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CANONE (5105) : CAN-ONE BERHAD
erkongseng
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Posts: 285
Joined: Mar 2014		 14 Nov 2015, 06:34 PMPost #21

建裕股權‧豐田通商虎視眈眈

（吉隆坡14日訊）知情人士透露，豐田集團貿易臂膀，豐田通商（Toyota Tsusho）仍有意收購建裕珍廠（KIANJOO,3522,主板工業產品組）的控股股權，並已諮詢國際金融顧問公司。該金融顧問已聯繫建裕珍廠的控股股東——冠旺（CANONE,5105,主板工業產品組）。


建裕珍廠對豐田通商（Toyota Tsusho）有意收購消息不願置評。

冠旺是擁有32.9%股權的單一大股東，而冠旺的大股東為其非執行董事楊仁和，他也是建裕珍廠的董事經理。


建裕珍廠不置評
大股東未回复
在聯繫時，建裕珍廠不願為此事置評，楊仁和也未回复。
回溯當時，豐田通商是在去年3月向建裕珍廠發非約束性投資意向書，表示有意以每股3令吉74仙收購建裕珍廠51%股權，高於Aspire Insight私人有限公司（AISB）的3令吉30仙。
在2013年11月，AISB也曾欲以14億7千萬收購建裕珍廠的資產及債務。
AISB是僱員公積金局（EPF）及首席營運員兼執行董事徐啟良共同成立的一家特別通途公司。
或與AISB競購
若豐田通商正式向建裕珍廠出價，或許就會跟AISB掀開競購戰。
若競購戰開打，豐田通商會因馬幣走跌而得到更高的金融實力。
當馬幣兌美元在3令吉60仙時，豐田通商出價為8億3千令吉，大約2億3千萬美元。若2億3千萬美元是豐田通商收購預算，以目前馬幣兌美元4令吉20仙而言，豐田通商可把收購價格提高至每股4令吉。
以營運能力而來，建裕珍廠比去年更有吸引力。
建裕珍廠在前3季裡，無論在營業額及淨利上都不斷成長。截至6月30日，半年營業額成長至7億3千770萬令吉，淨利也成長6千350萬令吉。
同時，建裕珍廠債務也下跌至1億5千110萬令吉，保留盈利則增加17%至10億8千萬令吉。
擁有建裕珍廠控股股權的另一個知情人士表示，收購建裕珍廠可讓豐田通商在東盟擴充消費者產品業務，也可為該公司的原料業務提供固定及穩定的客源。對豐田通商而言，這是垂直整合。
設立于名古屋及東京的豐田通商，主要供應鐵、鋁、鐵板等跌制產品。建裕珍廠。本地的鋁罐包裝領頭羊每年需要5萬5千至6萬噸的錫片和3萬5千噸鋁片。
若豐田通商提高收購價，AISB也可能會提高價格。
冠旺是大贏家
到最後，冠旺將會是這次競購戰的大贏家，這可為該公司在建裕珍廠的投資釋放更多價值。
而且，值得注意的是，建裕珍廠並非讓大股東急欲脫手的陷困公司，相反的，該公司非常穩健，過兩年的財務表現更是耀眼，累積持有龐大現金與盈利。
金屬罐包裝具成長動力
追求強勁盈利增長者可能對金屬罐包裝領域興趣缺缺，但相信與否，一些銷售活躍的金屬罐製造商，卻面對產能不足問題。
建裕珍廠（KIANJOO,3522,主板工業產品組）因柔佛珍（JOHOTIN,7167,主板工業產品組）無法應對顧客過高的需求及優先考慮乳製品包裝，而由後者手中贏得一些顧客。
這或許是市場開始對建裕珍廠、冠旺（CANONE,5105,主板工業產品組）及柔佛珍購興增加的原因，導致這3家金屬罐包裝公司股價走高10至94%。

根據theedgemarkets.com，冠旺及柔佛珍出現企業活動的可能性很高。
行業專家相信，近期有關公司股價走揚，主要是由基本面強穩、乳製品需求強勁、生產成本低及匯率利多帶動。
“業者具原料價格下滑優勢，目前鋁價處於低水平紀錄，鐵價疲弱及馬幣走疲也為涉及出口業務的公司加分。＂倫敦金屬交易所3個月期貨顯示，鋁價跌26%至每噸1千518美元；馬口鐵售價則每噸介於800至900美元；馬幣兌美元則在一年內下跌30%，令出口業務受惠，也讓製造商進口成本增加。
明年或漲價7至8%
考量潛在匯率風險、能源價格及過路費調漲，金屬罐業者正在醞釀明年調漲價格7至8%，以轉嫁成本給顧客。
業者認為，長期而言，金屬罐領域屬夕陽工業，促使冠旺及柔佛珍多元化至食品及乳製品領域，以降低對傳統金屬罐製造業的依賴。
不過，部分人士並不認同金屬罐包裝業務是夕陽工業，因大部分業者依然為訂單忙碌及拓展產能。（星洲日報／財經‧The Edge專版）

erkongseng
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Joined: Mar 2014		 19 Nov 2015, 10:58 AMPost #22
rolleyes
2015年11月18日星期三
canone 5105 破了rm4.00,是否还有上升之路---
Kianjoo Q3 净利4424/3=1474万,贡献canone 7.6 sen 净利了,
Canone Q3 估计eps有18 sen,
Q1+Q2=24.5, Q3=18,Q4=18 全年eps=60 sen ,pe=10 ,stock price=rm6
a)转贴--
SOP ****兵慌马乱，心乱乱？除了汇率，对股值有影响吗？现在应该做什么？听多消息听杂音？
Author: SOP2 | Publish date: Fri, 14 Aug 2015, 01:59 PM

yes 如果你投资的是股票，别再理会杂音。

yes 披甲准备出征，price is what you pay, value is what you get.

1* 经过估价后，选出一批精英，淘汰一些至足以组成一支队伍，准备上场比赛。

2* 挑选过程，经过计算，那个股会比较有潜能，策略二悌级或三梯级，跌多后由上买下，摊平持股。
最好买下摊平不要少过15%，虽然已超低价.得看个股为准。

3*要知道买到何价算便宜？比底部不超过20%是很理想。

4*如果第二级才回弹，可考虑卖一级，持一级。（因为到时会有选择机会和循环出现。）

5*懂得利用 技术交易者，可进行 buy on dip ,sell on strength交易，未必需要长期持有.(不是沿慢上升或下跌。）

兵荒马乱，心不乱。路的盡头有花开。赚钱需冒计算过的风险。

b)
投资股票的“黄金法则”就是只买会赚钱的公司，最好是盈利每年都在增长的公司。
也就是所谓的成长股，冷眼前辈称之为优质二线股。而官有缘先生更是只买EPS不断增长爆发的公司，
当中包括了VS, LATITUD, POHUAT, LIIHEN

c)
现在只是食品股的刚復苏，路还很長，也有很好的机会，进 canone可固定收股息,
并享受到资本上升,任何的投资都具有风险,我觉得这个股风险小.

正确机率多才能成功
所以，总括一句，我们只是平民散户，通过本身对投资的喜好和研究，希望（努力）在股市中挣到不错的回酬，
什么大师专家，受之有愧，不必对号入座。
不论我们做什么决定，都会诚实的面对结果。投资组合不是考试，不能每次要求一百分。
这三年多来，我们确然做了一些低级错误，不过也做了更多的正确决定，所以我们才能获得如此不差的成绩。
现实生活里，错和对总是交叉发生，每次都做对，不叫“成功”，那是“完美”，是每个人追求的境界（却不大可能达到）。
成功的投资者，只需要把正确的投资机率更多发生就是了。
取自于--http://klse.i3investor.com/blogs/golden_years/55570.jsp
erkongseng
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Posts: 285
Joined: Mar 2014		 25 Dec 2015, 06:23 PMPost #23
rolleyes2016 年的强势黑马 canone 5105 冠旺--
can one time profit rm2.60 (rm 4.60 to rm 7.20),


a)2016年2月底(Q4业绩公布),eps=15sen,股价可达rm5.00,nta=rm3.40
2015财政年eps=54sen,pe=12,股价=rm6.48

b)2016年5月底(Q1业绩公布),eps=15sen,股价可达rm5.50
(和2015年同季相比,净利约增长100%,因此股价上升机率大).

c)2016年8月底(Q2业绩公布),eps=15sen,股价可达rm6.00

d)2016年11月底(Q3业绩公布),eps=15sen,股价可达rm6.50

e)2017年2月底(Q4业绩公布),eps=15sen,股价可达rm7.00,nta=rm4.00
2016 财政年 eps=60sen,pe=12,股价=rm7.20

canone利好--
1)奶制品原料下跌近50%.
2)铝材料价格也下滑,(有32.9%于kianjoo股份).
3)开扩更多的海外市场.
4)年底美国升息,美元上升.
5)2016年2月底Q4业绩向好,累积净利三季己达6616万,全年可破9千万.
6)企业消息如发红股,WARRANT或股票拆细以回報股东,加强股票流通量.
7)官司和平解决,CANONE为大胜家.
8)余先生，kian joo 是我的顾客 , 马来西亚和越南的生产线在12月都会增加一倍，
他们的员工bonus都3，4个月的，哪看来这家公司真的在赚大钱喔！
(一个网友告知 ,那canone 10,11,12 月末季Q4业积会好).
Canone 持有32.9%kianjoo股份,而kianjoo 有54%boxpak,因此canone 更具投资价值,
canone 並有100%乳制品公司(f&b nutrition),未長成長空间大.
9)官有缘前辈的加股后,投资者更有信心了,canone也是投行的投资对象.
10)canone 主要生产錫罐,如milo 罐,而kianjoo生产铝罐,在大马铝罐有70%的市佔率,
cocacola也是kianjoo的客户之一.这些包装业务,产品消耗快,抗跌性强,因此公司多年都稳定赚钱.
11)其他相同业务的公司如f&n,etika,dlady,nestle都在双位数的本益比交易,
canone有100%的f&b nutrition sdn bhd贡献30%多的净利,目前只是以单位数的本益比交易(9.4倍),
是否被低估值?市场将会重新评价该公司.试目以待.
12)属下 dairy produsts 90% 供出口,未来成长看好.
这些因素都是使CANONE继续向北,引起人们的购兴,目前仍以单位数的本益比交易.
进与守为良策,rm7.20在等着上演.
供参考,进出自负.
erkongseng
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Posts: 285
Joined: Mar 2014		 02 Jan 2016, 05:20 PMPost #24
yeah浅谈5105 canone 第三季(Q3)业绩---
于30～9～2015 公司现金有9020万,债务为5.3亿 ,包裝与食品业务呈成長,展望未來前景依然很好.
---食品銷售和聯號公司貢獻增加，帶動冠旺（CANONE，5105，主板工業產品組）
截至2015年9月30日止第三季淨利大漲104.04%至2千744萬6千令吉。
首3季淨利也升高77.42%至6千616萬9千令吉。第三季營業額增長8.25%至2億4千235萬3千令吉，
至於首3季營業額則微升0.19%至6億5千零21萬3千令吉。
冠旺在文告中表示，普通罐頭部門第三季營收增長8.6%，因所有包裝品的銷售升高，
但由於彈性和硬性包裝及外匯虧損，而令盈利下跌。
食品部門營收增加5.1%，因新廠啟用令乳品銷售升高，加上營運效率提昇，令盈利有所改善。
聯號公司建裕珍廠（KIANJOO，3522，主板工業產品組）的淨利貢獻則增加540萬令吉至1千440萬令吉。（星洲日報／財經）
erkongseng
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Posts: 285
Joined: Mar 2014		 13 Jan 2016, 04:50 PMPost #25
Canone - To Sell 32.9% Kian Joo Stake at RM 5.40 per share? - YiStock
Author: yistock | Publish date: Sun, 10 Jan 2016, 05:49 PM





Hi Value Investors,

If you have bought Canone back in October and holding to it till now, you must be getting a handsome paper profit of at least 80% till last friday.

Like you, i have been holding Canone since Oct 2015 at the cost of RM 2.60. I have also wrote an article on 13 Oct 2015 about my interpretation on possible upside gain of share price. Here is the link : http://klse.i3investor.com/blogs/canone/84307.jsp

Till now, 3 months has passed. And the share price has reached my initial target. AND I WILL GOING TO HOLD IT AS THINGS ARE GETTING REALLY INTERESTING NOW!!!

I have several reason to back my decision:

1st: CONTRIBUTION FROM KIAN JOO to CANONE

See Below: KianJoo has continue to contribute REMARKABLE SUM of profit to CANONE bottom line. For the past 3 quarters, it contribute RM 8.9 million (Q1), RM 11.4 million (+28% from Q1) & RM 14.4 million (+26% from Q2).







If i would to project using 27%, KianJoon MAY contribute RM 18.3 in Q4 2015 to Canone and added up the whole year contribution to RM 52.9 million full year. This is a remarkable achievement compared to FY 2013 @ RM 39 million and FY 2014@ 35.9 million.







2nd: EXCHANGE RATE

If you are one of the share holders, you must also know that the whole take over saga has a WHITE KNIGHT, TOYOTA TSUSHO. who offered RM 3.74 per share to take over Kianjoo.

AT that time, around Oct 2013, we have RINGGIT VS USD at around USD 1 : RM 3.05

If you use RM 3.74 x 146,131,272 shares (32.9% stake) = RM 546,530,957.20/ 3.05 = USD 179,190,477.7

The same amount of USD budget, is now worth:

USD 179,190,477.70 x 4.4 = RM 788,438,101.8 @ RM 5.395 per share!!!






3rd: EPF consortium May offer up to RM 4.00 per share?

I suspect the offer may go as high as RM 4.23 in my previous article.

FOCUS MALAYSIA in their DEC 2015 issue has indicated that EPF may need to offer up to RM 4.00 per share due to getting valuable Kian Joo's stake based on company performance, cash pile and NTA in 2015 compared to 2013.

IF seriously EPF is to buy over Kian Joo which is more valueable now, he seriously has to fight with TOYOTA group which has now up to RM 5.395 per share waiting to offer to CANONE's shareholders.









4th: HOW IMPORTANT IS KIANJOO's STAKE TO TOYOTA TSUSHO?

We all know that JAPAN ABENOMIC is on going and the enterprises there are now full of cash to expand their biz. And i believe TOYOTA is now MORE KEEN to fight for this deal, not only because ringgit is weaker, but also they really need to quickly achieve the inflation of 2%. Seriously a lot need to be done to achieve this target. Just look at how many time QE is USA.





Conclusion:

IF YOU ARE HOLDING CANONE, JUST HOLD AND SEE, I WILL AGAIN REVIEW THIS STOCK WHEN IT TOUCHES RM 6.00 per share

Cheers

YiStock.

Additional Note:

All my articles are for reading pleasure only and should not be treated as buy/ sell call on any particular company mentioned in the articles.

I can never be 100% sure on the data i sourced and correctly predict the performance of the company I mentioned in the articles.

My investment strategy is very simple, If the business fundamental is improving, i will buy in whatever amount i can. On the other hand, once i start noticing sign of deterioration, i will immediately cut the profit / losses. I only take care of downside, the upside will take care of itself

If i missed any investment opportunity, i will acknowledge i missed it. If i make a mistake on judging the source of info or material i read on certain company i invest in, i will only blame myself and vow to do better in future.

My strategy is FA come first, and forever FA.

I only have 2 sifu, one is KCChong, One is OTB. Take courses from these 2 sifu, and do my own practice. I believe in: the master leads you to the door, the rest is up to you.

I have 2 idol, Mr ColdEye and Bursa Dummy.

I have several investors that i pay high regards to: SooJinHou, Noby, ICON8888, RicheHo, Justabouttheprofit, EzraInvestor, Pakcik Saham, letitgoletitgo

I have an enemy: FEAR
erkongseng
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Posts: 285
Joined: Mar 2014		 13 Jan 2016, 04:52 PMPost #26
yeahTo sell 32.9% KianJoo stakes at RM 3.80 - RM 4.20? Final translation at 40% to 70% gain? - YiStock
Author: yistock | Publish date: Tue, 13 Oct 2015, 10:08 AM

CANONE: To sell 32.9% KianJoo stakes at RM 3.8 - RM 4.2? Final translation at 40% to 70% gain of share price?

PLEASE TAKE NOTE THAT THIS IS NOT A RECOMMEDATION TO BUY!!!!!

ALL FIGURES PENDING VERIFICATION!!! I'm not accountant and i do not know if my assumption is reliable or not.

Dear all, I'm doing below calculation hopeful for my own decent gain. Please raise your opinion too and correct me if i am wrong.

Back in Sept 2013, Aspire thinking to take over Kian Joo with RM 3.30 cash per share (RM 1.47 billion). However, due to legal issues, the case went on up to early this month and finally the court case has sort of settled pending EGM in March 2016 (5 more months to go).

I try to search back the Canone's company financial statement in 2012, The sum of "Investment in Associate - Kian Joo" being investment of Canone in Kian joo since Jan 2012 was RM 360,740,000. [The price paid was RM 1.65 per share and final sum paid was RM 241,864,000 + Share of post-acquisition reserves RM 118,876,000 ]

Below the important figures:
1) Investment in associate Kian Joo, 2012 - RM 360,740,000
2) 32.9% stake (146,131,272 shares) (@ RM 3.30 per share cash = RM 482,233,198
3) Kian joo's contribution to Canone bottom line is at RM 39 million profit

If i would to use RM 482,233,198 - RM 360,740,000. Canone will get a instant cash profit of RM 121,493,198 or about 3 times of RM 39 million contributed by Kian Joo to Canone annually, in advance, in merely 3 years plus period.

The cash can then be used to settle company loan which Canone took back in year 2012 for this acquisition [RM 231,011,000 diferential in Non-Current Secured Term Loan in FY 12 account].

Balance cash = RM 251,222,198 or about RM 1.30 cash per share (based on Canone's current outstanding shares), can also be used to settle any otherl outstanding loan with bank, and save finance cost of about RM 20 million per year and contribute to total earning, or use part of the money to pay out a special dividend.

At that time, toyota was offering RM 3.74 cash per share, so, 146,131,272 shares x RM 3.74 = RM 546,530,957. To minus the RM 360,740,000 = RM 185,790,957 or about 4.8 times of RM 39 million contributed by Kian joo to Canone annually.

Now, come to October 2015,

I once again search back the financial statement of Canone and try to find out the contribution of kian joo to Canone.

1) Investment in associate - kian joo - RM 434,097,000
2) Contribution of Kian Joo to Canone bottomline = RM 41 million
3) if i would to use back the 3 times of profit, that will be equal to RM 123,000,000 (RM 41 million x 3 times).
4) then, i add up RM 123,000,000 + RM 434,097,000, i got the figure at RM 557,097,000
5) i divide it back with 32.9% stake, that end up to be RM 1.69 billion or RM 3.81 per share (This will be the new cash offer price by Aspire?)

Let assume,
1) the final price is RM 3.81, which mean, Canone will be getting RM 314,896,146 instant cash profit (RM 1.64 per share)

2) But, because of selling off the Kian Joo, Canone will also loss RM 41 million annual contribution from Kian Joo. The RM 41 million is equal to EPS 21.2 sen for Canone.

3) if I would to try to picture the post kian joo era, current TTM EPS at 40.93 sen - eps 21.2 sen (ex- kian joo) + eps 10 sen (saving from finance cost), that ended up become 29.73 sen net.

4) we see a "missing" of 11.2 sen post kian joo era. I think minority shareholder sure will against the deal.

A higher offer price?

In order to balance the "missing" of 11.2 sen eps x 192,153,000 outstanding shares in Canone = RM 21,521,136, this sum should be added to the final sale price. So, RM 21,521,136 + RM 41 million = RM 61,521,136. times 3 = RM 184,563,408

Let add up the RM 184,563,408 + RM 434,097,000 (investment in associate), then we get RM 618,660,408.

divide again with 32.9%, we will get roughly RM 1.88 billion or RM 4.23 cash per share in the end by Aspire? or Toyota to offer this price?

Are We entitled to below?

If after all and all, the deal get through, are we anticipating:

1) Special dividend (RM 1.30 - RM 1.80 per share??).
2) Let assume it all happened NOW, at current share price of RM 2.60 per share, the ex-price will be at RM 1.30 - RM 0.80
3) at TTM EPS of 29.73 sen, the ex-price is traded at 6.1 times - 4.4 simple PE.
4) Compare with peers such as Johotin, let use 10 times simple PE, the share may worth RM 2.9.

I personally not expecting the above, if such event is true, i treat it as real bonus.

I am paying more attention of post-kian joo era, where current TTM EPS at 40.93 sen - eps 21.2 sen (ex- kian joo) + eps 10 sen (saving from finance cost), that ended up become 29.73 sen net.


SPECULATION????

The whole take over saga may have tamper the investor's sentiment, at the end, if the deal to go fairly, we could get a net net of 70% pure gain from calculation. EXCLUDING - the "rally", when the whole dark cloud finally clear?

Canone, at the end, will become a net cash company. Bonus issues is one the way? We all know that bonus issue will not change the company's value, but, we are in Bursa now. ;-).


YiStock
i4value
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Posts: 549
Joined: Aug 2020		 19 Aug 2023, 12:21 PMPost #27

There are about 20 over companies in the Bursa packaging sector. However there are many types of packaging products and services so no two companies are exactly alike. I thought Canone was doing very well until I compared the returns with that of New Toyo (that controlled Tien Wah). To be fair I have analyzed New Toyo in details and I rated it as a cigar-butt investment opportunity.  So I was surprised by Canone performance

 
i4value
Member StarMember Star
Posts: 549
Joined: Aug 2020		 02 Aug 2024, 01:53 PMPost #28

Can One – can it remain No 1?

There was a change in the business profile of Can One in 2019. Post-2019, the average returns over the past few years were lower than the respective cost of funds, implying that there was no shareholders’ value creation.

 

While the Group is financially sound, there are no signs of improving operating performance.

The Group may be the biggest packaging company on Bursa Malaysia but size alone does not mean that it is a wonderful company in the Buffett sense.

 

Nevertheless, the market is pricing the company below its NTA. From a brick-and-mortar company perspective, this does not make sense unless you think that its assets are going to be impaired.
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yeah doh drool lol mad notworthy question rant rolleyes sad shutup shy smile star sweat thumbup wub cry

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