【MBMR 5983 交流专区】MBM资源

icy97

董经雷国伦辞职
MBM资源为重组铺路？

2017年2月1日
（吉隆坡31日讯）MBM资源（MBMR，5983，主板贸服股）宣布，接受董事经理雷国伦辞呈，并从下周三（8日）开始生效。MBM资源的管理层出现变动，引起人们揣测该公司将为铝合金轮圈（Alloy wheel）业务，进行改革。

该公司的产量一直努力达至盈亏平衡的门槛，不过，摆脱不了蒙受亏损的情况。

大马投资银行分析员认为，董事经理雷国伦的离职，可以看得出MBM资源多么迫切需要为铝合金轮圈业务进行改革，并确保改革计划能如期进行。

因本身的营运业务难以带来贡献，MBM资源继续倚重持股20%的第二国产车（Perodua）。

第二国产车的贡献，占MBM资源，2016财年首9个月税前盈利的115%，上财年同期仅占70%。

分析员认为，第二国产车的前景并不如之前那么光明，因预计今年的销售会按年下降0.2%。

有了来自普腾（Proton）在价格上的竞争，该投行分析员相信，MBM资源已纳入行业的不利因素将持续，及Bezza销售放缓。

不过，第二国产车近期推出的Axia改版款将维持现有的销售，并超越两年前的旧款。

主席阿都拉欣暂代职务

MBM资源上周五发表文告，雷国伦以发展其他事业及个人兴趣为由，而离开MBM资源。

过去16年来，他为MBM资源带来宝贵的贡献，扮演重要的角色，监督公司的持续发展。

在这段过渡期间，MBM资源的主席拿督阿都拉欣将调任为执行董事，管理公司日常事务，直到正式总执行长上任为止。

阿都拉欣曾在1993至2006年，担任董事经理一职。

他在汽车业及公司业务，拥有丰富的知识及经验。【e南洋】

icy97

Type	Announcement
Subject	OTHERS
Description	MBM RESOURCES BERHAD (MBMR OR THE COMPANY) - INTERNAL REORGANISATION OF GROUP STRUCTURE
Pursuant to Paragraph 9.19(5) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad and as part of the internal reorganisation of the MBM Resources Berhad (“MBMR”) Group structure, the Board of Directors of MBMR wishes to announce that F.A. Autosoft Sdn Bhd, a wholly-owned subsidiary of Federal Auto Holdings Berhad (“FAHB”) which in turn is a wholly owned subsidiary of MBMR has transferred its Five Million Four Hundred Thousand (5,400,000) ordinary shares of F.A. Trucks Sdn Bhd (Company No. 15504-H) (“FAT”) representing its entire shareholding interest in the capital of FAT to MBMR at a nominal consideration of Ringgit Malaysia One (RM1.00) only (“Internal Reorganisation). Following the Internal Reorganisation, FAT shall become a direct wholly-owned subsidiary of MBMR. The Internal Reorganisation will not have any effect on MBMR’s issued and paid--up share capital and substantial shareholders’ shareholdings. The Internal Reorganisation is not expected to have any material financial effects on the earnings and net tangible assets of MBMR and FAHB. None of the directors and/or major shareholders and/or persons connected with a director or major shareholder has any interest, direct or indirect, in the internal reorganisation. This announcement is dated 15 February 2017.

icy97

前期数据．减值拨备．MBM资源末季净利挫68%

（吉隆坡22日讯）前期高数据比较及减值拨备影响，MBM资源（MBMR，5983，主板贸服组）截至2016年12月31日第四季净利下跌68.01%，至352万3000令吉，令全年净利走低26.16%，至6202万7000令吉。

第四季营业额增长2.29%，至4亿4774万3000令吉，不过前期受一次性产业贡献推高，全年营业额走低7.40%，至16亿8071万9000令吉。

派息3仙

另外，该公司也宣布每股派息3仙。

第四季税前获利因一次性减值3030万令吉，下滑58.1%至780万令吉，不过，子公司及联营公司业绩改善94.8%及51.8%，至4610万及550万令吉。

轿车需求走疲，汽车贸易营业额微跌至40万令吉，不过税前获利因年杪高售后营业额及低拨备贡献，比前期改善600万令吉。汽车零件业务营业额增长32%，不过受厂房低使用率影响，亏损扩大750万令吉，至1150万令吉。

该公司预见，市场状况料因本地轿车需求疲弱而维持挑战，马币汇率波动料对进口零件及原料造成成本压力，不过依然看好新车款将带来正面贡献，成为主要成长推动力。

文章来源：
星洲日报‧财经‧2017.02.23

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2016	31 Dec 2015	31 Dec 2016	31 Dec 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	447,743	437,730	1,680,719	1,815,068
2	Profit/(loss) before tax	7,819	18,670	79,440	130,235
3	Profit/(loss) for the period	5,257	11,155	71,736	104,971
4	Profit/(loss) attributable to ordinary equity holders of the parent	3,523	11,013	62,027	84,002
5	Basic earnings/(loss) per share (Subunit)	0.90	2.82	15.88	21.50
6	Proposed/Declared dividend per share (Subunit)	3.00	3.00	6.00	10.00
		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 ($$)	4.1000		4.0000

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EX-date	08 Mar 2017
Entitlement date	10 Mar 2017
Entitlement time	05:00 PM
Entitlement subject	Second interim dividend
Entitlement description	Second interim dividend of 3.0 sen per ordinary share tax exempted under the single-tier system in respect of the financial year ended 31 December 2016.
Period of interest payment	to
Financial Year End	31 Dec 2016
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	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower AVertical Business SuiteAvenue 3, Bangsar SouthNo. 8, Jalan Kerinchi59200 Kuala LumpurTel: 03-2783 9299Fax: 03-2783 9222
Payment date	22 Mar 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	10 Mar 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	0.03
Par Value	Malaysian Ringgit (MYR) 0.000

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Date of change	01 Mar 2017
Name	ENCIK NOR HADI BIN DAUD
Age	62
Gender	Male
Nationality	Malaysia
Type of change	Appointment
Designation	President & Chief Executive Officer
Qualifications	Bachelors Engineering (Mechanical), Honours University Malaya (1980)
Working experience and occupation	2004 - 2007 - Naza Automotive Manufacturing Sdn Bhd - Chief Operating Officer2002 - 2004 - Naza Automotive Manufacturing Sdn Bhd - Senior General Manager (Gurun Plant)1999 - 2001 - Perodua - Director of Engine Manufacturing & Research and Development1993 - 1998 - Perodua - Various roles including Senior GM of Production, Engineering, Logistic, Production Planning and QA1992 - 1993 - Aslama Precision Sdn Bhd - General Manager1991 - 1992 - Hicom Engineering - Plant Manager1985 - 1991 - Proton Holdings Berhad - Various positions including Senior Manager Engine Plant Project1980 - 1985 - Dept of Civil Aviation - Various positins including Head of Mechanical Maintenance Unit

icy97

想加码MBM资源．可买进吗？

Mr Yip问：

MBM资源（MBMR，5983，主板贸服组）最新业绩好像很不错，请问可以加码买进吗？

答：MBM资源的第四季业绩确实是优于预期，不过，分析员认为其子公司强劲表现为一次性，2017年贡献料因成本结构难以改善而趋向合理化。

丰隆研究指出，该公司第四季核心净利超越预测，主要是子公司第二国产车及日野汽车强劲贡献。

不过，该行相信，在销售量持平及成本结构不太可能改善的状况下，此强劲盈利贡献仅一次性。有鉴于此，预测其贡献将在2017年合理化。

消费情绪低迷及马币疲弱料导致整体汽车领域走疲，该公司料继续依赖第二国产车销售及降低OMI车轮业务亏损，在未来2年持续拓展该厂改善成本结构。

丰隆预计，OMI车轮厂房使用率从2016年第四季起改善，料有望达到收支平衡。

不过，肯纳格研究认为，该公司是受较高营运开销影响，2016财政年核心盈利低于预期。

肯纳格指出，虽然第二国产车将受惠于可负担车款，但消费情绪低迷将持续打击需求，同时也面临贷款紧缩、本地市场竞争、高营运及进口成本挑战状况。

肯纳格预见，减少对车轮厂的依赖，料导致其汽车零件制造业务难以在短期内转亏为盈，预计只有在汽车总销量复苏后可带来强劲销售。

考量利润微幅走跌，肯纳格下调2017财政年净利预测2.7%，预测2018财政年核心盈利将因子公司第二国产车销售增加而达到1亿零740万令吉。

两家证券行给予的评级不一，丰隆为买进，肯纳格则认为落后大市，目标价则分别是2令吉75仙和2令吉42仙。

文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2017.03.05

icy97

Date of change	23 Mar 2017
Name	DATO' ABD RAHIM BIN ABD HALIM
Age	68
Gender	Male
Nationality	Malaysia
Type of change	Redesignation
Previous Position	Executive Chairman
New Position	Non Executive Chairman
Directorate	Non Independent and Non Executive

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MBM RESOURCES BHD

Instrument Category	Securities of PLC
Instrument Type	Warrants
Type Of Expiry	Expiry/Maturity of the securities
Mode of Satisfaction of Exercise/Conversion price	Cash
Exercise/ Strike/ Conversion Price	Malaysian Ringgit (MYR) 3.2000
Exercise/ Conversion Ratio	1:1
Settlement Type / Convertible into	Physical (Shares)
Last Date & Time of Trading	26 May 2017 05:00 PM
Date & Time of Suspension	29 May 2017 09:00 AM
Last Date & Time for Transfer into Depositor's CDS a/c	06 Jun 2017 04:00 PM
Date & Time of Expiry	14 Jun 2017 05:00 PM
Date & Time for Delisting	15 Jun 2017 09:00 AM

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5423809

Attachments MBMR-Draft Notice to Warrant Holders (final).pdf

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汽车贸易制造报捷．MBM首季赚1943万

（吉隆坡24日讯）汽车贸易与制造业务报捷，提振MBM资源（MBMR,5983,主板贸服组）净利，截至2017年3月31日止首季，该公司净利起5.59%至1942万5000令吉。

首季营业额则涨11.8%至4亿1807万2000令吉。

该公司董事部透过文告表示，汽车贸易及制造营业额各增加10%及27.5%，分别报3亿7010万令吉及4790万令吉。

展望未来，董事部认为，尽管经济有所改善，惟营运环境挑战依旧，并预期新车款推出可提振公司销售。

文章来源：
星洲日报／财经‧2017.05.25

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	418,072	373,936	418,072	373,936
2	Profit/(loss) before tax	22,622	21,941	22,622	21,941
3	Profit/(loss) for the period	21,013	20,857	21,013	20,857
4	Profit/(loss) attributable to ordinary equity holders of the parent	19,425	18,397	19,425	18,397
5	Basic earnings/(loss) per share (Subunit)	4.97	4.71	4.97	4.71
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 ($$)	4.1200		4.1100

MBM Resources冀汽车零件制造子公司2017年杪转亏为盈
Anette Appaduray/theedgemarkets.com
May 25, 2017 16:56 pm MYT

（吉隆坡25日讯）随着合金轮毂厂的营运效率有所提升，MBM Resources Bhd冀望，旗下汽车零件制造部2017财政年可转亏为盈。

这家汽车零售商及零件制造商的总裁兼总执行长Nor Hadi Daud表示，合金轮毂厂的亏损已拖累汽车零件制造业务的表现。

即便MBM Resources 2017财年首季（截至3月31日止）营业额和产量皆走高，但该部门的亏损依旧扩大180万令吉，首季仍蒙亏630万令吉，归咎于合金轮毂厂蒙亏。

“汽车零件制造业务陷入亏损主要受累于合金轮毂厂业务（蒙受的损失），该厂房目前的退件率（合金）颇高。”

汽车零件制造部门2017财年首季的税前亏损按年扩大40%至628万令吉，同期税前亏损为449令吉。

为了解决持续蒙亏的问题，Nor Hadi表示，该集团已成功减低这家合金轮毂厂所生产的合金产品退件率，2017财年首季已从近40%降低半数。

MBM Resources已设定一个目标，即在未来6个月将退件率降低至10%，以改善该厂房的成本管理。

“减少合金产品的退件率并非一朝一夕就能做得到，尤其是将百分比降低至10%左右，但我们仍放眼在未来6个月内达至这项目标。”

（编译：倪嫣鴽）

icy97

售莎阿南产业
MBM资源赚577万

2017年6月7日
（吉隆坡6日讯）MBM资源（MBMR，5983，主板贸服股）以总值1040万令吉脱售位于雪兰莪莎阿南，占地约1.385公顷产业。

MBM资源向交易所报备，独资子公司Summit Vehicles Body Works私人有限公司脱售该产业给AQ Pack（大马）私人有限公司（AQP）。

AQP将使用该产业为厂房和仓库。

MBM资源预计，将从脱售活动取得大约577万令吉的收益，而获得的脱售资金将用于营运资本或偿还银行贷款。

该项脱售让公司能够从非策略投资套现，同时，也可减少融资成本。

此外，若是该项脱售计划在今年底财年完成，每股净利和净资产预计提高1.48仙。【e南洋】

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	MBM RESOURCES BERHAD ("MBMR" OR "THE COMPANY")DISPOSAL OF PROPERTY BY SUMMIT VEHICLES BODY WORKS SDN BHD ("SV"), A WHOLLY-OWNED SUBSIDIARY OF MBMR, TO AQ PACK (M) SDN BHD ("AQP"), A SUBSIDIARY OF MED-BUMIKAR MARA SDN BHD ("MBM"), A MAJOR SHAREHOLDER OF MBMR, FOR A CONSIDERATION SUM OF RM10,400,000 ("PROPOSED DISPOSAL")
Pursuant to Paragraph 10.08(1) of the Main Market Listing Requirement of Bursa Malaysia Securities Berhad (“Main LR”), the Board of Directors of MBMR (“Board”) wishes to announce that its wholly-owned subsidiary, SV has on 5 June 2017 entered into a Sale and Purchase Agreement (“SPA”) with AQP, a subsidiary of Med-Bumikar Mara Sdn Bhd, a major shareholder of the Company, for the disposal of the property more particularly described in item 2.3 of the attachement, for a total cash consideration of Ringgit Malaysia Ten Million Four Hundred Thousand (RM10,400,000.00) only (“Disposal Price”). Please refer to the attachment for details of the Proposed Disposal. This annoucement is dated 5 June 2017.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5452617

Attachments MBMR - Announcement - RPT - Disposal of Property By Summit Vehicle (final).pdf

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Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	MBM RESOURCES BERHAD ("MBMR" OR "THE COMPANY") DISPOSAL OF PROPERTY BY SUMMIT VEHICLES BODY WORKS SDN BHD ("SV"), A WHOLLY-OWNED SUBSIDIARY OF MBMR, TO AQ PACK (M) SDN BHD ("AQP"), A SUBSIDIARY OF MED-BUMIKAR MARA SDN BHD ("MBM"), A MAJOR SHAREHOLDER OF MBMR, FOR A CONSIDERATION SUM OF RM10,400,000 ("PROPOSED DISPOSAL")
Further to the announcement dated 5 June 2017 in relation to the Proposed Disposal, the Board of Directors of MBMR wishes to announce the following additional information:- 1.The built-up area and age of the factory and office respectively Built-up area of the building which comprises a factory and office Approximately 2,637 square metres Age of Building Approximately 10 years 2. The breakdown of utilization of proceeds between working capital and repayment of bank borrowing, and time frame for full utilization of proceeds RM728,000 or 7% of the Purchase Price Utilised as working capital immediately upon receipt RM312,000 or 3% of the Purchase Price Retention sum for Real Property Gains Tax. Any refund shall be utilised as working capital immediately upon receipt RM9,360,000 or 90% of the Purchase Price Utilised for the repayment of bank borrowings by the end of 2018 This annoucement is dated 7 June 2017.

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合金轮圈业务连亏多年．MBM资源须对症下药

（吉隆坡13日讯）MBM资源（MBMR，5983，主板贸服组）正全力整顿旗下亏损多年的合金轮圈业务，分析员认为，该公司必须解决此问题的根源，才有望达到长期产量增长目标。

大马研究在走访MBM资源管理层后表示，该公司正采取措施以解决其合金轮圈业务的问题根源，该业务已连续多年亏损，因无法达到最佳水平。

该合金轮圈业务仍面对低产量的问题，目前产能使用率仅50%（或每月6万套），产品主要供应给第二国产车及3个德国客户。须达到全面产能，才有望收支平衡。

MBM资源正计划投标更多第二国产车的合约，以及拟定计划以争取一名中国顾客。

据管理层表示，正全力修复基本问题。由于基本设备不足，缺乏足够中层管理层协调和工序不连贯，导致废品率高达40%。

由于面对上述营运上的局限，该公司必须削减现有工作。

大马投行正面看待管理层意识到此问题和在争取任何主要合约优先解决有关问题。

MBM资源将谨慎看待接下来的扩张计划，以提高产能25%至每年100万套，大马投行认为，在现阶段，MBM资源当务之急是解决基础课以达到长期产量目标。

大马投行对该股保持“守住”评级，合理价2令吉30仙，本益比9.5倍，低于过往3年平均的12.9倍。

文章来源：
星洲日报‧财经‧报道：李勇坚‧2017.06.13

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	403,909	427,100	821,981	801,036
2	Profit/(loss) before tax	19,821	23,599	42,443	45,540
3	Profit/(loss) for the period	18,089	21,545	39,102	42,402
4	Profit/(loss) attributable to ordinary equity holders of the parent	16,154	18,813	35,579	37,210
5	Basic earnings/(loss) per share (Subunit)	4.13	4.82	9.10	9.52
6	Proposed/Declared dividend per share (Subunit)	1.50	3.00	1.50	3.00
		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 ($$)	4.1700		4.1100

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Type	Announcement
Subject	OTHERS
Description	MBM Resources Berhad ("MBMR" or "the Company") - First Interim Dividend
The Board of Directors of MBMR is pleased to declare a first interim dividend of 1.5 sen per ordinary share under the single-tier system in respect of the financial year ending 31 December 2017. The dividend entitlement and payment date will be determined and annouced in due course.

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Date of change	30 Aug 2017
Name	MISS WONG FAY LEE
Age	54
Gender	Female
Nationality	Malaysia
Designation	Executive Director
Directorate	Executive
Type of change	Resignation
Reason	To facilitate the restructuring of board composition to meet the Malaysian Code on Corporate Governances practice of having at least half of the Board comprising independent directors.
Details of any disagreement that he/she has with the Board of Directors	No
Whether there are any matters that need to be brought to the attention of shareholders	No
Qualifications
Working experience and occupation
Family relationship with any director and/or major shareholder of the listed issuer	None
Any conflict of interests that he/she has with the listed issuer	None
Details of any interest in the securities of the listed issuer or its subsidiaries	1) Direct interest - 33,100 Ordinary Shares2) Indirect/deemed interest through shares held by LT Wong (Holdings) Sdn Bhd (174,000 Ordinary Shares) pursuant to Section 8 of the Companies Act 2016.

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Date of change	30 Aug 2017
Name	ENCIK AQIL BIN AHMAD AZIZUDDIN
Age	58
Gender	Male
Nationality	Malaysia
Designation	Non-Independent Director
Directorate	Non Independent and Non Executive
Type of change	Resignation
Reason	To facilitate the restructuring of board composition to meet the Malaysian Code on Corporate Governances practice of having at least half of the Board comprising independent directors.
Details of any disagreement that he/she has with the Board of Directors	No
Whether there are any matters that need to be brought to the attention of shareholders	No
Qualifications
Working experience and occupation
Family relationship with any director and/or major shareholder of the listed issuer	None
Any conflict of interests that he/she has with the listed issuer	None
Details of any interest in the securities of the listed issuer or its subsidiaries	1) Direct interest - 734,219 Ordinary Shares2) Indirect interest through shares held by parent, Tan Sri Dato' Ahmad Azizuddin (180,968), sisters - Ayesha Binti Ahmad Azizuddin (698,400), Aida Binti Ahmad Azizuddin (670,000), Azian Binti Ahmad Azizuddin (686,000) and Aniza Binti Ahmad Azizuddin (628,400)3) Deemed interest through shares held by Azizuddin Sdn Bhd (144,000) and Cendera Azizuddin Sdn Bhd (133,331) pursuant to Section 8 of the Companies Act 2016

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EX-date	11 Sep 2017
Entitlement date	13 Sep 2017
Entitlement time	05:00 PM
Entitlement subject	First Interim Dividend
Entitlement description	First interim dividend of 1.5 sen per ordinary share tax exempted under the single-tier system 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	TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower A,Vertical Business Suite, Avenue 3, Bangsar South,No. 8, Jalan Kerinchi59200Kuala LumpurTel:0327839299Fax:0327839222
Payment date	27 Sep 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	13 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	0.015

Tony-Pua

联号贡献减少．MBM资源挑战多
http://www.sinchew.com.my/node/1682945/

许先生问：

我投资MBM资源（MBMR，5983，主板贸服组）已有很长时期，目前还是不盈不亏的局面，想请问最新业绩如何？前景如何？是否应该脱售？

答：受到联号贡献减少拖累，MBM资源第二季净利落后市场预期，分析员下调该公司财测6.2%至20%不等，但对获利前景的看法分歧。

达证券指出，该公司接下来仍会受到高度竞争环境影响，特别是摩哆车领域。

另外，大马今年汽车领域总销量（TIV）成长预料会放缓，这也将冲击该公司表现。该公司主要联号——第二国产车（Perodua），在早前也下修了今年汽车销售目标，降至20万2000辆汽车。这会对MBM资源的联号贡献造成很大的冲击。

不过，达证券也指出，第二国产车年底推出的第三代迈薇（Myvi）有可能提振汽车销售。

除了第二国产车销售减少之外，该公司代理的日野（HINO）品牌罗里和巴士及喜乐大可（Hirotako）自动升降机等产品，在第二季销售皆不佳。

丰隆研究则指出，凭藉着第二国产车在大马稳健销售表现，MBM资源预料能继续从中受惠。同时，在前者已经在引擎和变速器进行大笔投资，成本架构也预料会改善，使到长期获利成长得以维持。

丰隆补充，该公司旗下东方金属工业（OMI）的铝合金轮圈（Alloy wheel）制造厂也在第二季出现转亏为盈讯号。

不过兴业银行却对于OMI未来表现看法悲观，该行表示，除非该公司在下半年产量比预期中多，不然该业务在2018年之前，收支平衡目标难以达成。

肯纳格补充，生活费高涨，冲击了市场消费情绪，更严格借贷条件、严峻本地竞争环境以及进口产品因马币贬值走高，皆是该公司目前正在面对的挑战。

分析员大多给予中和及买进的评级，目标价则是介于2令吉20仙至2令吉54仙之间。


文章来源：
星洲日报‧投资致富‧投资问诊‧文：李文龙‧2017.09.17

icy97

潜在利好．有望重估．MBM资源明年或多赚39%

（吉隆坡16日讯）MBM资源（MBMR，5983，主板贸服组）价值被严重低估，分析员预期第二国产车（PRODUA）将推出新迈薇（MyVi）车款、明年推出新运动休闲车、马币汇率回扬、汽车总销售量复苏等潜在利好，料为重估其价值主要支柱。

MIDF研究指出，MBM资源盈利已来到转折点，预料在第二国产车推出新车款，及汽车零件制造及代理销售正面效应推动下，2018财政年盈利将有望增长39%。

在第二国产车持股
严重被低估

该行认为，随着其股价在过去两年重挫40%，使其在第二国产车持股严重被低估，即仅是2018财政年预测本益比8.8倍。

MBM资源目前股价在比账面值低一半情况下交易，预料已达到谷底水平。

“MBM资源总共净持第二国产车的22.6%股权，它在2016年总共为公司贡献了84%的税前盈利。”

该行看好MBM资源，因它在第二国产车的持股严重低估、2018财政年盈利成长料达39%，零件制造业务有望转亏为盈、汽车总销量回升、马币汇率回扬、账面值偏低、资产负债表坚稳（2018财政年净负债率仅为9%）等。

MBM资源2017财政年盈利料下跌19%，主要是受到马币汇率低迷、缺少迈薇车款、以及疲弱汽车零件销售及代理销售量等冲击，预料公司盈利将在2018财政年强力复苏。

该行预测第二国产车2018财政年盈利成长可达13%，同时扩展至运动休闲车款（2018年下半年），将使盈利成长延续至2018年后。该行将MBM资源列入研究名单，给予“买进”评级，目标价为2令吉45仙。

文章来源：
星洲日报‧财经‧报道：李文龙‧2017.11.16

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	466,805	431,942	1,288,786	1,232,976
2	Profit/(loss) before tax	11,678	26,084	54,121	71,621
3	Profit/(loss) for the period	9,150	24,080	48,252	66,479
4	Profit/(loss) attributable to ordinary equity holders of the parent	7,334	21,298	42,913	58,504
5	Basic earnings/(loss) per share (Subunit)	1.88	5.45	10.98	14.97
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	1.50	3.00
		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 ($$)	4.1700		4.1100