MSM Malaysia Holdings Bhd和其子公司从事精制糖的提炼，生产，销售和推广，以及种植橡胶和棕油。此外公司业务也涉及大宗商品交易，原糖和精制糖交易。公司的业务分为三个，糖，橡胶和油棕。而糖业务是公司的主要收入来源。Gula Prai是其品牌。

公司丛巴西，南非，印度，泰国进口原糖，加工制成白糖后再出口。其中对亚洲和东南亚的出口占公司总出口量的近69%。

考虑到出口销量的增长，FY2020末季的营业额走高22％。 除此之外，由于产能利用率提高和融资成本降低，margin提高至14.80％。受益于整体销量的增长，末季的营业额比第三季扬升6％。 此外，由于较高的margin和较低的融资成本，促使FY2020末季顺利转亏为盈，油气是在MSM连续八个季度亏损后。

最新业绩出炉后，这个季度的EPS为8 sen，假设MSM接下来三个季度能维持这个季度的赚益，那么全年的EPS将达到32 cents，保守地以PE 5x来计算，股价能去到RM1.60。但其事实上MSM以往的PE都在20x 左右。


32 cents PE 10 = RM 3.20
32 cents PE 20 = RM 6.40

MSM 刚刚转亏为盈，所以市场十分看好这家公司。之前 MSＭ还是盈利的时候，股价大约在 RM 4 - 5左右，究竟这次MSM 开始赚钱，市场会不会给于最少 RM 3 的估值呢？ 我觉得几率很大。但是这个股价不会在几天达成，反而我觉得 2个月内不是一个问题。

投资者可以留意这个股票，也许就是一个黑马！

Sharing on JAKS's Detail

Company Background:
JAKS was founded in 1987 by Datuk Ang Ken Seng with the aim to be a major player in the water reticulation works. In fact, JAKS business actually started in 1960’s to provide plumbing services to residential premises.

Construction Prospect:
Estimated Outstanding Order Book: Approximately RM340million (as at 30 Sept 2020)

Although construction progress was interrupted during Covid-19 period, JAKS is confident that all construction projects are still on schedule. Besides that, due to the instability of the political situation in Malaysia, obtaining new construction projects has been a challenge. Moving forward, JAKS will continue to focus on its construction sector and actively tendering for projects in both local and overseas market.

Although contract flow has slowed down in the past 3 years, JAKS feels more bullish and optimistic with the approved Budget 2021 and look forward to new contracts being awarded.JAKS has submitted the tender for LSS4. Moreover as part of the management’s strategy JAKS will continue to expand grow its power business/division in Vietnam as there exists high demand electricity.

Power Plant - JAKS Hai Duong:
Based on the PPA, as long as the power plant generates energy for EVN, EVN needs to pay the guaranteed fixed amount of electricity payment (fixed capacity payment). JAKS Hai Duong power plant is estimated to generate between USD 600-700 million revenue per annum for 25 years.

JAKS has the option to increase its equity interest from 30% to 40% within the next 3 years:

JAKS Hai Duong has obtained tax incentives in Vietnam:
First 4 years after commercial operation date - 0%; Following 9 years - 5%, followed by 10% for the remaining term.

Does the coal price impact the company margins?
NO. JAKS is not affected by the rising trend of coal price, as Jaks has signed a 25-year contract with Vinacomin (local coal supplier), which not only ensures a stable supply of coal, but more importantly the coal prices are a pass through cost to EVN (Vietnam Electricity Corporation, equivalent to TNB Malaysia), therefore, fluctuating prices in materials doesn’t affect its margin.

JAKS Fair Value
Based on revenue, JAKS Hai Duong expected to earn USD 600 - 700m
Revenue : USD 650m = RM 2665m
20% PAT Margin : RM 533m

30% Jaks Portion : RM 160m
40% Jaks Portion : RM 213m

Share Unit : 1755m

EPS will be 9 cents (30%), and 12 cents (40%)

Based on energy PE, it is around PE 20 (Refer to TENAGA), why tenaga ? This is because TENAGA is the most stable company in BURSA. Therefore I assume PE 15 for JAKS

PE 15 X 9 cents = RM 1.35, if I discount 30%, it is just 94.5 cents. Current share price just 68 cents, the profit is around 39% which is minimum.

Disclaimer: This is not buy sell call, and i just sharing how I view JAKS and I believe 94.5 cents is easily achievable within 1 year. I am writing up this article to show you all the power of company value. Let see !

45 送 1 的 share dividend 将会在 下个一月5号拿到～