【PERSTIM 5436 交流专区】马镀锡工业

hengcw

By Surin Murugiah, The Edge Daily  

Main Board-bound Can-One Bhd is riding on the palm oil boom. This manufacturer of tin cans is seeing a big demand for its products in tandem with the rise in the export of the commodity.
Apart from tin cans to store edible oils, Can-One is also big on the manufacturing of jerry cans that are mainly exported to countries that lack water such as the Middle East and West Africa. It started producing jerry cans at end-2003 to complement its tin can business and meet increasing demand. Its other products include tins for cereal, milk powder, biscuits, coffee powder, motor oils, chemicals and paints.
"The market for tin and jerry cans for the edible oils and food industries in the country is still untapped, and the outlook is promising," says Can-One's executive director and chief operating officer Freddie Chee Khay Leong.
"The government's promotion of palm oil and the increased demand for it have resulted in our customers requiring more tins and jerry cans. Our increasing year-on-year revenue suggests that there is greater demand out there," says Chee. He estimates the tin can industry to be worth RM1 billion and says this is growing yearly.
Can-One has a 70% share of the market for tin cans for the edible oils industry in Malaysia.
"Most of our customers have been with us for more than 10 years, and our major clients for edible oil cans include Felda Palm Industries' unit Delima Oil Products Sdn Bhd, Pasir Gudang Edible Oils Sdn Bhd and Cargill Palm Products Sdn Bhd," says Chee.
Can-One's customers use the tin cans for exports to the Middle East, Western Africa, Cambodia, Vietnam, Singapore and New Zealand. The company itself flattens tin cans and exports these to Vietnam and Cambodia. It also exports "formed cans" to Singapore and New Zealand from its Pasir Gudang factory.
"Formed cans take up much space when exported. We can export 25,000 flattened cans per forty-foot container. It is a volume game," says Chee, adding that the concept was part of the company's niche product development.
Much of the company's revenue comes from exports through its customers. In the financial year (FY) ended Dec 31, 2004, the company recorded a revenue of RM120 million, compared with RM75 million in FY2003 and RM67 million in FY2002. He attributed the higher revenue to the introduction of jerry cans as well as increased production with new machinery installed.
The underwriting of the company's listing exercise will take place in the latter part of this week. In the listing, which is slated for July, the company is making a public issue of 22 million shares of 50 sen each and an offer for sale of 33.5 million shares. It intends to use part of the listing proceeds to acquire land and build another factory in Pasir Gudang. .
Since 2000, Can-One has invested more than RM25 million in upgrading and automating its factories. Today, it operates from five factories — two in Mak Mandin, two in Selangor and one in Pasir Gudang. "Our biggest is the four-acre Teluk Panglima Garang facility. All our factories are located in close proximity to major customers, so logistically, delivery time is shortened. We deliver even during major holidays. Our aim is to meet the customers' production schedules," says Chee.
On the risks associated with the business, Chee says rising costs are a common problem. The company, however, makes the necessary adjustments through production spending or selling prices to mitigate the rising costs. Another big issue is getting the raw materials. Currently, there is only one supplier of tin-coated steel plates in the country — Perusahaan Sadur Timah Malaysia Bhd (Perstima). Can-One obtains up to 70% of its requirements from Perstima and imports the rest.
"We import more raw materials when there is a shortage. The volatility of can prices depends on tin prices. The highest component of our production cost is the tin plate, which can be up to 85%. But we mitigate much of the cost by doing our own printing on the tins, which we have been doing since 1988. We also have the financial strength to hold requisite tin-plate inventories, and that is an added bonus for us in times of shortage," says Chee.

给这位努力做功课的人，

曾经发生在这家公司的“事件”，都无法解释。
我不知该怎么说，说得不好会被当成狐仙，更甚的是被告造谣。


事情要追溯回风暴前。。。。

必须指出的是，马镀锡工业的主要股权是由日本人拥有，而管理层也主要是日本人。

梁博士用很婉转的手法，隐瞒了一个天大的事。
这PERSTIM，本来就是日本人的公司，重组之前就是了。领导权没换过。
在他们的领导下，93到96这4年里都有PROFIT。

但是，在97年，98年和99年，EPS分别是-18SEN，-139SEN，-23SEN。
这是和苏启文诈骗案有关， 过后卷款逃离国外，直到最近他才回国自首。
http://biz.thestar.com.my/servic ... sp&sec=business

有两个重要人物，都有不在场证据，在重要时刻，一个跑回日本(也许)，一个跑去PERODUA。

managing director profile-
Hiroshi Kume, a Japanese with Malaysian permanent
resident status, aged 60 years, was first appointed to the
Board of Directors of Perstima from April 1980 to 1985
and subsequently reappointed in September 1991 until
August 1996. He was appointed as the Managing Director
of Perstima on 13 January 1998 until to-date. He has
attended all four Board meetings held during the financial
year.
He holds a Political Science Degree from Waseda University,
Tokyo, Japan. He joined Kawasho Corporation in 1967 and
was made a General Manager of Kawasho Corporation
for the Kuala Lumpur branch in 1980 to 1985 before
being assigned to the Los Angeles branch of Kawasho
Corporation in 1985. He was assigned as President in Vest
Inc., a tubular manufacturer in Los Angeles from 1986 to
1991. He resigned from Kawasho Corporation in March
1997. He has no conflict of interest with the Company,
has no family relationship with any other directors or
major shareholders of the Company and has no convictions
for offences within the past ten years other than for traffic
offences, if any.
He is deemed to have an interest in Perstima by virtue of
his 49.99% shareholdings in Versalite Sdn. Bhd., a major shareholder of Perstima.


CHAIRMAN-
Tan Sri Ab. Rahman bin Omar, a Malaysian, aged
59 years, was first appointed to the Board of Directors of
Perstima on 15 April 1980 until 1995 and was reappointed
as Independent Non-Executive Director on 11 June 2001.
He was subsequently appointed as Chairman of the
Board of Directors on 31 July 2002. He is currently a
Non-Independent Non-Executive Director of the Company.
He has attended all four Board meetings held during the
financial year. He graduated with a Bachelor of Economics
(Hons) from University of Malaya.
He served the Malaysian Civil Service from 1970 until
1973 at various Ministries before joining Pineapple Cannery
Malaysia Sdn. Bhd. in 1973 as Finance & Administration
Manager and was promoted as General Manager in 1974
until 1980. He was appointed as Director of Pineapple
Cannery Malaysia Sdn. Bhd. in 1980 until 1993. In 1980,
he was appointed as Director cum General Manager of
Perstima before being promoted to Managing Director in
1985. He resigned from Perstima in 1995 and joined
PERODUA as Managing Director in 1996 until 30 April
2004.
Concurrently, he was appointed as Director of EON Bank
Berhad from 1989 until 1996, Director of PROTON from
1991 to 1996, Chairman and Director of BHP Steel
Malaysia Sdn. Bhd. in 1998 until February 2003. He has
no conflict of interest with the Company, no family
relationship with any other directors or major shareholders
of the Company and has no convictions for offences within
the past ten years other than for traffic offences, if any.
He is deemed to have an interest in Versalite Sdn Bhd's
shareholdings in Perstima by virtue of his 32.01%
shareholdings in Versalite Sdn Bhd., a major shareholder
of Perstima.
He is also a Director of Wah Seong Corporation Berhad
and Chemical Company of Malaysia Berhad.



THE EDGE
December 23, 2000
Perstima in pursuit of money lost due to irregularities
Thomas Soon

Perusahaan Sadur Timah Malaysia Bhd (Perstima), the country's sole tin-plate manufacturer, will continue to pursue all avenues to recover the money that was lost in alleged irregularities.

A substantial amount may have landed in an Australian bank with others in personal accounts.

Perstima managing director Hiroshi Kume says the company had accumulated debts totalling about RM600 million as at the end of 1999, a sizeable portion due to irregularities, the amount of which is unknown.

He believes that more than RM100 million of the debts arose from trading in shares by a subsidiary.

"We have initiated legal actions, but due to the absence of material witnesses, we cannot proceed. But, we have not given up hope of recovering some of the money," Kume says in an interview with the TheEdge.Com.my.

Kume suspects that some of the money missing could have ended up in personal accounts, including a significant sum in an Australian bank. However, he declines to elaborate further.

Of the RM600 million debt, he says it included RM100 million each to Sabah Development Bank Bhd and Perwira Affin Bank Bhd, RM50 million each to three securities firms, and to four secured bank creditors.

Perstima, which is involved principally in the manufacture and sale of electrolytic tin plate for use in the canning industry, was requoted on the Kuala Lumpur Stock Exchange on Sept 26 after being revived by Pengurusan Danaharta Nasional Bhd's special administrators.

In February last year, the company took actions against its former managing director Datuk Soh Chee Wen and several former directors as well as a law firm for damages for breach of directors' fiduciary duties.

The alleged breach of fiduciary duties was in relation to the mismanagement of a loan transaction amounting to RM100 million from Sabah Development Bank Bhd.

Except for Soh, Perstima had served the writ of summons on the former directors and the law firm. Soh, who is wanted by the Securities Commission, is believed to be out of the country.

Perstima came under probe of the authorities two years ago concerning the irregularities in its accounts.

In the 1997 annual report, auditors KPMG Desa Megat & Co qualified Perstima's accounts and were unable to ascertain the existence and recoverability of monies due to the group from its existing and former subsidiaries.

再注意他们的supplier，全是日本公司。

[ 本帖最后由 $California 于 21-12-2005 11:38 AM 编辑 ]

S&P没有那么大的本身，把股价打压成这副狼狈模样。纯炒作。

05/10/05 OSK
Perusahaan Sadur Timah Malaysia (Perstima) -  The only tinplate producer in Malaysia Perstima clarifed and confirmed that it is the only tinplate producer in Malaysia but not the sole supplier of tinplates to the Malaysian market.

chinchai

Hi,  Kawan,

   哗! 可恨啊! 害我鸡毛鸭血, 五痨七伤 的 counter....(说来话长, 不说也罢).....

  

这位长老，可不可以爆料，我洗耳恭听。

我也不想勾起你的回忆，但救人要紧。

chinchai

原帖由 $California 于 21-12-2005 11:40 AM 发表
这位长老，可不可以爆料，我洗耳恭听。

我也不想勾起你的回忆，但救人要紧。

Hi, Kawan $ 加尼福尼亚, 大大.

  请到 6 楼看看吧! 也许你会猜到一点点.......哈哈!!

   这间公司以前患有 "'缩阳症''  ....... 哈哈....

  

但是，在97年，98年和99年，EPS分别是-18SEN，-139SEN，-23SEN。

我的EPS应该旧了，应该是重组以前的票数算出来的。
旧资料也找不到了。

糊涂

马镀锡工业(Perstim)是大马唯一从事镀锡业务的上市公司，随着这几年的努力，它已差不多垄断了大马的马口铁生产工业市场。糊涂从9MP中提到大马将会发展清真食品工业时就想起了它，虽然偶不知清真食品会否将会以罐头食品方式出口，但看到这几年在越南成功的快速发展就一厢情愿的认为它绝对是一家不可错过的中小型公司之一。

马镀锡工业过去曾因管理层诚信问题而导致其业务裹足不前，并一度陷入债务危机之中(它曾在1999年被Darnaharta接管、重组)。不过，在其日本合资伙伴接管后的数年里，它的业务开始出现了转机。马镀锡在越南生产线的成功更显示出日本合资伙伴的管理实力，它不但能够在短短的数年内在越南市场立足，而且能够与韩国和日本入口锡罐商争取市场份额。更值得鼓舞的是：越南市场具备的极大的发展潜能，该国拥有良好的农业生产基础为罐头食品出口的铺路，所以绝对有能力成为东南亚的罐头食品出口大国。

2005年马口铁供应短缺造就了Perstim净盈利新高。可惜好景不长，随着2005下半年钢铁供过于求后，马口铁的供应网也逐渐恢复正常，Perstim今年第三季的营收也比去年同期减少了约14%，其股价也从2005年约RM4的高峰回跌至RM1.99才获得扶持。糊涂目前也正在盘算着在RM2.27买入Perstim，胜算究竟有多大? 它的业务会否因高油价而陷入不景气呢?

其它的考量因素如：
1。马镀锡工业大股东JFE Shoji Trade Corporation除了为马镀锡工业提供原料之外，也为它提供技术支援以提高它在国际的竞争能力。
2。随着钢铁与锡价回升，Perstim应该会从中受惠(上季度BS中显示它的库存为RM124.4mil)。
3。每股15分股息或相等于6.6%回酬率。
4。越南生产线的业务成长。
5。健康的资产表。
6。纸盒与塑胶包装会否有能力替代马口铁包装呢??

Perstim是今年被市场忽略了的股项之一，我也许应该从Kian Joo、Johotin与CanOne等公司查探罐头食品的发展潜能再做定夺。

坛主可以解释为什么? 锡价格高涨对 PERSTIMA 有利呢?

锡的价格己涨到, 每公吨 US $ 8.300.X RM 3.70 = RM 30.710.00.



[ 本帖最后由 TDM88 于 23-4-2006 12:05 PM 编辑 ]

os

我认为对 MSC 才比较有利。

loong720

PERSTIM是鋼鐵股吗? 它开始跑了?

它的 latest quarter rsult EPS 15.41 Sen,
9 month EPS 35.17 Sen

If full year EPS 是 50.17 Sen,大略估计，
以现在rm3.00的价钱来说，PE只是6...

还能買進吗?

hengcw

[quote]原帖由 TDM88 于 23-4-2006 12:01 PM 发表坛主可以解释为什么? 锡价格高涨对 PERSTIMA 有利呢?锡的价格己涨到, 每公吨 US $ 8.300.X RM 3.70 = RM 30.710.00.



对不起，很久没来update 了。

现来， 看看这图表。

http://www.lme.co.uk/tin_graphs.asp


一直以来，我以为巴非特不会投资此周期性的股。 最近， 读了关于巴非特的书， 和读到巴非特最近也投资钢铁股和前几年的石油股。 所以，让我对这家公司更有信心了。

[ 本帖最后由 hengcw 于 29-3-2007 10:08 AM 编辑 ]

星空无限

我看了最近的關於PERSTIM的新聞.PERSTIM將增加20%的產量.
那麼就可以說07年全年的REVENUE會比06年來得高。
翻開05,06年度報告
         2004   2005   2006        2007

Vietman  21846  157000 234000 0.3% 310986
Malaysia 337234 512000 447452 0.2% 536942

Revenue  337234 669000 681452      847928
N.Profit 17296  41000  30000       44261
       % 0.051  0.061  0.044 0.052 0.052

從以上的增長度來看,越南產房的增長率大概30%所以預測可以達到310986=310M
而馬來西亞產房則會增加20%的產量,所以應該可以達到536942=536M
如果以歷年的淨營利5.2%來算﹐今年的淨營利會是44261=44.2M
PERSTIM現在有99.3M股﹐那麼就是說07年可以得到RM0.445的EPS

Net Profit 44261000
NOS 99305000
EPS 0.445

以現在的股價來看﹐RM2.78﹐一張才RM2780
RM2780一年可以賺RM445﹐一年就可以賺了16%

希望各位大大给点评语与建议

Mr.Business

原帖由 hengcw 于 23-5-2005 01:53 PM 发表
先声明：笔者纯粹分享投资已Perstim股票，如读者买卖此股，后果自负。

先看看笔者收藏有关于它的报告:

谈论股市:投机股项大幅调整或影响购兴 大市回退不致太严重
2003/10/04 17:46:57
●梁孙健博士与D ...

恭喜【PERSTIM 交流专区】 成立，请Cari网友继续热烈讨论／分享！

奪命較剪腳

有谁持有这股吗？
我在2。50时进场守了两年多
最高在4。00，现在回落到3。00
锡价高企造成盈利收窄吗？
不过，个人觉得3。00是扶持点

hengcw

不用担心。 我还在守着。 我的平均价低你一点。 去年和前年Dividend per Share 都20sen。 您的RM2.50 都有8% DY。 不满意吗？

它是贵买贵卖。 锡价高企会影响罐头食品公司。我只是担心锡价下跌。 高价买进原料，地价卖出成品，不是好的生意。

hengcw

2004-2007的Quarter Report
Year                Financial Results CY EPS (sen)                 Total EPS
                   1Q               2Q             3Q                4Q       
2004                5.53           5.28              2.53           5.37                        18.71
2005                6.31           8.96       9.17          19.21                       43.65
2006                11.54          8.23              5.87          5.91                       31.55
2007                    8            11.54        15.41           14.7                        49.65
2008               14.77         10.89                                                    25.66

hui0909

这股是做什么的？怎么起这么多？？？

belle888

要分27仙的股息

hui0909

回复 2# belle888


    你有买么？现在还值得买吗？