Highlights:
Shariah Setting
1
TASCO (5140) : TASCO BERHAD
Jacky
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22 Feb 2012, 07:53 PMPost #1
Good report yeah
Jacky
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04 Mar 2012, 12:04 PMPost #2
Any comment on this stock? Very good prospect and dividend yield. wub
ILoveDividend
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19 Mar 2012, 09:04 AMPost #3
分享锦集:典型的第二线优质股●冷眼

2月20日,本专栏曾刊出一篇《如何发掘第二线优质股》,笔者认为今年的赚钱机会是在第二线优质股,笔者也列出了第二线优质股应具备的五个条件:

①合理的盈利表现
②合理的股息
③现金流量平稳
④本益比低(8倍以下)
⑤有成长潜能

有些读者认为要找符合此五条件的第二线优质股,难度颇高,不易做到。


2物流股被忽略
难度是有,却不是不可能做到,只要大家勤力探索,就不难找到机会。

本报昨日(3月16日)就为读者提供了宝贵的线索。

本报《财经》版刊出的一篇《小型物流股有看头》,对少为人留意的物流业,作了相当深入的报道,文中所提到的两只物流股世纪通运(Century)和货运管理(Freight),就是符合五条件的典型第二线优质股。

本益比偏低
物流业是指从事海陆空货运、报关及货仓业务的公司,有别于客运的航空公司。

该篇报道引述拉昔胡申的一份研究报告,再电访该研究机构分析师黄敬云和研究主管林志成,对物流业前景作有深度的分析,他们都看好物流业。

同时,他们也点出两只小型物流股世纪通运(Century)和货运管理(Freight),认为两股均被市场忽略,价值被低估,而前景展望正面,故给予“超越大势”的评估。

以目前的股价计算,世纪通运和货运管理的本益比分别为4.71倍和5.53倍(请查阅本报股票表),跟其他贸易∕服务股的相比,两股之本益比均属偏低。

泛亚属优质股
其实,除了上述两只股项之外,另一只小型物流股泛亚综合物流(TASCO),本益比只有5.46倍,而业绩表现亦不在上述两公司之下。

世纪通运、货运管理和泛亚的周息率(股息回酬)分别为6.74%、5.59%和6.82%,可谓不俗。

于2007年上市的泛亚,全名为Tran-Asia Shipping Corporation Bhd.(TASCO是缩写)。母公司为日本物流业跨国公司日本邮船株式会社(NYK,即Nippon Yusen Kabushiki Kaisha),日邮在东京、大阪和名古屋股票交易所挂牌,在Forbes的全球500最大公司中,排名468 (2010),提供全球性的海陆空货运、报关及货仓服务,在全球雇用5万名员工。泛亚是该株式会社在大马的子公司,持有60.59%股权。

泛亚在大马提供海陆空货运、报关及货仓全面服务,跟日邮的全球营运网合作,囊括了大马日资公司的大部分货运生意。该公司在大马拥有30家分行,雇用1000名员工。

Forum | MalaysiaStock.Biz
CNY2012
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20 Mar 2012, 08:05 PMPost #4
Research House: OSK
Price Call: BUY
Target Price: 2.33

Since we picked TASCO as our top buy among small caplogistics stocks under our coverage on 18 Oct 2011, its share price has surged by some 38% to its all-time intra-day high of RM2.05yesterday. As macroeconomic conditions seem more being now coupled with theresilience of its 3rd party logistics (3PL) business, we are raising revenue forecasts for this segment,as well as volume growth for TASCO's seaand air freight business. We are tweaking up our revenue and earnings forecastsby 7% for FY12 and 4%-8% for FY13 respectively, after which our FV goes upto RM2.33 (previously RM2.18), based onan unchanged 6.5x FY12 PER. We maintaina BUY on TASCO, for its low PE of 4.2x vs the industry average PE of 7x.

Volume expands on bettermacroeconomic outlook.
As the macroeconomic outlook turns more positive,TASCO has benefited from the pick-up in trade activities, especially in Asiaand Japan, as well as on the domestic front. Recall that the group posted strong earnings growth of 38% in FY11 onthe back of resilient volume handled. The outlook for trade activities isimproving, judging from the latest data from Malaysia's Department of Statistics, which showed that Malaysia's Jan 2012 exports to Japan,Asean and US improved by 26.6%, 1.2% and 1.1% y-o-y respectively. Leveraging onits Japanese major shareholder NYK Group's global logistic network andexpertise, we think TASCO will continue to display resilient growth, bolsteredby its aggressive sales and marketing efforts in promoting its total logisticsservices to MNCs. We also gather from management that it saw some urgentshipments of E&E and FMCG products in 1Q, particularly from Feb-Mar. Inaddition, we believe the upcoming major sport events like the 2012 Olympics andEuro 2012 will help boost the shipment of LCD and plasma TVs via its sea and air freight services. These developments prompt us to nudge up our volume assumptionsfor the company's sea freight by 4% to168,000 TEUs and air freight by 3% to 18,000 tonnes for FY12.

3PL leads the way.
We expect the group's 3PL business, providing comprehensive solutionsencompassing warehousing, air, sea and land freight services, to continue to bethe key growth driver. We gather that the group has minimal exposure to US andEurope, which helps fuel our optimism on the company. Besides, the group isshipping mainly consumer products with strong branding whose demand is fairlyinelastic. With a growing clientele andthe fact that almost 96% of its current warehouse space is taken up, TASCO announcedto Bursa yesterday that it had entered into a sale and purchase agreement with PortTanjung Pelepas SB to buy 5 acres of land in PTP for RM5.5m cash. As thecompany is utilizing internallygenerated funds, the land purchase willnot greatly affect its net gearing given that this is withinour capex projection. In view of the healthy expansionof the 3PL segment and the growing demand among MNCsto outsource their logistics requirements, we are bumping up our 3PL revenue forecast by 5% and 7% for FY12-13 respectively.
Vinz
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15 Jul 2012, 02:22 PMPost #5
This stock worth to buy? Any comment?
CTYap
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27 Jul 2012, 12:13 AMPost #6
This stock worth to buy? Any comment?Vinz @ 15 Jul 2012, 02:22 PM
Yes. I have some in hand. Fundamentally good. Dividend around 6% last year. And there is a chance it will proposes bonus share based on it reserve capital and NTA to increase its liquidity.
lkl6884aax
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03 Nov 2014, 09:36 PMPost #7
TARGET PRICE:RM4.50
http://klse.i3investor.com/blogs/undervalue/63012.jsp

casualzone
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14 Apr 2015, 05:11 PMPost #8
good move!
casualzone
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18 May 2015, 06:38 PMPost #9
keep going!
Jenny Loo
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22 Feb 2019, 10:23 AMPost #10

9MFY19 normalised PATAMI below estimates. Tasco recorded 3QFY19 normalised PATAMI of RM2.7m (-68.0%yoy), bringing its 9MFY19 normalised PATAMI to RM10.4m (-57.7%yoy). This was below ours and consensus’ estimates by a variance of more than -10%. The deviation was mainly attributable to higher borrowing costs to finance for the cold supply chain (CSC) business and the land warehouse in Pulau Indah.

Subdued international segment PBT in 3QFY19. The marginal growth in PBT for the segment was mainly stem from the ocean freight forwarding business which recorded a loss before tax of -RM0.4m amidst: (i) the drop volume especially from a solar panel customer; and (ii) the preference of existing clients for direct sea shipment booking. Nonetheless, the discontinuation of a loss making business with an E&E customer in the air freight forwarding business coupled with spot shipment helped to pare the decline in PBT of the segment. Looking ahead, Tasco’s appointment as AirAsia’s first direct logistics partner early this year will provide support for the air freight segment in the long run.

Domestic segment buttressed by CSC business. The main driver for the segment in 3QFY19 was the cold supply chain (CSC) business which recorded a post-acquisition revenue and PBT of RM25.8m (+22.0%yoy) and RM3.4m (+27.0%yoy) respectively. This translates into a reasonable PBT margin of 13%, marking its fifth consecutive quarter of being above 10%. To recall, the CSC business handles approximately 80% of all the domestic ice cream market in Malaysia. Losses before tax for trucking services, meanwhile, narrowed down by -56.7%yoy due to continuous cost-saving measures.

Hutson
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22 Feb 2019, 11:20 AMPost #11
  • Tasco Bhd (TASCO) reported a net profit of RM3.2m in 3QFY19 which improved 14.9% qoq but tumbled 61.1% yoy. Meanwhile, revenue down 3.4% qoq and 3.6% yoy.
  • Better QoQ performance was lifted by International Business Solutions (IBS).
  • Meanwhile, unfavourable YoY performance was bogged down by Contract Logistics Division (CL) under Domestic Business Solutions (DBS)
  • Below expectations. 9MFY19’s net profit below ours and consensus expectation by matching 55.8% and 53.7% of full year earnings estimates respectively. The lacklustre performance was mainly due to continuous losses in Ocean Freight Forwarding (OFF) division and uninspiring performance under CL Division.
Hutson
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22 Feb 2019, 11:21 AMPost #12

OFF continued to bog down IBS performance despite favourable performance in Air Freight Forwarding (AFF). IBS’s revenue up 7.6% qoq but slid 9.6% yoy with PBT up 59.5% qoq and 1.6% yoy to RM2.5m. This was thanks to better performance in AFF. Cumulatively, IBS 9MFY19’s PBT tumbled 47.4% given lackluster OFF performance (registered a loss before tax of RM1.4m as compared to PBT of RM7.5m in 9MFY18) which outweighed better performance in AFF (+107.5% yoy to RM7.1m). OFF performance was mainly affected by direct sea shipment booking with carrier by existing solar panel customer.

Codey Lee
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22 Feb 2019, 11:21 AMPost #13

CL division remained soft mainly due to: 1.) Lower sales in warehouse business coupled with high operating costs incurred for newly secured convenience retail business. 2.) Higher fleet maintenance expenses for Haulage business. As such, CL’s PBT was down 2.5% qoq and 61.5% yoy. Meanwhile, 9MFY19’s PBT decreased 51.7% yoy to RM12.2m despite a revenue growth of 11.3% tot to RM240.3m.

Codey Lee
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22 Feb 2019, 11:22 AMPost #14

Cold Supply Chain (CSC) division recorded decent performance for 3QFY19 and 9MFY19. PBT increased 27.7% qoq and 26.6% to RM3.4m with 9MFY19’s PBT surged 127.1% to RM9.1m.

Codey Lee
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22 Feb 2019, 11:22 AMPost #15

Overall, DBS registered flat QoQ performance and unfavourable YoY results. DBS’s PBT inched up 0.6% qoq but tumbled 43.6% yoy. Cumulatively, 9MFY19’s PBT was down 20.5% to RM21.4 in view of weakening performance in CL that mitigated by better showing from CSC division and Trucking division (recovered from losses of RM2.2m to a profit of RM0.1m for 9MFY19)

Codey Lee
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22 Feb 2019, 11:22 AMPost #16

Risk of slowing down for domestic and global economy. In the latest World Economic Outlook report released in January 2019, the International Monetary Fund downgraded its global growth projection for 2019 to 3.5%, 0.2 pts lower than its projections in October 2018. Meanwhile, for Malaysia, the government in its Economic Outlook 2019 report has revised downwards its 2019 economic growth forecast to 4.5%

Codey Lee
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22 Feb 2019, 11:22 AMPost #17

We slash our earnings forecasts for FY19 and FY20 by 28% and 8.5 % respectively to account for potential slowdown in domestic and global GDP growths.

Codey Lee
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22 Feb 2019, 11:22 AMPost #18

Downside risks are: 1.) Rising operational costs (in particular labour costs and impact from new Sales and Service Tax) 2.) Higher interest costs 3.) Stiff competition for cargo in our traditional core businesses. 4.) Hiccup in performance due to loss of major customers, and 5.) Slowdown in global economy.

Codey Lee
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22 Feb 2019, 11:22 AMPost #19

Downgrade to HOLD from BUY call for Tasco with a lower target price of RM1.28 (previously was RM1.35) following our earnings cut. Our valuation is pegged at 9.9x FY20F EPS. The PER ascribed is -0.75 SD of the group historical 5-year mean PER in view of low liquidity of the stock and potential softening global economic growth.

Codey Lee
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22 Feb 2019, 11:22 AMPost #20

Nevertheless, we favour for its long-term future growth following its venture into cold chain market. With this, TASCO is able to generate synergies across all of its divisions and provide integrated logistics services for its clients. Furthermore, the trading business (by YLTC Sdn Bhd, a 60:40 JV between Yee Lee Corporation Bhd and Tasco Bhd) will create further synergy to its existing businesses such as Cold Chain and Contract Logistics.

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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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