小资女向前冲（大马股市）

Quarter report released date: 28 Feb 2017

Business

- 是一家拥有拥有25年经验的一站式不锈钢制品供应商

- 涉及制造及加工次级不锈钢产品、工业五金贸易等。

1) manufacturing of secondary stainless steel products namely welded stainless steel tubes and pipes, stainless steel industrial fasteners, rigging accessories and components;

2) processing of secondary stainless steel flat and long products namely stainless steel sheets, stainless steel round bars, stainless steel flats bars as well as stainless steel angles bars; and

3) trading of industrial hardware including marine hardware and consumables.

Customer

- marine industry

- oil and gas

- construction

- automotive industry

- customer base is diverse, comprising of stainless steel fabricators, manufacturers, contractors, shipbuilders, industrial hardware wholesalers and retailers.

- Malaysia

- United Kingdom, Singapore, Indonesia, Papua New Guinea and others countries

Financial performance

- FY 2016 Revenue increased 5.37%

- FY net profit increased 99%

- Net profit margin 3.7% (very low)

- KSSC is a debt company, cash cannot cover short-term debt

Risk

- bulk of raw materials are imported, KSSC is exposed to fluctuating stainless steel prices

- foreign exchange risks

- 盈利不稳定

- 原料如不銹鋼成本的波動，加上海外市場的採購訂單下降，促使公司不銹鋼板和不銹鋼管材製造的銷售價格也受影響，導致毛利率大幅下降

-  鎳價期貨衝1萬美元 不銹鋼看漲（KSSC成本加重）但是如果KSSC因为成本增加，转移成本者另当别论。还是不锈钢看涨，KSSC的销售价格也会跟着一起调涨？

- Nickel价格下跌，导致不锈钢价格下跌，导致KSSC销售价格也下跌？？所以导致毛利减低？

Share price

-RM0.435

-PE:11.18

News

- KLSE screener 2篇旧闻

Comments

-前几篇有提到不锈钢价格将起，那么KSSC用不锈钢作为原料，未来成本应该会增加，而且如果不Pass成本提升价格，赚幅一定减少/或者KSSC销售价价格跟着不锈钢一起涨

- 以CSC,mycron为例子，之前说可以进口更便宜的原料，结果兑换率反而拉升成本，如果CSC,mycron没有提升卖价给下游业者，那么他们的盈利会减少

- 如果下游业者收到没有加价的货，加上国际钢铁价格提升，马来西亚限制进口，本地钢铁价格回升，下游业者提供给end consumer的价格就会跟着市场提升

- 盈利透明度不够，不投资

**比对了Nickle过往的价格和KSSC的表现，发现就算Nickle在2011和2014价格高企的时候，KSSC季报也没有提起不锈钢价格起，其中一篇还提起价格下跌***

Reference:

http://bblifediary.blogspot.my/2014/09/kssc.html

https://money.udn.com/money/story/5612/2260814?from=popin