超低的本益比 （谈谈Megan最新的业绩报告FY4/06）

eyex4

megan......
还在犹豫买不买。

原帖由 wtk75 于 22-7-2006 09:53 AM 发表
做事之前先做人？
这是松下幸之助的永垂不朽的名言。

有次松下幸之助在会议中问了一个电器店部长级的下属：“公司的目标是什么？”
下属唯唯诺诺的回答道：“确保松下电器的品质可以完全满足顾客的需求”
松 ...

上联是 "做事之前先做人"？

下联是＂好股传里不传外＂!

野火

wtk75大大，

您好。别来无恙吧。一直想写Email给您，但人老了。。。

“做事之前先做人”原来是松下幸之助的话。

我好惭愧。为什么？因为我公司每天早上都会有人朗读松下幸之助的话给大家听，可是我却不晓得这句话。

朗读的是松下幸之助的书“把路打开”，“道を開く”
http://www.amazon.co.jp/gp/produ ... =465392&s=books

有一点巧，我公司的创始人说“做事”时，我们应该问“作为人，什么才是对的？”　（人間として何が正しいか？）。

最近对一些“作为人”“不对”的事，怒火中烧，一些“动物”竟然混进了大马的大学。http://www.merdekareview.com/video.php

人家台湾有“幼稚园大学”，我们大马有“动物园大学”，真不赖！

我喜欢“野火”这个名，不是因为白居易的“野火烧不尽，春风吹又生”，而是16岁时在老师介绍下看了龙应台的“野火集”，记得当年还学龙应台的“台湾是我生了梅毒的母亲”，写了一篇“大马是我生了爱滋病的父亲”投到报馆去，当然被投篮了，哈哈哈。。。16岁放的“野火”。

UncleChinChai及其他大大们，也要向您们问声好。

wtk75

原帖由 野火 于 22-7-2006 03:30 PM 发表
wtk75大大，

您好。别来无恙吧。一直想写Email给您，但人老了。。。

“做事之前先做人”原来是松下幸之助的话。

我好惭愧。为什么？因为我公司每天早上都会有人朗读松下幸之助的话给大家听，可是我却不晓 ...

野火大大，盼佳 + 平安。
如果大大都感觉变老了，小弟何尝不是两鬓斑白？哈哈。大大贵人事忙吧？？

原来大大的公司，早朝还有员工分享松下的话语。。。。
松下的成功在于重人才，用人才，就好像巴非特那样，
把自己大部分的财产教给最聪明的人来管理，
更加显现股神在拣选人才的挑剔。
想想，这世界上最富有的两个人把全部的财产联合在一起“使用”，
那是多么惊人的“威力”呀！

“人間として何が正しいか？”这句话让人深思啊~
到底，作为人，什么才是对的呢？是
问心无愧吗？是奉献社会吗？
是人不为己，天诛地灭吗？是自扫门前雪吗？
洗耳恭听大大的高见。谢谢

看来大大的胸口中的一盘火，还熊熊的燃烧着。。。
不过大大，比尔盖斯说过，
要了解和学习接受社会的不公平，
改变能够改变的，接受不能够改变的。
不过，想想大大的郁闷也是情有可原，
就连年近古稀的老马最近也按耐不住怒火，
更何况是我们这些年轻人呢？

话虽如此，我们还是应该要知道风要吹向哪里，
好让自己能够走在前面，而不是让每阵风吹着走。。。

kok1984

所以，账目不需要造假，因为没有人会去关心账目。
（每个商人都知道，只有银行和所得税局会关心你的账目）

8k叔叔，你是不是暗示别聪明反被聪明误呢？

dadi

Megan Media Hldgs Bhd
---------------------

What’s up?
Sources say Megan Media Holding Bhd is mulling over
fund raising options in order to pare debts after
Ratings Agency Malaysia Bhd (RAM) warned that the
company may not be able to fulfill its Islamic bond
obligations. The amount to be raised had yet to be
decided, but “it would have to be a sizeable amount to
reduce gearing.” Sources said the issuance of
equity-linked instruments was just one of its options.


Financial Health …
•As at April 30, 2006, Megan Media’s borrowings rose
to RM838.91 million from RM647.16 million a year
earlier. Last Tuesday (July 25 2006), RAM revised the
outlook on Megan Media subsidiary Memory Tech Sdn
Bhd’s RM320 million Bai’ Bithaman Ajil Islamic debt
securities (2005/2012) (BaIDS) from stable to
negative.
•The BaIDS is currently rated A2 by RAM and carries a
corporate guarantee from Megan Media. RAM said Megan
Media incurred additional debts to buy new plants and
machinery as well as for working capital. As a result,
its total debt-to-equity ratio had increased to 1.78
times while its total debt-to-earnings before
interest, tax, depreciation and amortisation (EBITDA)
rose to 3.35 times. RAM said the increase in
borrowings had resulted in a lower-than-expected debt
coverage ratio, which could lead to non-compliance of
two financial convenants in the trust deed for the
BaIDS.

Moving forward …
•A source said the company was still talking with its
bondholders on the matter. There is no conclusion yet
but they have indicated their willingness to resolve
the issue. The source said the company wants to
finalise the matter by next month (August 2006) when
it is due to release the audited financial statements
for the financial year ending April 30, 2006.
•RAM also noted that while Megan Media performed well
in FY06 and was able to meet its earlier expectations,
the global blank-data storage media industry remains
volatile and fast-paced. It said this exposed the
company to industry fluctuations, which were evident
in the numerous challenges such as increases in
polycarbonate prices and lower average selling prices
for digital video-recordables due to global
oversupply.

負債率上揚
媒岸或籌資減債
（吉隆坡31日訊）繼大馬評估機構（RAM）指媒岸控股（MEGAN）或不符合其回教債券條例后，該公司可能將通過籌資來減輕債務負擔。
本月25日，大馬評估機構將該公司旗下Memory Tech、總值3億2000萬令吉回教債券的評估、由“穩定”（stabil）調降為“負面”（negative）。

截至4月30日，該公司負債已由去年的6億4716萬令吉，增加至8億3891萬令吉。

根據大馬評估機構說法，該公司之前因增新廠房及机械，導致資本負債率上昇至1.78倍，折舊及攤銷前的負債與收益比例，則增至3.35倍。

消息指出，該公司將在下月決定。

我对Megan的股票也很有兴趣！

hdcyng

原帖由 klse.8k 于 21-7-2006 04:21 PM 发表


Uncle Chinchai ，你好。

你是我敬重的前辈，从你的发表中我获益良多，尤其是你的智慧值得我多多学习。

学问是知识，经验是智慧。

知识，我们可以在很短的时间就获得，只要我们肯努力，日以继夜的去 ...

PWP
Price Wood Product 又如何？
象及了 Megan

cari288

KLSE 8k 前辈，

阅读了你对 Megan 这么久以来的论述以及这篇对Uncle Chinchai 的解答，感觉到你对 Megan 的事务非常了解，也令我受益不浅，我要由衷地向你道谢。

原帖由 klse.8k 于 21-7-2006 04:21 PM 发表


Uncle Chinchai ，你好

你是我敬重的前辈，从你的发表中我获益良多，尤其是你的智慧值得我多多学习。

学问是知识，经验是智慧。

知识，我们可以在很短的时间就获得，只要我们肯努力，日以继夜的去 ...

原來生產開喜烏龍茶的信喜實業，從21年前研發出第一罐的烏龍茶之後，曾在市場上獨領風騷，13年前在業績最好的時候，光靠賣茶一年就可以賺進70億元，讓員工走路都有風；不過，員工也透露，賺大錢的老闆迷上投資房地產卻失敗，種下了開喜烏龍茶由盛轉衰的命運。

民國82年，開喜集團曾經創下一年70億元的營業額，曾經這麼風光，卻要面臨商標被拍賣的命運，到底是甚麼樣的原因？

來到開喜廠房裡，生產機具仍轟隆作響，員工沒有因為商標轉移，改變工作步調，回憶起從前的種種風光，員工們非常感嘆，因為那似乎真的只剩下回憶了。

一名資深員工表示，「當初烏龍茶是全國內單一項產品，單月銷售兩百萬箱的記錄，到現在還沒有人破。」

只可惜這樣的好光景，持續的日子不長。

回顧整個信喜實業的興衰史，民國70年成立公司，民國74年，第一罐開喜烏龍茶誕生，民國83年，信喜開始擴充廠房，但是也是在這一年，董事長陳清林因為房地產大賠，導致信喜財務開始走下坡，只好轉向德記洋行求援。

資深員工透露，「當初因為舊的公司財務有點問題，一些公司老員工都滿惶恐，然後新公司這邊，他們也展現很大的誠意。」

長期的借貸龐大的金額，壓的信喜實業根本喘不過氣，終於在今年把商標拍賣，董事長陳清林在經過這樣的興衰之後，似乎也就打起退隱商場的念頭，信喜實業在茶類界創下龍頭老大的傳奇，也就此畫下句點。

cari288

有一点要提出的是，Megan 在 FY06 的 Q3，Q4 里硬生生的把它的 depreciate 减低四 十多到五十 million。 假设是四 十八 million，如果把这个数目减除，那么税前营利将会下降到39million。纯利只有27.3million。

是酱吗？如果各位有不同的见解，请多多指教。

lklatmy

原帖由 cari288 于 3-8-2006 11:07 AM 发表
有一点要提出的是，Megan 在 FY06 的 Q3，Q4 里硬生生的把它的 depreciate 减低四 十多到五十 million。 假设是四 十八 million，如果把这个数目减除，那么税前营利将会下降到39million。纯利只有27.3million。
...

在会计学里，除非在特殊的情况下，一间公司是不能随心所欲的更换depreciation rate。Megan 的depreciation charge 实在fluctuate 得太利害了。Megan有需要对这点作出一点澄清。

cari288

山顶上的那位会计师，你怎样看?  

原帖由 cari288 于 3-8-2006 11:07 AM 发表
有一点要提出的是，Megan 在 FY06 的 Q3，Q4 里硬生生的把它的 depreciate 减低四 十多到五十 million。 假设是四 十八 million，如果把这个数目减除，那么税前营利将会下降到39million。纯利只有27.3million。
...

lklatmy

Megan 30/4/06 季报，notes to the account no A1,"Depreciation rate on certain assets changed from 20% to 10% to better reflect the useful life of the assets."

是好是坏，你自己推测，猜中没有礼物。。。

[ 本帖最后由 lklatmy 于 3-8-2006 09:25 PM 编辑 ]

lklatmy

原帖由 cari288 于 3-8-2006 03:23 PM 发表
山顶上的那位会计师，你怎样看?  

因为手上没有详细的fixed asset 与depreciation charge 数字，很难confirm 你的计算。肯定的一点是depreciation on certain assets 减少了50％(from 20% reduced to 10%。)实际金额的差别就不懂得了。But your assumption is correct,profit has increased by the amount equal to the depreciation reduced.

[ 本帖最后由 lklatmy 于 4-8-2006 08:50 AM 编辑 ]

esj_joo

原帖由 hdcyng 于 2-8-2006 08:29 PM 发表



PWP
Price Wood Product 又如何？
象及了 Megan

什么是 PWP (Price Wood Product)?

hdcyng

原帖由 esj_joo 于 3-8-2006 11:05 PM 发表


什么是 PWP (Price Wood Product)?

PWP (7123)
大量借债扩充
PE 4+-

cari288

我只是估计而已，48 million was derived from the depreciate sum of Q1 Q2 minus the depreciate sum of Q3 Q4. May be we should check with Macy Thong

原帖由 lklatmy 于 3-8-2006 09:39 PM 发表


因为手上没有详细的fixed asset 与depreciation charge 数字，很难confirm 你的计算。肯定的一点是depreciation on certain assets 减少了50％(from 20% reduced to 10%。)实际金额的差别就不懂得了。But you ...

hdcyng

原帖由 hdcyng 于 4-8-2006 11:56 AM 发表



PWorth (7123)
大量借债扩充
PE 4+-

看来比霉暗安全
KLSE.K8 大大看法如何?



2005 Aug News

Ten months ago, Priceworth Wood Products Bhd (PWP) took a calculated risk by acquiring two subsidiaries belonging to beleaguered Sinora Industries Bhd (SIB). That move is beginning to pay off for PWP.
It was in August last year that PWP took over management control of Sinora Sdn Bhd (SSB) and Innora Sdn Bhd (ISB), pending the completion of the deal. The acquisition was finally completed on June 30, and, according to PWP's executive director Michael Chok, SSB has already experienced a reversal of fortune.
"Both companies were making losses when we acquired them, and both had negative NTA (net tangible assets). However, we have already managed to turn SSB around and, over the past 10 months, SSB has managed to make around RM1 million in profits," he says.
He is quick to add that these returns would not show in PWP's profit and loss sheet yet as the deal was only completed over a month ago.
"We have yet to consolidate SSB's earnings in our group accounts, so we expect to see results in the financial year ended June 30, 2006 (FY2006)," he says.
He adds that currently the company is focusing wholly on SSB, while ISB remains dormant. This is because the products produced by ISB are similar to the ones PWP is producing now.
"So, for now, we are concentrating on PWP. But we hope to revive ISB before the end of this year by looking for new viable projects," he says.
SIB's principal business is the manufacturing and sale of plywood and timber while ISB produces moulded wood products. Chok adds that PWP anticipates SSB's contribution to overall group revenue to be around 40% to 45% and considers it part of company's core business of veneer and plywood.
Analysts are expecting PWP's revenue and net profit to probably double in the coming year from its new acquisitions

The deal
When PWP first approached SIB, the latter had been suffering from back-to-back losses for two years, although it had showed gradual improvement in 2003 and 2004.
For the financial year ended Dec 31, 2001 (FY2001), SIB had made a loss of RM47 million and continued making losses in FY2002, albeit at a smaller amount of RM15 million.
It only recovered in FY2003, breaking even with a net profit of RM600,000 and showed a modest profit of RM6.3 million in FY2004.
According to SIB, although revenue had been increasing throughout these four years, profitability was hampered by a generally depressed market for downstream timber products, lower selling prices and escalating raw material costs. It was these reasons which eventually prompted SIB to carry out the disposal.
SIB's annual report for FY2004 revealed that the two subsidiaries, SSB and ISB (that PWP acquired subsequently), were similarly in bad shape with combined borrowings of RM30 million and a negative cash flow of RM2.25 million. SSB is also carrying with it a RM22.8 million debt that it owes SIB, which PWP has agreed to pay back upon completion of the proposals.
On a more positive note, both hold a total of RM451,356 in cash and bank balances and both were profitable for FY2004, having made a total of RM109 million in revenue and RM7 million in net profit.
Following the acquisition, SIB went into the PN17 list, meaning it has a deficit in shareholders' funds and no core business. SIB is awaiting restructuring.
PWP paid SIB RM10.5 million in cash for SSB and ISB, according to announcements made on Bursa Malaysia. It included SSB's timber processing factory and ISB's moulding factory, moulding warehouse and dryer buildings worth a combined net book value of RM25.6 million.
Despite the initial reservations, Chok is confident that the acquisition will definitely be in PWP's best interest in the long run.
The turnaround of the newly-acquired assets is something that the company needs to ensure it has a stronger balance sheet.

PWP's gearing
A quick look at PWP's latest balance sheet figures show that although its short- and long-term borrowings appear to be on the heavy side totalling RM33.8 million and RM250.8 million respectively, the company's cash in hand stands at RM2.2 million.
The company also has shareholders' funds worth RM170.3 million and, back in May, it had obtained a private debt securities financing facility from RHB Sakura Merchant Bankers Bhd worth RM160 million. Chok confirms that part of the RM160 million financing facility was used to repay SSB's debts.
PWP is also fairly liquid with current assets (RM129.2 million) almost double that of current liabilities (RM68.5 million).
Another factor which works in PWP's favour is the fact that the company is also in the business of log extraction. What this means is that SSB would not face the problem of raw material shortage as severely as it did before.
PWP had extracted a total log volume of 359,404 cubic metres worth of logs for the year ended June 30, 2004. The company also has 25,000 hectares of timber concession, which Chok says is more than sufficient to meet SSB's needs.
In a statement to Bursa Malaysia, PWP is positive about its prospects, with the global timber market and prices of wood products expected to maintain their current levels.
However, the statement was made before the depegging of the ringgit. When asked if this would affect PWP's profitability, Chok says the impact would be minimal.
"A ringgit re-peg will definitely affect us as we mostly export to Japan and China... All the transactions are done in US dollars. So it will affect us but only slightly as down the road we will pass the extra cost along to customers," he says.
"We have one advantage in that we do not engage in long-term contracts. Our longest contract is around three months at most, which allows us flexibility in our pricing," he says.
A look at PWP's profit and loss statement reveals that although revenue has been on the increase over the past four years, net profit growth has not been as steady. For FY2001, net profit was RM13.1 million on the back of RM82.6 million in turnover.
Net profit jumped in FY2002 to RM20 million as turnover also increased to RM98.9 million. It was a different story in the following year as net profit fell by 43.5% to RM11.3 million although revenue went up by 25.8% to RM124.4 million.
For FY2004, net profit had fallen further to RM8.1 million but revenue had gone up to RM174.1 million.
PWP's share price has been trading at an average of 81.3 sen over the past 12 months, reaching a 52-week high of RM1.28 on Jan 24, this year. It hit its 12-month low of 44 sen on June 3. It closed at 50 sen last Thursday.

[ 本帖最后由 hdcyng 于 5-8-2006 02:10 PM 编辑 ]