Posted by FortuneBlooming > 2021-09-30 22:48 | Report Abuse

so we must not allow this recycled bodtddoh st00ppid kabinet gagal to remain in power for too long

Posted by ToneeFa > 2021-09-30 22:48 | Report Abuse

https://klse.i3investor.com/servlets/ptres/60903.jsp

SUPERMX (Downgrade from OP to MP; TP: RM2.35): Our FY22E/FY23E net profits are downgraded by 40%/47% as follow; (i) FY22E – ASP cut from USD48 to USD42 per 1,000 pieces and reduce EBITDA margin to 36% from 51%; (ii) FY23E – ASP reduce USD30 to USD28 per 1,000 pieces; EBITDA margin assumption reduced to 25% from 37%; and utilisation cut from 85% to 80%. Correspondingly, we downgrade our TP from RM5.00 to RM2.35 based on 12x FY23E EPS (at -0.5 SD below 5-year pre-COVID forward historical mean of 15x). We have raised our PER multiple from 9x to 12x since ASP is normalising faster than-expected.

Source: Kenanga Research - 30 Sept 2021
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pjseow, u agree ka with Kenanga TP RM 2.35 ? base on 12X FY23E EPS base on USD 28 utilisation of rate 80% and margin 25%. I think Kenanga still using 26b capacity rather than 48b. What u think?

Posted by superman7181 > 2021-09-30 22:59 | Report Abuse

Gonna have a rebound

Posted by ToneeFa > 2021-09-30 23:04 | Report Abuse

I think not 26b but 22b capacity ! This is base on prepandemic capacity.

Posted by pjseow > 2021-09-30 23:31 | Report Abuse

Tonee, I defintely do not agree. A drop.from.ASP of US 30 to US 28 should not have a drop.of EPS.from 56 sen to 19 sen. Kenanga drop the blended margin from 25 to 15 . In.a way, it ignored the distribution profit . I think.they use the capacity of 36 billions. The FY 2020 has an ASP of US 25 , a capacity of 24 b and nett margin of 24.7 %. The PAT of FY 2020 was 526 millions . How can FY 2023 which has a capacity of 36 b and assumed ASP of US 28 has.a projected PAT of 530.7 millions ?

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pjseow, u agree ka with Kenanga TP RM 2.35 ? base on 12X FY23E EPS base on USD 28 utilisation of rate 80% and margin 25%. I think Kenanga still using 26b capacity rather than 48b. What u think?
30/09/2021 10:48 PM

Posted by ThePowerOfGlove > 2021-09-30 23:34 | Report Abuse

shorting gang losing power

Posted by ThePowerOfGlove > 2021-09-30 23:34 | Report Abuse

shorting gang running out of gas

Posted by ThePowerOfGlove > 2021-09-30 23:35 | Report Abuse

shorting gang running out of desperate pathetic scare stories

Posted by ThePowerOfGlove > 2021-09-30 23:35 | Report Abuse

shorting gang now back to having to resort to desperate pathetic old stale tak laku grandmother's windfart tax tale

pooooorrrrrttttt

Posted by ThePowerOfGlove > 2021-09-30 23:38 | Report Abuse

singapore covid-19 cases just hit record high 2,268 cases per day on wednesday 29 september 2021

Posted by ThePowerOfGlove > 2021-09-30 23:38 | Report Abuse

high vaxxing rate alone not gonna bring covid under control, vaxxing needs to be combined & integrated with restrictions, good healthcare preventive measures & precautions, use of ppe, tight sop etc.

even highly vaxxed singapore struggling hard to manage covid now

Posted by ThePowerOfGlove > 2021-09-30 23:38 | Report Abuse

only wackos, nuthedds, crackos & stuppidos still believe that covid-19 gonna disappear completely in one month, just with high vaxxing rate alone

Posted by ThePowerOfGlove > 2021-09-30 23:39 | Report Abuse

vaxxing alone can't do the job, as has been proven by experiences in US, UK, israel etc.

Posted by ThePowerOfGlove > 2021-09-30 23:50 | Report Abuse

shorting gang spend every hour of their life awake dissing gloves, badmouthing gloves, attacking gloves, talking gloves down, in order to drag glove stock price down further

Posted by ThePowerOfGlove > 2021-09-30 23:50 | Report Abuse

That is why RSS shorting gang gonna be banned soon

Posted by ThePowerOfGlove > 2021-09-30 23:51 | Report Abuse

RSS ban in the pipeline

Posted by ThePowerOfGlove > 2021-09-30 23:51 | Report Abuse

New amendments to economic/finance policies leaning toward strategies positive for Bursa resurgence, including banning of RSS

Posted by ThePowerOfGlove > 2021-09-30 23:52 | Report Abuse

RSS is destructive & damaging to Bursa

Posted by ThePowerOfGlove > 2021-10-01 00:07 | Report Abuse

Gloves Big 4 are collectively a significant source of tax revenue for govt of Malaysia

So govt will be defending the interests of Gloves Big 4 & also other glove firms in general, including defending their stocks from the indiscriminate attacks & destruc

Posted by ThePowerOfGlove > 2021-10-01 00:08 | Report Abuse

RSS shorting gang are not really concerned about us losing our money

They're actually only concerned about themselves losing their money, when their scaremongering job doesn't work on us anymore & they fail to drag the stock price down further

Posted by ThePowerOfGlove > 2021-10-01 00:08 | Report Abuse

So, once suspended, RSS should not be reinstated, until Bursa is in crazy gila insane hyperbull mode again

Posted by yangkwang99 > 2021-10-01 05:33 | Report Abuse

Agree! At the very least, Rss should be regulated so that it is a fair playing field . Hope SC can implement effective measures soon. Good luck!

Posted by munfatt2000 > 2021-10-01 08:43 | Report Abuse

14th Sep Short position 75Mil

17th Sep short position 76.4Mil.

20th Sep short position 77.2Mil.

22nd Sep short position 78.2Mil.

23th Sep short position 79.3Mil.

24th Sep short position 80.3Mil

27th Sep short position 80.6Mil

30th Sep short position 80.4Mil (Shorties cover 200K)

Shorties kept on lelong cheap cheap, grab more if u got holding power

Let shorties lelong cheap cheap to u, not u sell cheap cheap to shorties.

Posted by Bgt 9963 > 2021-10-01 08:55 | Report Abuse

Loot9e...!

Posted by bpsiah > 2021-10-01 09:00 | Report Abuse

Authorities must look into manipulation on all situation. The current rate of 3 to 4% for RSS is too high. To prevent being taken advantage of the RSS rate must be reduced to minimal, say 0.3%.

Posted by Knm_bottomed > 2021-10-01 09:02 | Report Abuse

Let's go 2.80

Posted by ToneeFa > 2021-10-01 09:03 | Report Abuse

@pjseow Tonee, I defintely do not agree. A drop.from.ASP of US 30 to US 28 should not have a drop.of EPS.from 56 sen to 19 sen. Kenanga drop the blended margin from 25 to 15 . In.a way, it ignored the distribution profit . I think.they use the capacity of 36 billions. The FY 2020 has an ASP of US 25 , a capacity of 24 b and nett margin of 24.7 %. The PAT of FY 2020 was 526 millions . How can FY 2023 which has a capacity of 36 b and assumed ASP of US 28 has.a projected PAT of 530.7 millions ?

Yup pjseow, if we just take a simplified calculation base on their assumption as an OEM entity it would be 48b/1000 x 28 x 4.2 x 0.8 x 0.25 = RM1.13b PAT or EPS 0.41 x12 = RM 4.98 TP base on FY2023 est. If base on OBM profit, then fair value closer to RM 6.0. What do u think?

Posted by Fklim888 > 2021-10-01 09:08 | Report Abuse

Great friday all.

Posted by Ryan83 > 2021-10-01 09:14 | Report Abuse

Few days short selling inactive share price up 3 straight days

Posted by ToneeFa > 2021-10-01 09:29 | Report Abuse

@bpsiah Authorities must look into manipulation on all situation. The current rate of 3 to 4% for RSS is too high. To prevent being taken advantage of the RSS rate must be reduced to minimal, say 0.3%.
01/10/2021 9:00 AM

Very simple solution actually. Since the shortist over abuse the RSS for Big4, just remove the Big4 from RSS list for 6 months.

Posted by casanwk > 2021-10-01 09:35 | Report Abuse

Badly oversold
Down 88%

Posted by ToneeFa > 2021-10-01 09:52 | Report Abuse

They intentionally totally destroy the value perception of the glove counters beyond recognition.

Posted by pjseow > 2021-10-01 10:26 | Report Abuse

Tonee, your 48 b assumption is for CY 2023 . In FY 2023 which start in mid.next year, the average capacity will be (36 +48 )/2 = 42 b . The assumption of 25 % margin for OEM is slightly on the high side. A 20% will be more realistic . This will give a mfg profit of 790 millions. The disribution profit is about 50 % of mfg profit based on last 5 qtr numbers .The total profit will then be 790 x 1.5 = 1185 millions or EPS of 43.6 sen. If you give a PE of 12 , then the price will be 5.23 。The huge cash in hand also has value . By FY 2023 , the cash in.hand.in mid CY 2022 will be about 2.754 billion assuming supermx pay 15 s dividend per qtr for the next 4 qtrs and paying off the balance cost of 764 millions for 48 b capacity.expansion . The 2754 millions is worth RM 1 per share. The IB did not take this into consideration.also .
------------------------
Yup pjseow, if we just take a simplified calculation base on their assumption as an OEM entity it would be 48b/1000 x 28 x 4.2 x 0.8 x 0.25 = RM1.13b PAT or EPS 0.41 x12 = RM 4.98 TP base on FY2023 est. If base on OBM profit, then fair value closer to RM 6.0. What do u think?
01/10/2021 9:03 AM

Posted by munfatt2000 > 2021-10-01 10:28 | Report Abuse

supermax good record - profit for 20yrs

supermax Jun 21 - NTA RM 1.82

CASH IN HAND RM 1.40

EPS FY 2021 RM 1.46

DPS FY 2021 RM 0.3180

Let shorties lelong cheap cheap to u, not u sell cheap cheap to shorties.

got holding power, grab more cheap ticket from shorties.

Posted by ToneeFa > 2021-10-01 10:39 | Report Abuse

Yup pjseow, agree with (36 +48 )/2 = 42 b estimate. I think ur overall assumption is quite realistic. Only thing is we hope going forward every qtr can continue to get 0.15 dividend. The PE 12 was based on the Kenanga estimate. But just looking at overall market expectation, by FY23, its not too demanding to expect EPS of 40-45sen base on ASP of USD28-30. Even using PE 10 should give a TP of RM 4.0-4.5

Posted by Benhobenhobenho > 2021-10-01 11:53 | Report Abuse

May 30, 2021 3:19 PM |

1. Nomura RM 8.39
2. BIMB RM 7.30
3. Kenanga RM 6.80
4. AffinHwang RM 7.40
5. RHB RM 6.60
6. TA RM 6.07

Posted by Benhobenhobenho > 2021-10-01 11:55 | Report Abuse

Just imagine, the above TP by IBs in May n just a matter of few months later, they sang a different tune. Can IBs be trusted

Posted by Benhobenhobenho > 2021-10-01 11:56 | Report Abuse

This proved that TP given by IBs can only be taken with a pinch of salt

Posted by ThePowerOfGlove > 2021-10-01 11:56 | Report Abuse

shorting gang losing power

Posted by ThePowerOfGlove > 2021-10-01 11:57 | Report Abuse

shorting gang running out of gas

Posted by ThePowerOfGlove > 2021-10-01 11:57 | Report Abuse

shorting gang running out of desperate pathetic scare stories

Posted by ThePowerOfGlove > 2021-10-01 11:58 | Report Abuse

shorting gang now back to having to resort to desperate pathetic old stale tak laku grandmother's windfart tax tale

pooooorrrrrttttt

Posted by ThePowerOfGlove > 2021-10-01 11:59 | Report Abuse

singapore covid-19 cases just hit record high 2,478 cases per day on thursday 30 september 2021

Posted by Benhobenhobenho > 2021-10-01 11:59 | Report Abuse

How good are they in analysing values of glove companies, I wonder. Can we continue to trust their views n TP given.

Posted by ThePowerOfGlove > 2021-10-01 11:59 | Report Abuse

high vaxxing rate alone not gonna bring covid under control, vaxxing needs to be combined & integrated with restrictions, good healthcare preventive measures & precautions, use of ppe, tight sop etc.

even highly vaxxed singapore struggling hard to manage covid now

Posted by ThePowerOfGlove > 2021-10-01 12:00 | Report Abuse

vaxxing alone can't do the job, as has been proven by experiences in US, UK, israel, singapore etc.

Posted by ThePowerOfGlove > 2021-10-01 12:00 | Report Abuse

only wackos, nuthedds, crackos & stuppidos still believe that covid-19 gonna disappear completely in one month, just with high vaxxing rate alone

Posted by ToneeFa > 2021-10-01 12:10 | Report Abuse

They just cari makan Benho3X , we all know they just do guessing work, at least pjseow try to be as objective as possible.

Posted by MoneyMakers > 2021-10-01 12:11 |

Post removed.Why?

Posted by Ryan83 > 2021-10-01 12:17 | Report Abuse

Supermax share price still higher than Kossan today hope no selling down evening