SEAL POLYMER

Superman

SEAL POLYMER

手套制造,新股,供研究资料非常少,
因此需要时间监视它的发展.
我不说它的好坏,只是自己有买了少许.

收益分析(不错的发展):
Revenue(年对年比较,2002 vs 2003): +76.67%
Net Profit(年对年比较,2002 vs 2003): +136%
Revenue(02Q4对03Q4比较): +51.52%
Net Profit(02Q4对03Q4比较): +57.54%

以现在的101,000,000股量,计算它的EPS增长:
EPS(2003)=0.2175
EPS(2002)=0.0921
EPS(增长)=136%

债务方面(有好转,但有点重):
Current Ratio(2003)=1.12
Current Ratio(2002)=1.14
Current Liabilities(2003对2002)=+39.64%
Current Assets(2003对2002)=+42.54%
长期债务(2003对2002)=保持1500万
NTA=0.67,新普通股价0.50.

现金流程,
Cash flow=正面
Cash+cash equivalent(年对年比较,2002 vs 2003)=+29%

比率表现,
ROE分析,
ROE=EPS(Diluted)/NTA=0.2175/0.67=0.32或32%
它的EPS是因为'免所得税'增加了6M才会这么高.

ROI分析,
因为供研究资料非常少,
因此我拿EPSG=50%做参考[Net Profit(02Q4对03Q4比较): +57.54%],
目前市价1.95,目前EPS=0.2175 , 2004 Est. EPS=0.3262,

1年后,
Yearly Earning=0.33
ROI This Year=16.9%
Cumulative Earning=0.33
Cumulative ROI=16.9%

2年后,
Yearly Earning=0.50
ROI This Year=25.4%
Cumulative Earning=0.83
Cumulative ROI=42.3%

3年后,
Yearly Earning=0.74Sample Text
ROI This Year=38.1%
Cumulative Earning=1.57
Cumulative ROI=80.4%

4年后,
Yearly Earning=1.11
ROI This Year=57.1%
Cumulative Earning=2.68
Cumulative ROI=138%

PEG分析,
目前P/E=8.9,PEG Equals=0.2
At Current P/E, Projected Stock Price,
After 3 years=6.58
After 5 years=14.81
At P/E of 12, Projected Stock Price,
After 3 years=8.91
After 5 year=20.05
At P/E of 15, Projected Stock Price,
After 3 years=11.14
After 5 year=25.06

市价分析,
EPS/PRICE=0.11或11%(比TOPGLOV,TSH,WCT便宜)  
NTA/Price=0.34或34%(有点高)

上市资金流动和未来发展,
1.公司将动用22.5M扩展业务,今年尾增加六条生产线,产量将增加25%.
2.动用18M还债,Current Liabilities会有所改进.

附加说明:
1.产品不受季节或周期影响.
2.出口导向产品,85.67%出口美国,12.80%出口欧洲.
3.'开创地位'公司,免所得税直30/09/2006.

[ Last edited by Superman on 12-4-2004 at 07:03 AM ]

Superman

再见了SURF88,感谢你陪伴我走过了一段值得怀念的日子,当我张开了翅膀向上飞的时候,
你切匆匆的离开了......只留下一些纪念品.

Seal Polymer
By:Surf88
Date: Thursday, April 08, 2004

-Perak-based rubber glove manufacturer of respectable size, focussing on powder-free and nitrile  gloves
-Exports almost 100% of output with the US as the largest market
-Industry fundamentals have improved with the exit of weaker players, while the key forward is to expand size and economies of scale
-Fair value of RM1.85-RM2.00 based on 13x-14x Feb 2005 PER, 2.1x-2.2x NTA and 3.0%-3.2% net dividend yield

Perak-based rubber glove manufacturer.  Main Board-bound Seal Polymer Industries Bhd (Seal Polymer) (stock code 5083), which started the production of rubber gloves in 1996, ranks today as one of the larger Malaysian producers with annual capacity of approximately 2.2B pieces.  This is about one-quarter the size of Top Glove (RM7.20, stock code 7113), the second largest rubber glove producer in the world, and about half that of Supermax (RM4.92, stock code 7106) which is believed to be also among the top ten internationally.  

Mr Cheang Phoy Ken, Seal Polymer founder and Managing Director, controls 53% of the company together with his family members.  

Export-oriented with relative focus on powder-free gloves.  Seal Polymer exports almost all its examination rubber gloves, and mainly on OEM (Original Equipment Manufacturer) basis.  Worth a mention is its focus on powder-free and nitrile (synthetic rubber) gloves, having ceased the production of powdered gloves last year.  This is in view of rising preference for powder-free (about 80% of production) and nitrile gloves (20%) which also offer higher margins.  The US accounted for about 86% of Seal Polymer sales in the Feb 2004 financial year, while Europe was a far second at 13%.  Also take note that Seal Polymer enjoys pioneer status which gives it 100% tax exemption up to Sep 2006.

Respectable track record.  Seal Polymer has established a good track record as it continued to expand capacity and raise economies of scale to counter pricing and cost pressures.  In particular, it managed to grow pretax profit by 66% to a record high in the Feb 2004 financial year even with the additional challenge from the surge in rubber prices - the sharp turnover growth being boosted by the adjustment in selling price to partly pass on raw material costs.  While margins were inevitably under pressure, we should highlight that on this front, Seal Polymer was almost on par with Top Glove and in fact better than Supermax based on their latest results.  We believe this reflects its relative focus on higher-margin gloves, which was further aided by lower energy costs (around 20% of operations) thanks to the usage of bio-mass energy.

Competitive environment but?/B> The operating environment of rubber gloves as a commodity product is competitive with low barriers to entry. However, after the recent shakeout which forced the exit of weak players, the outlook has turned for the better.  This has helped in terms of passing on higher raw material costs via selling price adjustments, as was the case recently.

Expanding for the future.  Seal Polymer has set aside RM22.5M, or almost half of its net listing proceeds for a new factory to expand its capacity by about 70%.  In total, the company plans to install 18 lines in equal stages in 2004, 2005 and 2006.  As Seal Polymer is operating near maximum capacity, the upcoming expansion is crucial to expand volume, strengthen positioning and further raise economies of scale, which we see as the way to go in the rubber glove industry. At the same time, Seal Polymer is also exploring applications for disposable rubber gloves beyond the traditional users from the medical and healthcare industries.  As we understand, Seal Polymer intends to embark on the production of clean room gloves (for electronics industries) by 2005.   

Elsewhere, Seal Polymer has allocated RM18M (40% of net listing proceeds) to repay bank borrowings.  Post listing, it is estimated to be in net debt of RM45M, or 39% of shareholders funds.

DragonFoo

它明年的股量是141,000,000。

Superman

DragonFoo 于 27-4-2004 04:02 PM  说 :
它明年的股量是141,000,000。

谢谢指教.
bonus + subdivision =101,000,000
Public issue = 40,000,000
Total=141,000,000

os

superman你是在上市后的open market买入的吗?
据我观察,所知,新股上市后一个时期的股价,都是被大老板操纵的(多多少少),最好是等一排,'冷'下来后...

Superman 于 27-4-2004 02:18 PM  说 :
再见了SURF88,感谢你陪伴我走过了一段值得怀念的日子,当我张开了翅膀向上飞的时候,
你切匆匆的离开了......只留下一些纪念品.
-Perak-based rub ...

超人呀超人,当你在宇宙间展翅遨游时,可要记得回头看看我们这些新手...

Superman

os 于 28-4-2004 09:31 PM  说 :
superman你是在上市后的open market买入的吗?
据我观察,所知,新股上市后一个时期的股价,都是被大老板操纵的(多多少少),最好是等一排,'冷'下来后...



超人呀超人,当你在宇宙间展翅遨游时,可要记得回头看看我 ...

谢谢提醒.
但是....OS你Overall Superior不像是新手吧!

现在的股价已是 RM1.26,发生了怎麼回事?

alfredfx

high volume, price decrease.
someone pressing it down ?!

superman,你好像踩到地雷了。

外幕: seal polymer 的 general manager (GM) ,"好像" 贪污.

annoucement:
http://202.190.247.207/EDMS/curs ... 357A4B?OpenDocument

Details of changes
Type of transaction  Date of change  No of securities    Price Transacted (RM)
Disposed             07/07/2004         1,000,000         1.300
Disposed             08/07/2004          400,000          1.300
Acquired             09/07/2004         1,400,000         1.200

这三天的资料
Date            Open     High      Low     Close   Change  Volume
7-Jul-2004      1.32     1.32     1.30     1.30    -0.020    4,183   
8-Jul-2004      1.31     1.33     1.30     1.32    0.020     2,440   
9-Jul-2004      1.31     1.32     1.25     1.25    -0.070    9,935   

Gan Peoy Hong ，seal polymer 的 GM， 证据看这里:
http://www.margma.com.my/Members ... ListingType=Profile

评论: 这个 "卡佬" 可以在 RM1.20 买进 1400000 股，你在看看 9/7/04 的成交量，才993500股，谁买给他的? 而且这三天的成交量那么少!
贪污的机率很大。最高价卖出，超低价买进!!!

结论: 总体来看 seal polymer 算是 获利能力良好的公司，只要公司内部高层不要乱来，还是可以进场。

to superman,至于你要不要 投诉 www.sc.com.my ,那就由你去决定了，假如我们去投诉的话，股价可能会暴跌，对你不好啊。。。。。

看开看开，这种事常有，睁只眼闭只眼吧!

[ Last edited by tekyong on 23-7-2004 at 07:33 AM ]

JSPC also 好像" 贪污.
JSPC 算是 获利能力良好的公司，but公司内部高层乱来....

p/s : sorry Tekyong for copying your Chinese words..kopi duit will be given to u soon

$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

Superman

tekyong 于 23-7-2004 06:32 AM  说 :
superman,你好像踩到地雷了。

外幕: seal polymer 的 general manager (GM) ,"好像" 贪污.

annoucement:
[url]http://202.190.247.207/EDMS/curshweb.nsf/LsvAllByID/48256E5D001092D648256ECF0 ...

早两个星期有人问为什么它的单日价格大降,当时我不在乎是因为我已经早把手上的Seal Polymer全给卖了因为我在研究它时疏忽了两件事.
1)新股的合理价格很难定价
价格波动有多大?
老板有加入推高或援持?
股票会在什么价格见低或巩固?
2)管理层的能力
对公司业务是否有推动力?
是否有远见?
是否善于动用公司资产?
对小股东公平吗?
虽然它的价格下降,但是我的投资言责让我减低损失;当我买进准备长期投资的股票,突然从高点迅速下降20%,我会马上把它卖出.已下是我买Seal Polymer的记录.
4/2004 买进 2.04
5/2004 卖出 1.64
22/7/2004 市价 1.30

?? superman,你好像踩到地雷了。
没有那么严重,只是踩到狗粪,用IGB-WB冲洗后已经没事了.

to superman,至于你要不要 投诉…..
如果没有错,在9/7/2004他们有一个超大形的场外交易,大于是4.9%-10%总股票的数量(真正的数目我忘记了),是以RM1.20成交.这个新闻有在报章上公布.

klse.8k     01-04-2002 10:32 PM

大股东卖股，是好是坏？

最近，LB的大股东有脱售LB的股票，而RUBBEREX的大股东却有买进RUBBEREX的股票。

那么，大股东买卖自己的股票，是好是坏？
这很难说，因为大股东也是人，如果他们需要用到钱，他们也是要卖股的。
同样的，如果他们有多余的钱，他们也是会买进自己的股票。
当然，有的大股东买卖股票是有他们的策略。但是，我们是无法知道他们的动机。

例如：
最近大众银行的郑鸿标，先在市场脱售6千多张的大众银行股票，过了几天，他又买回7千多张，昨天他又买进5千张。这一卖，一买他手头上的股份却增加了。
如果我们看到他卖出，也积极的卖出，那么，他突然又买回来，我们也跟着买回来，那岂不是，很不得空？

所以，我一向来都不太注重大股东的买卖。
不是不关心，而是，接受事实：我们是无法从中看出任何眉目的。

上次EPF说，它要进场，而实际上，它却离场了。
美国退休基金说，它要离场，而实际上，外资却进场了。

股市是虚虚实实的。
我们是无法从大股东所提呈的买卖报告中，得知任何重要的讯息。
所以，不必太注重这些资料，就是我的看法。

唉，楼上的，你离题了。
看清楚他的交易记录。。。。

先用 RM1.30 的价位卖掉 1,400,000股 .
两天后， 再买回来， RM 1.20 每股.  而且seal polymer 的最低价从来没有 低过 RM1.2 的，谁卖给他的????? \好像贪污。这个人在 "玩弄" 自己公司的股票。

和 klse.8k 的内容离题了。

zhenyiteo

SEAL 的股现在也不错。。公司有赚钱