?Titan ??????????? - Titan

各位如何看TITAN这只股
合理价位是多少
适合长或短期投资
本人被抽中一千股，不知要收还是卖。请各位指点

[ 本帖最后由 Mr.Business 于 3-12-2007 04:20 PM 编辑 ]

leeccg

我觉得它应该值２－２。２元，但是最近股市回软，所以可能暂时去不到那价钱，长期应该没问题。

u235

Titan 上市的主要目的竟然是为了还债！



Large proportion of proceedings to pay off debts
Investors should note that a large proportion of the IPO proceeds, RM760m or 79.9% will be used to pay off existing long term loans in the form of a USD200m bridging loan. This follows on from a failed USD300m 7 year bond offering by Titan in April 2004 where it appears investors were seeking a higher yield than Titan was willing to offer. At that time, the credit rating agency, Standard & Poor?s (S&P) had cut Titan?s long-term credit rating to B- after the bond sale was aborted. Nonetheless, since then Titan has secured loans amounting to USD700m (inclusive of the USD200m bridging loan) and profits have soared due to better refining margins. Due to this, S&P had raised its credit rating was raised back to BB-.

jbfarmer

原帖由 leeccg 于 23-6-2005 02:36 PM 发表
果然开市并不猛，但是值得长期持有，两个月后应该可以到２元的价位。

唉。。。又一个自以为是孔明的人。可以到RM2？呵呵，幸好我没听你的，两个月了，TITAN现在报价RM1.53。

leeccg

我觉得它的下跌是暂时性的，就好像石油价格一样，现在是很悲惨，但是，我还是认为它还是有潜能，我会趁低再入货，反正年尾涨潮应该少不了它。。。。大家可别相信我，我只是信口开河而已。可以的话，大家尽量的抛售TITAN吧。让它的价钱再跌。。。

jbfarmer

呵呵，希望你两个月前的信口开河没人信。
老实说，我也希望TITAN能再跌个几毛钱，因为TITAN的前景是不错的，我正等待更好的价位。原谅我的直接，我是对“事”不对人。

leeccg

跌到１.4了，希望１。３是它的最低位吧。 如果能跌到１。２最好。。。嘻！

糊涂

嗯，我也有留意这只股，并不特别看好它，因为它要达到预期的目标却也不容易，
Profit Margin方面比预期来得差 。。。也许在跌多些就会变得更加有吸引力了

糊涂

丰隆资本研究写的这份报告还算不错。

Weaker margins setting in 1H05 results below estimates
Titan reported a 1HFY05 revenue of RM2,148m (+35% yoy) and a net profit of RM270m (+213% yoy). Stronger revenue and earnings yoy was driven by higher selling prices due to rising oil prices and hence petrochemicals. Consequently, EBITDA margins came in at 25% vs 20.9% in 1H04. Nevertheless, annualised net profit was 7% and 9% below consensus and our forecast. This is largely due to higher operating cost as a result of rising feedstock price, which become more apparent in 2Q.

2Q results poorer – rising feedstock prices are imminent
Sequentially, Titan’s 2Q results were weaker. Net profit contracted by 30.1% qoq to RM111.3m on the back of a 3.2% qoq contraction in revenue to RM1,056.5m. This was largely attributed to a 4.3% increase in operating cost owing to higher feedstock prices. Management, in the results note, disclosed that feedstock prices had increased by 7% qoq in 2Q. We believe that Titan’s feedstock cost will continue to rise in the coming quarters given that the increase in Naphta price has persisted in the past couple of months. Since end of June, prices of Naphta have increased by some 25%, which is also likely to be a major contributing factor to weaker earnings going forward.

Slashing forecast by 22-25% for FY05-FY07
Although management claims that they will still be able to meet their FY05 net profit projection of RM604m (as per listing prospectus), we are doubtful that the figure is achievable based on current weaker earnings momentum. We have hence slashed our earnings forecast by between 22%-25% over FY05-FY07. Also, note that consensus profit forecast comprises a wide range of estimates. For instance, consensus FY06 net profit ranges from a low of RM315m to a high of RM809m while the range is equally wide in FY07, varying from RM215m to M718m. This wide band suggests volatility in earnings, and implies high earnings risk for the stock.

Sell maintained, target price reduced to RM1.26
We believe that the petrochemical industry is merely at the beginning of a cyclical downturn. With declining earnings growth prospects and high earnings risk, the stock is unexciting, in our view. Its relatively low PERs, are reflective of its high earnings risk. Against its regional peers’s average PER of 5.3x for FY06, Titan is expensive trading at FY06 PER of 7.1x. We are hence cutting our price target to RM1.26 by benchmarking Titan against its peers. Maintain our SELL rating on Titan.

原帖由 糊涂 于 2-9-2005 01:51 PM 发表
丰隆资本研究写的这份报告还算不错。

Weaker margins setting in 1H05 results below estimates
Titan reported a 1HFY05 revenue of RM2,148m (+35%  ...

哈哈，糊涂兄，你是说丰隆资本研究写的报告不错？还是它写TITAN的业绩是不错的？为何小弟从这报告吸收到的资讯是。。。它业绩倒退和前景不大乐观哦？ 可能小弟阅读能力差。 哈！
还以为１。３３够低了，哪知道丰隆资本下修到１。２６？下星期应该还继续往下。。。

[ 本帖最后由 叶问天 于 2-9-2005 09:43 PM 编辑 ]

糊涂

当然是说丰隆资本研究写的报告不错啦，分析也很中肯。
这家可是GCL公司，丰隆资本胆敢做出“卖出”的建议，可真的一点都不照顾政府面子哟！！哈哈！

尋夢人

我对Titan的看法没有这样悲观。这个股还是有得救。
虽然它的产品现在是在循环期的高点，但说已经走下坡是言之过早了。
PE及PP的价格从今年6月(上市的日期)900多美元上到现在的1200美元，
怎么能说是已走下坡了?
不久前看到了它的产品价格上升就huut了一些，
那知道来了个台风，1个星期股价就掉了近20%。
唉!人算不如天算。
只要经济成长持续(希望台风刮不倒经济)，产品需求还在，股价会回弹的。

尋夢人

美風災後石油設施急待重建
“黑金”類股商機處處
update:2005-09-06 12:56:48MYT


--------------------------------------------------------------------------------

（吉隆坡訊）“卡特里娜”颶風消退帶動石油與天然氣股項跌深後反彈，鑒於災後重建工作將讓石油與天然氣設施公司有機會大發“災難財”，分析員看好股價跌深的“黑金”類股，其中又以SCOMI集團（SCOMI，7158）、科恩馬集團（KNM，7164）及相關股項大騰化學（TITAN，5103）看高一線。

達證券分析員卡拉迪指出，災後重建鑽油及鍊油活動正蓄勢待發，藉此創造更多的商機，有利於石油與天然氣股項；在這種情況下，油台供應將繼續短缺，船艦租金大概也將維持28萬美元（約105萬令吉）以上水平。

目前為累積好時機

該證券行所追縱的石油與天然氣股項都巳跨足海外，它們也將比同業，甚至其他行業更有創造獲利的潛力。

就拿今年上半年的業績而言，石油與天然氣類股的稅前盈利及淨利各別增長83.5 及91.3%，較其他表現慘淡的領域而言，足以“天淵之別”來形容。

除上述股項外，達證券同時看 好沙布拉浪峰（SAPCRES，8575）、必達（PETRA，7108）、丹絨岸外（TGOFFS，7228）及貝利賽（PERISAI，0047），“黑金股”整體評價為“加碼”。

此值颶風災區還在進行收拾工作，眼光銳利的證券分析員已開始為重建活動的帶動性“把脈”，並認為目前正是累積的大好時機。

卡特里娜來襲後，SCOMI集團和大騰化學各跌19.3和18.8%，在類股中跌勢最慘劇，而今展望出現改觀，反為這兩只股項締造更大的上漲空間。

全天閉市，SCOMI集團、科恩馬集團及大騰化學同時大起8仙，分別報1令吉25仙、3令吉零6仙及1令吉46仙。

沙布拉浪峰揚0.5仙至92仙、必達起2仙至4令吉22仙、丹絨岸外（TGOFFS，7228）升3仙至1令吉67仙，惟貝利賽挫1仙至1令吉25仙。

SCOMI集團

墨西哥灣遭嚴重破壞，市場擔心SCOMI集團獲利受損無可厚非，然而基於美國市場僅佔集團業務的8%，任何破壞相信將是微小及短暫的。

相反的，德薩斯州港橋的業務開始營運，SCOMI集團更能夠在一切設施醞釀重建時得到好處。

科恩馬集團

科恩馬集團是油汽加工器材業的表表者；除手中的4億5000萬令吉合約外，該公司將競標25億令吉工程，展望值得期待。

大騰化學

原料起價雖導致大騰化學財測下調，惟在佳節時期需求擴張帶動下，預料石化產品價格將出現改善，為大騰化學股價增添上漲動力。

在佳節逼近、8月份盤存減少挹注石化產品價格回揚下，石化產品產商展望可望改觀。
星洲日報／財經‧2005/09/06

raulhong

低pe=5.71,eps=23.31,nta=1.8,很不错吧。
小玩，握有20lots，长期持有。

cg_ong

Titan 股价被低估了，因为油价的上涨，导致成本高，赚益减少。

近来油价的下调，它下个季度的业绩赢利将会增加。

短，中，长期投资皆可！

１。５０以下横摆适合进场。。。

yeow81

Titan's net profit up 142% to RM773m

Titan Chemicals Corp Bhd's net profit rose 142% to RM773.18 million for the year ended Dec 31, 2006 from RM319.4 million a year earlier, on improvement of naptha and polymer margins.

In addition, the excess of the group’s interest in the net fair value of acquired company Chemical Brothers Ltd was also recognised, raising after-tax profit by RM340.9 million, the company said on Feb 13.

Revenue for the year just ended was RM5.45 billion, up 21.11% from the RM4.5 billion achieved in 2005.

Titan noted that the rise in the average selling price and sales volume by 14% and 17% respectively had contributed to the growth in sales revenue, driven by continued strong market fundamentals.

For the fourth quarter ended Dec 31, 2006, Titan's net profit soared to RM241.12 million from RM12.01 million during the same period last year. Revenue was RM1.53 billion from RM1.15 billion.

Titan expects its performance for the first quarter of 2007 to be satisfactory with the demand for polymer products continuing to be strong and the margin for the business expected to remain stable.

Titan has recommended a final tax-exempt dividend of 4.5 sen per share for the year ended Dec 31, 2006.

kcthye

刚公布业绩，
EPS=44.19
NTA=1.87
Dividend=7.5sen(全年〕
以现在的股价PE＝3。5
等下加码。

caprikorn

原帖由 hc.goh 于 14-2-2007 12:05 PM 发表
刚公布业绩，
EPS=44.19
NTA=1.87
Dividend=7.5sen(全年〕
以现在的股价PE＝3。5

to kcthye:
How you find the eps= 44.19? can share ?? thanks..

klse 的网站有！！去company announcement 那里就找到了！

ricarda

现在PE４，适合进场吗？

好像有分析员不是很看好他。说PROFIT不能维持到２００８年。。

kcthye

原帖由 hc.goh 于 14-2-2007 12:05 PM 发表
刚公布业绩，
EPS=44.19
NTA=1.87
Dividend=7.5sen(全年〕
以现在的股价PE＝3。5

to kcthye:
How you find the eps= 44.19? can share ?? thanks..

5103    TITAN    TITAN CHEMICALS CORP. BHD

Quarterly rpt on consolidated results for the financial period ended 31/12/2006

Quarter: 4th Quarter Financial Year End: 31/12/2006 Report Status: Unaudited Submitted By: Muhammad Fauzi bin Abd. Ghani Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/12/2006 31/12/2005 31/12/2006 31/12/2005 RM '000 RM '000 RM '000 RM '000 1 Revenue 1,526,652 1,145,187 5,451,207 4,497,571 2 Profit/Loss Before Tax 226,344 19,756 823,643 447,215 3 Profit/Loss After Tax and Minority Interest 241,122 12,008 773,183 319,401 4 Net Profit/Loss For The Period 241,122 12,008 773,183 319,401 5 Basic Earnings/Loss Per Shares (sen) 13.78 0.77 44.19 20.58 6 Dividend Per Share (sen) 4.50 3.00 7.50 6.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Tangible Assets Per Share (RM) 1.8700 1.5600 Remarks: N/A

13/02/2007   05:12 PM