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20 Mar 2014, 10:05 PMPost #21

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23 Mar 2014, 08:09 PMPost #22












分析员预计该公司2 0 1 4 及2015財政年可获得的合约,分別达到4亿令吉,及3亿5000万令吉。





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08 Apr 2014, 10:27 PMPost #23




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08 Apr 2014, 10:31 PMPost #24

CB Industrial Product - Won RM38.5m Contract In Liberia

News CB Industrial Product Holding (CBIP) has announced that it has been awarded a contract from Sime Darby (SIME) to build a 30 MT/hour Continuous Sterilisation (CS) palm oil mill in Liberia. We gather that the total value of the contract is RM38.5m.

Comments We are positive on the news as this should further strengthen CBIP’s order book. Assuming EBIT margin of 23% for this project, this should translate into RM8.9m to CBIP’s bottom line. Our assumptions are considered conservative as compared to CBIP’s POMM division margin of 25.7% in FY13.

Outlook This contract should further boost CBIP’s total outstanding orderbook to an estimated level of RM500m, which means earnings visibility until 3QFY15 for its palm oil mill manufacturing (POMM) division.

Forecast Maintain our core earnings forecast for both FY14E (RM98m) and FY15E (RM100m) as we have factored in the potential contract win in our assumption.

Rating Maintain OUTPERFORM

We continue to like CBIP as it is poised to capture strong demand for palm oil mills in 2014 and for its steady margin improvement historically.

Valuation Increased our Target Price to RM4.80 based on a higher Fwd. PER of 13.0x (from 12.0x) on CY14E EPS of 36.9 sen. Our Fwd. PER of 13.0x reflects a 2.0x premium against Small Cap Fwd. PE of 11.0x.

As CBIP’s liquidity and market cap have exceeded RM1.2b, the stock may attract the attention of larger funds in the near-term.

Risks Lower-than-expected contract win for its POMM division.

Lower-than-expected margin for retrofitting special purpose vehicle (RSPV) division.

Lower-than- expected CPO prices.

Source: Kenanga


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19 Apr 2014, 04:14 PMPost #25

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20 Apr 2014, 05:47 PMPost #26

...okass87 @ 19 Apr 2014, 04:14 PM

Thanks Okass87 for sharing the QUOTE.
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24 Apr 2014, 09:58 PMPost #27

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30 May 2014, 12:24 PMPost #28

KUALA LUMPUR: CB Industrial Product Holding Bhd (CBIP) said contributions from its plantation and milling divisions will be increasingly significant in future.

“We have a plantation development plan over the next 10 to 15 years to develop 6,000ha of land per year to create more stable future income,” CBIP director Mak Chee Meng told reporters after the company’s annual general meeting yesterday.

With some 5,000ha of land planted in the first quarter ended March 31, 2014 (1QFY14), CBIP’s plantation segment recorded revenue of RM193,000. This was a remarkable surge from RM7,000 a year ago.

Already the landlord of 65,000ha of land in Kalimantan Tengah Indonesia, CBIP is also planning an expansion of its plantation landbank to 80,000ha.

The company is already “half way in the process” of negotiating with Indonesian authorities for the additional 15,000ha land.

“We are waiting for authorities’ approval and going through the legal process,” said Mak.

Meanwhile, the equipment and engineering division will continue to be the biggest contributor to the company’s earnings at 56% in 2013.

CBIP hopes to extend its lead in the global market with a 30% increase in palm oil mills by acquiring clients.

“Many plantation owners are starting to realise that [our milling process] is superior [to] others. [Many] medium-sized and small plantation companies are coming to us,” said managing director Lim Chai Beng.

The company is also planning to use its engineering expertise to venture into a “very specialised area” of the oil and gas (O&G) business, having acquired a 100% stake in TPG Oil & Gas Sdn Bhd in January this year.

Its plans in the O&G sector remain in the shadows but Mak said: “We are not going into oil exploration, we are not going into oil rigs but we could be at a certain level start in ‘support services’.”

The duo, however, expects that the O&G segment will contribute positively to the company’s earnings as early as 2015.

CBIP’s 1QFY14 results showed a year-on-year increase of 25% in profit to RM23.29 million despite a 12% decrease in revenue to RM121 million. Its earnings per share went up 25% to 8.78 sen and shareholders can enjoy an interim dividend of five sen declared in the quarter.

CBIP’s share price closed at RM4.54 yesterday.

This article first appeared in The Edge Financial Daily, on May 30, 2014.
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30 May 2014, 12:55 PMPost #29

CB Industrial - Growing order book BUY

- Maintain BUY on CB Industrial Product Holding Bhd (CBIP) with an unchanged fair value of RM5.15/share. Our fair value is based on an FY15F PE of 13x.

- We consider CBIP’s 1QFY14 results to be within consensus estimates and our expectations. The group normally recognises the bulk of its progress billings in 2H of the financial year. Included in CBIP’s net profit was an RM2.9mil fair value gain on short-term investments.

- CBIP’s 1QFY14 net profit grew by 24.7% YoY to RM23.3mil in spite of an 18.4% fall in turnover. The retro-fitting division recorded a 57.7% YoY slide in revenue in 1QFY14 due to lower number of contracts.

- In contrast, turnover of the manufacturing division climbed by 22.6% YoY to RM88.7mil in 1QFY14 as the group received more jobs last year.

- CBIP secured RM330mil contracts in FY13 against RM280mil in FY12. Earnings contribution from the contracts won in FY13 is expected to be reflected in FY14F’s financials.

- Unbilled sales of the manufacturing division stood at RM440mil as at end-FY13. In FY14F, CBIP is anticipated to win more than RM350mil worth of mill construction contracts.

- Pre-tax profit margin of the manufacturing division rose from 25.4% in 1QFY13 to 26.7% in 1QFY14 on the back of higher selling price and lower steel costs. We believe that the selling price of CBIP’s palm oil mills has risen a few percentage points over the past few years.

- According to Bloomberg, the average price of cold-rolled steel declined by 2.7% from US$710/short tonne in 1QFY13 to US$690.77/short tonne in 1QFY14.

- Earnings of the retro-fitting division fell by 56.9% YoY to RM2.3mil in 1QFY14. However, pre-tax margin of the division remained resilient, inching up from 7.0% in 1QFY13 to 7.2% in 1QFY14.

- We believe that the retro-fitting division received only RM136.8mil in contracts in FY13.

- In FY14F, the division is expected to win more than RM150mil worth of contracts, which imply that the unit’s profit growth would resume from FY15F onwards.

- Unbilled sales of the retro-fitting division stood at RM215mil as at end-FY13.

Source: AmeSecurities
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30 May 2014, 10:35 PMPost #30













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24 Jun 2014, 10:17 PMPost #31

CB 工业产品 新收购长期有利

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24 Jun 2014, 10:20 PMPost #32



CB工业產品上週五宣布,与PT Manyangan Jaya正式签署股权买卖协议,以总值823万令吉收购后者的94%股权。PT Manyangan Jaya在印尼加里曼丹中部的Gunung Mas拥有2片土地,总面积为2万1674公顷。
















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07 Aug 2014, 10:16 PMPost #33

獲印尼棕油廠合約 CB工業盈利可見度佳

財經7 Aug 2014 17:39







 報告稱,該公司料從海外獲取更多合約,其中25%到30%的工廠建築合約料源自南美、非洲和巴布亞新幾內亞(Papua New Guinea)。其余70%到75%合約,來自大馬和印尼企業。


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17 Aug 2014, 01:10 AMPost #34

Bonus issues to help improve liquidity of CBIP shares

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17 Aug 2014, 01:12 AMPost #35

红股计划激励 CB势如破竹飆涨18仙

















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17 Sep 2014, 09:48 PMPost #36

CB Industrial Product may face 11% earnings risk in FY15

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25 Jan 2015, 01:49 PMPost #37
CB Industrial bags RM31m contract to supply Modipalm mill

By Chester Tay / theedgemarkets.com | January 23, 2015 : 7:09 PM MYT

KUALA LUMPUR (Jan 23): CB Industrial Product Holding Bhd (CBIP) ( Financial Dashboard) has received a contract worth RM31.32 million to supply a Modipalm mill to Thai Eastern Trat Co Ltd.

According to CBIP (fundamental: 3; valuation: 2.4)’s filing to Bursa Malaysia today, its responsibilities under the contract includes design, supply, fabrication, delivery to site, erection, testing, commissioning and guarantee of performance for construction of 30/45 metric tonnes per hour Modipalm Continuous Sterilization palm oil mill at Mueang Trat, Thailand.

CBIP said the contract is expected to contribute positively to its earnings for financial years ending Dec 31, 2015 and 2016.

The stock inched up one sen or 0.5% to RM2.02, giving it a market capitalisation of RM1.07 billion.

http://www.theedgemarkets.com/my ... m-mill?type=Markets
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27 Feb 2015, 07:29 PMPost #38

CBIP’s long-term prospects remain bright

KUCHING: CB Industrial Product Holding Bhd’s (CBIP) long-term prospects remain bright as it continues to actively bid for contracts to replenish its orderbook.

Following a company’s briefing recently, AllianceDBS Research Sdn Bhd (AllianceDBS Research) said CBIP is confident to secure sizeable contracts over the next three to six months’ time. Additionally, the company’s total orderbook remained strong at about RM600 million as at end of 2014.

AllianceDBS Research observed that the orderbook comprised of RM500 million for the palm oil engineering division and RM100 million for the special purpose vehicles segment.

Besides that, the research firm believes the potential commercialisation of CBIP’s new plantation waste management system with zero discharge by 2016 would serve as another earnings driver for the group.

In the meantime, it foresees CBIP’s near term earnings to be moderate as a result of higher effective tax rate.

The company’s pioneer status for Modipalm mill will expire end of this month and is unlikely to be renewed.

Thus, the research firm expects the company’s effective tax rate for financial year 2015 (FY15) to FY16 to normalise at 23 per cent and 24 per cent respectively.

Meanwhile, CBIP which released its fourth quarter 2014 (4Q14) financial results on February 25 saw its earnings dropped 34 per cent year-on-year (y-o-y) to RM25.66 million.

At the same time, the company said its revenue in 4Q14 grew 6.2 per cent y-o-y to RM170.5 million. For financial year 2014 (FY14), CBIP’snet profit decreased 5.8 per cent y-o-y to RM92.67 million while turnover fell 4.2 per cent y-o-y to RM565.36 million.

In its notes accompanying the financial performance, CBIP explained that the lower turnover generated in FY14 was attributed to lower project billing by the special purpose vehicles segment.

Additionally, the reduced profit before tax achieved in FY14 was due to lower contribution by the special purpose vehicles segment, lower share of results from associates as well as higher losses incurred by its oil palm plantation segment as compared with FY13.

Read more: http://www.theborneopost.com/2015/02/27/cbips-long-term-prospects-remain-bright/#ixzz3SwaVLPQ1
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25 Apr 2015, 01:46 PMPost #39

Latest Share Buy Back: 30,000 units
Cumulative net outstanding treasury shares as at to-date: 7,268,527 units
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25 Apr 2015, 03:59 PMPost #40
CBIP shows why it is a leader in extracting oil from the palm fruit

THE plantation industry is all about economies of scale and in the palm oil milling process, every drop of oil to be squeezed from the palm fruit counts.

A key measure of palm oil milling efficiency is how much oil it can extract from a fruit bunch. The higher the extraction rate, the more money the mill can make, assuming that it can keep production cost down.

To improve their milling process, big plantation companies like Sime Darby Bhd, United Plantations Bhd and PT Astra Agro Lestari have turned to specialist CB Industrial Product Holdings Bhd (CBIP), for the company’s Modipalm mill.

“We are building on average one mill per month at our plant here,’’ CBIP managing director Lim Chai Beng tells StarBizWeek.

“All the prefabrication work for the Modipalm mill, the parts needed for the mill, are all done here. The mill can be shipped and assembled anywhere in the world,’’ he says.

Last week, CBIP secured its 100th Modipalm mill order from a client in Indonesia. Lim says the company has a healthy pipeline of new orders coming in from local planters and Indonesian clients.

The recent RM25.5mil mill contract lifted the group’s order book for the year to RM106.6mil. Analysts expects the group to secure around RM300mil worth of new orders this year.

“The latest job listed CBIP’s total outstanding order book to above RM500mil, which means earnings visibility until the fourth quarter of 2015 for its palm oil mill equipment division,’’ Kenanga Research says.

The palm oil engineering business generated about RM400mil in sales last year and commands a healthy margin of 22%, according to Kenanga.

But the expiry of the pioneer tax status for its Modipalm continuous sterilisation process this year would dent net profit contribution from the division, analysts say.

To boost sales and profits, Lim says the company is focusing on new milling technology, particularly on waste and effluent management for its Modipalm mill.

“Over the past decade or so, we have made a lot of refinement and enhancement to the Modipalm continuous sterilisation system, resulting in cleaner, more reliable and efficient mill,” Lim says.

CBIP had been selling Modipalm mills since 2003.

To overcome an initial issues of chain breakages at its continuous steriliser mechanism, the company has come up with double deck system and strengthened the links from 20 tonnes to 50 tonnes.

This increases the service factor by 150%, Lim said, while chain durability is now expected to last five years.

Even the layout of the Modipalm mill was changed to comply with the new safety and environmental regulations.

“Our new mills are designed and built to same standard in the food processing industry,’’ Lim says.

And key players in the industry are taking note of the progress.

Earlier this month, the company secured a RM49.8mil contract from United Plantations Bhd to design and build a mill with a processing capacity of 60 tonnes of fresh fruit bunches an hour.

Apart from building new mills, Lim says the company is seeing rising demand from plantation owners to convert and upgrade their older mills.

He cites key advantages of the Modipalm mill system over conventional mills; higher oil extraction yield, lower operating and maintenace cost, and higher safety standards.

Lim claims that Modiplam mill owners could save as much as RM1mil a year compared with a similar sized conventional mill from lower labour cost and maintenance alone.

Over the past ten years, Modipalm mills have gained international recognition and are currently operating in countries around the region, to as far as Central America, Africa and Papua New Guinea.

There are more than 40 Modipalm mills in Malaysia, which is about 15% of the total number of palm oil processing mills in the country.

CBIP made a net profit of RM92.7mil on revenue of RM565.4mil for the financial year ended Dec 31, 2014.

The company, however, is facing a tougher year ahead due to the weak CPO selling prices and a higher effective tax rate following the expiry of its pioneer status.

Kenanga Research estimates that earnings in financial year 2015 to contract to RM84mil (15.9 sen a share), before recovering to RM105mil (19.9 sen a share) in financial year 2016.

Shares in CBIP was last traded at RM2.07 yesterday.

The stock was able to command a higher valuation compared with peers because of its orderbook-based earnings, Kenanga says. The downside risk, however, is the unpredictable nature of the group’s retrofitting and maintenance of special vehicles division.


CBIP, through a subsidary, supplies ambulances and fire fighting vehicle to the Government. Last year, the division generated some RM150mil in revenue, down from about RM250mil in financial year 2013.

The unit, AVP Engineering (M) Sdn Bhd, supplies about 200 units of vehicles to the Health Ministry a year.

CBIP also has its own palm oil plantation business.

In Indonesia, the group has 70,000 ha of greenfield project in Kalimantan Tengah. So far, more than 6,000 ha had been planted, but the plantation has yet to make significant contribution to the group.

“We continue to plant aggressively in Kalimantan Tengah and expect contribution to commence in 2016,” Lim says.

Apart from its Indonesian venture, CBIP is also in a joint venture with Tradewind Plantations with a total planted area of 20,000 ha in Sarawak.

Lim says the company is considering exiting from the joint venture to focus on its own greenfield project in Indonesia.

Indonesia, the world’s biggest crude palm oil (CPO) producer, reported an output of 33.5 million tonnes in 2014. The figure is projected to increase to 40 million tonnes in 2020.

Malaysia produces 19.7 million tonnes of CPO last year.

Analysts said rising CPO production worldwide is putting the lid of prices despite growing global demand for edible oil.

CPO futures contract prices on Bursa Derivatives, the global benchmark for the product, had fallen 18% over the past one year to settle at RM2,170 a tonne yesterday.

Like its plantation peers, shares in CBIP had been hit by the falling prices of CPO.

Lim, however, is optimistic that demand for the Modipalm mills will anchor the group’s performance in the coming years.

“We are targeting to increase our local market share from 15% to 25% in the near term,’’ he says.

Growth, he says, would come from commissioning of new plants as well as conversion jobs at older mills.

Indonesia will be another key market as expanding plantation land fuels demand for new mills.


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