Bonus Issue
Ex date 19/5.
Listing and completion 20/5.

Last quarter's results should be good ...

Eddy Chen is bullish. GDV 8 billion to be developed over 5 years or more than 1 billion a year. Full steam ahead ... PAT margin should range 10% to 20% on products mix.

https://forum.lowyat.net/PropertyTalk

Old good article ...

投資致富財經焦點 2011-07-31 18:30

提起農基事業，給人一種穩定的感覺，無論經濟高低潮，都因基本需求支撐，能夠在市場中站穩住腳。

然而，談起農基業，總令人想起全利資源（QL, 7084, 主板消費品組），其農基事業像不間斷的快板，10年間，“身價”自當年微不足道的1億令吉，躍升至今天高達26億令吉。

全利資源今天的成就，董事經理謝松坤絕對功不可沒，從毛頭小子到今天的企業大亨，他的成功秘訣除“全利”的企業精神，還有傳統華人創業家眼中的“穩中求勝”；今天，《投資致富》帶你步入謝松坤農基事業的城堡，看他如何用素直樸真，穩穩開創江山。

奉行內部成長
併購壯大...

近年，全利資源突然成了許多分析員鎂光燈的聚焦，不僅因積極的併購與拓展大計，也因那亮麗的“成績單”。

望著這含辛茹苦的碩果，一頭銀髮梳得油亮整齊的謝松坤，溫雅教授氣質中卻不失將軍的戰略思考，他顯然不是“規模”的盲目信徒，但依然相信，內部與併購都是公司長期的成長策略。

“公司不時物色能夠壯大的良機，只要能夠創造協力效益的資產，都會抱持開放態度，但放眼目標不離熟悉的行業：海產、畜牧與棕油三大核心業務。”

全利資源去年收購麗鴻（LAYHONG, 9385, 主板消費品組）的23%股權，也在持有保綠美的40.51%股權後，讓該公司在今年上市創業板，變身為馬股的“新明星”――保綠美（BOILERM, 0168, 創業板工業產品組）。

專注印尼越南
資本開銷5億

近期，全利資源也大事在印尼與越南擴展業務藍圖，未來兩年資本開銷更估計達5億令吉，但這龐大投資，預計至2013財政年才能看到實質碩果。

謝松坤坦言，公司目前100%的盈利來自本土業務，而2007與2010年分別進軍印尼棕油與越南海產、畜牧市場，其實是在為另10年舖路。

“印尼與越南市場的成長潛力是大馬市場的10倍，資源豐富、經濟趨穩、成長空間龐大，都是全利放眼印尼與越南市場的原因。”

他因而相信，海外業務的動力前景可期，但海外業務或需至2013財政年才帶來實質盈利，並帶來超過10%的盈利貢獻。

他坦承，因需投入大量資金，使得進軍海外市場具一定的風險，去年的總投資超過2億令吉，一半以上已投入印尼業務。

行事作風穩扎穩打的謝松坤強調，由於印尼與越南市場龐大，目前未放眼其他海外市場，未來會專注這兩大東盟市場，5至10年逐步提高海外業務的貢獻。

他以印尼雞蛋消耗量分享，大馬一個人平均一年的雞蛋消耗量達300顆，但印尼平均只有60顆，大馬的雞蛋消耗量是印尼的5倍，顯示印尼市場的雞蛋滲透率仍低，而在該國經濟與消費力抬頭下，雞蛋需求可期。

投入熟悉行業
遊刃有餘

經濟外圍不明朗因素一波接一波，通貨膨脹的魔爪向亞洲各國肆虐，大馬6月通膨率續惡化，自5月的3.30%升溫至27個月高點3.50%，各行各業再度啟動“備戰”武器，以免經濟打擊業務士氣。

面對前路的挑戰，謝松坤卻沒有絲毫畏懼，反問：“經濟不好時，你認為，民眾會不會少吃一粒蛋？”。

他的答案是不會，因為農基食品是必需品，這“必需”的元素彷彿令農基食品擁有與生俱來的優勢，讓業務在經濟高低潮中都能表現平穩。

“食品業為公司帶來安全感，相對其他領域，不易受金融危機動搖。”

堅持穩中求勝的他，直言當初經營這3項核心業務：海產、畜牧與棕油，除基於出生地的機緣，也為多元化業務的風險。

3核心業務互補
多元化分散風險

“魚類加工、種植與畜牧都是自己熟悉的行業，3大行業的穩定性不同，也具‘互補性’。”他認為，每項單一業務都將經歷高低潮，而多元化業務可助於分散風險。

為進一步擴大業務的“穩定性”，他也致力延伸業務的產業鏈價值，如儘量涉足上下游業務。他以魚加工品為例，賣的不僅是魚加工品，還有魚醬、魚餅等。

他進一步分析3大領域的不同屬性與挑戰，“多元化市場，意味需藉創意來開發新市場，因此，創意絕對是經商不可或缺的因素。”

他說，海產業雖為全利專長，也是別人難以競爭的領域，讓業務有利可圖，惟供應問題卻是最大挑戰。

“隨需求量節節上升，公司有必要加倍生產，惟天氣可能影響漁產，資源短缺限制供應鏈，因此，需要不斷開創新點並擴大價值鏈，以突破供應能力的侷限。”

他也提到，日本311地震後，當地海產受輻射影響，加上日本人的消費力走低，促使日本也轉向購買低檔魚醬，並與原購買低檔魚醬的中國和韓國掀起搶購潮，這間接導致高檔魚醬供應過剩，與低檔魚醬的差價也逐漸收窄。

全利資源的海產部包括深海魚場和魚醬生產，廠房分布在大馬的霹靂、柔佛和沙巴，以及印尼，值得一提的是，該公司是亞洲最大的魚醬產品生產商。

至於需求量亦日益增加的畜牧業，他談到，畜牧業的市場很大，成長步伐也很快，但疾病傳染難免引發領域的震盪，這就是畜牧最大的風險因素。

他補充，畜牧業的競爭日益激烈，也是領域挑戰之一。

“只要能夠掌握創新技術，也可推動業務的迅速增長。”

針對大馬雞蛋市場的飽和情況，他坦言，即使今天的雞蛋產量，已自公司創立時的30萬粒增9倍到今天的270萬粒，但相信平台依然很大，重要的是，公司必須開拓週邊市場，以把握更多成長潛力。

由於全利的棕油主要涉足下游業，導致盈利貢獻不多，惟隨印尼棕油地的發展漸成氣候，謝松坤預計1至2年後，棕油佔業務盈利的比重，自現有的15%，提高到20〜30%。

目前，畜牧佔全利業務盈利比重最高，達50%，海產業以40〜45%居次，其餘來自棕油。

謝松坤指出，棕油業務，顯然沒有海產與畜牧面臨的問題，不用擔心出售程序，且管理簡單，可是，氣候與棕油價高低起伏卻左右業務前景。

他以去年棕油走勢解釋，帶來強勁雨量的拉尼娜（La Nina）現象足以影響棕油的收成。

該公司的畜牧園現遍佈吉打、雪蘭莪、森美蘭、沙巴、砂拉越，甚至印尼與越南，同時在加里曼丹和沙巴，持有面積各達1千200與2萬公頃油棕種植地。

不圖短利
走得更遠

追求高利，一直是許多企業追趕的目標，但對於堅持一步一腳印，默默耕耘以取得成果的謝松坤，“利”其實是根懸在驢子眼前的胡蘿蔔，企業不僅應看得更長遠，也應在業務趨成熟時，接受成長腳步放慢的道理。

謝松坤直言，業務模式具互補作用與產業鏈不斷延伸雙管齊下，要保住業務10至15%的雙位數成長，其實並非大問題。

“這3個領域的需求穩定，即使通膨大行其道，外圍經濟不明朗，都不至於阻礙業務前進，但當一家企業不斷成長後，基礎也一直在擴大，這也是業務趨向保守的時候。”

他認為，一家公司會經歷不同階段的成長，當企業壯大到一定程，其實，要求更高的雙位數成長是很大的挑戰，此時，調低成長目標反而是合理的。

“新平台之下，我覺得未來放慢一些腳步是可以接受的，目標已非追求超過20%的更高成長，而是保持較低的成長水平，這是自然的階段，當然，慢也只是慢一點，不能太慢。”

他直言，過度追求高成長，反而會帶來負面後果，就像爆發的金融風暴，即是盲目追逐數字的結果。

他以業務貸款為例，當業務已趨成熟時，反而應儘量降低借貸率至較舒適的水平，儘管如此，他強調，公司從不向現有股東要錢，即使未來可能選擇向現有股東發憑單，也將讓他們能夠選擇性地參與。

全利在2007與2010年間，營業額自11億2千萬令吉，增32%到14億8千萬令吉；淨利從6千325萬令吉，大起69%到1億零691萬令吉。

1億變26億
二板
謝松坤出生在漁民家族，30年前，他以堅強毅力挑起事業的重擔，創業初期，只是傳統小規模的業務，因資本不多，初時只能自附近的海邊收集貝殼，之後再出售予畜牧業的飼料廠。

由於誠懇打拼與見解獨道，公司自1987年創立後一直表現卓越，於2000年在馬股上市時，首次發股的市值只有1億令吉，初期以二板的身份上市，之後才晉升主板，今天的身價更突破26億2千萬令吉。

“這些都是熟悉的領域，必須以不同的方式進行，我也從未想過全利今天的規模。”他相信，公司接下來的競爭優勢包括複製區域的核心業務，管理策略、執行與創新力。

兼顧企業社會責任

除追逐盈利的道路，謝松坤對企業社會責任也有另一番見解，並試圖在企業不斷探試成長極限，社會價值不斷流失的年代，靜靜修煉一顆素質的心，平衡盈利與各方的關係。

“‘全利’，言下之意是，全部人都贏！”他娓娓道來，細看下，不但沒有攻城掠地的殺氣，也沒有嚴謹肅穆的領導風格。

他認為，牟利需顧及多方，包括工人、股東、社會，成功的企業，應平衡之間的關係，當然，要達到該目標，並非輕而易舉的事。

或許，因為曾經當過大學教授，在他眼裡，無論在人性、理念還是哲理上，都不能只向“利”鑽。

不可只為股東賺錢
背後卻剝削員工

“其實，能夠把握5至10%的獲利度已經很滿足，牟利不應單方面，若只有為股東賺錢，背後卻在剝削員工，這樣的做法說不過去。”

因此，對於企業社會責任，謝松坤也堅持與一般企業走不一樣的路，即致力讓企業社會責任與商業策略結合，再讓價值轉為行動。

他認為，企業責任應該不侷限在捐款之類的公益，而是業務策略的一部份，創造和自身領域相關的價值。

他以公司的零廢料再生能源計劃與提供漁民的免息貸款分享，積極推廣企業社會責任，讓公司間接取得令股東滿意的股東回酬。

他以漁民的免息貸款進一步解釋，公司需向漁民買魚，但漁民因銀行不願放貸，漁船設備欠佳、補魚品質差，所以借錢給漁民，不僅能夠提昇漁民生活品質並推動漁村貢獻，最終也能讓領域受惠，達到互惠互利的關係。

結語：

金融風暴爆發的時候，引發了企業盲目追逐高利的省思，今天的全利資源，能夠適時對“高利”鬆開手，沒有一絲怨尤，但求以“穩中求勝”來守住江山，其實，已一箭命中許多決策者的腦袋。（星洲日報／投資致富‧企業紅人館）

http://www.nanyang.com/node/613501?tid=462
加影隆市推高楼产业 美景控股发展总值上看16亿

1 warrant for every 5 warrants. Exercise price reduced from 2.26 to 1.89. Consider to leverage further by adding this.

MD Tan Sri Eddy Chen is bullish
http://www.thestar.com.my/Business/SME/2014/04/12/Developer-builds-on-success-Six-months-of-property-carnivals-planned-to-showcase-new-projects-to-pot/

Market value 1.6 billion. 1.6 billion GDV planned for 2014. Cool!
Say 25% margin it will bring in 400 mil profit and that is about 40% of the current market value.
I like how MKH flex its muscle ...

Thanks for the insightful sharing duitKWSPkita ... that's how I see QL also. Never ending excitement. Never ending expansion plans and very sound ones. I like them especially the CEO whom deserves his medals but never wears them. Do you see any Datukship?

Soon QL will catch up with Nestle in term of revenue. Size does matter in the consumer products industry. Happy investing!

duitKWSPkita .. good sharing. My kids owns only QL shares and they are happy to see their money growing in the trees, in the seas and in the chicken farms.

cytew .. that makes sense. Exercise price will be adjusted downward so the total proceeds from exercising the warrants remain the same. Cheers
With higher volume and lower exercise, this will boost trading of the warrants.
I may add warrants to leverage if MKH makes sound moves in coming months.

There are many that MKH could leverage on .. MRT, cheap land cost, uptrend CPO and FFB production, profit track records. I could not see all the picture for the time being, so I am not able to set my own TP.

Good 1Q 2014. Higher revenue and lower cost.

Thanks bsngpg. The bonus warrants will have same terms with the existing such as exercise price and expiry date?

Anyone can enlighten? (ii) and (iii) What does it mean? Bonus warrants to be exercised to give rise to new MKH shares?

So warrants also 5 gives 1. Good.

Saville @ Cheras
Stay Connected with the MRT right below.. GDV 500 mil

Property Type: Service Apartment & Retail Lots
Built-Up Area : from 1,152 sqft -1,596 sqft
Duplex Penthouse : from 4,495sqft -4,727 sqft
Retail Lots: 324 sqft – 1,859 sqft

Total Units : 352 units Service Apartment
62 Retail Lots

More please more please .. seller market.

Look at the IDR ..

The directors did not dump .. merely transfer to PAC only.

Huh! Additional warrants to be listed .. higher liquidity .. more trading.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1575433

tonylim, what is best asset in your perspective?

Games are won by players who focus on the playing field - not by those whose eyes are glued to the scoreboard.

Focus on the future productivity of the asset you are considering.

Good morning folks!
Investment is most intelligent when it is most businesslike ... Benjamin Graham

Whether we can sensibly estimate an earnings range for five years. If the answer is yes, we will buy the stock if it sells at reasonable price.

MKH is looking to grow the recurring income base with pockets of commercial land which are ripe for development. For instance, the 5.6-acre land for MKH City (RM500m GDV) which is within walking distance to the Kajang MRT station is intended to hold a shopping mall, hotel and office tower with 1m sf GFA. MKH will probably retain some of the properties to further boost its investment properties portfolio. There will also be some investment properties at the flagship
development, Kajang 2. Also, certain land in Kajang/Semenyih under long-term leases to fast-food
restaurants and hypermarkets are ripe for commercial development as the townships mature.

Property registered 280 mil sales this year up to - only - Feb 2014. The sales exceeded significantly of what it recorded in the Q1 FY2014.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1569857

If says plantation worth 1.5 billion. Will get property FOC. Free 1,000 acres development land with GDV of more than 7 billion. Happy Investing!

If plantation is to be floated, what will be the value?

Quoted ... 'If you focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that but one is unable to speculate successfully.'

Keep things simple and don't swing for fences. When promised quick profits, respond with a quick 'no'.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1569857

Look at the IDR .. started reversing into period prior to September 2013 . May be MKH could ponder some measures to manage its FX fluctuation given the window now.

Congratulation! Bravo! Kudos! Will have at least another three years to go. And that assumes MKH does not leverage on its current strength. But this definitely is not the case with what has been in store for MKH. It was 500 mil market value then as it is now 1.5 billion which make it 200% increase. Will the value go to 2 to 3 billion? To achieve 2.5 billion market value, price > RM7.

300 mil cash injected. Stronger footing to undertake expansion plans.

to be fair to all ...
-----------------------------
The Exercise Price and/ or number of unexercised Warrants may from time to time be adjusted by the Board, in consultation with its professional advisers, in the event of any alteration to the share capital of the Company, including but not limited to the consolidation or subdivision, issuance of shares by way of capitalisation of profits or reserves, capital distribution or rights issue of shares or convertible securities or any other events in accordance with the provisions of the Deed Poll.

MKH is bulldozing the sceptics .. market value at 1.5 billion now. If you think property is bigger than the plantation segment (which was valued at 1 billion when CPO price was at 2,300/ton) .. price will have a long way to go. Happy investing!

After a long day, many sites and estate managers will settle down in air conditioned rooms .. make a cup of coffee and look at the screen .. then will start placing orders. :-)

Rights issue oversubscribed by 18%. Many rush to put money in this company. The MD walks the talk. Kudos!
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1564793

See the words ... we reiterate / we firmly believe
-------------------------------------
MKH has proposed to undertake a 1-for-5 bonus issue scheduled for completion by 2QCY14. The proposed bonus issue is likely to enhance MKH shares’ marketability and trading liquidity which have been very encouraging since we initiated on 2 Jan 14. We believe the proposed exercise will help further improve investors’ confidence on the company as it has been consistently rewarding its shareholders (via bonus issues and dividends etc), in tandem with its stellar financial performance. To recap, MKH has been rewarding its shareholders over the past few years with 1-for-10 bonus issues.

We reiterate our high conviction pick on MKH with RM5.40 SOP-derived TP. We firmly believe that MKH is a rare gem that offers both deep value and explosive earnings growth trajectory. Current valuation at 7.5x FY15F EPS remains attractive given the highly visible and strong growth potential.

Source: HwangDBS Research - 12 Mar 2014

Warrants lack of confidence to move? The 'gap' is quite attractive.

Good to see many of you here and here to stay. Happy investing!

How would they adjust the warrants? to the price or number of warrant?

Unless you have a better place ..

mbuv4res ... stay the course

CPO price +5% ---> Net profit +4%
If CPO stays above 3,000 MKH is to achieve equal in profit by property and plantation in 2015.

The TP likely be re-rated before quarterly results announcement in May?