2015年9月2日星期三

3107 Fimacor

最近马来西亚的股市还是不稳定,连续上了几天后就在半路被阻止了。今天的指数也再次跌破1600的信心指数,来回不到一个月的时间。下一个支撑点是在1531,再跌破这个点就真的不知道发生什么事了,有可能是反弹,也有可能一路向南走了,毕竟这位“市场小姐”的情绪很不稳定。在这个小熊市的时候,指数的 Put Warrant 和 Call Warrant 也变了uncle aunt 的话题了。不过我今天留意到一点,那就是虽然指数是跌的不过指数的 Put Warrant 和 Call Warrant 都反道而行,不知明天会不会顺 Call Warrant 的意然后反弹一天呢?另外在这熊市里也做了一些功课,让自己的脑清醒了一点。接下来是介绍功课了:


Company review
  • Month March to June is the Q1 report of company.
  • Core business is Printing and Trading of Security and Confidential Documents.
  • Secondary business is Oil Palm Plantation, located in Indonesia, PT Nunukan Jaya Lestari.
  • Third business is Property which is Plaza Damansara Buiding.
  • Kumpulan Fima, KFIMA (6491) is mother share of Fimacor due to indiect 60% shareholding by Fima Metal Box.
Personal Comment
  • Challenges faced Fimacor are weak Malaysia Ringgit and CPO commodity prices.
  • Security and confidential documents business should be stable for Fimacor, so the one thing to be worried is the oil palm plantation.
  • Biological assets amounted to RM 44,877,000 in AR2015. It is increased to RM 45,212,000 in latest Q1''2016.
  • Profit before tax margin of confidential document, oil palm and property business is estimated approximately 16%, 29% and 20% respectively.
  • Fimacor is a pure zero borrowing company.
  • Latest cash per share is RM 0.66 and this is net cash per share of company is RM 0.64.
  • With criteria NTA 2.35, Fimacor is undervalued by RM 0.12 or 5%.
  • ROE is maintained above 10% level.
  • DY of Fimacor also maintained above 5%, dividend investor's favorite.
  • Fimacor's volume transaction in stock market is low. 
Additional Information
  • End of year 2014, Fimacor acquired Gabungan Warisan Sdn Bhd and Next Oasis Sdn Bhd. This acquisition activity aim to expand company's plantation land bank.
  • Plantation expected maintains high fresh fruit bunches production in coming year.
  • Compared with revenue in 2014, Security and confidential documents, Plantation and Property business recorded 10%, 4% and 1.5% in growth rate respectively.
  • First time Fimacor buy back its shares after year 2009. Buy back activity on 17th and 18th August at price 2.2 and 2.22 respectively.
  • Latest treasury shares of Fimacor are 3,935,100.
  • For revenue part, there are 72% located in Malaysia and others 28% are located in Indonesia.
  • The land area for oil palm plantaion in Indonesia is 46,642.90 acre. Its net book value worth RM 29,985,856. So NBV per acre is RM 642.88.
  • On the other hand, the land's revenue per acre is RM 2269.24. It is 3.5x of the NBV per acre.

  • This is palm oil statistics in year 2014, derived from http://www.indexmundi.com/agriculture/?commodity=palm-oil&graph=production
  • Fimacor's plantation division located at Indonesia. It may competitively but few advantages will take by company.


  • Average Palm Oil price is REM 2203 per MT.
  • A 7.5 sen or RM 0.075 final dividend going ex-date on 22/9/2015.
Question
1. Reason long term borrowing digit in AR2015?

Answer
1. Is is belong to two new acquired subsidiaries, that is Gabungan Warisan and Next Oasis.



本文只供参考。共勉之。

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