超低的本益比 （谈谈Megan最新的业绩报告FY4/06）

hdcyng

[quote]原帖由 shuhjiunho 于 12-9-2006 04:16 PM 发表


我其实要带出的讯息就是，我们看一间公司的时候，我们应该知道公司怎样运作，怎样创造财富，而不是一直注意EPS。Income Statement的EPS，只是为税务局准备的。明明已经没有用的Asset，在Balance Sheet上确还有3-4年的价值。

这个不是很荒唐的事吗？

说的都是最真的真理, CASH 和 Dividend 最不能骗人
BCAP， MUI PROPERTY， BCAP， EKRAN 除外

kycek

原帖由 shuhjiunho 于 12-9-2006 04:16 PM 发表


1。现在会计制度的弱点
2。合法的破坏游戏的规则。

Know the rules, and break the rule legally。
...

赞同。。。 多和accountant的朋友交流，你就会知道。。。
vt using the same trick as well.....

lklatmy

原帖由 shuhjiunho 于 12-9-2006 04:16 PM 发表


Iklatmy大大，其实我不是对会计没有信心，我只是指出现在会计制度的弱点。要在游戏内赢得漂亮，需要做的就是知道游戏的规则，然后合法的破坏游戏的规则。

Know the rules, and break the rule legally。
...

何老板早，
虽然明知不可尽信，年报与audited account作为小股东主要的消息来源,暂时还没有其他更好的取代,唯有依赖年报及audited account.所以，作为一个聪明的投资者，必须分辨年报内的黑白是非，不可照单全收。就好象我们明知米肉鱼菜有农药以及化学药品，但是没有选择，还是得吃。唯有尽量挑选比较少毒的。

事实上，Megan的做生意模式，和许多外国来的投资者一样，就是在最短的时间赚最多钱，再用各种各样的名目与理由把钱汇回，在大马的operation就以borrowings 来维持。看看Panasonic,也是把大多数的钱汇寄到日本，所以，deposit for purchase of machinery of RM213 million 应该也是这回事。

nic_liew

请问megan现在估价事多少？

JERANTUT

股東大会在10月30日,早上10.30AM招开.
有很多问题可以直接问管理层.不知道8K前辈会出席吗

假名

http://biz.thestar.com.my/bizwee ... 750&sec=bizweek

MEGAN MEDIA HOLDINGS BHD
(64.5 sen as at Oct 12).

IT posted revenue and net profit of RM230.4mil and RM13.4mil respectively for 1Q07.

Comment by STANDARD & POOR'S:

MEGAN’S 1Q07 net profit compared to 1Q06's RM13mil came in below expectations. Revenue fell 7.4% year-on-year and 29% quarter-on-quarter, mainly due to the relocation of its production capacity from Singapore to Malaysia and lower digital versatile/video disc-recordable (DVD-R) orders.

On a sequential basis, 1Q07 earnings before interest and tax (EBIT) margin dropped to 13.5% from 13.7% in 4Q06, despite the softer prices of raw materials. We believe the lower EBIT margin is due to the pricing pressure on DVD-R.

A higher inventory level also reinforces our concern over ongoing overcapacity in the optical disc sector. Megan’s inventory reached RM60mil in 1Q07, compared with RM43.4mil in 4Q06.

We have forecast earnings before interest tax depreciation and amortisation (EBITDA) of RM222.2mil and RM217.8mil in FY07 and FY08 and revenue of RM1.1bil for each year. We expect the strong compact disc-recordable (CD-R) demand to offset lower DVD-R revenue. Nevertheless, revenue contribution from CD-R also suggests thinner profit due to higher outsourcing costs. In addition, we believe the pressure on selling prices of DVD-R will drag down the group’s margin.

Although the supply of CD-R is tight amid capacity reallocation of Taiwanese manufacturers, excess capacity of DVD-R will continue to dampen product price. Management’s plan to expand capacity for next-generation products like blu-ray disc (BD) and high-density DVD (HD-DVD) will not have any earnings contribution in the foreseeable future as the acceptance level is low due to high street prices of the recorders and a low penetration rate of high-density television displays.

Recommendation: Downgrade to sell with 12-month target price of 60 sen

DISHAN

有点失望，
每轮涨潮都有一些烂臭股轮流上涨。
Megan虽然债务比例高，但条件应该比其他烂臭股好得多。
每次等涨潮近尾声时，Megan才稍微涨一些又退回去。
是缺少抄作的话题？还是时机未到？

如果这轮牛市没办法持续。
这轮涨潮似乎又没megan的份了。。。

wtk75

原帖由 DISHAN 于 26-10-2006 09:14 PM 发表
有点失望，
每轮涨潮都有一些烂臭股轮流上涨。
Megan虽然债务比例高，但条件应该比其他烂臭股好得多。
每次等涨潮近尾声时，Megan才稍微涨一些又退回去。
是缺少抄作的话题？还是时机未到？

如果这轮牛市没 ...

一些些的表面看法：
就好像丈母娘挑选女婿：一个赚少少驾ISWARA，家世清白；另一个大款驾BMW，不过却欠了大耳窿。。。

今天的10大上升股和10大下跌股都是基本面优异的蓝筹股，是序幕，重量级的主角出场开演压轴好戏。

吸引我的却是sugar。。。。可能goldtime老兄都没有料到会有今天的天价吧？

区域股市都来到了历史新高，你敢下场亮兵吗？

葉孤一座城

原帖由 wtk75 于 27-10-2006 12:34 AM 发表

一些些的表面看法：
就好像丈母娘挑选女婿：一个赚少少驾ISWARA，家世清白；另一个大款驾BMW，不过却欠了大耳窿。。。

今天的10大上升股和10大下跌股都是基本面优异的蓝筹股，是序幕，重量级的主角出场开演 ...

可惜你的大众太早离场了，不然会赚更多。

千算万算，前算后算，人算不如天算啊。

vcycle

為何 megan 會有超底的 pe ，有時我想市場真的會有這個情形發生嗎。他的超底 pe 已經很久了，被後到底是什麼原因可以令他超底的 pe 而市場卻無動於衷呢，我們是否該思考下以下的幾個問題呢。

1 為什麼公司業績越來越好，而老闆的票越來越少。
2 為什麼營運賺頭越來越少，老闆還要買更多的機器，放更多的賬。
3 為什麼公司生意這麼好，賬期卻可以給顧客拖到這樣長，

其實在我心中有太多為什麼了，想想大老闆才那一點股權，公司賺錢他才能拿到幾多呢，買機器一台就說幾多億，我們的前輩上次都有問老闆是否是（白烏鴉）。

wtk75

原帖由 葉孤一座城 于 27-10-2006 11:46 AM 发表

可惜你的大众太早离场了，不然会赚更多。

千算万算，前算后算，人算不如天算啊。

叶兄，那一点丁儿的大众哪里出得了厅堂呀
要说赚，至少要有HARIMAU的TOPGLOV或者GOLDTIME的SUGAR般的回酬，才称得上赚。。。。

人算不如天算倒是真的
股市如棋局局新，棋中有棋，局中有局。

对了，还持有megan-wa吗？
不乐观那。。。

股市忍者

彼得大師曾說過管理層買自家股是對自家股有信心,脫手則可要小心了,
RICH IN CASH 不是空談的,行動來證明最實際.

ZheHui

資產有 10 億，機機器占了  6 億，負債又占了 5 億。

現在市價有 1 億多，是這麼上下吧。

有錢老闆找，風險大家扛。

是這樣上下吧。

股市忍者

哈,看錯了,原來KLSE第一頁就講解了   

[ 本帖最后由 股市忍者 于 28-10-2006 06:10 PM 编辑 ]

dadi

对megan有兴趣的朋友明天就是股东大会！
有谁会出席吗？
或是有问题想发问的吗？

wtk75

原帖由 dadi 于 29-10-2006 04:23 PM 发表
对megan有兴趣的朋友明天就是股东大会！
有谁会出席吗？
或是有问题想发问的吗？

顺便帮忙捎个口讯给yeo----cari网友要合作夺取megan的管理权

kok1984

原帖由 wtk75 于 29-10-2006 07:32 PM 发表

顺便帮忙捎个口讯给yeo----cari网友要合作夺取megan的管理权

wtk75出任行政总裁吗？记得提拔小弟我做finiancialcontroller。。。

wtk75

原帖由 kok1984 于 29-10-2006 07:37 PM 发表
wtk75出任行政总裁吗？记得提拔小弟我做finiancialcontroller。。。

行政总裁还是由klse.8k前辈来担当，kok1984兄倒不如学学那些马来董事，注册自己的公司，然后效仿megan目前的一些业务“肥水流程”，不必当financial controller那么辛苦。。。那么小弟就随便当个接纳员好了

怪侠一枝梅

原本我打算去的，可是明天有两个interview要去，不能去了。
summit很靠近我住那边。走路都到。

臥龍先生

Company Name        :        MEGAN MEDIA HOLDINGS BERHAD
Stock Name         :        MEGAN
Date Announced        :        30/10/2006


               
Type        :        Announcement
Subject        :        Megan Media Holdings Berhad
Results for the Financial Year Ended 30 April 2006

Contents :


Monday, 30 October 2006

Megan Media Holdings Berhad ("Megan" or "the Group") today held its Seventh Annual General Meeting at The Summit Hotel, Subang Jaya.

Megan registered its first billion ringgit revenue for the financial year ended 30 April 2006. Revenue rose by 14% to RM1.035billion from RM905 million while pre-tax profit increased by 26% to RM87 million from RM69 million. The commendable results were achieved through higher production capacity after the completion of its DVD-R production expansion in June 2005.

During the year, the blank media storage industry experienced a tough operating environment – average selling prices of DVD-R had fallen faster than expected coupled with the higher than anticipated increase in polycarbonate costs which was driven by the sharp increase in oil prices. These negatively affected the results of most major players in the industry.

Despite the challenging operating environment, the Group reported positive results as it managed to replace previously outsourced sales with manufacturing sales through its added capacity whilst enjoying some benefits from economies of scale. The Group will continue to drive extensive cost reduction programs focused on improving its manufacturing processes and efficiencies to achieve better production yields and ensure stable margins despite pressures on pricing.

The global optical media storage industry went through the capacity consolidation stage and is now on a steady path to recovery supported by growth in consumer demand and signs of softening prices for key inputs. Prices of CD-R should remain firm in quarters 3 and 4 of year 2006 while DVD-R prices are expected to continue decrease following its cost curve, enabling the Group to maintain its margins. The Group is positioning itself to improve its margins further by actively expanding its product range to include HD-DVD Recordables (HD-DVD-R) and Blu-Ray Recordables (BD-R). Potential demand for HD-DVD-R and BD-R is expected to surge from 0.9 million units in 2006 to 7.5 million units in 2007 and 31.1 million units in 2008 respectively. (Source: Understanding & Solution, June 2006)

The Board of Directors also wish to announce that no dividend was declared for the financial year ended 30 April 2006 as the Group is looking to enhance revenue growth and returns in the future through reinvesting a significant amount of its accumulated profits (approximately RM200 million) in capital expenditure which will expand its product base into new high-end products, i.e. HD-DVD and Blu-Ray products.


Further info or clarification, please contact:
Macy Thong
Group Corporate Finance
Megan Media Holdings Bhd
No.4, Jalan SS13/5, Subang Jaya Industrial Estate
47500 Petaling Jaya, Selangor
Tel: 603-56373995
Fax: 603-56371455
E-mail: macythong@meganmedia.com.my