【HEVEA 5095 交流专区】 亿维雅

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	158,652	145,911	158,652	145,911
2	Profit/(loss) before tax	29,602	23,612	29,602	23,612
3	Profit/(loss) for the period	25,310	20,268	25,310	20,268
4	Profit/(loss) attributable to ordinary equity holders of the parent	25,310	20,268	25,310	20,268
5	Basic earnings/(loss) per share (Subunit)	4.76	4.53	4.76	4.53
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.8300		0.8400

哭哭鸟

hevea 23 th AGM 分享
股市宝石特报
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=5370&page=72#pid3943467

公司强调继续专注为公司的产品add value ，增加quality 和更eco-friendly. 尽量避免以价竞争，management 也看好Industry 的前景，现有厂房已经almost full capacity。 Particle board和RTA 的 demand 还是很高所以买地来expand capacity. 就2017 的RM48 million capex 有33.5 million 花在了新厂和地， 没错的话是专做RTA 的。现在厂已经70% completed. 今年年尾就会complete,为2018 contribute 多20% 的revenue, 108million (RM540 million x20/100)。Management 承诺会把revenue 做好，net profit 则不敢保证因为会受exchange rate, labour cost, tax, raw material 影响。在raw material 方面，hevea 有好像有自己的upstream (不知有没有听错)， 所以Q1 的profit 没受很大的影响尽管wood price 提高20-30%

Management 也说到不会想要拼购别的公司尽管hevea 开始net cash position. Hevea 和同行有不同的positioning, 专注的markets 和products 也不同，所以想简单些，先把自己做到最好。

Krea kid 的 B to C model, 还不成型，还需要多几年，近期对hevea 的impact 不会很大。

很多人很好奇hevea 会不会和全世界家私的龙头老大， IKEA 合作。原来，IKEA 找过hevea 洽谈几次，但因为IKEA 要很大的volume 和control, 很high risk, 所以都谈不成。但Hevea 还是IKEA 的潜在 business partner。
有一项不得提到的是hevea total export contribution 有50 % 是由日本和中国这两个国家贡献。日本和中国是进口很严的国家，但是hevea 可以penetrate进去，是不容易的。至于japan Olympic 2020 对hevea 的影响不是直接的受惠，现在Japan 的屋子也比较少用particle board 做的。
For 新的mushroom business, 现在还是摸索的阶段，估计会分3 个stages 来做，first stage 会带RM 10million ，不知是revenue 还是sales。短期对group 的帮助不大，但margin 很高，有40 % 左右。

个人觉的hevea 的钱景还不错，是蛮稳定的公司

icy97

亿维雅料慷慨派息7-9.1仙

2017年7月5日

分析：丰隆投行研究
目标价：2.19令吉

最新进展：

亿维雅（HEVEA，5095，主板贸服股）主要生产和分销刨花板，以及现成组装家具产品，日前拨出额外3350万令吉资本开销，兴建新的现成组装家具厂房。

预计这将厂房可在今年底竣工，并投入商业生产。

新厂房将可让亿维雅的产品更多元化，尤其是即将开发的薄板家具生产线，预计可贡献更高盈利。

行家建议：

新厂房有助亿维雅的现成组装家具产品，从刨花板类多元化至单板产品，获利能力更高。

我们看好该公司强劲的资产负债表、盈利展望乐观，加上没有巨额资本开销，将不吝于派发股息。

预计2017至2019财年，将会派发每股7至9.1仙的股息，相等于5.3%至6.9%的周息率。

同时，我们预计平均售价和赚幅更高，预计今明两年的净利降提高16至39%，分别达9390万和1亿1250万令吉。

值得注意的是，公司成本以令吉计算，却有92%的营业额是美元，将可受益于美元走强。

我们初次追踪亿维雅，给予“买入”评级，目标价2.19令吉，是根据2018财年11倍的稀释后本益比计算。



【e南洋】

哭哭鸟

HLIB Research
HeveaBoard (BUY; NEW)
July 4, 2017
Price Target: RM2.19
Share price: RM1.43
http://www.bursamarketplace.com/mkt/tools/research/ch=research&pg=research&ac=169049&bb=172500

哭哭鸟

Heveaboard 开始种菇！ 公司管理层提到新业务赚幅比现有业务赚幅更高，目前公司已花了一千多万在新业务上，而hevea之前每天有高达100吨的废料，其中之一的用途就是在种菇。公司目前专注在提高产品的品质来提高赚幅，目前在主要业务上面对原料短缺，所以公司没办法大肆扩充。

哭哭鸟

讲股之～Heveaboard 种菇，成长加速？！

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Winster90

HEVEA 没人在看了吗? 等它公布业绩等得花儿也谢了

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2017	30 Jun 2016	30 Jun 2017	30 Jun 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	135,323	121,764	293,974	267,675
2	Profit/(loss) before tax	17,980	17,937	47,581	41,549
3	Profit/(loss) for the period	16,322	15,161	41,633	35,429
4	Profit/(loss) attributable to ordinary equity holders of the parent	16,322	15,161	41,633	35,429
5	Basic earnings/(loss) per share (Subunit)	3.06	3.33	7.81	7.77
6	Proposed/Declared dividend per share (Subunit)	1.60	1.30	1.60	1.30
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.8300		0.8400

icy97

EX-date	20 Sep 2017
Entitlement date	25 Sep 2017
Entitlement time	04:00 PM
Entitlement subject	First Interim Dividend
Entitlement description	Single-Tier First Interim Dividend of 1.6 sen per ordinary share in respect of the financial year ending 31 December 2017.
Period of interest payment	to
Financial Year End	31 Dec 2017
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	BINA MANAGEMENT (M) SDN. BHD.Lot 10, The Highway CentreJalan 51/20546050 Petaling JayaSelangor Darul EhsanTel:03-77843922Fax:03-77841988
Payment date	09 Oct 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	25 Sep 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.016

哭哭鸟

亿维雅
奥运刺激组装家具
2017年9月15日
http://www.enanyang.my/news/20170915/亿维雅br-奥运刺激组装家具/

分析:丰隆投行研究
目标价：2.19令吉

最新进展

亿维雅（HEVEA，5095，主板贸服股）的现成组装家具厂房已经完工，上周已开始进行试验生产，预计在2018年初就可开始贡献盈利。

另一方面，杏鲍菇种植业务，预计可在明年1月时可每日收割3吨，售价将在每公斤10令吉左右，比市价的每公斤20令吉更有竞争力。

而中国依然是亿维雅的主要业务——刨花板的最大出口市场，占总输出的50%。另外，公司一直在致力于生产赚幅更高的刨花板，如无醛添加板材（NAF）。

行家建议

回顾过去，每当有大型的全球体育项目，现成组装家具的销售量一般会在赛事1至2年前就开始走高。因此，我们相信，东京2020奥运将会推动明年的现成组装家具营业额。

另外，亿维雅指出，随着人民币对美元走强，公司在中国的刨花板平均售价有调涨空间。

不过，由于亿维雅有不少出口业务，汇率会对公司有所影响。根据我们的敏感度分析，假设平均售价不变，令吉兑美元每上升10仙，公司的盈利将下跌11%。

总的来看，亿维雅的财务状况稳健，有慷慨的股息支付政策，加上持续推出高赚幅产品，因此我们仍看好公司在未来的表现。

icy97

HEVEABOARD BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Exercise of Warrants
Details of corporate proposal	Conversion of Warrants (HEVEA-WB)
No. of shares issued under this corporate proposal	11,740,237
Issue price per share ($$)	Malaysian Ringgit (MYR)   0.2500
Par Value($$) (if applicable)
Latest issued share capital after the above corporate proposal in the following
Units	557,532,827
Issued Share Capital ($$)	Malaysian Ringgit (MYR) 139,383,206.750
Listing Date	21 Sep 2017

icy97

Name	FIRAMA HOLDINGS SDN. BHD.
Address	Lot 683, Batu 5 Jalan Kuala Pilah Seremban 70400 Negeri Sembilan Malaysia.
Company No.	109268-T
Nationality/Country of incorporation	Malaysia
Descriptions (Class)	Ordinary shares

Details of changes

No	Date of change	No of securities	Type of Transaction	Nature of Interest
1	19 Sep 2017	10,144,785	Others	Direct Interest
	Name of registered holder	TA NOMINEES (TEMPATAN) SDN. BHD. - FIRAMA HOLDINGS SDN. BHD.
	Address of registered holder	14th Floor, Menara TA One 22, Jalan P.Ramlee 50250 Kuala Lumpur
	Description of "Others" Type of Transaction	Exercise of warrants

Circumstances by reason of which change has occurred	Conversion of Hevea Warrants B by Firama Holdings Sdn. Bhd.
Nature of interest	Direct Interest
Direct (units)	29,914,875
Direct (%)	5.371
Indirect/deemed interest (units)	134,721,890
Indirect/deemed interest (%)	24.189
Total no of securities after change	164,636,765
Date of notice	21 Sep 2017
Date notice received by Listed Issuer	21 Sep 2017

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2017	30 Sep 2016	30 Sep 2017	30 Sep 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	118,012	127,150	411,987	394,825
2	Profit/(loss) before tax	8,035	19,185	55,617	60,734
3	Profit/(loss) for the period	7,165	17,233	48,798	52,662
4	Profit/(loss) attributable to ordinary equity holders of the parent	7,165	17,233	48,798	52,662
5	Basic earnings/(loss) per share (Subunit)	1.33	3.70	9.06	11.30
6	Proposed/Declared dividend per share (Subunit)	1.60	1.30	3.20	2.60
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.8200		0.8500

icy97

EX-date	07 Dec 2017
Entitlement date	11 Dec 2017
Entitlement time	04:00 PM
Entitlement subject	Second interim dividend
Entitlement description	Single-Tier Second Interim Dividend of 1.6 sen per ordinary share in respect of the financial year ending 31 December 2017.
Period of interest payment	to
Financial Year End	31 Dec 2017
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	BINA MANAGEMENT (M) SDN. BHD.Lot 10, The Highway CentreJalan 51/20546050 Petaling JayaSelangor Darul EhsanTel:03-77843922Fax:03-77841988
Payment date	05 Jan 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	11 Dec 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.016

icy97

亿维雅
两年财测下调

2017年12月30日

分析:丰隆投行研究
目标价：1.42令吉

最新进展

我们与亿维雅（HEVEA，5095 ，主板工业产品股）高层会面，认为该公司最糟的时期已过去。

亿维雅成功在今年9月起，通过聘请合约与本地员工，解决员工短缺。目前员工数量已增至1900名，高于第三季的1500名。

另一方面，该公司透露，除了E2板外，大部分产品没有陷入价格削价战漩涡中。不过高层也谨慎认为，如果削价战延续，不排除会蔓延至高级别刨花板。

行家建议

我们降低本财年净利预测6.7%至6620万令吉，因为胶水成本走高。我们也分别下砍未来两年净利18.5%和18.1%，反映出令吉在同期料走强至4.10，相比早期我们提出的4.3预测。

不过，我们欣赏该公司稳健的资产负债表现，如拥有每股35.8仙的现金；派息率至少30%，同时也正在研发高赚幅产品。

此外，旗下的Heveagro预计在明年3月起贡献盈利。通过每天产量约达3吨，该公司高层预计可带来超过30%的赚幅收益。我们还未将这因素纳入财测内。

我们维持“买入”评级，但按照2018年本益比预测10倍以及每股净利预测14.1仙，将目标价从早前的1.91令吉，下调至1.42令吉。

另外，由于市场充斥着不可控的宏观因素，我们下调相关领域整体本益比至10倍（早前为11倍）。



【e南洋】

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2017	31 Dec 2016	31 Dec 2017	31 Dec 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	132,676	145,220	544,663	540,045
2	Profit/(loss) before tax	10,199	29,561	65,815	90,296
3	Profit/(loss) for the period	15,506	28,006	64,303	80,669
4	Profit/(loss) attributable to ordinary equity holders of the parent	15,506	28,006	64,303	80,669
5	Basic earnings/(loss) per share (Subunit)	2.88	5.99	11.94	17.27
6	Proposed/Declared dividend per share (Subunit)	1.60	2.00	4.80	4.60
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.8300		0.8600

icy97

EX-date	21 Mar 2018
Entitlement date	23 Mar 2018
Entitlement time	04:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Single-Tier Third Interim Dividend of 1.6 sen per ordinary share in respect of the financial year ended 31 December 2017.
Period of interest payment	to
Financial Year End	31 Dec 2017
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	BINA MANAGEMENT (M) SDN. BHD.Lot 10, The Highway CentreJalan 51/20546050 Petaling JayaSelangor Darul EhsanTel:03-77843922Fax:03-77841988
Payment date	09 Apr 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	23 Mar 2018
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.016

icy97

Type	Announcement
Subject	OTHERS
Description	HEVEABOARD BERHAD ("HEVEABOARD")RECOMMENDATION FOR DECLARATION OF A FINAL DIVIDEND IN RESPECT OF THE FINANCIAL YEAR ENDED 31 DECEMBER 2017
The Board of Directors of HeveaBoard is pleased to announce the recommendation for the declaration and payment of a single-tier final dividend of 2.0 sen per ordinary share in respect of the financial year ended 31 December 2017, which is subject to the approval of the shareholders of HeveaBoard at its forthcoming Annual General Meeting. The date of entitlement and date of payment in respect of the aforesaid dividend will be announced in due course. This announcement is dated 30 March 2018.

哭哭鸟

2016年年報 - 30大股東

hevea:


hevea-wa:


2017年年報 - 30大股東

hevea:


2018年年報 - 30大股東

hevea:

icy97

HEVEABOARD BERHAD

EX-date	19 Jun 2018
Entitlement date	21 Jun 2018
Entitlement time	04:00 PM
Entitlement subject	Final Dividend
Entitlement description	Single-Tier Final Dividend of 2.0 sen per ordinary share in respect of the financial year ended 31 December 2017.
Period of interest payment	to
Financial Year End	31 Dec 2017
Share transfer book & register of members will be	21 Jun 2018   to   21 Jun 2018 closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	BINA MANAGEMENT (M) SDN. BHD.Lot 10, The Highway CentreJalan 51/20546050 Petaling JayaSelangor Darul EhsanTel:03-77843922Fax:03-77841988
Payment date	05 Jul 2018
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	21 Jun 2018
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.02