Saturday 12 December 2015

Consumer Products (2)

New Hoong Fatt, Niche Capital, Ni Hsin, NTPM

Author: Icon8888   |   Publish date: Sat, 7 Feb 2015, 04:18 PM 



New Hoong Fatt

New Hoong Fatt Holdings Bhd (NHF) Snapshot

Open
2.50
Previous Close
2.50
Day High
2.50
Day Low
2.50
52 Week High
07/23/14 - 2.92
52 Week Low
12/16/14 - 2.26
Market Cap
187.9M
Average Volume 10 Days
18.0K
EPS TTM
0.14
Shares Outstanding
75.2M
EX-Date
12/5/14
P/E TM
17.9x
Dividend
0.11
Dividend Yield
4.80%
Current Stock Chart for NEW HOONG FATT HOLDINGS BHD (NHF)





















Consistent protiability over the years :-

Annual Result:
F.Y.Revenue ('000)Profit Attb. to SH ('000)EPS (Cent)PEDPS (Cent)DYNAPSROE (%)
TTM202,76710,49213.9517.9312.004.804.17003.35
2013-12-31210,60420,14926.8110.7512.004.174.17006.43
2012-12-31217,46722,76330.297.7313.005.564.03007.52
2011-12-31215,57019,80526.358.7312.005.223.85006.84
2010-12-31222,47327,25436.266.3513.005.653.320010.92
2009-12-31203,31521,97329.247.7012.005.333.08009.49
2008-12-31168,90218,28124.326.5811.006.882.90008.39
2007-12-31156,75723,00330.615.8911.006.112.760011.09
2006-12-31156,90426,90035.795.2314.007.492.560013.98
2005-12-31154,15720,78527.736.8211.005.822.220012.49

However, the group saw reduced profitability in 2014. For the first nine months of 2013, the group reported net profit of RM20 mil. However, in first nine months of 2014, total net profit was RM10.6 mil only, a decline of 50%. 

Quarter Result:
F.Y.QuarterRevenue ('000)Profit before Tax ('000)Profit Attb. to SH ('000)EPS (Cent)DPS (Cent)NAPS
2014-12-312014-09-3050,2494,2932,5893.443.004.1700
2014-12-312014-06-3056,8066,1095,4727.28-4.2300
2014-12-312014-03-3145,9513,4922,4803.30-4.1900
2013-12-312013-12-3149,7612,101-49-0.079.004.1700
2013-12-312013-09-3051,5927,4275,5057.323.004.2000
2013-12-312013-06-3054,9379,7837,93810.56-4.2300
2013-12-312013-03-3154,3138,0476,7558.99-4.1200
2012-12-312012-12-3154,9633,3271,5892.1110.00-
2012-12-312012-09-3053,8648,8377,62210.143.004.0400
2012-12-312012-06-3054,6229,8359,45712.58-4.0300
2012-12-312012-03-3154,0185,6704,0955.45-3.9000

Has been paying out dividend per share of 12 to 13 sen per annum over the years. This translates into yield of approximately 4.8%. With this years' lower profitability, can dividend payment be sustained ? 

Strong balance sheets :-



Occsaionally does need to invest in plants and machineries :-



Exports closed to 40% of its products :-




Comments
(a) Well managed replacement parts manufacturer with many years of proven track record.
(b) Strong balance sheets.
(c) 40% of products exported. The weak Ringgit should boost earnings in coming quarters.
(d) Lower oil price should benefit the group as it uses plastic resins as raw materials.
(e) First nine months of 2014 saw earnings dropped by closed to 50%. Does this spell troubles for longer term prospects ? At current price, PER is more than 17 times (unless earnings can catch up).
(f) High dividend yield of 4.8%. But sustainability depends on future profitability.

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Niche Capital Emas Holding

Niche Capital Emas Holding (NCHB) Snapshot

Open
0.14
Previous Close
0.14
Day High
0.14
Day Low
0.14
52 Week High
06/6/14 - 0.19
52 Week Low
12/15/14 - 0.10
Market Cap
31.5M
Average Volume 10 Days
188.7K
EPS TTM
-0.01
Shares Outstanding
233.1M
EX-Date
05/6/04
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for NICHE CAPITAL EMAS HOLDING (NCHB)











Niche Capital Emas Holdings Berhad, an investment holding company, manufactures and sells gold jewelry and ornaments.The company has operations in Malaysia, the People's Republic of China, and Hong Kong. Niche Capital Emas Holdings Berhad is based in Penang, Malaysia.








Quarter Result:
F.Y.QuarterRevenue ('000)Profit before Tax ('000)Profit Attb. to SH ('000)EPS (Cent)DPS (Cent)NAPS
2014-12-312014-09-303,467-1,656-1,004-0.85-0.1000
2014-12-312014-06-304,4275,8916,1295.19-0.1100
2014-12-312014-03-319,054-674-468-0.40-0.0600
2013-12-312013-12-315,190-6,940-6,283-5.32-0.0800
2013-12-312013-09-309,488-1,197-823-0.70-0.1300
2013-12-312013-06-3012,344-1,066-774-0.66-0.1300
2013-12-312013-03-318,982-611-536-0.45-0.1300
2012-12-312012-12-31------
2012-12-312012-09-303,929-1,497-1,272-1.45-0.1500
2012-12-312012-06-306,897-590-296-0.68-0.2600
2012-06-302012-03-317,248-280-237-0.55-0.2600

Comments
I didn't do a detailed study of this group as I am not really interested in the industry and business they are in.

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Ni Hsin Resources

Ni Hsin Resources Bhd (NHR) Snapshot

Open
0.36
Previous Close
0.44
Day High
0.39
Day Low
0.35
52 Week High
10/30/14 - 0.55
52 Week Low
03/25/14 - 0.17
Market Cap
85.5M
Average Volume 10 Days
11.4M
EPS TTM
0.0008
Shares Outstanding
231.0M
EX-Date
10/16/14
P/E TM
462.5x
Dividend
0.0050
Dividend Yield
1.35%

Current Stock Chart for NI HSIN RESOURCES BHD (NHR)













Quarter Result:
F.Y.QuarterRevenue ('000)Profit before Tax ('000)Profit Attb. to SH ('000)EPS (Cent)DPS (Cent)NAPS
2014-12-312014-09-3010,2461-159-0.07-0.2600
2014-12-312014-06-309,5293172240.070.010.2600
2014-12-312014-03-3110,364-366-547-0.24-0.2600
2013-12-312013-12-3114,4221,3757490.32-0.2600
2013-12-312013-09-3013,3101,0747910.34-0.2600
2013-12-312013-06-3012,7808496120.260.010.2600
2013-12-312013-03-3114,6383401270.05-0.2600
2012-12-312012-12-3115,7797318770.38--
2012-12-312012-09-3012,03428210--0.2600
2012-12-312012-06-3010,377-205-408-0.18-0.2600
2012-12-312012-03-3111,7456804260.18-0.2600

Healthy balance sheets :



Segmental breakdown by revenue :



Segmental breakdown by profit :



Segmental btreakdown by geographical region. It seemed that the bulk of the group's products are exported.



Comments 
(a) Small market cap of RM85 mil. Strong balance sheets.
(b) All this while, has been operating at breakeven level. However, as most of its products are exported, earnings should improve in coming quarters as Ringgit has weakended substantially. Nevertheless, this has more or less been priced in as share price has rallied from 25 sen to 45 sen over past few months.
(c) Despite better prospects, I am cautious about investing in this group. If a group has to rely purely on weak currency to boost its competitivenss, what will happen if the Ringgit return to normal ?

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NTPM

Ntpm Holdings Bhd (NTPM) Snapshot

Open
0.65
Previous Close
0.65
Day High
0.65
Day Low
0.64
52 Week High
06/4/14 - 0.90
52 Week Low
12/24/14 - 0.60
Market Cap
724.4M
Average Volume 10 Days
504.5K
EPS TTM
0.04
Shares Outstanding
1.1B
EX-Date
09/9/14
P/E TM
17.4x
Dividend
0.03
Dividend Yield
4.50%
Current Stock Chart for NTPM HOLDINGS BHD (NTPM)





























Quarter Result:
F.Y.QuarterRevenue ('000)Profit before Tax ('000)Profit Attb. to SH ('000)EPS (Cent)DPS (Cent)NAPS
2015-04-302014-10-31138,09112,5579,1980.80-0.3000
2015-04-302014-07-31132,2449,8457,0020.60-0.3100
2014-04-302014-04-30135,96413,81411,7031.001.450.3000
2014-04-302014-01-31132,85418,84714,1931.301.450.3100
2014-04-302013-10-31126,87220,63616,0211.40-0.3000
2014-04-302013-07-31124,75716,58311,9751.10-0.2900
2013-04-302013-04-30126,35217,07712,8271.201.45-
2013-04-302013-01-31127,52118,81913,8271.201.450.2800
2013-04-302012-10-31118,52416,95312,2651.10-0.2700
2013-04-302012-07-31114,86114,51510,2130.90-0.2600
2012-04-302012-04-30115,62516,16611,8141.101.45-
2012-04-302012-01-31116,30418,06314,3841.301.450.2400



NTPM reported lower earnings in July and October 2014 quarters. As a result, share price declined from 80 sen range to 60 sen range. Managment explained that the decline was due to higher utility and labour cost as well as competition.







Surprisingly, the group has quite a fair bit of borrowings, with net gearing at 0.32 times. 




Comments
The company has put in place cost cutting measures to restore profitability. We will have to wait for next few quarters to see whether performance will improve.

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