Nuffnang

Tuesday, 29 April 2014

[7247] SCGM

每当选择投资的对象,消费股往往是首选。要有好成长条件的真正消费股,其实都不会便宜。反而寻找一些很接近消费型的股,偶尔会找到一些挺有吸引程度的股。这类型的股,就算是经济不好,还是会有很强的生存力度。唯一的弱点,也许是比较依赖产品材料价格的波动。只要所需的产品原料波动不太大,都是一题很好的投资选择。

SCGM在马来西亚注册成立于2007年6月29日。其100%股权的子公司,即LSSPI主要从事制造及买卖塑胶产品。只需上公司的网页一看,就懂得公司制造很接近消费型的产品。

When you are going to pick a stock, consumer stock is always the first choice. A pure consumer stock with good growth prospect is hardly to be in cheap price. Sometimes, there are some stocks which are very close to consumer type, will give you surprise in cheap offer. For this type of stock, its business will still able to sustain well in storming economy whether. The only weakness will be its dependency on raw material price which is exposed to demand and supply's fluctuation.

SCGM Berhad was incorporated in Malaysia on 29 June 2007. Its subsidiary, namely LSSPI is principally involved in the manufacturing and trading of plastic products. You just need to surf the company website, then will be able to understand its products are very close to consumer type.


公司的产品都是环保性的。根据管理层去年的信息,75%的产品销售给于食品和饮料行业,15%贡献于医疗行业,剩下的10%就是电子业。公司产品出口到海外市场超过40%的比率。
公司的销售市场如下:
【亚洲 】马来西亚,新加坡,文莱,泰国,缅甸,越南,老挝,印度尼西亚,印度,香港,澳门,中国。
【欧洲 】葡萄牙,西班牙,希腊,意大利,奥地利。
【大洋洲 】澳大利亚,新西兰。
【北美 】美国,加拿大。

Company's products are eco friendly type. According to management, 75% of its sales is supply to F&B segment, 15% is goes to medical segment and the remaining 10% belong to electronic segment. Aside, company export is capturing for more than 40% ratio.
SCGM present market is as below:
【Asia】Malaysia, Singapore, Brunei, Thailand, Myanmar, Vietnam, Laos, Indonesia, India, Hong Kong, Macau an China
【Europe】Portugal, Spain, Greece, Italy, Austria
【Oceania】Australia and New Zealand
【North America】United States and Canada

公司也正在积极地打入日本这块大市场。如果大家有去过日本这个国家,自然可以轻易看到这种产品生存在大大小小的超市里。这种产品都是很普遍和广用于各种食品的包装。

SCGM的客户包括Munchy, Hup Seng, Hwa Tai, Mondelex (Kraft Malaysia) and Gardenia Bakeries。

简单讲解公司一些比较能吸引的条件:
1)SCGM预计将成为热真空塑料包装在亚洲最大的供应商之一。
2)打算今年再开设一个新工厂在柔佛州,这将进一步提升15%的产能。
3)不以增加员工来维持生产线为首,反而会依赖于更多的自动化设备。
4)拥有良好的派息习惯。股息也跟随业绩成长而增加。
5)拥有超过100个产品设计已经注册了知识产权。
6)能够制造自己的原料,使公司能更好地控制成本。
7)小资本公司,只有80mil股数。
8)最近有大型投资者/机构以RM1.25的价钱与SCGM大量买入3.13%的股份。
9)接近消费型的生意。生意简单。
10)基本很好。上市多年,稳健成长又能把债务控制的好。
。。。等等。。。

投资这类股,挺简单的。产能提升就知道未来会有成长的空间。接下来的成长程度,就必须依靠管理层的生产运作效率,成本控制,销售能力和销售路线的策略。所以,成长力度能不能维持就必须至少跟踪每季的业绩。多读跟公司相关的新闻是最好不过。只需以公司未来的内在价值和长期有波动的股价对比,就大概知道是该守还是弃。

今天,公司的股价收市在上市六年内的历史新高,RM1.53。以短期的股价来看,不算便宜也不算贵。现在的股价适不适合追高,笔者也不懂,只知道短期的风险自然变大了。但是笔者预测未来的业绩是很大可能会继续创新高!

Company is trying to enter to Japan, which is a attractive market for its product. If you have been in Japan before, you will easily notice that the similar products are widely using in all the supermarket and convinient stores along the streets. It is very common use in all kind of food packing products.

SCGM's customer inclusive of Munchy, Hup Seng, Hwa Tai, Mondelex (Kraft Malaysia) and Gardenia Bakeries.

Simple briefing on the attractive key points on SCGM:
1) SCGM is expected to become one of the largest thermal vacuum packed plastic suppliers in Asia.
2) New plant to be build in Johor and this will increase its capacity for 15%.
3) Company is going to improve production efficiency through automation facilities by minimize the dependency of labour resource.
4) Showing good track record in dividend payout. Its dividend will be increasing along its earning growth.
5) Company has registered more than 100 patents for its products.
6) Producing own raw material and allow the company has a better control in cost.
7) Small Cap stock with only 80mil number of shares.
8) There is a large institution firm acquired the company share at RM1.25 for 3.13% stake.
9) Business is very close to consumer type and easy to understand.
10) Good fundamental and company still maintained in good sharp since its first listing.
...etc...

It is easy to decide to invest on this type of stock. As long as there is room for production capacity growth, there will be growth prospect. The extend of growth rate is be very much depend on the efficiency of management to control the production cost, creativity to create new product, sales ability and strategy. Thus, investor has to monitor company performance by quarterly. It will be better if take a close look on any news related to company's business. If share price is fall under the intrinsic value of its growth prospect, it is ok to hold it.

As of today, the share price has hit its peak in historical price at RM1.53. At this price for short term view, it doesn't look cheap but not expensive too. I have no answer whether it is ok to buy at this price, but the short term risk is there. In long term view, I expected its future earning will grow further and will achieve a new milestone in higher earning!


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