【PPB 4065 交流专区】PPB集团

小女人下午茶~

1.83的PE是骗人的。

web

原帖由 Blog 于 2-3-2008 08:27 PM 发表
pe = RM10.80 / RM5.8926 ( eps 2007)

PE = 1.83 ( 选购五星级公司的股票，进行长期投资，可以赚钱！)

２００７ EPS包括卖PPBOIL，one-off exceptional gain，不能拿来算 PE。

itkang

CPO連跌兩天，

ppb怎麼啦，9.70，沒人回應，利好消息都出到完，

給「東方不破」說中，ppb不抗跌

publicpang

完全没有抗体.........

东风不破

么Over Value的股会有抗体的吗？
要是明天还有下个星期KLCI再狂跌的话，这股起码还有10～20％的下降空间。

Blog

PPB to spend RM300m on expansion
By Zaidi Isham Ismail Published: 2008/03/11

  
CONGLOMERATE PPB Group Bhd, which is controlled by tycoon Tan Sri Robert Kuok, plans to spend almost RM300 million this year in capital expenditure (capex) to expand its sugar, flour and cinema business operations.

PPB chairman Datuk Oh Siew Nam said out of the RM300 million, the group will spend RM104 million on its sugar refining and production facilities, RM150 million on flour operations and RM43 million for new cinema screens.

"Local expansion will be funded by cash, and our overseas operations will be partly funded by equity and bank borrowings," Oh told reporters at the group's headquarters in Kuala Lumpur yesterday when unveiling the company's 2007 financial results.

As at December 2007, the company's net cash was RM644 million.


It also disposed of palm oil estates, edible oils refining and trading arm to Singapore stock exchange listed Wilmar International Ltd for RM6.3 billion in March 2007.

For the fourth quarter ended December 2007, the company made a net profit of RM132.2 million compared with RM153.1 million in the comparable quarter a year before on the back of a RM810.8 million revenue.

Sugarcane business accounted for 16.7 per cent of revenue. The other businesses include grains trading, flour and feed (16 per cent), edible oils refining and trading (47.9 per cent), oil palm plantations (3.9 per cent), waste management and utilities (1.4 per cent), film exhibition (2.3 per cent), and property (1.3 per cent).

PPB owns an 18.3 per cent stake in associate company Wilmar, FFM Bhd in Pulau Indah Selangor, and Malayan Sugar Manufacturing Co Bhd in Prai, which is Asia's largest sugar refinery.

Oh said the outlook for 2008 will be complex and challenging with rising raw sugar and wheat prices while ocean freight remains volatile.

"The management will continue to overcome these challenges so that operating results for 2008 will be comparable to 2007," said Oh.

He added that PPB plans to increase its 18.3 stake in Wilmar when the price and time is right. "However, we will not buy right now due to Wilmar's high share prices riding on crude palm oil prices," said Oh.

PPB managing director and FFM executive chairman Tan Gee Sooi said the company will increase refined sugar storage and packing facilities in Kuala Lumpur and Prai this year, improve melting capacity and upgrade and enhance factory operations.

On its leisure business, PPB group senior manager (corporate affairs) Koh Mei Lee said the firm plans to open 23 screens in Putrajaya, Kota Kinabalu and Malacca as well as continuous upgrading of cinema facilities this year.

The group also declared a final dividend of 25 sen per share in 2007 involving a total payout of RM262.6 million compared with 15 sen per share in 2006 with total payout of RM172.5 million.

Blog

原料价虽左右营收 PPB有信心维持亮丽表现 2008/03/12 13:01:23
●南洋商报


（吉隆坡11日讯）PPB集团（PPB，4065，主板消费产品股）主席拿督胡兆南表示，尽管原料价格将会左右该公司的营业额表现，但是该公司有信心能够维持2007财年的盈利表现。


他说：“基于原糖与小麦价格高企，加上海运收费不固定，所以2008年是极具挑战的一年。”

“尽管如此，管理层将继续采取合适措施来应对挑战，让2008财年表现可与2007财年媲美。”

拟30％缴足资本派息

他还说：“我们计划在今年以公司缴足资本的30％，作为股息派发。”

胡兆南是在“媒体与分析员汇报会”上，作出上述表示。

与会者包括该公司董事经理陈义随、总财长梁彩英、企业事务部高级经理高美莉、子公司马来亚糖厂有限公司董事经理叶世信以及子公司PPB Hartabina私人有限公司董事依本汤姆斯。

胡兆南指出，该公司将耗资3亿令吉作为2008财年与2009财年的资本开销，即糖业务占1亿令吉、休闲业务占4千300万令吉以及面粉业务占1亿5千万令吉。

叶世信说：“我们将运用这笔资金来提升糖厂的库存与包装设备、改善溶化产量以及提升与加强厂房运作。”

另外，该公司计划于今年次季在布城Alamanda（只负责提供电影院管理服务）、亚庇以及马六甲开设电影院，总投资额为2千500万令吉。

高美莉说：“我们计划全面提升现有电影院的设备、与马银行（MayBank，1155，主板金融股）合作在更多电影院推行电子付费计划以及探讨海外商机等。”

“我们期望通过合作伙伴进军海外市场，目前已经和印尼商家进行初步洽谈，我们相信今年休闲业务的表现将会比往年更好。”

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或增持豐益國際&#8231PB可保不俗盈利                                          2008-03-12 12:54       
                                                        

                         

•                                                
                                                                                                   
                                                  PPB集團主席拿督胡兆南
  

                                                                                       
               
                                          

                                                        （吉隆坡）儘管2008年將面對原料價格與郵輪運輸費上漲隱憂，不過PPB集團（PPB，4065；主板消費品組）相信以其穩健營運方式與經驗下，料2008財政年仍能維持不俗盈利表現。
同時，對於17%間接子公司金鵬集團（TRANMIL，7000；主板貿服組）的賬目問題，PPB集團只表示已註銷所得盈利並額外撥備，而不願透露更多詳情。
該公司主席拿督胡兆南表示，由於全球面臨原料價格上漲利空，尤其麵粉與白糖等日常生活品料將受波及，加上許多原料進口來自巴西與澳洲等，運輸費高漲將面臨成本跟隨揚高風險，因此今年挑戰將更勝以往。
豐益國際積極貢獻
“雖然今年展望不明朗，國外銷售額也可能有下滑隱憂，不過在公司不斷拓展現有業務規模下，加上新加坡豐益國際（Wilmar）的強勁棕油業務貢獻，料可維持今年業務平穩度過。”
截至2007財政年，豐益國際貢獻PPB集團2億2600萬令吉，佔整體盈利約40%。目前PPB集團持有豐益國際18.3%股權，詢及是否有增持打算，胡兆南表示不排除這個可能，由於目前棕油業務前景明朗，一旦收購價格合理，將會繼續增持股權，惟他並無透露收購目標。
同時，該公司今年的資本開銷料超過3億令吉，其中白糖領域約為1億令吉，擴充麵粉提煉廠為1億5000萬令吉，休閒娛樂領域則為4300萬令吉等。
撥1200萬予金鵬
至於金鵬集團的財務危機，胡兆南解釋，原本紀錄應有的兩次盈利，即3500萬令吉與4100萬令吉，分別已在去年尾註銷外，該公司也額外撥出1200萬令吉至金鵬集團。
“這些數額只是符合對金鵬集團淨資產值的投資。至於其他方面詳情，恕我無法回答。”
派息標準不變
另一方面，胡兆南在今日（週二，11日）業績匯報會後指出，該公司將繼續維持派息標準為繳足股本除以成本的30%。去年派息率為41.1%或30仙。
至於旗下休閒娛樂與產業領域方面，前者除了今年將投資2500萬令吉，分別在布城、亞庇與馬六甲增建23家電影院外，也會進軍印尼電影院市場。
“產業領域目前也有幾項高級住宅區計劃在進行，分別是蕉賴、檳城與吉打。同時，公司會積極進行土地收購計劃，也會提高在產業管理業務表現。”

小巴菲

Name	:	KUOK BROTHERS SDN BERHAD
Address	:	18TH FLR WISMA JERNEH 38 JLN SULTAN ISMAIL 50250 KUALA LUMPUR
NRIC/Passport No/Company No.	:	1765-T
Nationality/Country of incorporation	:	MALAYSIA
Descriptions (Class & nominal value)	:	ORDINARY SHARES OF RM1.00 EACH, FULLY PAID
Name & address of registered holder	:	KUOK BROTHERS SDN BERHAD 8TH FLR WISMA JERNEH 38 JLN SULTAN ISMAIL 50250 KUALA LUMPUR

Details of changes
Type of transaction	Date of change	No of securities	Price Transacted (RM)
Acquired	04/03/2008	300,000
Acquired	05/03/2008	150,000
Acquired	06/03/2008	50,000

Circumstances by reason of which change has occurred	:	ACQUISITION
Nature of interest	:	DIRECT/INDIRECT
Direct (units)	:	492,329,170
Direct (%)	:	41.52
Indirect/deemed interest (units)	:	4,695,412
Indirect/deemed interest (%)	:	0.4
Total no of securities after change	:	497,024,582
Date of notice	:	11/03/2008

小巴菲

Name	:	EMPLOYEES PROVIDENT FUND BOARD
Address	:	TING 19 BGN KWSP JLN RAJA LAUT 50350 K LUMPUR
NRIC/Passport No/Company No.	:	EPF ACT 1991
Nationality/Country of incorporation	:	MALAYSIA
Descriptions (Class & nominal value)	:	ORDINARY SHARES OF RM1.00 EACH, FULLY PAID
Name & address of registered holder	:	1. EMPLOYEES PROVIDENT FUND BOARD TING 19 BGN KWSP JLN RAJA LAUT 50350 K LUMPUR 2. MAYBAN NOMS (TEM) SDN BHD 14TH FLR MEN MAYBANK 100 JLN TUN PERAK 50050 KUALA LUMPUR

Details of changes
Type of transaction	Date of change	No of securities	Price Transacted (RM)
Disposed	05/03/2008	40,000
Acquired	06/03/2008	1,824,600

Circumstances by reason of which change has occurred	:	DISPOSAL/ACQUISITION
Nature of interest	:	DIRECT
Direct (units)	:	77,054,850
Direct (%)	:	6.5
Indirect/deemed interest (units)	:
Indirect/deemed interest (%)	:
Total no of securities after change	:	77,054,850
Date of notice	:	13/03/2008

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我这里有个reseach,和大家分享


PPB Group Berhad

Grappling with Commodity Headwinds
Commodity prices to bedevil 2008; Wilmar is the saving grace
PPB Group Berhad (PPB) reiterated its guidance that 2008 will be a
challenging year due to rising prices of raw sugar and wheat and volatile
ocean freight rates. The management, under new Managing Director Mr Tan
Gee Sooi, will strive to overcome these challenges and achieve operating
results for 2008 which will be comparable to 2007. However, we still expect
PPB to post higher pretax profit in FY08, thanks to a full-year contribution
from the 18.33%-owned Wilmar (FY07: 6 months). Post the analyst briefing,
we are retaining our EPS projections

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Flush with cash; gross dividend sustainable at 30 sen per share
PPB is flush with cash of RM701m and debts of just RM57m as at 31 Dec
2007. As such, it should not have any problems financing its capital
expenditure of around RM300m in the next 2 years. And, with Wilmar paying
dividends in 2008, we expect PPB to maintain its gross dividends at 30 sen
per share in 2008.

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Eyeing more Wilmar shares; Transmile remains a headache
The management indicated that “it would like to raise its stake in Wilmar, if
the price is right.” On the other hand, Transmile Group Berhad (TGB) is
expected to be in the red in FY08 and may require future capital injections.
With additional losses in 2008, we believe PPB might need to make further
provisions for the impairment of the value of its investment in TGB.

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Free sugar & flour for the taking
Our sum-of-the-parts valuation is around RM12.95 per share, valuing its
assorted equity stakes in several listed companies at current market prices.
The market values of these securities are around RM12.4b (or around
RM10.47 per PPB share), implying that investors are getting the sugar, flour
and other operations for free. Interestingly, major shareholder Kuok Brothers
Sdn Bhd has been buying PPB shares while the Employees Provident Fund
has been trimming its stake.

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FY07 results
PPB held a briefing yesterday to provide an insight on its
FY07 results and the prospects in FY08.
PPB Group Berhad saw a weaker Q4, with a 43% Q/Q fall
in pretax profit to RM135m (Q3: RM238m), due to a
RM41m provision for advances made to the 25%-owned
Trinity Coral Sdn Bhd (which owns shares in Transmile
Group) and lower contribution from Wilmar International
Limited (as PPB excludes fair value accounting of
biological assets in line with its accounting policy).
Despite the weaker Q4, PPB reported higher EPS from
continuing operations of 43 sen in FY07 (FY06: 23.8 sen),
thanks to the equity accounting of Wilmar’s profit with
effect from Q2 2007, and better profits from sugar refining,
grains/flour/feedmill, film exhibition and property. PPB’s
share of Wilmar’s profit in FY07 was RM226m, and this
helped to offset its share of the loss of RM35m incurred by
Trinity Coral Sdn Bhd and a RM41m provision for
advances made to Trinity Coral. PPB also clarified that it
would make a further provision of RM12m in its audited
FY07 results to reflect its share of the net assets of
Transmile Group Berhad. As for its core operations, sugar
refining benefited from higher sales volume, especially in
the export markets. Grains/flour/feedmill saw higher
profits, with improved selling prices of specialty flour and
animal feed while film exhibition gained from the stronger
performance of blockbuster films. Property profit rose
thanks to gains from the sale of Masera units in Cheras
and higher rental income from its investment properties.
Other operations reported an EBIT loss of RM13m partly
due to the cessation of the glove operations in Indonesia.
Wilmar proposed a final dividend of 2.6 Singapore cents
per share, and PPB is slated to receive RM69m in
dividends from Wilmar. In line with its policy of distributing
all its dividends from Wilmar to shareholders, PPB has
proposed a higher final dividend of 25 sen less 26% tax.
This brings the total dividend for 2007 to 30 sen,
comprising an interim of 5 sen less 27% tax and 25 sen
less 26% tax (FY06: 5 sen less 28% tax and 15 sen less
27% tax).

33333

In a challenging year
PPB reiterated its guidance that 2008 will be a very
challenging year as a result of the rising prices of raw
sugar and wheat and volatile ocean freight rates. The
management, under new Managing Director Mr Tan
Gee Sooi, will strive to overcome these challenges and
achieve operating results for 2008 which will be
comparable to 2007. However, we expect PPB to post
a higher pretax profit in FY08, thanks to a full-year
contribution from Wilmar (FY07: 6 months).
Sugar refining & cane plantation
2008 is expected to be a challenging year for sugar
refining, with raw sugar prices firming to approximately US
14 cts now, as well as the volatile ocean freight rates.
Furthermore, the narrowing of the premium for white sugar
is expected to affect the volume and margins for its export
sales. Sugar is a price-controlled item in Malaysia, and the
Government set a ceiling price of RM1.45 per kg for
processed sugar. With the poor results in the recent 12th
General Elections, we believe it is unlikely that the
Government will agree to an increase in the controlled
price of processed sugar in the next few months.
Consequently, EBIT margins will be squeezed in 2008.
Fortunately, 500,000 tonnes of raw sugar (or 50% of the
domestic requirement) are supplied annually via a longterm
contract (the current price is US 9.5 cts per lb, the
contract is for 3 years). As for the balance 50% of the
domestic requirement, sugar refiners typically import raw
sugar from Australia and Brazil.

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Grains/flour/feedmill
As with sugar refining, this division also faces volatile raw
material prices and freight costs. Flour is also a pricecontrolled
item in Malaysia; the ceiling price for generalpurpose
flour is set at RM1.35 per kg. Although wheat
prices have shot to as high as US$16-17 per bushel now,
the Government has not allowed millers to raise the selling
prices of their general-purpose flour. As a result, flour
millers are under severe financial pressure as the
production cost of general-purpose flour is well above the
controlled price of RM1.35 per kg. Nevertheless, PPB is in
a better position to cope with the rising cost of wheat
because 70% of its output is specialty flour, which is not a
price-controlled item (only 30% of its output is generalpurpose
flour). In addition, its Vietnamese and Thai flour
operations should continue to perform well as they are
able to pass on the price increases in raw materials
because flour are not price-controlled items in these
countries.

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Film exhibition
Golden Screen Cinemas, a leading player with a market
share of 42% (by collections) in 2007, should improve its
performance in 2008. That’s on account of the full-year
contribution of 3 cinemas which were opened in Q4 2007,
the opening of 3 new cinemas in 2008 and the strong lineup
of blockbuster films. PPB intends to spend RM25m in
2008 to open 2 new multiplexes, increasing the number of
screens to 159.

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Associates
i. Wilmar International Limited
Share of profits from Wilmar in 2008 will be higher, with a
12-month contribution as opposed to 6 months 2007.
Wilmar contributed RM226m of net profit to PPB Group in
FY07. In arriving at Wilmar’s contribution to PPB’s
earnings in FY08, we have used the consensus FY08 net
profit of US$870m. The management indicated that “it
would like to raise its stake in Wilmar, if the price is right.”
ii. Transmile Group Berhad
Transmile Group (TGB), which made a net loss of
RM280m in FY07, is expected to be in the red in FY08.
The turnaround plan includes a change in business focus
back to Asia and eventually ending its MD-11 flights to
USA. It may need to raise cash either through capital
injections or the sale of planes to meet its debt obligations.
With additional losses in 2008, we believe PPB needs to
make further provision for the impairment of value.
Cash-rich; dividends sustainable
PPB is flush with cash of RM701m and debts of just
RM57m as at 31 Dec 2007. As such, it should not have
any problems financing its capital expenditure of around
RM300m in the next 2 years. And, with Wilmar paying
dividends in 2008, we expect PPB to maintain its gross
dividends at 30 sen per share in 2008.
Investors getting a sweet deal
Our sum-of-the-parts valuation for PPB is RM12.95 per
share, valuing its stakes in several listed companies at
current market prices. The market values of these
securities are already around RM12.4b (or around
RM10.47 per PPB share), implying that investors are
getting sugar, flour and other operations for free.

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Table 6: Sum-of-the-Parts Valuation
Segments               FY08EBIT               Assumed                    Segmental
                                 (RMm)                   multiple(x)                  valuation (RMm)
Property                       18                           10                                  187
Sugar                         110                           10                                1102
Livestock farming           6                           10                                    56
Grains, flour, feedmill   50                           10                                  500
Film exhibition              28                           10                                   281
Waste mgt & utilities      2                            10                                    20
Packaging                     2                            10                                    15
Chemical trading           8                            10                                    84
Other operations         24                            10                                  238
Enterprise value                                                                              2482
Listed investments (table 7)                                                          12417
Net cash                                                                                            601
Minority interests                                                                             (147)
Equity value                                                                                  15353
Share capital                                                                                  1186
Equity value per share (RM)                                                          12.95


Table 7: Listed investments
                                      Share    PPB’s
                                       (m)     effective    No ofShare  shares   Value     ValuePPB
                                                   stake                             Price    share
                                                      (%)             (m)         (RM)       (RMm)       (RM)
Wilmar International *    6386      18.3          1168.6        9.55       11156     9.41
Tradewinds (Malaysia)    297      10.9              65.0        3.98           129     0.11
Redtone International     252        8.61             21.7       0.55             12      0.01
M’sian Bulk Carriers      1000     14.0             140.0        3.96           554      0.47
Transmile Berhad           270       4.3               46.4         1.59            18      0.02
Foreign shares #                                                                              548      0.46
Market value                                                                                 12417    10.47