【QL 7084 交流专区】全利资源

chengyk

种植 -> 提炼 -> 卖

CPO 的价钱应该是提炼后，卖的价钱，还是提炼前的价钱 ???

无花

这样看来,QL生产的鲜果串(FFB)的量很小,但是搾油厂的产能相对很大.
整个油棕部门的业务主要是的搾油.当油棕价格开始上涨的时候,小园主纷纷改种油棕.QL就向小园主收鲜果串来搾油.但随着棕油的价格上得越高,业者也提升搾油厂的产能.可能小型业者也纷纷加入搾油的行列,造成搾油的利润下滑.在搾油业务的利润下滑棕果又还没种出来的情况下,利益就減少了!

不知道这样的解释说得通吗??

chengyk

如果小型业者也纷纷加入榨油的行列，那 QL 收的鲜果也会减少。因为小型业者可能
选择把自己的鲜果拿来榨油，不卖给 QL !!! 一个园丘的收成是固定的，不会突然
大幅增加。在这个情况下，QL 的 Sales 应该不会增加的 !!!

tan81

比较可能的是，它买进的鲜果串越来越贵。

chengyk

有没有网站可查到鲜果串的价钱 ??

tan81

http://www.mpob.gov.my/
应该注意的是，鲜果串的买入价钱，不是现在的价钱，而是根据合约，几个月前买入的。
所以要时常对市场的CPO价格作出估计。

无花

如果高价收回的的鲜果串基本上还是高价售出的,这一两年来CPO的价格有上没下.所以是加工的REVENUE和Profit減少了.

园丘的成本近期来一直上升,除草剤肥料等都上涨超过100%.其实很多小园主都有压力.只有那些管理很好的公司才大赚.

tan81

如果高价收回的的鲜果串基本上还是高价售出的
这一点不容易做到。因为买的人会越来越少（太贵了），也会持续观望市场的走势。
种植的Margin是不一样的。即使成本上升，也不会快过CPO的价格上涨。
就以我在Keladi的研究发现，它的种植可以带来70% 的利润率。
我的朋友也说，园丘市有可能的。
QL应该是在提炼和加工面对成本的问题。
和KeckSeng相似。

chengyk

	2008	2007
	Q3	Q2	Q1	Q4	Q3	Q2	Q1
	Sales
Marine product manufacturing (MPM)	68,297	65,879	69,901	58,592	65,718	61,186	59,889
Crude Palm Oil Milling (CPOM)	87,811	68,008	58,844	56,760	55,112	50,186	54,575
Integrated Livestock Farming (ILF)	197,102	173,880	185,226	150,647	183,701	180,651	154,790
	Profit before tax
Marine product manufacturing (MPM)	10,584	10,165	9,672	5,287	9,763	10,712	7,697
Crude Palm Oil Milling (CPOM)	3,243	2,180	1,595	1,296	3,009	2,657	2,289
Integrated Livestock Farming (ILF)	14,412	12,249	7,268	11,579	10,377	6,155	5,426

很明显看到 2008 Q3 CPOM 的 Sales 增加了，可是 Profit 减少了 !!!

[ 本帖最后由 chengyk 于 26-2-2008 12:18 AM 编辑 ]

chengyk

致 QL 的信

    I am a shareholder of QL Resources. I just have some doubt regarding
the 2008 Third Quarter report. I am happy that QL did a good job on
increasing the sales from all the 3 sector.

    As i see the CPOM Profit Before Tax is very low, Can you brief me on
why the Sales is increasing but the profit is not that high. As i know
2007 3rd Quarter Sales is RM 55,112,000 and the profit before tax is RM
3,009,000. But for 2008 3rd Quarter the Sales is increasing to RM
87,811,000 and the profit only RM 3,243,000.

    Besides, i know produced CPO is quite profitable business.From QL
report, the profit margin just 3.69%, which is far too low than my
expectation.  Can you brief me on this issues as well. Thanks

    Seems like MPM is not expanding anymore. Do QL have any future plan to
improve / increase the MPM sector?

    Thanks for your time and concern. Goodday


Best regards,
Chengyk

QL 的回复

Dear Chengyk,

As explained in Note B1b, CPO milling margins have been affected by
competition for crops.
Kindly take note that we are basically doing CPO milling i.e we charge a
service fee for milling FFB.We only have small Oil palm plantation acreage of 3000 acres. Going forward,our plantation developmentin Indonesia should contribute by FY2011.

As for MPM, the results is seasonal. We are currently increasing capacity
and modernising
our plant.

Please see attched analyst report for further reference.

Thanks

chengyk

有谁可以解释一下 CPO 制造的流程? 从 plantation 起 !!! 谢谢 !!!

例如
FFB -> FFB Milling -> CPO Milling -> CPO

chengyk

这里可以拿到 QL 最新的 Analysis Report !!!

http://www.ql.com.my/anlyst.htm

scsiang82

原帖由 chengyk 于 26-2-2008 09:12 AM 发表
致 QL 的信

    I am a shareholder of QL Resources. I just have some doubt regarding
the 2008 Third Quarter report. I am happy that QL did a good job on
increasing the sales from all the 3 secto ...

从QL的回信和再看会QL的报告，其实QL只有3000 acres的种植地。。。现在QL的CPO盈利是来自两间的palm oil milling,所以油棕的价钱起对QL的盈利是没什么影响。。

更多的详情可以看以下的报告。。
http://www.ql.com.my/download/AMresearchQL20208.pdf

[ 本帖最后由 scsiang82 于 26-2-2008 02:56 PM 编辑 ]

无花

从QL的网站中抄下来的.

"The principal activity of this division is Crude Palm Oil (CPO) milling. The Group has two (2) independent CPO mills servicing small estates in the vicinity of the mill. The mills are located near Tawau and Kunak. Currently, the Group owns about 3,000 acres of oil palm estate. Each CPO mill has the capacity for processing 40 metric tonnes of fresh fruit bunches of oil palm per hour."

scsiang82

QL poised for first full harvest
7 March 2008
By C. S. TAN

PETALING JAYA: Agro-based QL Resources Bhd is set to maintain its track record of steady growth this year as its oil palm plantation in Sabah matures, surimi prices hit a record and egg prices remain high.

QL owns a 3,000-acre oil palm estate in Sabah from which it will reap its first full harvest in the next financial year beginning in April.

“We've started to sell forward some of the harvest since prices are so high,” managing director Chia Song Kun told StarBiz yesterday.

“With the crude palm oil (CPO) price now at about RM4,000, our profit is RM3,000 (a tonne), three times the profit at the old price (of RM2,000),” he said. QL's cost of production is about RM1,000 a tonne.

Farther out, its oil palm plantations in Kalimantan can be harvested from the financial year ending March 31, 2010. QL has a 75% stake in a 50,000-acre land-bank there, which is rapidly being planted.

“We have planted on 5,000 acres and every month, we are planting 1,000 acres,” Chia said.

QL will build a mill in Kalimantan next year so that it will be ready in 2010 when the fruits are harvested. This will be the group's third palm oil mill, adding to its two mills in Sabah.

The group recently reported a pre-tax profit of RM28.2mil for its latest third quarter ended Dec 31, up 22% from a year earlier.

Of the pre-tax profit, RM14.4mil came from its integrated livestock farming division, RM10.6mil from marine products and RM3.2mil from palm oil milling. In the future, profits at the milling division will incorporate that of plantations.

All three divisions showed growth in the third quarter, with the strongest expansion by the integrated livestock division, which comprises distribution of animal feed, poultry eggs, and a small output of broiler chickens.

QL produces eggs at its farms throughout the country, including Sabah where it has a market share of more than 50%.

Egg prices have been firm, rising from about 20 sen a year ago to about 30 sen now.

Chia said demand for eggs tended to be inelastic. “You're not going to eat fewer eggs because it costs 10 sen more.”

The group is one of the biggest egg producers in the country, with a daily output of 1.5 million eggs. This is larger than the output of LTKM Bhd, which is solely engaged in the production of 1.2 million eggs a day.

QL is working towards setting up an egg layer farm in Vietnam where there is a shortage of eggs. It has become more costly for the locals to enter the industry as they cannot set up simple farms due to the threat of bird flu.

“We build closed chicken houses with bio security measures so that the risk of bird flu is much lower,” he said.

The cost of deepsea fishing for Thai fishermen has also increased due to the high cost of diesel, resulting in smaller catch in the industry. “This led to rising prices of surimi in the past few months. The price is at a record now,” Chia said. Diesel for fishing vessels is subsidised in Malaysia.

QL, Asia's biggest producer of surimi, operates 17 trawlers, which will be increased to 24 in the coming financial year.

http://biz.thestar.com.my/news/s ... 16&sec=business

chengyk

致 QL 的信

By reading the latest news of QL from the star today. I see this

        “With the crude palm oil (CPO) price now at about RM4,000, our
profitis RM3,000 (a tonne), three times the profit at the old price
(ofRM2,000),” he said. QL's cost of production is about RM1,000 a tonne.

      As I know, now QL has 3,000 acres oil plam in Sabah. May i know how
many tonnes will produce by 1 acres per month? What is the age of this oil
palm tree?


    Thanks for your time and concern.


Best regards,
Chengyk

QL 的回复

Dear Chengyk,

Average age of oil palm about 5 to 11 years old.

About 26 tonnes per hectares per year.

无花

新加坡讯）由于冰冻鱼浆价格飙升，各种鱼丸及鱼饼零售价格近来上涨大约12至28％。

　　本地鱼丸生产商反映，自从去年7月、8月间以来，冰冻鱼浆价格就节节上升，到了过年后，大约在2月底，价格飙升100％，20公斤的冰冻鱼浆价格达到150至160元。

　　本地主要鱼丸生产商同协食品工业总经理郭珍珊说，除了冰冻鱼浆价格飙升，柴油价和用来炸鱼丸的食用油价格也上升，因此业者经营得很辛苦。

　　她预测，由现在起至6月或7月，冰冻鱼浆价格应该不会下跌，反而可能上升。

　　她解释，我国鱼丸生产商所用的冰冻鱼浆，主要来自泰国、印尼、越南和马来西亚。由于燃油价格上升，渔夫比较少出海捕鱼，或者转而捕捉经济价值比较高的鱼类，使得用来生产冰冻鱼浆的货源短缺，促使价格飙升。

《联合早报网》
（编辑：沈茂华）

stereo

那么QL的鱼浆可以买到好价钱了，可是营业额下跌了，是吗？

kitnina

我的心水股是hsplant 说好了，这回要买点棕油助兴。

无花

去QL的网站下载AM　RESEACH做的报告。
里边有写到鱼浆所带来的好处.