【SUPERMX 7106 交流专区】速伯玛

Mr.Business

原帖由 mjchua 于 23-11-2007 11:42 AM 发表
right issue 後的價錢不會調整嗎 ?

RM0.19是EX价钱？


2.2.3 Pricing of the Rights Shares

The indicative issue price of the Rights Share is RM0.135 each.

For illustrative purposes, based on the indicative issue price for the Rights Share of RM0.135 each and the five (5)-day volume weighted average market price (“VWAP”) of approximately RM0.23 per ordinary share of RM1.00 each up to 20 November 2007 (being the latest practicable date prior to this announcement), the theoretical ex-allprice (“TEAP”) is approximately RM0.19 per Share. The indicative issueprice of RM0.135 per Rights Share represents a discount of approximately 28.9% of the TEAP.

The final issue price of the Rights Shares will be determined at a price-fixing date after all relevant approvals for the Proposed Rights Issue have been obtained based on market principles and at a level which will be in the best interest of the Company.

mjchua

原帖由 Mr.Business 于 23-11-2007 11:56 AM 发表


RM0.19是EX价钱？


2.2.3        Pricing of the Rights Shares

        The indicative issue price of the Rights Share is RM0.135 each.

For illustrative purposes, based on the indicative issue price ...

什麼意思?

Mr.Business

Supermax的新闻。

速伯玛净利增27%

2007/11/23 11:02:17

●南洋商报

询及速伯玛是否将进行并购活动，郑金森说，如果机会找上门，他们将会有较之前不一样的做法，但在未有任何实质决定前，他不便透露任何详情。

另一方面，速伯玛在截至2007年9月30日的第三季，营业额较前期的1亿零207万7千令吉上扬45％，至1亿4千833万8千令吉，净利则从为1千522万5千令吉，较前期的1千203万令吉增长27％。

排除亚太工业在外，该公司预料其净利在2008年及2009年分别取得9千零70万令吉及1亿零360万令吉。

“速伯玛主要营业额贡献为生产、分销、投资及外包贸易业务。在未来，分销业务将为我们的总收益带来45至50％的贡献，目前，该业务只为税前盈利贡献20至25％。”

http://www.nanyang.com/index.php?ch=7&pg=12&ac=790332

Mr.Business

APLI说RM0.19是the theoretical ex-all price。RM0.19应该是重组后的第一天交易的参考价钱。

8years

所以说supermax管理层是神咯，全世界的手套都不能成长，就是这个做假账的大力成长。
没有神的管理层如何能达到这个境界呢？？

大家应该买进supermax,因为那里出现了神的管理层

mjchua

原帖由 8years 于 23-11-2007 12:06 PM 发表
所以说supermax管理层是神咯，全世界的手套都不能成长，就是这个做假账的大力成长。
没有神的管理层如何能达到这个境界呢？？

大家应该买进supermax,因为那里出现了神的管理 ...

會比 Megan 神嗎 ?
全世界在虧錢... 只有他們在賺錢...

8years

Profit  before tax		50,286		35,762
Adjustment for non cash flow:
Non cash items		2,154		(1,775)
Operating profit before  changes in working capital		52,440		33,987
Changes in working capital
Net change in current assets		61,559		(15,306)
Net change in current  liabilities		(36,221)		(13,319)
Net cash flows from operating  activities		77,778		5,362

我非常怀疑61，559的来源， net change in current asset，谁人可以解释一下？？

8years

管理层应该不敢玩那么大吧，一点神就好了，太过神会被怀疑的。
不过这一点神，我已经产生100%的怀疑了

要感谢,mr business的功课，让我们了解了这公司，不然打死我我也不会相信supermax管理层那么神。更不可能产生怀疑

Mr.Business

重组完成后，APLI的票数是973 miliion。

速柏马机构集团董事经理拿督斯里戴金森在出席亚太工业媒体简报会时透露：＂在截至2009年6月30日止财政年，亚太工业预测录得净利1744万令吉。＂

FY2009的EPS不就是RM0.018？假设PE=5，那合理股价就是RM0.09了。


企业重组活动落实后　亚太工业可扭转表现
二零零七年十一月二十四日 晚上七时十一分

（吉隆坡24日讯）橡胶检验手套生产商速柏玛机构有限公司（SUPERMX，7106，主板工业产品组）有信心，其12.9％联号公司亚太工业有限公司（APLI，5479，主板工业产品组）落实企业重组活动后，将可扭转表现。

速柏马机构集团董事经理拿督斯里戴金森说，也从事同样业务的亚太工业，是在2年半以前开始进行重组，并预定明年7月之前完成。

他在出席亚太工业媒体简报会时透露：“在截至2009年6月30日止财政年，亚太工业预测录得净利1744万令吉。

亚太工业扭转亏损的措施包括开辟新客户、追收旧账、以及引进信贷风险管理系统。它也将重组一些营业和提升部份计划。

戴金森称，亚太工业于截至2009年6月止财政年的营业收益预测达到2亿4728万令吉。这些营业收益的50％将来自它的爱大华工厂以及30％来自申那旺工厂。

他说：“与此同时，亚太工业在越南的重组计划将在明年带来15％营业收益增长。”

http://www.kwongwah.com.my/news/2007/11/24/95.html

Mr.Business

新闻。

Supermax ups APL stake

Updated : 23-11-2007
Media : The Edge

KUALA LUMPUR: APL Industries Bhd share price, which fell to a 52-week low of 17 sen on Nov 22, saw glove manufacturer Supermax Corporation Bhd acquiring 3.29 million shares.

A filing with Bursa Malaysia showed Supermax acquired the shares, representing 0.94% at 17.8 sen apiece.

After the acquisition, its shareholding was increased to 48.29 million APLI shares or 13.9%.

APLI's 52-week high was on July 23 at 54.5 sen. At the current price of 17 sen, it is trading at a price/earnings of 15.45 times.

APLI's one year total return is a negative 34.62%.

http://www.biznewsdb.com/english ... =7&bulan=11&kw=wwqq

Mr.Business

新闻。

Monday November 26, 2007

The future of gloves

Between the Lines:
By C.S. TAN

FOR a setting of share price direction when there are uncertainties in an industry, the rubber glove sector provides an insight.  

Top Glove Corp Bhd, for instance, has seen a 40% drop in its share price this year even though its latest quarterly results showed a 33% rise in pre-tax profit.  

Supermax Corp Bhd, a smaller glove manufacturer, announced on Wednesday the earnings in its latest quarter rose 27%. Its share price went up by all of 1 sen the next day.  

Similarly, Kossan Rubber Industries Bhd's share price has declined by RM1.00 from the start of the year, when its price was RM4.80, to RM3.80 on Friday.  

The glove companies produce ahumdrum product but their shares were anything but boring in previous years. They delivered high earnings growth and saw a steady rise in their share prices.  

The under-performance of the glove stocks is due to several factors, such as concerns over the price of liquefied petroleum gas (LPG) for which an increase is widely expected next year.  

Tenaga Nasional Bhd, the biggest user of LPG, pays RM6.40 per mmbtu (one million British thermal units), while other companies in the industrial sector pay about RM12.90 per mmbtu. The international price is about RM24.00.

It is of even greater concern to investors that Gas Malaysia Sdn Bhd, an associate company of Petronas, is believed to be reluctant to increase the supply of LPG to manufacturers, as it is not profitable to do so.

That would restrain glove makers from expanding their capacities, as most of them currently use LPG to heat their industrial processes.  

Industry players said, however, they had contracted for additional LPG supplies for their expansion into 2008 or even 2009. Supply should not,therefore, be a problem in the short term.  

As for higher LPG prices, if that is raised too much, the glove makers are prepared to switch to biomass or coal. That would ensure that LPG supply would not be a constraining factor in their expansion plans from 2009 or beyond.  

Investors are also worried over a perception that earnings growth will be slower in future. Disproving that, the results of Supermax were quite good.  

While Top Glove's earnings growth was still quite strong, some fund managers were surprised it was achieved in spite of no increase in revenue,which stood at RM307.7mil in Q4/07 compared with RM307.6mil in the same quarter last year.  

It is understood there was no revenue increase in Q4/07 because latex prices were lower during that period compared with Q4/06. That accounted for the expansion of profit marginsin its Q4/07 period.  

While the downdraft of share prices is painful for shareholders, it has given other investors an opportunity to get into the glove stocks at inexpensive, current year price/earnings (PE) valuations of mid-teens for Top Glove and just under 10 times for Kossan and Supermax for companies growing at over 20% a year.  

Non-events  

It is not only Supermax that produced higher earnings without being rewarded with a higher share price.  

Many other companies in the small to mid-cap space delivered strong earnings growth while their share prices languished.  

Thiswas partly due to a macro view of uncertainties that the US could slip into a recession early next year, and if the Chinese stock markets would continue in their steep correction.  

Companies here that did well include Sino Hua-An International Bhd, a manufacturer of cokefor the iron and steel sector in China. It reported a 46% rise in net profit in its latest quarter, and its share price remained unchanged at 79 sen at the end of the week, down 39% from RM1.30 at the start of the year. It's also unusual for a stock that is largely doing business in China to be trading at a PE of less than six times.  

http://biz.thestar.com.my/news/s ... 554655&sec=business

[ 本帖最后由 Mr.Business 于 26-11-2007 09:29 AM 编辑 ]

Mr.Business

新闻。

完成亞太工業重組計劃　速伯瑪更上一層樓

Updated : 22-11-2007
Media : 東方日報

（吉隆坡22日訊）不久前宣布收購亞太工業（APLI，5479，主板工業股）的速伯瑪（SUPERMX，7106，主板工業股），希望在完成亞太工業的重組計劃后，可將該集團的業務推向另一個高峰，並因此推升集團整體的盈利表現。

在亞太工業重組計劃完成后，速伯瑪將持有前者的1億2600萬股股票，總投資成本為3980萬令吉。

在認購亞太工業的附加股后，其08及09年的每股盈利，料分別達0.344令吉及0.399令吉。

速伯瑪執行主席兼董事經理拿督斯里鄭金森表示，投資于亞太工業，是公司的長期計劃，在完成重組后，他希望可從亞太工業得到回酬。

他指出，有關重組計劃包括重整其股本，至超過6000萬令吉、取消累積虧損以清理資產負債表、進行擴張計劃的融資，以及將旗下虧錢的子公司清盤和脫售資產。

為了達到以上的目標，亞太工業會進行削資、資本整合及以3配1比例發售附加股，以籌集9850萬令吉現金。

發售附加股后獲得的資金，將作為其資本支出、償還銀行借貸及作為營運資本。

鄭金森指出，資本支出將用于提升現有的工廠，為工廠重新建立15條新的生產線、擴展越南工廠的無粉墨手套設施，及建立6條新的自動無粉墨手套生產線。

另外，亞太工業會用2500萬令吉償還銀行貸款，截至6月杪，亞太工業的貸款達到8000萬令吉。

脫售非核心資產

鄭金森補充，速伯瑪會在明年6月前，將所有不能帶來盈利的子公司清盤，及脫售所有非核心資產，其中包括越南的部份土地。

在脫售部份土地后，該公司還能在剩余的土地上，建立4座工廠。

「重組計劃預計在明年7月完成，一旦完成，亞太工業的06至09財政年表現會逐漸強穩，淨負債率也會減低至0.39倍。」

鄭金森是在速伯瑪的業績及亞太工業的重組計劃匯報會上，發表談話。

另外，速伯瑪在07財政年第三季的業績表現不俗，營業額及稅后盈利，按年分別增長45%和27%。

鄭氏表示，該公司的收入不只是來自于製造業務，其余貢獻盈利的業務包括銷售，以及外包業務和投資。

目前該公司在海外擁有5間銷售中心，但鄭金森指出，若需求超過供應，該公司會建立新的工廠或銷售中心。

他看好4個新興市場，包括中國、印度、巴西及越南。該公司在巴西已有穩固的市場份額，目前，他們會專注將越南的業務推上另一個高峰。

http://www.biznewsdb.com/chinese ... 41&file1=7&bulan=11

[ 本帖最后由 Mr.Business 于 26-11-2007 10:24 AM 编辑 ]

khliew7

Lembaga Tabung Haji   卖 出 SUPERMAX  的 股 权。。

http://announcements.bursamalays ... 328979?OpenDocument

Mr.Business

Lembaga Tabung Haji不爽Supermax?

Company Name	:	SUPERMAX CORPORATION BERHAD
Stock Name	:	SUPERMX
Date Announced	:	27/11/2007

Particulars of substantial Securities Holder

Name	:	Lembaga Tabung Haji
Address	:	201, Jalan Tun Razak, Peti Surat 11025, 50732 Kuala Lumpur
NRIC/Passport No/Company No.	:	ACT 5351995
Nationality/Country of incorporation	:	Malaysia
Descriptions(Class & nominal value)	:	Ordinary Shares of RM0.50 each
Name & address of registered holder

Lembaga Tabung Haji
201, Jalan Tun Razak, Peti Surat 11025, 50732 Kuala Lumpur

Details of changes
Type of transaction	Date of change	No of securities	Price Transacted (RM)
Disposed	19/11/2007	57,700
Disposed	20/11/2007	200,000
Disposed	21/11/2007	200,000

Circumstances by reason of which change has occurred	:	Disposal of shares
Nature of interest	:	Direct
Direct (units)	:
Direct (%)	:
Indirect/deemed interest (units)	:
Indirect/deemed interest (%)	:
Total no of securities after change	:	14,467,070
Date of notice	:	23/11/2007

Mr.Business

APLI迈向RM0.09出发。。。

APLI

(5479)  15:31:57

Last Done	0.150
Change	-0.015
Day High	0.170
Day Low	0.150
Best Buy	0.150
Best Sell	0.155
Volume(Lot)	27681

invest_klse

APLI的事件让我想起Spolymer被私有化的过程。
让我们来重温一下历史：

Supermx 入主 Spolymer 之前，Spolymer 2005财政年度： 每股净利 14sen。

Supermx 入主 Spolymer 后，FY-2006 (ended 28-Feb): Spolymer 每股净利 15 sen
                                                  (unaudited account)

2007年6月：成立了一个 ad-hoc committee，探讨Supermx与Spolymer合并的可能性。
2006年7月：Spolymer 宣布2006年的 Audited profit 只有 8.3 sen/share.
2007年2月：Spolymr FY-2006 (10 Months ended 31-Dec)业绩: 每股净利 5.35 sen

（简单来说：换了一些Accounting方法，Spolymer净利比前几年少了一半）

Spolymr 股价从2006年头 RM1.20 跌到了 2006年8月的 RM0.80 左右。后来波动于RM0.8 至 RM1.00间。从2006年8月至 2007年二月，Supermx 陆续增持了 Spolymr 约 5% 的股票，收购价格应该是 80sen 至 95sen 间。

2007年3月，Supermx 全面献购 Spolymr。
2007年5月，Spolymer Q1-2007 公布，单季净利只有约 2.7 sen/share.
2007年7月，Supermx掌控Spolymer超过90%股票，启动强制性全面收购。Spolymr停牌。
2007年9月，收购完成。（阴谋得逞 ）


再来看看Supermx 收购 Spolymer 所开出的条件：

每 53 Spolymer股 将换得 20 Supermx股 + RM8.38.
据献购书说，那20股Supermx 的 issue-price 为 RM2.50。所以，每股Spolymer将可换得 RM1.10 的价值， 高于 Spolymer 当时的每股资产 RM1.02。

但事实上当时Supermx每股市价只有约RM2.30。若以此计算，Spolymr每股换得RM1.02。
所以，接受献购的 Spolymer股东 根本没赚到什么。最赚到的是Supermx。

8years

很好的分析，感谢，看来apli的情况也一样了，apli的小股东真惨啊。遇到了这样的管理层。。。。。。

mjchua

原帖由 Mr.Business 于 28-11-2007 03:32 PM 发表
APLI迈向RM0.09出发。。。


APLI(5479)  15:31:57Last Done0.150Change-0.015Day High0.170Day Low0.150Best Buy0.150Best Sell0.155Volume(Lot)27681

很快就到我們的目標...

john123

原帖由 invest_klse 于 28-11-2007 07:41 PM 发表
APLI的事件让我想起Spolymer被私有化的过程。
让我们来重温一下历史：

Supermx 入主 Spolymer 之前，Spolymer 2005财政年度： 每股净利 14sen。

Supermx 入主 Spolymer 后，FY-2006 (ended 28-Feb): Spo ...

（简单来说：换了一些Accounting方法，Spolymer净利比前几年少了一半）
.....

这个comment 不对。也是因为做假账的关系。

其实，当DIG 离开supermx/apli/sealpolymer， 就应该知道有文章了。

8years

那么说来管理层没有出招，亏是因为管理层的能力很滥？？？