马股 - 联合马六甲 2593
- United Malacca Bhd (UMB) started as a small rubber growing company with a mere 186 ha, UMB has grown to become a medium sized oil palm plantation company with a total landbank of 49,226 ha, and 2 palm oil mills in Malaysia with total capacity of 80t/hour.
- UMB is planning to construct another 2 palm oil mills in order to cater for its FFB output in its Millian-Labau estate (with total titled area of 10,126 ha) and increasing FFB output in Kalimantan, Indonesia. Upon completion, UMB would be able to process all its FFB output, which will further enhance UMB’s overall profitability.
- We expect UMB’s balance sheet to remain healthy (with net gearing of below 0.1x, based on our projection), underpinned by its strong operating cash flow generation.
- Among its mid-size peers, UMB is the lowest in terms of EV/planted hectare and forward P/B. We believe such valuation does not reflect the potential of United Malacca, and is due for a re-rating given strong FFB output growth prospects in the next few years.
- UMB is planning to venture into large-scale commercial crops, such as coconut, cocoa, coffee and stevia. Such move (one materialises), will cushion the price volatility of palm oil, hence improving the stability of UMB’s earnings over the longer run.
这间公司开始大量种植椰子，可可，咖啡和甜菊（一种替代糖的植物，对高血糖不会带来影响）这些投资对公司长远的影响是正面的
Hong Leong Bank : Initiate with BUY recommendation, TP: RM7.11
这是一间很好的油棕股公司可以长期持有又或者等待机会买进因为油棕股还没来，如果来了的话这只股你不会想错过。联合马六甲之前是净现金公司但是最近积极的在扩展所以把公司的现金用完了。预计投资的钱明年会开始带来回报。
Link : https://unitedmalacca.com.my/
2. Hong Kong shares - Honmagolf 6858
Link : http://www.aastocks.com/en/stocks/analysis/company-fundamental/?symbol=06858
2. Hong Kong shares - Honmagolf 6858
HONMA is one of the most prestigious and iconic brands in the golf industry, synonymous with intricate craftsmanship, dedication to performance excellence and distinguished product quality.
According to Frost & Sullivan, HONMA ranks among the top ten golf product brands in the world and is the number one brand for premium golf clubs, in each case in terms of retail sales in 2015. Founded in 1959, the group have one of the longest histories among brands dedicated to golf currently in the market, and aspire to build a world-leading golf lifestyle company on the foundation of the group’s craftsmanship heritage.
The group’s brand has been further invigorated and strengthened in recent years after Chairman Liu acquired the group’s company in 2010 and implemented new initiatives to broaden the group’s product offerings, expand the group’s market reach and enhance the group’s operational efficiency.
这是一间日本制造高尔夫运动用品的公司，可是因为老板的过度扩展陷入危机结果第一次有日本公司被中国人买去了。Honmagolf 于2016年十月份在香港上市，IPO价是 HKD 10。会介绍这件公司主要是因为中国高尔夫的高成长率以及2020年日本将举行东京奥运会。
公司现在的价钱是 HKD7 低过IPO的价钱。这间公司的风险会是单一的业务但是随着中国有钱人不断的增加高尔夫运动的需求看上，再加上这间公司的品质有日本的保证预计持票一年会有可观的赚幅。
详细的资料可参考这里
以上纯属个人分析与评论，如有任何疑问，欢迎与我交流讨论。任何股票买卖建议输赢绝对不负责。
From：林友志 （Lim Yu Chee)
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