I'm from Perú, i understand that you don't trust so much, but that 25% of Perú it's true, we have a really big market of the products here, how can i prove it?
Not accounting fraud per se. Looks like a big portion of it is for internal reserves. In other words accounting adjustment. Only that whether internal reserves should be classified under Other Expenses ?
Wednesday, 25 Oct 2023 6:16PM DXN Second Interim Dividend 6:14PM DXN MEMORANDUM OF UNDERSTANDING 6:14PM DXN 1H net profit 160.624 million (increased 0.22%)
Summary from 19/05/2023 to 07/08/2023 Highest Price 0.7350 First Occurred on 19/05/2023 Lowest Price 0.7000 First Occurred on 23/06/2023 Highest Volume 1.500m First Occurred on 19/05/2023
DXN Holdings Bhd - Key Takeaways From China Investor Tour
sectoranalyst Publish date: Wed, 06 Dec 2023, 11:41 AM We remain positive on DXN post our visit to its facilities in China, which comprise its large-scale raw material cultivation and manufacturing sites. DXN’s China operations are gearing up to enter China’s growing FMCG markets, while laying the groundwork for a local direct-selling licence. Retain Add with a TP of RM0.85 (undemanding 11.1x CY24F P/E) with attractive div. yields of 6% and strong 3-year EPS CAGR of 15% (FY23-26F). A Strategic Location That Would Help Drive the Next Leg of Growth In Nov 23, we participated in an investor tour to DXN Holdings Bhd’s (DXN) manufacturing (Fig 1) and cultivation facilities (Fig 2) in Ningxia, China (DXN Ningxia). The event provided us with an on-the-ground perspective on DXN’s operational backbone, which is critical to its global direct-selling business. As a key raw material (i.e. Spirulina and Mycelium) production base and an export hub, DXN Ningxia houses its largest Spirulina farm (60% capacity for export) and its manufactured own products (Fig 3) are already exported to up to 20 operating countries (with 30 more in the pipeline), according to management. In addition to generous subsidies and incentives from the local government, DXN Ningxia has access to cheap raw materials and a favourable climate for its Spirulina farming yields. Its customised equipment for mass production of Mycelium liquid spawn (key to its cultivation) and biotechnology innovations to advance its Mycelium variant could help to boost yields and operational efficiency, in our view. While the facility is not operating at full capacity, we believe this represents a strategic readiness for future growth phases and would drive margin expansion once it scales up (FY24-26F GP margin: 83%).
Future Growth Plans to Further Penetrate Into China Market Management said DXN established its presence in China in 2015 with an aim to secure a local direct-selling licence, which has stringent requirements, including at least 3 years of track record of domestic trading business (DXN China is currently in its third year). It expects to file the licence application in the next 2-3 years. According to TMO Group (a global ecommerce agency), the size of China’s direct sales market is expected to exceed c.RM200bn in 2023F. Meanwhile, with the completion of its liquid beverage factory in Jul 2023, DXN Ningxia has started to produce its high-margin ready-to-drink health product series (Figs 8-11) to venture into China’s fast-moving consumer goods market in 2024F (launching in Hangzhou, Chengdu and Xinyang cities) as a means to build initial brand awareness and subsequently export to its other operating countries, management said.
Reiterate Add With An Unchanged GGM-based TP of RM0.85 We retain our Add call on DXN, with a TP of RM0.85 (FY26F ROE of 27%, COE of 12% and 4% long-term growth). We believe DXN’s current valuation is undemanding at 8.5x CY24F P/E (38% discount to its overall peers’ 10-year average mean; Fig 4) given its superior scale economies and margins driving a strong 3-year EPS CAGR of 15% (FY23- 26F; Fig 5), while offering attractive dividend yields of 5-6%. Re-rating catalysts are higher membership growth and margin expansion. Key downside risks are adverse regulatory changes affecting sales and profit repatriation, and weaker consumer sentiment.
Initiate Coverage on DXN With An Add Call and TP of RM0.85 We initiate coverage on DXN Holdings Berhad (DXN) with an Add call and a GGM-based TP of RM0.85 (FY26F ROE of 27%, COE of 12% and 4% long-term growth). We like DXN for its i) globally diversified operating markets, with a solid 4.6m direct-selling active member base, ii) integrated supply chain with superior scale economies and margins, as well as iii) extensive product portfolio, driving our strong 3-year EPS CAGR of 15% (FY23- 26F). At our TP, DXN trades at an undemanding 11.1x CY24F P/E, a 20% discount to its peers, which we think is justified given its higher frontier markets exposure that generally carry a higher country risk premium, while offering attractive dividend yields of 5-6%.
Superior Profit Margins Driven by Its Vertically Integrated Structure In our view, DXN’s competitive edge is its highly vertically integrated business model, allowing it to conduct key operations in-house vs. its peers (Fig 25). Thus, DXN was able to manufacture 327 own brand products (72% of total stock-keeping units) in-house that accounted for 90% of its direct-selling products sold as at FY23 (vs. peers’ c.23-70%). Hence, DXN was able to achieve superior gross margins of 82.9-85.7% in FY19-23 (vs. peers’ average of 20-74%, Figs 36 and 37) as it benefitted from operational synergies.
Backed by Its Robust Global Network and Scalable Incentive Model DXN also has a vast network of 4.6m active members in over 180 countries as at Aug 23, with its member base growing at a CAGR of 14% over FY19-23, far outpacing its peers. We believe this illustrates the scalability of DXN’s direct-selling model. This is powered by its one-of-a-kind “One World One Market” incentive scheme (no upfront or annual fees, product sales-driven model across all markets) and digital infrastructure that integrates its physical, online and back-end global operations (sales ordering, tracking and commission pay-out, Fig 35). We view this as a differentiating factor for DXN, as it is able to operate on a global scale with low capex and low marketing costs (2-4% of its annual revenue budget).
Growth Strategies Driving Its Strong 3-year EPS CAGR of 15% We project DXN posting a 13% revenue and 15% EPS CAGR over FY23-26F, driven by: i) our active member CAGR forecast of 4.2% and revenue per active member CAGR of 8.1%, ii) its high-growth markets expansion, iii) new high-margin product launches, and iv) price hike exercises, resulting in a recovery in EBITDA margins in FY24-26F (31.3-31.7%), from FY23 (31.0%). Key re-rating catalysts are higher membership growth and margin expansion on lower input costs. Key downside risks are adverse regulatory changes affecting product sales and profit repatriation, and weaker consumer sentiment.
Visiting DXN China We came away from our recent visit to DXN’s Ningxia, China manufacturing facility feeling positive. This is premised on the group’s clear strategies in pursuing new markets in China for longer-term growth, strong product innovation for export markets and use of automation in its production lines to minimise cross contamination and its reliance on labour. Our earnings estimates, BUY call and TP of MYR0.90 (on 11x FY24E PER) are unchanged.
Performance has been driven by a number of factors, including:
Strong financial results: DXN has reported solid earnings growth in recent quarters, thanks to rising demand for its health and wellness products. Expansion into new markets: DXN is actively expanding into new markets, such as Peru, which has boosted its growth prospects. Positive analyst sentiment: Most analysts covering DXN have a buy rating on the stock and believe that it has further upside potential.
Name Details of Changes Date Type No. of Shares Price DATUK LIM SIOW JIN 30-Nov-2023 Acquired 345,000 0.651 DATUK LIM SIOW JIN 29-Nov-2023 Acquired 219,600 0.660 DATUK LIM SIOW JIN 28-Nov-2023 Acquired 132,100 0.666 DATUK LIM SIOW JIN 27-Nov-2023 Acquired 98,000 0.663 DATUK LIM SIOW JIN 24-Nov-2023 Acquired 292,300 0.668 DATUK LIM SIOW JIN 23-Nov-2023 Acquired 91,000 0.672 DATUK LIM SIOW JIN 22-Nov-2023 Acquired 133,600 0.659 DATUK LIM SIOW JIN 22-Sep-2023 Acquired 769,100 0.689 DATUK LIM SIOW JIN 21-Sep-2023 Acquired 169,700 0.690 DATUK LIM SIOW JIN 18-Sep-2023 Acquired 115,000 0.699 DATUK LIM SIOW JIN 15-Sep-2023 Acquired 190,600 0.700 DATUK LIM SIOW JIN 14-Sep-2023 Acquired 90,000 0.704 DATUK LIM SIOW JIN 13-Sep-2023 Acquired 684,600 0.699 DATUK LIM SIOW JIN 12-Sep-2023 Acquired 1,863,900 0.694 DATUK LIM SIOW JIN 11-Sep-2023 Acquired 60,000 0.685 MISS ONG HUEY MIN 07-Sep-2023 Acquired 20,000 0.705 MISS ONG HUEY MIN 06-Sep-2023 Acquired 25,000 0.700 MISS ONG HUEY MIN 05-Sep-2023 Acquired 25,000 0.695 MISS ONG HUEY MIN 30-May-2023 Acquired 20,000 0.650 MISS ONG HUEY MIN 29-May-2023 Acquired 10,000 0.655 MISS ONG HUEY MIN 26-May-2023 Acquired 20,000 0.645 MR TEOH HANG CHING 18-May-2023 Others 830,000 0.700 MR TEOH HANG CHING 18-May-2023 Others 39,000 0.700 MR TEOH HANG CHING 18-May-2023 Others 36,000 0.700 DATUK NORIPAH BINTI KAMSO 18-May-2023 Others 200,000 0.700
biarkan ikan bilis jual dibawah harga IPO, geng sendiri sapu lagi banyak, terbijak :)
share buyback dan board members sapu syer... sudden surge anytime :)
Monday, 4 Dec 2023 5:14PM DXN LSJ GLOBAL SDN. BHD. (345,000 units Acquired) 5:14PM DXN LEONG BEE LING (345,000 units Acquired) 5:13PM DXN DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) 5:13PM DXN LIM SIOW JIN (345,000 units Acquired) 5:13PM DXN LIM SIOW JIN (345,000 units Acquired) Friday, 1 Dec 2023 5:40PM DXN DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) 5:40PM DXN LEONG BEE LING (351,700 units Acquired) 5:40PM DXN LSJ GLOBAL SDN. BHD. (351,700 units Acquired) 5:40PM DXN LIM SIOW JIN (351,700 units Acquired) 5:40PM DXN LIM SIOW JIN (351,700 units Acquired) Thursday, 30 Nov 2023 5:47PM DXN DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) 5:47PM DXN LIM SIOW JIN (98,000 units Acquired) 5:47PM DXN LEONG BEE LING (98,000 units Acquired) 5:47PM DXN LSJ GLOBAL SDN. BHD. (98,000 units Acquired) 5:47PM DXN LIM SIOW JIN (98,000 units Acquired) Wednesday, 29 Nov 2023 6:15PM DXN DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) 6:15PM DXN LIM SIOW JIN (292,300 units Acquired) 6:14PM DXN LSJ GLOBAL SDN. BHD. (292,300 units Acquired) 6:14PM DXN LEONG BEE LING (292,300 units Acquired) 6:14PM DXN LIM SIOW JIN (292,300 units Acquired) Monday, 27 Nov 2023 6:28PM DXN DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) 6:28PM DXN LSJ GLOBAL SDN. BHD. (224,600 units Acquired) 6:28PM DXN LIM SIOW JIN (224,600 units Acquired) 6:27PM DXN LIM SIOW JIN (224,600 units Acquired) 6:27PM DXN LEONG BEE LING (224,600 units Acquired) Tuesday, 7 Nov 2023 5:54PM DXN 1,457,200 shares purchased into treasury
Briefing update We believe that 4QFY24E earnings may improve in tandem with sales volume recovery in Peru and Bolivia. That said, our FY24E-FY26E earnings are trimmed by 3% to 4% given expectations for slower sales of its higher margin HDS category and slower sales growth in its ASEAN markets. Maintain BUY with a lower TP of MYR0.86, on unchanged 11x CY24E PER.
Quarterly rpt on consolidated results for the financial period ended 30 Nov 2023 DXN HOLDINGS BHD.
Financial Year End 29 Feb 2024 Quarter 3 Qtr Quarterly report for the financial period ended 30 Nov 2023 The figures have not been audited Attachments DXNH-Q3FY2024 Financial Result.pdf 741.5 kB Default CurrencyOther Currency Currency: Malaysian Ringgit (MYR)
SUMMARY OF KEY FINANCIAL INFORMATION 30 Nov 2023
INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD 30 Nov 2023 30 Nov 2022 30 Nov 2023 30 Nov 2022 $$'000 $$'000 $$'000 $$'000 1 Revenue 450,288 439,219 1,332,579 1,195,817 2 Profit/(loss) before tax 119,799 109,417 362,021 343,093 3 Profit/(loss) for the period 81,334 71,202 241,958 231,468 4 Profit/(loss) attributable to ordinary equity holders of the parent 78,359 67,279 231,976 220,229 5 Basic earnings/(loss) per share (Subunit) 1.57 1.39 4.69 4.56 6 Proposed/Declared dividend per share (Subunit) 0.90 0.00 2.60 0.00
AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END 7 Net assets per share attributable to ordinary equity holders of the parent ($$) 0.2600 0.2100
Definition of Subunit: In a currency system, there is usually a main unit (base) and subunit that is a fraction amount of the main unit. Example for the subunit as follows:
Country Base Unit Subunit Malaysia Ringgit Sen United States Dollar Cent United Kingdom Pound Pence
Announcement Info Company Name DXN HOLDINGS BHD. Stock Name DXN Date Announced 24 Jan 2024 Category Financial Results Reference Number FRA-16052023-00021
KUALA LUMPUR: Investors should remain steadfast in seeking fundamentally sound stocks despite the recent turmoil in the small-cap market, according to RHB Research.
In a note, the investment bank said while the small-mid cap space is often preferred for its higher growth prospects, a balanced pick, combined with value-focusing and growth-focused stocks is appropriate in the current environment.
As such, it emphasised that a focus on earnings quality, margins preservation, cash flow, and yield generation is paramount, especially on the backdrop of tense geopolitical conflict, cost escalations, and demand uncertainty.
Dxn Holdings Berhad is a Malaysian company known for its focus on health and wellness products, particularly those related to the cultivation and processing of Ganoderma mushrooms. Here are a few reasons why some might consider Dxn Holdings Berhad to be good:Health and Wellness Products: Dxn produces a range of health and wellness products, including supplements and beverages, which appeal to consumers interested in natural and holistic approaches to well-being.Global Presence: Dxn has expanded its presence globally, allowing it to tap into diverse markets and reach a broad customer base.Ganoderma Expertise: The company's emphasis on Ganoderma mushrooms, believed to have various health benefits in traditional medicine, gives it a unique selling point in the wellness industry.Multi-Level Marketing (MLM) Structure: Dxn operates on a multi-level marketing model, providing opportunities for individuals to earn income by selling its products. This can be attractive to those looking for entrepreneurial opportunities.
Briefing update We believe that 4QFY24E earnings may improve in tandem with sales volume recovery in Peru and Bolivia. That said, our FY24E-FY26E earnings are trimmed by 3% to 4% given expectations for slower sales of its higher margin HDS category and slower sales growth in its ASEAN markets. Maintain BUY with a lower TP of MYR0.86, on unchanged 11x CY24E PER.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
WMY2188
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Posted by WMY2188 > 2023-09-22 21:46 | Report Abuse
https://www.thestar.com.my/business/2023/09/21/dxn-to-explore-setting-up-integrative-medicine-facility