I think previous announcement they buy back shares to reward their employees instead of issuing ESOS. $$$ from limited profits available are used for a select group instead of shareholders. That could be a reason why share price is dropping.

Based on the latest qtr announcement and Supermax slides, here's my take on the numbers
Qtr 3
M - 219m (USD25 bar #2)
T - 218m (USD35 bar #2)
O - 9m
Sales - 447m
Cost - 352m
PBT - 95m
PAT - 71m

Qtr 4
M - 422m (USD48 bar #6) - probably low USD due to product mix and previous booked orders
T - 501m (USD80 bar #6)
O - 5m
Sales - 929m
Cost - 410m
PBT - 519m
PAT - 399m

For Qtr1
M - 789m (assumed USD90 due to product mix. Bar #10 indicates USD120)
T - 375m (USD60 bar #10)
O - 8m (assume)
Sales - 1,172m
Cost - 430m (assume)
PBT - 742m
PAT - 564m (assume 24% effective)
Thus, next qtr (in Nov) EPS is about 41.5 sen (pre-bonus)

Based on the latest qtr announcement and Supermax slides, here's my take on the numbers

Qtr 3
M - 219m (USD25 bar #2)
T - 218m (USD35 bar #2)
O - 9m
Sales - 447m
Cost - 352m
PBT - 95m
PAT - 71m

Qtr 4
M - 422m (USD48 bar #6) - probably low USD due to product mix and previous booked orders
T - 501m (USD80 bar #6)
O - 5m
Sales - 929m
Cost - 410m
PBT - 519m
PAT - 399m

For Qtr1
M - 789m (assumed USD90 due to product mix. Bar #10 indicates USD120)
T - 375m (USD60 bar #10)
O - 8m (assume)
Sales - 1,172m
Cost - 430m (assume)
PBT - 742m
PAT - 564m (assume 24% effective)
Thus, next qtr (in Nov) EPS is about 41.5 sen (pre-bonus)

Headwinds - vaccine, IB goreng, production affected by public holidays, court trial,

The Q4 M USD80 and T USD70 was based on the recent updated Supermax slides.

I just cannot reconcile the quantity of gloves with sales numbers.
Q3 sales 447m.
Assume USD60/k gloves
The number of gloves sold = 447,000,000 / (60 x 4,2) = 1.78 billion gloves

Supermax capacity per annum is 20 billion gloves equivalent to 5 billion gloves per qtr.
If reverse the computations,
RM447,000,000 / 5 billion gloves = avg price is RM89.40/k or USD21.28/k

I hope someone can shed some light on Q3 quantity of gloves sold.


The Q3 Sales 447m, Cost 352m, PBT 95m, PAT 71m based on sales USD60

Assume Q4 sales is avg USD150, cost 352+50 contingency = 402m
150/60 x 447 = sales 1,118m
PBT = 1,118 - 402 = 716m
PAT Q4 will b 716m x 0.75 = 537m

Another approach is
Q3 Sales = Manufacturing 221m, Trading 220m, Others 6m based on M USD30, T USD30
Assume Q4 sales M USD80, T USD70
Sales M 80/30 x 221 = 589m
Sales T 70/30 x 220 = 513m
Sales O = 12m (assume)
Total sales Q4 = 1,114m
PBT = 1,114 - 402 = 712m
PAT Q4 will b 712m x 0.75 = 534m

Hopefully Q4 PAT wlll b 500m or thereabouts.

The Q4 M USD80 and T USD70 was based on the recent updated Supermax slides.

I just cannot reconcile the quantity of gloves with sales numbers.
Q3 sales 447m.
Assume USD60/k gloves
The number of gloves sold = 447,000,000 / (60 x 4,2) = 1.78 billion gloves

Supermax capacity per annum is 20 billion gloves equivalent to 5 billion gloves per qtr.
If reverse the computations,
RM447,000,000 / 5 billion gloves = avg price is RM89.40/k or USD21.28/k

I hope someone can shed some light on Q3 quantity of gloves sold.


The Q3 Sales 447m, Cost 352m, PBT 95m, PAT 71m based on sales USD60

Assume Q4 sales is avg USD150, cost 352+50 contingency = 402m
150/60 x 447 = sales 1,118m
PBT = 1,118 - 402 = 716m
PAT Q4 will b 716m x 0.75 = 537m

Another approach is
Q3 Sales = Manufacturing 221m, Trading 220m, Others 6m based on M USD30, T USD30
Assume Q4 sales M USD80, T USD70
Sales M 80/30 x 221 = 589m
Sales T 70/30 x 220 = 513m
Sales O = 12m (assume)
Total sales Q4 = 1,114m
PBT = 1,114 - 402 = 712m
PAT Q4 will b 712m x 0.75 = 534m

Hopefully Q4 PAT wlll b 500m or thereabouts.

The Q3 Sales 447m, Cost 352m, PBT 95m, PAT 71m based on sales USD60

Assume Q4 sales is avg USD150, cost 352+50 contingency = 402m
150/60 x 447 = sales 1,118m
PBT = 1,118 - 402 = 716m
PAT Q4 will b 716m x 0.75 = 537m

Another approach is
Q3 Sales = Manufacturing 221m, Trading 220m, Others 6m based on M USD30, T USD30
Assume Q4 sales M USD80, T USD70
Sales M 80/30 x 221 = 589m
Sales T 70/30 x 220 = 513m
Sales O = 12m (assume)
Total sales Q4 = 1,114m
PBT = 1,114 - 402 = 712m
PAT Q4 will b 712m x 0.75 = 534m

Hopefully Q4 PAT wlll b 500m or thereabouts.

Affin Hwang 9 July report ... we hosted a conference call with Supermax's management with more than 20 investors and came back feeling optimistic about the outlook of the company and the sector.

I am newbie and see a lot of expert comments. Tqvm.
I think got 2 phase, covid and post covid.
Now a lot of projections forward EPS and multiples.
But surely with Q4 and Q1 results by Aug and Nov, there will be enuf reserves for another bonus issue.
Q2 results in Feb 21 will have included the expanded production lines.
Also the 5% treasury shares can be distributed to shareholders.
So with such strong fundamentals, it is best to buy and hold until next year.
Post covid orders in 2nd half 2021 will need to see Uncle Thai briefings but i think with established OBM around the world, the PAT will still be above 100 m per qtr.
So stay healthy Uncle Thai and enjoy the journey and happy investing.

Tatau bridge completed. Conveyor systems at samalaju soon to be completed. Can probably add another 2 sen to EPS in logistics savings. 16x means additional 32 sen to tp.

Hopefully the funding exercise might stir some foreign interest. With foreign funds - this counter will b one heck of a ride ... enjoy the ride folks.

1 Qtr = 365 days ...

Q1 EPS 7sen. Say, next 3Q is 11 sen and 12x multiple, TP 4.80. Hold for another 6 months?