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【Kencana Agri F9M 交流专区】KENCANA AGRI LIMITED

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楼主: icy97       显示全部楼层   阅读模式

楼主
发表于 21-8-2013 05:39 PM | 显示全部楼层 |阅读模式
Corporate Profile
Listed on the Singapore Exchange on 25 July 2008, Kencana Agri Limited ("Kencana" or the "Group") is a plantation company engaged mainly in the cultivation of oil palms; processing of Fresh Fruit Bunches ("FFB") into Crude Palm Oil (CPO), Crude Palm Kernel Oil ("CPKO") and Palm Kernel Cake ("PKC"); and operation of bulking terminals, port and logistics services.

Kencana's oil palm plantations are strategically located in Sumatra, Kalimantan and Sulawesi regions in Indonesia. Since its inception in 1996, the Group's planted area has grown rapidly from 1,215 hectares to 61,119 hectares in 2012. The Group currently has 4 palm oil mills with a total processing capacity of 210 tonnes/hour and 2 kernel crushing plants with capacity of 435 tonnes/day.

Currently, with its profile of relatively young oil palms (75%), the Group is in a good position to deliver strong double-digit production growth over the next few years, as its oil palms continue to mature and reach peak production stage.

Moving ahead, the Group will remain focused in growing its plantation business. The Group has 198,935 hectares of land bank (Nucleus and Plasma) in which only 31% is planted. Supported by 69% or 137,816 hectares of unplanted area, the Group aims to increase its planted area by 5,000 to 8,000 hectares annually so as to achieve a better mix of palms of various ages and ensure sustainable FFB production.

In order to fully leverage and maximise the value chain of its plantation assets and logistics services, the Group, together with Louis Dreyfus Commodities, has built an integrated palm oil complex in Balikpapan comprising a deep water port, and a bulking terminal with storage capacity of up to 50,000 tonnes. The Group will continue to expand this complex in the years ahead.

A strong supporter of sustainable palm oil, Kencana strives to pursue long-term and sustainable palm oil production for the benefit of all stakeholders. It adopts environmentally friendly practices such as zero burning and zero waste management policies. Apart from this, Kencana's subsidiary PT Sawindo Kencana has been a member of the Roundtable on Sustainable Palm Oil (RSPO) since 2008.

Additionally, the Group sells "green" electricity to the State Owned Electricity company ("PLN") and has signed an Emission Reductions Purchase Agreement ("ERPA") with the Danish Ministry of Climate and Energy to sell Certified Emission Reduction ("CER") credits from its renewable biomass power plant at Bangka Island.

As part of its commitment to improve the social and economic welfare of the local communities in which it operates, Kencana takes its corporate social responsibility seriously through its (a) plasma programme, (b) education initiatives which will benefit children in the villages, (c) collaboration with local hospitals and clinics to provide free basic medical services and check-ups for staff, villagers and their families, (d) sponsorship of social and cultural events, as well as (e) provision of relief programmes during natural calamities such as earthquakes and floods.

公司官网:http://www.kencanaagri.com/

Name of Announcer *KENCANA AGRI LIMITED
Company Registration No.200717793E
Announcement submitted on behalf ofKENCANA AGRI LIMITED
Announcement is submitted with respect to *KENCANA AGRI LIMITED
Announcement is submitted by *PHILLIP LIM
Designation *COMPANY SECRETARY
Date & Time of Broadcast14-Aug-2013 18:25:51
Announcement No.00192

>> ANNOUNCEMENT DETAILS
The details of the announcement start here ...
For the Financial Period Ended *30-06-2013
DescriptionREFER TO ATTACHMENTS.
Attachments
KA_FinancialResult_1H13.pdf
KencanaAgri_FinancialAndPerformanceReview_1H2013.pdf
KencanaAgri_Press_Release_1H13.pdf
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楼主
 楼主| 发表于 16-6-2014 04:36 PM | 显示全部楼层
Kencana Agri:值得留意的棕油股
企业摘要 | 2014年05月22日
文 : 李廷伟
http://www.sharesinv.com/zh/articles/47047/

您知道棕油有哪些用途吗?

棕油可以用来生产食用油、肥皂、唇膏甚至用来驱动机械的生物燃料。棕油的用途相当多,这里就不一一列出了。

棕油领域不是一个简单的行业。要分析棕油业者,必须将许多层面考虑在内。

这些层面包括肥料的成本、天气、鲜果串(FFB)的产量、业者的土地面积以及油棕树的树龄。

树龄较低

与其他棕油业者相比(见图表1),Kencana Agri树龄较低的油棕树所占的比例最高。

幼树所占的百分比



资料来源:公司的年度财务报告
对于棕油业者而言,若油棕树树龄较低,它们的产量就能取得双位数增长,进而使收入增加。

当然,前提是原棕油(CPO)的价格没有大幅变动或下跌。

供需变化会影响商家售卖的物品的价格,价格的起落会直接影响企业的收入。

CPO的价格一直持续上涨,而大部分棕油业者都因此而受惠。相对的,Kencana Agri产品的平均售价应该也会随之提高。

基于公司的树龄较低,可取得强劲增长,公司应能取得可观的收入。

股价销售比

基于Kencana Agri的收入有望提高、树龄较低的油棕树可带来较高的产量增长、CPO价格持续上涨,其股价销售比使这只股看来相对便宜。

印多福农业(Indofood Agri)的股价销售比与公司接近。印多福在去年同样受到CPO价格调整影响,但若将CPO的潜在涨幅和其合资业务(制糖)带来的收入考虑在内的话,其估值相对便宜。



生产成本高

当然,Kencana Agri也有其不足之处。由于公司的生产成本相当高,其毛利和净利都一直因此而受压。

当CPO价格在去年持续偏低时,公司就受到了影响。

公司的2013年销售成本约为89.9%。其生产成本偏高主要是因为其土地面积较小,而且幼树较多。

虽然幼树将使产量增长大幅提高,但为幼树投入的生产成本远高于成年的油棕树。

优点
  • 拥有最多幼树的棕油业者,产量增长有望大幅提高
  • CPO价格逐步上涨,其产品的平均售价将提高
  • 丰益国际(Wilmar International)拥有其20%的股份
  • 股价销售比相对偏低,收入预料将增加(前提是CPO价格保持稳定及产量增加)

投资风险
  • 不利的天气会影响产量
  • 营运成本偏高,这会影响其毛利率
  • 全球经济状况不明朗使货币汇率波动,公司的盈利可能因为换算而受到影响
  • CPO价格下跌的话将影响其产品的平均售价

《股市资讯》的看法

公司的生产成本高,可能使其毛利率减低,这的确是令人有所顾虑的因素。

但这只股仍值得考虑投资,因为其幼树的比例最高,产量有望大幅增长,而且CPO价格正逐渐上涨。
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