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GCB (5102) : GUAN CHONG BERHAD
airasia
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08 Feb 2012, 01:02 AMPost #1
GUAN Capacity fully booked in 2011 @ 130k MT.

Estimate RM1388.5/ MT EBITDA yield, FY2011 EBITDA achievable at 180.5m, giving 47.3% yoy improvement.

Supply/Demand situation

World cocoa S/D FY12 maintain un-balance.
December 2011, the ICCO daily price averaged US$2,197 per tonne, down by US$331 compared to average price recorded in the previous month (US$2,527). Prices ranged between US$2,305 and US$2,099.

The ample supply of cocoa beans from West Africa (Côte d’Ivoire 676k MT, Ghana 557k MT),added to the downward pressure on cocoa prices and world demand.

This has added pressure to GUAN inventory RM472m Q3 stock up earlier at higher price and forcing defer deliveries.

Aside from GUAN continue to improve product mix by increasing the cocoa cake and cocoa powder, the price/ demand increased the earning risk for Q4-Q1.

Unrealised loss arising from foreign exchange due to appreciation of US Dollar in Q4 vs lower effective tax rate at Batam revenue was setting mix impact.

FY11 eps expected to be on-par with FY10.
Jacky
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08 Feb 2012, 12:11 PMPost #2
Hi Airasia,

So, what is your opinion? Do you think it is worth to buy now? A bit high now.
airasia
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09 Feb 2012, 12:07 AMPost #3
Bottomline, any good justification to invest GUAN?

Fast Stochastic at overbought.
ILoveDividend
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09 Feb 2012, 10:30 AMPost #4
Bottomline, any good justification to invest GUAN?

Fast Stochastic at overbought.airasia @ 09 Feb 2012, 12:07 AM


I never study this stock in details. But from what i know, its suddently jump in revenue & profit is because of the drastically rise in cocoa price. It looks like it its business is easily affected by the raw material. I think the key is whether their business can be continue improving or sustain for next few years?
airasia
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26 Feb 2012, 12:59 PMPost #5

Risk increased with:

- Loans and borrowings increased to 427.7million (from 192.8million)
- Trade and other payables increased to 161.9million (from 71.8million)
- Net negative cash flow (for asset investment)
- High holding inventories from 156million to 466.4million

While the rational is unclear behind the 4cents div into:
- 2cents first interim dividend for year 2012 +
- 2cents final div for year 2011 (pending AGM approved)
airasia
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10 Mar 2012, 04:45 PMPost #6
Post-results analyst briefing

FY11 performance
- net profit RM123.0m (+21.6%), revenue RM1,382.8m (+19.2%)
- total production tonnage 126.6 MT (+57.5% y-o-y)
- sales tonnage stood at 108.9 MT (+37.5% y-o-y)
- installed capacity 140 MT

Capacity expansion
- on track Batam plant Phase 2 expansion (grinding capacity 60k MT) commissioning is targeted around April/May 2012.
- Guan Chong would rank as the fifth largest cocoa processor in the world based on total production capacity of 200k MT

GUAN remained optimistic with :
- ensure smooth running of the enlarged operations (secured orders for 140k MT of its existing capacity) driving higher volume and product mix.
- seek sales opportunities. New clients added end 2011 were (Transmar Commodity Group Ltd US, ADM International Sarl Switzerland and Euromar Commodities GMBH Germany)

airasia
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11 Mar 2012, 01:33 AMPost #7
sharing...
to those who interested to understand cocoa commodity and its industry structure, here is an article from unctad.

United Nations Conference on Trade and Development. http://www.unctad.org/infocomm/comm_docs/docs/official/ditccom20081.en.pdf

Cocoa Study: Industry Structures and Competition


It oulined why GUAN need to invest hard to expand the annual grinding capacity and ventured into downstream to purchase a factory at Tanjung Pelepas port, Johor for industrial chocolate production.
kkchong
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12 Mar 2012, 09:24 AMPost #8
sharing...
to those who interested to understand cocoa commodity and its industry structure, her...airasia @ 11 Mar 2012, 01:33 AM


Thanks for sharing. Good info.thumbup
kkchong
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12 Mar 2012, 09:26 AMPost #9
巴淡擴展完成 源宗全球第5大

(吉隆坡10日訊)一旦位於印尼巴淡(Batam)廠房次階段的擴充完成,源宗集團(GUANCHG,5102,主板消費股)總產量將達20萬公噸,並成為全球第五大可可生產商。

在巴淡首階段新廠較高的產量帶動下,該公司去年總產量達126.6公噸,按年增長57.5%;銷售量則達108.9公噸,按年上升37.5%。因此,這促使其營業額和淨利分別取得19.2%和21.6%增長,至13億8280萬令吉和1億2300萬令吉,符合黃氏星展唯高達研究的預測。

源宗集團預計,今年會研磨17萬公噸的可可豆,而黃氏星展唯高達研究的預測為17萬5000公噸。同時,該公司已成功取得14萬公噸的訂單,其中8萬公噸在巴西古當(Pasir Gudang)生產,剩餘6萬公噸則是在巴淡。

涉足下游業務

「一旦位於巴淡的廠房第二階段的擴充計劃完成後,源宗集團將成為全球第五大的可可生產商,總產量達20萬公噸。在規模不斷的擴大下,該公司於去年成功爭取到3位新客戶,分別是Transmar原產品集團、ADM國際Sarl和Euromar原產品GMBH,同時,該公司目前仍在與兩家跨國企業(MNC)洽談新銷售訂單。」

此外,該集團已擴展至下游業務,即收購靠近柔佛丹絨柏勒巴斯港口的廠房,以生產巧克力。該巧克力廠房的產能料將從每年2400公噸,在2013財政年首季提高至1萬零400公噸。無論如何,該公司在首數年所貢獻的淨利料微不足道。

整體而言,分析員維持該公司2012和2013財政年的淨利預測為1億3180萬令吉,及1億4960萬令吉,分別按年增長7.2%和13.5%。同時,分析員也重申該公司「買進」的投資建議,以及2.80令吉的目標價格。

同時,分析員預計,該公司2012財政年將派發12.4仙的股息,即相等於5.5%的週息率。

http://www2.orientaldaily.com.my/read//2RTX0U4k15SR2Qca05Zq3BFZ1dZ21G4u
eelyn
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20 Jul 2012, 11:55 PMPost #10
http://www.theedgemalaysia.com/business-news/217301-guan-chong-gets-shareholder-nod-for-secondary-listing-in-singapore-.html
okass87
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22 Aug 2012, 06:39 PMPost #11

http://investor.net.my/pdf/5102_GuanChong_2Q12_PR_Final_120822_Letterhead.pdf
okass87
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22 Aug 2012, 06:40 PMPost #12
GCB Q2-2012 Financial Statement

http://guanchong.investor.net.my/wp-content/uploads/2010/10/GCB-2ndQ2012-Interim-Financial-Statements.pdf
okass87
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22 Aug 2012, 11:34 PMPost #13

Guan Chong upbeat on Batam contribution

http://www.btimes.com.my/Current_News/BTIMES/articles/20120822160116/Article/index_html#ixzz24Hu6n4Rb

KUALA LUMPUR: Leading cocoa processor, Guan Chong Bhd is optimistic of its recently-commissioned second production line in Batam, Indonesia, expecting it to contribute positively to its financial performance in the second half of this year.

Managing director and chief executive officer, Brandon Tay Hoe Lian, said the new Batam line will mitigate the already maximum capacity utilisation situation at its cocoa processor plant in Pasir Gudang, Johor and the first production line in Batam.

"In fact, we expect to do better in the second half of 2012 since our second line in Batam added 15,000 metric tonnes only in late June to give us an overall production capacity of 50,000 metric tonnes per quarter.

"This is expected to allow Guan Chong to maintain, if not a better financial year 2012 performance when compared to financial year 2011," it said in a statement today.

Guan Chong's Pasir Gudang plant has an annual production capacity of 80,000 metric tonnes while the first production line in Batam has the annual capacity of 60,000 metric tonnes.

The second production line in Batam also has 60,000 metric tonnes annual capacity.

Quoting media reports, Tay said demand for chocolate and chocolate-based food and beverages products from markets like United States and the Euro zone have come down due to their sluggish economic performance, and this has impacted many cocoa ingredients producers.

"This drop in demand, however, has been slightly mitigated by continuing demand from emerging markets like China, India, Indonesia and the Philippines, which have benefitted from a growing young population and improving personal spending power," he said.

For the six-month period ended June 30, 2012, Guan Chong's net profit grew 3.2 per cent to RM66.6 million on the back of a higher revenue of RM667.2 million, up 6.8 per cent year-on-year. --BERNAMA



okass87
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23 Aug 2012, 10:31 AMPost #14

好业绩抵销坏消息 源宗收窄跌幅

http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=21200:&Itemid=198[/url]

吉隆坡22日讯)源宗集团(GCB,5102,主板消费股)上週取消新加坡的上市计划后,该股在週三开市时大跌;然而隨著该公司在早盘休市后公佈亮眼的业绩表现,该股午后逐步收復失地。

源宗集团早盘以全天最高的2.98令吉开盘,隨后股价节节败退,一度触及2.86令吉全天最低价位,创6月27日的两个月新低。无论如何,隨著业绩的利好消息在午盘前公佈,该股逐步收窄早盘跌幅,最后收在2.95令吉,下跌6仙或1.993%。该股全天成交量达193万2700股,交投相当活跃。

源宗集团上周五(17日)宣佈,取消在新加坡股市寻求二级上市的行动,不过2送1红股计划则如期进行。同时,该公司在週三宣布,该批红股將在9月7日除权。

次季净赚3530万

此外,该公司也公佈其2012財政年次季(截至6月30日)净利按年上升2.47%,至3530万令吉;营业额则下挫6.51%,至3亿1284万令吉。

其上半年净利也增长3.21%,至6660万令吉;营业额同样上扬6.81%,至6亿6718万令吉。

配合业绩的公佈,该公司也宣布派发每股2.5仙的第三次免税单层的中期股息,並在9月5日除权。

该公司董事经理郑贺联相信,该公司2012年下半年的业绩將持续获得改善。

「位於巴淡的第二条生產线,在6月杪投入运作,產能料增加1万5000公吨,可为每季度提供5万公吨的產能。」
okass87
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23 Aug 2012, 12:30 PMPost #15

Guan Chong keeps options open

http://biz.thestar.com.my/news/story.asp?file=/2012/8/23/business/11896884&sec=business

PETALING JAYA: Guan Chong Bhd, which aborted its secondary listing exercise in Singapore on valuations issues, is still keeping its options open.

Managing director and chief executive officer Brandon Tay said that the possibility of a secondary listing in the republic had not been closed.

When asked whether a strategic investor was on the cards, Tay, in an email to StarBiz, said:“We have received proposals from strategic investors that want to come in with a significant stake in Guan Chong. Well, funds from them would be good, but we still need to see if they are a right fit to our growth plans.”

The shares and warrants of Guan Chong Bhd continued to slide on the back of its scrapped secondary listing plans, announced last Friday. Many investors were disappointed as to why the listing was aborted so soon especially since it had received the shareholders' approval last month.

Forum | MalaysiaStock.Biz

Tay: ‘We had hoped to raise for Guan Chong an amount of between RM80mil and RM100mil.’

Last Friday, Guan Chong said it was not proceeding with its secondary initial public offering (IPO) “for the time being”. In a statement, Tay said that, after much consideration, it wished to reassess its strategic directions with regard to capital requirements for expansion.

Guan Chong shares fell six sen to RM2.95 on volume of 1.93 million shares while the warrants shed four sen to RM1.02 on volume of 238,200 shares.

Guan Chong Bhd shareholders approved the company's plan for a secondary listing in Singapore at an EGM at the end of last month.

With that approval, Guan Chong said that it concluded all the necessary approvals needed from the relevant stakeholders in both Malaysia and Singapore.

On the listing in Singapore, Tay said that it was looking at valuations that were close to what its shares were currently traded on Bursa Malaysia.

“We had hoped to raise for Guan Chong an amount of between RM80mil and RM100mil,” he said.

In the last two years, Guan Chong had invested RM150mil in its Batam facilities, funded mostly by internal funds and some bank borrowings.

An observer close to the deal said the company scrapped the dual listing plan as it could not get the valuations it wanted in Singapore. Furthermore, fund raising was not going as smoothly as planned.

Presently, Guan Chong shares are trading at seven times price earnings ratio (PER) based on its financial year ending Dec 31, 2012 earnings. Consensus estimates is for Guan Chong to deliver earnings per share of 41 sen this year, and 47 sen next year. At 47 sen, it would be trading at a PER of 6.27 times.

A newswire had reported that Guan Chong might scrap its listing in Singapore in favour of selling a stake via corporate exercise. The report had speculated that the listing would be scrapped if a significant stake in Guan Chong was sold to another company prior to the listing.

Guan Chong had then refuted the report and said that its secondary listing remained intact. It added that it had undertaken roadshows to target potential institutional and strategic investors who were interested tin the company.

For the second quarter to June 30, Guan Chong's net profit was up 2.41% to RM35.3mil on the back of a 6.51% decrease in revenue to RM312.84mil. Thus, for the first half period, net profit was up 3.21% to RM66.61mil on the back of a 6.81% increase in revenue to RM667.18mil.

The company is also giving shareholders a third interim tax-exempt dividend of 2.5 sen for the period.

In a statement, Guan Chong said that it was optimistic that its recently-commissioned second production line in Batam, Indonesia, would contribute positively to its financial performance in the second-half, after having witnessed maximum capacity utilisation at both its plants in Pasir Gudang and Batam for the quarter ended June 30.

Guan Chong ground 36,217 tonnes of cocoa beans in the second quarter, slightly more than its installed optimal combined capacity of 35,000 tonnes per quarter at both facilities. The same quarter last year saw Guan Chong grinding only 32,139 tonnes.

The company's bonus issue is on track, and will entail an issuance of up to 159.9 million new shares of 25 sen each. The entitlement date is on Sept 11, while the bonus shares will be listed on Sept 12.

okass87
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23 Aug 2012, 12:31 PMPost #16

Guan Chong rebounds after management's assurance, bonus issue

http://biz.thestar.com.my/news/story.asp?file=/2012/8/23/business/20120823110437&sec=business

KUALA LUMPUR: Guan Chong Bhd's share price staged a mild rebound on Thursday, climbing to a high of RM3.04 after the management gave an assurance it was still keeping its options open while the bonus issue plan was still going ahead.

At 10.45am, it was up nine sen to RM3.04 with 209,100 shares done. Its warrants, GCB-WA added three sen to RM1.05.

The FBM KLCI was up 1.76 points to 1,654.01. Turnover was 360.92 million shares valued at RM265.90mil. There were 194 gainers, 234 losers and 286 counters unchanged.

Guan Chong managing director and CEO Brandon Tay said that the possibility of a secondary listing in the republic had not been closed.

He also said the company had received proposals from strategic investors that want to come in with a significant stake in Guan Chong but they would have to be a "right fit to our growth plans".

Hwang DBS Vickers Resarch (HDBSVR), in a research note on Thursday, maintained its HOLD rating and target price of RM3, pegged to 7.5 times FY13 forward fully diluted EPS of 40 sen.

"The stock - which hit a low of RM2.86 (-5.0%) before closing at RM2.95 (-2.0%) yesterday after it scrapped dual-listing plans in Singapore - may find downside limited by 4.8% FY13F net dividend yield and low 7.1 times fully-diluted P/E," it said.

In the second quarter to June 30, Guan Chong's net profit rose 2.41% to RM35.3mil on the back of a 6.51% decrease in revenue to RM312.84mil. For the first half, net profit was up 3.21% to RM66.61mil on the back of a 6.81% increase in revenue to RM667.18mil.

It also declared a third interim tax-exempt dividend of 2.5 sen for the period. Guan Chong's bonus issue was also on track and it would entail an issuance of up to 159.9 million new shares of 25 sen each. The entitlement date is on Sept 11.

ILoveDividend
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23 Aug 2012, 12:35 PMPost #17

Guan Chong rebounds after management's assurance, bonus issue

...okass87 @ 23 Aug 2012, 12:31 PM



Hi okass,

Looks like you are really familiar with GuanChong. Do you know why its business/profit suddently jump since 2010? They were not doing that well before year 2010. I'm wonder if there is any major change in thier business in 2010?
Thanks in advance. notworthy
okass87
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24 Aug 2012, 12:06 AMPost #18

中期股息2.5仙 源宗集团净利微扬2%

http://www.nanyang.com/node/471928?tid=462

(巴西古当22日讯)区域最大可可生产商之一的源宗集团(GCB,5102,主板消费产品股)截至今年6月30日第二季,净赚3530万2000令吉,比上财年同期的3445万令吉,按年微扬2.47%。
现财年同季营业额按年跌6.51%至3亿1284万3000令吉,上财年同期3亿3464万1000令吉。
现财年次季每股盈利报11.12仙,比上财年同期的10.84仙微扬0.28仙。

厂房使用率增

鉴于现财年次季净利增长,公司董事部宣布,建议派发每股2.5仙中期股息。
现财年首半年业绩方面,净利按年涨3.21%至6660万5000令吉,营业额则按年扬6.81%至6亿6718万3000令吉。
源宗集团指出,现财年首半年业绩归功公司致力提高两间分别位于柔佛巴西古当及印尼巴淡的厂房使用率。
同时,公司乐观巴淡厂房最近启用的第二条生产线,可为现财年下半年积极贡献。
源宗集团董事经理兼总执行长郑贺联在文告中表示:“尽管经济环境艰巨,我们仍成功保持上半年的营业额与盈利表现,这有赖新兴市场需求不断增长。”

2送1红股

“实际上,我们预计下半年的表现会更好,因为我们于6月杪在巴淡厂房增设第二条生产线,可额外增加1万5000吨产量,让每个季度整体产量增至5万吨,有助公司在现财年取得更好或至少保持上财年的表现。”
源宗集团稍早前曾宣布以2配1方式派送1亿5875万2929股红股,除权日已定在今年9月7日(周五),享有权益日期则落在9月11日(周二)。

搁置狮城上市拖累股价

源宗集团搁置次级上市新加坡交易所计划连累股价今日节节败退。
该股今早以2.98令吉低价报开,挫3仙,之后股价不断往下探,更一度跌至2.86令吉,为全日最低价位。
截至早盘休市,该股以2.88令吉暂休,下跌了13仙或4.32%,半天成交量有104万6600股。
复市后,该股走势仍然疲弱,在不敌卖压下最后以2.95令吉挂收,降6仙或1.99%,全日总成交量达193万2700股。

okass87
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24 Aug 2012, 12:10 AMPost #19

To: ILoveDividend

I'm posting the information here is for information purpose. Just a sharing, indeed I'm holding GCB share.

Hope you were keep updated with the news posted.

Happy Investing rolleyes

Thanks.
okass87
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06 Sep 2012, 11:17 PMPost #20

thumbup Bonus issue is coming thumbup

yeah doh drool lol mad notworthy question rant rolleyes sad shutup shy smile star sweat thumbup wub cry

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