Consumer Products (2)

New Hoong Fatt, Niche Capital, Ni Hsin, NTPM

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

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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%

Consistent protiability over the years :-

Annual Result:

F.Y.	Revenue ('000)	Profit Attb. to SH ('000)	EPS (Cent)	PE	DPS (Cent)	DY	NAPS	ROE (%)
TTM	202,767	10,492	13.95	17.93	12.00	4.80	4.1700	3.35
2013-12-31	210,604	20,149	26.81	10.75	12.00	4.17	4.1700	6.43
2012-12-31	217,467	22,763	30.29	7.73	13.00	5.56	4.0300	7.52
2011-12-31	215,570	19,805	26.35	8.73	12.00	5.22	3.8500	6.84
2010-12-31	222,473	27,254	36.26	6.35	13.00	5.65	3.3200	10.92
2009-12-31	203,315	21,973	29.24	7.70	12.00	5.33	3.0800	9.49
2008-12-31	168,902	18,281	24.32	6.58	11.00	6.88	2.9000	8.39
2007-12-31	156,757	23,003	30.61	5.89	11.00	6.11	2.7600	11.09
2006-12-31	156,904	26,900	35.79	5.23	14.00	7.49	2.5600	13.98
2005-12-31	154,157	20,785	27.73	6.82	11.00	5.82	2.2200	12.49

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.	Quarter	Revenue ('000)	Profit before Tax ('000)	Profit Attb. to SH ('000)	EPS (Cent)	DPS (Cent)	NAPS
2014-12-31	2014-09-30	50,249	4,293	2,589	3.44	3.00	4.1700
2014-12-31	2014-06-30	56,806	6,109	5,472	7.28	-	4.2300
2014-12-31	2014-03-31	45,951	3,492	2,480	3.30	-	4.1900
2013-12-31	2013-12-31	49,761	2,101	-49	-0.07	9.00	4.1700
2013-12-31	2013-09-30	51,592	7,427	5,505	7.32	3.00	4.2000
2013-12-31	2013-06-30	54,937	9,783	7,938	10.56	-	4.2300
2013-12-31	2013-03-31	54,313	8,047	6,755	8.99	-	4.1200
2012-12-31	2012-12-31	54,963	3,327	1,589	2.11	10.00	-
2012-12-31	2012-09-30	53,864	8,837	7,622	10.14	3.00	4.0400
2012-12-31	2012-06-30	54,622	9,835	9,457	12.58	-	4.0300
2012-12-31	2012-03-31	54,018	5,670	4,095	5.45	-	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 --

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.	Quarter	Revenue ('000)	Profit before Tax ('000)	Profit Attb. to SH ('000)	EPS (Cent)	DPS (Cent)	NAPS
2014-12-31	2014-09-30	3,467	-1,656	-1,004	-0.85	-	0.1000
2014-12-31	2014-06-30	4,427	5,891	6,129	5.19	-	0.1100
2014-12-31	2014-03-31	9,054	-674	-468	-0.40	-	0.0600
2013-12-31	2013-12-31	5,190	-6,940	-6,283	-5.32	-	0.0800
2013-12-31	2013-09-30	9,488	-1,197	-823	-0.70	-	0.1300
2013-12-31	2013-06-30	12,344	-1,066	-774	-0.66	-	0.1300
2013-12-31	2013-03-31	8,982	-611	-536	-0.45	-	0.1300
2012-12-31	2012-12-31	-	-	-	-	-	-
2012-12-31	2012-09-30	3,929	-1,497	-1,272	-1.45	-	0.1500
2012-12-31	2012-06-30	6,897	-590	-296	-0.68	-	0.2600
2012-06-30	2012-03-31	7,248	-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%

Quarter Result:

F.Y.	Quarter	Revenue ('000)	Profit before Tax ('000)	Profit Attb. to SH ('000)	EPS (Cent)	DPS (Cent)	NAPS
2014-12-31	2014-09-30	10,246	1	-159	-0.07	-	0.2600
2014-12-31	2014-06-30	9,529	317	224	0.07	0.01	0.2600
2014-12-31	2014-03-31	10,364	-366	-547	-0.24	-	0.2600
2013-12-31	2013-12-31	14,422	1,375	749	0.32	-	0.2600
2013-12-31	2013-09-30	13,310	1,074	791	0.34	-	0.2600
2013-12-31	2013-06-30	12,780	849	612	0.26	0.01	0.2600
2013-12-31	2013-03-31	14,638	340	127	0.05	-	0.2600
2012-12-31	2012-12-31	15,779	731	877	0.38	-	-
2012-12-31	2012-09-30	12,034	282	10	-	-	0.2600
2012-12-31	2012-06-30	10,377	-205	-408	-0.18	-	0.2600
2012-12-31	2012-03-31	11,745	680	426	0.18	-	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%

Quarter Result:

F.Y.	Quarter	Revenue ('000)	Profit before Tax ('000)	Profit Attb. to SH ('000)	EPS (Cent)	DPS (Cent)	NAPS
2015-04-30	2014-10-31	138,091	12,557	9,198	0.80	-	0.3000
2015-04-30	2014-07-31	132,244	9,845	7,002	0.60	-	0.3100
2014-04-30	2014-04-30	135,964	13,814	11,703	1.00	1.45	0.3000
2014-04-30	2014-01-31	132,854	18,847	14,193	1.30	1.45	0.3100
2014-04-30	2013-10-31	126,872	20,636	16,021	1.40	-	0.3000
2014-04-30	2013-07-31	124,757	16,583	11,975	1.10	-	0.2900
2013-04-30	2013-04-30	126,352	17,077	12,827	1.20	1.45	-
2013-04-30	2013-01-31	127,521	18,819	13,827	1.20	1.45	0.2800
2013-04-30	2012-10-31	118,524	16,953	12,265	1.10	-	0.2700
2013-04-30	2012-07-31	114,861	14,515	10,213	0.90	-	0.2600
2012-04-30	2012-04-30	115,625	16,166	11,814	1.10	1.45	-
2012-04-30	2012-01-31	116,304	18,063	14,384	1.30	1.45	0.2400

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.