首先先来为LEONFB(5232)做个简单的介绍。LEONFB(两发五金)上市于2013年,主板钢铁股。是一家位于雪兰莪巴生的钢铁公司。主要业务是钢铁贸易和铁料加工,想要知道更多详情可以浏览他们的网站http://www.leonfuat.com.my/about.html 。
废话少说,让我们来看看LEONFB最新Q3的业绩。如上图所见,Q3的Revenue达到RM120.8mil,Net Profit RM4.6mil,EPS RM0.015, NTA RM0.75, 没有派发股息。
YoY 净利下跌了45%。 2015年截至Q3Revenue和Net Profit分别只累计到RM378mil,RM15mil。
看来情况不大乐观哦。我们再看看QoQ的业绩再说
对比了Q3和Q3的业绩,发现到Revenue和Net Profit分别增加了3.38%和22.25%。Retained Profit(类似公司的存款)增加了2.63%,可是现金却剧减至RM1.5mil,整整53%!3个季度的EPS只有RM0.0486,2014年同期3个季度的EPS是RM0.0672。另外一点要注意的是,公司已经连续三个季度出现负现金流,现金流动量RATIO继续恶化至-4.01%,Debt to Asset Ratio 回到了0.50。这样的财务状况可能会让注重现金流的投资者止步。
截至2015年9月30号,LEONFB的两大业务-钢铁贸易和铁料加工 Total Revenue是RM378mil,Gross Profit 是 RM50mil,也比2014年同期的 RM52mil来得少。2015 和2014 年的 Gross Profit Margin 大约是13.4% 和14.3%,2015年比较高的Operating Expenses 和 Financial Cost导致他们的赚副被消减了。
管理层解释说虽然钢铁贸易和铁料加工的Revenie比起2014年第3季度有增长,可是Gross Profit却被比较高的营运成本以及削减售价拉底了盈利。
”Despite the increase in revenue, our gross profit decreased by 3.8% or approximately RM1.98 million.
This was mainly due to the decrease in overall gross profit margin recorded for the current financial year-to-date as compared to the preceding financial year-to date, from 14.4% for the preceding financial year-to-date to 13.4% for the current financial year-to-date, as the result of lower gross profit margin by 2.2 percentage points for trading of steel products, from 12.3% for the preceding financial year-to-date to 10.1% for the current financial year-to-date.
The decrease in gross profit margin for trading of steel products was mainly due to the average selling price had decreased by 14.3%, as compared to the average cost for input material which had only decreased by 12.7%.“
我觉来削价战是无可避免的,毕竟现在钢铁业的大环境那么惨淡,公司必须保持竞争力才能保住自己的市场。
我在公司的行政成本这一块有点意见,在这么艰辛的环境之下,管理层居然调高了自己的Director Fees,不是应该有难同当?管理层的诚信有待进一步的观察。
“- increase in administrative costs by approximately RM0.40 million, mainly caused by the higher
directors and staff costs, depreciation, entertainment, insurance, road tax, petrol, parking and toll
expenses as well as upkeep of office for the current quarter as compared to the preceding year
corresponding quarter, partially offset by the lower expenses incurred for legal and professional
services, as well as utility bills such as electricity, water and telephone; and
整体来说2015年对LEONFB绝对是艰辛的一年,很难保持去年的EPS RM0.088。不过从乐观的角度来看,许多同行如Anjoo Steel,Kinsteel,HiapTeck Group都面对数百万甚至数千万的亏损。LEONFB还能取得盈利已经是很不简单了,再加上2015年已经宣布派息2仙。证明了管理层是有能力的。
这公司在我的watchlist里面都有好一段时间了,还是保持观望。因为是在这一,两年里不看好钢铁业的前景。对钢铁股有兴趣的朋友欢迎一起交流,分享其他的潜力股。
Happy Investing !
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