From last year... 

Yeah they have high depreciation... low (almost non existent) capex. Thier FCF is actually 2x thier EPS...

ok lah.. now friday prayers break...why? 

no pray lah... just that office got 2 hour lunch break on friday.. 

ok i look see look see from FA perspective first ah...

Ok 9326

Company manufacturers aluminum extrusions, anodizing and powder coating of aluminum.

Steady growing revenue business, but profit has been spotty, but got some improvement in profit from 2011-2013. profit have high reliance of raw aluminum ingot price as it is a feedstock for the company. To understand this we have to look at aluminum prices as the graph below. The steady rise in profit from 2011 is primary due to reduction of aluminum price since the peak at 2011.



However spot price for aluminum has been steadily rising at early February from 72 cent/lb  to 76 cent/lb, but still a 40% below the peak of $1.25/lb.

If the aluminum price continues on its price reducing trajectory then it will benefit 9326. However all aluminum prices are transacted in USD in which it depends if the company can pass on the differences due to the recent devaluation of the currency. Sales are primary in Malaysia ( 75%) & Singapore ( 20%) while 100% of raw materials are priced in USD. Most of the sales are towards property construction companies and depend heavily on the property demand.

For the financials, the company is healthy, with some cash and some loan, however the company is not a net cash company. The PE ratio is more or less fair at 8x, unless the company can show further growth, then the PE ratio will be around there. The current weakness in the share price is due to no dividends, hence a risk for holding the company long term having no income while waiting for the price to appreciate.

Gross and net margins of 6% and 5% is not particularly attractive signifying the company does not have good pricing power for it's products probably due to high competition. Free cash flow is also ok at 1:1 ratio to EPS, which is fair. EV/Ebitda of the company is also around 8x which is also fair.

I would rate the company prospects as slightly undervalue, but the share price will be slow moving and highly reliant on the international aluminum prices. If there is a continuous fall in aluminum prices and continuous demand for property, I believe the earning margins of this company can improve significantly, also if the company decide to pay a decent dividend which it is capable of from the healthy free cash flows. But the opposite is also true, so it is a risk to be seen.

2 hours a... this one 3mins u no prob edi... still got 9 mins to go 2
   

TA ask sifu boon... 

You very pandai jor.

LBAlum, you no itchy for it la.

Profit depends on factors it cannot control (Alum prices + USD)...
Thin margins .....
Profit .... very poor...

Hard to seduce people like me to get itchy with the stock.

I cannot..
Some of the pennies on the main page...
Maybe can...
You wanna.try?

LOL!

CBIP trending very strongly...
Empat setengah Mau moon ti....
Satu tahun or less...



Oh I tak ada.

Yeah.. looking better.   

So how Ah Loo? 115 sell?



Results pretty not good..
Yet the volume clearly indicated the DEMAND for the stock....
pushing the stock higher....

Big pow coming?

Update..



The previous time when it lost momentum, last month, the stock went crazy a LITTLE bit...

In any stock movements, stocks ALWAYS NEED to consolidate before moving higher...
I believed this is what it did...

Look at how the stock was/is 'played' currently... 



Stock pulled back after it 'first' started its engine in Nov...

It then pull backed....

As master Ah Loo said, it seemed like a KELONG-ing stock... ( Correct Ah Loo? This is Kelong stock? )

After hitting a high of 245, it pull backed to a low of 18 sen.

And if I remember correctly, it was after Ecofirst announced its corporate proposals which included a capital reduction....

Rather strange that it pull backed so much...
Maybe many did not realise what Ecofirst wanted to do....

But after hitting the stock hit the low of 18 sen, the stock recovered its feet...
In fact, as I said before, it looked like an opening around 19/195 sen...
Notice how the stock recovered its momentum....

Momentum picked up strongly...
and then stock went crazy in Jan...
Hitting a high of 30 sen before pulling back to low of 25....

But despite the couple of dow -300 days..
stock held firm...
and since then momentum recovered...
just exactly like in Dec...

So my 3 sen opinion is....
I don't think the stock will lose momentum..... YET.

You just have to wait till the stock crazy like what you saw back in Jan...
when it hit 30 sen...

If I am not wrong....
yeah...
just sit back....
and tap dance to work la....

Dont like... holding over value stocks makes me uncomfortable. LOL... 

wait till empat setengah.. then only can drop.. 

Boon say......... ayam sudah lari........................  LOL !

U drag b to 40 c range, not scary??? But just got PETRONAS project last year end, won't be so gua

lamb lamb ...

ur ahb horseh liao

lamb lamb can makan lamb chop tonight