【MIECO 5001 交流专区】美固木合板

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2015	31 Mar 2014	31 Mar 2015	31 Mar 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	80,276	75,552	80,276	75,552
2	Profit/(loss) before tax	3,240	-2,904	3,240	-2,904
3	Profit/(loss) for the period	3,222	-3,174	3,222	-3,174
4	Profit/(loss) attributable to ordinary equity holders of the parent	3,222	-3,174	3,222	-3,174
5	Basic earnings/(loss) per share (Subunit)	1.53	-1.51	1.53	-1.51
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 ($$)	1.3200		1.3000

pts2222

收购传闻推动美固木合板扬至5年新高
By Gho Chee Yuan & Sangeetha Amarthalingam / theedgemarkets.com   | July 7, 2015 : 5:51 PM MYT   
http://www.theedgemarkets.com/my/article/收购传闻推动美固木合板扬至5年新高?type=News

（吉隆坡7日讯）收购传闻今日将美固木合板（Mieco Chipboard Bhd ( Financial Dashboard)）股价推上87.5仙的5年新高。

闭市时，美固木合板（基本面：0.65；估值：0.9）涨4.5仙或5.62%，收于84.5仙，成交量达1174万股。

联昌国际投资研究资深分析员Marcus Chan告诉theedgemarkets.com说，市场流传美固木合板可能被一家本地公司收购，这可能促使股价上涨。

“我不知道这会否发生，但这是股市传闻。这应该是本地的并购活动。”

值得一提的是，今年1月，Purnama Kuantum私人有限公司收购美固木合板的1亿1919万股，或56.76%股权，成为该公司的单一最大股东。

Purnama Kuantum是向Ambang Sehati私人有限公司以及BRDB Development私人有限公司购买上述股票。

当联系美固木合板时，一名人员表示他不知道股价飙升以及交投量增加的原因。

他补充，股价波动取决于市场力量。

“我们刚完成股东常年大会。我们向股东汇报公司最新的进展，这可能增加了股东的信心。”

美固木合板主要业务是生产刨花板，这通常是家居和办公室家具的主要材料。

该公司在截至3月31日的首季转亏为盈，取得320万令吉净利，相比上财年同期净亏317万令吉。

首季营业额达8028万令吉，比同期的7575万令吉增加6%


（编译：曾薛霏）

icy97

大股东无法履行协议 收购美固木合板告吹

财经新闻 财经  2015-07-29 11:30
（吉隆坡28日讯）由于无法履行收购条件，Purnama Kuantum私人有限公司和卖方终止收购美固木合板（MIECO，5001，主板工业产品股）的协议，不再是大股东。

美固木合板向马交所报备，Purnama Kuantum和Ambang Sehati私人有限公司及BRDB发展私人有限公司达成协议，终止今年1月21日签署的有条件协议，以献议收购美固木合板的1亿1919万3971股。

根据协议，Purnama Kuantum原计划持有美固木合板56.76%股权后，晋身为后者单一大股东。

另外，拿督莫哈末莫尔斯及阿都沙达尔，因各持有PurnamaKuantum的33.3%股权，原本也将间接持有美固木合板股权，如今同样告吹。【南洋网财经】

Notice of Person Ceasing (29C)

MIECO CHIPBOARD BERHAD

Particulars of Substantial Securities Holder

Name	PURNAMA KUANTUM SDN BHD
Address	Level 11 Menara BRDB, 285 Jalan Maarof, Bukit Bandaraya, Kuala Lumpur 59000 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	1109713-A
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary shares of RM1.00 each in MIECO
Date of cessation	20 Jul 2015
Name & address of registered holder	BRDB Developments Sdn Bhd (formerly known as Bandar Raya Developments Sdn Bhd)Level 11 Menara BRDB285 Jalan MaarofBukit Bandaraya59000 Kuala Lumpur

Currency
No of securities disposed	119,193,971
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Mutual termination of the Conditional Letter of Agreement dated 21 January 2015 between Purnama Kuantum Sdn Bhd ("PKSB"), Ambang Sehati Sdn Bhd and BRDB Developments Sdn Bhd (formerly known as Bandar Raya Developments Sdn Bhd) ["BRDB"] in respect of the proposed purchase by PKSB from BRDB of 119,193,971 ordinary shares of RM1.00 each in Mieco Chipboard Berhad due to unfulfillment of conditions.
Nature of interest	Direct
Date of notice	27 Jul 2015

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2015	30 Jun 2014	30 Jun 2015	30 Jun 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	90,565	88,044	170,841	163,596
2	Profit/(loss) before tax	6,770	3,408	10,009	504
3	Profit/(loss) for the period	6,735	3,027	9,956	-147
4	Profit/(loss) attributable to ordinary equity holders of the parent	6,735	3,027	9,956	-147
5	Basic earnings/(loss) per share (Subunit)	3.21	1.44	4.74	-0.07
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 ($$)	1.3500		1.3000

icy97

美固木合板3500万 脱售子公司MWP

财经新闻 财经  2015-09-27 11:23
（吉隆坡26日讯）美固木合板（MIECO，5001，主板工业产品股）以3500万令吉，全售独资子公司Mieco木制品私人有限公司（MWP）股权。

根据文告，美固木合板昨日与AnjakanKekal私人有限公司达成协议，脱售MWP所有股权给后者，交易预期在4个月内完成。

MWP在彭亨拥有近1万英亩的森林管理权，为期60年；而这笔交易价，是根据每英亩3500令吉的价格成交。

公司指出，趁着售出MWP股权的机会，可取得资金来作为营运资本和偿还银行贷款。

在扣除相关开销后，美固木合板预计可获利3495万令吉，这将推动每股净利16.65仙。【南洋网财经】

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) NON RELATED PARTY TRANSACTIONS
Description	PROPOSED SALE OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF MIECO WOOD PRODUCTS SDN BHD ("MWP")
The Board of Directors of Mieco Chipboard Berhad ("MIECO" or "the Company") wishes to announce that the Company has on 25 September 2015 entered into a conditional Sale and Purchase Agreement ("Agreement") with Anjakan Kekal Sdn Bhd ("AKSB" or "Purchaser") for the proposed sale by the Company of 500,000 ordinary shares of RM1.00 each in MWP ("Sale Shares") representing the entire issued and paid-up share capital of MWP to the Purchaser, for a cash consideration of RM35.0 million ("Proposed Sale of MWP"). Please refer to the attachment for details of the Proposed Sale of MWP.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4877005

Attachments MIECO-Proposed Sale Of Mieco Wood Products Sdn Bhd.pdf

pts2222

Akhbar Khan为美固木合板新控股股东
By Chong Jin Hun  / theedgemarkets.com   | September 30, 2015 : 4:13 PM MYT   
http://www.theedgemarkets.com/my/article/akhbar-khan为美固木合板新控股股东

（吉隆坡30日讯）Datuk Seri Akhbar Khan Mohamed Khan持有美固木合板（Mieco Chipboard Bhd ( Valuation: 0.90, Fundamental: 0.65)）的56.76%股权，随即成为该公司的控股股东。

美固木合板在另一份文告中指出，Akhbar Khan昨日（9月30日）透过Datuk Seri Akhbar Khan Trust私人有限公司收购Ambang Sehati私人有限公司，而Ambang Sehati则持有美固木合板的1亿1919万股。

文告指出，驻纽西兰Datuk Seri Akhbar Khan Trust向Datuk Mohamed Moiz J M Ali Moiz、Abdul Sathar MSM Abdul Kadir、Sascha Saleem Khan 和Tania Aishah Khan收购Ambang Sehati。

根据文告，Datuk Seri Akhbar Khan Trust是“全权信托的托管人，受益者为Akbar Khan的家庭成员”。

美固木合板表示，Mohamed Moiz、Abdul Sathar、Sascha 和 Tania已不再是美固木合板的大股东。

截至下午4时05分，美固木合板起1仙或1.06%，报95仙，成交量为119万1100股。

该股今年迄今飙升151%，远超过马股的表现，富时隆综指至今下跌8%。

Notice of Interest Sub. S-hldr (29A)

MIECO CHIPBOARD BERHAD

Particulars of Substantial Securities Holder

Name	DATO' SRI AKBAR KHAN BIN HJ MOHAMED KHAN
Address	D-21-1 One Menerung Condominium No. 1 Jalan Menerung, Bukit Bandaraya Kuala Lumpur 59100 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	410125-71-5037
Nationality/Country of incorporation	Singapore
Descriptions (Class & nominal value)	Ordinary shares of RM1.00 each in MIECO
Name & address of registered holder	BRDB Developments Sdn Bhd (formerly known as Bandar Raya Developments Sdn Bhd)Level 11 Menara BRDB, 285 Jalan MaarofBukit Bandaraya, 59000 Kuala Lumpur

Date interest acquired & no of securities acquired
Currency
Date interest acquired	29 Sep 2015
No of securities	119,193,971
Circumstances by reason of which Securities Holder has interest	Please refer to Remarks column for full details of "Circumstances by reason of which the substantial shareholder has interest".
Nature of interest	Indirect
Price Transacted ($$)
Total no of securities after change
Direct (units)
Direct (%)
Indirect/deemed interest (units)	119,193,971
Indirect/deemed interest (%)	56.76
Date of notice	29 Sep 2015

icy97

Notice of Person Ceasing (29C)

MIECO CHIPBOARD BERHAD

Particulars of Substantial Securities Holder

Name	DATO MOHAMED MOIZ BIN J M ALI MOIZ
Address	38-1, The CapSquare Residences No. 2 Persiaran CapSquare Kuala Lumpur 50100 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	600808715383
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary shares of RM1.00 each in MIECO
Date of cessation	29 Sep 2015
Name & address of registered holder	BRDB Developments Sdn Bhd (formerly known as Bandar Raya Developments Sdn Bhd)Level 11 Menara BRDB, 285 Jalan MaarofBukit Bandaraya, 59000 Kuala Lumpur

Currency
No of securities disposed	119,193,971
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Pursuant to an arrangement  between Dato Mohamed Moiz Bin J M Ali Moiz (DMM) and Dato Sri Akbar Khan Trust Company Limited (DSAKTCL) involving an internal arrangement of the family members of Dato Sri Akbar Khan Bin Hj Mohamed Khan (DSAK), DMM has agreed to transfer/sell the whole of his shareholding in Ambang Sehati Sdn Bhd (ASSB) to DSAKTCL.DSAKTCL is the trustee of a discretionary trust, of which the beneficiaries are members of the family of Dato Sri Akbar Khan Bin Hj Mohamed Khan (DSAK).Arising from the transfer/sale, DMM ceased his interest in ASSB and accordingly DMM ceased to have an indirect interest in 119,193,971 ordinary shares of RM1.00 each in Mieco Chipboard Berhad.
Nature of interest	Indirect
Date of notice	29 Sep 2015

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2015	30 Sep 2014	30 Sep 2015	30 Sep 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	81,215	82,663	252,056	246,258
2	Profit/(loss) before tax	6,166	3,565	16,175	4,069
3	Profit/(loss) for the period	6,166	3,584	16,122	3,437
4	Profit/(loss) attributable to ordinary equity holders of the parent	6,166	3,584	16,122	3,437
5	Basic earnings/(loss) per share (Subunit)	2.94	1.71	7.68	1.64
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 ($$)	1.3800		1.3000

Two_O_Six

没什么人看好这个？ 价位有点高了?

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2015	31 Dec 2014	31 Dec 2015	31 Dec 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	86,257	79,891	354,988	344,820
2	Profit/(loss) before tax	2,521	15,372	18,643	19,441
3	Profit/(loss) for the period	2,521	14,441	18,643	17,877
4	Profit/(loss) attributable to ordinary equity holders of the parent	2,521	14,441	18,643	17,877
5	Basic earnings/(loss) per share (Subunit)	1.20	6.88	8.88	8.51
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 ($$)	1.3900		1.3000

icy97

Date of change	25 Feb 2016
Name	MR KAJENDRA A/L PATHMANATHAN
Age	42
Nationality	Malaysia
Type of change	Appointment
Designation	Executive Director
Qualifications	Bachelor of Commerce, University of MelbourneBachelor of Law, University of MelbourneMember of Institute of Chartered Accountants, Australia
Working experience and occupation	Mr Kajendra started his career with Ernst & Young, Kuala Lumpur in 1999. After about 2 years, he left and joined Arthur Andersen & Co, which subsequently merged with Ernst & Young in 2002. As Manager and subsequently as Senior Manager of Transaction Advisory Services in Ernst & Young, Malaysia, he was involved in various corporate advisory and corporate restructuring exercises across various industries.In 2008, he moved to Ernst & Young, London and was an Associate Director leading teams in large and mid-size restructuring exercises. He was also involved in corporate advisory and insolvency engagements in United Kingdom and Europe.Mr Kajendra joined BRDB Developments Sdn Bhd in October 2013 as General Manager, Compliance and subsequently joined MIECO as Chief Operating Officer on 1 June 2014.

icy97

icy97 发表于 26-9-2015 06:15 AM
美固木合板3500万 脱售子公司MWP
财经新闻 财经  2015-09-27 11:23

Type	Announcement
Subject	OTHERS
Description	PROPOSED SALE OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF MIECO WOOD PRODUCTS SDN BHD ("MWP") ["PROPOSED SALE OF MWP"]
Further to the Company's announcement dated 25 September 2015 in relation to the Proposed Sale of MWP, the Board of Directors of Mieco Chipboard Berhad ("MIECO") wishes to announce that the Proposed Sale of MWP has been completed on 15 March 2016. Accordingly, MWP has ceased to be a subsidiary of MIECO. This announcement is dated 17 March 2016

icy97

归功于脱售收益 美固木合板首季净利飙升近10倍
By theedgemarkets.com  / theedgemarkets.com   | May 27, 2016 : 6:58 PM MYT

（吉隆坡27日讯）美固木合板（Mieco Chipboard Bhd）2016财政年首季净利劲飚近10倍至3120万令吉，同期净赚320万令吉，归功于脱售独资子公司Mieco Wood Products私人有限公司的3500万令吉收益。

剔除脱售收益外，这家刨花板生产商的净利为380万令吉，因融资成本较低以及其他收入录得87万3000令吉（相比同期的46万4000令吉）。

2016财年首季（截至今年3月杪）营业额按年下跌28.2%至6140万令吉，同期报8550万令吉，主要因为其立卑厂房的产能因火患烧毁部分机器而走低。

同时，美固木合板也指出，该集团已就此向保险公司申请索赔。

与此同时，即便全球经济状况不稳定，美固木合板仍对2016财年下半年的本地业务增长抱持审慎乐观态度，因为已出现回弹迹象。

“集团冀望现财年的业绩将呈正面表现，并继续放重于高赚幅的增值产品，推出更高素质的产品来迎合客户需求。”

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2016

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

1	Revenue	61,394	85,515	61,394	85,515
2	Profit/(loss) before tax	31,202	3,222	31,202	3,222
3	Profit/(loss) for the period	31,195	3,222	31,195	3,222
4	Profit/(loss) attributable to ordinary equity holders of the parent	31,195	3,222	31,195	3,222
5	Basic earnings/(loss) per share (Subunit)	14.85	1.53	14.85	1.53
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 ($$)	1.5400		1.3900

哭哭鸟

Mieco：不用出口的出口股
Author: kakashit   |   Publish date: Wed, 15 Jun 2016, 11:52 PM
http://klse.i3investor.com/blogs/kakashit/98427.jsp

自从2008年次贷危机爆发以来，以出口为导向的板股都跌落到了谷底，且延续了三四年的颓势。

“When the US subprime housing crisis hit hard world-wide soon after that in 2008 and Hevea went into first time losses. Hevea was at the brink of bankruptcy when it owed bankers RM225m in debts when its share price dropped to just a few sen.”       --Kcchong

其中以Hevea最糟，欠债累累，近乎倒闭，股价只剩下几针钱，送也没有人要。

随着各国联合努力救市，加上中国经济的崛起，美国的房市也慢慢复苏，板股重见曙光。

经过这两年努力不断地还债，如今的Hevea已经是个净现金公司，而Mieco还在卖地卖厂还债度日。

Hevea有本事从末班车变成模范生，以高达20%以上的股东回酬率领先同行，Mieco到底有没有能力追赶Hevea呢？

last 12m	share price	pe	Roe (%)	Dy (%)	nta	Dated 14-Jun
Mieco	0.86	3.87	14.4	0	1.54
Hevea	1.22	7	21.2	2.25	0.82
Evergreen	1.1	10	8.03	0.91	1.37

屋漏偏逢连夜雨

2013年，Mieco的流动债务为流动资产的双倍，Mieco的现金流根本无法如期偿还贷款，这时的银行更加没有通融的余地，决定按期收回贷款，Mieco只好卖厂卖地填补欠额。

During the year, we disposed of our leasehold industrial land in Semambu, Pahang together with the factory buildings erected thereon for a total cash consideration of RM23 million.

Mieco于2014年卖了位于Semambu的厂房和土地，所以才会把厂房搬迁至Gebeng。

接着Mieco 2016年首季卖了位于彭亨州一万英亩的森林管理权公司，总值35m。

把一大片可以砍伐森林地就酱给卖了实在是可惜，可是公司的当务之急是努力还债，精简营运，专注核心业务。

The Group diligently reduced its bank loans in 2015 and the proposed final settlement of the Company’s syndicated term loans in 2016 will be a significant milestone for the Group.

负债率从2013年的105%下调至2016年首季的46%，其中只有三分之一是银行贷款，其他的都是应付款项、员工福利等可以拖的东西。

在股东大会上，有一位显著大股东（不是官有缘）建议公司应该削减面值，发附加股筹资，而不是单靠内部资金，因为这两年是家私股的春天，无论你是想要附加股还是私配，大马的资金市场都很愿意助你一臂之力。

当然，这也关系到大股东BRDB拿不出钱来，所以不敢发附加股，怕自己的股权被稀释，只好硬着头皮卖地又卖厂

2015年初，BRDB曾经想要把所有股权卖给某某公司，已经获得SC，可是银行债主不批，所以协议被迫取消

总的来说，Mieco这只股票就算在最低迷的时刻也不乏追求者的。

Kuala Lipis厂房是否过分减值？

In 2013, as a result of continuing losses at the Kuala Lipis plant, a non-cash impairment loss of RM45.8 million was reported in accordance with the provisions of the relevant Accounting Standards. That non-cash impairment affected the Profit and Loss of the MIECO Group for 2013 and was reflected in the RM70.2 million pre-tax loss for 2013.

45.8m的减值是有够力的，导致Mieco在2013财年直接陷入巨额亏损，虽然不涉及金钱支出，但盈亏表还是非常的难看。

Based on the management’s assessment in FY2013 using the parameters applicable then, the estimated recoverable amount for the plant based on a value-in-use calculation was RM287.3 million, which was lower by RM45.8 million than its carrying value of RM333.1 million, necessitating the provision for an impairment loss of RM45.8 million.

管理层表示，该减值拨备是根据厂房的使用价值而定。

股东怀疑管理层是否过分贬值，现场的发问主要都是针对机械厂房的贬值率。

我们知道减值的目的是为了能切实的反应资产的价值，也符合了会计的谨慎原则（Prudence）。

不过这些东西就交给会计师去烦吧，反正机器的东西有生产就有价值，没有生产就等于废铁。

但好消息是只要K. Lipis恢复盈利，总值45.8m的拨备就能够填补回去。

In FY2014, the performance of the Kuala Lipis plant improved marginally compared to that in FY2013. The value-in-use of RM297.9 million calculated in FY2014 exceeded the net carrying value by RM13.6 million. Although at the end of FY2014 the Directors could have written back this excess, they chose not to, waiting instead for a more sustained recovery of the Kuala Lipis plant. In FY2015, the Kuala Lipis plant continued to register improved performance, resulting in the calculated valuein-use for FY2015 increasing further to RM28.7 million. This excess demonstrates that the Kuala Lipis plant is getting better year on year. Again, on grounds of prudence the Directors have decided not to write back the excess for FY2015.

其实Lipis的厂房在前两年已经恢复盈利，但是管理层谨慎起见，选择不要填补拨备，而是等盈利在若干年稳定而且不断进步，才打算填补。

专业人士班底

没错，这两年Mieco卖厂卖地，巨额拨备的策划人就是Kajendra，他现在已经从总营运长升职成执行董事。

他拥有特许会计师执照，曾经在Big Four工作，强项在于整顿企业的结构性改革。Mieco这两年来的改革都是由他所领导。

本人有在股东大会见到他，谈吐谨慎保守，有三分把握就说三分的话，不会卖大包。

现场他也有做slide show，详细的解说公司的现况和未来的发展。在场的股东都感到满意。

2015财报总结

The Group achieved a pre-tax profit of RM18.6 million in 2015, compared to the pre-tax profit of RM19.4 million posted in 2014. It is however pertinent to note that the 2014 pre-tax profit included an exceptional gain of RM16.1 million from the disposal of the land and buildings in Semambu, Pahang, which housed the Group’s first plant.

尽管舟车劳顿，2015年仍然取得飞跃性的成长。若排除一次性盈利，2015年的税前盈利按年增长了5.6倍，这主要是拜家私股的出口生意好到不行所赐。

三月份季报点评

For the first quarter of 2016, Group revenue of RM61.4 million decreased 28% against RM85.5 million a year ago mainly due to lower production output at the Lipis Plant due to a fire that damaged certain machinery. An insurance claim has been submitted for these losses.

营业额按年按季都下跌了两成，主要是火患所造成的，导致位于Kuala Lipis厂房的作业受损。这些损失过后都是可以claim回来的，所以绝不用担心。

另外，Mieco脱售了旗下的森林木业子公司，获利35m或约17仙的每股净利。这个消息市场已经预期了，所以股价没有有太大的涨幅。

员工是无形的价值资产

员工培训是至关重要的，往往有很多公司忽略。很多公司只会增加生产线，扩建，买这个买那个。但到头来还不是需要前线的员工来操作这些机器。

We strongly believe that a well-trained and skilled workforce is essential to any manufacturing company. As such, MIECO made significant progress in areas of staff training and development, increasing training hours from 5 hours per person per annum in 2014 to 9.25 hours per person per annum in 2015; an almost two fold increase. Our concerted efforts also ensured we completed more than 90% of our 2015 Training Plan.

Mieco把每名技工的培训时数从2014年的5小时增至2015年的9小时。技工熟练，生产出来的产品才能保持水准，减少瑕疵品。

我怀疑有很多公司是没有培训这个概念的，就是员工一进来就从不会骂到会为止。酱的话，生产出来的产品也会充满负能量滴哦。

物理定律可套用在股票上

为什么转亏为盈的公司拥有爆发的潜能？

根据物理定律，一个被压紧的弹簧储存了很大的动能，所以只要手一放开，弹簧立马就会弹开。

同样的，一间亏损累累的公司也储藏了很多可扣税亏损。只要一开始赚钱，公司就可以不用缴税。

如果你有注意到的话，2015年Mieco的税前盈利几乎就等于税后净利。

这就是以前Mieco累积下来的435m亏损税务回扣，以后的四五年内都可以慢慢拿来扣除。

间接的出口股

Particleboard prices rose steadily, driven by increased demand from local furniture exporters, as a result of growing demand and recovery in global export markets.

Mieco有八成的营业额是来自本地， 但主要都是是供应给本地的家私出口商，所以Mieco的前景是跟家私出口业息息相关。

Mieco的生产成本是马币，赚的也是马币，所以投资Mieco的好处是可以享受家私业的荣景，又不用担心汇率的波动。

我知道大家很希望令吉继续贬值，因为去年的下半年令吉大贬，大家都尝到了甜头。

若大家一味依赖外汇的变动来赚股市的钱，那么倒不如直接去买forex或者相关的衍生工具。

就连冷眼和巴菲特等投资大师都从不预测大市的走势，更何况是我们这些凡夫俗子。

Mieco这只股票提供了一个很好地外汇避险的选择。

As a result of these efforts, domestic demand grew, supported by higher pricing levels, and in turn contributing to overall growth in revenue. Almost all existing MFC production capacity was taken up by the marketplace, while demand for particleboard exceeded supply

这段话的大意就是说Mieco厂房的产能用到尽，完全没有剩，整个合成板的市场需求远超越供应量。

无论生产成本是涨还是跌，外汇是升还是贬，市场需求才是王道

如果市场需求逐渐萎缩，一味只靠外汇价差的收益，是不能持久的。

令吉走强后，很快就知道谁在裸泳了。

icy97

成业资源掌舵人黄亚财
买美固木合板56.76%

2016年7月1日
（吉隆坡30日讯）成业资源（SYF，7082，主板消费产品股）掌舵人拿督斯里黄亚财一举购入美固木合板（MIECO，5001，主板工业产品股）的56.76%股权，宣布将全面献购。

根据文告，黄亚财出价每股90仙，向BRDB发展私人有限公司购入1亿1919万3971股或56.76%股权，一举崛起成为大股东。

以每股90仙计算，收购价达1亿727万4573令吉。

由于双方签署的有条件股权买卖协议，估计需要3个月的时间符合先决条件。

将每股90仙全购

一旦协议转为无条件，黄亚财将强制全购，同时出价每股90仙，全面收购剩余股权。

黄亚财目前是成业资源的大股东和董事部成员，同时也是英芝肯尼（INCKEN，2607，主板种植股）的大股东。【e南洋】

Type	Announcement
Subject	TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
Description	RECEIPT OF NOTIFICATION OF POTENTIAL MANDATORY GENERAL OFFER
The Board of Directors of Mieco Chipboard Berhad (“MIECO”) [“Board”] wishes to announce that the Board has on 30 June 2016 received a Notification of Potential Mandatory General Offer (“Notification”) from Dato’ Sri Ng Ah Chai (“Dato’ Sri Ng” or the “Offeror”) pursuant to the conditional Share Sale Agreement (“Agreement”) signed between Dato’ Sri Ng and BRDB Developments Sdn Bhd (“BRDB”) for the proposed acquisition of 119,193,971 ordinary shares of RM1.00 each in MIECO, representing 56.76% of the issued and paid-up share capital of MIECO (“Sale Shares”) by Dato’ Sri Ng from BRDB, at an acquisition price of RM0.90 per MIECO Share to be fully satisfied via cash consideration (“Proposal Acquisition of Sale Shares”). The Board was informed that there are conditions precedent in the Agreement, which are required to be fulfilled in order to complete the Proposal Acquisition of Sale Shares by Dato’ Sri Ng from BRDB. The conditions precedent are expected to be fulfilled within three (3) months from the date of the Agreement. Upon the Agreement becoming unconditional, Dato’ Sri Ng is obliged to undertake a mandatory general offer (“MGO”) to acquire all the remaining ordinary shares in MIECO not already held by Dato’ Sri Ng and the parties acting in concert with him pursuant to Section 218(2) of the Capital Markets and Services Act, 2007 (“CMSA”) and Section 9(1)(a) of the Malaysian Code on Take-Overs and Mergers, 2010 (“Code”). Accordingly, a written notice in regards to the MGO shall be served to the Board by the Offeror, upon the Agreement becoming unconditional, in accordance with Section 11(8) of the Code. Dato’ Sri Ng has informed that upon the Agreement becoming unconditional, he will undertake the MGO obligation and the MGO will be fully satisfied by way of cash at an offer price of RM0.90 per MIECO Share, which is equivalent to the acquisition price of the Sale Shares, in accordance with the provisions of CMSA and the Code. Please refer to the attachment for the Notification. This announcement is dated 30 June 2016.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5138621

Attachments Press Notice from Dato Sri Ng Ah Chai.pdf

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2016	30 Jun 2015	30 Jun 2016	30 Jun 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	79,295	97,156	140,689	182,671
2	Profit/(loss) before tax	809	6,735	32,011	9,956
3	Profit/(loss) for the period	816	6,735	32,011	9,956
4	Profit/(loss) attributable to ordinary equity holders of the parent	816	6,735	32,011	9,956
5	Basic earnings/(loss) per share (Subunit)	0.39	3.21	15.24	4.74
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 ($$)	1.5400		1.3900

icy97

icy97 发表于 1-7-2016 02:32 AM
成业资源掌舵人黄亚财
买美固木合板56.76%

2016年7月1日
（吉隆坡30日讯）成业资源（SYF，7082，主板消费产品股）掌舵人拿督斯里黄亚财一举购入美固木合板（MIECO，5001，主板工业产品股）的56.76%股权，宣布 ...

大股东黄亚財　每股90仙全面献购美固

财经  2016年10月04日
（吉隆坡4日讯）美固木合板（MIECO，5001，主板工业股）今天宣布，接获大股东拿督斯里黄亚財的通知书，以每股90仙献购价，无条件强制全面献购美固木合板剩余的43.24%股权；不过，黄亚財將保留美固木合板的上市地位。

黄亚財也是成业资源（SYF，7082，主板消费股）的执行主席兼首席执行员。

成业资源是一家经营家具业务的公司，黄亚財也是该公司的最大股东，持有公司股权高达51.51%。

同时，黄亚財也是另一家大马上市公司--印则肯勒（INCKEN，2607，主板种植股）的大股东之一，持有该公司12.47%的股权。

收购56.76%股权

黄亚財早在6月30日就以每股90仙，向大城市发展有限公司（BDRB）收购美固木合板的1亿1919万3971股股票，或相等于56.76%股权。这批股权今日正式在场外易手。

由于收购后持股水平已抵触併购条例规定的33%底线，因而须向其余未持有的股权提出全面献购。

若以6月30日为准，每股90仙的献购价，与美固木合板过去5天、1个月、3个月加权平均价（VWAP）相比，分別溢价7.1%、2.3%和3.5%；但比较该公司6个月和1年的加权平均价，则分別折价2.2%和7.2%。

如果以9月30日为准，该献购价分別是5天和6个月VWAP的1.1%和2.3%溢价；1年的VWAP则是折价11.8%。【东方网财经】

Type	Announcement
Subject	TAKE-OVERS & MERGERS (PARAGRAPH/RULE 9.19 (47A))
Description	RECEIPT OF NOTICE OF UNCONDITIONAL MANDATORY TAKE-OVER OFFER FROM DATO' SRI NG AH CHAI
Further to the announcement made on 30 June 2016 relating to the Notification of Potential Mandatory General Offer from Dato’ Sri Ng Ah Chai (“Dato’ Sri Ng” or the “Offeror”), the Board of Directors of Mieco Chipboard Berhad (“MIECO”) [“Board”] wishes to announce that MIECO has on 4 October 2016 received a Notice of Unconditional Mandatory Take-Over Offer (“Notice”) from RHB Investment Bank Berhad, on behalf of Dato’ Sri Ng, informing of the Offeror’s intention to undertake an unconditional mandatory take-over in accordance with the Rules on Take-Overs, Mergers and Compulsory Acquisition (“Rules”) to acquire all the remaining ordinary shares of RM1.00 each in MIECO which are not already held by the Offeror (“Offer Shares”) for a cash offer price of RM0.90 for each Offer Share (“Offer”). In accordance with the Rules, the Board has appointed AmInvestment Bank Berhad as the Independent Adviser on the Offer. A copy of the Notice is attached herewith and the same will be posted to the holders of the Offer Shares within seven (7) days from the date of this announcement. This announcement is dated 4 October 2016.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5221189

Attachments Notice of Unconditional Mandatory Take-Over Offer.pdf

icy97

Notice of Interest Sub. S-hldr (29A)

MIECO CHIPBOARD BERHAD

Particulars of Substantial Securities Holder

Name	DATO' SRI NG AH CHAI
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary shares of RM1.00 each in MIECO
Name & address of registered holder	RHB Nominees (Tempatan) Sdn BhdOSK Capital Sdn Bhd for Ng Ah ChaiLevel 9, Tower One RHB CentreJalan Tun Razak50400 Kuala Lumpur

Date interest acquired & no of securities acquired
Currency	Malaysian Ringgit (MYR)
Date interest acquired	04 Oct 2016
No of securities	119,193,971
Circumstances by reason of which Securities Holder has interest	Acquisition by way of direct business transaction pursuant to the Share Sale Agreement dated 30 June 2016 between Dato' Sri Ng Ah Chai ("DSNAC") and BRDB Developments Sdn Bhd ("BRDB") for the acquisition by DSNAC from BRDB of 119,193,971 ordinary shares of RM1.00 each in Mieco Chipboard Berhad ("MIECO"), representing approximately 56.76% of the issued and paid-up share capital of MIECO that has become unconditional on 4 October 2016.
Nature of interest	Direct
Price Transacted ($$)
Total no of securities after change
Direct (units)	119,193,971
Direct (%)	56.76
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Date of notice	05 Oct 2016

icy97

Name	BRDB DEVELOPMENTS SDN BHD
Address	Level 11 Menara BRDB 285 Jalan Maarof Bukit Bandaraya Kuala Lumpur 59000 Wilayah Persekutuan Malaysia.
Company No.	5521A
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary shares of RM1.00 each in MIECO
Date of cessation	07 Oct 2016
Name & address of registered holder	BRDB Developments Sdn BhdLevel 11 Menara BRDB285 Jalan Maarof59000 Kuala Lumpur

Currency
No of securities disposed	119,193,971
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Completion of the sale of 119,193,971 ordinary shares of RM1.00 each in Mieco Chipboard Berhad ("MIECO"), representing approximately 56.76% of the issued and paid-up share capital of MIECO by BRDB Developments Sdn Bhd (BRDB) to Dato Sri Ng Ah Chai ("DSNAC") pursuant to the Share Sale Agreement dated 30 June 2016 between DSNAC and BRDB.Accordingly, BRDB has ceased to have any interest in MIECO.
Nature of interest	Direct
Date of notice	07 Oct 2016

icy97

献购价不公平不合理　独立顾问劝美固股东拒绝

财经  2016年11月04日
（吉隆坡4日讯）美固木合板（MIECO，5001，主板工业股）今天宣布，其独立顾问大马投资银行认为大股东出价每股90仙全面献购美固木合板，不公平不合理，因此建议股东拒绝这项收购建议。

美固木合板之前接获大股东拿督斯里黄亚財的收购建议，以每股90仙收购美固木合板。但大马投资银行基於2个原因，建议股东拒绝这项收购建议。

大马投资银行在股东通知书中指出，以美固木合板6月29日的闭市价为准，黄亚財出价每股90仙只比美固木合板过去1个月和3个月的加权平均价（VWAP），分別高出2.3%和3.5%。

而且自6月29日起，也就是黄亚財提出收购建议之后，美固木合板股价在大部份时间高过6月29日的闭市价。

除此之外，该投行指出，从今年5月算起的过去12个月，美固木合板的每月平均成交量，占其市场上流通股票的65.1%。从该公司的股票流动性看，及公司有意维持上市地位来看，其股东有机会在公开市场上，通过买卖美固木合板的股票来获利。【东方网财经】

Subject

INDEPENDENT ADVICE CIRCULAR TO THE HOLDERS IN RELATION TO THE UNCONDITIONAL MANDATORY TAKE-OVER OFFER BY DATO' SRI NG AH CHAI

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5251409

Attachments MIECO-Independent Advice Circular.pdf