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

Mr.Business

Supermax的负债：
Long Term Borrowing RM46 million;
Bond RM110 million;
Short Term Borrowing RM212 million.

总负债RM368 million

Supermax的equity是RM391 million，所以DE是0.94，很不健康。来个经济风暴她就很危险了。

悶蛋

哈,我終於看到了,原來是我的老牙pen 3電腦看不到
最近沒人再關心手套業了吧

[ 本帖最后由 悶蛋 于 19-6-2008 10:20 PM 编辑 ]

invest_klse

哎。。。搞了几年，结果还不是庭外和解。。。。。

General Announcement

Reference No CM-080725-62391

Company Name	:	SUPERMAX CORPORATION BERHAD
Stock Name	:	SUPERMX
Date Announced	:	25/07/2008

Type	:	Announcement
Subject	:	SUPERMAX CORPORATION BERHAD (“SUPERMAX” OR “THE COMPANY”) - LEGAL SUIT MT4-22-975-2004 TOP GLOVE SDN. BHD. (“TG”) AGAINST SUPERMAX GLOVE MANUFACTURING SDN. BHD. (“SGM”), A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY AND LEGAL SUIT MT3-22-431-2000 SGM AGAINST TG
Contents	:	The Company wishes to announce that SGM, a wholly-owned subsidiary of the Company, had reached a consensus settlement with TG in relation to the legal suits MT4-22-975-2004 and MT3-22-431-2000. It was agreed between the parties that SGM will withdraw its suit against TG in suit MT3-22-431-2000; whereas TG will withdraw its suit against SGM in suit MT4-22-975-2004 and a counterclaim in suit MT3-22-431-2000. The solicitors in charge for both parties had filed the notice of discontinuance with no order as to costs and with no liberty to file afresh.

scsiang82

01-08-2008: Supermax to raise glove prices by 7%
by Racheal Lee Mei Nyee
Email us your feedback at fd@bizedge.com


SHAH ALAM: Supermax Corporation Bhd will increase the prices of its gloves by US$1.50 to US$2, or an average of 7%, per 1,000 pieces, following the hike in the price of natural gas today.

“The price of natural gas will increase by 71% to RM22.06 per mmBtu (million British thermal unit) today. It is a steep price, an increase of US$1.50 to US$2 to our production cost. Supermax would pass on the cost to its customers,” its executive chairman and managing director Datuk Seri Stanley Thai told reporters after APL Industries Bhd’s (APLI) EGM here yesterday. Supermax owns 14.09% equity in APLI.

Before the increment, Supermax sold its powdered gloves in the range of US$23 to US$25 per 1,000 pieces, and its powder-free gloves at US$31 to US$35 per 1,000 pieces.

Supermax director of corporate affairs and sales & marketing Denis Low said the group revises its glove prices on a monthly basis to adjust for fluctuations in raw material prices.

The selling price of natural gas is expected to rise further as the government had said it would gradually align its price in line with global prices within 10 years.

APLI’s shareholders yesterday approved the company’s proposed share capital reduction and consolidation and a subsequent rights issue, which would enable it to emerge from its Practice Note 17 status.

Under the corporate restructuring proposal, APLI would cancel 93 sen from each RM1 share, reducing the company’s paid-up capital to RM24.3 million and paring its accumulated losses to RM1.31 million from RM324.6 million as at June 30, 2007.

It would then consolidate 100 ordinary shares of 7 sen into 70 shares of 10 sen par, after which the company would issue 730 million renounceable rights shares at 11 sen each to maintain its share capital at more than RM60 million.

The rights issue, on the basis of three shares for one share held plus two free detachable warrants, is expected to raise RM80.3 million.

APLI plans to invest RM20 million of the proceeds from the exercise to upgrade production lines in Vietnam for the production of powder-free gloves as well as install six new lines for powder-free gloves.

The factory in Vietnam currently has 12 production lines, which can produce 18,000 pieces of gloves an hour.

Another RM32 million would be spent on replacing 16 production lines at its Senawang, Negri Sembilan plant and on refurbishing the plant. It has 25 production lines in Senawang.

Thai said the outlook for APLI remained positive despite the hike in raw material prices.

“Our factory in Vietnam is very competitive. The labour cost is lower, and we are using biomass in the factory. Furthermore, we produce wood chips (biomass materials) ourselves,” said Thai, who is also APLI’s chief executive.

http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_7c3f06af-cb73c03a-21447f00-285dee87

scsiang82

調升手套售價　速伯瑪轉嫁成本

2008年8月7日
報導 - 李斯美

（吉隆坡6日訊）在天然氣和乳膠價格上漲的壓力包圍下，如分析員所料，速伯瑪（SUPERMX，7106，主板工業股）最終宣布將其產品價格調升7%，分析員預計，該公司仍然會在未來調升其售價，以應付乳膠價格的飆漲。

分析員指出，該公司的決定就像頂級手套（TOPGLOV，7113，主板工業股）般，后者在上個月宣布調升價格20%。

為了贏取忠誠客戶的支持，速伯瑪儘量避免調升手套價格。然而，該公司仍無法抵擋賺幅壓縮長期帶來的壓力，最終決定調升其價格，從8月開始生效。

天然氣價格上揚71%，至每mmBtu為22.06令吉，這意味著該公司的額外生產成本達1.50美元至2美元。目前，能源佔了其總成本的9%。

新的天然氣價格，會讓成本架構顯著地改變，燃油價格目前佔了該公司總生產成本的13%。

達證券分析員在早前，就已將該公司會調升價格的因素納入預測，但分析員所預測的是20%的漲幅，所以，7%的漲價令分析員驚訝，因為有關漲幅極小。

分析員認為， 該公司在現階段調升價格，將能穩住市佔率。分析員也預料，該公司會在明年初再調升價格，以便在乳膠價格上漲的同時，追上頂級手套的銷售價格。

因此，速伯瑪的產品，將從每1000個23.40美元，增至28美元。

另一方面，該公司在重組亞太工業（APLI）方面面臨挑戰。該公司早前宣布發售0.135令吉的附加股，但遇上市況低迷，而將發售價調低至0.11令吉，導致原本融資的9850萬令吉，縮減為8030萬令吉。

償還2500萬令吉的銀行貸款，將會是該公司融資計劃后的首要決定。

無論如何，達證券分析員維持「買進」速伯瑪的建議，目標價格為1.69令吉。

http://www2.orientaldaily.com.my/press.php?TASK=news&TYPE=LBZ&NEWS=2RQF0gD801fv8teP04Z28jVD0nii7LhM

阿圆

国际汽油价开始跌，原产品开始走弱，美金开始变强， 手套业的春天开始到来？？

scsiang82

逐步调高售价争取市占率　建议买入速柏玛机构
二零零八年八月十三日 晚上七时四分


（吉隆坡13日讯）速柏玛机构有限公司（SUPERMX）已调高产品售价7％，以应对天然气价格上升以及乳胶价格继续升涨的压力。这是在达证券行的预测中以及类似顶级手套机构有限公司（TOPGLOV，7113，主板工业产品组）的决定，后者在上月初调高产品售价20％。

由于在上一次报告中已考虑了这点，因此达证券行保持速柏玛机构的1.69令吉目标价以及买入评级，相等于具有40.8％潜在挺升空间。这只股估值是采用2008财政年每股盈利28.2仙的本益比6.0倍。如果亚太工业有限公司（APLI，5479，主板工业产品组）重组计划进展顺畅以及按时完成，估值有更大上升空间。

达证券行在公司短笺中说，调高产品售价是无可避免的。为保住忠诚顾客，速柏玛机构已竭尽所能延迟调高售价。但是乳胶价格继续上升以及高企，使到该公司无能力保持产品售价。最终，由于利润率下跌压力加剧至该公司无能力承受，速柏玛机构最近调高售价7％以及所有订单价格由2008年8月起生效。

这也是配合工业天然气价格调高71％至每100万英国热量单位（mmBtu）22.06令吉由8月起生效，使到速柏玛机构的生产成本增加1.50至2美元。目前，能源占总成本大约9％。由于该公司只有一家工厂采用生物质能，即是在越南；天然气价格调高将有立即影响。成本结构将有重大改变，燃油价格将占13％的整体生产成本。

较早前该证券行已预测调高售价。在最好的估计下，跟随顶级手套机构的决定将平均售价调高20％，是基于乳胶价格企高以及天然气价格上升。但是该证券行相当惊讶的是速柏玛机构宣布较小幅的调高7％，这可能是分开数阶段调高售价占取市场的策略。

乳胶价格继续上升之际，达证券行预测明年初速柏玛机构将再调高售价，赶上顶级手套机构。因此，2009财政年盈利预估中的调高售价20％保持不变。随着乾旱季节后，预测下半年乳胶价格继续上升以及较后时该集团将再调高售价。实际上在达证券行的模式中，速柏玛机构的产品平均售价是每1000只于28美元之间，较早前是23.40美元。

另一方面，速柏玛机构透露亚太工业重组计划遭受另一个阻碍。在该公司的较早前分析员汇报会上，它说，计划中筹集9850万令吉资金，将是来自发行亚太工业附加股，每股发售价13.5仙。但是，可能是由于最近市场交投较冷淡，附加股发售价将调低18.5％至每股11仙。因此该公司只能筹集8030万令吉，而不是去年较后时宣布计划中的9850万令吉。该公司没有透露资金用途当中，那一个将被削减。基于汇报会上的宣布，达证券行相信将延迟摊还银行贷款2500万令吉；而不认为将会削减计划中的资本开支，即是在森那旺以及爱大华的工厂重新装置生产线，因为这是收益来源。全球需求继续增加之际，削减这类资本开支是不明智的。

但是在估值中，达证券行没有纳入来自森那旺以及爱大华工厂新生产线的任何收益增长。目前仍然是过早预测新生产线是否按时完成装置，估计完成日期是2009年初。虽然成功筹集资金，但是数额已减低，不过这将是信心的标志。

http://www.kwongwah.com.my/news/2008/08/13/110.html

scsiang82

Monday August 25, 2008
Supermax second quarter profit down slightly


KUALA LUMPUR: Supermax Corp Bhd’s net profit for the second quarter ended June 30 fell to RM13.8mil from RM14.1mil a year earlier.

Its, however, revenue soared 49.3% to RM193.3mil from RM129.4mil.

Supermax said in a statement that the rise in revenue was mainly attributed to a capacity increase following the completion of the commission of 10 new lines at its Kamunting Raya plant in the first half of 2008.

“However, the group’s profit margins were affected by factors including the increase in the escalating cost of latex prices and the Government’s sudden announcement of steep increase in the electricity tariff by 26%, petrol and diesel pump prices which increased 41% and 63% respectively resulting in an increase in inland haulage, transportation and other indirect logistics costs,” said Datuk Seri Stanley Thai, executive chairman and group managing director.

He said the current margin squeeze was expected to be temporary as the management had taken steps to pass on the increased costs to the group’s distributors and customers.

He said the group also had to absorb the share of losses from associate company, APL Industries Bhd for the quarter. — Bernama

http://biz.thestar.com.my/news/story.asp?file=/2008/8/25/business/1876013&sec=business

scsiang82

Monday August 25, 2008 MYT 11:49:20 AM
More upside for Kossan


KUALA LUMPUR: OSK Investment Research sees more upside for Kossan Rubber Industries, underpinned by strong earnings growth and cheap valuations and is maintaining a “Buy” call at RM2.31 with a target price of RM4.60.

It said in a research note on Monday that Kossan’s first half earnings of RM28mil were within its estimate as net earnings grew 21.8% over the previous year, due to the completion of its expansion in the four quarter of last year.

However, quarter-on-quarter, earnings were flat due to production capacity constraints. It said with the natural gas issue settled and the downtrend in latex prices, “we see a positive outlook for the company”.

OSK Research said it was maintaining its earnings forecast and reiterated its “Buy” call with an unchanged target price of RM4.60.

It said Kossan’s earnings before interest, taxation, depreciation and amortisation (EBITDA) margin was slightly lower at 12.3% compared with 13.0% in the previous year due to rising latex prices since early 2008.

Despite the fluctuations in the latex price, Kossan maintained margins by passing on additional costs to its customers.

“We expect margins to improve in the next quarter as latex price began to fall early in July and has been on a downtrend since then,” it added.

OSK Research said Kossan’s expansion plan was going well. The construction of 11 new double-former lines was progressing well and was expected to start commercial production in 4Q this year.

The expansion would see production capacity increasing by another two billion pieces and the total amount would increase to 12 billion pieces per annum by end-2008/early 2009.

“We expect the new capacity to boost FY09 revenue by RM220mil and contribute some RM14mil to RM15mil in earnings,” it said.

OSK Research maintained its FY08 and FY09 earnings forecast at RM60.6mil and RM75.9mil respectively. Kossan’s net gearing of 0.52 time was supported by strong interest coverage ratio of 9.7 times.

http://biz.thestar.com.my/news/story.asp?file=/2008/8/25/business/20080825100420&sec=business

胖珠

有朋友在其中一家公司上班，说SUPERMX的前景不太乐观，资金流动管理不理想，工人被欠工资。。

scsiang82

谢谢你提供的资料。。。

invest_klse

原帖由 胖珠 于 26-8-2008 05:37 PM 发表
有朋友在其中一家公司上班，说SUPERMX的前景不太乐观，资金流动管理不理想，工人被欠工资。。

如果属实的话。。。。 那真的很不妙。。。。

Mr.Business

原帖由 胖珠 于 26-8-2008 05:37 PM 发表
有朋友在其中一家公司上班，说SUPERMX的前景不太乐观，资金流动管理不理想，工人被欠工资。。

我一直怀疑SUPERMX的帐目有可能不干净，希望不要让我说中，不然作为小股东就真的很悲哀了。。。

悶蛋

原帖由 Mr.Business 于 27-8-2008 08:05 AM 发表


我一直怀疑SUPERMX的帐目有可能不干净，希望不要让我说中，不然作为小股东就真的很悲哀了。。。

那你有没有怀疑顶级

Mr.Business

我没有怀疑顶级。不过如果Supermx有事，Kossan和顶级应该也没有好日子过。因为投资者会怀疑她们业绩的真实性。

Mr.Business

不要忘记Supermx的老板曾经因为APLI的事情被Bursa谴责罚钱，人品诚信可圈可点。

ThermoFisher

美國丁腈手套禁令解除　手套股海外擴展利好

2008年9月3日
　  
（吉隆坡2日訊）隨著美國Tillotson公司向美國國際貿易委員會要求，禁止丁腈手套（nitrile glove）進口到美國的申請不被接受後，大馬生產丁腈手套的公司，將能夠自由出口丁腈手套至美國，分析員認為，這對大馬手套業者來說，是一項大好消息。

Tillotson公司早前認為其他國家的製造商，侵犯其在丁腈手套的知識產權，而向美國國際貿易委員會申請禁令。

雖然Tillotson的申請不被批准，但是市場人士預料，該公司將會提出上訴。無論如何，手套業者並不認為該公司的上訴，會改變最終的結果。

聯昌國際投行分析員指出，以上的消息無疑是一項大好消息。

他指出，丁腈手套屬於高價格產品，而且大多數的需求來自於發達國家，隨著Tillotson公司的要求不被接受，這代表本地製造商能夠在不承擔任何知識產權費用的情況下，擴大在美國市場的覆蓋範圍，進而擴展海外業務。

該分析員指出，隨著上述禁令不被允許後，立佳手套控股（HARTA，5168，主板工業股）、速伯瑪（SUPERMX，7106，主板工業股），以及高產尼品（KOSSAN，7153，主板工業股），相信將成為主要的獲利者，因為這3家公司都有生產丁腈手套。

維持投資建議

聯昌國際投行分析員指出，雖然上述消息會刺激一些製造商的股價表現，但是，他們仍然維持對手套領域「加碼」的投資建議。

同時，該分析員表示，未來手套領域主要的催化因素，將會是美元走強、乳膠價格的修正，以及成功維持賺幅等。

另一方面，拉昔胡申研究分析員也對以上的最新發展持正面看法，不過，他則維持給予手套領域「中和」的投資評級，因為全球經濟放緩，或多或少將對手套需求帶來一些影響。

在眾多的手套股當中，高產尼品仍是拉昔胡申研究的首選股項。

ThermoFisher

公會：需求未受價格調升影響　膠手套出口料成長6%

2008年9月3日
　  
（吉隆坡2日訊）儘管原料價格走升，導致本地膠手套業者調升產品價格，不過，大馬膠手套製造商公會仍預測，本地膠手套出口銷量可望在今年成長6%。

膠手套製造商公會主席溫金行表示，隨著全球的需求逐漸提高，他們預料，今年膠手套出口將取得6%的成長，同時，在明年預料也將能夠取得同一幅度的漲幅。

他指出，令大馬膠手套出口額持續成長最重要的因素，是全世界對保健的概念逐漸提高，而這令膠手套的消費量日愈提高，其中印度、中國和越南的需求都很高。

現階段，該領域對歐盟的出口，已經取代大馬傳統的最大出口國─美國，成為大馬膠手套的最大出口地點。

除了這些傳統的膠手套進口國之外，包括中國、印度等國家對膠手套的需求，也在不斷的增加中。

溫金行指出，在2007年，我國的膠手套出口總額達到58億8000萬令吉。

他今日是在陪同種植與原產業部長拿督陳華貴，一起主持第四屆國際膠手套座談會的開幕儀式後，在記者會上如此表示。

另一方面，陳華貴指出，隨著需求的提高，膠手套進口商已經瞭解到，在原料不斷高漲的情況下，膠手套價格的提高，已經是不可避免的，而這種狀況在過去是很少見的。

領域整體展望正面

他說，儘管目前本地營運環境充滿挑戰，但是，膠手套領域的整體展望還是很正面的。

「在過去這幾年，全球市場對膠手套的需求，每年以約10%的速度增長，目前全球市場的使用量達到約650億雙。」

大馬繼續成為全球最大的膠手套生產國，目前為全球貢獻超過65%的手套需求量。

陳華貴表示，「不管本地業者生產的是天然膠手套，還是合成膠手套，我們都會確保生產出來的是品質最好的產品。」

傻人最有傻福

General Announcement

Reference No TGC-081015-E6C81

Company Name	:	TOP GLOVE CORPORATION BHD
Stock Name	:	TOPGLOV
Date Announced	:	22/10/2008

Type	:	Announcement
Subject	:	Top Glove Corporation Bhd ("the Company"or "Top Glove") - Final Dividend for the financial year ended 31 August 2008
Contents	:	TheCompany wishes to inform that the Board of Directors of Top Glove hadresolved to recommend a Single Tier Final Dividend of 12% for thefinancial year ended 31 August 2008, subject to the approval of theshareholders at the forthcoming Tenth Annual General Meeting of TopGlove. The Entitlement Date and Date of Payment in respect of the aforesaidfinal dividend will be determined and announced by Top Glove in duecourse. This Anouncement is dated 22 October 2008.

StockSniper

Top Glove 负债较低，储备高，牌子老，各人比较喜欢。