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。