【ABLEGLOB 7167 交流专区】（前名 JOHOTIN ）

icy97

Type	Announcement
Subject	OTHERS
Description	JOHORE TIN BERHAD ("JTB")- SALE AND PURCHASE AGREEMENT ENTER BY JOHORE TIN FACTORY SENDIRIAN BERHAD(WHOLLY-OWNED SUBSIDIARY OF JOHORE TIN BERHAD)
Furtherance to the announcement dated 24 June 2015 of JTB in respect of the Sale and Purchase Agreement entered by Johore Tin Factory Sendirian Berhad, a wholly-owned subsidiary of JTB. JTB hereby append below the following additional information:- 1.  BASIS OF ARRIVING AT THE DISPOSAL CONSIDERATION The Disposal Consideration was arrived based on mutually agreed between Johore Tin Factory Sendirian Berhad (“JTFSB”) (“the Vendor”) and Amerseal Industrial Sdn Bhd (“the Purchaser”). 2.  DETAILS ON THE PROPERTY Description of Properties Selling Price Property A All that piece of leasehold land held under HS(D) 527337 LOT 6423 Bandar Johor Bahru, District of Johor Bahru, State of Johor, measuring approximately 0.3634 Hectares (formerly known as HS(D) 108311 TLO 1936) Building:  A Single Storey Detached Factory with a Double Storey Office erected thereon. Address: No. 7, Jalan Gagah, Kawasan Perindustrian Larkin, 80350 Johor Bahru. RM2,800,000-00 (Ringgit Malaysia: Two Million and Eight Hundred Thousand Only) Plus 6% GST RM168,000-00 (Ringgit Malaysia: One Hundred and Sixty Eight Thousand Only) Property B All that piece of leasehold land held under HS(D) 527338 LOT 6422 Bandar Johor Bahru, District of Johor Bahru, State of Johor, measuring approximately 0.353 Hectares (formerly known as HS(D) 7258 TLO 1883) Building: A Single Storey Detached Factory erected thereon. Address: No. 5, Jalan Gagah, Kawasan Perindustrian Larkin, 80350 Johor Bahru. RM2,200,000-00 (Ringgit Malaysia: Two Million and Two Hundred Thousand Only) Plus 6% GST RM132,000-00 (Ringgit Malaysia: One Hundred and Thirty Two Thousand Only) 3. RATIONALE The Proposed Disposal provides an opportunity for the JTB Group to realise appreciation in market value of the Properties since JTB Group had relocated its business operation from the Properties to a larger premise in Kampung Seelong Jaya, Skudai, Johor. This Announcement is dated 26 June 2015.

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2015	30 Jun 2014	30 Jun 2015	30 Jun 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	113,630	58,757	204,408	120,211
2	Profit/(loss) before tax	9,216	-548	15,330	7,077
3	Profit/(loss) for the period	6,619	-253	11,343	4,826
4	Profit/(loss) attributable to ordinary equity holders of the parent	6,683	-256	10,664	4,820
5	Basic earnings/(loss) per share (Subunit)	7.16	-0.27	11.43	5.17
6	Proposed/Declared dividend per share (Subunit)	3.50	2.00	3.50	2.00
		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 ($$)	2.0500		1.9400

icy97

Notice of Person Ceasing (29C)

JOHORE TIN BERHAD

Particulars of Substantial Securities Holder

Name	DATUK KAMALUDIN BIN YUSOFF
Address	101 Jalan SS3/41 Taman Subang Petaling Jaya 47300 Selangor Malaysia.
NRIC/Passport No/Company No.	480620085283
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary/ RM1.00
Date of cessation	05 Oct 2015
Name & address of registered holder	1. Datuk Kamaludin Bin Yusoff101 Jalan SS3/41, Taman Subang, 47300 Petaling Jaya, Selangor2. Datin Fawziah Binti Hussein Sazally101 Jalan SS3/41, Taman Subang, 47300 Petaling Jaya, Selangor3. Genting Perwira Sdn BhdD-1-3A, Jalan SS6/20A, Dataran Glomac, Pusat Bandar Kelana Jaya, 47301 Petaling Jaya, Selangor4. CIMSEC Nominees (Tempatan) Sdn Bhd17th Floor, Menara CIMB Jalan Stesen Sentral 2, Kuala Lumpur

Currency	Malaysian Ringgit (MYR)
No of securities disposed	102,000
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	1) Disposal of 40,000 Johore Tin Berhad's shares2) Deemed interest of Datuk Kamaludin Bin Yusoff by virtue of Disposal of 2,000 Johore Tin Berhad's shares by Datin Fawziah Binti Hussein Sazally (wife). 3) Deemed interest of Datuk Kamaludin Bin Yusoff by virtue of Disposal of 60,000 Johore Tin Berhad's shares by Genting Perwira Sdn. Bhd. of which his wife, Datin Fawziah Binti Hussein Sazally is a Director and Substantial Shareholder.
Nature of interest	Direct and Indirect
Date of notice	08 Oct 2015

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2015	30 Sep 2014	30 Sep 2015	30 Sep 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	97,915	90,661	302,324	210,873
2	Profit/(loss) before tax	4,425	3,996	19,756	11,073
3	Profit/(loss) for the period	2,915	2,938	14,258	7,764
4	Profit/(loss) attributable to ordinary equity holders of the parent	3,288	2,941	13,952	7,761
5	Basic earnings/(loss) per share (Subunit)	3.52	3.15	14.95	8.32
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	3.50	2.00
		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 ($$)	2.0500		1.9400

keith2you

这股最近调整了，是入手的时候吗

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2015	31 Dec 2014	31 Dec 2015	31 Dec 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	114,276	105,906	416,600	316,779
2	Profit/(loss) before tax	3,291	7,285	23,046	18,358
3	Profit/(loss) for the period	1,403	4,254	15,661	12,019
4	Profit/(loss) attributable to ordinary equity holders of the parent	3,349	5,218	17,302	12,979
5	Basic earnings/(loss) per share (Subunit)	3.59	5.59	18.54	13.91
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	3.50	2.00
		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 ($$)	2.0900		1.9400

icy97

Type	Announcement
Subject	OTHERS
Description	JOHORE TIN BERHAD ("JTB" or "the Company") - SINGLE TIER FINAL DIVIDEND
The Board of Directors of JTB wishes to recommend a Single Tier Final Dividend of 4 sen per share amounting to RM3,732,213.32 net in respect of the financial year ended 31 December 2015. The proposed final dividend will be subject to the shareholders' approval at the forthcoming 15th Annual General Meeting of JTB. The payment date and entitlement date of the Final Dividend will be determined at a later date. This announcement is dated 4 April 2016.

icy97

JOHORE TIN BERHAD

EX-date	29 Jun 2016
Entitlement date	01 Jul 2016
Entitlement time	05:00 PM
Entitlement subject	Final Dividend
Entitlement description	Single Tier Final Dividend of 4 sen per ordinary share
Period of interest payment	to
Financial Year End	31 Dec 2015
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	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi 59200  Kuala Lumpur Wilayah Persekutuan, MalaysiaTel: +6(03) 2783 9299
Payment date	29 Jul 2016
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	01 Jul 2016
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 indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.0400
Par Value	Malaysian Ringgit (MYR) 1.000

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2016	31 Mar 2015	31 Mar 2016	31 Mar 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	91,580	90,778	91,580	90,778
2	Profit/(loss) before tax	5,935	6,115	5,935	6,115
3	Profit/(loss) for the period	5,166	4,724	5,166	4,724
4	Profit/(loss) attributable to ordinary equity holders of the parent	4,499	3,981	4,499	3,981
5	Basic earnings/(loss) per share (Subunit)	4.82	4.27	4.82	4.27
6	Proposed/Declared dividend per share (Subunit)	4.00	3.50	4.00	3.50
		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 ($$)	2.1400		2.0900

icy97

Date of change	01 Jun 2016
Name	MR NG KENG HOE (HUANG QINGHE)
Age	42
Gender	Male
Nationality	Singapore
Designation	Executive Director
Directorate	Executive
Type of change	Appointment
Qualifications	Double degree in Chemical Engineering (Hons) and Bachelor of Commerce major in finance and marketing, University of Sydney, 1999
Working experience and occupation	President and Chief Executive Officer in Able Perfect Sdn Bhd (Founder)Chemical Engineer in Sime Darby Edible Products Ptd Ltd (year 2000 to 2004)
Directorships in public companies and listed issuers (if any)	Nil
Family relationship with any director and/or major shareholder of the listed issuer	Nil
Any conflict of interests that he/she has with the listed issuer	Nil
Details of any interest in the securities of the listed issuer or its subsidiaries	Ordinary Shares1. Mr Ng Keng Hoe holds 9,608,900 shares (10.30%) in Johore Tin Berhad (JTB).2. Indirect interest by virtue of Ms Lai Shin Lin (wife)s shareholdings in JTB: 746,666 (0.80%)Warrants 1. Mr Ng Keng Hoe holds 1,666,000 warrants (7.14%) in Johore Tin Berhad (JTB).
Due Date for MAP	01 Oct 2016

哭哭鸟

技術分析釋買進訊號 柔佛珍或寫新高
2016年6月13日
http://www.chinapress.com.my/20160613/技術分析釋買進訊號-柔佛珍或寫新高/

（吉隆坡13日訊）技術分析顯示，柔佛珍（JOHOTIN，7167，主要板工業）釋出買進訊號顯示該股獲市場買氣扶持，股價或再攀新高水平。

柔佛珍以1.94令吉開市，早盤一度漲9仙上探2.03令吉，休市收窄漲幅至6仙，報2令吉，有101萬400股易手。該股于午盤再度發揮攀升動力，最高漲13仙上探2.07令吉，是自2月26日以來最高水平。

閉市時，該股報2.03令吉，起9仙，成交量175萬9700股。

安聯星展研究指出，柔佛珍準備再度上探更高水平，而該股在上週五（10日）一度上探1.96令吉，收市起7仙收在1.94令吉。

報告指出，該股在過去4個交易日都在高于20天和50天移動平均線的水平交易。

“隨著柔佛珍在6月10日閉市收高，該股將邁向2令吉水平。如果突破2令吉價位，該股股價將上探2.06令吉至2.11令吉的阻力水平。”

此外，柔佛珍的平滑異同移動均線指標（MACD）也釋出買進訊號，顯示該股目前處在“超買”範圍。

哭哭鸟

Type	Announcement
Subject	MULTIPLE PROPOSALS
Description	JOHORE TIN BERHAD ("JTB" OR THE "COMPANY")I.        PROPOSED SHARE SPLIT;II.        PROPOSED BONUS ISSUE; ANDIII.        PROPOSED AMENDMENT(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
On behalf of the Board of Directors of JTB, RHB Investment Bank Berhad wishes to announce that the Company proposes to undertake the following:- proposed share split involving the subdivision of every one (1) existing ordinary share of RM1.00 each in JTB  into two (2) ordinary shares of RM0.50 each in JTB (“Subdivided Share(s)”) held by the shareholders of the Company whose names appear in the Record of Depositors of the Company as at the close of business on an entitlement date (“Entitled Shareholders”) to be determined and announced later (“Entitlement Date”) (“Proposed Share Split”); proposed bonus issue of up to 77,754,444 new Subdivided Shares (“Bonus Share(s)”) to be credited as fully paid-up on the basis of one (1) Bonus Share for every three (3) Subdivided Shares held by the Entitled Shareholders on the Entitlement Date (“Proposed Bonus Issue”); and proposed amendment to the Memorandum of Association of JTB to facilitate the implementation of the Proposed Share Split (“Proposed Amendment”). Details on the Proposals are set out in the ensuing attachment. This announcement is dated 17 June 2016.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5127465

Attachments Johore Tin - Announcement (17.06.16).pdf

哭哭鸟

柔佛珍股票拆细1拆2
2016年6月18日
http://www.enanyang.my/news/20160618/%E6%9F%94佛珍股票拆细1拆2/

（吉隆坡17日讯）柔佛珍（JOHOTIN，7167，主板工业产品股）建议股票拆细，以及发送高达7775万4444股红股。

根据文告，柔佛珍建议把每股面值1令吉的普通股，分拆为2股普通股，每股面值50仙。

公司指出，这项活动可改善股票流通率，以及让股票处于更可负担的水平，从而吸引更多散户购买。

截至周一（13日），柔佛珍缴足资本为9330万5333或9330万5333令吉，若所有凭单在股票拆细活动前转换成母股，公司的缴足资本将增加至1亿1663万1666股。

据此，一旦完成股票拆细活动，缴足资本将进一步走高至2亿3326万3332股。

3送1红股

接着，公司将以3送1比例，发行高达7775万4444股红股，来回馈股东支持和提高资本基础。

公司将动用股票溢价与保留盈余户头的储备，来发行这些红股。

一旦活动完成，户头的储备将从截至3月杪的2145万令吉，减少至189万4000令吉。



JOHOTIN - 建议股份拆细 & 发行红股

去年短短2个月股价曾暴涨70%，接不寻常市场交易（UMA）质询的JOHOTIN，在6月17日闭市时，宣布建议股份拆细 (share split) & 发行红股 (bonus issue)。

投资者手上有的每一股面值RM1.00的JOHOTIN，拆细后将变成两股面值RM0.50的JOHOTIN。这就好比一张RM100变成两张RM50，你手上的JOHOTIN股价值并没有改变。

至于红股，这是在拆细后才进行的。投资者手上有的每三股JOHOTIN，将会获得一股JOHOTIN红股。

举个例子，你拥有3,000股面值RM1.00的JOHOTIN。在进行拆细后，你将拥有6,000股面值RM0.50的JOHOTIN。之后，你还会获得2,000股面值RM0.50的JOHOTIN红股。整体上，你原本的3,000股面值RM1.00的JOHOTIN，将会变成8,000股面值RM0.50的JOHOTIN。

目前，JOHOTIN的已发行及缴足股数是93.31m。假设所有的JOHOTIN-WA被行使，JOHOTIN将会推出额外的23.33m新股。在进行拆细 和红股后，JOHOTIN的股数在最大化的情况下，将提升到311.02m。假设没有任何JOHOTIN-WA被行使，在进行拆细 和红股后，JOHOTIN的股数也会提升到248.81m。

总结来说，原本在市场只有93.31m股的JOHOTIN，在进行拆细 和红股后，将拥有最少248.81m至最多311.02m股。这将会全面提升JOHOTIN目前在市场的流通量3倍左右。

以目前股价RM2.04来计算，在一系列企业活动后，JOHOTIN股价预计会调整至RM0.76左右。



RH Research

哭哭鸟

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2016	30 Jun 2015	30 Jun 2016	30 Jun 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	115,357	113,630	206,936	204,408
2	Profit/(loss) before tax	12,529	9,216	18,465	15,330
3	Profit/(loss) for the period	9,967	6,619	15,133	11,343
4	Profit/(loss) attributable to ordinary equity holders of the parent	9,365	6,683	13,865	10,664
5	Basic earnings/(loss) per share (Subunit)	10.04	7.16	14.86	11.43
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	4.00	3.50
		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 ($$)	2.2400		2.0900

icy97

EX-date	14 Sep 2016
Entitlement date	19 Sep 2016
Entitlement time	05:00 PM
Entitlement subject	Bonus Issue
Entitlement description	Bonus issue of up to 77,754,444 new ordinary shares of RM0.50 each in Johore Tin Berhad ("JTB") ("Bonus Share(s)") on the basis of one (1) Bonus Share for every three (3) existing ordinary shares of RM0.50 each held in JTB ("Subdivided Share(s)") after the completion of the Share Split at 5.00 p.m. on 19 September 2016 ("Entitlement Date") ("Bonus Issue")
Period of interest payment	to
Financial Year End	31 Dec 2016
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	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower A,Vertical Business Suite, Avenue 3, Bangsar South,No. 8, Jalan Kerinchi59200 Kuala LumpurTel: (03) 2783 9299Fax: (03) 2783 9222
Payment date
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	19 Sep 2016
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 indicator	Ratio
Ratio	1 : 3
Rights Issue/Offer Price
Par Value	Malaysian Ringgit (MYR) 0.500

icy97

EX-date	14 Sep 2016
Entitlement date	19 Sep 2016
Entitlement time	05:00 PM
Entitlement subject	Subdivision
Entitlement description	Subdivision of every existing one (1) ordinary share of RM1.00 each ("Existing Share(s)") into two (2) ordinary shares of RM0.50 each in Johore Tin Berhad ("JTB") ("Subdivided Share(s)") at 5.00 p.m. on 19 September 2016 ("Entitlement Date") ("Share Split")
Period of interest payment	to
Financial Year End	31 Dec 2016
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	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower A,Vertical Business Suite, Avenue 3, Bangsar South,No. 8, Jalan Kerinchi59200 Kuala LumpurTel: (03) 2783 9299Fax: (03) 2783 9222
Payment date
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	19 Sep 2016
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 indicator	Ratio
Ratio	2 : 1
Rights Issue/Offer Price
Par Value	Malaysian Ringgit (MYR) 0.500

icy97

Instrument Category	Securities of PLC
Instrument Type	Warrants
Description	Adjustments to the exercise price and number of outstanding warrants of Johore Tin Berhad ("JTB") constituted by the deed poll dated 10 October 2012  ("Warrants 2012/2017") pursuant to the subdivision of every one (1) existing ordinary share of RM1.00 each into two (2) ordinary shares of RM0.50 each in JTB ("Subdivided Shares") ("Share Split") and the bonus issue of new Subdivided Shares ("Bonus Share(s)") on the basis of one (1) Bonus Share for every three (3) Subdivided Shares held by the shareholders of JTB as at 5.00 p.m. on 19 September 2016 ("Entitlement Date") ("Bonus Issue")  ("Adjustments")

Listing Date	27 Nov 2012
Issue Date	22 Nov 2012
Issue/ Ask Price	Malaysian Ringgit (MYR)   0.0000
Issue Size Indicator	Unit
Issue Size in Unit	62,203,232
Maturity	Mandatory
Maturity Date	21 Nov 2017
Revised Maturity Date
Name of Guarantor	Not Applicable
Name of Trustee	Not Applicable
Coupon/Profit/Interest/Payment Rate	Not Applicable
Coupon/Profit/Interest/Payment Frequency	Not Applicable
Redemption	Not Applicable
Exercise/Conversion Period	5.00   Year(s)
Revised Exercise/Conversion Period	Not Applicable
Exercise/Strike/Conversion Price	Malaysian Ringgit (MYR)   2.2800
Revised Exercise/Strike/Conversion Price	Malaysian Ringgit (MYR)   0.8500
Exercise/Conversion Ratio	1 : 1
Revised Exercise/Conversion Ratio	Not Applicable
Mode of satisfaction of Exercise/ Conversion price	Cash
Settlement Type/ Convertible into	Physical (Shares)

Tony-Pua

进军乳制品．业绩翻几番．柔佛珍有望突围
http://www.sinchew.com.my/node/1573010/

柔佛珍（JOHOTIN，7167，主板工业产品组）是家老牌锡罐制造商，营运历史可追溯至1973年，经营上的成功让该公司在2003年成为马股上市公司；尔后，考虑到制罐业务长期难有突破，该公司终于在2011年宣布藉收购进军乳制品领域。

乳制品与制罐是两个具有协同效益的业务；柔佛珍在2011年收购的Able Dairies私人有限公司（ADSB），原是柔佛珍旗下客户之一，因此在完成收购ADSB后，柔佛珍进军新领域之余，其实也稳定了制罐业务部份客源，可谓一举两得。

业绩规模4年大增211%

更让人惊喜的是，经几年努力，柔佛珍现已是家主攻乳制品业务、副打制罐业务的公司，过往业绩所欠缺的成长动力，也因此找回了，管理层毅然进军乳制品行业的决定显然非常正确。

财报资料显示，在2011年初步染指乳制品业务时，柔佛珍的营业额只有1亿3421万5000令吉，但因新业务表现出色，业绩规模过去几年明显膨胀，终于在2015年翻涨至4亿1741万令吉，4年大增211%，净利则从2011年的1103万令吉，膨胀57%至1730万令吉。

就柔佛珍情况而言，净利涨幅落后营业额其实可以理解，毕竟该公司自2013年起开始积极投资新业务，短期赚幅难免受侵蚀，何况待投资有成，盈利涨幅就可后来居上。

由于乳制品需求强劲，柔佛珍收购ADSB不出3年，即宣布启动一项重大增产计划，将增建新厂和货仓，并在2014年颁出价值1538万令吉的建筑合约给承包商。

虽然管理层没有在最新财报中明确透露新厂进展，但只要仔细分析柔佛珍现金流数据，其实不难察觉有关新厂几已建竣。

新厂建竣
资本开销锐减

财报资料显示，柔佛珍在2015年共斥资2533万令吉在资本开销，对比2014年的1267万令吉猛增整整1倍；不过，来到2016上半年，资本开销却已锐减至318万5000令吉，暗示建厂涉及的重大开销已告一段落。

董事部在年报中说，新厂和货仓建成后，乳制品业务产能、生产效率和价格竞争力都会明显改善，新产能还能让公司接收新订单，迎合现成和新客户需求。

不过，董事部坦言集团虽在增设奶粉产线和积极开拓销路中，却不预计可在今2016年看见显著成果，而是“在那之后的短期内”。



饮食业务成长
估值具扬升空间

柔佛珍过去专心经营锡罐制造业务，加上作风低调，以致许多人到现在都还不晓得，在如愿进军表现让人眼前一亮的乳制品业务后，柔佛珍其实已昂首进入下个以饮食业务领衔的成长阶段，估值有扬升空间。

乳制品业务贡献1.6亿营收

资料显示，制罐业务上半年共为柔佛珍贡献5750万6000令吉营业额（其中1120万令吉为内部交易），占集团营业额21.99%，税前盈利则报645万3000令吉，占总盈利34.95%。

对比下，乳制品业务则贡献了1亿6142万9000令吉营业额，和1292万8000令吉税前盈利，贡献比重分别为78.01%和65.05%，显然是业绩最主要贡献源。

何况在乳制品业务仍积极扩张中，未来贡献比重料还会进一步提高，届时其主打饮食业务的形象料会更鲜明，鼓励市场转从饮食公司角度来评价该股，并赋予更高估值。

肯纳格研究上述公布的报告显示，马股饮食公司平均本益比估值目前为17.9倍，远高柔佛珍估值。

资产负债表转强
有助派息

财务方面，由于建厂开销告终，加上核心业务盈利和现金流都稳定，资产负债表有转强迹象，对比半年前（12月31日），内部现金由3691万9000令吉增至4717万8000令吉，长短期借贷则由1亿零752万6000令吉，降至7784万8000令吉。

若负债比未来继续下降，对柔佛珍未来派息能力必定大有帮助。

经营派息纪录佳
新厂最迟明年贡献

经反覆分析，《股海捞月》认为柔佛珍新厂所蕴藏的催化潜能，将从2017年起彰显于业绩，加上经营和派息纪录良好，股票估值也不高，才会判断柔佛珍具有崛起成明年焦点股之一的实力。

一般来说，一家新厂建成后，得先经过产能安装和试跑阶段，还得努力使产能使用率达到理想水平，才能开始替业绩带来显著贡献，柔佛珍的新厂不会例外，上半年营业额仅按年微扬，恰恰反映出新厂潜能仍未反映在业绩上。

截至2016年6月30日止上半年，柔佛珍营业额报2亿零693万6000令吉，按年微扬1.24%，惟同期净利高报1386万5000令吉，按年扬30.02%，表现已算不俗，何况这是在新厂贡献前的数据。

然而，若产品需求没问题，新厂过渡期一般也不会太长，粗略估计在9到12个月之间，按此进度保守推算，就可以得出柔佛珍新厂最迟将从2017年开始贡献的结论，这使其明年业绩表现备受关注。

过往纪录还显示柔佛珍是家不吝派息的公司，过去3年派息额分别为5仙、3.5仙和4仙，前两年派息稍低前期，显然是为留现金投资乳制品业务，包括建厂，由此来看，其股息能在资本开销高峰期间保持与前期相去不远的水平，已是非常不错。

不久前，柔佛珍刚完成以1变2拆细股票，再以3送1比例派发红股，这项企业活动促使其总股本扩大至2亿4881万3698股，原来吃紧的流通量获得舒缓，投资门槛也降低了，赢得市场好评。

按扩大后股本计算，柔佛珍在上半年取得的1386万5000令吉指标净利，相当于每股5.57仙，年化后则得出11.14仙，以此估算，截至上周五的88仙股价，只相当于7.9倍本益比。

文章来源：
星洲日报‧投资致富‧股海捞月‧文：李三宇‧2016.10.02

哭哭鸟

柔佛珍JOHOTIN – RM1.00的价位值得买入吗？

JOHOTIN在去年经历了一波大牛市，股价上涨了接近一倍。然而，随着去年11月发布的业绩低于预期，股价严重被抛售。再加上受到美金兑马币走软影响，JOHOTIN在接近4个月的时间内暴跌40%。

随着市场情绪逐渐回复，JOHOTIN也开始回扬。此外，JOHOTIN的FY16Q2业绩也创下有史以来新高。这一利好消息进一步把JOHOTIN推上前期高点，8个月的涨幅接近60%。整体来说，JOHOTIN的近2年股价表现犹如过山车，波动非常大。

然而，目前JOHOTIN来到了一个非常关键的阻力价位RM1.00，也是去年的前期高点。那么，在名人效应和潜在业绩利好下，JOHOTIN能否突破这关口？这个价位值得投资吗？

首先，先回到基本面。JOHOTIN近期的走势，意味着投资者普遍看好它这个月发布的业绩。JOHOTIN是家老牌锡罐制造商，已有43年的经营历史。它在2011年收购【ABLE DAIRIES】，进军乳制品领域。目前，乳制品业务的贡献已超越制罐业务。由于乳制品需求强劲，JOHOTIN在2014年启动一项增产计划，增建新厂和货仓。

虽然JOHOTIN在最新财报中没有明确透露新厂进展，但只要仔细观察它的现金流数据，估计有关新厂几已建竣。JOHOTIN的FY14和FY15资本开销分别是RM12.7m和RM25.3m，但在FY16首2个季度的资本开销只有区区的RM2.9m。

在FY15年报中，管理层提到新厂和货仓建成后，乳制品业务产能、生产效率和价格竞争力都会明显改善。新产能还能让公司接收新订单，迎合现成和新客户需求。不过，管理层不预计可在FY16看见显著成果。

此外，虽然JOHOTIN的FY16Q2业绩创下新高，但这主要归功于高达RM3.1m的外汇收益。在剔除这项非核心项目贡献后，JOHOTIN的实际盈利是RM6.3m，比去年的同个季度的表现稍微低。必须强调的是，JOHOTIN在过去的2年并未有超过RM1.0m的外汇收益，多数都是蒙受外汇亏损。因此，把这项高达RM3.1m的外汇收益归纳为一次性收入也不为过。

基于材料成本走高，制罐业务的前景预计将充满挑战。如果材料价格短期内没有好转，JOHOTIN将相对的调整售价。乳制品业务方面，虽然市场的竞争力非常大，管理层预计需求仍将保持强劲。尽管受到材料价格波动和全球经济的不稳定性影响，这两个业务预计可继续作出正面贡献。

JOHOTIN在年报和季度报告中都无法展示出信心的一面，再加上FY16Q2业绩包含高达RM3.1m的外汇收益，本专页对于JOHOTIN即将发布的FY16Q3业绩有所保留。除此之外，JOHOTIN之前并没有稳定的业绩记录作参考。

因此，本专页认为RM1.00并非是个买入的好价位。一旦业绩低于预期，JOHOTIN将面临一轮抛售。同样的例子也发生在上个月的NYLEX和GADANG。当时在业绩发布前，市场普遍看好这两家企业的表现，股价也偷步起涨，上涨了10-20%。然而，事实证明期望越大，失望也越大。

JOHOTIN并非是一家不好的企业，只是好企业买在错的价位也是一门失败的投资。假设大家以RM1.00的价位买入，就算JOHOTIN的业绩达到预期甚至高于预期，本专页认为其股价上涨空间不会太大，毕竟已经起了一轮。相反的，一旦业绩低于预期，股价抛售的幅度非常大。大家可参考去年这个时候的股价表现。JOHOTIN在业绩发布后的另一天，股价暴跌20%。风险回酬不成正比，不排除去年的历史将重演。

只要明年新产能和生产效率开始显著贡献，JOHOTIN依然是家值得中长期投资的企业。

RH Research

icy97

柔佛珍赚钱能力如何？

读者Chan问：

柔佛珍（JOHOTIN，7167，主板工业产品组）

（1）是否一只成长股？

（2）赚钱能力如何？

（3）合理价多少？

（4）它的业务和另一只股冠旺（CANONE，5105，主板工业产品组）比较，有什么分别？

答：柔佛珍的主要业务为锡罐制造及乳制品领域，未来的业务成长焦点，将落在后来居上及扩展中的乳制品领域。

该公司是在2011年收购Able Dairies私人有限公司，从而进军乳制品领域，并取得良好发展，目前反而成为最主要业务，成为公司营业额及净利最大贡献领域，超越锡罐制造领域。

随着乳制品领域的需求强劲，该公司在收购乳制品公司约3年后即进行扩充计划，即在2014年开始兴建新工厂与货仓。

资料显示，一旦新厂和货仓建成后，乳制品业产能、生产效率和价格竞争力都会明显改善，这都是未来的业务成长潜能，值得关注与追踪其最新发展进况，因它已是未来成长焦点。若业务扩充计划进展顺利，整体国内外经济大势无碍，相信它将为2017财政年开始，作出较为显著盈利成长贡献。

（2）至于该公司的赚钱能力，可参考过去6年（2010至2105财政年）的业绩表现以探出一些端倪：先看营业额，分别为9606万3000令吉（2010年）、1亿3418万8000万令吉、2亿4636万1000令吉、2亿4138万4000令吉、3亿1677万9000令吉及4亿1660万令吉（2015年）。这显示出营业额每年都有良好的成长。

同期间，该公司的净利分别为627万3000令吉（2010年）、1103万8000令吉、2281万7000令吉、2059万2000令吉、1297万9000令吉、以及1730万2000令吉（2015年）。

6年净利有起有落

有关上述6年净利表现趋势，首3年成长稳健，第四年（2013年）开始稍为减少、2014年跌势较重，而2015年则恢复回扬，这相信是从第四年开始进行资本开销建厂及货仓所致，随着拨出大部份的资本开销，使它在2015年恢复净利表现。

如上述（1）所说，一旦工厂及货仓的扩充计划完成后，若是市况保持良好，市场对乳制品需求有增无减，经济及消费情绪保持良好的话，相信其净利表现有希望进一步回扬。

（3）该公司的合理价，由于过去至少6个月内，并没有证券行研究部对它进行剖析及推荐合理价。惟可参考其最新业绩表现，从而粗略地计算出本益比估值。

截至2016年6月30日为止，该公司首半年的净利为1386万5000令吉，或每股净利为14.80仙。该公司甫完成1变2拆细股票计划，过后再以3送1比例派发红股，这使股本增加至2亿4881万3698股。

若是按扩大后股本计算，该公司在上半年净利为1386万5000令吉计，这将相等于每股净利为5.57仙，年度化则为11.14仙，若以目前市价为准，即可以算出预测本益比（市价除以11.14仙）。

（4）柔佛珍的主要业务为锡罐制造及乳制品领域。

冠旺与柔佛珍的业务非常相似，即通过旗下子公司，主要涉足两大核心业务，即包括制造及分销平版印刷锡罐及塑料罐头、及制造与分销食品产品。同时它也涉及租赁有地产业及产业投资。

文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2016.10.20