【专题讨论】Top Glove, Supermax与Kossan, 三国鼎立?

举债投资megan

research@kaf.com.my

只有这个

chengyk

"最重要的还是工人那里找"

这一点 Supermx 就有优势了，因为她已经扩展到越南了。。。现在的越南，有如80年
代的中国。。。"廉价，有朝气"。。。。

相比， Topglove 是选择了中国和泰国。。。

KOSSAN 我就不懂了，没研究这股!!!!

pya_ch

基于市场更加看好supermax给予topglov的威胁更大,
所以我就暂时偷个懒,
集中比较这两家公司就好,
这里的资料当然不够齐全,
但是已经是我手上拿得出来的数据了,
年份   营业额(000)       净利(000)        股东回酬率(%)
       topglov supermax topglov supermax topglov supermax
2001   138,862  17,217  14,680   4,222   16.11    6.31
2002   180,202  84,604  16,102   8,585   15.63   12.09
2003   265,089 141,162  23,349  17,380   19.11   15.56
2004   418,133 218,423  38,932  30,210   26.25   21.69
2005   641,827 284,688  53,447  36,273   27.61   17.74
2006   992,511 400,324  78,392  39,749   29.92   16.57
2007   619,652 245,041  50,476  28,323    9.64   10.49
*2007为半年业绩
虽然supermax的业绩成长惊人,
然而topglov也并没有松懈下来,
以roe而言,07年是暂时以supermax为更好,
过往则以topglov遥遥领先,
究竟谁才是真霸主,
也许要等多几年才能评断吧,
但是无可否认的是,
它们的努力,为我们这些小股东创造了投资致富的机会,
在这里仅献上我的由衷感谢,
是他们的努力不懈,
为在这只为自身利益着想的国家里,
给了我们希望,
原来愿意为股东创造财富的还是大有人在,
原来当马来西亚的其它民族以及大部分的华商,
将道义放两旁,利字摆中间的时候,
还是有少许人将中华五千年美好的品德传乘下来了,
独乐乐不如众乐乐,
所以当初klse.8k,os,harimau等众前辈才会不辞劳苦的分享,
将自己辛苦的研究以及功课公布,
希望能为大家提供一个学习的地方,
一个交流的地方,一个互相交换意见的地方,
所以请大家多提意见,少点人身攻击
(尤其之前投资于大马某家电讯公司的小股东,
当他们知道某些消息后,应该会跟我一样这么庆幸吧)

kinwing

pya_ch兄这句＇它们的努力,为我们这些小股东创造了投资致富的机会＇可讲到我的心坎里去了，我也十分感激Supermax, Topglove和其他华商公司愿意向小股东分享其公司的盈利，并不懈的继续为我们创造价值而促进公司股价的高升 。

infinity88

we are the second, so we work harder.
哈哈。

pya_ch

INDIVIDUAL PERIOD		CUMULATIVE PERIOD
CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
31/08/2007	31/08/2006	31/08/2007	31/08/2006
RM'000	RM'000	RM'000	RM'000
1		Revenue	307,727	307,587	1,228,942	992,611
2		Profit/(loss) before tax	30,410	22,906	117,801	91,773
3		Profit/(loss) for the period	25,932	19,121	102,034	79,061
4		Profit/(loss) attributable to ordinary equity holders of the parent	26,829	18,794	102,944	78,392
5		Basic earnings/(loss) per share (sen)	8.63	7.14	35.55	29.70
6		Proposed/Declared dividend per share (sen)	5.22	4.83	9.22	8.33
7		NTA			2.121	1.055

[ 本帖最后由 pya_ch 于 19-10-2007 07:58 PM 编辑 ]

pya_ch

年份   营业额(000)       净利(000)        股东回酬率(%)
       topglov supermax topglov supermax topglov supermax
2001   138,862  17,217  14,680   4,222   16.11    6.31
2002   180,202  84,604  16,102   8,585   15.63   12.09
2003   265,089 141,162  23,349  17,380   19.11   15.56
2004   418,133 218,423  38,932  30,210   26.25   21.69
2005   641,827 284,688  53,447  36,273   27.61   17.74
2006   992,511 400,324  78,392  39,749   29.92   16.57
2007 1,228,942 245,041 102,944  28,323   16.76   10.49
07年业绩顶级为全年,
supermax为半年

loong81

Type        :        Announcement
Subject        :        Top Glove Corporation Bhd ("the Company" or "Top Glove")
- Proposed Renewal of Authority for the Purchase by Top Glove of Its Own Ordinary Shares
- Proposed Amendments to the Articles of Association of Top Glove

请问这段话代表。。。。。。

khliew7

Name        :        Atlantis Investment Management Ltd
Address        :        4th Floor, 30-34 Moorgate, London, EC2R 6DN
NRIC/Passport No/Company No.        :        2957432
Nationality/Country of incorporation        :        UK
Descriptions(Class & nominal value)        :        Ordinary Shares of RM0.50 each
Name & address of registered holder               
Atlantis Investment Mgt

Details of changes

                       
Type of transaction        Date of change       
No of securities
       
Price Transacted (RM)
Acquired        18/07/2007        
500,000
       
Acquired        23/08/2007        
65,000
       
Acquired        24/08/2007        
76,700
       
Acquired        27/08/2007        
72,500
       
Acquired        28/08/2007        
147,900
       
Acquired        29/08/2007        
137,900
       
Acquired        30/08/2007        
320,000
       
Acquired        03/09/2007        
100,000
       
Acquired        04/09/2007        
282,000
       
Acquired        05/09/2007       
100,000
       
Acquired        06/09/2007       
198,000
       
               
       
Circumstances by reason of which change has occurred        :        Acquisition of Shares
Nature of interest        :        Direct
Direct (units)        :       
Direct (%)        :       
Indirect/deemed interest (units)        :       
Indirect/deemed interest (%)        :       
Total no of securities after change        :        15,002,000
               
Date of notice        :        07/09/2007
               
Remarks

Atlantis Investment Management Ltd 不断地买进supermx。

纳财

各有千秋！！！
论资本，首选TOPGLOVE （世上最大的手套公司）
次选 Kossan (有发展潜能)
排名落后大市 Supermax （管理不够以上两家）

Blog

19-10-2007: Top Glove FY07 net profit up 31% to RM103m
By Gan Yen Kuan
Email us your feedback at fd@bizedge.com

KUALA LUMPUR: Top Glove Corporation Bhd posted a strong net profit of RM102.94 million for the financial year ended Aug 31, 2007 (FY07), up 31% from RM78.39 million in FY06, in line with higher sales and improved margin.

The company has proposed a final dividend of six sen per share, consisting of three sen tax-exempt and three sen less tax.

In an announcement to Bursa Malaysia on Oct 19, Top Glove said its FY07 revenue rose 24% to RM1.23 billion from RM992.61 million a year ago, while earnings per share was 35.55 sen.

“The significant achievement in higher sales and profit is in line with the group’s continuous expansion in production capacity, better quality control, improvement in its cost efficiency and marketing strategy,” Top Glove chairman Tan Sri Lim Wee-Chai said in a separate statement.

Lim said its net margin had also improved to 8.3% from 8% despite the appreciation of the ringgit, baht and renminbi against the US dollar by about 5%.

Geographically, the company’s operations in Malaysia and Thailand posted operating profits of RM129.79 million and RM6.63 million, respectively. However, its operations in China incurred an operating loss of RM9.87 million.

For the fourth quarter, its net profit surged 43% to RM26.83 million from RM18.79 million a year ago, while revenue rose marginally to RM307.73 million from RM307.59 million.

On FY08’s outlook, Lim said the company was confident of achieving better results with the commitment of the management team, continuous improvement in the quality of its glove, and the increase in production capacity and efficiency.

loong81

Type        :        Announcement
Subject        :        TOP GLOVE CORPORATION BERHAD (“TOP GLOVE” OR THE “COMPANY”)
Proposed establishment of a new employees’ share option scheme (“ESOS”) for eligible employees and Directors of Top Glove and its subsidiaries (“Proposed New ESOS”)

顶级手套其实是在宣布什么？
都怪自己英文没有毕业。。。。

Blog

18-10-2007: Top Glove’s lower earnings targets stay
by Gan Yen Kuan
Email us your feedback at fd@bizedge.com

KLANG: Top Glove Corporation Bhd does not foresee an imminent upward revision of its earnings targets for financial years 2007 to 2009 although it expects its Chinese subsidiaries to return to the black by March 2008.

The world’s largest glove maker lowered its FY07-FY09 earnings forecasts last month by between 8% and 14%, following the losses incurred at its subsidiaries in China and the effects of foreign exchange exposure.

Its chairman Tan Sri Lim Wee-Chai (pic) said any upward revision to its earnings targets would hinge on the market condition and global supply and demand trend. Top Glove controls 23% of the world’s glove market.

“We have to judge the market condition. We cannot tell you exactly when we will revise the (earnings) targets upward,” he told The Edge Financial Daily in an interview here recently.

However, Lim said the company expected its two Chinese subsidiaries to return to the black by next year, as the slowdown in China was “temporary”, and that it would further improve the production processes there.

“According to our experience, for the past 10 years, the PVC glove market (in China) showed there will be a cycle every two years.

“We expect a better result (at the Chinese subsidiaries) probably by March 2008. We think there will be turnaround,” he said.

Top Glove initially targeted a net profit of RM110 million for the financial year ended Aug 31, 2007 (FY07), and RM145 million and RM180 million for FY08 and FY09, respectively.

Last month, it lowered these targets to RM101 million, RM125 million and RM155 million from FY07 to FY09, respectively, as a result of the unexpected losses incurred at its factories in Jiangsu province, China.

Lim said losses from its Chinese subsidiaries, mainly due to increasing raw materials costs, could amount to some RM9 million in FY07, versus profits of RM9.38 million in FY06 and RM7.79 million in FY05.

It has one factory each in Zhangjiagang and Xinghua. The Xinghua factory began operations only in July this year. Its Chinese factories export all their production mainly to the United States, Europe and the Middle East.

The slowdown in China had also prompted Top Glove to scale back its expansion plan there. It initially planned to install an additional 40 production lines in the Xinghua factory, but subsequently cut it to only eight lines.

Lim said the company had grown into such a size that a consistent 40% annual growth in net profit would be “quite impossible.” Top Glove posted a compounded annual growth rate of 30% to 40% in its net profit for the past 10 years.

“We cannot forever grow non-stop. We target 25% growth for the next three years. Even with that (targeted FY07 net profit of) RM101 million, there will still be a good growth of about 29%, compared with previous year,” he said.

The company’s fourth quarter results are slated to be announced tomorrow.

Analysts and investors were generally surprised by Top Glove’s move to lower its earnings targets, Lim said, which had led to the lacklustre performance of its share price recently.

He said the downside in its share price currently was also due to the sharp increase last year, and allegations of patent infringements by US-based rival Tillotson Corp in July.

“It appreciated so much last year, so it is quite natural that they have technical adjustment now,” he said.

For the past three months, the share price of Top Glove has depreciated by some 20%. The stock fell 15 sen to RM6.35 yesterday, with 425,900 shares done.

The company has been actively buying back its shares since Sept 21. Between Sept 21 and Oct 16, it has bought back a total of 1.25 million shares for RM7.96 million, or an average of RM6.35 per share.

“When the price reaches (a) certain level, then we may have to stop (buying back shares). Market sentiment is very important. We have to see the market sentiment,” Lim said.

On its plan to acquire rubber plantations, Lim said it was still waiting for a better proposal that could enable it to enter the business with lower costs.

“This is a long-term investment. We already have more than 10 proposals, but so far the proposals are not up to our expectation. We are still looking at better land (in Malaysia or Indonesia) at a lower cost,” he said.

He added that it had no mergers and acquisitions plan in the medium term, as it wanted to focus on organic growth, as well as turning around the newly acquired subsidiary Medi-Flex Ltd.

--- end ---

Blog

中國子公司虧損　頂級手套財測下調-19th Oct 2007

※報導 : 李斯美
（吉隆坡18日訊）頂級手套（TOPGLOV，7113，主板工業股）即將于本周五公佈全年業績，由于中國子公司面對虧損，分析員下調其盈利預測。


據頂級手套透露，儘管其中國子公司在明年3月有望轉虧為盈，但該公司並未因此上調07至09財政年盈利目標。

由于中國子公司因原料成本上揚而蒙受虧損，及受到外匯轉換虧損，該公司上月將07至09財政年盈利預測調降，降幅介于8至14%。

該公司在上個月分別將07至09年的淨利預測，降低至1億100萬令吉、1億2500萬令吉及1億5500萬令吉。

頂級手套執行主席丹斯里林偉才指出，任何向上調整將依據整個市場情況，及全球供應與需求的趨勢。

他補充，在中國業務的緩慢成長只是暫時，該兩間中國子公司會在明年轉虧為盈。

中國子公司面臨的虧損，也使頂級手套重新考量其接下來兩年在中國的擴展計劃，該公司已將40條生產線減少至8條，主要因素是乙烯基手套的過度供應，及大馬地區營運的產能擴張趨緩。

乙烯基手套在中國的每1000個手套的平均銷售價（ASP）下滑20%，原產品成本提升及出口稅打折，促使幅度縮減。

益資利艾文紐投行分析員認為，由于中國手套供應過剩和大馬產能擴張放緩，該公司放慢擴張步伐。本地擴展計劃放緩，是為了避免可能出現的生產線使用率不足的問題。他說，「中國業務在短期內不太可能重振雄風。」

因此，該分析員已將頂級手套07及08財政年的每股盈利預測，分別降低6 %及19%，至36.1仙及41.9仙，並維持「守住」該股的建議，目標價格為6.75令吉。

财散人聚

原帖由 loong81 于 19-10-2007 09:01 PM 发表
Type        :        Announcement
Subject        :        TOP GLOVE CORPORATION BERHAD (“TOP GLOVE” OR THE “COMPANY”)
Proposed establishment of a new employees’ share option scheme (“ESOS”) for eligible employees and Directors of Top Glove and its subsidiaries (“Proposed New ESOS”)

顶级手套其实是在宣布什么？
都怪自己英文没有毕业。。。。

阿龙八一。。。顶级手套公司发配一些股份给执行总裁和员工们认购。。。。所发行的股票是比市价低的哦。。。。此举可以让员工们多一些福利。。。。给老板收更多的股份。。。。不过，公司盈利将会因多出来的股份而被分薄。。。。

loong81

谢谢回复

原来不是什么好东西！:@ :@ :@

财散人聚

原帖由 loong81 于 19-10-2007 09:52 PM 发表
谢谢回复

原来不是什么好东西！:@ :@ :@

哈哈哈哈。。。。。。刚开始的时候，我也是和你一样，有着同样的想法。。。。
不过，好员工是可以赐予一些奖赏的。。。不然，他们就只用70%功力帮公司赚钱。。。。那时候赚利少了，大家什么都没有。。。。一拍两散。。。。什么渣都没得分的话，你就欲哭无泪咯。。。

loong81

好像要符合某些条件的员工方能得到这些“空头”对吗？
刚才翻字典翻到流大汗啊。。。。
执行总裁是不是指ceo?
如果是，那不是林老板自己本身吗？

财散人聚

原帖由 loong81 于 19-10-2007 10:08 PM 发表
好像要符合某些条件的员工方能得到这些“空头”对吗？
刚才翻字典翻到流大汗啊。。。。
执行总裁是不是指ceo?
如果是，那不是林老板自己本身吗？

哈哈哈。。。。。我的英语也是不pass的。。。。。director是主任来的。。。。哈哈
林老板是chief director。。。。嘿嘿。。。。他也有份哦。。。

[ 本帖最后由 财散人聚 于 19-10-2007 10:20 PM 编辑 ]

Mr.Business

Top Glove的新闻。

Top Glove 4Q Net Increases 43 Percent After Factory Expansions

Updated : 19-10-2007
Media : Bloomberg
Story By : Chan Tien Hin

Oct. 19 (Bloomberg) -- Top Glove Corp., the world's biggest rubber-glove maker, said fiscal fourth-quarter profit rose 43 percent as the company added production lines to factories in Asia.

Net income increased to 26.8 million ringgit ($7.9 million), or 8.6 sen a share, in the three months ended Aug. 31 from 18.8 million ringgit, or 7.1 sen, a year earlier, Top Glove said in a statement today.

``Continuous expansion and improvement by all the departments'' helped boost profit, the company statement said.

Top Glove is adding manufacturing plants to more than double annual production capacity to 60 billion gloves by 2010, or 35 percent of the global market. A second factory in China started in May and a Thai facility came on line in June, part of a plan to add two sites a year until the end of the decade.

The company currently has 18 factories and has installed 322 production lines with a capacity of 28 billion pieces a year, it said today.

``There are some concerns they are expanding too much,'' Pearl Wong, an analyst at Affin Securities Sdn. in Kuala Lumpur with a ``reduce'' rating on the stock, said before the earnings announcement. ``They should be running at a higher utilization'' rate before adding more production capacity, she said.

Revenue was little changed at 307.7 million ringgit in the latest quarter, the company said. Other operating income and lower expenses helped boost profit.

For the fiscal full year, net income rose 31 percent to 102.9 million ringgit, or 35.6 sen a share, from 78.4 million ringgit, or 29.7 sen, a year earlier, it said. Sales climbed 24 percent to 1.23 billion ringgit.

The announcement was made after the market close. Shares of Top Glove climbed 10 sen, or 1.6 percent, to 6.50 ringgit.

http://www.biznewsdb.com/english ... ulan=10&kw=wwqq