小资女向前冲（大马股市）

Quarter report released date: 28 Feb 2017

Business

- Integrated Livestock Farming (59.90% revenue contribution)

- Marine Products Manufacturing (28.79% Revenue contribution)

- Palm Oil Activities

- Venture into Family Mart

Integrated Livestock Farming (ILF)

- animal feed raw materials and poultry farming

- poultry egg producers

- production rate of 4.6 million eggs per day

- Approximately 40 million Day Old Chicks (DOC) and 20 million broilers are produced annually across poultry farms in Malaysia and Indonesia.

- trades over 900,000 metric tonnes of animal feed raw materials annually.

Marine Products Manufacturing (MPM)

-  upstream and downstream activities including deep-sea fishing, aquaculture farming, surimi and fishmeal production and consumer foods

Family Mart

- 大马全家便利店有超过500种产品，主要进口自日本、韩国、台湾和美国

- “长远来看，（令吉走贬）影响不重大。”

Geography area

- Operate at  Malaysia, Indonesia, Vietnam, China and Singapore

- Distributed across Asia, Europe and North America.

Competitor

- Teoseng (smaller cap compared with QL)

- LTKM

- HUATLAI

- Layhong

- CAB

Financial performance

- To exceed last year full year revenue, QL still need RM654.340mn, I think it is quite easy for them to achieve.

- Net profit margin is around 6.8

- Production capacity was approximately RM300 million for FY2017 (Annual report 2016)

- Strengthening of RM against USD will benefit to QL

Share price

- Latest share price: RM4.65 (3/3/2017)

- PE:31.08

- ROE:10.84

- DY:0.91

- Resistance level: RM4.66

- Support level:RM4.45/RM4.36

Factors that will affect QL

- Weaker RM benefit to export, Weaker RM will increase imported raw materials (depend on commodity price). Natural Hedge

-Weather will affect FFB production。 受走高的棕油价带动，基本面向好

- 国际玉米和大豆的价格对家畜公司的影响是显著的，通常玉米和大豆价格的上涨或下跌是三年一个循环，所以想投资的话有一定的周期性因素需要考量

- Egg price

US Corn Future  and US Soybeans Future

- 3年一个周期，2005,2007,2009........2012,2015,2018

- FCPO price

News

14/11/2017

- 在未来该公司将每年拨出1500万至2100万令吉用于增设分店

- 获得全家便利店20年大马特许经营权，并在未来5年增设300间分店，平均每年新增60间。

- 全家便利店主打即食和鲜食产品，约占了其店铺产品50%，而此类产品赚幅都比较高，柏升和7-11控股鲜食产品赚幅约为40%

- 其2017年本益比仍企于23倍

7 Feb 2017

- 一小串鱼圆或鸡肉串，赚幅可达40-50%以上

Target price

10 Feb 2017

- RM4.33 (RHB research)

Risk

- Commodities price increase will increase cost,denominated in USD

- Strengthen USD will benefit export and offset increase of raw material, however it still need to depend on demand. If demand fall accompany with higher commodities price,QL will suffer

- Market sentiment toward Family Mart and some goods is imported, so if price of food increase, consumers may decrease to buy

- FCPO price tend to decrease,lower profit generate in future (however it does not occupy much portion of revenue)

Comments

- Currently in will be higher risk

Reference:

http://mercurychong.blogspot.my/2015/05/teoseng.html

http://www.sinchew.com.my/node/1612206/%E6%8A%A2%E5%8D%A0%E5%85%88%E6%9C%BA%E4%B9%8B%E5%BD%93%E9%B8%A1%E7%AB%8B%E6%96%AD%EF%BC%8E%E8%BF%8E%E9%A3%8E%E8%B5%B7%E8%88%9E%E9%87%91%E9%B8%A1%E8%82%A1