PPB Group Berhad

http://www.ppbgroup.com

Corporate Profile
PPB Group Berhad was established in 1968, and was listed in 1972 on the then Stock Exchange of Kuala Lumpur and Singapore with an issued and paid-up capital of RM15.0 million.

From its initial operations of cane cultivation and milling, the Group has grown into a major conglomerate engaged in a wide spectrum of activities. The Group's operations now include sugar refining; grains trading, flour and feed milling; oil palm plantations and edible oils; environmental engineering and waste management; film exhibition and distribution; property ownership and development, livestock farming, packaging and chemicals manufacturing. With a total domestic and overseas workforce of more than 4,000 employees, PPB Group's operations spread over Malaysia, China, Vietnam, Myanmar, Thailand, Singapore and Indonesia.

PPB Group has positioned itself to be a market leader in the following businesses operated by its subsidiaries:

Sugar
Malayan Sugar Manufacturing Co. Berhad owns and operates the region's largest sugar refinery in Prai and supplies about 50% of the local sugar requirements.

Flour
FFM Group owns and operates a total of three (3) flour mills in the country and one (1) each in Vietnam and Thailand. FFM Group supplies more than 40% of the local flour requirements.

Cinemas
Golden Screen Cinemas Sdn Bhd, the largest film exhibitor in the country with 141 screens in 21 locations nationwide, captures more than 40% of the local box office collections.

In June 2007, PPB Group completed the merger of its oil palm plantations and edible oils refining and trading operations with Wilmar International Limited (Wilmar) and became the second largest shareholder in Wilmar owning 18.3% equity interest. Wilmar is one of Asia's largest integrated agribusiness groups engaged in the businesses of oil palm cultivation, oilseeds crushing, edible oils refining, consumer pack edible oils processing and merchandising, specialty fats, oleochemicals, biodiesel, fertilizers and soy protein manufacturing, rice and flour milling and grains merchandising.

Currently, PPB ranks among the top companies listed on the main board of Bursa Malaysia with a market capitalization of RM13.0 billion. In the last financial year ended 31 December 2007, the Group's total assets totaled RM11.9 billion with turnover amounting to RM6.2 billion.

再看Maybulk

资料来源:
http://finance.google.com/finance?q=KUL%3A5077

看看Maybulk

Malaysian Bulk Carrier Berhad, Main Board, 5077.KL

公司网址：
http://www.maybulk.com.my

公司简介：
Malaysian Bulk Carriers Berhad was incorporated in 19 November 1988. In 1995, it became the vehicle for a collaboration between Kuok Group and Global Maritime Ventures Berhad, a marine venture capital investment company funded by the Malaysian Goverment through Bank Industri & Teknologi Malaysia Berhad.

On 2 December 2003, MBC was listed on the Main Board of Bursa Malaysia.

The MBC Group is one of the largest shipping enterprises in Malaysia and one of a handful of Malaysian shipping companies engaged in international shipping using its own fleet of vessels. MBC Group presently owns and operates a fleet of vessels comprising dry bulk carriers and product tankers. Apart from shipowning and operation, MBC Group is also engaged in ship management and operates a container depot.


Board of Directors & Position
1 Teo Joo Kim - Executive Chairman
2 Kuok Khoon Kuan - Chief Executive Officer
3 Wu Long Peng - Executive Director
4 Dato' Lim Chee Wah - Non-Executive Non-Independent Director
5 Dato' Tajuddin bin Atan - Non-Executive Non-Independent Director
6 Dato' Capt Ahmad Sufian @ Qurnain bin Abdul Rashid - Non-Executive Independent Director
7 Mohammad bin Abdullah - Non-Executive Independent Director
8 Tay Beng Chai - Non-Executive Independent Director


看董事局就知道，是郭氏企业旗下的成员之一。

Padini (转载)

转载自Cari论坛。

简单的谈一下Padini的管理层吧。Padini是家族生意，从早期的代步生产OEM，一直不停的改革，直到现在的品牌生产商，一路走来都算不错。管理层如果稍微落后，还是慢一点，早已经就被淘汰了。其实时装业，这个也是免不了的趋势。当然，香港演员林青霞的Esprit在这一点就做到非常非常出色。当然，直到目前为止，Padini是不能和Esprit比较的，也比不上来。

可是为了避开那么强烈的衣装竞争，Padini通过Vinci Ladies' Specialist就开始做起鞋业来了。而直到了现在，这个鞋业已经占据Padini整个集团42%的营业额，却为公司集团提供了57%的盈利。在整个Pricing Strategy标价的政策里，Vinci做得非常不错。Vinci的鞋子和款式设计，都给人觉得是一种“名牌”。可是Vinci的价格又比一些名牌鞋子的价格来得低一些，所以受到大众的喜爱，特别是Office Lady的钟爱。虽然有人说，Vinci的鞋子不耐穿，穿几下就坏了。可是如果我们往另外潮流一方面看，鞋子就是潮流，穿太久也的确不好，会过时。所以坏了，就买新的一双啦！反正潮流一直在变，价钱比起来，也比较便宜。
说到潮流，非常值得一提的是管理层的开发新设计，旧设计淘汰的管理能力。也就是说，管理层对潮流节奏必须非常敏感。货物不能收太久，要不然一被时代淘汰，那么就一文不值了。Padini在这一方面的功夫还做得不错，虽然还可以更好。

Padini在2005年的Inventories大约是51mil，可是却只是Write Off了300k的存货。

另外可以看得到的是，Padini的Revenue是大约290mil。所以货物周转做得非常不错，以理想的情况看来，货物只要2-3个月，就可以完全卖出去了。这里能够看到管理层的能力。

另外公司也开始开发了Franchising的生意。这个可是生意届最好的赚钱方式。虽然这个还算起步，不过如果成功，那么要像Esprit这样，让投资者有这样高的评估也不难。Padini在亚洲，中东地区都有将Vinci/VNC，Seed，Padini Authentics以Franchise的方式经营。Franchising可是品牌的保证之一。
外表看来是不错了，接下来，我们再探讨公司的价值。

投资买的是将来公司的表现。所以在还没有投资的时候，我们必须对公司的前景充满信心。单单是有信心是不足够的，而要有巨大的信心。要对公司有那么好的信心，我们对公司的赚钱能力就要有足够的了解。
Padini过去大致上的表现如下：

年份
盈利
股东资金
ROE(1)

2003
9.3mil
82mil


2004
6.3mil
87mil
7.6%

2005
18mil
99mil
20%

2006
28mil
119mil
28%

2007(F)
20mil
139mil(2)
16%

注：
(1)ROE的算法，是由这一年FYE的盈利，除以前一年FYE的股东资金。
(2)股东资金的计算法还没有扣除股息。

以现在2006年4月17日的每股价格RM 4.32看来，公司的市值大约是RM 270mil。以270mil来购买139mil的公司，是否值得？以Asset valuation看来，公司的资产如下：
PPE: 35mil
Brand Name: 1.2mil
Current Net Asset: 86mil
=
+ Inventories: 51mil
+ Receivables: 22mil
+ Short Term Investment：31mil
+ Cash: 14mil
- Payables: 27mil
- Borrowings: 2mil
- Tax liabilities: 3mil

从这里我们可以看到，公司的Non-Current Asset其实不是占据很大的部分，而Current Net Asset反而占据了股东资金的70%。这就是说，公司流动性的资产很大。公司的价值也应该从这流动性资产探讨。关于流动性资产的探讨，我已经说过管理层的潮流开发能力，和货物周转的管理方式了。尽管服装业的竞争力很强，我们就假设公司还是有能力达到平均15%的ROE（如果Franchising成功，这个应该不难达到），以270mil来购买这119mil的资产，要6年才能够Break-even。如果公司能够创造平均20%的ROE，那么这也要4.5年才Break-even。所以只能说，这个价位，只是算合理价格。如果将来出了什么差错，那么保本时间可能需要更长。现在的价位，Margin of Safety安全边际不够多。如果我们以Cash Earnings Capabilities 来看，公司每一年可以创造平均20mil的现金。这个就是7%的报酬。这个价位的吸引力不太大，只能说合理。

准备购入的股票(二)

贵的股我买不起。
目前考虑着的:

1)STAREIT, 今日股价约RM0.84
2)IOI Corp, 今日股价约RM4.78
3)Padini, 今日股价约RM2.61
4)Maybulk,今日股价约RM3.52
5)Uchi Tech, 今日股价约RM1.65
6)PPB Group, 今日股价约RM8.80


继续做功课。
826准准下股海！