【QL 7084 交流专区】全利资源

scsiang82

09財算潛在贏家
消費產托博彩油氣

報導：顏曉淇


09年財算潛在贏家包括速銷消費品、產業信托、博彩及石油與天然氣領域。

（吉隆坡13日訊）財政預算案前股市未必掀漲潮，股友與其費盡心思算盡機關欲分一杯羹，不如參考專家對09年財算列出的潛在利好；券商點名潛在贏家包括速銷消費品（FMCG）、產業信托（REIT）、博彩及石油與天然氣領域。

儘管券商預期馬股隆綜指，並不會對出爐在即的財算起顯著反應。

但在擴張式財算政策下，消費者傾向于維持小額產品開銷，速銷消費品公司如星獅控股（F&N，3689，主板消費）、肯德基（KFC，3492，主板貿易）和全利資源（QL，7084，主板消費）等無疑將成為贏家。

此外，產托預扣稅（witholding tax）也很可能下調。

亞歐美證券研究不排除相關股息收入可獲免稅，屆時將激勵產托股息回酬率，大增產托投資的吸引力。

博彩稅或不調

該研究預期，政府或給予石油與天然氣岸外船運業者免稅優惠，並制定更廣泛的措施以刺激中小型建築公司。

不過，亞歐美認為，市場臆測的汽車國產稅（duty excise）下調，以及博彩稅的提高，很可能無法在此次財算中成形。

“名勝世界（RESORTS，4715，主板貿易）近期股價回彈，加強了我們“博彩稅上調不成型”的看法。”

至于眾所矚目的罪惡稅（Sin Tax），為支撐國家財庫，煙酒業者難逃稅務上調的厄運。

總的來說，亞歐美還是鼓勵投資者採防禦策略，把投資焦點集中在高回酬和收益穩健的股項，如亞地種植（ASIATIC，2291，主板種植）、數碼電訊（DIGI，6947，主板基建）及大眾銀行（PBBANK，1295，主板金融）等。

同時，該研究把走勢轉好的金務大（GAMUDA，5398，主板建築）重列在買進清單內。

小型資本股方面，亞歐美將高淨股息回酬的環城公路（LITRAK，6645，主板基建）列為買進首選。

煙酒博彩股
煙酒稅溫和調升

考慮到煙酒業者或因私煙私酒的猖獗流失更多收入，及大眾通脹壓力，預料政府將“溫和”上調煙酒國產稅。

亞歐美預期煙稅調幅高于酒稅，料煙草稅將從原來的每隻15仙，上調到16仙至17仙。

過去2年以來，煙草稅每年調幅介于25%到48%。

同時，煙草業相關規範日益趨緊，業者收益成長壓力也相對增加。

煙酒公司可適度將稅務成本轉嫁消費者，預料每10%到15%的升幅，將影響銷售量2%到4%。

該研究認為政府不會調漲測字業務（NFO）及賭場稅，否則將助長非法賭博肆虐，並導致名勝世界失去客流量。

產托
預扣稅下調或撤除
催化併購活動

09年財算呼聲最高的，莫過于產托投資股息收入免稅，及預扣稅的下調或撤除。

據悉，政府今年內至少和業者4度召開會議，反映激勵國內產托的決心。

亞歐美指出，本土產業市場疲軟之時，預扣稅的撤除來得正是時候，不僅推動資本市場活動，也催化併購。

個人預扣稅的調降，將提供投資者更多投資選擇，尤其現下國民正承受負回酬利率。

除了鼓勵更多投資者參與產托，也協助提高公眾持股權。

亞歐美強調，一旦落實上述措施，並不會即刻對產托公司收益造成影響，因盈利直接惠及單位持有人。

“惟中期而言，有助提高我國產托競爭力，透過籌資積極擴大規模，並提升產業管理品質。”

在多隻產托股中，亞歐美鐘情于以辦公大樓和工業性質為主的產托公司，首推桂嘉資本信托（QCAPITA，5123，主板產業投資）及UOA產托（UOAREIT，5110，主板產業投資）。

油氣股
加強業者現金流
免稅名單擴增

亞歐美預計，政府將把岸外海運拖船營運納入免稅名單內，屆時業者現金流將強化，並促進資本密集領域的再投資，同時提供業者更廣的平台，以支持國內油氣業成長。

預料環海資源（ALAM，5115，主板貿易）是最大受惠公司，利好也將惠及必達（PETRA，7108，主板貿易）和丹絨岸外（TGOFFS，7228，主板貿易）。

建築建材股
更多獎掖
助中小承包商

儘管政府近期已宣佈有助緩和公共工程承包商成本負擔的措施，但亞歐美預計，或有更多協助中小型承包商的獎掖。

政府可能宣佈採購機制，確保建材供應充足，或供應商與政府之間的付款協議，來協助中小型承包商面對高企成本，繼而紓緩現金流動的壓力。

該行希望，政府在最新調整價格機制下，進一步批准公共基本建設工程，並公開更清楚的指南及更透明的機制，解決頒發及執行相關工程。

http://www.chinapress.com.my/content_new.asp?sec=business

scsiang82

Financial Results

Reference No QR-080826-38708

Company Name	:	QL RESOURCES BERHAD
Stock Name	:	QL
Date Announced	:	26/08/2008

Financial Year End	:	31/03/2009
Quarter	:	1
Quarterly report for the financial period ended	:	30/06/2008
The figures	:	have not been audited

Converted attachment :

Please attach the full Quarterly Report here:

QL Qtrly announcement-1st quarter 30.6.2008-final.xls

Remark:

SUMMARY OF KEY FINANCIAL INFORMATION

30/06/2008

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/06/2008	30/06/2007	30/06/2008	30/06/2007
		RM'000	RM'000	RM'000	RM'000
1	Revenue	364,492	313,971	364,492	313,971
2	Profit/(loss) before tax	26,851	18,535	26,851	18,535
3	Profit/(loss) for the period	23,297	16,268	23,297	16,268
4	Profit/(loss) attributable to ordinary equity holders of the parent	21,544	15,425	21,544	15,425
5	Basic earnings/(loss) per share (sen)	6.53	4.67	6.53	4.67
6	Proposed/Declared dividend per share (sen)	0.00	0.00	0.00	0.00
		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 (RM)	1.1600		1.6400

Note: For full text of the above announcement, please access Bursa Malaysia website at www.bursamalaysia.com

Remarks :

http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/48256E5D00102DF4482574B100328BE0?OpenDocument

scsiang82

Review of performance for the current quarter and financial period to-date.
	Current	Last year	%
	quarter	corresponding	change
		quarter
	1.4.2008 to	1.4.2007 to
	30.6.2008	30.6.2007
	Sales	Sales
	RM'000	RM'000
Marine product manufacturing (MPM)	83,983	69,901	20%
Palm Oil Activities (POA)	96,429	58,844	64%
Integrated Livestock Farming (ILF)	184,080	185,226	-0.6%
Total	364,492	313,970	16%
	1.4.2008 to	1.4.2007 to
	30.6.2008	30.6.2007
	Profit before tax	Profit before tax
	RM'000	RM'000
Marine product manufacturing (MPM)	12,585	9,672	30%
Palm Oil Activities (POA)	3,056	1,595	92%
Integrated Livestock Farming (ILF)	11,210	7,268	54%
Total	26,851	18,536	45%

scsiang82

a.        MPM's current quarter sales and earnings increased 20% and 30% against corresponding quarter respectively. The increased sales and earnings were due to higher contribution from surimi as well as deep sea fishing operations.
        
b.        POA's current quarter sales increased 64% against corresponding quarter mainly due to higher CPO price (Current qtr: RM3,487 vs Corresponding qtr: RM2,317) CPO prices increased 50% and FFB (Fresh Fruit Bunches) processed increased by 13% against corresponding quarter respectively, resulting only in an increased of 64% in sales for the period. POA's current quarter earnings increased 92% against corresponding quarter due to higher milling margins as well as higher contribution from own estates.
        
c.        ILF's current quarter sales remained almost unchanged against corresponding quarter however current quarter's earnings increased 54% against corresponding quarter due to better margin from raw material trade.

无花

eps=6.53 ...
够给去年的股息了,接下来的3季只要做好,应该可以平平安安过.

希望棕油价格可以稳定一些. POA就可以更标青.

killerz

去年的股息%????

scsiang82

不过POA的成绩应该还不是很大，要等到2010年他的油棕园才能做出比较好的贡献吧。。。

今年的股息会不会增加多一点呢？？

scsiang82

应该说是上个财政年的股息，九月四日就是除权日，要买就快咯。。

scsiang82

OSK Investment Research
August 27, 2008


A Strong Start to FY09
QL produced another strong quarter with 1QFY09 earnings of RM21.5m, which was 23% above our expectation. 1Q earnings grew 39.7%, mainly attributed to the strong performance in the all 3 divisions, particularly POA (palm oil activities), as CPO prices averaged at a high of about RM3,500/tonne during the quarter. The POA division PBT grew a hefty 91.6% while the marine product manufacturing (MPM) and integrated livestock farming (ILF) division expanded with PBT growth of 30.1% and 54.2% respectively. There is no change in our earnings estimates. We maintain a BUY with an unchanged target price of RM3.90.

Better margins. PBT margin improved from 5.9% to 7.4%, attributable to strong performance in all its divisions. As a result of the better selling prices and higher contributions, PBT margin for MPM improved from 13.8% to 15%. The PBT margin for the ILF’s division also grew significantly from 3.9% to 6.1%, thanks to better selling prices in its trading.

Expansion in ILF. The acquisition of 100% equity interest in Heap Loong Poultry Farm SB (HLP) at the price of RM5.7m has been completed. HLP has a production capacity of 305,000 eggs per day. This acquisition may not increase QL’s earnings significantly, but would broaden its market base and presence throughout Malaysia.

Maintaining our numbers. We are maintaining our FY09 and FY10 earnings forecasts at RM91.2m and RM101.3m respectively despite a strong 1Q as we believe the June fuel hike may slightly affect its shipping operation. Moreover, the softening in CPO prices in recent weeks may also impact on the POA division in the next 2 quarters. Nevertheless, should the company able to manage these, we may revise our earnings forecast in the next quarter. QL’s balance sheet is manageable, with net gearing of 0.7x and strong interest coverage ratio of 11x.

Maintain BUY. The target price is unchanged at RM3.90 based on the average 12.5x PER over CY09 EPS of 33.4 sen and 2.6x P/BV. Despite the bearish market, QL’s share price has outperformed the KLCI by almost 40% in the past 6 months. We reiterate our BUY recommendation.

无花

股息不用太多,全利这种小公司多极也有限.
我反是期待两三年后来个什么3送1还是4送1红股的

scsiang82

有红股我也是不介意的。。。

大众神林

行情将差还可以赚将多，全利资源值得加码！！
怪不得今天有人在RM2.84也进场。

ThermoFisher

投資越南印尼
全利資源2年開銷3.4億

（莎阿南27日訊）全利資源（QL，7084，主板消費）未來2年料投入3億4000令吉資本開銷，主要投資在越南及印尼市場，惟向股東承諾高開銷額不影響派息率。

該公司董事經理謝松坤說，全利資源2009和2010財年，每年資本開銷將高達1億7000萬令吉，分別投資在越南農場、印尼種植業、提升廠房素質、提高產量、設立新工廠、收購計劃等。

他今日出席全利資源股東大會及股東特大后指出，越南農場尚需投入大量資金。

全利資源在越南農場，預期每日可生產80萬顆雞蛋，預計1年內正式投入運作。

謝松申指出，印尼油棕種植過程順利，截至6月30日已種植7000英畝地段，料2011年3月31日完成3萬5000英畝的種植工作。

“我們估計，油棕種植業務將在2012年財年，為全利資源貢獻可觀收入。”

全利資源核心業務劃分三大類，即海產、家禽和油棕種植業務，成長前景皆明亮，目前所有業務都在擴展，2008財年營業額分別錄得2億7300萬令吉、7億3200萬令吉及3億200萬令吉。

謝松坤說，即使該公司將投入龐大本開銷，卻無損派息能力，派息率維持在25至30%。

賺幅維持穩定

他指出，全利資源2008財年每股派息6.5仙，優于2007財年的4.87仙。

“公司每年有1億5000萬令吉的流動現金，偏高的資本開銷並不成問題，甚至還有充裕資金進行收購計劃。”

他坦言，全利資源擁有完善的避險政策，不論好景或逆境，都可維持穩定的賺幅。

謝松坤說，營運環境雖嚴峻，則潛在許多商機，例如食料價格上漲導致許多公司面對財務週轉問題，提供良好的收購機會。

全利資源早前以668萬令吉收購一家本地畜牧業公司，后者每日可生產30萬顆雞蛋。

aliluya

scsiang82 兄好奇的询问下你
不知你还继续持有 天華印務  7374 ?

QL 的首季净利 .... 不错、不错
考虑加码

scsiang82

我没有天華印務7374，买不到我要的价钱。。。如果有机会可能会买进。。。

stereo

无花大大，棕油价在上升，平稳和下跌的趋势对POA会产生怎么样的影响？

小巴菲

全利資源無懼原產品價格下跌

2008年8月28日

　  
(吉隆坡27日訊)全利資源(QL，7084，主板消費股)已做好準備，因此無懼目前原產品價格下滑的趨勢。
全利資源董事經理謝松坤表示，該公司的業務多元化，並有很好的危機管理，加上該公司也有為一些產品進行護盤，所以他相信原產品價格下跌的趨勢，並不會對該公司帶來嚴重的衝擊。
「我相信在危機的環境下，仍擁有很好的機會。」謝松坤是在全利資源年度股東大會和特別股東大會後，發表談話。
對於未來展望，他透露，分析員看好全利資源可在這財政年獲得15%至20%的淨利，而他對此相當樂觀，並相信該公司可以達到市場預測目標。
另外，全利資源的股息政策為25%至30%，未來依然會維持在這範圍。謝松坤披露，今年派發6.5仙的股息，已比去年多。
在2009年至2010年，全利資源每年將撥出1億7000萬令吉資本支出，以做為各項發展計劃，例如收購、建設新廠房、提升現有設施。謝松坤表示，由於該公司業務不只限於國內，也有進軍海外市場，因此需要較多的資本支出。
另一方面，全利資源進行10%私下配售股項計劃，該公司目前的負債率為20%，相比3至4年前的40%，明顯減少許多。

无花

唔斋.....

ThermoFisher

无花兄，以后我就跟你买股算了，你的股总是会名（股息）利（红股）双收。。。。

scsiang82

Thursday August 28, 2008
QL FY09 capex at RM170mil


It is enhancing overseas operations

PETALING JAYA: QL Resources Bhd is setting aside RM170mil for capital expenditure in the financial year ending March 31, 2009 (FY09) to cater to its regional expansion.

Managing director Chia Song Kun said the company would continue to enhance its overseas presence in Vietnam and Indonesia.

”We will also be increasing our production capacity in integrated farming, involving breeder and broiler farming, in Kuching and parts of east Malaysia,” he said after the company AGM and EGM yesterday.

QL is an agriculture-based company, with business in marine product manufacturing (production of semi-processed raw fish paste surimi, fish meal and seafood), integrated livestock farming (egg farming and trading of animal feeds), crude palm oil milling and oil palm plantation.

According to Chia, the company has recently acquired a poultry egg producer in Kulim with a daily output of 330,000 eggs.

With this acquisition, the group’s total egg production is about two million per day.

QL also achieved a 40% growth in revenue for its palm oil activities in FY08.

For its first quarter ended June 30, QL posted a net profit of RM23.3mil, up 42.9% from RM16.3mil in the previous corresponding quarter. Revenue expanded by 16.1% to RM364.5mil from RM313.9mil previously.

Earnings per share is 6.5 sen per ordinary 50 sen share (after bonus issue).

This represents an average yearly dividend payout ratio of 25%.

http://biz.thestar.com.my/news/story.asp?file=/2008/8/28/business/1897730&sec=business