2013年3月23日星期六
Apollo
Apollo Food replacing machines
JOHOR BARU: Apollo Food Holdings Bhd plans to replace old machinery with newer equipment as part of its strategy to further strengthen its position in the industry.
Executive chairman and managing director Liang Chiang Heng said that the company was in the midst of calculating how much it would need to spend on the exercise.
“We have yet to come out with the figure but I can tell you that the investment is quite substantial,'' he told StarBizWeek after the company's AGM on Thursday.
Liang said the exercise involved the replacement of production machinery that had been around for more than 10 years as they were no longer economical to run and required higher maintenance.
He said the company would be getting state-of-the-art and fully automated machinery that could improve production capacity and reduce dependency on workers.
“Like other manufacturers in Malaysia, we are also having problems hiring locals as production workers and the only way is to invest in technology,'' Liang said.
The last time Apollo Food had invested in new machines was during the fiscal year ended April 30, 2006, when it spent RM10mil to enhance production capacity.
He said apart from boosting the firm's production, the new investment would see more new products.
Liang said Apollo Food introduced 10 to 15 new products annually, mostly chocolate-coated confectionery items and layer cakes.
He said these included premium products with good growth potential and able to generate better income for the company in the long run.
Liang said Asean countries, China and Japan remained the main export markets for the company, while the African and the Middle Eastern countries offered good growth prospects.
“We already export to several European countries and the US but in small quantities, and we'll beef up our efforts to increase our market share there,'' he said.
Liang said the company currently marketed 50% of its 100 products locally and the balance overseas.
For the financial year ended April 30, 2012, Apollo recorded RM21.74mil in net profit on revenue of RM200.54mil against RM17.85mil and RM176.29mil respectively the previous year.
一股作气：阿波罗食品多元化营收
为改善生产规划，现金充裕的阿波罗食品（Apollo，6432，主板消费产品股）计划投资现代化机器。
积极提高产能和生产效率下，集团也不忘开发海外新市场，并致力提高海外对业务的贡献。
长期策略方面，阿波罗食品寻求新业务商机，另一个最重要的方向就是多元化集团营收来源。
股本规模小，但坐拥庞大现金、且股息派发和现金流稳定的阿波罗食品是国内巧克力糕点产品与夹心蛋糕领域领先业者之一。
为了在充满挑战的市场环境上维持竞争能力，集团计划投资先进的生产机器，以取代不再符合经济规模与效益、且需要庞大维修支出的机器。
根据2012财年年报，主席文告指出，持续改善生产规划、更严格的品质管理以及投资现代化生产机器以提升竞争力是先决条件。
自动化减劳工
一般相信，阿波罗食品将采纳自动化生产机器，一来不仅可以减少对劳工的需求，二来更能有效提高生产力。
与此同时，也不排除在提高产能下集团将推出更多新产品，以在长期提高营收表现。
主席文告也提及，长期策略方面将涵盖寻求新业务机会，以及多元化集团的营收来源。
历史悠久的阿波罗食品产品主要可分为：（一）巧克力威化产品，以及（二）夹心蛋糕、巧克力夹心蛋糕和卷筒夹心蛋糕。
除了本地市场以外，旗下食品也出口到新加坡、印尼、泰国、菲律宾、越南、中国、香港、台湾、日本、印度、中东、毛里求斯和马尔代夫。
依据阿波罗食品2013财年6个月数据，出口市场（不包括内部营收在内）占营业额约49%，而本地市场则为51%。
出口市场方面，主要贡献来自东协、中国和日本国家，而中东市场则为集团提供未来增长潜力。
提高欧美市占
不仅如此，阿波罗食品如今也已进军欧洲和美国市场，虽然量不多，但将致力提高当地的市场份额。
依据阿波罗食品的年报数据，集团过去5年的营业额、净利、每股盈利和每股股息如上表。
最新业绩表现方面，2013财年首6个月，阿波罗食品营业额为1亿1107万9000令吉（按年增长17.5%）。
本地和出口市场营收推高以及成本改善下，半年净利按年飙升幅度达112%至1566万5000令吉，相等于2012财年的72%。
以过去4个季度每股盈利（约37.5仙）以及周五闭市价3.21令吉计算，该股估值相等于本益比8.56倍。
然而，截至2012年10月，阿波罗食品净资产达2亿2987万8000令吉，每股计算为2.87令吉，股价净值比为1.12倍。
就周息率而言，以2012财年派发每股20仙股息保守计算，则为6.23%。净利表现预计可超越2012财年下，有望派发更高股息。
无债一身轻 净流出派息
从阿波罗食品的现金流量来看，公司拥有强稳的营运现金流，2013财年首半年取得2058万9000令吉的净流入。
至于投资，主要因购买产业、厂房和设备项目支出庞大才导致现金净流出414万令吉。
值得一提的是，集团无贷款融资，依据2012财年的年报数据，融资项目净流出资金是用作派发股息给予股东。
原料价仍高企
为此，集团握有的现金与现金等值已从2011年10月的6164万1000令吉、在一年后提高到7291万9000令吉。
以现有的股量计算，阿波罗食品目前握有的现金与现金等值相等于每股逾91仙，也就是周五闭市价格的28%。
展望未来，尽管近期部分原料价格下跌，但集团的主要原料价格仍然高企从而影响生产成本，为此，预料营运环境仍将面对激烈的竞争和挑战。
应对措施上，集团已计划投资新机器提升生产效率以及继续采谨慎措施，以在逆境中上游。
JOHOR BARU: Apollo Food Holdings Bhd plans to replace old machinery with newer equipment as part of its strategy to further strengthen its position in the industry.
Executive chairman and managing director Liang Chiang Heng said that the company was in the midst of calculating how much it would need to spend on the exercise.
“We have yet to come out with the figure but I can tell you that the investment is quite substantial,'' he told StarBizWeek after the company's AGM on Thursday.
Liang said the exercise involved the replacement of production machinery that had been around for more than 10 years as they were no longer economical to run and required higher maintenance.
He said the company would be getting state-of-the-art and fully automated machinery that could improve production capacity and reduce dependency on workers.
“Like other manufacturers in Malaysia, we are also having problems hiring locals as production workers and the only way is to invest in technology,'' Liang said.
The last time Apollo Food had invested in new machines was during the fiscal year ended April 30, 2006, when it spent RM10mil to enhance production capacity.
He said apart from boosting the firm's production, the new investment would see more new products.
Liang said Apollo Food introduced 10 to 15 new products annually, mostly chocolate-coated confectionery items and layer cakes.
He said these included premium products with good growth potential and able to generate better income for the company in the long run.
Liang said Asean countries, China and Japan remained the main export markets for the company, while the African and the Middle Eastern countries offered good growth prospects.
“We already export to several European countries and the US but in small quantities, and we'll beef up our efforts to increase our market share there,'' he said.
Liang said the company currently marketed 50% of its 100 products locally and the balance overseas.
For the financial year ended April 30, 2012, Apollo recorded RM21.74mil in net profit on revenue of RM200.54mil against RM17.85mil and RM176.29mil respectively the previous year.
一股作气：阿波罗食品多元化营收
为改善生产规划，现金充裕的阿波罗食品（Apollo，6432，主板消费产品股）计划投资现代化机器。
积极提高产能和生产效率下，集团也不忘开发海外新市场，并致力提高海外对业务的贡献。
长期策略方面，阿波罗食品寻求新业务商机，另一个最重要的方向就是多元化集团营收来源。
股本规模小，但坐拥庞大现金、且股息派发和现金流稳定的阿波罗食品是国内巧克力糕点产品与夹心蛋糕领域领先业者之一。
为了在充满挑战的市场环境上维持竞争能力，集团计划投资先进的生产机器，以取代不再符合经济规模与效益、且需要庞大维修支出的机器。
根据2012财年年报，主席文告指出，持续改善生产规划、更严格的品质管理以及投资现代化生产机器以提升竞争力是先决条件。
自动化减劳工
一般相信，阿波罗食品将采纳自动化生产机器，一来不仅可以减少对劳工的需求，二来更能有效提高生产力。
与此同时，也不排除在提高产能下集团将推出更多新产品，以在长期提高营收表现。
主席文告也提及，长期策略方面将涵盖寻求新业务机会，以及多元化集团的营收来源。
历史悠久的阿波罗食品产品主要可分为：（一）巧克力威化产品，以及（二）夹心蛋糕、巧克力夹心蛋糕和卷筒夹心蛋糕。
除了本地市场以外，旗下食品也出口到新加坡、印尼、泰国、菲律宾、越南、中国、香港、台湾、日本、印度、中东、毛里求斯和马尔代夫。
依据阿波罗食品2013财年6个月数据，出口市场（不包括内部营收在内）占营业额约49%，而本地市场则为51%。
出口市场方面，主要贡献来自东协、中国和日本国家，而中东市场则为集团提供未来增长潜力。
提高欧美市占
不仅如此，阿波罗食品如今也已进军欧洲和美国市场，虽然量不多，但将致力提高当地的市场份额。
依据阿波罗食品的年报数据，集团过去5年的营业额、净利、每股盈利和每股股息如上表。
最新业绩表现方面，2013财年首6个月，阿波罗食品营业额为1亿1107万9000令吉（按年增长17.5%）。
本地和出口市场营收推高以及成本改善下，半年净利按年飙升幅度达112%至1566万5000令吉，相等于2012财年的72%。
以过去4个季度每股盈利（约37.5仙）以及周五闭市价3.21令吉计算，该股估值相等于本益比8.56倍。
然而，截至2012年10月，阿波罗食品净资产达2亿2987万8000令吉，每股计算为2.87令吉，股价净值比为1.12倍。
就周息率而言，以2012财年派发每股20仙股息保守计算，则为6.23%。净利表现预计可超越2012财年下，有望派发更高股息。
无债一身轻 净流出派息
从阿波罗食品的现金流量来看，公司拥有强稳的营运现金流，2013财年首半年取得2058万9000令吉的净流入。
至于投资，主要因购买产业、厂房和设备项目支出庞大才导致现金净流出414万令吉。
值得一提的是，集团无贷款融资，依据2012财年的年报数据，融资项目净流出资金是用作派发股息给予股东。
原料价仍高企
为此，集团握有的现金与现金等值已从2011年10月的6164万1000令吉、在一年后提高到7291万9000令吉。
以现有的股量计算，阿波罗食品目前握有的现金与现金等值相等于每股逾91仙，也就是周五闭市价格的28%。
展望未来，尽管近期部分原料价格下跌，但集团的主要原料价格仍然高企从而影响生产成本，为此，预料营运环境仍将面对激烈的竞争和挑战。
应对措施上，集团已计划投资新机器提升生产效率以及继续采谨慎措施，以在逆境中上游。
2012年11月5日星期一
ALLIANZ的潜力
| LPI | ALLIANZ | TAKAFUL | |
| '000 | '000 | '000 | |
| Based on last four quarters | |||
| Revenue | 1,006,720 | 2,935,149 | 1,588,274 |
| Profit | 158,874 | 172,152 | 93,559 |
| Total Assets | 2,677,175 | 8,606,970 | 6,283,518 |
| ROA | 5.93% | 2.00% | 1.49% |
| Cash | 379,142 | 636,062 | 312,201 |
| No. of Shares | 213,024 | 346,206 | 162,817 |
| Cash per share | 1.78 | 1.84 | 1.92 |
| Market Price | 13.82 | 7.68 | 5.23 |
| Net Assets | 5.52 | 5.01 | 3.01 |
| P/BV | 2.50 | 1.53 | 1.74 |
| IF P/BV | 1.74 | 2.00 | |
| MKT PRICE | 8.71 | 10.02 | |
2012年10月24日星期三
2012年8月19日星期日
2012年8月4日星期六
2012年7月31日星期二
邓普顿金言教你炒股
长期投资者只有一个目标：争取最高的扣税后实质总回酬。
要取得辉煌的记录，需要做大量的研究及功课，比大多数人想像的困难得多。
除非你所作所为，有异于大部分人，否则，你不可能有杰出的表现。
众人最悲观时，既是最佳买股时，最乐观时即最佳卖股时。
第4则金言的另一种说法是：在股市中，当大部分投资者抛售时，是廉价迈进股票的最佳时机。
当他人绝望地抛售，你却进场吸购，当他人贪得无厌时，你却进行抛售，这样做需要坚韧不拔的意志力，但可以取得最大的收获。
熊市通常是短暂的，在商业周期触底钱1至12个月开始回升。
当某个行业或股票受投资者热捧时，通常不会持久，跌下来之后，多年都不会回弹。
长期来说，股价随着每股净利的长期上升趋势波动。
在企业享有自由的国家，股市指数之盈利随着指数股的账面替换价值波动。
如果你买他人所买的同样股票，你就只能取得他人同样的利润。
当短期持股人卖完时，就是买进该股的时候了。当短期持股人买完时，就是脱售该股的时候了。
股票的价格比价值波动更大，因此，指数基金永远取不到最佳的表现。
太多投资者专注“前景”及“趋势”，使专注“价值”的投资者获利更丰。
如果你到全球起找，你会找到比专注一国更值得买进的股票，由于多元化，也就更安全。
股价的波动幅度，约跟价格的平方根成正比例。
你买度奥手头的资产，是因为你找到更值得投资的对象来代替它。
任何选股法受欢迎时，即改采不受欢迎的选股法，正如第3则金言所说，当太多投资者采用该种选股法或股市预测法时，该法即失效。
对任何形式的资产或选择法，切勿墨守成规，要有伸缩性，思想开明及持怀疑态度，唯有摒弃热门股或热门选股法，改买冷门股及冷门选股法，才有可能长期取得顶尖成绩。
在投资中，普通股的选择，需要最高明的选择技巧。
最卓越的表现，出自个人，并非出自一个委员会。
如果以祈祷起始，头脑会更清醒，少犯愚蠢的错误。
2012年7月23日星期一
2012年7月18日星期三
PBBANK45年的价值投资
根据昨天的闭市价(RM14.24)来计算的话,股票价值是RM1,928
如果早期的股息再投资和每逢股灾就加码大众的话,回酬肯
2012年5月13日星期日
2012年5月6日星期日
CBIP
积极扩大印尼投资 CB工业迈向种植商
二零一二年三月七日 晚上六时五十九分
（吉隆坡7日讯）棕油厂建造商和设备制造商CB工业产品控股有限公司（CBIP，7076，工业产品组）已逐渐扩大其于印尼的种植投资，迈向成为一个中型棕油业者。
市值约6亿8500万令吉的CB工业产品，现在控制约4万9862公顷的种植园丘。若该地完全种植和成熟，其常年原棕油生产将达到24万9310公吨，或基于现有原棕油价格3200令吉和成本每公吨1600令吉计算，可获得近4亿令吉的盈利。
不过，投资者将须耐心等候，因上述成绩将只在数年后才开始显现，而目前该公司只是出售砂拉越美里一个较小型的成熟园丘，以换取印尼中加里曼丹更大型但未开发的园丘。
这意味着它将从上述脱售中损失未来3至4年的收益，并需要时间以发展印尼新的大型地库。
CB 工业产品最近斥资463亿2000万印尼盾（1597万令吉）收购了中加里曼丹的3万2812公顷的园丘地库。它也正着手脱售2个独资单位，即 Sachiew种植私人有限公司和Empresa（马）私人有限公司，联同美里总面积1万2668公顷的成熟园丘（包括4218公顷已经清理地段），脱售 代价为2亿6806万令吉现金。
收购加里曼丹更大型地库和脱售美里种植园丘，已经促使它的地库面积大幅净增长。
CB工业产品也透过联营和联号公司，在马来西亚和印尼持有其他油棕园丘。
这些资产大都被投资者忽略，因它们都没有列入该公司2010常年报告中。
根据该公司透露，CB工业产品的30%联号公司Kris Jati集团私人有限公司和Bahtera Bahagia私人有限公司，在砂拉越拥有2万1000公顷地段，其中1万6500公顷已经种植。
该集团也持有Pride棕油厂私人有限公司的50%股份，透过独资控制Solar Green私人有限公司，在砂拉越拥有另外5500公顷地段，其中4683公顷已经种植。
在印尼，其85%子公司Sawit Lamandau Raya则于中加里曼丹拥有8000公顷地段，其中5000公顷可供种植，及另外1338公顷已经种植。
Kris Jati、Bahtera Bahagia和Pride棕油厂的其余股份都是由贸易风种植有限公司（TWSPLNT，6327，种植组）持有，后者也是CB工业产品的棕油厂和设备的主要买家。
CB工业产品已经获得股东们批准，以脱售Sachiew和Empresa，并预测交易将在2012年第2季完成。
这项脱售被视为一项主要活动，因上述美里园丘占了CB工业产品截至2011年12月31日止油棕种植与加工部门4983万令吉税前盈利的大部分贡献。
http://www.kwongwah.com.my/news/2012/03/07/101.html
市值约6亿8500万令吉的CB工业产品，现在控制约4万9862公顷的种植园丘。若该地完全种植和成熟，其常年原棕油生产将达到24万9310公吨，或基于现有原棕油价格3200令吉和成本每公吨1600令吉计算，可获得近4亿令吉的盈利。
不过，投资者将须耐心等候，因上述成绩将只在数年后才开始显现，而目前该公司只是出售砂拉越美里一个较小型的成熟园丘，以换取印尼中加里曼丹更大型但未开发的园丘。
这意味着它将从上述脱售中损失未来3至4年的收益，并需要时间以发展印尼新的大型地库。
CB 工业产品最近斥资463亿2000万印尼盾（1597万令吉）收购了中加里曼丹的3万2812公顷的园丘地库。它也正着手脱售2个独资单位，即 Sachiew种植私人有限公司和Empresa（马）私人有限公司，联同美里总面积1万2668公顷的成熟园丘（包括4218公顷已经清理地段），脱售 代价为2亿6806万令吉现金。
收购加里曼丹更大型地库和脱售美里种植园丘，已经促使它的地库面积大幅净增长。
CB工业产品也透过联营和联号公司，在马来西亚和印尼持有其他油棕园丘。
这些资产大都被投资者忽略，因它们都没有列入该公司2010常年报告中。
根据该公司透露，CB工业产品的30%联号公司Kris Jati集团私人有限公司和Bahtera Bahagia私人有限公司，在砂拉越拥有2万1000公顷地段，其中1万6500公顷已经种植。
该集团也持有Pride棕油厂私人有限公司的50%股份，透过独资控制Solar Green私人有限公司，在砂拉越拥有另外5500公顷地段，其中4683公顷已经种植。
在印尼，其85%子公司Sawit Lamandau Raya则于中加里曼丹拥有8000公顷地段，其中5000公顷可供种植，及另外1338公顷已经种植。
Kris Jati、Bahtera Bahagia和Pride棕油厂的其余股份都是由贸易风种植有限公司（TWSPLNT，6327，种植组）持有，后者也是CB工业产品的棕油厂和设备的主要买家。
CB工业产品已经获得股东们批准，以脱售Sachiew和Empresa，并预测交易将在2012年第2季完成。
这项脱售被视为一项主要活动，因上述美里园丘占了CB工业产品截至2011年12月31日止油棕种植与加工部门4983万令吉税前盈利的大部分贡献。
http://www.kwongwah.com.my/news/2012/03/07/101.html
2012年5月4日星期五
2012年4月17日星期二
2012年4月16日星期一
2012年4月9日星期一
2012年4月8日星期日
Hartalega ups the stakes in the nitrile glove business
KUAN Kam Hon, the managing director of Hartalega Holdings Bhd, sits patiently in a meeting room in his office and asks his son Kuan Mun Keng, who is a director in the same company, to tell the contractors busy refurnishing the upper levels of its office to cease their work for a moment while he speaks about something that is of great importance to the future of the company.
The contractors were getting ready the upper floors of the Hartalega office in Bandar Sri Damansara in preparation for more office space needed to cater for the massive investment the company is about to undertake. A move that is more about the future of Hartalega than the now.
Hartalega announced yesterday it is spending RM1.5bil to nearly triple the output of nitrile gloves it produces in eight years, an investment that it sees will not only reinforce its position as the largest nitrile glove manufacturer in the country but also fend off growing competition that has steadily eaten into the profit margin the glove maker has been enjoying over its peers.
Kuan Mun Keng (left), and Kam Hon at the company headquarters. “We have been doing that for some time and we reckon if we continue to do that, one day there is no more business for me to grab from the marketplace,” he tells StarBizWeek, giving an insight into the reason for the huge investment announced yesterday that has been given EPP status by Pemandu for its impact on gross national income (GNI). Hartalega calculates that the new plant's contribution to GNI is RM921mil a year.
Hartalega calls its new nitrile glove factory the Next Generation Integrated Glove Manufacturing Complex (NGC).
The new investment, cumulatively is the largest Hartalega has done but Kuan says it's really not that much of a difference than what the company has been investing in recent years.
It just stretches the committed amount over a longer horizon but its end result will see Hartalega, which is scheduled to see production capacity hit 13.7 billion glove pieces after its Plant 6 is completed, churn out 38 billion pieces by its financial year 2022. The first gloves from the plant are expected out in 2013.
The first phase of NGC will be between 2013 and 2017, where 40 production lines with total annual capacity of 14 billion will be installed.
Part of the reason for bumping up production by that much is also to meet orders the company simply cannot meet. Its production is running at full speed and demand is such that orders are being deferred.
“We have perpetually oversold and never had excess capacity waiting for customers,” he says.
NGC will be built on 100 acres and will require an additional 4,600 workers. Hartalega needs the new land because the current factory in Batang Berjuntai has used up all its available land.
The number of lines NGC will house once fully completed will be 70, and those lines will produce 40,000 pieces of gloves per hour. It's the fastest production lines Hartalega has and that will boost productivity of Hartalega by 60% over the average of its current production run.
Hartalega's existing plants have 45 lines, but 15 of which are old and slow. Plant 6 will see an additional 10 lines being built that are capable of producing 40,000 piece of gloves per hour.
The old lines average about 8,000 pieces of gloves per hour and is holding down the average speed of the plant at Batang Berjuntai to 22,000 pieces per hour.
Hartalega intends to mothball those old lines, which are needed to meet demand, once NGC is up and running.
To fund the start-up of NGC, Hartalega will borrow RM100mil but is banking on the conversion of warrants issued in a recent bonus exercise to eventuallly pay off its initial borrowing.
“Currently, the net cash of Hartalega is over RM100mil. We are not borrowing a lot for this project. The plant will be mostly paid from the warrants issued and it's convertible in the first anniversary up to the third year,” says Kuan.
“We will need the cash in 2013. We have the intention of borrowing RM100mil to take care of the front loading and when the warrants are converted, we will pay down all the loans. After the third year, we are home free.”
The ongoing operations of the business and the cashflow generated by Hartalega will then take care of the investment needs of NGC thereafter.
The cost of starting the operations, Kuan says, will probably not affect the profitability of the company which he says appears to pause from time to time. He says that is because of the cost incurred to prepare for the next phase of growth before a new plant is ready to deliver on capacity.
“As production goes up, the cost per thousand pieces of gloves should come down and profitability should improve.”
With production projected to rise to 38 billion pieces of gloves when NGC is fully completed, Hartalega feels its revenue should correspondingly rise.
It has forecast revenue to grow to RM3.5bil when NGC is 100% up and running, but the margins the company is enjoying will inevitably drop.
That will be due to competition. Its competitors are ramping up nitrile production as demand from the developed economies of Europe and the US shift towards consuming nitrile gloves instead of latex gloves. Furthermore, the automation process within its rivals is seen to be picking up with machines from China now capable of running at 26,000 pieces of gloves per hour, he claims.
With Hartalega's proprietary machines which are capable of making 40,000 gloves per hour, NGC should see productivity increase.
Output per worker is estimated to increase to 4.7 million of gloves per worker from the current 2.9 million and staff cost as a percentage of sales should drop from the estimated 6.2% for its 2012 financial year to 4.5%.
The improvement in productivity is a consequence of two reason more automation being put into the plant and the need for less labour in the more modern manufacturing process.
Hartalega is also planning to introduce new technologies in NGC that will lead to an improvement in productivity.
Productivity per worker as a result of it all is projected to rise to RM516,000 from the current RM306,000.
Dealing with competition
Furthermore, Kuan says natural gas consumption to produce a thousand pieces of gloves will also fall when NGC is in operation. The new complex will use biomass energy with an installed capacity of 58MW, which will account for 22% of NGC's energy needs.
Hartalega feels that the productivity improvements will lead to a margin expansion should everything remain the same but is cognisant of the current trends of the market where prices are being thrown to get new business.
Despite the margin competition, Hartalega feels it is more than able to compete with the other giants of the industry that are moving towards the nitrile glove market thinking there are superior margins to be had by doing so.
“When the numbers finally come in, I am projecting a 19% net margin. Shareholders will be happy with that margin when the size of the business grows,” says Kuan, who is focusing on earnings per share growth which should come as a result of the growth in volume.
What will all of this mean to the competition the industry is currently facing?
Kuan says industry players thinking there is more money to be made from nitrile gloves will be in for a tough time.
“Everyone assumes nitrile delivers better margins because they take our numbers. But when they start doing costing, they take a blended cost, but most operations are not sophisticated to do costing on each and every product,” he says.
Furthermore, he says, as companies shift the product mix towards nitrile, they may find their costs will also rise. That, he thinks, is why Hartalega's rivals are not seeing the expansion in margins even though the are aggressively moving into the nitrile glove market.
“Nitrile production cost is actually higher than latex but because of the material savings, the selling price is low.”
Will the world's leader of nitrile rubber gloves on day go back to making latex gloves?
“When the day comes when we need to do latex, we will but we believe our margins then will be in the teens. The same lines will be used but we can run the lines faster and our yields will increase.”
http://biz.thestar.com.my/news/story.asp?file=/2012/4/7/business/11064003&sec=business
2012年4月6日星期五
HARTA的"8年磨一剑"
| General Announcement |
| Reference No C&-120406-28688 |
| Company Name | : | HARTALEGA HOLDINGS BERHAD |
| Stock Name | : | HARTA |
| Date Announced | : | 06/04/2012 |
| Type | : | Announcement | |
| Subject | : |
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| Description | : |
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