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BOILERM (0168) : BOILERMECH HOLDINGS BERHAD

okass87


Looking forward three things for next year:

1) Convert to Main Market
2) Bonus Issue
3) Involve/expanding in others business (not only boiler for the moment)

smile
19 Dec 2012, 08:29 PM
bondtiang
oh ya.. good point, convert to main market. how to get into main market? must be market share certain amount.. anyone to share herE?
21 Dec 2012, 10:44 AM
okass87

Forum | MalaysiaStock.Biz

26 Dec 2012, 09:37 PM
okass87
HwangDBS Research Highlights - 29 Jan 2013

Strong earnings prospects

Doubling capacity by April 2013; forecast 61% earnings growth in FY14. QL Resources raised stake to 38% from 35%. Stock could re-rate if transferred to Main Market. Attractive valuation: 8x CY13 EPS with 3-year EPS CAGR of 37% and 32% ROE.

29 Jan 2013, 10:01 PM
okass87

Boilermech on strong growth path in palm oil industry

Read more: http://www.theborneopost.com/2013/01/30/boilermech-on-strong-growth-path-in-palm-oil-industry/#ixzz2NR0S7rVd


KUCHING: Boilermech Holdings Bhd (Boilermech) is on a robust growth path as it seeks to double its boiler-making capacity to keep up with burgeoning palm oil output from the world’s top two palm oil producing countries.
Boilermech, with a market capitalisation of RM248 million, is primarily involved in the design, manufacture and commission of biomass boilers especially for the palm oil milling industry and the repair, refurbishment and provision of engineering solutions and services for biomass boilers.
HwangDBS Vickers Research Sdn Bhd (HwangDBS Research) analyst Kevin Wong noted yesterday that about 90 per cent of Boilermech’s topline was generated from the Malaysian and Indonesian markets, offering strong growth opportunities for the company.
“In 2012, the company acquired an adjacent manufacturing facility in Taman Perindustrian Subang which doubled its production floor space to 140,000 square feet (sq ft) from 60,000 sq ft.
“Prior to that, limited floor space had caused a production bottleneck. Its manufacturing capacity can now be ramped up to eight to 10 boilers per month (from five).
“The facility is expected to be fully operational by April. On this note, we forecast FY14 (financial year 2014 ending April) revenue and pretax profit growth of 49 per cent and 61 per cent year-on-year, respectively,” Wong revealed, adding that Boilermech’s order book stood at RM276 million as at August 2012.
The company’s growth would be supported by robust palm oil industries in Malaysia and Indonesia, strong demand for boilers with domestic demand estimated at over 150 steam boilers per year, cost-saving from utilising renewable energy and a relatively strong entry barrier as the business required technical know-how.
“Supported by the strong palm oil industry, Boilermech had consistently achieved stable earnings with improving margins.
It recorded 58 per cent growth in pretax profit with a three-year compounded annual growth rate (CAGR) from FY10 to FY12 while pretax margin had improved from nine per cent in FY08 to 15 per cent in FY12.
“As a result, return-on-investment (ROE) has been firm at about 32 per cent the last two financial years,” he said, noting that ROE for FY11 and FY12 were 32.1 per cent and 32.3 per cent) respectively.
The analyst had also reckoned that Boilermech, which listed on the Bursa Malaysia ACE Market in May 2011, would be eligible to transfer to the Main Market given its consistent earnings track record.
As stipulated in the Securities Commission’s listing regulations on a Main Market listing, one of the requirements is uninterrupted profits for three to five financial years with aggregate net income of at least RM20 million, and at least RM6 million in the most recent financial year.
“We estimate Boilermech can achieve FY13 net income of RM22.4 million and three-year aggregate net income of RM55.5 million (FY11 to FY13). A transfer to the Main Market will be a significant catalyst for Boilermech as it could increase investors’ confidence and improve brand recognition,” Wong opined. He pointed out that assuming 10 times estimated 2013 earnings per share (EPS) of 12.2 sen would imply indicative fair value of RM1.22 per share for the stock.
He noted that the stock’s valuation is attractive currently at eight times 2013 EPS with three-year EPS CAGR of 37 per cent. Given its robust growth prospects, he expected ROE to remain strong at 32 per cent for FY13.


Read more: http://www.theborneopost.com/2013/01/30/boilermech-on-strong-growth-path-in-palm-oil-industry/#ixzz2NR0ob3LN

13 Mar 2013, 11:45 PM
okass87

Boilermech's 9MFY13 results were within our forecasts, with its net profit of RM17.0m accounting for about 76.9% of our full-year estimates. Its 9MFY13 net profit had surged by 51.6% on the back of a 23.2% jump in revenue to RM131.3m. The better performance is attributed to higher manufacturing activities, deliveries and installation of boilers. 3QFY13 earnings were higher y-o-y on improved margins. We like Boilermech for its potential growth from its upcoming expansion and strong balance sheet. Despite softer CPO prices, it was still able to replenish its orderbook to over RM270m. We are rolling over our valuation to FY14 forecasts, with our FV at RM1.17, pegged to a 2-year average PE of 11.5x on its projected FY14 earnings. Upgrade to Buy.

In line.Boilermech's 9MFY13 results were largely in-line with our estimations. Its net profit of RM17.0m accounted for about 76.9% of our fullyear target. Annualised revenue clocked in at 97.9% of our full-year target of RM179.0m. 9MFY13 net profit had surged by 51.6% on the back of a 23.2% jump in revenue to RM131.3m. The better performance was due to higher manufacturing activities, deliveries and installation of boilers. We saw a 25.2% y-o-y increase in contribution from its manufacturing segment to RM126.7m while its PBT contribution took a 51.0% leap to RM20.8m. 9MFY13 EBIT margin improved from 14.1% last year to 17.2%, mainly due to contribution from higher-margin projects as increasing more customers order higher specifications boilers.

Earnings improve on higher margin projects. 3QFY13 net profit of RM6.3m was 20.3% higher q-o-q despite a relatively flat revenue of RM44.0m. The lower top-line was due to higher activity levels in 2QFY13 and the improvement in bottom-line was due to higher profit margin from some projects during the quarter under review as well as the impact from foreign exchange gain.

Cash rich. The company is still in net cash position after the completion of its plant purchase in November 2012. It has a total net cash of RM23.0m (net cash per share of 8.9 sen) as at end-January 2013. To recap, Boilermech bought a piece of 1.45-acre land near its Subang Jaya premises. The company does not have a fixed dividend policy. However, we are forecasting a dividend payout of 40%, which translates into 3.4% and 4.0% yield respectively for FY13f and FY14f.

Upgraded to Buy, RM1.17 FV. The company's fundamentals remain intact, backed by a solid balance sheet. Its production capacity is set to double in the next six months as it kicks off its plant expansion plan. Despite softer CPO prices, Boilermech's orderbooks were not affected. The company was able to replenish its orderbooks to over RM270m, equivalent to 1.8x its FY12 sales. It has obtained its board's approval for change its financial year end (FYE) from 30 April to 31 March. This means that FY13 results will only reflect 11 months of operations. We have fine-tuned our FY13 projections and now introduce our FY14 forecasts as well as roll over our valuation, deriving a FV of RM1.17, pegged to an average PE of 11.5x on its projected FY14 earnings. Upgrade to Buy.

http://klse.i3investor.com/servlets/ptres/14635.jsp


20 Mar 2013, 10:20 PM
okass87

Boilermech ready to swim with big fish. rolleyes

Forum | MalaysiaStock.Biz

07 May 2013, 10:44 PM
okass87

Boilermech Holdings Bhd - Ended On a Strong Note

Boilermech’s FY13 results were within our forecasts, with top-line of MYR165.8m accounting for about 101.4% of our full-year estimate. Its net profit of MYR23.7m was slightly above expectations on improved margin. Due to a change of FYE from April to March, FY13 only comprised 11 months’ contribution. Hence, the group’s annualised net profit of MYR25.9m represents a 34.3% y-o-y jump compared with FY12 full-year net profit of MYR19.3m, on the back of a 20.9% jump in annualised revenue. On a quarterly basis, annualised net profit surged 25.4% to MYR10, vs 3QFY13’s MYR8.1m. The better performance was largely attributed to increased manufacturing activities, deliveries and installation of boilers. Factoring in a higher margin assumption, we upgrade our FV to MYR1.70, pegged to an unchanged P/E of 14x and a PEG of 0.4x. Maintain BUY.

Within expectations. Boilermech’s FY13 results were largely in line with our estimates, with its top-line of MYR165.8m accounting for about 101.4% of our full-year estimate. Its net profit of MYR23.7m was slightly above expectations on improved margin. Due to a change of FYE from April to March, FY13 only comprised 11 months’ contribution. Hence, the group’s annualised net profit of MYR25.9m represents a 34.3% y-o-y jump compared with FY12 full-year net profit of MYR19.3m, on the back of a 20.9% jump in FY13 annualised revenue. Overall, margins improved due to higher-margin projects in FY13. EBIT margin rose from 15.0% in FY12 to 18.2% in FY13. Although 4QFY13 results only consisted of 2-month contribution, the overall results were still higher y-o-y. 4QFY13 PBT of MYR7.6m was a tad higher than 4QFY12’s MYR7.4m. On a quarterly basis, annualised net profit surged 25.4% to MYR10.1m, compared with MYR8.1m in 3QFY13. The better performance was large attributed to increased manufacturing activities, deliveries and installation of boilers.

Final single tier dividend of 2 sen. The company proposed a final single tier dividend of 2 sen, up from 1.5sen in FY12. Boilermech remains in a net cash position despite completing a land purchase in last year. It has total cash and liquid investments of MYR40.1m, with net cash per share of 15.1sen as at end-March 2013.

Maintained BUY, FV revised to MYR1.70. Going forward, Boilermech sees no changes in its business model and direction, as it will continue to focus on its forte in biomass boiler manufacturing while seeking opportunities to expand horizontally into other regions, as well as vertically by offering other renewable energy solutions. We expect an expansion in production capacity by 2H this year. Factoring in a higher margin on its FY14F, we tweak our FV higher MYR1.70, pegged to an unchanged P/E of 14x, which we deem reasonable with its price earnings-to-growth ratio (PEG) of 0.4x.

http://klse.i3investor.com/blogs/rhb/30733.jsp

30 May 2013, 01:42 PM
okass87

Boilermech steams ahead with strong business model

KUCHING: Boilermech Holdings Bhd (Boilermech), a biomass boiler solutions group, is staying on track with its tried and tested business model and strategy which has been proven in view of stellar results seen for its financial year 2013 (FY13).

The group’s FY13 results saw a top-line of RM165.8 million while the net profit of RM23.7 million was “slightly above expectations” on improved margin, said RHB Research Institute Sdn Bhd’s (RHB Research) analyst Chaw Sook Ting.

“Due to a change of FY end from April to March, FY13 only comprised 11 months’ contribution,” said the research analyst in a stock update yesterday.

“Hence, the group’s annualized net profit of RM25.9 million represents a 34.3 per cent year on year (y-o-y) jump compared with FY12 full-year net profi t of RM19.3 million, on the back of a 20.9 per cent jump in annualised revenue.

She pointed out that the better performance was largely attributed to increased manufacturing activities, deliveries and installation of boilers.

Overall, margins improved due to higher-margin projects in the year; earnings before interest and tax (EBIT) margin rose from 15 per cent in FY12 to 18.2 per cent in FY13, she noted while adding that the company proposed a final single tier dividend of two sen.

“Boilermech remains in a net cash position despite completing a land purchase in last year. It has total cash and liquid investments of RM40.1 million, with net cash per share of 15.1 sen as at end- March 2013.

“Going forward, Boilermech sees no changes in its business model and direction, as it will continue to focus on its forte in biomass boiler manufacturing while seeking opportunities to expand horizontally into other regions, as well as vertically by offering other renewable energy solutions.

“We expect an expansion in production capacity by the second half of this year,” Chaw stated as she revised the stock’s fair value to RM1.70 per share, pegged to an unchanged price to earnings ratio of 14 times.

http://www.theborneopost.com/2013/05/31/boilermech-steams-ahead-with-strong-business-model/

03 Jun 2013, 10:53 AM
okass87

Boilermech Holdings - 1QFY14 Misses Target On Higher Expenses

Boilermech’s 1QFY14 results fell slightly below our forecasts, with its MYR6.3m earnings accounting for about 21% of our full-year estimate while its topline of MYR51.5m clocked in at 24% of our full-year target. The lower bottomline was due to higher operating expenses in 1QFY14. On a quarterly basis, 1QFY14’s PBT of MYR8.5m was 25% lower compared to its normalised 4QFY13 results. Boilermech is still in a net cash position, with net cash per share of 25.6 sen as at end-June. As the stock has appreciated by 73% since our upgrade in March, we are downgrading its rating from Buy to NEUTRAL, with an unchanged FV of MYR1.70, premised on a 14x P/E.

Bottomline misses target. Boilermech’s 1QFY14 results slightly missed our forecast, with its bottomline of MYR6.3m accounting for about 21% of our full-year estimate while its revenue of MYR51.5m made up 24% of our full-year target. The lower bottomline was due to higher operating expenses in 1QFY14.

Weaker q-o-q. Due to the change of financial year end (FYE) from April to March, Boilermech’s 4QFY13 results only consisted of two months’ contribution. On a normalised basis, 1QFY14’s PBT of MYR8.5m was 25% lower q-o-q compared to the preceding quarter despite its flat revenue growth, mainly due to the incidence of higher profit margins from some projects in 4QFY13. On an annual basis, we compared its 1QFY14 (March-June 2013) to 1QFY13 (April-July 2012), due to a change in the company’s FYE. Its 1QFY14 net profit of MYR6.3m was 17% higher y-o-y on the back of 23% increase y-o-y in revenue, primarily due to an increase in orders for its boilers.

Flush with cash. The company has a strong balance sheet, with a total net cash and cash equivalent of RM66m or net cash per share of 25.6 sen as at end-June 2013, compared to net cash per share of 14.4 sen as at end-April 2012. Note that Boilermech does not have a fixed dividend policy. Given its cash-rich position, we do not discount the possibility of a higher dividend payout policy in the future. Nevertheless, we are maintaining our dividend forecast of 2.5 sen for now, which translates to a dividend yield of 1.4% for FY14F.

NEUTRAL, FV maintained at MYR1.70. Going forward, we see no changes in its business model and direction, as the company will continue to focus on its forte in biomass boiler manufacturing. It is in the midst of doubling its production capacity from about five boilers per month to 8-10 boilers upon the completion of its expansion plan. The stock has appreciated by 73% since our upgrade in March. While we still like Boilermech for its solid balance sheet and positive future prospects, we are downgrading the stock from Buy to NEUTRAL. We are leaving our forecasts unchanged with a FV of MYR1.70, pegged to an unchanged P/E of 14x which implies a price earnings-to-growth ratio (PEG) of 0.6x.

21 Aug 2013, 10:02 PM
okass87

(吉隆坡23日訊)馬幣走貶,全利資源(QL,7084,主板消費品組)預期旗下業務將面對衝擊,惟飼料價格回跌加上雞蛋售價轉佳,今年禽畜業務賺幅有望回歸正常水平。
該公司董事經理謝松坤在股東大會後向記者表示,若馬幣兌美元在年底貶值至3.3令吉,即全年貶值達10%,旗下業務勢必受到影響,惟所幸的是,目前雞蛋售價改善,該可抵銷其衝擊。
他指出,相較去年的表現,今年旗下業務的賺幅趨於“正常化”,並期望該情況能持續至整個2014財政年。
“去年美國所生產的大豆與玉米等飼料供應大跌,使該類商品價格大漲,進而增加畜農成本並拉低賺幅;而現在因價格高吸引市場其他供應商增加產量,價格最終回跌。”
他表示,儘管全球經濟充滿挑戰,但雞蛋需求仍穩,特別是經濟強穩的印尼,估計每人每年消費可從70粒增至80粒。
“同時,越南市場也因城市化之後,飲食習慣產生變化,對雞蛋的需求走高。”
該公司在數月前以1千萬令吉收購中國中山真味食品工業公司,他表示,中山公司的盈利不多,卻是大規模進軍中國市場的試腳石。
“若要續成為區域主要業者,中國這龐大的消費市場不可忽略,惟中國的經商環境具挑戰性,因此我們計劃透過較低收購成本的中山公司作為基石,以期未來可在中國擴充魚糜食品市場。”
他稱,鑑於氣候關係,火鍋魚糜食品在中國非常暢銷,而在大馬也逐漸受非華裔歡迎。
“首季業績顯示,海產製造的營業額貢獻首次超越農業貢獻,但由於農業業務賺幅轉佳,未來兩者貢獻將平分秋色。”
棕油業務方面,他表示看淡領域前景,料表現不會有所突破,惟對該公司影響不大。
他表示,預料40%子公司保綠美(BOILERM,0168,創業板工業產品組)今年表現走強,相信有助提振棕油業務表現。(星洲日報/財經)

24 Aug 2013, 10:54 PM
okass87
(吉隆坡8日訊)保綠美(BOILERM,0168,創業板工業產品組)建議轉至大馬交易所主板上市,同時建議以1送1比例派發紅股,帶動股價一度飆漲44仙或21.15%,持續改寫歷史新高。
保綠美今早發文告宣佈,公司建議把所有股本,從創業板轉至主板,之後再以1送1比例派發2億5千800萬股紅股。
配合公佈企業消息,保綠美股票在今早9時零2分宣佈暫停交易1小時,10時零2分復牌。
受消息帶動,保綠美股價在復牌後迅速發飆,很快漲至2令吉52仙全天最高,惟午盤股價出現套利,漲幅有所收窄,截至閉市該股掛2令吉39仙,漲31仙或14.9%,成交量124萬7千股。
完成上述兩項企業活動後,保綠美將擴大至5億1千600萬股10仙面值股票。保綠美將以股票溢價戶頭和保留盈利,融資上述紅股計劃。
“轉主板將提昇公司信譽和地位,甚至吸引投資者目光,這項建議也將強化客戶、供應商和雇員信心,因成功轉板意味公司業務規模持續壯大。”
紅股計劃用意則在於回饋股東,同時促進股票流通量。這項建議還必須取得證監會、大馬股票交易所和股東同意才能落實。(星洲日報/財經)
09 Nov 2013, 01:05 PM
okass87

转板1送1红股 保绿美股大涨

(吉隆坡8日讯)建议转板上市与派送红股的保绿美(BOILERM,0168,创业股),在投资者追捧下大热走高,全天上涨31仙或14.9%,至2.39令吉,是全场第3大上升股。

保绿美的股票在今早9时02分暂停交易一个小时,並做出企业宣布,即该公司建议从目前的创业板转移至主板掛牌上市。

保绿美在文告中指出,转板上市可以提升公司的信誉、地位和號召力,特別是可以吸引机构投资者的购兴。

此外,该公司预料转板上市提高客户、供应商与雇员对保绿美的信心,同时也能加强金融机构对该公也象徵保绿美的经营规模以及营业额与赚钱能力將持续增长。

除了建议转板,保绿美也建议以1送1比例,派送2亿5800万股红股。

保绿美在文告中表示,经过深思熟虑后,该公司董事局认为派送红股是公司目前能够回馈股东的最佳方式。文告说,派送红股不但能回馈股东一直以来的支持,同时也能扩大公司的股本,以反映公司目前的经营规模和资產。

与此同时,保绿美也建议將公司的註册股本从目前的5000万令吉(由5亿股组成),提高至1亿令吉(由10亿股组成)。

隨著公布以上企业消息,保绿美获得投资者青睞而大热走高,该股以全天最低价位2.20令吉开市,这比昨日闭市价2.08令吉,涨12仙或5.77%。

盘中交易,该股触及2.52令吉全天最高价位,並在早盘以2.48令吉休市,起40仙或19.23%。然而,午盘交易,保绿美稍微收窄涨幅,最后以2.39令吉掛收,全天起31仙或14.9%,是全场第3大上升股。

保绿美在今日的交投明显比往日炽热,全天共有124万7400股易手,高于昨日的70万1600股。

其实,保绿美在过去三个交易日已经呈涨,该股在周二以1.84令吉平盘收市,並在周三以上涨6仙,至1.90令吉掛收。该股在昨日衝破2令吉关口,上涨18仙,以2.08令吉掛收。本周以来,保绿美的股价一共涨了55仙或29.89%。
09 Nov 2013, 01:07 PM
okass87

1配1送紅股.轉至主要板 保綠美衝破52週新高

(吉隆坡8日訊)保綠美(BOILERM,0168,創業板工業股)建議轉至主要板交易,並宣佈每股送1紅股,激勵股價一度勁漲44仙至2.52令吉,寫下52週新高,高居十大上升股榜。

 配合這項企業計劃的宣佈,保綠美早盤停牌1小時,復牌后股價表現神勇,漲12仙以2.20令吉迎市。

 在紅股利好加持下,股價獲購興支撐節節走高,最高飆升44仙至2.52令吉,改寫52週新高紀錄,穩居十大上升股榜。

 休市時,該股掛2.48令吉,上漲40仙,成交量85萬1100股;閉市時,保綠美報2.39令吉,漲31仙,成交量124萬7400股。

 保綠美今早向馬證交所報備,計劃從創業板轉至主要板,同時建議以1配1方式,派送2億5800萬股給合格股東,過戶日待定。

擴大獲准股本

 該公司目前的發行與繳足股本為2580萬令吉,共有2億5800萬股,一旦完成紅股計劃,股本將倍增擴至5160萬令吉,合計有5億1600萬股。

 屆時,該公司所有股本將從創業板轉至主要板。

 保綠美指出,公司與子公司已符合盈利紀錄和其他轉板相關要求。

 配合紅股計劃,該公司也建議把獲批的股本規模,從目前5000萬令吉共5億股,擴至1億令吉共10億股。

 該公司指出,轉至主要板交易將提升公司在投資者尤其機構投資者心目中的信譽、地位與號召力,同時料將改善股票流通。

 此外,轉板將提升客戶、供應商和員工的信心,並可望加強公司的信用狀況。

http://www.chinapress.com.my/node/473290
09 Nov 2013, 01:08 PM
okass87

Research from RHB

Results Within Expectation

Boilermech’s 1HFY14 results were within our forecasts, with its revenue of MYR106.8m accounting for about 50% of our full-year estimate while its PBT of MYR18.2m clocked in at 46% of our full-year target. 1HFY14 net profit was up 26% y-o-y to MYR13.5m on the back of 22% yo-y increase in revenue. Boilermech proposed a few corporate exercises including (i) transfer listing to Main Market, (ii) 1-for-1 bonus issue,and (iii) to double its share capital to MYR100m. We are introducing our FY15 forecasts and maintaining our Neutral stance on Boilermech with a higher FV of MYR2.27, by pegging 16x FY15 P/E. We deem the 16x P/E fair as it implies a 3-year average price earnings-to-growth ratio (PEG) of 0.75x. Boilermech had MYR66 net cash as at end-Sept.

Within expectation. Boilermech’s 1HFY14 results were within our forecast, with its revenue of MYR106.8m accounting for about 50% of our full-year estimate while its PBT of MYR18.2m clocked in at 46% of our full-year target. Due to the change of financial year end (FYE) from April to March, Boilermech’s 1HFY13 results represent six months’ contribution for May – Oct 2012 periods whilst 1HFY14 results consist of 6-month contribution for Apr – Sep 2013 periods. 1HFY14 net profit was up 26% y-o-y to MYR13.5m on the back of 22% y-o-y increase in revenue. The better results were mainly due to higher activity levels in its manufacturing, deliveries and installation of boilers. 2QFY14 revenue increased 7% q-o-q to MYR55.3m from MYR51.5m in 1Q14 and PBT was up 13% q-o-q to MYR9.6m. EBIT margin improved to 17.5% in 2QFY14 from 16.6% in 1Q14, primarily due to certain projects that offer higher margins.

Transfer listing to Main Board. Earlier this month, Boilermech has announced its intention to transfer listing from ACE Market to Main Market of Bursa Malaysia Securities Bhd. In addition, the company has proposed 1-for-1 bonus issue to issue 258m of bonus shares to its shareholder. It also proposed to increase its authorised share capital from MYR50m comprising 500m shares to MYR100m comprising 1b shares. Upon completion of the proposed bonus issue, the enlarged issued and paid-up share capital of Boilermech will be MYR51.6m comprising 516m of Boilermech shares. Meanwhile, we are upbeat on the transfer listing to Main Board as it may help to strengthen Boilermech’s credibility and to improve marketability of its shares, especially to institutional investors.

Maintain NEUTRAL, FV revised to at MYR2.27. Going forward, the fundamental of the company remained unchanged, underpinned by its solid balance sheet and orderbook would be supported by strong growth in palm plantation industry and other agriculture-related industries to support its boiler manufacturing. We are introducing our FY15 forecasts, FV has been revised to MYR2.27, pegged its FY15F EPS of 14.2 sen to a 16x P/E. We deem the 16x P/E fair as it implies a 3-year average price earnings-to-growth ratio (PEG) of 0.75x. The company is still in net cash position of MYR66m as at end-Sep.


http://klse.i3investor.com/servlets/ptres/19802.jsp


07 Dec 2013, 04:17 PM
okass87

Boilermech eyes IPPs as new area of growth

Boilermech Holdings Bhd has set its sights on Independent Power Producers (IPP) as its new area of growth.

Although the company already has IPPs as its clients, Boilermech executive director Chia Lik Khai said it is looking to expand its product offering beyond selling just the boiler to the market segment.

“We have been providing some of these [boiler] systems piecemeal, but I think the approach now has to be more integrated,” Chia told The Edge Financial Daily in an interview.

He said Boilermech is in talks with IPPs in other countries in the region that supply power using renewable energy. It already has a few customers on board thus far on this integrated concept.

“We work more solution-based, serving customers’ energy requirements, be it to maximise energy power generation or fuel cost savings,” Chia said.

Boilermech is still focused on the palm oil industry, which contributes more than 90% of the company’s revenue.

With exports taking up half of its revenue portion, Boilermech is looking to expand its penetration within Malaysia and Indonesia; and geographical reach to other markets like the Philippines, Thailand, Central and South America, and Africa.

“We are well-positioned in Indonesia, but there is still a lot of room for growth in this market,” said Chia.

Chia: We are also looking at how to increase our service and repair contribution ... to increase revenue from there.

“We are also looking at how to increase our service and repair contribution to serve our existing customer base better, and to increase some revenue from there,” he said.

It looks to doubling the contribution to revenue from service and maintenance from just 5% currently over the next three years.

Moving forward, Boilermech is looking at widening its services to the palm oil industry, which is looking at more efficient and environment friendly ways to manage fuel.

“We believe the palm oil industry has the opportunity to develop a lot more potential in renewable energy generation [biomass and biogas power], and in solving environmental problems of solid waste,” he said.

Chia said the company’s strategy is to bring more green technology into the palm oil milling industry to improve efficiencies and reduce environmental footprints. He noted the 3R’s of reduce, reuse and recycle.

On that note, the company is looking at expanding clean energy and at new technology solutions that can ensure the sustainability of the palm oil industry in the longer term.

It is also looking to expand its coverage to other agricultural and resource-based industries.

Since 2005, Boilermech has been involved in the design, manufacture, installation and commissioning of biomass boilers. It also provides boiler repair and refurbishment services.

On average, Boilermech manufactures eight boilers per month with a 25-tonne per hour capacity. In the next phase of growth, it looks to produce 12 boilers per month. The boilers have a lifespan of up to 25 years.

On Nov 8, the company announced a proposal to transfer its listing to the Main Market, a one-for-one bonus issue of its current 258 million shares and an increase in its authorised share capital to RM100 million.

“Since we were listed [on May 4, 2011], the company has grown ... our profitability and revenue have grown consistently year-on-year. We believe, in terms of the company’s listing status ... we started from the ACE Market ... we hope we are graduating from there,” said Leong Yew Cheong, managing director of Boilermech.

“As for the reasons to go into the Main Market, primarily it’s to attract more good business partners, good people to work with us.”

RHB Retail Research noted in its report dated Nov 26 that it is upbeat on the transfer listing as it may help to strengthen Boilermech’s credibility and to improve the marketability of its shares, especially to institutional investors. It has a “neutral” stance on the stock with a target price of RM2.27.

Its net profit increased 70% to RM23.7 million in 2013 financial year (FY13) from RM13.9 million in FY11. Revenue grew 38% to RM165.8 million from RM120.1 million in the same period.

For its second quarter ended Sept 30, 2013, net profit and revenue stood at RM6.4 million and RM55.3 million respectively. Year-to-date (YTD), it reported a net profit of RM12 million on the back of RM106.8 million in revenue.

It attributes its YTD profit before tax (PBT) margin of 17% to the economies of scale enjoyed from providing the full value of works up until installing the boilers.

Boilermech targets a 20% growth for its revenue year-on-year, and at least a 15% growth for its PBT.

With a current order book of RM360 million, which could last the company for 1½ years based on its current financial year’s annualised revenue of RM213 million, this garners the company about 60% of local market share, according to Leong.

http://www.theedgemalaysia.com/in-the-edge-financial-daily-today/265639-boilermech-eyes-ipps-as-new-area-of-growth.html

07 Dec 2013, 04:21 PM
okass87

大马超级富豪第24名:勇于求变创新 谢松坤事业屡攀高峰


http://www.nanyang.com/node/603057?tid=991

自创业以来,谢松坤和家族团队从未停下扩展脚步,尽管全利资源(QL,7084,主板消费产品股)已是东协最大鸡蛋生产商,也是亚洲最大鱼糜(surimi)制造商。

具数学讲师背景的谢松坤,在价值创造能力上表现卓越,旗下两家上市公司———全利资源和保绿美(BOILERM,0168,创业板)无论在业绩增长或股价增幅,自上市以来都让人激赏。

在业绩,谢松坤以每年双位数增长趋势,带领公司业绩屡创高峰。

在股价上,全利资源和保绿美股价,就从去年初的2.19令吉和87.5仙,全年攀升29%和197%,在年末来到2.84令吉和2.60令吉水平。

这让谢松坤家族的上市资产按年增53.6%或6亿3700万令吉,至18亿2600万令吉,在《南洋富豪榜》晋升4个名次,排在第24名。
全利资源司股价递增,自然是经营模式和业绩获得市场认同,这归功于谢松坤勇于革新求变的精神。

谢松坤将全利资源从当初传统贝壳粉制造和鱼粉贸易(家禽饲料)的业务,慢慢扩大至渔业产品加工,并进一步涉足畜牧家禽业以及油棕业。
目前,旗下三大核心业务为海产加工业、综合家畜业务以及油棕业。

谢松坤的成功之道就是不满于现状,“每年至少要维持双位数增长”的目标,让公司规模日渐壮大。他曾在公司上市后表示,公司若能每年取得20%增长,4年后,业绩就能翻倍增长。

其实,他的目标已经实现,以2000年上市的全利资源为例,在2000财年净利仅为1293万令吉,经过13年的努力增值,最新财年净利规模成功扩大10.2倍,至1亿3170万令吉,复合年增长率(CAGR)高达20%!

内部成长拓展业务

谢松坤接受《南洋商报》专访时说,内部成长、并购,以及将非控制性股权(NonControling Interest)压低,是他年年保持双位数增长的秘诀。
“经营我们这个行业,最重要的是成本管理得当,并确保资金到位,以积极开拓业务。”

由于核心业务赚幅不高,为了能保持增长,就必须以量制胜,因此,他通过内部成长和并购活动,不断将规模做大。

由于该公司主攻食品业,在市场需求不断增长,加上全球粮食短缺危机和食品安全课题,一一推动全利资源持续增长。
在多年来快速增长下,公司基础也壮大,但谢松坤相信,全利资源还有突破的空间。

他说,公司盈利表现直至2020年,仍可保住双位数增长趋势,但增幅或开始放缓,谢松坤希望,至少能维持在15%水平。

深刻经历注重教育

或许是家庭背景和个人经历的影响,谢松坤对于教育特别重视。

谢松坤曾感慨说过:“因为我出生贫苦,很不容易才有机会接受教育,所以,我深刻体会到教育对人的重要影响。”
1986年,谢松坤和友人共创英迪高等教育集团。

开辟更多升学管道

当时成立英迪,主要为大马教育界,开辟更多外国升学的管道。通过英迪的双联课程,国人能以更低的开销到外国深造。
除了英迪,热心于华教的他,担任巴生滨华独中的董事已有15年,期间带领校园原本集中在一地的滨华中小学三校,发展成今日三所拥有个别校园的现代化华校。

他曾表示:“虽然管理独中并不容易,更需花费不少金钱和时间,但最终能让教育界,尤其被边缘化的华教受惠,很值得。”

集中攻占国际庞大市场

现阶段,谢松坤来到区域性发展步伐,将全利资源营运模式复制到国外,主要集中在人口庞大的市场,如中国、印尼和越南。
去年,全利资源就收购了中国Zhongshan True Taste食品工业,对中国庞大的鱼浆成品市场虎视眈眈。

此外,他也在越南和印尼设立生产基地,经营动物饲料、禽畜饲养以及海产加工业,扩展步伐从未间断,市场对该公司前景相当明亮。
全利资源的目标是通过内部增长和并购活动,将海外业务净利贡献在2020年提高至50%,目前为20%。

区域扩展中国为主

“区域扩展自然还是以中国、越南和印尼为主,但倘若机会浮现,我不排除还会进军其他周边国家的可能性。”
此外,全利资源也获得政府提供10年的免税奖掖,在沙巴古达进军白虾养殖业务,业务开拓能力获市场赞赏。

由此可见,无论在国内或海外,谢松坤壮大全利资源规模的雄心从未停止。
“为了保持双位数增长,我们必须努力扩展。”

投资3亿次波扩展

他说,去年杪首次建议的附加股活动,让公司手握充沛资金,也将净负债率从0.8倍,降至0.39倍,资产负债表来到舒适水平。
在结合了天时地利的条件之际,谢松坤决定展开第二波扩展投资,在2015财年投下3亿令吉资本开销。
“在以上优势支撑下,我们的并购条件因而提升,胃口将更大。”

谢松坤强调,这波攻势将以本地和海外扩展为主,收购对象以生意潜力和原有业务配合度为主要考量,但一切必须量力而为,避免出现蛇吞象的情形。

积极创造股票价值

除了积极为公司扩大规模,一向善于精打细算的谢松坤,一直不忘为股东手中的股票创造价值。
他说:“要让股票增值,不外是股息和股价。”

在股息派发方面,全利资源都能履行诺言,股息政策为25至30%;但要让股价能够上扬,谢松坤认为,送股是最好的方式。

派发红股回馈股东

因此,上市以来,全利资源每隔1至3年,就发送红股或拆细股票回馈股东,此举也能提高市场流通量,将资产负债表降至舒适水平,让公司持续扩展计划,达到双位数增长。

根据计算,倘若一名股东在全利资源2000年首次公开募股(IPO)中,以每股2.50令吉的发售价购入1股;在经过多次红股、股票拆细等企业活动后,目前手中股票数额已增至27股,股票价值也大幅增至81.81令吉(以2月27日3.03令吉闭市价计算)。

谢松坤表示,虽然送股或拆细股票活动,股价会调整而出现折价,但每次全利资源的股价事后都能够逐渐回扬到3至4令吉水平。
“这是因为公司股东相当了解公司价值,往往守住手中股票不卖,让股价在买多卖少、供不应求情况下走高。”
彭博社资料显示,全利资源股价从2000年的18.5仙水平(该价格经多次红股、股票拆细和附加股等活动除权后所得),来到目前近3令吉水平,14年来增值(扣除附加股成本)约30倍。

保绿美3年增值8倍

至于保绿美,在2011年以33仙发售价上市后,在近期来到2.70令吉水平,3年增值约8倍。
这其实也反映市场的股票流通充裕,让业绩得以带动股价上扬;根据彭博社资料显示,全利资源和保绿美在市场上流通的股票,分别占股本47%和38%。

保绿美在去年11月宣布派红股和计划转入主板后,股东手上的股票数额和价值,都因而增加不少。

报恩放弃学院教职 海边收集贝壳起家

谢松坤来自沙白安南县双武隆小渔村,家中共有14个兄弟姐妹,早期是以捕鱼为生。
由于小时家境贫困,家人为了让排行第三的他继续升学,必须从辛劳中筹足学费生活费,为了不再加重家中负担,两名弟弟和大哥二哥也失去了升学机会。

因此,1984年,谢松坤决定创业,回馈家里的所有人,放弃学院教书的工作。

让家族参与生意

为了让家人参与其生意,谢松坤带领家族涉足大家都熟习的行业,也就是与渔村息息相关的业务,包括海产加工、饲养家禽和种植业。
由于缺乏资金,他的生意是从最低点做起,在没有资金设立工厂下,他们到海边收集海滩上的贝壳,晒干后卖给饲料厂,也通过帮别人将鱼粉卖给饲料厂,从事简单且省成本的贸易活动。

累积了足够的资金后,谢家在1987年正式成立全利资源,专注上述三大业务,发展至今日的规模。

暂不考虑退休

已来到耳顺之年的谢松坤坦言,自己尚未有退休计划。
“或许到了70岁的时候,我才会考虑这个问题。”

注重中长期计划的谢松坤坦言,家族成员的确有不少具潜力的接班候选人,但心中较为理想的接班模式,是希望能仿效欧美管理方式,以让家族
企业转型。

他希望能在核心团队以及中高层管理中,引进外部专业经理人,与家族成员一同经营公司。
目前,该公司正努力吸引、培养以及留才,以朝其理想模式出发。


Forum | MalaysiaStock.Biz

02 Mar 2014, 09:51 PM
okass87

http://cdn1.i3investor.com/my/files/dfgs88n/2014/04/09/1480243298--1646894138.pdf
01 May 2014, 12:04 AM
cm78my
几时才上主板嘞!!!doh
13 May 2014, 10:51 PM
okass87


TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS): RELATED PARTY TRANSACTIONS BOILERMECH HOLDINGS BERHAD ("BOILERMECH" OR THE "COMPANY") PROPOSED ACQUISITION OF A 99-YEAR LEASEHOLD VACANT INDUSTRIAL LAND HELD UNDER HS(D) 145300, NO. LOT PT 141924, MUKIM KLANG, DAERAH KLANG, STATE OF SELANGOR DARUL EHSAN ("SUBJECT PROPERTY") BY BOILERMECH AND ITS RELATED PARTY, RUBY TECHNIQUE SDN BHD ("RUBYTECH") FROM LOGISTON SDN BHD FOR A TOTAL CASH CONSIDERATION OF RM27,312,880 ("PROPOSED ACQUISITION")

20 May 2014, 10:55 PM

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