no volume how to break,unless dayly volume increase to 2-3 mil

invest base on fact ,dont suka suka pump n dump.This is not the pattern of this stock. if u jump into the trap,than you wil live in condominium for a long period.

家禽加工厂预期需要两年的时间建造，投产后，预期每天可处理的家禽将从8万只走高至24万只。

水产饲料工厂则预期年杪可竣工，月产量将从2000吨提高至1万吨。

码头提升工程亦需要两年，完成后可容纳高达8万4000吨载货量的船只。

fr the above statement indicate profit may be realise after 2 years or need take more time due to testing n commissioning & get local authority approval before start production.

From the cash flow statement we realise that capital expenditure keep on increase fr Acquisition of property, plant and equipment and intangible assets Mar2018(64,851,000) Mar 2017(18,746,000)
Increase in investment in a joint venture (8,119,000),total up 73mil & cause cash in hand drop RM355mil (Mar2017) to 238mil (Mar2018),when can all of us get the return from the above huge capital expenditure? 1year,2 year or 5 year?
If new plant still not bring contribution by next year ,how to convience investor coming quarter revenue & profit will increase. I can't even continue my analysis.

As a conclusion, due to revenue & profit can not improve & cap expenditure keep on increase, i rather put the TP RM1.10 by end of 2018 even though the company NTA RM1.46.
01/06/2018 23:49

be ware of the trap

Flour & Grain trading revenue (Mar2018) 406mil (Mar17) 403mil increase 0.7%
Profit (Mar2018) 5.85mil (Mar17) 22.39mil drop 73.8%
With this comparison means even though revenue increase ,profit keep on droping,rediculous !

Poultry Integration revenue(Mar2018) 157mil (Dec2017) 200mil decrease 21.5 %
Profit (Mar2018) 1.55mil (Dec2017) 13.38mil drop 89%
With this comparison means revenue drop ,profit droping even bigger,wil this trend be continue for coming quarter? this is important due to this segment contribute 27.88% of total revenue.
01/06/2018 23:32

be ware of the trap.

Poultry Integration still can not turn around for the coming quarter due to it expension,may be need to wait 1 more year,becareful when invest.

Usually for manufacturing usage capacity will take take to increase. Currently is just 30% and we shall expect the rate growth to 50% in maybe 2 years times. By then the profit should increase hugely as currently most of the fixed cost are covered, the company could enjoy the profit directly from gross profit instead
15/06/2018 18:32

Dear nellson,this is what you expect.for those who invest on 2011 & subscribe the the right issue,wil they continue to wait for 2 more years? If management is sincere,they should prove to us their ability to improve the Qtr report ,not the investor to guess their performance in the near future.

with so bad fundalmental,you still consider average down? invest at your own risk.

From the cash flow statement we realise that capital expenditure keep on increase fr Acquisition of property, plant and equipment and intangible assets Mar2018(64,851,000) Mar 2017(18,746,000)
Increase in investment in a joint venture (8,119,000),total up 73mil & cause cash in hand drop RM355mil (Mar2017) to 238mil (Mar2018),when can all of us get the return from the above huge capital expenditure? 1year,2 year or 5 year?
If new plant still not bring contribution by next year ,how to convience investor coming quarter revenue & profit will increase. I can't even continue my analysis.

As a conclusion, due to revenue & profit can not improve & cap expenditure keep on increase, i rather put the TP RM1.10 by end of 2018 even though the company NTA RM1.46.

Segmental sales & profit
Flour & Grain trading revenue (Mar2018) 406mil (Mar17) 403mil increase 0.7%
Profit (Mar2018) 5.85mil (Mar17) 22.39mil drop 73.8%
With this comparison means even though revenue increase ,profit keep on droping,rediculous !

Poultry Integration revenue(Mar2018) 157mil (Dec2017) 200mil decrease 21.5 %
Profit (Mar2018) 1.55mil (Dec2017) 13.38mil drop 89%
With this comparison means revenue drop ,profit droping even bigger,wil this trend be continue for coming quarter? this is important due to this segment contribute 27.88% of total revenue.

Cost of good sold (Mar2018) 509mil (Mar 17) 527mil
operating expenses (Mar2018) 47mil (Mar 17) 40mil
why operating expenses increase 7mil when sales drop 6.8% impposible,i fear there is a wastage in production.

Interest expenses keep on increase (Mar2018) 6.7mil (Mar 17) 5.9mil due to loan undertake keep on increase .It nearly 2 time of current quarter net profit.

Share of (loss)/profit of equity accounted joint venture, net of tax (Mar2018) -1.5mil (Mar 17) 333K,
it means our foreign investment in indonesia & vietnam bring negetive return for this quarter.

Foreign currency gain (Mar2018)-16.7mil (Mar2017) 4.6mil,
Foreign currency gain (Mar2018)-16.7mil (Dec2017) -15mil,it means that what we hope the foreign currency gain from the bulk purchase(in USD) due to Strength of ringgit also unachieveable.imppossible happen in continues 2 quarter report incurred loss.What actually management achieve?

Revenue (Mar2018) 563mil (Mar17) 604mil decrease 6.8%
(Mar2018) 563mil (Dec2017) 591mil means drop 4.8% ,it means no increase in revenue & also means that new plant still not bring any contribution to this quarter revenue & sales figure keep on droping,beware of this issue.

i dont thinks so may be poultry integration segment wil continues show low profit,this segment nearly contribute 45% of total profit.

I prefer to consider the larger inventory could mean they have not been able to find buyers for their increased production.cheong ,this is not the first time right issue, if the performance can improve,they wil show in after 2 quarter report.See the sales even only 50% compare with last quarter,so how to convience public to invest in this company ,so i disagree what u said "so I don't think I'd lose much if I read things wrongly " .If like that i rader put my money at fixed deposit where i can earn confirm 3% income yearly.

see TA only recommand TP RM1.02 ,means no room for up trend, but big possibility to go down.

Becareful of this counter, Foreign currency risk, Low sales high debt & high level of inventory & biological ,high capital expenditure may cause uncertainty of future profit. TP 1.30 by end of 2018

Judge your self base on fact,dont wait security firm to tell u the TP.They wil put u in trap like Lafamalaysia Jan TP 5.73, now 3.46, Johotin TP 1.48 (TA) & 1.60 now 0.99 and so many other.rediculous

i wrote this statement to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.

from the report,i notice the inventory & biological asset level become high & higher from quarter to quarter.It seem not good for consumer product to keep so big amount of stock for this fast change enviroment. It also cause the cash level drop from 371Mil to 257mil. reduce almost 80mil,(equalvalent to 15 dividend can payout to shareholder).Borrowing 1.12billion also consider high if compare with net earning 72mil per yer. because interest incurred let said 2% already cost 24mil per year or may be more than that.


Foreign currency risk-15mil seem to high when ringgit malaysia become strong.For those who loan in USD 529milRM should benefit from strong ringgit.why it does not happen in this quarter.


3.unless they can solve the high debt & low sales issue.3.if foreign currency loss still appear in coming quarter.4 capital expenditure expect to be incurr 100mil per year. I prefer downgrade to RM1.40 for coming quarter if KLCI at 1790 level.

Not only that ,still remember,during 2012 ,this company raise right issue RM29mil, RM25 mil for the purpose of buy land & build new factory.what is the outcome of this factory? start operation or not? how much it contribute to the company revenue.pls disclose.jangan diam diam OK.

Sabestian if can,pls attend AGM on June 2018.i can not made it.

Pls take serious on every item,other wise pls dont invest,This already happen in YTL power for example.

Trade receivable (Mar18)81mil (Mar2017) 76mil up 6.5%
Cash (Mar2018) 76mil (Mar2017) 85mil drop10.6%
Shor term borrowing (Mar 2018 ) 50.7mil (Mar2017) 41.399mil increase 22% in short term loan.

With the fact stated above, i still maintain TP 82 cent till end of the year unless
1. revenue increase from the new plant.
2. Doubtful debt not happen again & again.
3. Increase Production efficiency

Segmental sales & profit
F & B revenue (Mar2018) 74mil (Mar17) 78mil decrease 5.2%
Profit (Mar2018) 5.2mil (Mar17) 7.755mil drop 32.9%
F & B revenue(Mar2018) 74mil (Dec2017) 89.33mil decrease17.16 %
Profit (Mar2018) 5.2mil (Dec2017) 4.87mil increase due to 2 mil gain in foreign currency,if deduct this gain current profit before tax only RM5.2mil - RM2.105mil = RM3.095mil
With this comparison means revenue decrease ,profit keep on droping,wil this trend be continue for coming quarter? this is important due to this segment contribute 71.9% of total revenue.
If new plant still not bring contribution,how to convience investor coming quarter revenue & profit will increase.

Doubtful debt also the big issue where still not settle yet.
23/05/2018 19:15

Segmental sales & profit
Tin revenue (Mar2018) 29mil (Mar17) 23mil increase 26%
Profit (Mar2018) 3.1mil (Mar17) 6.2mil drop 50%
Tin revenue(Mar2018) 29mil (Dec2017) 27mil increase 7.4 %
Profit (Mar2018) 3.1mil (Dec2017) loss 340K
With this comparison means even though revenue increase ,profit keep on droping,wil this trend be continue for coming quarter? this is important due to this segment contribute 28.1% of total revenue.

Cost of good sold (Mar2018) 89mil (Mar 17) 86mil
why cost of good sold increase 3mil when sales only increase 0.009%

Administration &distribution cost also up 2 mil when sales remain the same .
Admin & Distribution (Mar2018)8.884mil (Mar2017) 6.583mil

Foreign currency gain (Mar2018)2.105mil (Mar2017) 898K,it means that if deduct this 2 mil ,this quarter profit before tax only RM7.935mil - RM2.105mil = RM5.83mil ,do u think this is good

Revenue (Mar2018) 103mil (Mar17) 102mil only increase 0.009%
(Mar2018) 103mil (Dec2017) 116mil means drop 11.2% ,it means no increase in revenue & also means that new plant still not bring any contribution to this quarter revenue & sales figure keep on droping,beware of this issue.

are you sure the result is acceptable. profit before tax last year 13mil this year 7.9.for me it is unacceptable,nearly 50% drop.let me check the detail

left 3 more day before quarter report release,beware of the trap like heng yuan (today drop RM1.07) because of bad result

targetinvest,how you know factory start to contribute positively soon! proof me with the fact.
how about doubtful debt & currency exchange loss,wil it happen again. without reliable info,we only conclude it as fate news

beware of the trap, i stil maintain TP 0.82 due to external & internal business enviroment,unless new goverment deliver efficient policy & management show pro-active working attitude.

i treat impairment loss was unrecoverable.permenently.dont u see the price 0.895 .it already reflect current quater will show bad result.than i wil downgrade tp from rm0.82 to ???

I unable to attend AGM,that why i try to post my opinion here, hope somebody help me to deliver the massage ,if can record their answers as a evident for next year AGM.

Statement from the annual report

Dependence on Key Management and Skilled Personnel
The Group’s continued success will depend upon, to a certain extent, the skills, experiences, abilities
and continued efforts of the key management personnel. The loss of key management personnel in the
Group may have an adverse impact on the performance of the Group.
The Group recognises the importance of attracting and retaining the key management personnel to
support the business operations. The Group presently has in place, human resources strategies which
include providing competitive and performance-based remuneration and providing employees with a
variety of on-going training programmes to upgrade their knowledge and capabilities.
However, we cannot provide any assurance that the above measures will be successful in attracting and
retaining the key management personnel.

Sapura reply :
This also the main issue of key management & personnel,additionally management also highlight that However, we cannot provide any assurance that the above measures will be successful in attracting and
retaining the key management personnel.

If management can not maintain the high skill management,we all will expect doubtful debt & wrong brought the old machine incident wil happen again & again in near future.

Statement from the annual report

Higher maintenance costs are expected as the existing machineries require frequent maintenance and overhaul
due to ageing of the machineries. Scarcity of the spare parts is a challenge to the maintenance team when
fixing older model of machineries. To resolve these issues, the production has upgraded existing machineries
and replaced them with new machineries with higher capacity and outputs.

sapura reply :
Another main reason is the reversal of RM3.01 million that was
recognised in the first quarter of the current year as gain on disposal of machinery. The equipment supplier
decided that they do not need the equipment and instead of a trade-in, they gave us a discount of RM3.01
million.
This also another un acceptable reason-did company engage unqualify engineer to make the wrong dicision to purchase the wrong machinery,until the company need to back charge under this quarter.
Doubtful debt appear 2 time in current financial year.
If this 2 issue continue happen,is unfair to the long term investor.
Management ,pls do the necessary step (SOP) to protect the shareholder interest.
Pls dont be silent,pls show the result to convience us.

Statement from the annual report

The increased in raw materials prices has affected our profit margin. To remain competitive, we have always
maintained our prices to our customers for as long as possible. In the event of continuing increase in raw
materials prices, we may have to increase our selling prices to our customers. The weakening of Ringgit Malaysia
(“RM”) against United States Dollar (“USD”) has brought about an increase in our manufacturing cost for our
directly imported raw materials as well as increased in prices from our local suppliers using imported materials
for their productions. Our operations team is always vigilant and monitors the cost of manufacturing for us to
stay competitive in the industry.

Sapura reply : management said profit decrease due to higher import material cost & weakness of ringgit. In current situation Suger & milk price keep on droping & our currency already recover from RM4.45 to RM3.92 (2.5.2018),It should be fovourable to our Tin & F&B business for whole 2018.Am i right,pls dont give excuse again & again.

Statement from the annual report

The main factors that affected the operating activities in the Tin Manufacturing segment are shortage of labour,increased in raw materials prices and machineries upgrading.
The shortage of labour supply, both local and foreign, has resulted in challenges to complete customers’ orders
as per schedule. Therefore, more overtime is needed to complete the order on time and leads to an increase
in costs. To resolve this issue, we have appointed several recruitment agencies to source for new workforce
and currently we are able to cope with the demands and control over the increase in operational costs.

sapura reply: Shortage of labour-due to labour require no need high skill,i dont see this issue can not solve within 1st quarter of 2018.Shortage of labour start happen during 2017,when this issue will be last? If management can recruit enough of labour,more overtime issue not a issue any more.
management pls speed up your execution of job.

Let see the additional capital expenditure that utilise in the year 2017 & the reason given by management.

Statement from the annual report
The Tin Manufacturing segment increases its capital expenditure for the current financial year as compared to
previous year by investing in new machineries. With the new machineries, the increase in capacity will help to
cope with the demands and potential increase in sales.
Due to the limitation on storage space under F&B segment, a new piece of land is purchased during the financial
year for an amount of RM6.8 million. Subsequent to the financial year end, a contract has been awarded to
GT-Max Construction Sdn. Bhd. to construct 1 unit of 1-storey factory (build-up area of 7,574.03 square metre)
attached together with 3-storey office building, 1 unit of guardhouse and waster chamber and 1 unit of electrical
substation with a total sum of RM14 million and is expected to be completed by fourth quarter of 2018.

Let guess how big return we expect to get from the above cap expenditure & how long period to get the return from this investment?

Let send the massage to AGM to get the answers.

I still believe market will maintain 92 cent merely because of it NTA value 93 cent,do you think it worth 93 cent if the coming quarter report keep on show bad report .

The action that i take mainly to alert the new investor do not fall into this trap & to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.
In the most recent 5 years, Johotin has spent total CAPEX of RM82mil for expansion.

Which is more than sum total of net profit for 2015 + 2016 + 2017 = RM79mil.

The business owner will only spent such a big amount of CAPEX if there is potential to grow and the company has the intention to grow.

As at end of Dec 2017, the new plant still haven't started to contribute to the company revenue and bottom line as per confirmation with the investor relation department.

CY1214,if you the boss of this company,do you willing to wait 1 more year to start contribute to company after spend 82mil for the past 5 years.rediculous
01/03/2018 12:48

if this issue not solve asap,i'm not afraid to said that this company may be incurred loss for the coming quarter..
Dont forget high material cost & doubtful debt issue still not settle.
I rather down grade this counter to 80cent before any improvemen

when management keep on spending without take care of minority shareholder,what we can do is hightlight their weekness more frequently so that lesser newbie cheated by their beautiful poison story.still remember 3 year ago when they plan right issue to build new plant,minority share holder spend RM1.28 to brought the right issue,but now the price only RM0.92.

if this issue not solve asap,i'm not afraid to said that this company may be incurred loss for the coming quarter..
Dont forget high material cost & doubtful debt issue still not settle.
I rather down grade this counter to 80cent before any improvement

This is base on strong ringgit wil hurt the foreign currency exchange,delay of new plant production schedule & until now we never see any Johotin product sell at our shoping mall outlet and not even hear /see the advertisement promote of their product so how to increase local revenue. Unless the above issue being solve,otherwise is impossible to upgrade this counter to 90 cent.

foreign investor start sold out 243mil share within 3 days time, what wil they do during domination date on 28.4.2018.Happy trading

The action that i take mainly to alert the new investor do not fall into this trap & to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.
In the most recent 5 years, Johotin has spent total CAPEX of RM82mil for expansion.

Which is more than sum total of net profit for 2015 + 2016 + 2017 = RM79mil.

The business owner will only spent such a big amount of CAPEX if there is potential to grow and the company has the intention to grow.

As at end of Dec 2017, the new plant still haven't started to contribute to the company revenue and bottom line as per confirmation with the investor relation department.

Refer to Master ColdEyes book in 2018, normally the result from expansion of Johotin could only be shown after 1-2 years from the completion of the expansion. Johotin is one of the 4 companies that ColdEyes identified as growth company that he mentioned in his new book.

The 3rd QR 2017 also mentioned that Able Diaries Marketing started its operation since 3rd quarter 2017 therefore more distribution cost needed for start up.

Sapurakencana :

As at end of Dec 2017, the new plant still haven't started to contribute to the company revenue and bottom line as per confirmation with the investor relation department.

CY1214,if you the boss of this company,do you willing to wait 1 more year to start contribute to company after spend 82mil for the past 5 years.rediculous
01/03/2018 12:48

if this issue not solve asap,i'm not afraid to said that this company may be incurred loss for the coming quarter..
Dont forget high material cost & doubtful debt issue still not settle.
I rather down grade this counter to 80cent before any improvement
01/03/2018 12:55
05/03/2018 14:15
14/03/2018 18:59
03/04/2018 00:18

dont you see management keep on buying back their own share when other are sell off so rapidly, so dont blaim them because Mr Tan already do their best to protect the minority investor.Cheers Tauke Tan.

i wrote this statement to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.

from the report,i notice the inventory & biological asset level become high & higher from quarter to quarter.It seem not good for consumer product to keep so big amount of stock for this fast change enviroment. It also cause the cash level drop from 371Mil to 257mil. reduce almost 80mil,(equalvalent to 15 dividend can payout to shareholder).Borrowing 1.12billion also consider high if compare with net earning 72mil per yer. because interest incurred let said 2% already cost 24mil per year or may be more than that.


Foreign currency risk-15mil seem to high when ringgit malaysia become strong.For those who loan in USD 529milRM should benefit from strong ringgit.why it does not happen in this quarter.


3.unless they can solve the high debt & low sales issue.3.if foreign currency loss still appear in coming quarter.4 capital expenditure expect to be incurr 100mil per year. I prefer downgrade to RM1.40 for coming quarter if KLCI at 1790 level.
14/03/2018 17:57
21/03/2018 20:03

they already buy back after quarter report announce at RM1.02 around 600K to 800K (director itself)

Althought overall net profit increase RM4 mil compare previous year quarter,but revenue & net profit for MLM decrease 4.9% & 15% respectively.pls take note.

Administration cost(RM6.62mil) & selling & distribution cost (RM13.58mil) keep on increase when revenue keep on droping.

Wholesale division revenue increase 20% due to higher sales generated from Chinese medicated tonic and Chinese tea(during chinese new year festival).Pretax profit increase double due to gain from resale of treasury sales amounting to approximately RM 2.0 million. If this 1 time gain reduce from net profit RM19 mil,the actual net profit should be RM16mil to RM17mil, pls take note.

i question we need to ask,for the coming quarter (Feb to Apr 2018),due to no festival within this period & may be no promotion like last year & GE wil be take place within this quarter.will consumption maintain as previous year.

what i concern is revenue drop for the continues 2 quarter,wil this trend continue for the coming quarter.

Kenange Call Target price RM6.00, what is the basis ? unless revenue & net profit keep on increase for the coming quarter.

Base on EPS 20.16 cent, PE = 23 . I prefer maintain maximum TP RM5.00 until end of the year .
26/03/2018 10:57

no wonder,somebody buy back 18300 share at RM4.94 & RM4.97

something wrong,why Kumpulan wang persara suddenly dispose 7000lot UZMA share on 30 mar 2018,better run first before late.

The action that i take mainly to alert the new investor do not fall into this trap & to prevent management repeat same mistake/ no excuse to repeat same mistake unless they can clarify their actual reasonable reason to convince us.
In the most recent 5 years, Johotin has spent total CAPEX of RM82mil for expansion.

Which is more than sum total of net profit for 2015 + 2016 + 2017 = RM79mil.

The business owner will only spent such a big amount of CAPEX if there is potential to grow and the company has the intention to grow.

As at end of Dec 2017, the new plant still haven't started to contribute to the company revenue and bottom line as per confirmation with the investor relation department.

Refer to Master ColdEyes book in 2018, normally the result from expansion of Johotin could only be shown after 1-2 years from the completion of the expansion. Johotin is one of the 4 companies that ColdEyes identified as growth company that he mentioned in his new book.

The 3rd QR 2017 also mentioned that Able Diaries Marketing started its operation since 3rd quarter 2017 therefore more distribution cost needed for start up.

Sapurakencana :

As at end of Dec 2017, the new plant still haven't started to contribute to the company revenue and bottom line as per confirmation with the investor relation department.

CY1214,if you the boss of this company,do you willing to wait 1 more year to start contribute to company after spend 82mil for the past 5 years.rediculous
01/03/2018 12:48

if this issue not solve asap,i'm not afraid to said that this company may be incurred loss for the coming quarter..
Dont forget high material cost & doubtful debt issue still not settle.
I rather down grade this counter to 90cent before any improvement
01/03/2018 12:55
05/03/2018 14:15
14/03/2018 18:59