What triggered the quick recovery?

Analysts say the recent selldown was overdone and the market has ignored the significant value of its portfolio comprising non-airline businesses within the group. In addition, they note that AirAsia’s fundamentals are intact and it is undervalued.

Maybank Investment Bank Bhd analyst Mohshin Aziz concurs that the selldown was overdone and maintains a “buy” call on AirAsia with a target price of RM2.05.

“It is a highly beaten down stock. Given the situation, it is the highest candidate (to be picked up by investors),” he tells StarBizWeek.

Mohshin notes that AirAsia has been very active this year engaging the investment community by having meetings, teleconferences and so forth but to no avail as it shares continued to be beaten.

“AirAsia is cheap. Cheapest in its history in US dollar terms and also the cheapest airline stock in the world currently,” he says.

Mohshin says there is no point talking about valuations of AirAsia, as it is beyond fire sale.

“We derived an alternative and tangible valuation methodology for AirAsia, given that the conventional ones are gaining no traction. We took the latest available appraised value of its fleet, net off its long-term debt and times it by the ringgit at RM4.3 to the dollar and we get an intrinsic value of RM1.34 per share. Basically, the metal value of the business is higher than the current market capitalisation.

“Shareholders can make a nice 18% gain by just selling off the fleet whilst keeping the RM4.8bil of equity,” he remarks.

It is worth noting that the US-based Wellington group of companies which had reduced their stakes in the low-cost carrier in June this year have started buying shares in AirAsia.

According to the latest filings with Bursa Malaysia, Wellington Management International Ltd has 200.74 million shares, or 7.214% stake in AirAsia. Wellington Management Global Holdings Ltd has an indirect 228.19 million shares or 8.2% stake, while Wellington Group Holdings LLP has an indirect 278.99 million or 10.025% stake.

The Employees Provident Fund (EPF) had on Sept 3 acquired 2.498 million shares in AirAsia but it disposed 892,500 on Sept 9.

“AirAsia took a beating but it is now a V-shape recovery. Wellington and EPF are back. They have been buying and hopefully the worst is behind for AirAsia. The counter has been attracting high trading volume,” an analyst say.

The turbulence comes not in just its shares being sold down. AirAsia is also battling with other issues such as the report by accounting research firm GMT Research that raised questions about related party transactions. GMT Research had highlighted problems with the company’s accounting practices and raised concerns regarding the firm’s cash flow, leverage and group structure.

News that PT Indonesia AirAsia (IAA) may be shut down by the end of July also caused a panic among investors.

AirAsia’s 49%-affiliate IAA has received a letter from Indonesia’s Transport Ministry laying out terms for it to ensure a positive equity position by July 31.

Indonesia’s Transport Ministry has ordered 13 airlines to raise funds to reach positive equity positions out of concerns that a negative equity would affect safety oversight.

Futhermore, the company’s latest quarterly results provided little cheer to investors. In the first six months to June 30, AirAsia’s net profit fell to RM392.36 mil from RM506.87 mil a year ago, with a relatively flat revenue of RM2.6bil.

AirAsia is also battling the Malaysia Airport Holdings Bhd (MAHB) over its operations at KLIA2. It was reported that AirAsia and MAHB would be having a “peace dinner” at the end of the month to resolve their disputes.

Analysts, however, are not too optimistic that their differences could be resolved over a dinner. “One dinner cannot bury the hatchet. We will just have to wait and see,” one analyst says.

Analysts believe that another concern weighing down AirAsia is the continued weakening of the ringgit against the strong greenback as about 70% of operating expenses and 80% of debt are US dollar-denominated. So far this year, ringgit has weakened by about 20% year-to-date.

“We believe that one overhang over AirAsia’s share price performance year-to-date is the weakening of the ringgit against the US dollar.

“We estimate that 64% of operating expenses (jet fuel, MRO and aircraft leasing) are US dollar denominated. As 8% of operating costs are hedged to reduce the impact from US dollar over ringgit volatility, the impact of every 5% drop in the ringgit equals to an increase in operating cost by 3%. Separately, 73% of its US dollar borrowings are hedged,” MIDF Research says.

At 50%, jet fuel constitutes the largest operating cost component for AirAsia.

AirAsia’s exposure to spot jet fuel is 49% in fourth quarter 2015 (51% hedged) and 100% in FY16 (fully unhedged). Thus, the impact on a 5% drop in jet fuel price reduces operating cost by 1.2% in fourth quarter 2015 and 2.5% in FY16.

MIDF Research

Still hold... End of the year or early of next year, tp at rm1.60++ is not a dream

Disposed all to take profit and will buy back later due to uncertainty of FD rate..

Still holding.. still the Best low cost carrier!
KUALA LUMPUR (Sept 10): Budget carrier AirAsia Bhd is once again named the Best Low Cost Airline at the Business Traveller Asia-Pacific Travel Awards 2015, making it the fourth consecutive win for the airline since the category was introduced in 2012.
In a statement today, AirAsia chief executive officer Aireen Omar said it was an honour to receive the vote of confidence from their guests and Business Traveller's readers.
"This is a reflection of our commitment in providing the best air travel experience for our guest through our most extensive flight network in the region and unrivalled unique offerings.
"Rest assured that we will not rest on our laurels and will continuously innovate to provide the most affordable and seamless travel experiences for all types of travellers.
"Just this year alone we have launched nine new routes, out of which six are unique routes that only AirAsia Group operates on, such as the newly launched direct flights to Goa, India and Sapporo, Japan from Kuala Lumpur," added Aireen.
In the same statement, Business Traveller Asia-Pacific group publisher Iris Kwan said the readers of the magazine has clearly been impressed by AirAsia's continued excellence, thereby once again voting it as the Best Low Cost Airline
"The growth of low-cost travel in the region has resulted in a highly competitive landscape for the LCC business. AirAsia continues to lead the charge by combining attractive fares with outstanding products, an ever-growing network, and consistent service standards.
"The discerning readers of Business Traveller Asia-Pacific have clearly been impressed by AirAsia's continued excellence, and have once again voted it as the Best Low Cost Airline," she said.
Besides this latest award, AirAsia was named World's Best Low Cost Airline for the seventh year running by Skytrax in June.
It was also recently voted as the Best Budget Airline for The Smart Travel Asia's 2015 Best in Travel Poll for the eighth consecutive year. Smart Travel is an online travel magazine.

KUALA LUMPUR (Sept 10): Budget carrier AirAsia Bhd is once again named the Best Low Cost Airline at the Business Traveller Asia-Pacific Travel Awards 2015, making it the fourth consecutive win for the airline since the category was introduced in 2012.
In a statement today, AirAsia chief executive officer Aireen Omar said it was an honour to receive the vote of confidence from their guests and Business Traveller's readers.
"This is a reflection of our commitment in providing the best air travel experience for our guest through our most extensive flight network in the region and unrivalled unique offerings.
"Rest assured that we will not rest on our laurels and will continuously innovate to provide the most affordable and seamless travel experiences for all types of travellers.
"Just this year alone we have launched nine new routes, out of which six are unique routes that only AirAsia Group operates on, such as the newly launched direct flights to Goa, India and Sapporo, Japan from Kuala Lumpur," added Aireen.
In the same statement, Business Traveller Asia-Pacific group publisher Iris Kwan said the readers of the magazine has clearly been impressed by AirAsia's continued excellence, thereby once again voting it as the Best Low Cost Airline
"The growth of low-cost travel in the region has resulted in a highly competitive landscape for the LCC business. AirAsia continues to lead the charge by combining attractive fares with outstanding products, an ever-growing network, and consistent service standards.
"The discerning readers of Business Traveller Asia-Pacific have clearly been impressed by AirAsia's continued excellence, and have once again voted it as the Best Low Cost Airline," she said.
Besides this latest award, AirAsia was named World's Best Low Cost Airline for the seventh year running by Skytrax in June.
It was also recently voted as the Best Budget Airline for The Smart Travel Asia's 2015 Best in Travel Poll for the eighth consecutive year. Smart Travel is an online travel magazine.

The main beneficial counter is TuneIns, AirAsia may promote at breakeven cost but it is not for TuneIns.

Any Air Asia promotion will direct benefit for TuneIns.. accumulated futher during the last few days when price between rm1.26-rm1.27

A big drop of TP from Kenanga Research...from RM0.63 >RM0.19 (not far from my projected tp if consider the current market sentiment)

Post-results, we have reduced our bullish FY15E earnings projection of RM21.6m to RM7.8m to account mainly for: (i) lower sales from the Mobile Phone and Computer Peripherals segments, (ii) lower GP margin assumptions of 11.5% (-3.0ppts), and (iii) corporate tax rate of 9% as its pioneer status has expired. We have also introduced our FY16E earnings with key assumption being: (i) 5% organic growth across all segments, (ii) additional sales contribution from the Healthcare segment, and (iii) GP margin assumptions of 12.0%. To align with the overall broad market derating, we have also ascribed a lower targeted PER of 8.5x (from 10.0x previously), a valuation which is broadly in line with FBMSC’s forward PER. As a result, our new TP is RM0.19 (from RM0.63). We may revisit the stock again should the group secured new orders with lucrative earnings.

Accumulated some lot at RM0.525, except beginning of 2009 from 2006, this price is the lowest. As the project visibility is there and start to pay dividend and expect to benefit from mp11. Good opportunity to accumulate at present price.

Maintain BUY from RHB. Ahmad Zaki is a good small-cap proxy to the construction sector, given its involvement in the Klang Valley Mass Rapid Transit (MRT) project, the MYR1.55bn East Klang Valley Expressway (EKVE) project and various government facilities. Its record outstanding construction orderbook of MYR3.2bn (see Figure 2) at present will keep it busy for the next 4-5 years. We also like Ahmad Zaki for its stable of concession assets comprising a highly profitable bunkering operation at the Kemaman Supply Base in Terengganu, the International Islamic University of Malaysia (IIUM) Teaching-Hospital (under construction) and the EKVE (under construction). In addition, there is tremendous value in its 21,000-ha oil palm plantations (23% planted) in West Kalimantan, Indonesia. We keep our SOP-based TP atMYR0.98, valuing its construction business at 10x FY16F earnings, in line with our benchmark 1-year forward target P/Es of 10-16x for the sector

The Q result is not picking up even the RM is weaken further. This indicated that the sales almost the sales compared with last Q. Earning per share actually down and I suspected this is due to execution of Esos by the Directors which will dilute the share furtger. Coming Q hard to pickup base on present world market.
Expected price will further down , may be for dip to RM0.16 base on present poor market sentiment.

The visibility of Malakoff is still very clear (even the economy is cloudy recently) and present profit down mainly due to one of the plant which still manageable. The debt majority was in RM (is visibility good with secure contact, the risk can be mitigated compare with looking for sales). 70%dividend policy will give a plus...

Last bought at RM1.25, will stop here and start another buy in if price close to RM1.20

Q some lots from RM1.28~RM1.26..

Accumulated few lots between RM1.34~RM1.31
Cheap sales!

Had been trapped for few lots. Chance to back to RM2.1+ may take some time. Latest news reported that the growth rate of smartphone in China had retreated. Hopefully the India market will pick up else semicon is almost at peak ... although the weakening RM will help for export oriented companies but most of are at their peak but demand will slow down...

For me the result is acceptable and coming q will be better.
The earning visibility is clear, debt is mainly in RM and dividend payout rate is 70% .

That why market sometime is crazy, matched some at RM1.42 but q at RM1.41, 1.40 & 1.39

Matched some lots at RM1.43&1.44, as the borrowing of Malakoff mainly on RM and very snall portion wad in USD &AUS due to operation need. It sales almost certain withbthe contact. Good opportunity to accumulate at attractive price.

AirAsia, which has borrowings in US dollars for its fleet of aircraft, registered a profit attributable to shareholders of RM243mil in the second quarter, down 33.8% from a year ago.

This was achieved on a marginally higher revenue of 1% to RM1.32bil, backed by a 7% passenger growth to 5.95 million with 80% load factor.

The unrealised forex loss on borrowings totalling RM43.6mil was due to the adverse movement in the exchange rate on US dollar-denominated borrowings. The airline described it as merely an accounting valuation against its underlying operational growth.

AirAsia also incurred a one-off cost for the termination of borrowings in relation to its sale and leaseback of aircraft amounting to RM54.61mil.

Stripping off the forex loss and termination of finance cost, AirAsia’s pre-tax profit for the period is RM48.76mil compared to RM255.31mil in the corresponding period last year, where it had enjoyed a gain of RM202.92mil on forex gains on borrowings.

However, AirAsia’s operating profit was up 40% to RM243.5mil and net operating profit increased by 75% to RM124mil, thanks to the performance of subsidiary Thai AirAsia (TAA).

As at June 30, AirAsia’s total debt had reduced by 6% from the previous quarter and cash had increased by 15% to RM1.84bil following the sale and leaseback exercise on 10 aircraft in second-quarter 2015 on top of growing cash from operations itself.

This resulted in an 11% drop in its net gearing ratio to 2.21 times.

As for its subsidiaries, TAA posted a revenue of 6.90 billion baht for the quarter, a substantial increase of 26% from the same period last year. Operating profit increased by 220% to 514.42 million baht from the operating loss recorded last year.

Disposed all the lots after considered better take opportunity to accumulate some counters as some counters dropped even more than 20%.

Will dispose some to invest other counters that dropped a lot. Anyway, this counter saved me from invested other counters which dropped at least 5%~12%

Disappointed Q result..it was poorer than prevoous Q.

Q result is encouraging..

2015-08-14 18:14

（吉隆坡14日訊）麗陽機構（TROP,5401,主板產業組）首半年淨利下挫，主要是之前脫售資產賺益造成，淨業績符合預期，但分析員對展望不一，惟維持財測不變肯納格研究表示，該公司目前手握30億令吉未入賬銷售，可支撐該公司未來2年半至3年的業績。而艾芬黃氏研究則看好該公司持有的策略地點土地、低估值和進行中的資資重塑計劃。

分析員維持財測不變，但艾芬黃氏看好展望，肯納格認為成本和可能貸款緊縮措施會打擊銷售。

麗陽機構目前淨負債率從0.7倍降低至0.58倍，管理層將透過脫售地庫，並希望在2015財政年末季時，負債率可降低至0.4倍。
艾芬黃氏表示，撇除上季脫售資產賺益造成盈利下跌，麗陽首半年淨利表現也僅持平，預期下半年銷售可改善，加上脫售更多地庫，有助加強淨利表現。

2億待進賬
分析員表示，該公司目前已經完成12億令吉的資產銷售，並淨賺2億零500萬令吉，該筆盈利目前待進賬。
該公司首半年營業額達7億9千萬令吉，肯納格認為有望達到全年15億令吉的預測銷售目標。
該公司管理層預計全年銷售目標為14億令吉。
該公司將在下半年推出12億4千萬令吉的產業銷售計劃。惟分析員憂慮產業市場目前備受挑戰，打擊投資產業的意願。
艾芬黃氏表示，該公司需面對的風險為延期銷售。
肯納格認為，該公司還需要面對不利產業銷售的政策、貸款收緊及行政成本與期望銷售過高份額風險。

◆券商：艾芬黃氏資本研究
◆目標價：1.95令吉

麗陽機構（TROP，5401，主要板房產）因強勁房地產銷售、及估值不高，我們維持該股“買進”評級。

　該公司2015財年次季取得2323萬令吉核心淨利，將上半年核心淨利提高至4290萬令吉。

　該公司上半年獲得7億9000萬令吉房產銷售，截至6月底的未進賬總銷售額，保持在高水平29億7000萬令吉。

　我們得知該公司的Tropicana Gardens、Tropicana Metropark及Tropicana Heights等計劃都取得可觀的需求。

　考量到更強勁的房產銷售，我們看漲該公司接下來季度的盈利表現。

　除了正面的銷售表現，我們也持續看好該公司坐落策略性地理位置的地庫，而且股項估值不高，提供112%的上漲空間。

　我們因而維持該股“買進”評級，目標價為1.95令吉。

　麗陽機構週五（14日）閉市掛91.5仙，跌0.5仙，成交量89萬7600股。

Accumulated some at RM0.905 and RM0.91
After checking the cash position of Trop is improved and borrowing was well control + the unbill sale is superb

Profit was dropped 74% but if verified in details is improved by 15%+ if we deleted the gained due to profit from disposAL of investment properties and subsidiary of joined venture.

The profit of latest Q result (23.165mil) actually is better than previous Q (89.456mil, actual is minus 69.9 mil) which was boosted by gains of RM69.9mil arising from the disposals of investment properties and a subsidiary of a joint venture. Revenue also up about 2.5% to RM364.9mil. With huge unbilled sales of RM3 billion!
Feel good and will accumulate more at this very reasonable share price.

（吉隆坡12日訊）令吉貶值對不少企業造成影響，但考量到旅遊需求強勁，及經濟低迷讓更多消費者更嚮往廉價航空，亞洲航空（AIRASIA，5099，主要板貿服）集團總執行長丹斯里東尼費南德斯認為，令吉走貶暫不會對亞航業績造成影響。

　東尼說：“以目前的經濟狀況看來，相信會有更多消費者削減旅遊成本，轉向旅遊航空的服務，亞航進而可吸引更多客戶。我對亞航今年的業績表現感樂觀。”

　他今日在亞航高級產品系列全球品牌大使記者會結束后，如是指出；出席者包括亞航長程（AAX，5238，主要板貿服）總執行長賓亞敏。

　賓亞敏也認同說，令吉貶值不會對亞航長程帶來嚴重影響。

It is just opposite, now we can see Senai Airport City land may be worth RM5bn (2,718 acres in Senai). Now only selling 189 acres and help to speed up development in that area and pare down group debt.
Good move..

Unisem a factory in Chengdu. Asian, including Chinese, customers contributed 19% to Group
revenue in FY14. Devalue of Yuen should good for factory in China but of course if economy of Asia is not good will definately impact to IC industries as the demand is wordwide not only from US.

Accumulated few lots for this counter at RM0.375
With the net cash position, i believe L&G will still be in good position to perform.

In my opinion, weak Ringgit will benefit those export orientated companies but don't forget another most significant impact is from Fed rate hike. So, this will impact to many ccountries.. so those business such as tech /garment (if for world market especially for Asia/mid east/Europe )companies will get some impact as well. I believe glove companies is perform good as this business is resilient from world economy. Or those companies(such as CSCenic) export good to mainly US may good as well.

Tariff Hike:Another party that would benefit from this hike is MMC Corp Bhd, the second largest shareholder of NCB. MMC, which also owns Port of Tanjung Pelepas and Johor Port, had recently increased its stake in NCB to just over 30%.
http://www.thestar.com.my/Business/Business-News/2015/08/07/Westports-and-NCB-set-to-gain-from-tariff-hike/?style=biz

As Kumpulan Wang Persaraan keeps accumulate this share (from Jan'15 ~Jul'15) from 5% ~~ 8% (to date).. It is good opportunity to accumulate slowly at low but not in 1 shot.

Below is the infor from RHB Technical Analysis, but for me the fundamental value will win over a long run:

Classic Scenic may rebound further after it recently breached the downtrend line and closed above the MYR1.24 level in its latest session. Traders may buy as a bullish bias could be present above this level, with a target price of MYR1.30, followed by MYR1.39. Thestock may turn sideways if it cannot sustain above the MYR1.24 mark. In this case, support is anticipated at MYR1.19, where traders can exit upon a breach.

Still q at RM0.97 , it is good opportunity to accumulate slowly and few lots at 1 time.

I'm start to accumulate slowly from RM2.19..until lower for me is RM2.07
Patience will give you a fruitfull result and the lower then a better opportunity to average down the cost.

What i like is: Even the US Fed rate is up, but should very less impact to business (as 80% is US market) compare with tech companies (as the chips are depend on worlwide comsumption)

See some light on CSC, as a 98%+ are exported oversea (US alone is about 80%), export goods much more less bulky/raw materials used compare with furnitures, higher margin as at 17%. It is just a matter of time for it to perform if this RM rate is so low.

Another contact won..RM40.7 mil

Former executive director is still selling his share again??

As AirAsia passenger volume was increased about 10%, this is also give some positive factor to Tuneins. So yesterday accumulated few more lots at RM1.46

Look positive...
(吉隆坡1日讯）亚航（AIRASIA，5099，主板贸服股）今年次季乘客量增加10%，达1240万人，符合承载量扩大10%的行动。
次季，该公司的飞机团队规模达172架，按年增加6架飞机；每公里机位（ASK）增加10%，达1805万，高于去年次季1639万。
至于每公里乘客营收（RPK）从1281万，按年提高11%，达1426万；而承载率（load factor）则保持在79%。
亚航表示，大马亚航乘客量按年增7%，达595万人，符合承载量扩大7%行动。
“中国需求自5月之后复苏，带动乘客量增加。”
同时，承载率也保持在80%。
此外，泰国亚航乘客量按年增26%，达354万人，略超越承载量23%增幅，而承载率达80%，按年增2%。
印尼承载量减12%
亚航表示，泰国政治局势获得改善，加强当地旅游业的表现。
至于印尼亚航的乘客量则达163万人，承载量因为进行一项重组活动而减少12%。
“该项重组活动包括把焦点转向国际市场，也是印尼亚航取得最大市占率的市场，而承载率也高于国内航线。”
不过，承载率按年减少5%，达73%。
亚航表示，这在预期之内，因QZ8501空难事件之后，已影响次季的机票订购。
另外，菲律宾亚航乘客量按年增6%，达98万人，略超越承载量增幅的1%；而承载率则按年起3%，达80%。
印度亚航承载量为30万人，以及承载率落在83%。

Trapped few lots average of rm2.32... Will hold

W price increased 70%!

Yes, matched few lots at RM2.19,RM2.18,RM2.16...RM2.14 pending

Recent sell down ?? Pull the mother share down(only down for <10%) to force W to go down(down much higher%), then collect the W and push the share price up again? to gain much much more??

Q result is Good and surprisingly declared dividend which is unexpected! The price should up to catch up with others such as MPI...

This is one of the most confident counter for me for mid/long term due to:
- >98% are export to US (about 80%), Aus (6%), Japan(5%) & Europe (about 5%)
- One of most nenificial from weak RM as most of the material is local except the Ink & paint
- In fact no debt, cash reserve about RM20mil, profit is about 10 mil every year
- Profit margin is about 17%!
- Ride on the economy recoverly in US..so Fed rate hike is no impact as 80% from US
- See some activities on it business especially to venture in down& up stream industries to enhance it business prospective or lower the material cost!
- Good dividend pay out
- Present price is low and consider cheap



（吉隆坡14日讯）木制相框制造商林吉灵集团有限公司（CSCENIC，7202，消费产品组），现正等待市场环境获改善后，乘势进军上游和下游业务。

该集团的80％收入来自美国市场，使它在2008年的全球金融危机期间受到严重打击。因此，现正期待着当地出现经济复苏。

林吉灵集团财务总监林金丽说：“我们将会在市场上推出更多创新和可销售的木制相框。此外，我们将放眼上下游企业，主要是在短至中期内关系到我们的核心业务。”

在拓展上游业务中，她表示：“我们有意在雪州乌鲁音一幅自己拥有的土地上设立一座锯木厂。”

该集团目前正在为锯木厂申请相关许可证，期望能够在1至1年半的时间内开始营运。

林氏称：“上游业务的资本支出预算大约是200万至300万令吉，而投资期限将会超过2年。”

它是希望通过进军上游业务来节省木材成本，目前该成本约占产品售价30％。

她指出：“通过采购原木代替锯木，我们相信成本能够降低至少15％至20％，因为从原木锯开木材的尺码可以充分利用。”

林氏补充，锯木通常是比较昂贵，因锯木厂将木材废料计算入售价内。

与此同时，进军下游业务将会看到林吉灵集团开始生产木制框架。

她透露：“目前，我们生产8至11英尺的木制相框，并将它们出口至定制框架零售商或分销商，因为它们可付出较高价格。”

“短木板通常用于制造框架。因此，在采购原木时，我们的木材成本会下降，这将使我们较具竞争力，以及能有效地开拓新市场。”

然而，林氏补充，资本支出不会显著影响公司的现金状况，以及支付股息的能力。

在截至2015年3月31日止，该集团的现金及流动资产企于2070万令吉。它虽然没有银行贷款，但是目前的应付账款达160万令吉，而财务负债则达170万令吉。

过去6年，林吉灵集团一直将逾90％的净利润作为派息，不过目前它将派息比率降至50％。

在截至2014年12月31日止财政年度，该集团的净利按年增长11％至1010万令吉，而营业额则上升至5840万令吉。平均而言，它的净利润率达17％。

据她表示：“我们超过80％的收入来自美国市场，其次是澳洲（6％），以及日本（5％）。”

单在美国市场，仅3大客户的订单就占了34％的集团总营业额，这些客户皆是家居装饰零售商，它们分别是迈克商店、Hobby Lobby商店和拉森朱尔商店。

林氏说：“鉴于美国经济环境获改善，我们将会继续专注当地市场，然而其他地区的经济依然疲弱。”

她补充，美国仍是我们的木制相框最大和最有利可图的市场。

林氏称：“美国经济是由消费者支出所驱动，目前还没有完全从2008年金融危机中复苏；但我们相信，随着家庭的资产负债表转强，以及房屋市场获改善下，市场环境将会变得更有利；加上失业率走低，使到消费者支出和零售销量回升。因此我们通过创新产品，乘着这些宏观机会进一步拓展美国市场。”