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Stock With Momentum: Thong Guan
by Cals Mon 23 Nov 2015, 22:15
Stock With Momentum: Thong Guan
By Asia Analytica / The Edge Financial Daily | November 23, 2015 : 10:53 AM MYTThis article first appeared in The Edge Financial Daily, on November 23, 2015.
[size=16]Thong Guan Industries Bhd ([You must be registered and logged in to see this image.] Valuation: 1.40, Fundamental: 2.50) (+ve)
Thong Guan (Fundamental: 2.25/3, Valuation: 1.4/3), one of InsiderAsia’s Top 10 picks for 2015, has risen by 31.6% year-to-date. The stock closed 7.1% higher at RM2.41 last Friday after announcing its 3Q2015 earning results.
For 3Q2015, despite a 5% y-y decline in revenue to RM182.3 million, net profit surged 129% to RM11.3 million, boosted by higher margin export sales which are mainly denominated in USD. The lower revenue was due to lower selling prices, following decline in raw materials prices. Notably, its operation in China managed to turn around during the quarter.
Kedah-based Thong Guan mainly manufactures plastic packaging, including cast pallet stretch film, garbage bags and PVC food wraps. It is a beneficiary of the stronger USD as export accounted for 78.4% of its sales in 2014.
The stock trades at a steep 33% discount to its book value. Dividends distribution has been consistent since 2004. For 2014, dividends totalled 7 sen per share, giving a net yield of 2.9%.
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