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Quarter report released date: 28 Feb 2017

 

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Look at this indicator performance

- PE:11.87

- ROE:10.37

- DY:4.58

This company is so delicious

 

Business

- 生产和销售公司文件夹和其它公司文具

- 产品销售到超过 80 多个国家

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Management

- CEO: Lim Soon Huat

 

 

Geographical

- 营业额收入, 主要分为五个地区, 分别为, 欧洲占了整体营业额 76.5%, 马来西亚占了 9.3%, 美国 6%, 亚洲 (除了马来西亚) 占了 3.2%, 其它国家占了 5%。

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Financial performance

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- FY2016 full year revenue was RM389.856mn and net profit was RM76.502mn

- To exceed FY 2016, Asiafle still need RM130.011mn revenue and RM36.734mn of net profit. Quite difficult to exceed in my point of view.

- To dig deeper, the net profit during FQ 31 DEC 2016 partially contributed by investing result, which amount of RM3.299mn. If deduct this amount, the actual net profit is around RM13mn+-Capture

- The main reason why Asiafle revenue fall ws due to softer market demand affect export market as well as weaker rate of Sterling Pound 

- Net cash company after deduct bank borrowing

- Gross profit margin:15.51%

- Net profit margin:19.34%

- If RM appreciate, the group will loss revenue from Europe and British country. But gain revenue from country who trade at USD.

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Share price

- RM3.49 (3/3/2017)

- Assume Next quarter EPS is 9.2, sum up 4 quarter is 29.91. Given PE:10, the share price should be at RM2.99

- If Asiafle perform badly for the next quarter, share price will surely drop.

 

 

Risk

- The exchange for GDP againt MYR during 3Q is around 5.53. The expected exchange rate for next quarter (Jan-March) is 5.5, so if demand continue weak, Asiafle may face difficulty

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- It is a bit hard for Asiafle to exceed last year performance and thus EPS may decrease for the forthcoming quarter.

- Currently share price already reflect future earning performance.

 

 

Reference:

http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=1799

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