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Telegram获取群成员(www.tel8.vip)_Seng Fong to ride on tyre replacement market《》《》()“”「」

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,Strong demand seen for natural rubber products

PETALING JAYA: Seng Fong Holdings Bhd (SFHB), en route to listing on the Main Market of Bursa Malaysia on July 7, is expected to benefit from the demand for tyres in the replacement market in line with the growth in the sales of vehicles.

The company is also natural rubber processor and supplier of standard Malaysian rubber grade and premium block rubber.

TA Research, in its report yesterday, said synthetic rubber could not replicate the distinct properties of natural rubber and that global demand for the latter is set to rise.

Based on its initial public offering (IPO) price of 75 sen a share, SFHB is valued at 10.4 times and 9.9 times in the current year and 2023 price earnings ratio (PER), respectively.

With no direct listed comparable peer in Malaysia, TA Research has benchmarked SFHB with its regional peers.

It has pegged a price to earnings multiple of 11.6 times for 2023 earnings per share, representing a 20% discount to its regional peers’ market cap weighted average PER of 14.6 times.

It valued SFHB at 88 sen a share.

SFHB’s products are mainly sold to customers abroad with export sales contributing nearly all of its revenue in the past three financial years respectively. China is its main export destination.

The group is expected to register a net profit growth of between 4.3% and 6.5% for financial years 2022 to 2024, with net profit growing by between RM36.6mil and RM40.6mil during that period.

“The earnings will be driven by a higher production capacity and average selling price. A dividend policy will see the group distribute at least 50% of its net profit to shareholders,”said the research house.

On a proforma basis, the balance sheet is expected to improve from a net debt position of RM130.7mil as at April 30, (net gearing level of 1.2 times) to RM69.7mil (net gearing level of 0.4 time), post listing with the utilisation of IPO proceeds.

SFHB was unlikely to experience any material impact from the volatility of rubber prices as the group is able to pass the increase in cost on to its customers.

Among the risk factors cited by TA Reseach are the overdependence on its five major customers which contributed 91% to revenue, foreign exchange risk, price volatility and availability of raw materials.

Going forward, SFHB planned to increase the total annual capacity by 16.9% to 166,000 tonnes by FY23.


转载说明:本文转载自Sunbet。

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  • 2022-07-11 00:06:09

    黄捷进一步补充说,「他们就是2017现在北京试办之后发现成效不错,那今年想要扩展到全国,大家都变成一起来举报国内的间谍,或者是这种策反的对象,那其实这是非常恐怖的,会变成人人自危,人人害怕彼此是间谍,然后互相举报的状态,北京那时候2017年实施一年之内就获得了5000次的举报,其实是非常频繁,举报的内容大概有3类,第一类呢?就是如果你是为境外提供科技情报的,这些人员都有可能被举报。第二是外籍人士,如果你在国内有引用,就是国内的人士提供这个研究的资料,也可能被举报。第3类是如果外籍人士在国内进到军事相关的地方进行摄影或拍照,有可能就会被载你过去的那个司机所举报。他们发现,最多真的是这3类。所以这种情况对台湾人来说,或者是说,对境外国家的人士来说是非常危险的。在中国境内,跟中共意识形态不相符的人员都有可能变成被举报的对象。那我们担心的是,这样的结果就变成是人人监控。彼此那整个社会处在一种,大家都害怕彼此是间谍的状况。那我相信,这样的社会氛围绝对不是我们乐见的。我醉了