【QL 7084 交流专区】全利资源

scsiang82

QL Resources plans buyout, expansion
By Chong Pooi Koon Published: 2008/08/28


QL RESOURCES Bhd, a diversified agriculture group, may spend RM170 million a year on capital expenditure in the current fiscal year and next to buy out rivals and expand in the region.

Managing director Chia Song Kun said the proposed higher spending for financial years ending March 2009 and 2010 would go towards more acquisitions, new factories and increasing production capacity.

QL is the biggest surimi producer in Asia and the largest fishmeal maker in Malaysia. It is also involved in poultry and egg production and oil palm.

Chia said its expansion into Vietnam for livestock farming and new surimi plant in Indonesia will need investment. More money will also be ploughed into developing 20,000ha of oil palm plantation, mostly in Indonesia.



"Malaysia is saturated, but we can still grow by buying other poultry and egg farms. We don't set up new facilities to squeeze the market," Chia said after a shareholder meeting in Shah Alam, Selangor, yesterday.

Vietnam and Indonesia, because of their close proximity and big population, hold great growth potential for a food-based company like QL, he added.

Financing the expansion will not be a problem as the company generates about RM150 million free cash flow every year, Chia said.

On top of that, QL undertook a share placement in 2006 to cut its gearing level to just 20 per cent against its shareholder fund, mostly in long-term debt. The low gearing will allow the company to borrow from banks when needed, he said.

Chia gave the assurance that the heavy investment in the next two years would not affect its dividend policy of paying out between 25 per cent and 30 per cent. The quantum should be stable with its steady earnings growth, he said.

"Growth in the first quarter shows that the momentum is still there. We are optimistic that we are on track for most analysts' estimates."

Net profit in the first quarter to June 30 grew 40 per cent to RM21.5 million as revenue rose 16 per cent to RM364.5 million.

QL has had a consistent record of 26 per cent average earnings growth in the past eight years since its listing in 2000.

"Analysts are expecting 15 to 20 per cent growth from us this year. We should be able to perform to that expectation," Chia said.

http://www.btimes.com.my/Monday/OurPick/kun.xml/Article

scsiang82

積極拓展核心業務‧全利資源資本開銷1.7億   
大馬財經  2008-08-28 14:44


（吉隆坡）全利資源（QL，7084，主板消費品組）未來兩年每年資本開銷預算達1億7000萬令吉，作為認購新工廠、建造費用、提高產品、進行越南農業整合和印尼種植等拓展計劃經費。

董事經理謝松坤週三（27日）在股東大會和特大會結束後表示，資本開銷預算增加是因為過去海產和家畜業務主力集中在國內，目前業務經已拓展至國外，需要更多資金來進行在越南、印尼等地的區域性計劃。

此外，他提及，隨該公司未來欲發展的種植地達2萬公頃，因此在棕油發展方面也需要更大的資本開銷。
“截至今年6月30日，共有7000英畝種植地已完成種植，料每年進行1萬英畝的種植計劃，預計至2011年財政年，將順利完成3萬5000英畝地的種植計劃。”

全利資源海產食品業務以魚糜和魚飼料為主，分佈大馬、日本、韓國、新加坡、台灣、澳洲、中國、印尼、歐洲、美國等國家。在未來兩年，將分配1億令吉推動海產業務發展，包括提升工廠操作、轉用生物燃料、建設深海船和進行海外拓展計劃，

該公司也將在未來兩年，投入1億2000萬令吉在家畜業，以提高業務生產力，發展東馬畜牧飼料、養雞場等。

該公司積極拓展海外業務，謝松坤坦言，大馬市場已達飽和，並不意味成長空間受限，惟國外區域性發展為業務成長更迅速的平台，特別是越南和印尼發展潛力大。

他強調，家畜、海運及種植業始終是公司核心業務，發展市場仍大，在未來也無意拓展其他業務。
該公司不會特意設立農場，反而是透過購買現存農場來提高產量。公司在兩個月前經已在古晉認購農場，同時最近也在吉打居林購置新農場，這兩項計劃投資額達2000萬令吉。

他說:“居林農地的雞蛋產量每日為33萬顆，順利提高公司每日的雞蛋產量至200萬顆。”

面對通膨壓力、汽油攀升、原料成本高企不下打擊，謝松坤直言，該公司業務多元化，且擁有優良的風險管理團隊，對貨幣、政治因素、原油價格趨向等評估後採取護盤行動，皆有助於公司渡過難關。

公司截至2008年6月30日止首季，淨利為2154萬4000令吉，比較前期盈利1542萬5000令吉成長了39.67%，營業額自前期的3億1397萬1000令吉，上揚了16.09%，至3億6449萬2000令吉。

公司在首季盈利取得近40%成長，他對公司前景樂觀，也有信心公司在全年能如分析員預計，盈利達15%至20%成長。

他說，公司目前派息率政策為25%至30%，發放6.5仙股息也較去年成長。他也提到，該公司每年流動現金超過1億，同時在私下配售股項後，已降低負債率，從40%降至20%。

星洲日報／財經‧2008.08.28

http://biz.sinchew-i.com/node/16044

stereo

我是跟他买的，PBBANK跟你买

scsiang82

2年拨3.4亿资本开销　全利资源加强业务
二零零八年八月二十八日 晚上六时五十九分


（八打灵再也28日讯）以农业为主的全利资源有限公司（QL，7084，主板消费产品组），将在未来2年拨出约3亿4000令吉作为资本开销，以进一步加强其海产制造、家禽畜牧和棕油活动的成长。

董事经理谢松坤表示，上述资金大部份将用来扩充其于越南和印尼的区域经营，包括本地市场的新收购。

他在梳邦出席股东大会后向记者透露：“资本开销比之前数年激增，因我们希望扩充我们的区域市场，及建立其他成长平台。”

全利资源计划在未来2年内提升其鱼肉经营及建立深海船队。

该公司在半港、晏斗和亚庇拥有鱼肉加工厂。

在印尼的棕油活动方面，该公司有意释放和进一步建立棕油地区的价值。

谢松坤称，尽管目前高通货膨胀和经济不稳定，全利资源对其未来成长仍相当乐观。

他说，该公司希望至少达到分析师对该公司取得介于15至20%成长的预测。

http://www.kwongwah.com.my/news/2008/08/28/88.html

scsiang82

Standard & Poor’s Equity Research
August 28, 2008


Results Review & Earnings Outlook
• QL’s 1QFY09 (Mar.) results were within expectations, with net profit of MYR21.5 mln accounting for 24% of our full-year forecast.
• Revenue rose 16% YoY, with contributions from marine products and CPO milling rising 20% and 64% YoY respectively. Livestock farming revenue was flat YoY.
• The marine products division saw improved sales and selling prices of its surimi products, while the CPO milling division benefited from higher CPO selling prices averaging MYR3,487/ton versus MYR2,317/ton in the corresponding quarter. Meanwhile, FFB processed increased 13% YoY.
• Margins expanded across all divisions with the increase in sales, with significant improvement (to 6.1% from 3.9% in 1QFY08) for the livestock division, mainly due to improved control over raw material costs.
• We maintain our FY09 and FY10 forecasts. Global prices for surimi have since risen about 50% YoY and though there is some evidence of softening, prices remain high. On the milling front, the group has sold and hedged forward for FY09 at about MYR3,000/ton, thus providing buffer to current low CPO prices.


Recommendation & Investment Risks
• We maintain our Buy call on QL, and our 12-month target price of MYR3.17 (as adjusted for the group’s recent 1-for-2 bonus issue). We like QL for its impeccable growth record and project a 3-year net profit CAGR of 12% driven primarily both by organic expansion (from capacity and margin enhancements) and product/regional diversification of its core businesses.
• The basis for our target price is unchanged – we continue to apply a target PER of 11.3x to FY09 earnings, this being QL’s average historical PER valuation over the past seven years.
• Risks to our recommendation and target price include lower demand for QL’s marine and poultry products, and higher-than-expected costs, which could have a significant impact on QL’s earnings given that margins are low.

无花

没想到我哥儿两还有粉丝.....排泄..

话在前头 STEREO兄, 买卖自负!

scsiang82

老大，我也是你的粉丝。。。

不过你的四大天王，我才有QL吧了。。。
看看有没有机会买进剩下的3王。。

无花

难得兄台你看得起小的,就告诉你吧.
我在QL分红股之前,在5.10和5.00的价位把70%的多多和一只散货给卖了,大部份转成QL   剩下来的多多都是浄赚的.
如果不将多多换成QL, 我的账簿就会少4千大元以上. 但换了只缩水不到二千. 算是跌倒了还抓到一把沙.
LPI  不算股息还在亏钱,结论是买价太高.

总结来说,投资全利的成功是运气好. LPI算是失败. 有成绩的只有多多一个.大众还不算好成绩,因为还不知道什么时候要放手 .

aliluya

花兄，目前的主力都在 QL
上次曾听说你是从上市 IPO 持到现在的 ..... 真不简单

花兄的身份有如在 Cari 论坛的 QL 代理人
目前增持超过 20 ++ 粒了吗?


我没花兄如此幸运，2004 年我才开始注意到此股
观察了 2 年，才在 2006 年下手买了 1000 股
当时没送红股前，购入价是 2.70
( 现在价格也是差不多这样，不同的是 1000 变成 1500 股了 )

3 月大选前又购入 2000 股，价格 3.76
过后宣布送红股后，股价一度冲上 4.50

送红股后，首日调整价为 2.82
过后曾下跌到2.58+-，公司回购股票扶持到 2.70++
宣布了首季的业绩，以及 4/9 派息 6.5 sen
股价总算稳往在 2.70 以上


观察了 4 年，持股了 2 年
坦白说，QL 每一次发布业绩都令我惊喜
业绩不曾让我失望，多年的成长保持在 20 %
真不简单

QL 未来成长动力还有持续多久没人晓得？
债务是否能垃跨 QL ，我也不懂
未来存在无数的变数，就走一步算一步了


目前我看了首季的业绩也有点心动，孝虑着是否在度加码?

若没有其它更好的选择， QL 还是我的首选

这几天，QL 发布业绩后
发现很多卖盘，有人集中在 2.74、2.75 的价格卖
留意,留意

无花

利害,可以从茫茫股海中找到一只让你赚钱的股.... 佩服...佩服!!!

两年后油棕完全种下去了,油棕部还增长的空间.公司也不断在回购合资公司的股权来減少Minorities Interest. 公司也在物色收购目标,看来还有增长的空间.

真想写信叫公司做炼油业,和鱼大的PPB炼过

ThermoFisher

QL比PPB好，因为你的眼光肯定比我好。。。

ThermoFisher

"花兄的身份有如在 Cari 论坛的 QL 代理人"

无花不只是QL的代言人，也是PBB,LPI和BJTOTO的代理人，地位崇高。。

stereo

油棕也要等到2012年才可以看到收获，未来1，2 年的成长主要靠MPM和ILF的了。QL为自己的成长扑好了路线。
政府减低了饲料的进口税对QL可能是不太好的消息了，因为QL也在本地有自己生产饲料。会面对进口的竞争压力。

无花

在创业那边看了一些棕油相关的资料.

棕油种下后三年就开始收成. 全利在东马的三千Acre在2007年开始有收成,所以POA的成绩才会有那么大的进步.至于印尼方面,去年已种下7000Acre , 这片园在2011年开始有收成, 到时POA的业绩会有所提升.

MPM方面我觉得进展不会太大,毕竟打鱼还是要看天意, 加上人类烂捕,前景堪虞.

ILF 方面,全利不断收购同侪,去年就收了两三家. 现在每天已可生产两百万粒蛋了. (不知道大马一天消费多少蛋) , 公司表示还会收购同侪.

scsiang82

我在2007年12月以3.64的价钱买进QL的，当时看了无花的QL帖才慢慢研究公司。。。看了他的业务才买进的。。过后再宣布分红股过后又在4.24加码。。看来我在这里的买家是最高的 。。不过只要QL继续成长那我的买价也还好了。。

scsiang82

Monday September 1, 2008
QL Resources to set up seafood plant in Indonesia
By YVONNE TAN


QL Resources Bhd, the biggest seafood producer in the country, will open its first food processing plant overseas in Surabaya, Indonesia, which will boost its production by at least 25%.

Construction of the RM25mil surimi (fish paste) plant is expected to start by year-end for completion by the first quarter of 2010, said managing director Chia Song Kun.

The company currently generates about 20,000 tonnes of surimi annually, which is mainly exported to countries likes Singapore, Japan and South Korea.

As much as 37%, or RM100mil, of QL’s marine segment revenue for financial year (FY) ended March 31 came from the sales of surimi.

QL has three main businesses – marine, which made up of sales of semi-processed raw fish products (surimi) fish meal and other fish-based food products; feed commodities and livestock farming; and oil palm milling and plantations. For FY08, the three segments contributed 21%, 56% and 23% respectively to the company’s overall revenue.

Chia is confident QL will be able to meet analysts’ projection of a 15% to 20% growth in net profit in FY09, backed by higher prices of surimi, among other things.

According to him, surimi currently sold for an average of RM10,000 per tonne globally. “Prices have risen 30% to 50% over the past two years,” he said, adding that he expected prices to remain firm this year.

QL has three plants manufacturing fish products locally. “Plans are also underway for another plant to be set up in Sarawak. In this business, demand is always more than supply,” he said.

As for its other operations, Chia said plans for an egg production farm in Vietnam was on track. “There is a potential for this business in Vietnam as the market is big and profit margins are attractive.”

QL also has 3,000 acres of oil palm estates in Sabah and about 20,000ha in eastern Kalimantan, which should be completely planted by 2011.

For FY08, it posted a higher net profit of RM80.8mil, or 36.71 sen per share, on sales of RM1.3bil against a net profit of RM63.2mil, or 28.75 sen per share, on sales of RM1.1bil a year earlier.

OSK Research cited softer prices of crude palm oil and higher fuel price affecting QL’s shipping operations as potential risks to the company’s earnings.

http://biz.thestar.com.my/news/story.asp?file=/2008/9/1/business/1916273&sec=business

无花

最后4粒买得比你还贵一点
现在要过2.90才不亏钱...

无花

看来今年是专攻国外和伺机收购同侪...

大老板说未来两年的资本开销为3.4亿.... 看来至少还要撑多两年才有机会看到美景..

aliluya

原帖由 无花 于 1-9-2008 08:53 PM 发表
最后4粒买得比你还贵一点
现在要过2.90才不亏钱...

你们都好勇啊 ........

宣佈发红股后，还敢追

去留意下 QL 过往的股价历史纪录

通常股价快 4 塊钱或以上，宣布派红股机会很浓

无花

追还追,我的平均价在的1.80以下   

我不会让我的平均成本超过两块钱的.

[ 本帖最后由 无花 于 1-9-2008 10:18 PM 编辑 ]