【EVERGRN 5101 交流专区】长青纤维板

khliew7

原帖由 四伯爽 于 24-8-2007 08:34 AM 发表
一个是财政报告刚出
一个还没有出

对不对 ？？



做浆糊这个字已经“泄露天机”了

那么就买那个还没有出报告的咯

love.henry

讲下啦。。什么骨头股来的？

LK-Park

换去 ___ 对迟看到的人很不公平哦。。

scsiang82

我都还没看到。。。
谁懂就pm我啦。

mjchua

原帖由 LK-Park 于 24-8-2007 09:50 AM 发表
换去 ___ 对迟看到的人很不公平哦。。

你有看到 ? 天機不可洩露

8years

evergreen 啊，谁有什么研究报告？？

mjchua

原帖由 8years 于 24-8-2007 10:05 AM 发表
evergreen 啊，谁有什么研究报告？？

哈哈... 當大家在猜猜時... 你那麼快把答案放出來了 ?

8years

大家应该浪费时间在做研究啊，在那边猜什么股太浪费时间了，这公司有什么好料大家赶快讲出来。

mjchua

原帖由 8years 于 24-8-2007 10:13 AM 发表
大家应该浪费时间在做研究啊，在那边猜什么股太浪费时间了，这公司有什么好料大家赶快讲出来。

自己做下功課吧...

mjchua

Going For Listing: Evergreen Fibreboard looking to tap Asia-Pacific
market
By Maryann Tan
Email us your feedback at fd@bizedge.com
Evergreen Fibreboard Bhd's history can be traced back to 1977 when Kuo Wen Chi, the group's deputy chairman, founded a veneer lamination business known as Dawa Timber Industries in Pasir Gudang, Johor. He later established Evergreen Décor Products to manufacture veneered door panels and door skins from medium density fibreboard.

Kuo, now 70, started out as a production supervisor at Lin Shao Hao Plywood Co Ltd Taiwan, a stint that has contributed significantly to his more than 40 years in the wood-based business.

In 1972, he sought his fortune in Singapore and subsequently came to Malaysia to found the Evergreen Fibreboard group.
Sitting on the board with senior Kuo are his children Kuo Jen Chang, Kuo Jen Chiu and Kuo Huei Chen. Jen Chang and Jen Chiu were actively involved in the group's formative years but they no longer play a role in day-to-day operations. The Kuos are Singapore nationals.

Evergreen Fibreboard Sdn Bhd was incorporated in 1991 and became a public limited company last year. Group activities now encompass the manufacture of various medium density fibreboard products, knocked-down furniture and particleboard. Evergreen Fibreboard's products are semi-finished goods that are applied to doors, furniture, exhibition stands, and high fidelity equipment. To expand its markets, the company has acquired a 75% stake in Thai-based Siam Fibreboard Co Ltd.

Prior to the initial public offering, Evergreen Fibreboard underwent a share split and bonus issue to enlarge its capital base. It will raise RM106.8 million from a new issue of 93.7 million shares. In addition, its present shareholders — Kuo and family — will receive RM129 million from an offer for sale of 113 million shares. Of the money raised from the IPO, RM32 million will go towards the repayment of borrowings. Evergreen Fibreboard plans to set aside RM60.6 million for working capital
and RM9 million for buying property and equipment. It estimates that it had 16% of the 1.5 million cu m of medium density fibreboard produced in 2003. This makes the group the second-largest producer of the product in Malaysia. As at October last year, 82.2% of the RM314.6 million in revenue earned came from export markets. Exports comprise mainly plain and value-added medium density fibreboard, particleboard and knocked-down wooden furniture. China is the chief export destination for the group's products, contributing 22.5% of the group's revenue in 2003. Singapore is the second largest with 12.8%. Evergreen Fibreboard's markets are geographically well spread out, with countries such as Japan,
the US, Jordan, the UK, Hong Kong and UAE figuring on its list. However, the company acknowledges that it depends quite a bit on the Chinese market, as indicated by the contribution ratio. Nevertheless, it has assured potential investors of a
diverse customer base in China.

In a recent press conference, senior Kuo said the company would capitalise on growing demand for medium density fibreboard in Asia-Pacific, which he sees growing by 51% to 20.1 million cu m by 2006. The company also has plans for a dividend policy where it will allocate 20% to 50% of its net profit to shareholders.

[ 本帖最后由 mjchua 于 24-8-2007 10:19 AM 编辑 ]

hc.goh

人是自私的.....你看到了坏人的影子了吗?

[ 本帖最后由 hc.goh 于 24-8-2007 10:21 AM 编辑 ]

mjchua

原帖由 hc.goh 于 24-8-2007 10:19 AM 发表


人是自私的.....你看到了坏人的影子了吗?

哈哈... 這世界上... 壞人何其多... 哈哈

mjchua

25 Dec 2006: Companies To Watch: Solid outlook for Evergreen Fibreboard

Higher prices for medium-density fibreboard (MDF) on the back of firm global demand have brightened Evergreen Fibreboard Bhd's prospects considerably.

The timing could not be better for the leading integrated producer of engineered wood-based panel products to aggressively ramp up production and buy local competitors to shore up market share.

Another piece of good news is that the cost of its main raw materials — rubberwood logs and glue — has stabilised, which spells improved margins for the company.

In 2006, the prices for MDF and particleboard started to rise along with those for plywood. As these products can be substituted with each other to a certain degree, MDF prices are expected to catch up with the surging plywood prices.
Thus, analysts tracking the company are generally positive on the outlook of the company.

"FY2007 looks positive. We believe MDF prices may continue to rise in FY2007 due to firm demand from the Middle East and West Asia. Moreover, additional production capacity from its new line in Thailand and proposed acquisition of a plant from Takeuchi MDF Sdn Bhd may be timely for meeting growing demand," says an analyst with RHB Research Institute.

Evergreen said recently that it was looking to buy another MDF player in the next six months.

The company contends that it is the only MDF manufacturer listed on Bursa Malaysia. Thus, investors feel Evergreen will be the best proxy for investors wanting exposure to the local fibreboard industry. In fact, interest in the company saw a boost when a foreign research house initiated coverage on it in October. The company made its debut on the Main Board of the stock exchange in 2005 at an initial public offering price of RM1.14.

In just over four months, its share price rose 67%, reaching a year high of RM1.32 in November from 79 sen in August. This could be due to the company's strong results in the third quarter and its positive outlook.

For the third quarter ended Sept 30, 2006, Evergreen's net profit increased to RM18.3 million from RM11.09 million a year earlier on the back of higher revenue of RM137.92 million compared with RM121.91 million previously.

For the nine-month period, its net profit rose to RM42.47 million from RM40.47 million previously. "Although net profit for the nine months of FY2006 accounted for 72% of our full-year forecast, we expect Evergreen to report stronger 4Q2006 results," notes RHB in its November report.

RHB maintains an "outperform" call on Evergreen with an indicative fair value of RM1.55 per share based on 10 times FY2007 earnings per share (EPS). RHB forecasts a 25.7% and 19.6% EPS growth for FY2007 and FY2008 respectively, reflecting its bright business future.

It expects Evergreen to turn in a 20% higher net profit of RM59.1 million in FY2006 from
RM49.1 million in the previous year.

A foreign research house, which has an "outperform" rating on Evergreen, revised its 12-month target price for Evergreen to RM2 in November from RM1.80 in October. It said catalysts for the share price could be rising MDF prices and the falling cost of rubberwood logs and glue. The research house says Evergreen has a strong balance sheet, with good returns on equity and assets.

Despite not achieving its forecast of RM65 million net profit in FY2005 as projected in its prospectus due to rising costs and flat selling prices, things are looking up for the company.

The research house adds that Evergreen's capacity expansion in Thailand, which has a more plentiful supply of rubberwood logs than Malaysia, will drive its growth. Total capacity is expected to rise by 36% next year. In 2006, Evergreen proposed to buy an MDF plant with a capacity of 100,000 cu m per annum from Takeuchi MDF's unit for RM107 million. The acquisition will increase Evergreen's production capacity of MDF by 17% to 700,000 cu m by 2007.

Apart from broadening its product range and reach in terms of new markets, the acquisition will give Evergreen a supply of raw material as Takeuchi has secured logs and wood chip supply contracts up till 2011. In Malaysia, Evergreen is the second largest of 10 MDF players, exporting 83% of its production, with 21% to China.

Malaysia is the third-largest exporter of MDF in the world after Germany and Canada. Evergreen recently said it plans to make glue resin and own plantations for wood chip supply to reduce its dependence on raw material suppliers. This is also in line with its objective to be a fully integrated fibreboard maker. Its plants are located in Parit Raja in Batu Pahat and Hatyai in Thailand.

Moving forward, rising prices, stabilising costs, aggressive expansion plans to boost production and a move to acquire its competitors make Evergreen a company with sound growth prospects.

scsiang82

美房貸風暴：夾板價格看跌　木材股前景蒙塵

Updated : 23-08-2007
Media : 東方日報
Story By : N/A
www.biznewsdb.com

（吉隆坡23日訊）美國次級房貸風暴與房產市場蕭條的負面效應，可能將擴散到全球經濟層面，導致房地產與建築工程放緩，從而削弱市場對夾板的需求，促使夾板價格走勢由樂觀轉向悲觀，本地木業公司可能將成為美國次級房貸風暴下，首個遭殃的非金融領域業者。

在夾板價格短期前景繼續看淡，加上宏觀經濟環境不太樂觀的形勢下，木業公司的盈利與前景蒙上陰影，因此，分析員下修木業公司的盈利預測，並下調評估等級。

大馬研究分析員表示，近期次級房貸危機可能將拖累房地產與建築領域，尤其是在游資撤離與抵押房貸違約虧損浮出檯面后，可能導致住宅與商業建築活動放緩。這將促使夾板的需求受到影響，從而使得夾板價格看跌。此前，分析員原本預期，在強勁需求的帶動下，夾板價格有望在第二季逐步回揚。

雖然夾板價格在4、5月間曾回勇，不過，庫存的累積，加上中國大量拋售軟木夾板，以及日本的軟木產能大增，導致夾板價格回落。

現在，隨著夾板需求前景看淡，分析員預期，夾板價格的疲弱走勢，將進一步持續到10月或11月。

受美房市復甦時機牽制

僑豐投資銀行分析員指出，美國房地產市場蕭條的負面效應，已開始擴散至日本。美國房地產市場與日本房地產之間，一直保持著密切的關係，美國房產數據反映的市場情況，通常在一個月后，就會反映在日本市場上。

基本上，自去年大量積存以來，日本的夾板交易商目前仍持有近5個月的庫存。原本對夾板價格將上揚的預期現在已經落空，在夾板價格看跌的情況下，加上市場情緒受到美國房產市場的影響，夾板的短期需求看來不太樂觀。

她相信，夾板價格與需求在下半年將繼續走弱，使得本地木業公司在下半年的業績前景看淡。為此，她下修所有木業公司的盈利預測，並下調這些公司的投資評級。

大馬證券研究分析員也表示，在夾板價格短期前景看淡，加上宏觀經濟環境欠佳的情況下，木材公司的盈利與前景展望繼續看跌。

不過，分析員相信，在硬木與軟木夾板的價格差異持續收窄的趨勢下，夾板價格在08年料將回勇。

僑豐投資銀行分析員也認為，夾板銷量與價格有望在第四季復甦，尤其當日本交易商在年杪將補充庫存的激勵下，價格行情將看漲。惟她也強調，市場對夾板的需求，很大程度上，仍將取決于美國房地產市場復甦的時機。

ps:美國房地產市場蕭條的負面效應应该会有影响吧

mjchua

30 Jul 2007: Small-Cap-Corner: Evergreen's production, prices surge

Evergreen Fibreboard Bhd manufactures medium-density fibreboard (MDF), particleboard and knocked-down wooden furniture. It is one of the top five MDF producers in Asia, with a total capacity of 800,000 cubic metres per annum. Evergreen
exports 82% of its total production to countries such as China, Vietnam and the US and has more than 500 customers worldwide. Since MDF and particleboard are substitutes for plywood, strong plywood prices will increase the demand and selling prices of the two products. Furthermore, MDF is considered to be more environment-friendly as its input consists of rubberwood rather than logs.

Comment
With its recent expansion into Thailand and Indonesia where raw material (rubberwood) is abundant, the company is expected to increase its total production and gain a bigger market share in the next few years. Evergreen is setting up a new MDF production line in Thailand with a production capacity of 250,000 cu m per annum. The new line — which has been granted pioneer status for eight years, exempting its profit from tax — is expected to start production in the second half of financial year 2008. Its recent venture into Indonesia is through a 51:49 joint venture with Indonesia's PT Hijau Lestari Jaya Fibreboard, which owns an MDF plant that produces 110,000 cu m per annum and an adhesive plant with a capacity of 50,000 tonnes per annum. Both plants are expected to start production in November. Production from Indonesia and the new
Thai line will increase Evergreen's total MDF production from 800,000 cu m per annum to 1.16 million cu m by end-2008.
Evergreen is also expanding its supporting activities. A new biomass power plant scheduled for completion in December and a new glue resin plant in Malaysia scheduled for completion in February 2008 will result in cost savings of RM25 million per annum. The company is also looking to acquire 10,000 acres of acacia land to secure the supply of its raw material. The capital expenditure for this acquisition is expected to be around RM15 million to RM20 million. The company will continue to increase its production capacity through organic expansion and mergers and acquisitions. The company is also looking to increase its exports to the Middle East. Though there may be a short-term weakness in MDF and plywood prices,
the long-term outlook remains bright as demand is likely to outstrip the supply of limited wood resources.

Valuation
At RM1.71, the company is currently trading at a price-earnings ratio of only 7.2 times based on FY2007 ending Dec 31 forecasted earnings per share of 23.6 sen derived by annualising 1QFY2007 net profit. Note that the consensus net profit forecast for FY2007 is only RM81.2 million compared with RM113.6 million if 1Q2007 results are annualised. Despite the Johor floods, which affected production, Evergreen's 1QFY2007 net profit surged 181% to RM28.4 million due to a year-on-year rise in MDF prices by around 30% and contribution from its newly acquired MDF plant. Production levels in 2Q should be higher, while FY2008 production will be boosted by additional production from the Indonesian and Thai MDF plants. Hence, earnings in subsequent quarters should rise even if MDF prices moderate.

Even though Evergreen's production cost is 10% to 15% lower than those of its European competitors, it is trading at a significant discount in PER terms. With its current expansion plan and high net profit margin, the company is looking at an average growth rate of 25% to 30% per annum for the next three years. Pegging Evergreen at a PER of 10 times and assuming an FY2007 EPS of 23.6 sen imply that the company could be worth RM2.79, 63% higher than its current share price. Disclosure: Kumpulan Sentiasa Cemerlang or its staff may own shares in the securities mentioned.

mjchua

03-08-2007: Still upbeat on timber sector

RHB Research Institute remains positive about the the timber industry sector in the medium term and expects a price recovery in the fourth quarter for downstream plywood products.

It is still upbeat on the timber sector despite the current price weakness and slower imports in Japan, it said in a report released yesterday, following a round of visits to companies under its coverage.

The companies believed the overstocking situation and “man-made” price decrease were temporary and expected prices to recover in 4Q, it said. The timber sector suffered a temporary setback in Japan where, during the January-April period —
its total plywood imports fell 1.5% on-year to 1.92 million cubic metres — due to relatively weak demand in Japan in 2Q.
RHB Research said a few plywood manufacturers deliberately reduced prices of their downstream plywood products over the last few months to flush out the smaller players in a bid to gain more market share.

These factors resulted in weakening prices for downstream plywood products like floor-based and concrete panel plywood, which are Japan’s main imports of Malaysian plywood products.

It also expected Russia’s move to hike export duties on its logs, due January next year and eventually to 80% in January 2009, could seen softwood log buyers switching to other countries or to tropical hardwood logs to avoid a major supply disruption.

Russia supplied about 40% of the world’s exports of softwood logs in 2006. Of that, 50% to 80% of the logs were exported to Japan and China.

“Given that most loggers in Sabah and Sarawak are already exporting close to their quota levels, Malaysia’s scarce capacity would ensure Malaysian log prices continue the upward trend because of the demand-supply disequilibrium,” it said.

RHB Research said it expected Japanese buyers to replenish their stock level in 4Q this year, resulting in a price recovery of downstream plywood products. In addition, prices could rise further ahead of the Russian implementation of higher duties in
January 2008.

Post-2007, it expected the Japanese economy to remain resilient, which would augur well for the Malaysian timber industry.
Meanwhile, the Malaysian Timber Industry Board, the Forest Research Institute of Malaysia and the Sarawak Timber Industry Development Council are working together to set up a compliance system in line with the Japanese Agricultural Standards.

The standards would address the issue of formaldehyde emission as well as secure recognition as the testing and certification bodies for Malaysian timber products.

If successful, Malaysian timber products adhering to the new standards would be another step ahead of Indonesian competitors.

However, it said main risks to its assumptions would be a possible increase in illegal logging from Indonesia as prices continue to rise — although this was unlikely to be significant given the already scarce global supply of tropical logs and the move towards sustainable and certified logs. Another risk was the possibility of an influx of downstream players setting up plywood mills in Russia, which could increase global plywood supply.

However, the research house said this could take a few years. The third risk was a stronger ringgit against the US dollar.
“Over the medium term, we remain upbeat on the sector outlook. We reiterate our ‘overweight’ recommendation on the timber sector and ‘outperform’ recommendation on all timber companies under our coverage,” it said.

It had an outperform on Ta Ann with a fair value of RM13.59 per share; WTK (outperform, fair value RM11.04 per share; Jaya Tiasa (outperform, fair value RM7.73 per share) and Evergreen (outperform, fair value RM3.10 per share).
“We think the best proxy to leverage on the anticipated price recovery is Ta Ann, given that 90% of its downstream plywood is exported to Japan.

Moreover, Ta Ann would also benefit from increasing fresh fruit bunches yields as their palm oil plantations mature, coupled with the rise in crude palm oil prices,” it said.

mjchua

這是我幾天做的功課... 還有很多很多... 遲點才 post

mjchua

原帖由 hc.goh 于 24-8-2007 10:19 AM 发表
人是自私的.....你看到了坏人的影子了吗?

要賺錢... 就要自己做做功課... 不然到時候輸錢怪誰 ?
我們又不是不知道這裡那麼多這種人

kcthye

長青纖維板與德國公司 聯營開發雪州森林

Updated : 11-06-2007
Media : 星洲日報
Story By : N/A
www.biznewsdb.com

長青纖維板（EVERGRN，5101）宣佈德國Schrader GMBH合作，在雪蘭莪州開發森林。

該公司先與Schrader GMBH簽署諒解備忘錄，收購Schrader森林管理的10萬股股票，然後進一步簽署買賣合約、聯營合約或管理合約，以聯營方式開發雪州一塊1萬2177英畝的森林保留地。

kcthye

長青纖維板 7180萬購印尼2公司資產

Updated : 03-08-2007
Media : 星洲日報
Story By : N/A
www.biznewsdb.com

長青纖維板（EVERGRN，5101）以2100萬美元（約7180萬令吉）收購印尼兩家公司的資產，使公司產能增加16%至81萬立方公尺，並進軍其他市場。

該公司發表文告指出，隨著較早時簽署的諒解備忘錄及聯營合約，該公司旗下子公司─HIJAU LESTARI RAYA FIBREBOARD與印尼公司─HUTRINDO JAYA FIBREBOARD制造公司，以及UFORIN PRAJEN ADHESIVE IND簽署合約，以上述價格收購後兩者的資產。