【KIANJOO 3522 交流专区】建裕珍厂

icy97

价格谈不拢　建裕珍私有化破局

财经  2016年04月15日
（吉隆坡15日讯）一波多折的Aspire Insight私人有限公司私有化建裕珍厂（KIANJOO，3522，主板工业股）的献议，经过2年又5个月之后，今天正式告吹。

文告仅简短的表示，该公司和Aspire Insight私人有限公司双方同意终止协议。买卖双方也同意不会追究责任，但没有透露原因。

隨后，基於大马交易所提出询问，该公司在傍晚再次发文告解释说，由於公司过去两个財政年业绩表现亮眼，因此，要求Aspire提高出价，但是双方未能对价格达成共识。

此外，该公司也用了超过1年的时间，解决与前董事之间的官司，公司目前的估值与2年前签署业务脱售协议时，已经不可同日而语。

建裕珍厂也强调，终止有关协议，將不会对公司的每股盈利及净资產值带来任何的影响。

建裕珍厂由施氏家族创办，由於家族成员失和，冠旺集团在2009年透过拍卖程序买下建裕珍厂的32.9%股权。

Aspire Insight则是在2013年11月，出价每股3.30令吉或总数15亿令吉，建议私有化建裕珍厂。Aspire Insight的两大股东为徐启良（60%股权）和Equiti Merdu私人有限公司（40%），后者是公积金局（EPF）的独资子公司。而徐启良则是冠旺集团大股东杨仁和共事多年的得力助手。

市场当时普遍认为，这项私有化是由冠旺集团所主导、公积金局辅助的企业动作。杨仁和在2012年代表冠旺集团进入建裕珍厂的董事局，目前担任公司的董事经理。

丰田通商搅局

私有化献议期间，日本丰田通商一度搅局，於2014年3月致函建裕珍厂董事局，表示有意以每股3.74令吉的价格，收购该公司的51%股权。

但董事局拒绝了丰田通商的献议，反而接纳了Aspire Insight较低的收购价格，引起小股东不满。

当时以施朝全为首的施氏家族，在2014年5月以Aspire Insight献购建裕珍厂属关联交易，存有利益冲突为理由，禁止冠旺集团针对此事投票，但最终被高庭和上诉庭驳回。

自Aspire Insight提出私有化献议后，施朝全也在公开市场上不断吸纳建裕珍厂的股票，显然有意捍卫这门家族生意。截至今年3月7日，施氏持有公司8.8%的股权。

虽然如此，分析员当时建议小股东接受献议，加上施氏在建裕珍厂势单力薄，市场普遍认为Aspire Insight私有化建裕珍厂的成功率较高。

建裕珍厂在今年3月28日发出股东大会（AGM）通知时，並没有如预期般一併召开股东特大（EGM），寻求通过这项私有化活动，相信当时已面对瓶颈。

截至去年12月31日，建裕珍厂的每股净资產（NAPS）为2.92令吉，对比Aspire Insight每股3.30令吉的私有化价格，折价13.0%。【东方网财经】

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	KIAN JOO CAN FACTORY BERHAD ("KIAN JOO" OR "THE COMPANY")(I) PROPOSED DISPOSAL; AND(II) PROPOSED PROCEEDS DISTRIBUTION.(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
(Unless otherwise stated, all abbreviations used herein shall have the same meanings as those mentioned in our announcement dated 24 March 2014 in relation to the Proposals) We refer to the announcements dated 24 March 2014, 28 August 2014, 18 March 2015, 21 September 2015, 5 October 2015 and 23 March 2016 made by MIDF Investment on behalf of Kian Joo in relation to the Proposals. On behalf of the Board of Directors of Kian Joo, MIDF Investment wishes to announce that Kian Joo and Aspire have mutually agreed to terminate the BSA and its ancillary agreements. The BSA, ASA and PSA will cease to have any effect and will become null and void and neither party shall have any claim whatsoever against the other.

icy97

Type	Reply to Query
Reply to Bursa Malaysia's Query Letter - Reference ID	IQL-15042016-00001
Subject	(I) PROPOSED DISPOSAL; AND(II) PROPOSED PROCEEDS DISTRIBUTION.(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
Description	KIAN JOO CAN FACTORY BERHAD ("KIAN JOO" OR "THE COMPANY")(I) PROPOSED DISPOSAL; AND(II) PROPOSED PROCEEDS DISTRIBUTION.(COLLECTIVELY REFERRED TO AS THE "PROPOSALS")
Query Letter Contents	We refer to your Company’s announcement dated 15 April 2016, in respect of the aforesaid matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release:- 1) Given that it has been almost 24 months since the BSA, ASA and PSA (“Agreements”) were entered into on 24 April 2014, please provide the rationale for the termination of Agreements, including but not limited to, the status on the fulfilment of the conditions precedent to the Agreements; and 2) Financial impact in terms of the effect on earnings per share and net asset per share (if any) to Kian Joo Group  pursuant to the termination of Agreements
(Unless otherwise stated, all abbreviations used herein shall have the same meanings as those mentioned in our announcement dated 24 March 2014 in relation to the Proposals) Reference is made to the query raised on 15 April 2016 by Bursa Malaysia Securities Berhad (“Bursa Securities”) in respect of the announcement dated 15 April 2016 made by MIDF Investment on behalf of the Company in relation to the Proposals. MIDF Investment, on behalf of the Company, wishes to announce that: (1) the Company has engaged with Aspire for a better price for the Proposed Disposal in view of the improved performance of Kian Joo Group over the past two financial years. However, the Company and Aspire could not come to a conclusion in respect of the price. The conditions precedent in the BSA were not completely fulfilled as it took the Company more than a year to resolve the legal suit taken by a former Director in relation to the BSA and by then, the valuation of the Company is different from that of March 2014; and (2) the termination of the BSA and its ancillary agreements will have no impact of the earnings per share and the net asset per share of Kian Joo Group.

icy97

現金流強勁‧建裕目標價上調

2016-04-18 17:04      
（吉隆坡18日訊）Aspire Insight公司收購建裕珍廠（KIANJOO，3522，主板工業產品組）資產的計劃終於告吹，建裕珍廠坦言，曾要求提高原為每股3令吉30仙的收購價，雙方卻無法達成共識。

同時，前董事提出的法律訴訟耗時超過一年，以致該公司估值與提出收購時大不相同。

據原定計劃，建裕珍廠建議在脫售資產後，回退至少每股3令吉30仙給股東。

分析
大眾研究指出，該行從未對此交易感到振奮，因為獻購價低估了該公司。

“隨著交易告吹及我們繼續看好該集團創造強勁現金流的能力，我們將建裕珍廠目標價上調至3令吉52仙，這是根據2017財年每股盈利29.3仙和12本益比估值。評級也上修至超越大市。”

不排除有其他潛在獻議

該行不排除該公司會有其他潛在獻議，但相信出價會在更高水平，交易才有成功機會。一旦建裕珍廠股價因這項消息而顯著疲軟，則建議累積該股。

該股在上週五停牌一小時，復牌後交投平平，顯示投資者相信該公司具長期價值。

大眾研究指出，建裕珍廠母公司冠旺（CANONE，5105，主板工業產品組）將急於從該公司取得強勁盈利，以獲取更多股息收入來償還收購該公司所帶來的貸款開銷。有報道指冠旺將脫售乳品生產業務部份股權，該行承認這可能令局勢改變。

據《星報》報道，退休基金局（KWAP）將以2億8千萬令吉收購冠旺旗下F&B Nutrition公司的30%股權，該局證實已獲董事部批准，收購正處最後階段。（星洲日報／財經）


建裕珍厂 或有新收购献议
财经 股市 行家论股  2016-04-19 11:36
http://www.nanyang.com/node/757741?tid=462

icy97

私有化价格谈不拢　建裕珍厂未释疑

财经  2016年04月20日 | 记者：赖尧章
（八打灵20日讯）虽然Aspire Insight私人有限公司私有化建裕珍厂（KIANJOO，3522，主板工业股）经过2年多的拉锯战后，最终以告吹收场，但小股东得许多疑问仍未获得董事局解答。

建裕珍厂今天召开年度股东大会，吸引不少记者到场採访，事关建裕珍厂刚於本月15日宣佈，Aspire Insight取消私有化建裕珍厂，董事局接下来的盘算及公司今后的发展成为市场焦点。

施朝全动向受关注

值得一提的是，建裕珍厂联合创办人施朝全亦有赴会。在Aspire Insight「退场」之后，目前持有建裕8.78%股权的施朝全，其动向同样备受关注。

一名小股东在散会后对《东方財经》表示，Aspire Insight私有化建裕珍厂之所以拉倒，原因是建裕董事局要求Aspire Insight提高收购价，惟被后者拒绝。因此，小股东对此相当关注，並向董事局提问。

该小股东说，「我们理解董事局要求Aspire Insight提高收购价，毕竟建裕的估值已今非昔比，但董局拒绝透露本身的出价，理由是公司已和献购方签署了一项保密协议。」

另外，有小股东提问，为何建裕珍厂不重估资產来「拉抬」本身的估值，惟董事局回应称，这可能加速资產折旧。至於建裕珍厂是否会考虑其他收购建议，董事局表示，若获得任何一方提出收购建议，必定会通过大马交易所对外宣佈。

据了解，由於董事局不愿分享太多的的讯息，部份股东认为，董事局应该更加透明化。

无论如何，建裕珍厂大股东兼董事经理杨仁和在股东大会结束后，一如既往地拒绝接受记者的採访，只委派首席財务员黄德发回应记者的提问。

黄德发对记者表示，建裕珍厂今年將在缅甸建厂，拓展其铝罐包装业务。新工厂预计在今年內完工，从以往投资越南营运的经验来看，缅甸业务相信要4至5年才会赚钱。

Aspire Insight是在2013年11月建议，以总值14亿6575万令吉或每股3.30令吉，收购建裕珍厂的所有资產与负债，完成收购后会把现金退还给股东，以达到私有公司的目的。

Aspire Insight是由建裕珍厂首席营运员徐启良及公积金局组成的联营公司，被看做是公司2大股东联手私有化建裕珍厂。【东方网财经】

icy97

建裕珍厂首季少赚58%

财经新闻 财经  2016-05-19 08:49
（吉隆坡18日讯）建裕珍廠（KIANJOO，3522，主板工业产品股）截至3月底首季，净利按年挫58.08%，从2830萬8000令吉，走低至1186萬8000令吉或每股净利2.67仙。

首季营业额涨24%

首季营业额则按年涨23.74%，报4亿2807萬1000令吉，超越去年同季的3亿4593萬令吉。

建裕珍廠在文告中指出，当季净利陷入下滑，归咎於令吉兑美元走强，拖累公司蒙受2520萬令吉的汇兑损失，並导致营运开销走高。

另一方面，由於罐头、纸箱與合约包装业务的营业额都在首季攀升，且贸易业务也捎来7720萬令吉的贡献，因此提振整體营业额。【南洋网财经】

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	428,071	345,930	428,071	345,930
2	Profit/(loss) before tax	18,924	36,033	18,924	36,033
3	Profit/(loss) for the period	12,488	29,447	12,488	29,447
4	Profit/(loss) attributable to ordinary equity holders of the parent	11,868	28,308	11,868	28,308
5	Basic earnings/(loss) per share (Subunit)	2.67	6.37	2.67	6.37
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 ($$)	2.9100		2.9200

icy97

Type	Announcement
Subject	OTHERS
Description	INCORPORATION OF A NEW INDIRECT WHOLLY-OWNED SUBSIDIARY IN SINGAPORE
The Board of Directors of Kian Joo Can Factory Berhad ("Kian Joo") wishes to announce that its wholly-owned subsidiary, KJ Can (Singapore) Pte Ltd has on 20 July 2016 incorporated a wholly-owned subsidiary in Singapore known as KJ TOGO PTE LTD. ("KJ TOGO") with an issued and paid-up share capital of USD1.00 comprising one (1) ordinary share. The principal activity of KJ TOGO is investment holding. The incorporation of KJ TOGO does not have any material effect on the issued and paid-up share capital of Kian Joo nor the shareholdings of the substantial shareholders of Kian Joo. It is also not expected to have any material effect on the net assets and earnings per share of Kian Joo as well as its gearing for the financial year ending 31 December 2016. None of the Directors nor major shareholders of Kian Joo and/or persons connected with them have any interest, direct or indirect, in the above incorporation. This announcement is dated 20 July 2016.

icy97

需求上扬加上外汇收益 建裕珍厂2季度表现可观

经济新闻
29/08/201619:09
（吉隆坡29日讯）建裕珍厂有限公司（KIANJOO，3522，工业产品组）宣布，在截至今年6月30日止第2财季的毛利，由去年同季的4243万令吉，增至4446万令吉。

该公司向大马交易所报备时表示，收入也由3亿9180万令吉，增至4亿3887万令吉。

收入增长，主要归功于罐装业务，受惠于顾客需求上扬以及铝罐生产能力提升。相比于去年同季的2亿8410万令吉，该业务在今年第2财季取得大幅增长，录得3亿130万令吉的总营业收入。

与此同时，该公司表示，虽然税前利润基于外汇兑换收益而取得增长，不过，高额营业及金融成本还是抵消了部分效益。

另一方面，相比于去年同季的1亿50万令吉，旗下纸箱业务在第2财季报得1亿231万令吉的收入。不过，毛利方面，则由之前的470万令吉下跌至110万令吉。

纸箱业务收入增长，归功于越南纸厂的高额贡献，主要是基于越南盾兑换令吉贬值，以及顾客需求扬升。至于利润下跌则是受累于外汇亏损，还有高额营业及金融成本。

在合约包装业务方面，截至第2财季为止，收入由去年同季的2110万令吉，下挫至2050万令吉，受累于奶粉包装需求缩减。

另外，自2015年第3财季开始运作的贸易业务，则录得1亿2280万令吉的收入，以及360万令吉的税前利润。

竞争不断面对挑战

展望未来，外汇兑换率的波动将为集团带来挑战，这是基于海外业务及材料成本皆以美元计价。同时，自今年7月1起上调的最低薪金制，已经提升了公司的营业成本。

此外，国内以及越南市场包装供应商之间依然竞争不断，因此唯有通过持续检讨价格结构，该集团才有可能保持其市占率。

即便如此，尽管面对严峻挑战，该集团将持续评估其市场地位、开拓全新市场潜能，同时也强化营运效率，以确保公司能够在今年继续保持弹性与盈利能力。【光华日报财经】

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	438,875	391,801	866,946	737,731
2	Profit/(loss) before tax	44,463	42,433	63,387	78,466
3	Profit/(loss) for the period	39,833	37,107	52,321	66,554
4	Profit/(loss) attributable to ordinary equity holders of the parent	39,494	35,279	51,362	63,587
5	Basic earnings/(loss) per share (Subunit)	8.89	7.95	11.56	14.32
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 ($$)	2.9800		2.9200

Remarks :

The Board of Directors of Kian Joo Can Factory Berhad does not recommend the payment of any dividend for the financial period under review.

icy97

业绩符预期．建裕珍厂财测保持

（吉隆坡22日讯）建裕珍厂（KIANJOO，3522，主板工业产品组）2016财政年上半年财报符合预测，大众研究相信营业额仍稳定增长，业务基础依旧良好，维持财测不变。

大众研究表示，建裕珍厂2016财政年上半年盈利受首季疲弱业绩拖累，年减19.2%至5140万令吉，但若扣除2070万令吉外汇亏损，以及970万令吉衍生产品盈利，核心净利仍符预期，达到全年财测的47.8%。

“上半年营业额走扬17.5%至8亿6690万令吉，相信纵然成本压力升温，但营业额良好增长，显示基本面前景依旧健康。”

因此，大众研究维持建裕珍厂盈利目标，“超越大市”投资评级和3令吉52仙目标价不变。

股价：2令吉96仙
总股本：4亿4200万股
市值：13亿零832万令吉
30天日均成交量：14万股
最新季度营业额：4亿3887万5000令吉
最新季度盈亏：净利3949万4000令吉
每股净资产：2令吉98仙
本益比：9.91倍
周息率：0.69%
大股东：冠旺有限公司（32.9%）

文章来源：
星洲日报‧财经‧2016.08.23

icy97

建裕珍厂与香港TOGO探讨联营

2016年9月25日
（吉隆坡24日讯）建裕珍厂（KIANJOO，3522，主板工业产品股）与香港TOGO工业私人有限公司（THKIL）今日签署了解备忘录。

这项了解备忘录是由子公司KJ TOGO私人有限公司签署，希望透过THKIL持有的生产准证与科技，制造与分销铝罐和铝瓶予有需求的亚洲国家。

根据文告，THKIL将收购KJ TOGO公司的30%股权，成立联营公司。

这备忘录预计不会对建裕珍厂2016财年的每股净利、每股净资产、负债率、股本和大股东股权带来任何影响。”【e南洋】

Type	Announcement
Subject	MEMORANDUM OF UNDERSTANDING
Description	MEMORANDUM OF UNDERSTANDING BETWEEN KIAN JOO CAN FACTORY BERHAD AND TOGO (HONG KONG) INDUSTRIES LIMITED
1.  INTRODUCTION The Board of Directors of the Kian Joo Can Factory Berhad (“Kian Joo” or “the Company”) is pleased to announce that the Company had on 23 September 2016 entered into a Memorandum of Understanding (“MOU”) with Togo (Hong Kong) Industries Limited (“THKIL”). Kian Joo and THKIL are hereinafter collectively referred to as “Parties”. KJ TOGO Pte. Ltd. (“KJ TOGO”), a company incorporated in Singapore and wholly-owned by Kian Joo, plans to venture into the manufacture and distribution of aluminium cans and bottles. THKIL holds the licence to manufacture aluminium bottles by using advanced technology (“Technology”). 2.  SALIENT TERMS OF THE MOU (a) THKIL is desirous of providing the Technology by investing 30% in the equity of KJ TOGO, which will be the joint venture company (“JVC”) used by the Parties for the manufacture and distribution of different types of aluminium bottles for beverages in some Asian countries using the Technology. (b) The MOU does not create any legal binding obligations between the Parties, nor impose liability on either party to the other. (c) The terms of the agreement reached between the Parties shall be reflected only in a definitive agreement to be executed by the Parties. (d) The Parties are bound by duty of confidentiality with respect to information disclosed during the course of negotiation between the Parties. 3.  FINANCIAL EFFECTS OF THE MOU The MOU is not expected to have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders’ shareholding of the Company for the financial year ending 31 December 2016.  Should the above joint-venture materialized, it is expected to contribute positively to the future earnings of Kian Joo Group. 4.  INTEREST OF MAJOR SHAREHOLDERS AND DIRECTORS None of the Directors and/or major shareholders of the Company and/or persons connected to them have any interest, direct or indirect, in the MOU. 5.  STATEMENT BY DIRECTORS The Board of Directors of the Company, having considered the terms of the MOU, is of the opinion that the signing of the MOU is in the best interest of the Company. This announcement is dated 23 September 2016.

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Type	Announcement
Subject	OTHERS
Description	INCORPORATION OF A NEW INDIRECT WHOLLY-OWNED SUBSIDIARY IN MALAYSIA
The Board of Directors of Kian Joo Can Factory Berhad (“the Company” or “KJCFB”) wishes to announce that its wholly-owned subsidiary, KJ TOGO PTE LTD had on 11 November 2016 incorporated a wholly-owned subsidiary known as KJ TOGO (MALAYSIA) SDN. BHD. (“KJTGM”) in Malaysia under the Companies Act, 1965. The Certificate of Incorporation of KJTGM dated 11 November 2016 issued by the Companies Commission of Malaysia was received on 14 November 2016. KJTGM has an authorised share capital of RM400,000.00 comprising 400,000 ordinary shares of RM1.00 each, out of which RM2.00 comprising 2 ordinary shares of RM1.00 each have been issued and fully paid-up. The principal activities of KJTGM are the manufacture and distribution of aluminium cans and bottles. The incorporation of KJTGM by the Company does not have any material effect on the issued and paid-up share capital of the Company nor the shareholdings of the substantial shareholders of the Company. It is also not expected to have any material effect on the net assets and earnings per share of the Company as well as its gearing for the financial year ending 31 December 2016. None of the Directors nor major shareholders of the Company and/or persons connected with them have any interest, direct or indirect, in the incorporation of KJTGM. This announcement is dated 14 November 2016.

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罐头业务营收增
建裕珍厂Q3多赚15%

2016年11月19日
（吉隆坡18日讯）建裕珍厂（KIANJOO，3522，主板工业产品股）截至9月杪第三季净利，按年上扬14.90%至5084万1000令吉，高于上财年同期的4424万8000令吉。

同期营业额按年涨4.37%，至4亿2145万7000令吉，高于上财年同期的4亿382万6000令吉。

根据文告，罐头业务营业额增加归功于客户需求走高，以及铝罐的产量增加。

罐头业务的税前盈利，也与营业额同步增长，从上财年同期的4590万令吉，上涨570万令吉至5160万令吉。

纸箱业务方面，由于客户需求增加，让越南厂的贡献增加，使营业额上扬至1亿2370万令吉，但税前盈利则从上财年同期的330万令吉，跌至70万令吉。

纸箱业务的税前盈利减少，主要是因为纸张成本、营运成本、融资成本走高，以及外汇亏损。

3季净利跌5%

累计首9个月，净利下跌5.22%，至1亿220万3000令吉；同期营业额则涨12.86%，达12亿8840万3000令吉。

首9个月录得较低的税前盈利，归咎于外汇亏损，以及今财年首6个月较高的营运和融资成本。

董事部表示，基于海外业务及材料成本以美元计算，外汇波动对公司来说是个挑战。从7月1日开始实施的最低薪金制，也增加营运成本。

不过，公司会不断探讨市场地位、开拓新潜能市场，以及改善营运效率，以在今年接下来的时间，维持净利。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2016

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

1	Revenue	421,457	403,826	1,288,403	1,141,557
2	Profit/(loss) before tax	56,208	55,711	119,595	134,177
3	Profit/(loss) for the period	52,332	45,523	104,653	112,077
4	Profit/(loss) attributable to ordinary equity holders of the parent	50,841	44,248	102,203	107,835
5	Basic earnings/(loss) per share (Subunit)	11.45	9.96	23.01	24.28
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 ($$)	3.1200		2.9200

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业绩达标．建裕珍厂长期看俏

（吉隆坡17日讯）甫宣布最新第三季业绩的建裕珍厂（KIANJOO,3522,主板工业产品组），净利表现符合市场预测，市场看好其长期展望。

分析员指出，雇员公积金局最近脱售建裕珍厂一些股票，使其股价持续走低，预料中短期内落入巩固筑底的格局。

由于该公司拥有强劲营造现金流的能力，长期展望仍受看俏。大众研究给予的目标价为3令吉52仙，或等于2017年预测本益比12倍水平，并给予超越大市评级。不过大众研究基于难以接触到该公司管理层，决定停止研究该公司。



文章来源：
星洲日报／财经‧2016.11.18

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SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2016

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

1	Revenue	429,311	460,336	1,717,714	1,601,893
2	Profit/(loss) before tax	36,205	28,474	155,800	162,651
3	Profit/(loss) for the period	23,251	23,963	127,904	136,040
4	Profit/(loss) attributable to ordinary equity holders of the parent	26,408	23,479	128,611	131,314
5	Basic earnings/(loss) per share (Subunit)	5.95	5.29	28.96	29.56
6	Proposed/Declared dividend per share (Subunit)	4.00	2.00	4.00	2.00
		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 ($$)	3.2000		2.9200

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Type	Announcement
Subject	OTHERS
Description	Proposed first and final single-tier dividend of 4.0 sen per share in respect of the financial year ended 31 December 2016.
The Board of Directors of Kian Joo Can Factory Berhad ("the Company") is pleased to recommend a first and final single-tier dividend of 4.0 sen per share on 444,167,786 ordinary shares in respect of the financial year ended 31 December 2016. The aforesaid first and final single-tier dividend of 4.0 sen per share is subject to shareholders' approval at the forthcoming Annual General Meeting of the Company. This announcement is dated 23 February 2017.

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KIAN JOO CAN FACTORY BERHAD

EX-date	16 Jun 2017
Entitlement date	20 Jun 2017
Entitlement time	04:00 PM
Entitlement subject	First and Final Dividend
Entitlement description	First and Final Single-Tier Dividend of 4.0 sen per share
Period of interest payment	to
Financial Year End	31 Dec 2016
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	BOARDROOM CORPORATE SERVICES (KL) SDN BHDLot 6.05, Level 6, KPMG Tower8, First Avenue, Bandar Utama47800 Petaling JayaSelangor Darul EhsanMalaysiaTel:03-7720 1188Fax:03-7720 1111
Payment date	30 Jun 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	20 Jun 2017
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.04
Par Value	Malaysian Ringgit (MYR) 0.000

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建裕珍厂专注缅甸市场

2017年4月27日
（吉隆坡26日讯）建裕珍厂（KIANJOO，3522，主板工业产品股）指出，在入驻其他市场前，将持续着重发展缅甸市场。

据《The Edge》报道，财务总监拿督黄德发指，该公司在缅甸正设立位于Thilawa经济特区的两座厂房，其中一座是建裕珍厂生产铝罐的厂房，另一间则是子公司大马纸盒厂（BOXPAK，6297，主板工业股）的瓦楞纸箱制造厂。

黄德发昨日在股东大会上指：“上述两座厂房总投资额约2350万美元（约1亿270万令吉），预料需再投入3亿5000万令吉购买生产线设备。”

“我们的首要国外市场是缅甸，且需要非常专注，因为我们财力有限。”

放眼双位数增长

建裕珍厂目前在大马拥有18座厂房，在越南有3座。该公司在印尼也持有总面积20亩的地皮，不过目前没有任何发展计划。

展望2017财年，黄德发预计会有双位数增长，归功于罐头业务产能增加，以及出口活动提升。

“营运现况越来越艰难，但我们正努力达到双位数增长的目标。”【e南洋】

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建裕珍厂首季净利飙55%

2017年5月23日
（吉隆坡22日讯）建裕珍厂（KIANJOO，3522，主板工业产品股）截至3月31日首季，净利激增55.4%至1844万令吉；营业额涨0.8%，报4亿3164万2000令吉。

建裕珍厂向交易所报备，旗下业务表现好坏参半，其中，罐头和贸易业务的税前盈利走高，不过，纸箱业务则蒙受520万令吉的税前亏损。

纸箱业蒙亏

至于合约包装业务，税前盈利则滑落至40万令吉，归咎于营运和融资成本高涨。

该公司解释，纸箱业务当季蒙亏，是因为原料、营运和融资成本走高。不过营业额则扩大，因越南厂房的贡献增加，归功于越南盾兑令吉升值。

外汇波动挑战

建裕珍厂表示，外汇波动是公司的挑战，因涉及海外业务，且原料成本也以美元计价。此外，最低薪金制也加重了营运成本。

大马及越南的包装领域竞争依旧激烈，为了捍卫市占率，公司必须持续检视价格结构。

虽然挑战重重，但建裕珍厂相信，通过持续检视市场地位、探索新市场及提升营运效率，可让公司在今年保持韧性和获利能力。【e南洋】

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	431,642	428,071	431,642	428,071
2	Profit/(loss) before tax	20,892	18,924	20,892	18,924
3	Profit/(loss) for the period	15,817	12,488	15,817	12,488
4	Profit/(loss) attributable to ordinary equity holders of the parent	18,440	11,868	18,440	11,868
5	Basic earnings/(loss) per share (Subunit)	4.15	2.67	4.15	2.67
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 ($$)	3.2300		3.2000

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SUMMARY OF KEY FINANCIAL INFORMATION 30 Jun 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Jun 2017	30 Jun 2016	30 Jun 2017	30 Jun 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	440,897	438,875	872,539	866,946
2	Profit/(loss) before tax	18,941	44,463	39,834	63,387
3	Profit/(loss) for the period	13,181	39,833	28,999	52,321
4	Profit/(loss) attributable to ordinary equity holders of the parent	15,128	39,494	33,568	51,362
5	Basic earnings/(loss) per share (Subunit)	3.41	8.89	7.56	11.56
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 ($$)	3.2100		3.2000

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SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2017	30 Sep 2016	30 Sep 2017	30 Sep 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	471,933	421,457	1,344,472	1,288,403
2	Profit/(loss) before tax	13,837	56,208	53,671	119,595
3	Profit/(loss) for the period	7,543	52,332	36,542	104,653
4	Profit/(loss) attributable to ordinary equity holders of the parent	9,494	50,841	43,062	102,203
5	Basic earnings/(loss) per share (Subunit)	2.14	11.45	9.69	23.01
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 ($$)	3.2200		3.2000

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马币回弹‧建裕珍厂财测调高

（吉隆坡25日讯）建裕珍厂（KIANJOO,3522,主板工业产品组）前期受马币走疲和原料上涨所累，如今马币回弹，大马投行把兑美元从4.15调至3.95，调高建裕2018与2019财政年财测7%与16%。

马币升1%盈利强化3%该行说，建裕20%营收与35%总成本以美元计，基于原料皆以美元进口，是马币走强净受惠者。根据该行敏感分析，马币每走强1%，将使建裕盈利强化3%。

基于建裕去年受原料价与美元走强所累，业务大受冲击。今年尽管原料价仍高，马币走强可免盈利受侵蚀。

周四受布兰特原油一度涨0.65%至每桶70.99美元，驱动马币走强至3.8950高位。

建裕的锡片占锡制罐头容器的65%至70%，目前进口大约30%的钖片，其余来自本地供应。

大马投行表示，锡卷板占锡制罐头容器70%至80%的直接成本，基于这类原料国内没有生产，只好全面进口。

至于纸筒则用于生产纸盒原料，80%进口，余者国内供应。

大马投行认为，进军缅甸需长达3至5年孕育期，大部份产能未使用，和高咨询费使未来数年盈利阴霾笼罩。

大马投行相信建裕长远前景亮丽，预期缅甸投资2020财政年起有贡献，年轻人口与制造成本低是利好。

该行认为目前股价全面反映，也把近期挑战计算在内，“持有”评级不变。目标价从3令吉调高至3令吉25仙，本益比11倍，相比更大同侪14倍。

文章来源：
星洲日报／财经·文：张启华·2018.01.26