- Revenue mainly from manufacturing segment, while property segment contribute higher profit margin than manufacturing segment
Notice that Scientx's revenue and net profit increased accompany with lower EPS. It was due to bonus issued increased no of share outstanding.
According to theory, bonus issue will not affect shareholder value, as share price will readjust accordingly.
Assuming Scenario 1
No of share hold: 100lots =10000
28/6/2017: Share Price: RM6
Total Shareholder value: RM6*10000= RM60000
1 for 1 bonus issued= 10000+10000(bonus) = 20000(Total no of share after bonus issue)
Per Share price after bonus issued: RM60000/20000= RM3
Ex-date: RM6.26
Entitlement date:RM6.49
Total Value of Shareholder after bonus issued: 20000*RM6.49= RM129,800
P/L: RM69800
*Theory is not applicable in this case
Announcements
20 Jun 2017
- Interim dividend: Ex date:5 July 2017
17 May 2017
- Private Placement of 20,000,000 Scientx shares at price RM7.80
As this private placement happened on 17 May, so I assume EPS this quarter does not factor in no of share outstanding after private placement. It would be factor in next quarter.
- Assuming there is no other corporate activities being held right before next quarter, Weighted average number of ordinary shares in issue should be 483,558,000 (Including Placement shares)
- And assuming next quarter's net profit remain unchanged, ESP would be RM0.1375
- From this calculation, one thing for sure is EPS of Scientx will going to decrease if they cannot earn more net profit from property porjects.
Prospects
- the recent acquisition of six pieces of freehold agriculture lands located in the Mukim of Durian Tunggal, District of Alor Gajah, Melaka measuring approximately 197.4 acres will continue to underpin its affordable housing property development business in Melaka and provide earnings visibility growth in the coming years
- the recent acquisition of two pieces of freehold lands measuring approximately 121.2 acres in the Mukim and District of Kulai, is expected to be completed in the second half of 2017 and will be expected to contribute to the earnings growth of the Group’s property division from the financial year 2018 onwards
- the Group has also launched it maiden property development in Ipoh, Perak through its Meru and Klebang projects which has seen very encouraging take-up rate.
News
20/6/2017
- 怡保消费者包装厂正不断扩大，预计在2017年8月完成扩展计划，每年产能届时将翻倍至2万4000公吨。
- 位于美国亚利桑那州（Arizona）的拉伸薄膜厂装修工程进展良好。我们也收购5台拉伸薄膜复卷机，预计在2017年10月开始投产，以及在2017年12月和2018年初安装两条流延薄膜（cast film）生产线。”
13 March 2017
- 消费塑胶包装业者赚幅达16至17%，工业塑胶包装业赚幅则介于6至9%。
- 塑胶产品是产品利基（塑胶袋）
- 产品销售客户多为日本人
- 森德公司则在2017年下半年加速其万挠工厂，年产能增加25%，至6万公吨
- 预料在2017至2018年,信利资源的盈利成长介于25至33%、SCGM公司增长26至29%、森德公司扬升18至19%及通源工业则增加12至14%之间。
股价
- 今日（20/6/2017）有大量的卖票虽然业绩表现好（Q0Q,YoY), 可解释的原因是在业绩出炉前股价已经跑了22.9% (上图)，现在出现回调
- 今日 （20/6/2017）股价： RM8.34
- Resistance Level: RM8.99
- Support level 1: RM8.18
- Support level 2: RM7.26
从以上的的资料做出的结论：
- 下个季度每股盈利估计会因为PP而下跌，从而影响股价下跌
- 森德的工程大部分会在月尾才开始投入生产，预计2018才开始贡献盈利
- 个人认为下个季度EPS很难突破高峰，因为PP, PE过高（盈利不配合），近期股价来到高峰，下跌风险打过盈利
*** 2017年尾/2018年头可以重新关注
References
http://www.theedgemarkets.com/article/%E6%A3%AE%E5%BE%B7%E7%AC%AC%E4%B8%89%E5%AD%A3%E5%87%80%E5%88%A9%E5%A2%9E86-%E6%B4%BE%E6%81%AF6%E4%BB%99
http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=5396
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