业绩快报：
KOSSAN- 超出个人预期的业绩

Kossan在这个季度取得历史新高的收入(Revenue) 为10.3亿令吉，税后盈利(PAT) 也达到历史新高的 3.51亿令吉

Kossan的收入对比去年同期的5.31亿令吉，按年YoY增长高达94％；PAT 税后盈利对比去年同期的5016万令吉YoY 增长幅度高达600% !

对比上个季度的业绩，Kossan的收入比上个季度的7.01亿令吉QoQ也取得了增长了47%；PAT税后盈利对比上季的1.32亿令吉，QoQ 增长也取得惊人的 165%

Kossan业绩的大幅增长主要来自于销售的大幅增长以及手套销售价的增加。公司在相比之前管制令的影响如今已经全面复工。

Kossan 的手套和 CleanRoom 业务都取得了双位数的成长。

Kossan 目前手上的现金也达到了接近8亿令吉，相信是收到了客户的定金。

MARGMA 表示手套需求量会从按年的8-10% 增长会提高到每年增长20-25%.

公司仍然认为市场对于手套的需求量远远超越了供应，并表示手套ASP 的增加已经开始在这个季度的业绩反映，并表示来临的季度 ASP还会有更显著的增长，并对于接下来的业绩充满信心。

公司将派发每股3分的股息，ExDate 会在 11月24日.

个人看法： Kossan 这个季度的业绩取得了历史新高的收入和盈利。这个季度取得3.5亿令吉的税后盈利，对比上个季度增长超过一倍。这个业绩相信是有点超出市场和个人的预期，Kossan 在业绩后 PE也下降到了32. 假设公司接下来的业绩可以取得稳定的个位数成长，相信股价有机会突破 Rm10以上的的目标价。

KOSSAN 在这个季度的业绩也是相当的惊人 首先是营业额按年上涨了 126.0% 或 RM 728.7 Million，对比上个季度（FY 2020 Q3）增幅也是高达 26.5% 或 RM 273.7 Million 左右，而净利的增幅就更大了！

论净利而言，KOSSAN 在这个季度按年成长了 789.3% 或 RM 481.5 Million 对比上个季度的话则是上涨了 55.6% 或 RM 193.7 Million，整体而言是非常不错的，那么是否是有盈利放慢的迹象呢？

若是单看百分比的话，很明显的增幅会放缓了 （FY 2020 Q2 的 QoQ 增长为 102.24%，而 FY 2020 Q3 则是 166.10%），但是考虑到因为基数不断的在增加，百分比看起来放缓也是属于合理的，不过实际上对比 FY 2020 Q2 对比 Q3 的实际成长的却是有些慢下来了..

公司在这个季度内也因为盈利暴涨的关系，分别给出了 RM 0.030 的中期股息，以及 RM 0.080 的特别股息， 综合股息为 RM 0.110 一股（除权日 Ex-Date 则是在 03/03/2021），以目前的股价来计算的话，单单这个季度的股息而言高达 2.8% 左右，而 KOSSAN 在过去的习惯是每年会派发两次的股息的..

那盈利增长的话相信不用我说大家都知道主要是销量和 ASP 成长了 在这个季度的手套销量增加了 19.2%，而目前公司丁腈手套对比乳胶手套百分比为 84:16，也就是说大部分所出售的依然是丁腈手套～

好了，说完业绩内的表现了~ 那么其实在四天王里面呢，手套价格上涨幅度最照顾顾客群的应该就是 KOSSAN 了 现在也因为各种因素呢，投行有下调手套股目标价格的表现，其中 H 投行近期就把 KOSSAN 的目标价格从 RM 7.800 下调到 RM 5.120 了..

对于估值这回事 KOSSAN 等手套公司已经跌到单位数了，我们作为投资者的下一个问题就是 – 手套股究竟到什么程度才算跌出价值 以及趋势会回归呢？

A glove maker’s digital transformation journey
KUALA LUMPUR (March 30): While the Covid-19 pandemic has catalysed many businesses to go digital, Kossan Rubber Industries Bhd has had the foresight to begin its automation journey seven years ago.

In this week’s issue, DigitalEdge speaks with Kossan chief executive officer (CEO) and group managing director Tan Sri Lim Kuang Sia, who reveals that the group already had plans in 2017 for a complete overhaul of its plants for automation by 2020.

Although it has yet to achieve full automation of its operations, the company has made great progress and halved its employee count per glove manufactured over the past four years, which it mainly attributed to an array of new equipment used to automate parts of the glove manufacturing process.

Lim says the company has been emphasising on reducing its reliance on unskilled labour for many years now, with its hard work starting to bear fruit.

“We are not just trying to solve the business challenges of today, but also future challenges that will appear in the next number of years (sic), and we have long since viewed labour supply as a huge problem for the industry,” he says.

There is no room for labour-intensive businesses in Malaysia, Lim adds, as the quality requirements for gloves have become more stringent, and where automation plays an important role.

But automating the business is quite a challenge, he says, as it is difficult to find local expertise to help guide them through the process. Therefore, Kossan’s automated systems are mostly designed in-house.

“This is not a simple case of accepting government grants and incentives and the whole industry can transform overnight. We need more support in terms of talent and expertise but, unfortunately in Malaysia, there is a distinct lack of it,” he says.

Obtaining high-value, well-educated talent is also a challenge, so Kossan has established an in-house training unit focused on upgrading existing talent to work at high-value parts of the business. At the same time, it is shifting its sights to employing well-educated local talent.

“Even with the talent pool in the job market right now, it is hard to find and employ the right people for the job who are familiar with the glove industry. This is why we decide to train our own people in-house, so that they can add value to the company and obtain a better salary — a win-win situation,” Lim says.