公司历史及商业背景简介：

 

该公司成立于1976年注册成为一家包装供应商。如今，已成长成为有关领域的领导厂商。自那时以来，该公司扩展其业务至邻国新加坡、菲律宾、印度尼西亚、泰国及中国等。

 

目前，大众包装的业务主要专注于品牌，设计及包装。该公司业务也延伸到

1. 设计包装和展示项目

2. 制造瓦楞纸箱

3. 胶印

4. 制定促销显示项目

5. 喷墨打印

6. 纸制品

 

除了引进新的技术，该公司致力于制程与产品质量研究改善与开发以便提高客户价值。列如：（Just-In-Time）services，整体包装概念，设计与供应链管理。

 

30大股东共持有该公司69.78%的股权。

 

利好：

自1991年上市以来，连续25年来都赚取强劲盈利。

NTA高达1.6，目前股价为0.95。

(P/BV) 0.57

 

缺点：自2011年以来未曾派息。

 

INDUSTRY REVIEW 

Packaging is an important component of the manufacturing sector but continues to be challenging and competitive as global sentiments on crude oil and commodities remain weak. The declining of Ringgit Malaysia against the US dollar also led to a rise in manufacturing and operating costs. 

 

FINANCIAL PERFORMANCE AND OPERATION 

Despite the slowdown in world economy, the Group has successfully achieved another positive result for year 2015 through various business strategies. These include enhancing operational efficiency, reducing cost and improving service delivery. During the year, the Group has also expanded its production floor, warehouse and invested in new technology to cater to growing demand from our customers. The Group posted a revenue of RM161 million for the financial year 2015, which was a marginal increase from RM154 million in the last financial year. The net profit was RM14 million as compared to RM12 million in the last financial year, translating into an earnings per share and net asset per share of 12.9 cents (2014: 11.3 cents) and RM1.56 (2014: RM1.43) respectively. Our balance sheet remains robust with strong cash flow and low gearing. Cash generated from operations for the year was RM17 million and we maintained a cash balance of RM29 million as at end of financial year 2015.

 

PROSPECT FOR 2016

Economic pressures are building up as Ringgit continues to weaken, the Group expects 2016 to be a challenging year. The Group will remain vigilant in this uncertain operating environment and take all necessary measures to stay competitive. The Group is committed to strengthening its business and operation infrastructure, via cost-saving measures, “Lean Manufacturing System”, human resource development and broadening product and service range. Despite uncertainty in the global market, the Group expects to remain profitable this year.

 

Sensitivity analysis for foreign currency risk

A 10% strengthening of the RM against the following currencies at the end of the reporting period would have decreased profit before taxation by the amount shown below and a corresponding weakening would have an equal but opposite effect. 

 

                                                        2015 2014 

                                                     RM'000 RM'000 

USD                                               (1,027) (696) 

Others                                                  (9) (575) 

Net decrease in profit before taxation (1,036) (1,271)

 

Additional information obtained

PPHB had proposed to venture into “hotel and commercial property leasing” to diversify its existing businesses. Its heritage hotel project is currently at restoration stage and targeted to begin operations in FY18. This new development expected could contribute additional revenue of c.RM14m p.a. (assuming room rates of average RM400/night and 60% occupancy), which would provide the company strong operating cash flow going forward.