CMSB 2852 QUARTERLY REPORT 31 DEC 2018
Quarterly Report Review:
收入与去年同期相比减少13%。
水泥业务的收入减少主要是卸货成本高，折旧和库存差异的调整。
建筑材料与贸易业务的收入增加主要是为了追赶被延迟和缓慢的工程进度，但管理成本也提升了。
房产发展业务的收入减少主要是土地出让金的分期付款所致。
该集团认为水泥的2019年销售量可达到158万吨，但也认为炼砖的进口成本会提升。
该集团认为建筑材料与贸易的2019年表现将会强劲主要是泛婆罗洲公路项目所需的碎石和预混料的需求量将达到高峰。
州政府在未来两年内预计会支出90亿令吉来发展基础设施，这将为该公司带来巨大的收益。
该集团认为建筑及道路维修的订单将会增加。
该集团预计房产发展将会在Bandar Samariang推出大约500套单层排屋。
Reference Price:
26.02.2019
Price: RM 3.04
Rolling EPS: RM 0.2479
PE: 12.26
NTA: RM 2.38
Price/NTA: 1.28
PE*Price/NTA: 15.66
Undervalued: RM 2.73
Fair Value: RM 3.64
Overvalued: RM 5.46
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
收入与去年同期相比减少13%。
水泥业务的收入减少主要是卸货成本高，折旧和库存差异的调整。
建筑材料与贸易业务的收入增加主要是为了追赶被延迟和缓慢的工程进度，但管理成本也提升了。
房产发展业务的收入减少主要是土地出让金的分期付款所致。
该集团认为水泥的2019年销售量可达到158万吨，但也认为炼砖的进口成本会提升。
该集团认为建筑材料与贸易的2019年表现将会强劲主要是泛婆罗洲公路项目所需的碎石和预混料的需求量将达到高峰。
州政府在未来两年内预计会支出90亿令吉来发展基础设施，这将为该公司带来巨大的收益。
该集团认为建筑及道路维修的订单将会增加。
该集团预计房产发展将会在Bandar Samariang推出大约500套单层排屋。
Reference Price:
26.02.2019
Price: RM 3.04
Rolling EPS: RM 0.2479
PE: 12.26
NTA: RM 2.38
Price/NTA: 1.28
PE*Price/NTA: 15.66
Undervalued: RM 2.73
Fair Value: RM 3.64
Overvalued: RM 5.46
Disclaimer:
The information contained in this research is based on data obtained from sources believed to be reliable. However, the data and/or sources have not been independently verified and as such, no representation, express or implied, is made as to the accuracy, adequacy, completeness or reliability of the info or opinions in the research.
Accordingly, neither 以牛攻熊 nor any of its related companies and associates nor person connected to it accept any liability whatsoever for any direct, indirect or consequential losses (including loss of profits) or damages that may arise from the use or reliance on the info or opinions in this publication. Any information, opinions or recommendations contained herein are subject to change at any time without prior notice. 以牛攻熊 has no obligation to update its opinion or the information in this research.
Investors are advised to make their own independent evaluation of the info contained in this research and seek independent financial, legal or other advice regarding the appropriateness of investing in any securities or the investment strategies discussed or recommended in this research. Nothing in this research constitutes investment, legal, accounting or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise represent a personal recommendation to you.
This research is being supplied to you on a strictly confidential basis solely for your information and is made strictly on the basis that it will remain confidential. All materials presented in this research, unless specifically indicated otherwise, is under copyright to 以牛攻熊. This research and its contents may not be reproduced, stored in a retrieval system, redistributed, transmitted or passed on, directly or indirectly, to any person or published in whole or in part, or altered in any way, for any purpose.
This research may provide the addresses of, or contain hyperlinks to, websites. 以牛攻熊 takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to 以牛攻熊 own site material) are provided solely for your convenience. The information and the content of the linked site do not in any way form part of this research. Accessing such website or following such link through the research or 以牛攻熊 site shall be at your own risk.
Comments
Post a Comment