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发表于 10-4-2008 10:27 AM
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QL Resources to gain from rising surimi prices
By Ooi Tee Ching Published: 2008/04/10
As an integrated player, QL Resources' surimi business will make more money while its fishball, fishcake and crabstick segments may experience less-than-normal margins, says its managing director.
QL RESOURCES Bhd, Malaysia's biggest fishball, fishcake and crabstick producer, expects to maintain profit margins in its marine business despite costlier surimi, or raw fish paste.
Effective April 1, the Malaysian Seafood Industries Association said fishball, fishcake and crabstick prices will increase by between 30 and 50 per cent due to the higher surimi price.
This means that the price of fish paste products like fishballs will increase by between RM1 and RM3 a kg.
However, it does not automatically translate into a similar jump in the quantum of profits for companies like QL Resources.
"We're an integrated player. While our surimi business will make more money, our fishball, fishcake and crabstick business may experience less-than-normal margins.
"But overall, we should see a positive gain," QL Resources managing director Chia Song Kun told Business Times in an interview in Shah Alam, Selangor.
The marine business contributed about 43 per cent of its pre-tax profit last year. The company also has an integrated livestock farming division, which accounted for 44 per cent of pre-tax profit.
This year's quota for the Gulf of Alaska's pollock, a type of white-meat fish used mainly for fillet and surimi, of 63,000 tonnes is a slight decline from the total allowable catch of 74,000 tonnes last year.
The quota for the Bering Sea pollock drops to 1.3 million tonnes from 1.4 million tonnes last year, and will be the same in 2009.
"Basically, global supply of white fish is coming down, but the demand is strong. More and more people are eating fish fillet," Chia said.
While fishermen in the country enjoy a subsidy from the government, others in Southeast Asia get less subsidy, or none at all.
As less time is spent at sea because of costly diesel, fish supply cannot keep up with demand, thus triggering hikes in surimi prices.
QL Resources' outlook also depends on favourable sea conditions. Its 23 vessels turned in a lower catch last year because of heavy rains.
Although it sends its ships as far as 50 nautical miles, the company still has to source 95 per cent of its fish supply from other fishermen.
Unlike other regions where the players set their own fishing quota, the Malaysian government keeps tabs on fish supply by issuing licences.
"We've applied for more fishing licences from the government. If the government approves, we'll be able to increase our catch and, thus, surimi supply," Chia said.
QL Resources has also saved on fuel cost by converting its two fish processing mills in Endau and Hutan Melintang to use biomass such as oil palm empty fruit bunches and padi husk, instead of diesel.
Its third mill in Kota Kinabalu is scheduled to start running on biomass next year.
http://www.btimes.com.my/Current_News/BTIMES/Thursday/Frontpage/QLR.xml/Article/ |
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发表于 10-4-2008 10:52 AM
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有点矛盾 !!!
As an integrated player, QL Resources' surimi business will make more money while its fishball, fishcake and crabstick segments may experience less-than-normal margins, says its managing director.
QL RESOURCES Bhd, Malaysia's biggest fishball, fishcake and crabstick producer, expects to maintain profit margins in its marine business despite costlier surimi, or raw fish paste. |
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发表于 10-4-2008 02:55 PM
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够力 ~ 昨天才沖破 RM 4 元大关
今日再下一城 RM 4.10 了  |
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发表于 10-4-2008 05:00 PM
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10-04-2008: AmResearch reaffirms buy for QL Resources
Email us your feedback at fd@bizedge.com
AMRESEARCH has reaffirmed its buy call for QL Resources Bhd at RM3.94 saying that its bet that QL would not be affected by high oil prices but in fact would benefit from the trend, is unfolding pleasantly.
“We learned that while QL still enjoys the subsidised diesel prices of RM1 a litre for Malaysian fishermen, the higher fuel prices are affecting its competitors in Thailand and Vietnam, and global players in North America as well.
“Note that fuel prices account for approximately 60%-70% of operating costs of fishermen. As a result, higher fuel prices and lower fish catch (as fishermen go out to sea less frequently) have pushed surimi (‘fish paste”) prices up substantially (circa 30%) since early this year,” said AmResearch.
Nevertheless, the local research house said despite the economic slowdown in North America and Europe, demand has not softened.
“Demand for surimi continues to outstrip supply. While traditional major markets like Japan, Korea and Singapore provided the base, demand growth is picking up from Europe. The marine product manufacturing division (contributed 43% to group pretax profit in FY2007) should grow more than 20% in FY2008F,” added AmResearch in a note.
QL, a diversified agricultural-based group of companies, is Asia’s biggest producer of surimi. The group is involved in marine-based manufacturing, integrated livestock, oil palm related and other distribution activities.
On its integrated livestock farming division, which contributes about 44% of its pre-tax profit, AmResearch said QL saw good trading gains from rising corn and soya prices in the final two quarters of FY2008F.
AmResearch has a target price of RM5.15 for the stock. It closed at RM4.02 yesterday, up eight sen.
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_36bc925e-cb73c03a-a010ba00-b9c0373a
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发表于 10-4-2008 05:36 PM
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发表于 11-4-2008 08:36 AM
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发表于 11-4-2008 10:21 AM
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專家診斷
魚漿海產價上調
全利資源股價寫新高
（吉隆坡10日訊）魚漿海產價格上調，或激勵全利資源（QL，7084，主板消費）魚漿業務賺幅增長，進一步推高股價，今日衝上4.10令吉新高水平。
過去3個星期以來，該股累積揚升14.9%。
全利資源早盤以4令吉低開，跌2仙，首宗成交量報2000股。
該股隨后迅速躍上正面區間，盤中一度揚升10仙，企上4.12令吉水平。
大馬海產工業協會宣佈，由于魚漿成本趨重，4月1日起調漲魚餅、魚丸、蟹條價格，漲幅介于30%到50%。
這意味著所有魚漿制產品，每公斤價格將增加1到3令吉，市場預期，全利資源魚漿業務賺幅將增長。
全利資源核心業務為海產及綜合養殖生態，去年海產生產貢獻佔公司稅前盈利43%，料今年將增長20%，魚漿海產佔其中30%。
謝松坤回應說，魚漿業務收入將增加，但魚餅、魚丸、蟹條銷售賺幅或減少。
“整體而言，公司將維持收益增長趨勢。”
大馬證券研究維持該股“買進”（Buy）投資評級，目標價5.15令吉。
報告說，該公司將在5月分公佈08財年業績，料將優于市場預期5%，並預料09財年收益將增長16%。
閉市時，全利資源掛4.10令吉，起8仙，全日交投15萬5900股。
http://www.chinapress.com.my/con ... mp;art=0411bs12.txt |
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发表于 11-4-2008 10:22 AM
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发表于 11-4-2008 02:12 PM
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发表于 11-4-2008 03:06 PM
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发表于 11-4-2008 05:38 PM
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回复 250# chengyk 的帖子
多多和LPI啦...
不过想出掉多多,理由是多多的股息不是很令我满意,想换PBB或者是LPI.
我说过了,谁不能为我挣钱我就抄谁的鱿鱼.多多近来股息的表现不是很好.业绩有所增长但盈利就麻麻.
是了,chengyk兄,你没有再写信给全利问他们关于8年的问题吗??
就是手中现金那么少如何偿还BA的一事!
[ 本帖最后由 无花 于 11-4-2008 05:45 PM 编辑 ] |
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发表于 15-4-2008 09:56 PM
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发表于 16-4-2008 09:23 AM
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回复 252# 光年 的帖子
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是说没有多少人愿意卖出QL了，所以只有一点点买家就可以把股价推上去。这股抗跌性强，在这样兵慌马乱的是的缺很适合收藏。毕竟经济不景也要吃。 |
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发表于 16-4-2008 09:28 AM
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发表于 16-4-2008 06:03 PM
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发表于 16-4-2008 07:01 PM
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发表于 16-4-2008 07:07 PM
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之前8年还担心QL还不了BA,原因是AR 和 现金过少.
现在看来我们之前的担心都错了, 全利现在要发红股和回购自家股票了,是水饱饱的表现....
但是我们当初的误判在那里呢?? |
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发表于 16-4-2008 07:22 PM
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发表于 16-4-2008 07:32 PM
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有没有发现每次 QL 的价钱超过 RM 4 元
就有大的可能分拆或者是送红股了
以下的图表供参考，当然公司也要有 $$$ 啦才送红股、给股息
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发表于 16-4-2008 08:47 PM
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wishes to announce that the Company is proposing the following:-
1650 
13
