找不到输的理由: KUB:禾稈蓋珍珠

ICT領域的盈利也相当平穩,ICT业务方面，目前公司手握5820万令吉未执行合约，竞标合约总值为2亿令吉，主要来自马电讯（TM，4863，主板贸服组）,公司已成功交付合約价值超越10亿令吉给于马电讯,KUB已为自己装备网络服务供应商（NSP）和网络设备供应商（NFP）的执照,也作好准备获得未来的电讯塔项目，部署从雄心勃勃网络通讯和大马各地的升级服务要求。截止2016財政年9个月,營業額=69.9m,稅前盈利为7.73m.

联号公司(KUB-BE)在乌鲁冷岳也拥有垃圾处理厂特许经營权,，期限长达40年(2044年届滿),及于2014年,KUB-BE也获得一个30年的特许经營权(2044年届滿)为雪兰莪和KL的中央地区处理城市固体垃圾和其它无毒废物.目前联号公司每年大約可页献8-9百万盈利.

农业(棕油)領域:KUB共有7332公顷(ha)棕油园,2656公顷在Johor,4676公顷在Sarawak,Johor种植地已全面成熟,Sarawak则有2/3成熟种植地,公司希望可在大马和印尼收购更多成熟地库，将种植面积提高至1万4000公顷.

自从2010年开始拥有棕油,每年棕油业务都报上很出色的盈利,就算棕油价格在低潮时,很多上市种植公司,业绩都不大理想,但KUB的棕油业务也照样贡献出色的盈利,

这一点不得不佩服,由于目前棕油价格比几个月前高許多,达3080左右,相信棕油业务会更好,以下是公司棕油业务历年的业绩.

營業額稅前盈利

2010年= 37.29m= 16.32m

2011年= 50.46m= 24.90

2012年= 37.19m= 12.68

2013年= 35.20m= 10.49

2014年= 40.66m= 15.59

2015年= 39.13m= 11.85

2016年(9个月)= 30.44m= 11.00m(不包括新厂亏損)

第3季的净利达5.2m或=每股0.93分，9个月净利达15.5m或=每股2.78分，净现金从上季的40.5m或=每股7仙，提升至这季的72.4m或=每股13仙的现金，由于第3季有脱售子公司的亏損4.8m和农业领域資产注销1.4m及新棕油厂亏損6.8m(目前处于测试阶段)所拖累，所以第3季净利只得5.2m，假如不包括这3个共13m的亏損，扣除稅务后，

第3季的净利大約可达14.95m或=每股2.69分，不包括13m的亏損，2016財政年9个月净利已有25.21m或=每股4.53分，也就是說其实第3季的盈利是超棒的。管理层曾表示，有意将税后盈利35%当作派发股息，当然希望他們真正能做到，目前原棕油价格位于3080左右，如果接下來曰子能站在3000，对公司的棕油业务肯定是好事.

相信接下來在沒有脱售子公司和資产注销的亏損,預测2017財政年eps可达8分,以10倍本益比計算,合理价=Rm0.80.

如果接下來新棕油厂只要完成试验阶段并正常运行，棕油业务盈利的貢献预计将会恢复正常,那2017財政年盈利将被调高,預测2017財政年eps可达11分,以10倍本益比計算,合理价=Rm1.10.

由于KUB其它业务贡献不显着,因此,将不详细讨论.

目前KUB市值=239m,拥有7332(ha)已种植地,对比INNO市值=626m,拥有9542(ha)成熟及2108(ha)未成熟种植地,INNO种植地只比KUB多59%,但市值确比KUB多出162%,两家市值差太多,若要選擇,我更偏向KUB,至少它有稳賺的能源和特许经營权业务.

注:KUB是我在2016年5月份推荐給学员的股,我的买入价Rm0.295,虽然目前已有46%的回酬,但我还会守看,因为預测今年的盈利将会是大幅度增长,是一支成长股.如果您想要在股市賺大钱,就要好好作功課,找出市场上还沒有被发现,且未來潛能佳的低估股,这几年,我已推荐了不少还沒有被投資者注意的股票给学员们.(可參考我的舊文章)从他們的分享,已知道这几年回酬丰厚.

（只供參考，若有买卖，盈亏自负）

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Showing 12 comments.

VenFx 谢谢 koko sifu 分享。
John Lu, hope you read this Article .

07/01/2017 18:58

supersaiyan3 看起來是不錯，但是油棕賺得太誇張，要查證一下。

07/01/2017 19:13

supersaiyan3 五千七百多公頃的成熟油棕園是不應該一季只產三千萬產值的油品，就當過去一年來產量比較低，但是這種水平可以賺百分之二、三十淨利是不可信的。OK，假設數據是真的，就是KUB將發展開銷分二十五年注銷的問題了！用這種計算方法來跟其它油棕上市公司比較是不正確的（雖然KUB的算法才是正確的，但大馬的公司可能是要節稅所以當一般開銷注銷了）。

07/01/2017 20:06

John Lu Monday sapu 200 big lots 1st

07/01/2017 21:14

mercury888 Please email me to let me know how become your member. vinnywon@yahoo.com

07/01/2017 21:54

Acon888 Already'rose 46% from your purchase price, what s the point of sharing ? to show that you are good or to push up the price.

07/01/2017 23:12

king36 I agree w you Acon888.

08/01/2017 13:12

speakup buy before Koon buy ;-)

08/01/2017 14:11

chinkeong88 Price still not high if compare to past 10 year.. ok I will start collect from now for 2000 lots!

08/01/2017 17:10

probability KUB has 6 types of operations and associated companies, there are 4 major business: IT (information and communications technology), ENERGY (energy, liquefied petroleum gas/LPG), AGRO (crop production), FOOD (A&W).

Company lost money after the company owned by ex-2 for sale, Ming 顯 improvement in earnings, currently the Zhuan of business is: ENERGY (energy, liquefied petroleum gas/LPG), AGRO (crop production), IT (information and communication technology) and associated companies (KUB-BE40% per cent).

In the energy field: the Automatic pricing Mechanism since 訂 automatic pricing mechanism (APM) after structural, have greatly improved the company's profits, in the energy field are the Zhuan of business, the company said, and market liquefied petroleum gas (LPG) production from 130,000 tons to 15 tons, the company's market share is about 10%.

"The company will enhance efficiency and emprie distributors so that the business grow in a 30% within the next 3 years. "Up till 2016 Public Finance year 9 months, 營 professional 額 =229.4m, profit before tax of 19.5M, believe the next is the largest meat Xian profitable business in the future.

ICT leadership domain of profit also quite flat 穩, ICT business aspects, currently company hand 58.2 million makes JI not implementation contracts, bid contracts total for 200 million makes JI, main from horse telecommunications (TM,4863, Board trade clothing group), company has success delivered collection approximately value beyond 1 billion makes JI to Yu horse telecommunications, KUB has for himself equipment network service suppliers (NSP) and network equipment suppliers (NFP) of license, also for good prepared get future of telecommunications tower project, Deployed from the ambitious upgrade service requirements for network traffic and horse around. 2016 Public Finance year 9 months ended, 營 professional 額 =69.9m, profit before tax of 7.73m.

Joint, company (KUB-BE) in Ulu Rengat also has garbage processing factory chartered by 營 right,, term up 40 years (2044 session full), extends 2014, KUB-BE also get a 30 years of chartered by 營 right (2044 session full) for snow Selangor and KL of central area processing city solid garbage and other nontoxic waste. currently joint, company annual big approximately can page offered 89 million profit.

Agriculture (Palm oil) field: KUB 7332 hectares (HA) of palm oil, 2656 HA Johor,4676 HA in Sarawak,Johor grown fully mature, mature planting 2/3 in Sarawak, the company hopes to purchase more mature Malaysia and Indonesia, increasing the acreage to 14,000 hectares.

Since the beginning of 2010 with Palm oil, palm oil every year is good business profits, even if the palm oil price at low tide, many of the listed plantation companies, performance is not satisfactory, but KUB's palm oil business also contribute to good earnings,

This had to admire, as palm oil prices are now higher than they were a few months ago maybe, 3080, believes palm oil business will be even better, here's palm oil operations over the performance of the company.

2010 = 37.29m= 16.32M
2011 = 50.46m= 24.90
2012 = 37.19m= 12.68
2013 = 35.20m= 10.49
2014 = 40.66m= 15.59
2015 = 39.13m= 11.85
2016 (9 months) = 30.44m= 11.00m (not including the new loss

3rd quarter of net profit up 5.2m or = each unit 0.93 points, 9 months net profit up 15.5M or = each unit 2.78 points, net cash from Shang quarter of 40.5M or = each unit 7 fairy, upgrade to this quarter of 72.4m or = each unit 13 fairy of cash, due to 3rd quarter has off sale subsidiary of lost 損 4.8M and agricultural field information produced cancellation 1.4m and the new Brown oil factory lost 損 6.8M (currently in test stage) by drag, 3rd-quarter net income had to be 5.2m, if you do not include this 3 13m loss 損, after deduction of tax,

3rd quarter profit after tax of approximately 14.95m or = 2.69 cents per share, not including the 13m loss 損 2016 Public Finance year 9 months profit after tax has been 25.21m or = $4.53 per share, which says 3rd quarter profit is great. Management has said with the intention of profit after tax 35% as a dividend, of course, hope that they can really do, raw palm oil prices are now at about 3080 if future days can stand under 3000, the company's palm oil business is certainly a good thing.

Believe that come in under no gains on sale of subsidiaries and information loss 損 written off, plasticity measuring 2017 Public Finance year EPS up 8 points at 10 times earnings ratio calculation, =Rm0.80 reasonable prices.

If new Palm oil mill in the future as long as completed the pilot phase and normal operation of palm oil business profitable meat offer is expected to be back to normal, that 2017 Public Finance year profits will be higher, the plasticity measuring 2017 Public Finance year EPS up 11 points, at 10 times earnings ratio calculation, =Rm1.10 reasonable prices.

09/01/2017 09:26

probability As KUB other business contribution is not significant and, therefore, will not be discussed in detail.

Currently KUB market =239m, has 7332 (HA) has planting to, compared INNO market =626m, has 9542 (HA) mature and the 2108 (HA) not mature planting to, INNO planting to only than KUB more 59%, but market does than KUB more out 162%, two home market poor too more, to choose liquid, I more bias KUB, at least it has stability Zhuan of energy and chartered by 營 right business.

Note: KUB is I in May 2016 recommended to students of unit, I of bid Rm0.295, although currently has has 46% of back paid, but I also will keep see, because plasticity measuring this year of profit will will is significantly growth, is a support growth unit. If you wants to in stock Zhuan money, will good for work lessons, find market Shang also no has was found, and not future 潛 can better of underestimated unit, this years, I has recommended has many also no has was voted information who note of stock to students are. (Refer to my San Francisco articles) from their shared, is aware of this a few years back pay and generous.

09/01/2017 09:26

probability last chance for plantations...dont miss the boat.

11/01/2017 12:15

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