Despite the higher normalized PE, Hevea does give a better return growth projection. Wait for the next corporate exercise for Hevea because the management has hinted to put the cash surplus into good use.
stockraider posted by Dolly_Chai > Dec 15, 2016 05:42 PM | Report Abuse
you guys can see now why I said starperformer is a very biased person. Actually he is not only a biased person, he is also not doing enough homework... Why did I say so? he kept mentioning that Hevea and Evergreen are competitors to each other.. Let me ask him one question: Do you know what is the core business of Evergreen and Hevea? I have mentioned it many times here but he seems to ignore that...
Ok, let me state in one more time... Most of Evergreen's sales are derived from MDF while Hevea is on particleboard.. if he does not even understand the nature of business between these 2 companies, where is his so-called logic? he is a real funny joker now...
Having said so, Hevea and Evergreen cannot be considered as direct competitors. I know many ppl do not understand the difference between MDF, particleboard, plywood, veneer, timber, etc... for them, they will regard them as "wood" or "timber"... I hope starperformer is not one of them.. haha..
Dolly_Chai 109 posts
Posted by Dolly_Chai > Dec 15, 2016 05:50 PM | Report Abuse
as I mentioned before, Evergreen is investing in advanced automated machines that is more efficient and will reduce man-labor. That is why they spent more money on the capex. For example, they are investing in an imported new machine that can churn out thinner board to serve niche market (with better profit margin)... they were not doing that in the past... but they are now moving towards enhancing the profit margin by doing a lot of internal restructure to bring down costs (if you follow their latest updates)... that is why i am saying that Evergreen is "transforming" into higher margin market.. so the earning growth will be seen in 2017, 2018.... and that is why I said investing in Evergreen will potentially give more return as investors like earning growth (with improved profit margin as well).
THE LONG TERM PROSPECT OF EVERGREEN IS GOOD LOH, AS EVERGREEN IS TEMPORARY SACRIFICE SHORT TERM PERFORMANCE FOR LONG TERM SUSTAINABLE RETURN LOH.....!! 19/12/2016 15:59
Author: HLInvest | Publish date: Tue, 29 Nov 2016, 11:38 AM Results Below expectations. 3Q16 core net profit of RM19m (qoq: 11.7%; yoy: -18.5%) took 9M16 core net profit to RM59.8m (-6.3% yoy). The results came in below expectations, accounting for 67.7% and 72.9% of consensus and our full- year forecasts.
Deviations Higher-than-expected of effective tax rate (all wood-based industry players no longer enjoys double tax deduction on freight charges).
Highlights QoQ… Although revenue fell by 1.6%, core net profit in 3Q16 rose by 33.4%, on the back of lower cost of log and glue in the Thailand region which all together more than offset lower average selling price. YoY… Core net profit in 3Q16 dropped by 2.7% YoY to RM19.0m from RM19.6m which was affected by higher operating expenses and an impairment of RM3.1m of goodwill. YTD… 9M16 core net profit declined by 6.3% to RM56.7m, mainly attributed to higher raw material cost and a hike in minimum wage (effective July 2016). Going forward, we remain positive on Evergreen due to i) expansion of the new particleboard line in Segamat that will commence commercial operations by 2QFY17 ii) RTA line being automated and its operational expansion with a second RTA line which will commence in 2Q17 iii) benefiting from stronger USD.
Risks Escalating raw material and labour costs; Weaker-than-expected demand and selling prices for MDF; and Delay in commencement of new production lines (in particularly, RTA and particleboard).
Forecasts We lower our FY16 core net profit forecast by 7.5% to RM75.9m to reflect higher effective tax rate of 24% vs. 20% we assumed earlier. FY17-18 core net profit forecasts remain unchanged as we still believe strong earnings growth is on track, underpinned by the commissioning of particleboard and second RTA line, which will take Evergreen’s earnings to the next level.
Rating BUY (↔) We continue to remain positive on Evergreen mainly on the back of its turnaround plan and the commissioning of the second RTA line. The recent strengthening bias of USD will directly contribute to the topline positively.
Valuation Maintain BUY recommendation with unchanged TP of RM1.48 (based on unchanged 11x FY17 core EPS of 13.5 sen).
I’m Mary the Executive Director replying on behalf of Mr Kuo who is out of office currently. Thank you for your email and my sincere apologies for the delay in replying as I needed to verify some details before replying.
Below are answer to your question :-
The Middle East market remains a bright spot in the MDF industry and despite all the challenges, it is a growing market as previously closed markets like Iran (with huge population and pent up demand) become more open. There is increasing stability resulting in more rebuilding. As you know, MDF is a key beneficiary of improving housing and furniture market there. With an established regional presence, EFB is not overly reliant on any particular country. Our wide market presence means we can quickly divert our products to countries with improving fundamentals. The Group is also actively moving to more downstream mdf products including furniture in order to broaden our income stream and to expand our market as furniture can be marketed all over the world. With our downstream products, we will be less affected by pricing competition as product differentiation is more apparent. In fact the ASP has actually rebounded and remains quite stable so far.
During 2014/2015, we have identified 4 critical operational areas which needed major transformation. These are mainly dormant plants, the particleboard operation, an MDF plant in Masai, Johor plus sawmill operations. Non-performing operations are costing the Group approximately RM3mil in monthly losses, mostly due to depreciation expense and sawmill cost. Management decided on relocating the Masai MDF operation to Segamat to gain synergistic savings by operating together with the particleboard operation there. The particleboard operation itself is receiving completely new state-of-the-art machinery which is designed to produce premium boards at high capacity. Sawmill operations has been scaled down and turn around. Other efforts taken by the Group includes expanding our downstream capacity by running automated furniture production lines which requires minimum manpower but with high output capacity plus upgrading finishing sections of existing operations to improve product quality at reduced running cost. We invest in technology as we believe technology is an enabler and output multiplier while reducing dependency on low-skilled workforce which is in line with government’s objective of reducing dependency of foreign worker intake and striving to achieve high income status. The efforts are at various stages of completion with the final one being the MDF and particleboard operations which will come online by early 2017. Our simple assumption would be that even if all the non-performing operations simply broke even, it would mean ‘additional’ profits of RM36mil a year. When one factor in the profits to be generated from these new and upgraded production lines, 2017 is when the Group turns a new chapter in its operational capability.
Therefore, we strongly believe it is the right time to relaunch our PB operations, as currently there is a general shortfall in PB supply, local Malaysian furniture manufacturers have been forced to source for PB from Thailand. Furthermore, our PB line is designed to run niche products which command better pricing with less competition. It will also support our diversification into furniture as raw material input. By 2017, EFB’s operations will be more complete and integrated. With a more comprehensive product range and efficient operations, EFB will be in a much stronger footing.
In the 1st half of 2015 (1H2015), the Group reported PATAMI of RM44mil, which is inclusive of RM3mil in forex gain. So PATAMI net of forex gain (operational PATAMI) is RM41mil. In 1H2016, the equivalent operational PATAMI is also around RM41mil. Barring significant economic or currency jolts, we should achieve comparable operational PATAMI in 2016 to 2015’s. Should you have further questions, please feel free to forward us. Alternatively you could also contact our Head of Investor Relation – Mr Martin Leong who I have extended this email for any questions in relation to our operations and performance.
Thank you.
Regards, Mary Henerietta Lim Group Executive Director
Going forward, we remain positive on Evergreen due to i) expansion of the new particleboard line in Segamat that will commence commercial operations by 2QFY17 ii) RTA line being automated and its operational expansion with a second RTA line which will commence in 2Q17 iii) benefiting from stronger USD.
HEVEA PROFIT WILL BE AFFECTED GOING FWD LOH....!! BCOS EVERGREEN WILL COME TO WALLOP HEVEA WITH PARTICLE BOARD & RTA LOH....!!
who care about evergreen? i just care about hevea hahahaa..you talk much here about evergreen it is also useless. you are under estimated value of hevea and even gave the wrong figure, no need us to elaborate to you since you are so smart. continue to hold your evergreen ba, i am not interested on evergreen. lol ^^
Andrewhlc, that stockradio idiot loves screwing numbers. He's living in self denial even after seen the facts lol. He is throwing tantrum lol. It's a widely known fact that Evergreen is losing grip so Hevea's stock price will speak for itself.
Posted by calvintaneng > Dec 19, 2016 09:51 PM | Report Abuse
Posted by Op3rs > Dec 19, 2016 09:46 PM | Report Abuse
i cant believe stockraider will end up being exactly like Calvin..
Hahaha!
What's wrong with Calvin solid performance. Better don't have a closed mind & act like 3 blind men:
GO CHECK THESE OUT CAREFULLY:
1) Super Enterprize made 200% 2) Pohuat made 200% (All furniture stocks bull run Calvin called to buy) 3) Silk made 200% 4) JAKS (Jaks jump, jump, JUMPED from 40 cts to Rm1.20 (UP A NICE 200%) 5) MyEG made 100% 6) AJIYA made 100% 7) Supermax made 100% 8) JERASIA made 100% 9) IPMUDA made more than 100% & LIMIT UP! 10) Pm CORP made 100% (3 Times in 3 years) 11) PRESTAR (Pre Star buy it before it turns into a Star) Made 70% 12) ASB (Up 50%) 13) KHEESAN Made 80% 14) PADINI made 90% 15) TAWIN (Big win) Up 80% 16) Kimlun - The Golden Dragon made 60% 17) THE STORE (Up 25%) 18) NTPM - (King of Tissue) Up 40% 19) WANGZNG - King of Fortress (Up 40%) 20) MAHSING - The Singing Horse (Up 25%) 21) MAYBULK - The rebound of Baltic Dry Index (Up 90%) 22) CEPATWAWASAN - Cepat cepat beli (Up 40%) 23) NYLEX - Up 20% 24) Southern Steel (Up 30%) 25) KULIM (Taken private) Up 60% 26) TMakmur (Land of Prosperity. Taken private) Up 37% 27) KPSCB (Kaboom Power Surging) Up 45% 28) MASTEEL (Master of Long Steel) Made 60% 29) THPLANT (Up 15%) 30) BPLANT (Up 12%) 31) JTIASA (Giant Treasure) (Up 40%) 32) MHC PLANT (Up 15%) 33) CPO FUTURE (Up 15%) 34) INSAS (Up 11%) 35) WASEONG (Up 20%) 36) MFCB (My Father Comes Back) Made 40% 37) Cyclical 11MP Election stocks KKB (Kaboom Kaboom Booming) Up 35% 38) Cyclical 11MP Election stocks CMSB (Up15%) 39) RceCapital (The Best of Banking: Legalised Ah Long) Made 60%
LATEST ANNOUNCEMENTS:
THE STORE GOING TO BE TAKEN PRIVATE FOR 50% PROFIT OR MORE THAN 18% FOR EACH YEAR OF 3 YEARS!!
AND PRESTAR WILL BE ANOTHER 100% JACKPOT SOON!!
SO 4 STOCKS MADE 200% (Super Enterprize, Jaks, Silk & Pohuat)
6 STOCKS MADE 100% (Ipmuda, Supermax, Ajiya, Jerasia, Pm Corp & My EG)
4 STOCKS TAKEN PRIVATE FROM 37% to 200% GAIN KULIM, TMAKMUR, THE STORE & SUPER ENTERPRIZE!
Posted by calvintaneng > Dec 19, 2016 09:54 PM | Report Abuse
Posted by Op3rs > Dec 19, 2016 09:46 PM | Report Abuse
i cant believe stockraider will end up being exactly like Calvin..
And look at these GREAT STOCK PICKS OF CALVIN:
1) OPCOM - Optimal Coming Value
Opcom has secured Rm300 million job projects from Telekom. Already secured 30 cts solid profit for coming Special Dividends.
At today closing price of 60.5 cts (Net Cash Rm30 million) with possible dividend of 30 cts OPCOM should be valued around 90 cts
This Opcom is an outright buy till 70 cts. Just accumulate every month. A Sure Winner!
2) DRB HICOM
Cash of 13 cts already in the bag. From Rm280 million Price Gain of POS share price. Anything other profits will be added bonus: from sale of 8x8 defense tank, Proton Ertiga MPV and huge profits from Corwin sale. Apart from ECommerce DRB has puspakom as a monopoly. Bank Maumalat a rising Islamic Bank & other assets with total NTA of Rm3.16
And DRB has transformed itself into an ECommerce Setup through its 53.5% Subsidiary POS Office.
Assuming the lowest earnings of 13 cts from POS alone
Posted by calvintaneng > Dec 18, 2016 11:44 PM | Report Abuse
Posted by cheshirecat > Dec 18, 2016 11:19 PM | Report Abuse
Hi calvin tang, i jus started to follow drb. Many things to get to knw abt drb. You said drb is an undervalue stock, may i ask wat wil b the potential upside or target price. Thank q.
Calvin replies:
I don't have a crystal ball.
So I cannot pinpoint the exact target price.
These are some yardsticks to measure:
1) DRB is unlike other conventional stocks as it is a GLC Govt Linked Stock. From last GE13 2 stocks went up
i) TIME.COM gone up from Rm1.00 to Rm8.00 (Up 800%) ii) FABER (EDGENTA) Up from 70 cts to Rm3.50 (Up 500%)
So I think DRB should at least go up 100% to 200% from here due to Govt induced further profits.
2) Another way to value it is by NTA. DRB has NTA of Rm3.16 Since Ben Graham wants 30% discount to NTA as Margin of safety the yardstick is Rm3.16 x .7 = Rm2.21
So Rm2.21 is 30% Discount to Rm3.16. This valuation is too simplistic
3) The 3rd Valuation would be P/E ratio. Assuming that DRB's Rm280 millions profit in POS share price rise will be reported as 13 cts EPS for February 2017
So if P/E for DRB is
10 = Rm1.30 15 = Rm1.95 20 = Rm2.60
Conclusion: This is my assumption based on
1) Political Factor 2) Undervaluation Factor 3) P/E factor
As future is yet unknown we can only look at its current & future business
a) DRB has 53.5% shares of POS. Pos price has garnered Rm280 million or 13 cts (still not reflected in balance sheet) This is positive.
b) Sales of Proton Ertiga yet to be reported.
c) Synergy with POS & JV with Alibaba. This depends on market mood
d) JackMa launching E Free Trade Zone March 2017. This will create awareness
e) Futher profits accrued from sale of defense tank (8x8), Sale of Proton Iriz as Uber taxi & increased sale of motor mikes due to loan limit raised from Rm5k to Rm10k
By March 2017 DRB's positive results will be out in the open. GE14 will come alive. And above all JackMa's E FTZ &2017 Being designated as Malaysia's Year for Digital Internet Marketing ECommerce Year will draw in Investors, Day Traders & Finally Greater Fools who chase other hot stocks like gadang, gkent, airasia & others at their peak.
Will DRB prices shoot past Rm3.00 & "experts" appear then to say DRB still cheap at Rm3.00?
posted by calvintaneng > Dec 17, 2016 12:54 PM | Report Abuse
Eliminating Middlemen
“The future is about cutting the middleman, and the existence of consolidators will be under threat,” he said. “Right now, we deal more with consolidators for parcels from China to the world, but understandably marketplace owners want to deal with logistic players directly.”
Consolidators collect and group outward-bound cross-border mail to specific destinations and negotiate special rates with the public postal operators to distribute the bulk mail in the designated countries.
Singapore Post Ltd., which counts Alibaba as its second-biggest shareholder, said a year ago it plans to expand freight services and warehouses in the U.S. and Europe as Asia’s emerging middle class drives online purchases from overseas.
“The potential is quite huge for e-commerce,” Lim Sin Kiat, an analyst at Hong Leong Investment Bank Bhd. in Kuala Lumpur, said by phone. “Clients are looking for fully integrated services, and it’s still a work in progress for Pos Malaysia to be fully integrated.”
calvintaneng 13321 posts
Posted by calvintaneng > Dec 17, 2016 12:55 PM | Report Abuse
lol What rubbish are u posting here? Post something related to the stock and don't try to promote other stocks or things here. Now what is to do with calvin tan and drb? Really speechless how idiotic stockradio has become. If u do not understand the "FACTS" that I've taken all figures and statements from quarter/annual reports of both companies then it shows u are living in self-denial everyday just to uphold something that is not proven or backed-up with evidence and facts.
it gives us some good inputs to really think about it..
~~~~~~~~~~~~~~~~ it is about timing...
If you bought Hevea 2 years ago (before they transformed into a high earning company), yes, your timing is right as they started to grow.. you invested in a growing company at undervalued price. today, you gain handsome reward. But if you are buying hevea today (fairly priced in now), the share price appreciation is limited as there may not be much growth as before..
If you buy Evergreen today, 1-2 years later, they improved revenue and net profit hugely.. You are buying at undervalued price now. Is this a good investment? Some star-wat joker said: wait till they fully transform and when earning improves, then only you buy (after 1-2 years), ok, then you will be buying at high price (fair price), not current price anymore.. See, this is value investment...
i agree with that, buying into a growing company is much better than buying into a "already" grown company... you wont see the magnitude of growth anymore in hevea, as compared to evergreen.. good sharing, appreciate that
dun argue la, too much to read already in forum. everyone just share their own view and findings. buy or not is individual thing. u can discard any comment if u dun like it, no big deal. its like choosing a gf, both also have their good sides. for me i just dun like a gf who carry too much debt no doubt she looks gloomy and pretty.
Posted by Dolly_Chai > Dec 20, 2016 10:25 AM | Report Abuse
Someone shared this in Evergreen's forum:
it gives us some good inputs to really think about it..
~~~~~~~~~~~~~~~~ it is about timing...
If you bought Hevea 2 years ago (before they transformed into a high earning company), yes, your timing is right as they started to grow.. you invested in a growing company at undervalued price. today, you gain handsome reward. But if you are buying hevea today (fairly priced in now), the share price appreciation is limited as there may not be much growth as before..
If you buy Evergreen today, 1-2 years later, they improved revenue and net profit hugely.. You are buying at undervalued price now. Is this a good investment? Some star-wat joker said: wait till they fully transform and when earning improves, then only you buy (after 1-2 years), ok, then you will be buying at high price (fair price), not current price anymore.. See, this is value investment...
to share something, lately i visited Giant and Tesco hypermarket for shopping. I found many new hevea products are bought and stored in hypermarket. I bought some hevea products as well to support my "company" as i feel the rta product is not bad. price wise also very competitive.
Posted by iloveshare128 > Dec 20, 2016 10:32 AM | Report Abuse
stockraider, i think a "fair" comment would be:
- we do not know if Evergreen will eat into Hevea share market or not in terms of particleboard and RTA as there are different specs and types of these products. Market is huge so they may not be competing with each other. Moreover, Hevea's main markets are Japan and China but Evergreen is Middle East and SEA. So they are competing in different products and different countries. - but the fair comment would be, Hevea has seen its growth reach a certain level since 2012-2013 and the room for improvement is limited. The current share price is fairly stated. unless you buy the share before the "growth".
- but evergreen is in the "growing" mode and you can expect huge earning improvement in 1-2 years. So you should buy while it is undervalued now, before too late. So the room for share price appreciation is much more compared to Hevea. Got my point?
stockraider 1861 posts
Posted by stockraider > Dec 20, 2016 10:38 AM | Report Abuse X
But surely Evergreen would want to wallop Hevea market of RTA and Particle Board considering it is a very profitable market mah....!!
Evergreeny don need to confine to their market, now got efficient plant & machinery with big capacity, sure want to wallop mah....!!
On the otherhand Hevea cannot wallop Evergreen bcos no MDF loh...!!
lets see the next quarter result whether is your evergreen better or hevea better, talk about long term 1-2 yr for evergreen with no dividend hahaha. i think next year hevea will get good return as compared to evergreen, extra cash in bank with good dividend payout. since you guys talk much here, i bought some hevea stock this morning. i will continue to accumulate when my money come.
star-what joker, this is all fact about the declining profit of Hevea, right? Do you still want to buy in a share that has been fully valued (after 2 years of growth, and unlikely to grow much in future)? Hevea is no doubt a well managed company, but the point is about timing. Buying a share at high price is not wise, looking into the fact that their growth is not seen anymore.
Nah, these bunch of idiots keep asking us not to buy Hevea or sell hevea buy evergreen. What are their intention? Do you think they are really that kind to help us? Or they are just having other intention? You said hevea is a fully grown company? How do you know that the company do not have any future plan? How do you know that they are not going to expand or acquiring other company to diverisfy their rich cash? So don't talk like you know everythingn you just predict only, unless you are the top management of Hevea. Between, there are some news going to be announced by Hevea after new year in January, so stay tuned
you can see that their best performance was last year and i believe the growth has stopped
iloveshare128 874 posts
Posted by iloveshare128 > Dec 20, 2016 12:56 PM | Report Abuse
star-what joker, this is all fact about the declining profit of Hevea, right? Do you still want to buy in a share that has been fully valued (after 2 years of growth, and unlikely to grow much in future)? Hevea is no doubt a well managed company, but the point is about timing. Buying a share at high price is not wise, looking into the fact that their growth is not seen anymore.
RAIDER COMMENT,
HEVEA ALREADY HAD 2 CONSECUTIVE LATEST QUARTERLY EARNINGS FALL, IT SHARE PRICE IS VERY CLOSE TOO TILTING AND EVENTUALLY CRASHING LOH..!!
CERTAINLY EVERGREEN BETTER PICK LOH...!! Strong USD New Products Rta and particle board New product more sizes of MDF available More efficient with new machinery Closing of loss making plant.
iloveshare128, u still haven't answer my question yesterday. Why are u skipping my important question? Here I ask u again:
iloveshare128, u keep saying I'm misleading. May u pinpoint which "thing" or "point" tht u are referring? I never create false facts or stories. All are figures & statements taken from all quarterly & annually reports. I've even included the references before. If u accuse me of misleading then u mean I'm falsifying data & information so does that mean the Evergreen company & its own auditor & related parties are falsifying accounting and facts as well?
Hevea's share price keeps rising so does it's net cash position at the latest reported data. The performance of the company's business is well reflected in it's share price. Needless to explain further.
Evergreen's mountains of debts keep rising while it's cash balances keep decreasing due to corporate exercises as announced. Is Evergreen a prudent and efficient company? Just paid RM 0.01 sen for shareholders in 2016 and the last time it paid out dividend was in 2012. Total debts stood at RM 216,585,000. Have u calculate how much the company is servicing it's debt borrowings and interest charges? Doing things at the wrong time during the country's economy in crisis is almost suicidal.
A GOOD EXAMPLE OF WARRANT EXERCISE AT HEVEA LOH...!!
Additional Listing Announcement HEVEABOARD BERHAD
1. Details of Corporate Proposal
Involve issuance of new type/class of securities ? No Types of corporate proposal Exercise of Warrants Details of corporate proposal Conversion of Warrants (HEVEA-WB) No. of shares issued under this corporate proposal 4,869,100 Issue price per share ($$) Malaysian Ringgit (MYR) 0.2500 Par Value ($$) Malaysian Ringgit (MYR) 0.250
Latest issued and paid up share capital after the above corporate proposal in the following
Units 483,871,890 Currency Malaysian Ringgit (MYR) 120,967,972.500 Listing Date 06 Sep 2016
THAT EXPLAIN WHY HEVEA GIVE U GOOD DIVIDEND LOH.....!! THEY JUST TAKE FROM THE WARRANT MONIES & PASS TO U AS A DIVIDEND LOH...!!
ONCE NO MORE WARRANT EXERCISE....HEVEA WILL CEASE PAYING GOOD DIV LOH..!!
aside to bullorbear123 who so-called has insider good news coming Jan 2017 for hevea...
u r slapping ur own friend sxckperformer.. why?
Coz your good friend sckperformer is doing this at evergreen forum. He pretended to be so noble (with no personal agenda) and to provide more info (misleading one) to evergreen investor..
why dont u ask him what is his intention? haha... How do you know they have future expansion plan? Evergreen management already announced their plan clearly and will achieve in 2017 (not secret) and you "assume" more growth for hevea without proof? "Assume" only ya...
bullorbear123 Nah, these bunch of idiots keep asking us not to buy Hevea or sell hevea buy evergreen. What are their intention? Do you think they are really that kind to help us? Or they are just having other intention? You said hevea is a fully grown company? How do you know that the company do not have any future plan? How do you know that they are not going to expand or acquiring other company to diverisfy their rich cash? So don't talk like you know everythingn you just predict only, unless you are the top management of Hevea. Between, there are some news going to be announced by Hevea after new year in January, so stay tuned
Harlow...plz lah...don't spam the forum with repetitive nonsense. If u post facts to support or back-up your claims of arguments then ok but u are spamming lah.
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Posted by starperformer > 2016-12-19 16:00 | Report Abuse
Be careful with his misleading future earnings guidance.
Compare...
EVERGREEN
P/E Normalized: 8.798
ROIC: 9.408%
EPS GROWTH RATE: -3.41%
NET PROFIT MARGIN: 9.294%
HEVEA
P/E Normalized: 11.209
ROIC: 21.282%
EPS GROWTH RATE: 13.803%
NET PROFIT MARGIN: 14.617%
Despite the higher normalized PE, Hevea does give a better return growth projection. Wait for the next corporate exercise for Hevea because the management has hinted to put the cash surplus into good use.