今天买入HingYiap RM1.30

slutodomo

http://readforalife.blogspot.com/2010/01/hingyiap-rm130.html

今天买入HingYiap RM1.30,但是收市时掉了。RM1.25
买入的原因是自己很喜欢BumEquipment这个品牌，另外是即将来临的高派息。自2007年，HingYiap的派息就不错。来临的股息 ex 10/02/2010, dividend 7.5sen-tax plus 2.5sen-Tax exempt
http://hingyiap.com/
到公司的网站看看吧。如果你有注意我自己的图表，2009年EPS =0.22, 正确为 RM0.2238.最新的季度报告EPS=RM0.1694. 好利害！p/e 才6-7,dividend yield却5%以上。这个股票自己在阅读最新的资汇看到的。如果公司业务继续稳健成长，自己设定了未来的目标价格为RM3.00以上。希望可以借此提高自己今年股票组合的回报率。

以下是访问CEO的英文对话
Khoo Henn Kuan, CEO, Hing Yiap Knitting Industries Bhd

With a degree and career in architecture, how did you end up in the apparel industry?
Itwas circumstances. In 1988, my late father-in-law Chi Kuei Yung, whoran a small textile factory with RM10 million in turnover, becamecritically ill, and we knew he would not last for more than a year.There was a recession then when my job at Seniwisma [SeniwismaArchitects Planners] was reduced to a three-day week, which left thestaff fairly demoralised. My wife, who was working with the Hing Yiapbusiness, asked if I wanted to join her in buying over the businessfrom Chi’s four business partners who wanted to exit the business.

Was there any aspect of your architectural background that you applied to your role in running the company then?
Thecreativity part helps in terms of being able to stand back andvisualise — arranging workflow in the factory for example. As I’mtrained in aesthetics, I look through the designs of our clothing rangeafter the designers and merchandisers have worked on it. Architects arethe go-between between the owner and contractor, so I’m comfortablegoing through contracts, be it rental, buying, labour or intellectualproperty contracts.

Besides handling American label BUMEquipment, Hing Yiap also designs for and markets Unionbay and Diesel.Why not stick to Hing Yiap’s homegrown brands Antioni and Bontton?
Backin the early 1990s, we wanted to learn how foreign brands worked ontheir designs and built their brands. That’s why we took up BUMEquipment, the most profitable brand in our portfolio currently. Therewas also a local demand for foreign brands.
In the first few years,we copied 80% of the franchisers’ designs. Subsequently, we localisedthem, so long as the overall flavour is retained. We spend at least RM1million a year on R&D… The creative aspect is very importantbecause it’s the backbone of the company.

In 2005, Hing Yiap made a decision to revamp its operations and move up the value chain. What did the revamp entail?
Fouryears ago, our company made losses for the first time — more than RM1million in pre-tax losses. Four departmental stores got into troubleand initiatives like BUM City and Vanity Fair didn’t do well. Designswere lethargic so we revamped them. We also changed the workflow, wheredesigners, merchandisers and sales teams worked together to come upwith designs. As a result, we are a lot sharper. We used to have 60% to70% of our stock to mark down after every six months. Today, everythree to four months, we have already sold off 60% to 70% of our stockat normal prices so we’re a lot more profitable. In 1H 2009, werecorded our highest ever pre-tax profit of over RM13 million.

As a textile apparel company, why did Hing Yiap venture into the food and beverage (F&B) business?
Initially,we saw ourselves as a textile apparel company. Over the years, we wentdownstream into marketing and brand-building as a fashion company. Asthe company diversified and grew, we don’t pigeonhole ourselves as atextile or fashion company anymore but as a lifestyle provider.Theobroma Chocolate Lounge is a lifestyle business that caters to asimilar clientele as our fashion business — young people — so it’s anatural progression.

Why the chocolate business?
Over thepast two years, chocolate has become trendier as many ladies and youngpeople don’t take coffee but they love chocolate and like to hang outin lifestyle cafes. We are confident that over time, it will be as hotas coffee. People may say it’s not our forte — that’s why we took up afranchise! Another reason is the F&B business deals with cash.Departmental store consignment system deals with credit [laughs] so ithelps to provide that balance.

Where did the idea of a chocolate lounge originate?
Thebrand comes from Melbourne, where Asian students frequent the chocolatelounges. Theobroma Food of the Gods Pty Ltd in Australia has threeprincipal partners, one of whom is a former classmate who introduced meto the brand.

How many Theobroma outlets do you plan to open by June next year?
Wecurrently have four outlets and by June next year, we should have sixor seven outlets. We’re still fine-tuning the business. We justrevamped the menu in October and opened an outlet at The Curve.

What about Hing Yiap’s apparel outlets?
Weopened three to four stand-alone outlets at various locations andopened at least 20-over consignment counters, predominantly in Parkson,as they expand their outlets as well. It’s good news for us thatParkson is doing very well, especially since its revamp five years ago.

What is Hing Yiap’s approach to branding for its apparel brands, especially in a downturn?
Indepartmental store consignments, it’s about competing for goodlocations. During the downturn when brands don’t do well, we slotourselves in. Over the last 12 months, we’ve opened about 15 Unionbayoutlets.

Our A&P [advertising and promotion] budget is about1% to 2 % of our turnover, which we spend on billboard advertising inkey locations and refurbishing point-of-sale counters withindepartmental stores.

Whether it’s an economic upturn ordownturn, as long as you can afford it, you should continuebrand-building because consumers need to be consistently reminded ofyour brand presence.

Hing Yiap hopes to enter China next year. What is currently underway to prepare for the expansion?
Wehave been looking at four-season clothing lines and accessories too, tobuild up the brand image. A lot of R&D is being done currently andwe are sending staff to China to meet with suppliers for accessories sothat we present ourselves as a total brand, and not just apparel.

dearcatherine

有时候的短暂跌幅不代表什么的， 最重要的就是公司有很好的前境。 派息率高低的确可以反映赚幅跟自己的投资眼光的， 加油！

slutodomo

现在人人在疯狂手套股。我很早卖完了。正在部署自己新的portfolio，HingYiap 1stQ2010 EPS就已经0.169, 2Q我看以往的业绩和1stQ几乎差别不大。到3Q,4Q业务会开始缓慢下来，因为在年中了。假设今年它不出现亏损，而且后面两季都eps=0上半年的eps有大概0.3左右。
p/e假设在10，合理价格应该是RM3.00左右。如果全年eps=0.30,目前RM1.25/0.30--p/e=4 而已。 一年赚0.30，4年就可以赚到现在这个市价，超级低的价格！！！！

kkawaii

但是BUM这个牌子好像很少看到了。。。。

slutodomo

bum 在新年期间很受欢迎，diesel最近的衣服也不错。今天去了jusco走还不错，很多人买衣服

huatchai07

同意你的看法。。。 我也是好好把它存着。。。

dragonet

是不错的介绍, 高现金流, 低负债股, 谢谢!

slutodomo

看看它拥有的品牌代理吧。
BUM,ANTIONI,DIESEL,UNIONBAY,BONTTON,BUMCITY,vanity fair.
和PADINI有得比较。PADINI较多:
PADINI有PADINI,PDI,PADINI AUTHETICS,VINCCI,VINCCI++,BRANDS,SEEDS,P & Co, Miki Kids & Miki Maternity.

slutodomo

PADINI的CONCEPT SHOP做的很成功，让一家大小都可以在一起买衣服等物品。但是自己觉得他厉害的还是VINCCI这个品牌，马来西亚女孩很喜欢买鞋，一年四季都在买，自己都搞不懂为什么。不过谈到真才实料，自己觉得CROCODILE更加好，品质保证，而且新鞋从来不减价的。

huatchai07

版主买了RM１。３０应该是好事，看来都不多人想卖这价钱

李易安

林背相信你，明天林背就进这粒！！

slutodomo

等着2月的涨期，现在过1300了，农历新年前不懂会否继续。

dknl9988

回复 12# slutodomo


   老大,你的激成怎么看?

huatchai07

投机的话就别想啦。。。
投资的话，就快快买，买了以后好好收在枕头下，让它自己成长吧

slutodomo

我买的股票通常不是为了短期投资的。现在综合1300的确没太多股票值得买入了。激成我目前只买入没卖过。最高价位自己在2008买入价RM4.38,后来最近average down买入价rm3.84。继续收。
我在部落格分享过自己投资的看法。我同意德国股神的看法，将股票分为短，中，长三期。
短期都是投资者的心理反映，中期决定于利率，长期决定与国家的资产价值。在未来十年，中国会成为世界的主导国家。所以现在很多厉害的股票家都建议大家投资中国，或投资在占有中国很大市场的股票。例如，wilmar在中国的食用油市场占很大分量，如果可以维持的话会有不错的发展。自己最近在想应该要开始投资中国了，因为未来成长最多的还是中国，美国进入类似日本现在的情形。中国自己看好保险业务。

slutodomo

1300 mark finally stays.1300心理水平突破了。股市开始会有大跌的先兆。1300今天突破，我开始慢慢套现，将bjtoto卖了一些，再卖完epic。会否再起就不懂了。新年前起，我还有一些，靠近新年会慢慢卖出。这个时候保留一些高息股自己认为较安全。portfolio近20%是cash未来会再卖，希望卖到40%cash左右。激成坚持依然不卖，因为可能有钱都买不到。流通量太低了。

888amulet

我也打算进这粒股
RM0.90 吧！
谢谢分享！

slutodomo

我的做法是买进一半先，然后跌超过20%再加入。尤其是现在1300点，买入的股票很可能未来下调是下跌。或是分三个阶段买入。

huatchai07

HINGYAP KNITTING INDUSTRIES BERHAD 转名为 HINGYAP GROUP BERHAD，难道有什么大动作？？

恐慌贪婪

楼主，谢谢你，

我是看了他最新财报后在 RM1.21 买入hingyap 的，

买入后就没打算卖。

它比padini更有潜力,

padini 面值才 50sen.

它却RM1.00.

大家 看看 hupseng, ruberex 吧，

当大股东把他们推到 RM2.00 左右时，

再来一个动作，拆细，1变2，

到时股价就会一飞冲天。。。。

hingyap 总有一天也会这样，

相信这一天不会远了，

君不见几位大股东拼命买进。

还有，如果价钱跌过我的买入价，我还会加码，

希望看到更多有关它生意的报道，

因我对他的行业相当陌生，

从楼主的帖中看出它生意好像趋于多元化，对吗？

市场近期可能会调整，所以contra kaki 最好不要玩这粒hingyap ，

长期投资者也不好一次过买多多，

拟好策略后才买，亏盈自负。