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 Hartalega, Another bullish counter

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TSPeter Lim
post Mar 29 2009, 01:13 AM, updated 15y ago

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Target RM2.64

Now 2.50

FY09-10 earnings upgrade. We are upgrading our FY09-10 earnings forecasts by 17- 38% to take into account of the better performance of Hartalega. Maintain Buy. Our target price is revised upwards to RM2.64 (previously RM2.25) based on a PER of 8x FY10 earnings. Besides having a market leadership in nitrile gloves in Malaysia, we understand that Hartalega also has the most advanced glove manufacturing technology among its peers. Having said that, the risks to our view include: 1) fluctuating nitrile latex prices, since nitrile latex makes up about 50% of its total production cost; 2) uncertainty in crude oil price direction, causing uncertainty in raw material prices, 3) weakening of US$, since the bulk of its sales are exported, and 4) high reliance on 2 major customers, Medline and Microflex, which make up more than 50% of total sales.


source... http://bursastreet.blogspot.com/search/label/HARTALEGA
SUSjvcpcv55
post Apr 2 2009, 05:02 PM

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3) weakening of US$, since the bulk of its sales are exported????

export can earn more RM................
alfredfx
post Apr 4 2009, 11:36 AM

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weakening USD means lesser RM
if depr in USD accelerated, exporter might be hit
but they will hedge against it ..
cherroy
post Apr 4 2009, 02:22 PM

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QUOTE(alfredfx @ Apr 4 2009, 11:36 AM)
weakening USD means lesser RM
if depr in USD accelerated, exporter might be hit
but they will hedge against it ..
*
The other way round, if RM is weakening, it just mean potentially high export number aka high sales.


alfredfx
post Apr 4 2009, 03:15 PM

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yes smile.gif


Added on April 4, 2009, 3:16 pmbut that is potential - indirect impact
based on current figures, the currency movement gives direct impact.

This post has been edited by alfredfx: Apr 4 2009, 03:16 PM
TSPeter Lim
post Apr 5 2009, 07:47 PM

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Done 2.79.

My investment value is about double! smile.gif

Currency is not a big deal. The more important is the production efficiency & utilisation!

Going forward, it expects to add another 10 lines capable of contributing 2.2bn pieces of gloves p.a (with an assumed utilisation rate of 70%). These lines would be housed in its new Plant 5.

refer http://bursastreet.blogspot.com/search/label/HARTALEGA

I expect this stock able to break 3.00 soon!


Nnigue
post Apr 7 2009, 11:42 AM

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is this insider information?
TSPeter Lim
post Apr 9 2009, 10:25 PM

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QUOTE(Nnigue @ Apr 7 2009, 11:42 AM)
is this insider information?
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yes smile.gif
SUSjvcpcv55
post Apr 12 2009, 11:26 AM

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RM3??????????? yawn.gif:O
ericjones
post Apr 14 2009, 08:57 PM

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QUOTE(jvcpcv55 @ Apr 12 2009, 11:26 AM)
RM3??????????? yawn.gif:O
*
The forum seems quite enthusiastic. But would anybody tell me how Golden Goose will help me in CFD Trading and FOREX? I will appreciate your suggestion if you suggest the benefits of this tool in quantitative way.

This post has been edited by ericjones: Apr 14 2009, 09:53 PM
TSPeter Lim
post May 12 2009, 10:34 PM

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Topgolve want Harta

http://stockmarket.tailou.com/viewtopic.ph...7477179b4af901b

Offer 3.00....but now already 3.64

Maybe offer top up to 4.00 due to swine flu! rclxms.gif
kchong
post Oct 10 2009, 12:42 AM

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The glove manufacturing business is all about cost efficiency and Hartalega (although being a much smaller volume player) is the most efficient manufacturer in the world due to its patented high-tech manufacturing lines. This is a very disruptive model and will in time push other players out of business. Fyi, Hartalega is 3.5 times more efficient and its profit margin doubled the industry average. This means Hartalega can easily price its product at a much lower price to kill off competition. If you are a Topglove, Kossan or Supermax shareholder, be warned to jump ship to Harta asap.

It's just a matter of time, perhaps in the next 5 years, Hartalega will beat Topglove. That's why Topglove is desperate to take over Hartalega but Harta's management team rejected the offer outright (refer to this link):

http://www.bernama.com/bernama/v5/newsindex.php?id=327399

You don't reject an offer to merge with the biggest glove manufacturer unless management is confident it can beat Topglove. The only "dilemma" albeit a pleasant one, is that demand far out strip supply. My only hope is for Harta's management team to be more aggressive in its expansion plan. It just increased its capacity this year from 3.5 billion gloves to current 6.3 billion gloves and it's immediately fully utilized! I wish they were bolder during the expansion plan and expands more aggressively.

Fyi, I'm still accumulating at RM5+ as the intrinsic value of the company is much higher than that. Shifted a few hundred thousands to the counter and will continue to buy. Harta's ROE is so good even Public Bank lose out to it! For those who have bought, NEVER sell at merely a few thousands gain. This company will grow at a CAGR in excess of 20% yearly and this will work massively in your favour the longer you keep it.

Latexx is expanding like mad and its model is not sustainable. I think it's over extending itself too thin and will likely be the next candidate to be eaten up if it's not careful of its cashflow or temporary over-capacity develops. Then, I hope Harta can gobble it up smile.gif

This post has been edited by kchong: Oct 13 2009, 12:39 PM
bluecoat
post Oct 11 2009, 11:38 PM

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why i unable to see hartalega at KLSE ?

Can i know the name of hartalega name is www.klse.com is which stock code ?

Really need your advice on this

thanks
rosdi1
post Oct 12 2009, 12:13 AM

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QUOTE(bluecoat @ Oct 11 2009, 11:38 PM)
why i unable to see hartalega at KLSE ?

Can i  know the name of hartalega name is www.klse.com is which stock code ?

Really need your advice on this

thanks
*
Try 5168 Harta
kchong
post Oct 13 2009, 09:07 PM

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Hartalega broke the RM5.6 threshold! More upside to go when it reports its quarterly financial result in November smile.gif Again, don't be tempted to sell too early. Intrinsic value is about RM6.5 in 2009 and RM7.6 in 2010.

This post has been edited by kchong: Dec 30 2009, 12:38 AM
teehk_tee
post Oct 13 2009, 09:15 PM

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QUOTE(kchong @ Oct 13 2009, 09:07 PM)
Hartalega broke the RM5.6 threshold! More upside to go when it reports its quarterly financial result in November smile.gif Again, don't be tempted to sell too early. Intrinsic value is about RM6.5 in 2009 and RM7.6 in 2010. Once its plant 5 starts operation at end 2010, price will shoot up even more.
*
it's what.. 5 times last year's value now? fooooooh!
kchong
post Oct 14 2009, 07:32 PM

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Actually, the company under-priced its IPO. The intrinsic value is much more than that. That's why the share price keeps on rising from the day of listing. Many uncles/aunties will be so scared to buy the counter now thinking the price has more than doubled since early of the year and will just complain about the opportunity lost few years down the road when Harta's price continue to climb rclxms.gif

QUOTE(teehk_tee @ Oct 13 2009, 09:15 PM)
it's what.. 5 times last year's value now? fooooooh!
*

Added on November 10, 2009, 10:38 pmYet another set of sterling quarterly result achieved by the company, with record high revenue and profit. Its profit margin is by far the highest in the industry, which not even Topglove can rival. Revenue grew 7% qtq while profit grew by 26%! Automation and state of the art technology deployed by Hartalega will give less efficient manufacturers a run for their money. Next year when the new production lines start operating, production capacity will expand to 10 billion gloves from the current 6.5 billion, an increase of 54%. The best part is, these new capacity can easily be fully committed from the moment they push the start button. I'm a very happy shareholder thumbup.gif


Added on January 1, 2010, 4:47 pmIt's the beginning of the year and time to do some stock take. Harta closed the year 2009 at its highest at RM6.22. Those who have sold too soon, better luck next time. I'll be holding on this counter for at least another 3 years, most likely forever.

Anyone got any information about Adventa's latest capacity expansion? It seems that Adventa new manufacturing lines are even more efficient than Harta blink.gif


QUOTE(Peter Lim @ Apr 5 2009, 07:47 PM)
Done 2.79.

My investment value is about double!  smile.gif

Currency is not a big deal. The more important is the production efficiency & utilisation!

Going forward, it expects to add another 10 lines capable of contributing 2.2bn pieces of gloves p.a (with an assumed utilisation rate of 70%). These lines would be housed in its new Plant 5.

refer http://bursastreet.blogspot.com/search/label/HARTALEGA

I expect this stock able to break 3.00 soon!
*
This post has been edited by kchong: Jan 1 2010, 04:47 PM
TSPeter Lim
post Jan 10 2010, 11:02 PM

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Harta new TP
RM10
APPA
post Jan 10 2010, 11:37 PM

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QUOTE(Peter Lim @ Jan 10 2010, 11:02 PM)
Harta new TP
RM10
*
drool.gif drool.gif drool.gif

may consider get some after CNY
DanielW
post Jan 11 2010, 12:23 PM

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QUOTE(Peter Lim @ Jan 10 2010, 11:02 PM)
Harta new TP
RM10
*
Where does the TP comes from? wink.gif

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