It is was a bargain buy this morning!
The profit margins of the two segments improved. Indeed the margin for the plantation segment was impressive. Plantation sales may top 160m this year with higher FFB and CPO price. If no forex losses (if today's rate stays, 20 mil loss will be reversed), plantation may contribute 20sen EPS.
The profit growth in property is also visible with the unbilled sales. Coupled with improved margin, this segment may contribute well above 20 - 25 sen EPS.

http://www.bloomberg.com/news/2014-02-27/palm-advancing-to-3-000-ringgit-for-coleman-as-dry-weather-bites.html

http://www.bloomberg.com/news/2014-02-27/palm-advancing-to-3-000-ringgit-for-coleman-as-dry-weather-bites.html

Genting plantation says production cost in 2014 will be lower because of lower fertilizers cost. Good to hear.

tea .. you are spot on CPO broke 2,800 just now. +10% CPO price should boost MKH's earnings by 3sen this year and 5sen next year simply because of higher output. Timing cannot be better for MKH be it on plantation or property. I don't have any TP at the moment. Multi-year re-rating is on the horizon. But will be happy to see everyone at 5.

http://www.nanyang.com/node/602332?tid=462
Marine prawn farming ... see this coming. This project occupying 250 acres. 250 acres. 250 acres.

Key assumption in the TP 5.4 - CPO price FY2014/2,366, FY2015/2486 and FY2016/2,608.
Defeated!

http://www.bloomberg.com/news/2014-02-24/buffett-warns-of-liquidity-curse-celebrates-property-bet.html
Happy reading!

Several TP by:
Public Bank / 3.32
HwangDbs / 3.60
Kenanga / 3.32
MBB / 2.86

The Edge says ... Dual Catalysts may propel MKH / WB further.
Happy Investing!

haha it is indeed a small IOI (plantation+property) before the split. And I prefer under one roof ... historically it tells me the two combined provides smoother and steady earnings.

Will not expect big fluctuation due to its nature of business. Glad to see the revenue and profit growth over the years. Top line is fast approaching 3 bil and will not be suprise if QL takes it further to 4 bil a level Nestle Malaysia is doing. When the scale is reached, return will be enormous.

No Nestle so QL ...

kenken ... real life experience speaks tonnes! Congrat.

Marine product going strongly due to added capacity and lower cost. CPO average price Q4 2013 RM2,400 but will be higher in Q1 2014. Livestock's top line growth was impressive. Best yet to come ... stay tuned.

Now at RM1.4 bil market value. IOI bought Unico (similar size of ha) for RM1 bil when CPO price was hovering at RM2,200. Now CPO is higher at RM2,700. Are we are still buying MKH's propery assets and profits at virtually no cost.

Multi-year re-rating on the horizon ...
Happy investing!

Klang/Eco Park to KL to Kajang with KL at the mid point. What you see today the huge daily traffic to and flo KL using Kesas/Federal/NKVE highways, could see the potential rise of Kajang. And Kajang will be better served with MRT and KTM.

I heard good response to the new launched project in the Tropicana Heights which is next to Kajang 2. This will help MKH to realise its High Rise ambition in Kajang 2. Kajang 2 has GDV of RM3 bil.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1541645
The MD bought shares .. it shows bullishness and confident on the properties that his company is undertaking.

Exports of Malaysian palm oil products for Feb. 1-15 rose 27.2% to 595,125 tonnes from 467,817 tonnes shipped during Jan. 1-15, cargo surveyor Societe Generale de Surveillance said on Monday. (Reuters)

Below RM3, buy on any weakness. Your quality assets are in good hands.
Just another smear operations on the palm oil..

MKH is building up its investment property for recurring income with the launch of Kajang 2. And this would make the portfolio significant and add to long term profit visibility. MKH envisions K2 as 1Utama of Kajang. Happy Investing!

When FFB and CPO up, MKH will have more to leverage on to expand its balance sheet .. not forgetting also its cheap development land cost.

QL below RM3 level .. but will it be long?

Average CPO price for Q4 2013 was RM2,500 compared to RM2,300 for Q3 2013.

Launched plan to launch total GDV 893 mil for FY2014:-
Hill Park Shah Alam / 374 mil
MKH Avenue / 224 mil
Pelangi Heights / 195 mil
Hill Park Home 3 / 33 mil
Kajang East / 67 mil

HPSA is doing brisk sales! MKH Avenue 4-storey shops sold out! MKH boulevard 210 mil project with units opened for sales gradually, is doing very well. Happy Investing!

Tropicana is launching 199-acres developement beside the 'Kajang 2' by MKH.
http://www.tropicanaheights.com/site/home.html

This will only solidify the planned Kajang 2 project with estimated GDV 2.6 billion. Hurray!

If you like the story .. potentially Selangor MB from Kajang!

Everywhere you read in the circular .. the assets are operating at full or near full capacity. How nice a position to be in!

Is the market expecting final quarterly results?

But for now, at this level you pay only for property get free plantation. Or you may think that you pay only for plantation get free property assets. Happy Investing!

I would prefer the businesses under one roof. List .. privatise .. then relist are the games of the riches. There is a price to pay and normally the minority is a party that suffers.

Based on RM3.95 price-fixing date, ex-all will be RM2.88. This was disclosed in the announcement. 3 core businesses are expected to perform better in 2H. Very good quality of assets ...

Ex-all on Feb 12. Below RM3, will consider the opportunity to accumulate ..

nicky .. indeed it has been reflected in the warrants.

Price reaches record! Happy Investing!

I would not wish MKH buying its own shares .. they have been spreading the word - expansion. This may also reduce liquidity and participation by large funds.

..The management of QL Group is optimistic of the potential of the surimi-based products market in Indonesia given the improving standard of living of the country and the fact that these products are basic inexpensive food items ..qouted in the circular

Certain Funds have mandate to invest only in counter > than 1 bil. It is just begining for MKH.

MKH's market value now stands at slight over RM1 bil. That was the price IOI paid for the acquisition of Unico for the similar oil palm hectarage. Buying MKH now means paying only for plantation assets. You get FOC for other assets. Happy Investing!

Compared to previous year, we have few new instituitional investors onboard:-
Hwang Select Balance Fund
Pheim Sivac-Sif
Hwang Aiiman Growth Fund

Public Bank boosted its shareholding from 9.0% to 9.7%. Similarly EPF also increased its investment in MKH.

Do we enter when the property market is soft ..?
MKH offers long term profitability because of plantation and property investment portfolio.

MKH Bhd's affordable housing projects continues to gain traction among its buyers which are typically genuine homebuyers, said HwangDBS Vickers Research.

The research house said the group's RM890 million properties project, expected to be launched in the Financial Year 2014, was expected to further boost its record-high unbilled sales of RM503 million as at September 2013.

"Cost pressure should be mitigated by its established track record with internal project management expertise and building materials trading arm," HwangDBS said in a research note today.

Meanwhile, on plantation, the research house said MKH's plantation profits would grow at an astounding 69% of compounded annual growth rate over Financial Year 2013 to 2016.

"Nevertheless, MKH is still seeking more plantation land in Indonesia, potentially emulating the resounding success of it 14,400 fully-planted oil palm estates.

"The management is confident of its well-managed estates hitting 30 million tonne per hectares yields upon full maturity," said HwangDBS.

It said in the longer-term, MKH might float its plantation operation to unlock value for shareholders.

HwangDBS maintained a "buy" call on MKH with a target price of RM5.40. – Bernama, February 4, 2014.

Ten years ago in 2003, QL's net profit margin was 3% from revenue of RM700 mil. Ten years after, QL's net profit margin doubled to 6% on the back of 3-fold increase in revenue to RM2.1 bil. It only shows the business model of QL is feasible and sustainable.
Anyone wishes to predict the next 5 years?

Nestle has revenue over RM4 bil with net profit margin 8%. QL's results in 5 years time could be in between what it acheived now and what Nestle acheived today.

This makes sense ..

全利资源发附加股获支持

我们花一些篇幅来介绍一下全利资源近来的企业活动，将来有机会再分析其公司历来为股东制造了价值的威水史。

全利资源在1月24日的股东特大，刚获得股东祝福，进行红股和附加股的计划。

公司建议10送3红股，同时10配2附加股，一则奖励股东，一则做为未来拓充业务用途。

由于公司财务记录向来良好，因此获得股东一致支持。

其大股东谢氏控制公司约58%，以附加股建议价1.80令吉，需要掏出现金约1.73亿来认购，不是小数目。

这就带来另一个猜测。以大股东牢牢控制该公司，是没必要进行附加股，因为他自己必须掏出最大笔钱。

所以，全利资源上市之后从没进行过附加股，只是一直有派红股，壮大股本，巩固股权。

这一次大股东愿意拿出这一大笔钱来认购所属权利，同时对其他附加股不进行包销，为公司省下包销费用，用意十分明显，即其他股东不认购，他们也无所谓。

仅仅为减负债率？

能够让大股东乐意拿出这笔钱来投资，在通告上是说明用来减低负债。

我们不妨想想，全利资源董事是做生意的老手，对负债比率应该得心应手，为什么突然觉得要减低负债？建议背后不排除有更大的意义。

当债务降低之后，公司财务更健全，遇到收购的机会，将能更轻松的出手，把业务扩充。

与全利资源共处多年的小股东，一定可以看出端倪，不应放过一起茁壮成长的机会。

Ten year ago in 2003, QL's net profit margin was 3% from revenue of RM700 mil. Ten years after, QL's net profit margin double to 6% on the back of 3-fold increase in revenue to RM2.1 bil. It only shows the business model of QL is feasible and sustainable.
Anyone wishes to predict next 5 years?

QL now owns 41% Boilermech up from 38% ..
Soon QL will have another business in its segment reporting.

（吉隆坡24日讯）近期令吉汇率走软，带动全利资源（QL，7084，主板消费产品股）海产加工品出口，加上综合家畜业赚幅提高，相信下半年业绩更上一层楼。

该公司董事经理谢松坤表示，气候改善，作为饲料生产原料的谷物价格回软，改善综合家畜业赚幅。

他对全利资源下半年业绩乐观；尽管传统上，下半年表现通常较上半年差，但他预计今年情况将有所不同。

“过去，进入下半年美国气候干旱，国际谷物价格因歉收而高涨，加上同期家禽业市场供应过剩，进一步压缩公司综合家畜业赚幅。”

但他相信2014财年下半年时，干旱情况尚算良好，原料供应未受严重影响，使得公司赚幅增加。

棕油业务走强

他今年股东特别大会后指出，海产加工品则因季候风影响，产量略受影响。

列席者还包括全利资源集团会计兼投资者关系主管叶明渊。

他表示，海产与综合家禽业仍是集团的最大盈利来源，各占超过40%。

在询及棕油业务时，他说，本财年上半年表现欠佳，但最后两个季度的产量及原棕油价格走高，预期获利表现也将超越上半年。

全利资源财报文件显示，2013财年的海产业务税后净利占49.7%；综合家禽业占41.6%；棕油生产业务则为8.7%。

食品安全开启中国商机

中国黑心食品消息频传，谢松坤认为，这为我国食品业者开启另一商机。

由于中国消费者对于食品安全的重要性日趋重视，全利资源也计划透过中国的生产线，扩大在该国的鱼浆产品销售。

“相较以往，中国消费者更愿意、也更有能力购买高价的鱼浆产品，他们也更充实生产业者的品牌信誉。”

他说，公司也看好该国消费成长，借此生产及销售更多类型的高价食品，市场销售反应也令人鼓舞。

全利资源旗下QL Lian Hoe（新）有限公司，在今年3月份以1880万人民币（约940万令吉），收购中国广州的中山真味食品的全数股权，开启进入中国市场的大门。

他指出，公司的出口业务增长稳健，至今出口至约30个国家。

拟筹3亿减债及投资

全利资源计划发行附加股筹资3亿令吉，筹资所得的70%将用作削减贷款，此举料可将公司的负债比例由0.77倍，减至0.39倍。

发行附加股的建议，在今日的特大里获大部分股东批准。

谢松坤表示，公司计划发行1亿6640万3924股附加股，在最好的情况下，将可筹得2亿9952万7000令吉，最低水平也可筹获1亿7322万6000令吉。

建新饲料生产厂房

“若附加股获全数认购，筹资所得的2.2亿令吉将用作偿还债务；7000万令吉将用作扩充综合家禽业、饲料生产厂房，以及海产产品业务。”

其余款项则作为营运资本与附加股活动费用。

全利资源股东通知书资料显示，截至去年10月31日，该公司银行贷款达8亿4652万令吉，在削减贷款后，预计欠款可减至6亿7450万令吉或6亿2652万令吉。

他说，在7000万令吉中，其中50%将用作扩充大马、印尼及越南的综合家禽业产能，以及在兴建新的饲料生产厂房，这个厂房建筑成本约为5000万令吉，预计在2015年财年完工。

他指出，另外的50%，则将用作发展国内的养虾业务。

All three segments are expected to perform in 2H ... said the MD. Marine products will be boosted by high demand and stronger USD. Livestock benefits from lower feeds cost and higher FFB output and CPO price should see oil palm segment to perform better than 1H.