國雞蛋湧入鄰國越南。
全利資源也在印尼泗水開設首家食品生產廠,新的魚糜廠首年產量5000噸,較現有產量增25%,工廠建築費為2500萬令吉。
僑豐認為,印尼人口2億零600萬人,是大馬人口的7倍,雖然初期主要應付出口,但相信不久亦會照顧印尼國內需求。
印尼國內生產總值的62%為私人消費,印尼人一半的可支配收入用於食品,魚麋食品價格人人負擔得起,因此預期全利前景光明。
收購2萬公頃印尼油棕園
全利資源在印尼加里曼丹東部收購2萬公頃油棕園,種植面積1萬3000英畝,預計到2014年將種植3萬英畝。公司目前在印尼有兩間榨油廠,專門收購鮮果串與轉交提煉廠提煉,從中獲取賺益。
預料2014年所有棕油樹成年,棕油賺益逐步告增。這間公司未來兩年也撥出1億令吉作為建新榨油廠的資本開支,有關承建工程達18個月。
星洲日報/財經‧2009.09.17

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