【KAWAN 7216 交流专区】佳源食品

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佳源食品母子賣壓重 新廠房投運成催化劑
2016年3月01日
http://www.chinapress.com.my/20160301/佳源食品母子賣壓重-新廠房投運成催化劑/

（吉隆坡1日訊）佳源食品（KAWAN，7216，主要板消費）全年獲利逆市增長，但持續無派息，母股與憑單失落淪陷10大下跌股榜；券商依然看好該股遭低估可增持。

該股甫開市即跌0.11仙，以3.54令吉迎市，跌幅在交易首個小時迅速擴大重挫45仙或12.3%，報3.20令吉；休市收窄至15仙，暫掛3.50令吉，交投43萬9200股。

憑單無法幸免，佳源食品-WA（KAWAN-WA，7216WA，主要板憑單）盤中亦一度重挫25仙至2.40令吉，休市時暫報2.54令吉，跌11仙，與母股一起跌入10大下跌股榜。

閉市時，佳源食品報3.55令吉，跌10仙，交投量68萬2000股；佳源食品-WA則報2.55令吉，跌10仙，交投量15萬1500股。

聯昌證券研究分析報告指出，佳源食品第4季意外遭外匯虧損打擊，儘管2015財年淨利按年增54%至3202萬7000令吉達到市場預期，但僅佔該行預測的89%；無派息亦是意料之事。

擬進軍即食品市場

由于該公司產能已到頂，預計于今年中投運、位于英達島的新廠房將是股價催化劑。

“新廠房產能是現有的3倍，設有的冷凍倉庫亦大于現有5至6倍；同時管理層亦有意進軍即食品市場。”

不過，聯昌證券研究下修佳源食品2016財年每股收益預測值10%，反映新廠房延遲投入運作2至3個月。

整體而言，該行還是維持佳源食品“增持”投資評級，目標價4.48令吉，相等于飲食領域25倍的本益比折價25%。

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Kawan Food Hit by 4Q forex loss
29/2/2016

■ FY15 net profit in line with market expectations but below ours at 89% of our
forecast, mainly due to unexpected 4Q15 RM0.9m forex loss.

■ 2015 revenue growth mainly due to the stronger US$ as production was already
running at full capacity.

■ New plant in Pulau Indah able to triple total production capacity. Management
targets growth in the ready-to-eat (RTE) market.

■ New plant expected to be ready by mid-2016; plant completion was delayed by 2-3
months due to delay by the contractors.

■ Maintain Add and target price.

FY15 net profit up 54% yoy

FY15 revenue was up 11% yoy, driven by stronger export sales, mainly in US$. FY15 net profit growth was up 54.6%, mainly due to greater economies of scale and forex gains. No final DPS was declared, in line with our expectations. Production growth was generally flat – we estimate only 3-4% growth – as its existing factories were already running at full capacity. In fact, we believe the company had to turn down new orders as it could not fulfil the orders. Turning down new orders is a good problem to have.

Flat domestic sales

Domestic sales growth was flat in 2015, which was not a surprise as the GST was implemented from Apr 2015. However, this was disappointing given that domestic sales were not affected during the 2008-2009 global financial crisis.

New factory up middle of the year.The company’s new factory in Pulau Indah, Selangor, will triple its total production capacity. In addition, the freezer warehouse at the new facility would be 5-6x larger than those of its existing warehouses. One of the food segments management is looking to expand into is the ready-to-eat (RTE) market. Its RTE roti canai/chapatti products would be partially cooked at the new factory and the consumer would just need to microwave
or reheat the product on the pan for a short while.

RTE targets new markets

The RTE product targets the airline industry, the cafes/kopitiam and consumers lookingfor convenience meals. Currently, the roti canai/chapatti products produced at its existing factories are mainly frozen. Only at the new factory can Kawan produce more
RTE products. The company is also looking to produce new products at its Pulau Indah factory but management did not indicate to us what they would be.

Add

We cut our FY16 EPS forecast by 10% to reflect the 2-3 months delay in completing the new Pulau Indah factory. We maintain our FY17 EPS forecast and introduce our FY18 numbers. The stock remains an Add and our target price is unchanged at 20x 2017 P/E,
a 25% discount to our F&B sector P/E of 25x. Potential catalysts include successful completion of its new factory over the next few months and strong export sales.

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KAWAN FOOD BERHAD

EX-date	06 Apr 2016
Entitlement date	08 Apr 2016
Entitlement time	05:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Interim Single Tier Dividend of 2.5 sen per ordinary shares of RM0.50 each.
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	SYMPHONY SHARE REGISTRARS SDN BHDLevel 6, Symphony HousePusat Dagangan Dana 1Jalan PJU 1A/4647301Petaling JayaTel:0378490777Fax:0378418151
Payment date	22 Apr 2016
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	08 Apr 2016
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	0.0250
Par Value	Malaysian Ringgit (MYR) 0.500

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Notice of Person Ceasing (29C)

KAWAN FOOD BERHAD

Particulars of Substantial Securities Holder

Name	GOSHENITE LIMITED
Address	Templar House, Don Road, St Helier, Jersey, Channel Island, JE1 2TR Jersey.
NRIC/Passport No/Company No.	100094
Nationality/Country of incorporation	Jersey
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each and Warrants
Date of cessation	03 Mar 2016
Name & address of registered holder	Goshenite LimitedTemplar House,Don Road,St Helier,Jersey,Channel Islands JE1 2TRJersey

Currency	Malaysian Ringgit (MYR)
No of securities disposed	54,872,500
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Transferred the shares to the following persons:-1. Mr. Nareshchandra Gordhandas Nagrecha  27, 436,250 Ordinary Shares and 1,060,000 Warrants; and2. Mrs. Veera Nagrecha 27, 436,250 Ordinary Shares and 1,060,000 Warrants.
Nature of interest	Direct Interest
Date of notice	08 Mar 2016

Notice of Interest Sub. S-hldr (29A)

KAWAN FOOD BERHAD

Particulars of Substantial Securities Holder

Name	MRS VEENA NAGRECHA
Address	Oval E39-1, 5, Lorong Kuda, Kuala Lumpur 50450 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	099163474
Nationality/Country of incorporation	United Kingdom
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 eachWarrants
Name & address of registered holder	Mrs. Veena NagrechaOval E39-1,5, Lorong Kuda50450 Kuala Lumpur

Date interest acquired & no of securities acquired
Currency	Malaysian Ringgit (MYR)
Date interest acquired	03 Mar 2016
No of securities	27,436,250
Circumstances by reason of which Securities Holder has interest	Transferred from Goshenite Limited to Mrs. Veena Nagrecha.
Nature of interest	Direct Interest
Price Transacted ($$)
Total no of securities after change
Direct (units)	27,436,250
Direct (%)	12.465
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Date of notice	08 Mar 2016

Name	MR NARESHCHANDRA GORDHANDAS NAGRECHA
Address	Oval E39-1, 5, Lorong Kuda Kuala Lumpur 50450 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	099204441
Nationality/Country of incorporation	United Kingdom
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each and WArrants
Name & address of registered holder	Nareshchandra Gordhandas NagrechaOval E39-15, Lorong Kuda50450 Kuala Lumpur

Date interest acquired & no of securities acquired
Currency	Malaysian Ringgit (MYR)
Date interest acquired	03 Mar 2016
No of securities	27,436,250
Circumstances by reason of which Securities Holder has interest	Transferred from Goshenite Limited to Mr. Nareshchandra Gordhandas Nagrecha
Nature of interest	Direct Interest
Price Transacted ($$)
Total no of securities after change
Direct (units)	27,436,250
Direct (%)	12.465
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Date of notice	08 Mar 2016

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Notice of Person Ceasing (29C)

KAWAN FOOD BERHAD

Particulars of Substantial Securities Holder

Name	MR NARESHCHANDRA GORDHANDAS NAGRECHA
Address	Oval E39-1, 5 Lorong Kuda Kuala Lumpur 50450 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	099204441
Nationality/Country of incorporation	United Kingdom
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each
Date of cessation	04 Mar 2016
Name & address of registered holder	Maybank Securities Nominees (Asing) Sdn Bhd Exempt An For Volaw Trustee Limited (Narvee)Tingkat 5-13, MaybanLife TowerDataran MaybankNo. 1 Jalan Maarof59000 Kuala Lumpur

Currency	Malaysian Ringgit (MYR)
No of securities disposed	27,436,250
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Transferred from Mr Nareshchandra Gordhandas Nagrecha to Maybank Securities Nominees (Asing) Sdn Bhd Exempt An For Volaw Trustee Limited (Narvee)
Nature of interest	Direct Interest
Date of notice	08 Mar 2016

Name	MRS VEENA NAGRECHA
Address	Oval E39-1, 5, Lorong Kuda Kuala Lumpur 50450 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	099163474
Nationality/Country of incorporation	United Kingdom
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 each
Date of cessation	04 Mar 2016
Name & address of registered holder	Maybank Securities Nominees (Asing) Sdn Bhd Exempt An For Volaw Trustee Limited (Narvee)Tingkat 5-13, MaybanLife TowerDataran MaybankNo. 1 Jalan Maarof 59000, Kuala Lumpur

Currency	Malaysian Ringgit (MYR)
No of securities disposed	27,436,250
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	Transferred from Mrs Veena Nagrecha to Maybank Securities Nominees (Asing) Sdn Bhd Exempt An For Volaw Trustee Limited (Narvee)
Nature of interest	Direct Interest
Date of notice	08 Mar 2016

Notice of Interest Sub. S-hldr (29A)

KAWAN FOOD BERHAD

Particulars of Substantial Securities Holder

Name	MAYBANK SECURITIES NOMINEES (ASING) SDN BHD EXEMPT AN FOR VOLAW TRUSTEE LIMITED (NARVEE)
Address	Tingkat 5-13, MaybanLife Tower Dataran Maybank No. 1 Jalan Maarof Kuala Lumpur 59000 Wilayah Persekutuan Malaysia.
NRIC/Passport No/Company No.	15938-H
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM0.50 eachWarrants
Name & address of registered holder	MAYBANK SECURITIES NOMINEES (ASING) SDN BHDEXEMPT AN FOR VOLAW TRUSTEE LIMITED (NARVEE)Tingkat 5-13, MaybanLife TowerDataran MaybankNo. 1 Jalan Maarof 59000, Kuala Lumpur

Date interest acquired & no of securities acquired
Currency	Malaysian Ringgit (MYR)
Date interest acquired	04 Mar 2016
No of securities	54,872,500
Circumstances by reason of which Securities Holder has interest	Transferred from Mr. Nareshchandra Gordhandas Nagrecha 27, 436, 250 Ordinary Shares and from Mrs Veena Nagrecha 27,436,250 Ordinary Shares  to Maybank Securities Nominees (Asing) Sdn Bhd Exempt An For Volaw Trustee Limited (Narvee)
Nature of interest	Direct Interest
Price Transacted ($$)
Total no of securities after change
Direct (units)	54,872,500
Direct (%)	24.93
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Date of notice	09 Mar 2016

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KAWAN FOOD BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Exercise of Warrants
Details of corporate proposal	CONVERSION OF WARRANTS OF SHARES
No. of shares issued under this corporate proposal	5,457,900
Issue price per share ($$)	Malaysian Ringgit (MYR)   0.9300
Par Value ($$)	Malaysian Ringgit (MYR)   0.500
Latest issued and paid up share capital after the above corporate proposal in the following
Units	228,833,569
Currency	Malaysian Ringgit (MYR) 114,416,784.500
Listing Date	05 Apr 2016

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KAWAN FOOD BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Exercise of Warrants
Details of corporate proposal	CONVERSION OF WARRANTS OF SHARES
No. of shares issued under this corporate proposal	5,000,074
Issue price per share ($$)	Malaysian Ringgit (MYR)   0.9300
Par Value ($$)	Malaysian Ringgit (MYR)   0.500
Latest issued and paid up share capital after the above corporate proposal in the following
Units	235,374,143
Currency	Malaysian Ringgit (MYR) 117,687,071.500
Listing Date	19 Apr 2016

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7216                 KAWAN                 KAWAN FOOD BHD

Quarterly rpt on consolidated results for the financial period ended 31/03/2016

Quarter: 1st Quarter Financial Year End: 31/12/2016 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/03/2016 31/03/2015 31/03/2016 31/03/2015 RM '000 RM '000 RM '000 RM '000 1 Revenue 41,506 37,343 41,506 37,343 2 Profit/Loss Before Tax 5,628 7,343 5,628 7,343 3 Profit/Loss After Tax and Minority Interest 4,365 5,554 4,365 5,554 4 Net Profit/Loss For The Period 4,365 5,554 4,365 5,554 5 Basic Earnings/Loss Per Shares (sen) 1.98 3.04 1.98 3.04 6 Dividend Per Share (sen) 0.25 0.00 0.25 0.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 1.0000 1.0300

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Kawan Food 1Q16 results: Hit by forex losses

-At 10% of our full-year forecast, Kawan's 1Q16 ¡ö net profit was below our expectations due to forex losses during the quarter.

- New factory will only be ready by year-end, a delay of 3-4 months.

- Ready-to-eat market is potentially a huge market for Kawan. It also plans to sell
frozen seafood.

-Cut FY16-18F EPS to reflect the delay in construction of new factory.

-Maintain Add; we are long-term positive on potential earnings from new factory.


1Q16 net profit down 22% yoy
Kawan’s 1Q16 revenue rose 1.3% yoy to RM41.5m (US$10m) but net profit fell 22% yoy to RM4.3m (US$1.1m) mainly due to a RM3.3m forex loss vs. a RM1.3m forex gain in 1Q15. Forex loss was mainly due to the stronger Ringgit during the quarter. No interim
DPS was declared, in line with our expectations.

New factory delayed; likely ready by year-end
We were earlier expecting the construction of the new factory to be completed by 3Q16.
We were a bit too optimistic. Due to delays by the main contractor, we now expect theconstruction of the new factory to be completed by year-end, a delay of 3-4 months.

Short-term pain, long-term gain
Although we are disappointed by the delay in the opening of the new factory, we remain bullish about its long-term prospects. The existing factory is already running at full capacity, and the company had to turn down new orders. However, the new factory in Pulau Indah will triple its total production capacity and the freezer warehouse would be 5-6x larger than its existing warehouse.

RTE is potentially a huge market
One of the markets the new factory will focus on is the ready-to-eat (RTE) market. RTE products target markets like the airline industry, cafes/kopitiam and consumers looking for convenience meals. Currently, the roti canai/chapatti products produced at its existing factories are mainly frozen. At the new factory, Kawan will be able to produce RTE products.

To sell frozen seafood
We understand that Kawan is also looking to produce frozen seafood for the domestic market. We believe the company is targeting new products in an untapped market for frozen products. Until we have more financial details on this venture, we have conservatively not assumed any potential earnings in our forecasts.

Cut FY16-17F EPS; maintain Add
We cut our FY16-17F EPS by 19-26% to take into account the construction delays in the new factory. We believe the recent share price correction has already reflected these delays. We maintain our Add call with a lower target price, based on an unchanged 2017 20x P/E (20% discount to the 25x P/E target for the consumer sector). Re-rating catalysts are earlier-than-expected completion of the new factory and strong export sales. Risks to our view include further delays in the construction of the new factory.

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Type	Announcement
Subject	OTHERS
Description	KAWAN FOOD BERHAD ("KFB" OR "COMPANY")EXPIRY AND LAST DATE FOR THE EXERCISE OF KFB'SWARRANT 2011/2016 ("WARRANTS")
The Board of Directors of KFB wishes to announce that pursuant to the terms and conditions of the deed poll dated 12 July 2011 constituting the Warrants, the subscription rights of the Warrant will expire at 5.00 p.m. on Thursday, 28 July 2016 (“Expiry Date”). Warrant holders should note that all outstanding Warrants which are not exercised by 5.00 p.m. on the Expiry Date will lapse and become null and void and cease to be exercisable thereafter. The important relevant dates and times in relation to the expiry of the Warrants are listed in the table below:- IMPORTANT RELEVANT DATES Last date and time for trading of Warrants 2011/2016 : Tuesday, 12 July 2016 at 5.00 p.m. Date and time of suspension of trading of Warrants 2011/2016 : Wednesday, 13 July 2016 at 9.00 a.m. Last date and time for exercise of Warrants 2011/2016 : Thursday, 28 July 2016 at 5.00 p.m. Date and time of expiry of Warrants 2011/2016 : Thursday, 28 July 2016 at 5.00 p.m. Removal of Warrants 2011/2016 from the Official List of Bursa Malaysia Securities Berhad : Friday, 29 July 2016 at 9.00 a.m. The notice to the Warrant Holders in relation to the expiry and last date for exercise of the Warrants will be despatched to all Warrant holders on Tuesday, 28 June 2016 (“Notice”). Please refer to the attached advertisement on the summary of the Notice for further details. This announcement is dated 27 June 2016.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5133741

Attachments Advertistment.pdf

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KAWAN FOOD BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Exercise of Warrants
Details of corporate proposal	CONVERSION OF WARRANTS OF SHARES
No. of shares issued under this corporate proposal	12,318,548
Issue price per share ($$)	Malaysian Ringgit (MYR)   0.9300
Par Value ($$)	Malaysian Ringgit (MYR)   0.500
Latest issued and paid up share capital after the above corporate proposal in the following
Units	253,476,536
Currency	Malaysian Ringgit (MYR) 126,738,268.000
Listing Date	27 Jul 2016

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KAWAN FOOD BERHAD

1. Details of Corporate Proposal
Involve issuance of new type/class of securities ?	No
Types of corporate proposal	Exercise of Warrants
Details of corporate proposal	CONVERSION OF WARRANTS OF SHARES
No. of shares issued under this corporate proposal	13,602,608
Issue price per share ($$)	Malaysian Ringgit (MYR)   0.9300
Par Value ($$)	Malaysian Ringgit (MYR)   0.500
Latest issued and paid up share capital after the above corporate proposal in the following
Units	267,079,144
Currency	Malaysian Ringgit (MYR) 133,539,572.000
Listing Date	03 Aug 2016

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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	55,509	44,289	97,015	81,633
2	Profit/(loss) before tax	12,153	10,094	17,781	17,437
3	Profit/(loss) for the period	9,175	7,267	13,541	12,821
4	Profit/(loss) attributable to ordinary equity holders of the parent	9,175	7,269	13,541	12,824
5	Basic earnings/(loss) per share (Subunit)	4.01	3.60	5.92	6.35
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.25	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 ($$)	1.0400		1.0300

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券商预估佳源食品营业额强劲增长
By Tan Siew Mung / theedgemarkets.com   | August 25, 2016 : 12:47 PM MYT
http://www.theedgemarkets.com/my/article/佳源食品跳涨85-券商预估营业额强劲增长

（吉隆坡25日讯）佳源食品（Kawan Food Bhd）昨日（8月24日）公布不俗的次季业绩后，券商因而调高目标价。

该集团2016财政年次季（截至2016年6月30日）净利按年扬升26.22%至918万令吉，同期净赚727万令吉。

次季营业额也跟着按年走升25.33%至5551万令吉，同期录得4429万令吉。

佳源食品2016财年上半年（截至2016年6月30日）净赚1354万令吉，同期净利为1282万令吉；合共两季营业额累计9702万令吉，同期录得8163万令吉。

联昌国际研究在今日的研究报告中指出，佳源食品的上半年业绩增长受美国业务支撑，以及大马业务的表现企稳，国内业务已从消费税（GST）的影响中复苏。

该券商指出，佳源食品的潜在重估催化因素，包括来自新厂房高于预期的营业额，以及出口市场销售强劲。

值得一提的是，佳源食品位于英达岛（Pulau Indah）的新厂房应该于10月完工，预计在今年杪投产。

新厂房的印度煎饼（roti paratha）生产线是现有生产线规模的3倍，而新冷冻仓库比原有仓库大5至6倍。

此外，新厂房一旦投入运作，集团管理层也放眼进驻即食食品市场。

与此同时，联昌国际研究认为，该集团的现金水平强稳，其截至6月杪的净现金水平增至4200万令吉，去年同期仅为3800万令吉。

佳源食品上半年一共录得来行使凭单的2730万令吉，而这笔资金主要充当资本开销。

联昌国际研究重申该股“增持”评级，但根据2018年的20倍本益比，将目标价从3.50令吉调高至5.56令吉。

（编译：倪嫣鴽）

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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	47,315	43,209	144,330	124,841
2	Profit/(loss) before tax	14,112	14,919	31,893	32,356
3	Profit/(loss) for the period	12,248	12,357	25,788	25,178
4	Profit/(loss) attributable to ordinary equity holders of the parent	12,248	12,261	25,788	25,085
5	Basic earnings/(loss) per share (Subunit)	5.06	6.39	10.65	13.07
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.25	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 ($$)	1.0800		1.0300

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KAWAN FOOD BERHAD

EX-date	15 Dec 2016
Entitlement date	19 Dec 2016
Entitlement time	05:00 PM
Entitlement subject	Special Dividend
Entitlement description	Special Single Tier Dividend of 3.5 sen per ordinary share of RM0.50 each
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	Symphony Share Registrars Sdn. Bhd.Level 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul Ehsan03-78418000
Payment date	28 Dec 2016
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	19 Dec 2016
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	0.035
Par Value	Malaysian Ringgit (MYR) 0.500

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佳源食品扩展至餐车业务
By Supriya Surendran / theedgemarkets.com   | January 26, 2017 : 7:00 PM MYT

（吉隆坡26日讯）销售“Kawan Paratha”和“Kawan Chaptatti”等冷冻食品的佳源食品（Kawan Food），正扩展至餐车业务。

该公司今日向大马交易所报备，将以51令吉向Gan Thiam Chai和Kwan Sok Kay收购从事餐车业务的Dikawani Foods私人有限公司的51%股权。

收购完成后，Dikawani将成为佳源食品的子公司。

此交易被视为关联方，因Gan是佳源食品的主席，而其妻子Kwan是公司的执行董事。前者也是公司最大股东，持有22.6%。

“这项收购将使佳源食品扩展和提高进入餐车业务的效率。”

（编译：陈慧珊）

Type	Announcement
Subject	TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS
Description	KAWAN FOOD BERHAD ("KAWAN" OR "THE COMPANY") - ACQUISITION OF 51% OF THE ISSUED AND PAID-UP SHARE CAPITAL OF DIKAWANI FOODS SDN BHD
Introduction The Board of Directors of Kawan wishes to announce that the Company had on 26 January 2017 acquired 51 ordinary shares of RM1.00 each in the share capital of Dikawani Foods Sdn Bhd (Company No. 1188343-K) (“Dikawani”), representing 51% of the issued and paid-up share capital in Dikawani from Mr Gan Thiam Chai (50 ordinary shares of RM1.00 each) and Madam Kwan Sok Kay (1 ordinary share of RM1.00 each), for a total cash consideration of Ringgit Malaysia Fifty One only (RM51.00) (“Acquisition”). Subsequent to the Acquisition, Dikawani becomes subsidiary of Kawan. Information on Dikawani Dikawani was incorporated on 20 May 2016 in Malaysia under the Companies Act, 1965. The authorised share capital of Dikawani is RM400,000.00 divided into 400,000 ordinary shares of RM1.00 each and the issued and paid-up share capital is RM100.00 divided into 100 ordinary shares of RM1.00 each. The intended pricipal activity of Dikawani is food truck business. Rationale for the Acquisition The Acquisition will enable Kawan to expand and enhance the efficiency of its Group’s activities into food truck business. Directors' and/or Major Shareholders' Interests Mr Gan Thiam Chai and Madam Kwan Sok Kay are the directors of Kawan and, also the directors and shareholders of Dikawani. Mr Gan Thiam Chai is also a major shareholder of Kawan. Madam Kwan Sok Kay is the wife of Mr Gan Thiam Chai. Save as disclosed above, none of the Directors and/or major shareholders of Kawan and/or persons connected with them have any interests, direct or indirect, in the Acquisition. Financial Effects The Acquisition will not have any material effect on the earnings per share, net assets per share, gearing, share capital and substantial shareholders' shareholdings of Kawan for the financial year ending 31 December 2017. This announcement is dated 26 January 2017.

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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	42,563	40,932	186,893	165,773
2	Profit/(loss) before tax	9,646	7,779	41,540	40,135
3	Profit/(loss) for the period	7,193	6,857	32,982	32,035
4	Profit/(loss) attributable to ordinary equity holders of the parent	7,193	6,949	32,981	32,035
5	Basic earnings/(loss) per share (Subunit)	2.89	3.55	13.25	16.38
6	Proposed/Declared dividend per share (Subunit)	0.35	0.00	0.60	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 ($$)	1.0800		1.0300

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新廠無法如期投產 佳源食品全場最傷挫37仙

2017年2月27日
（吉隆坡27日訊）佳源食品（KAWAN，7216，主要板消費）新廠投產期較預期緩慢，加上尚未獲得當局批准免稅地位。

該公司新工廠將近完成，但管理層需在正式投入營運前解決一些問題，僅在下半年初才可啟動商業生廠，因此讓人失望。

財測下修

一旦新工廠投入運作，該公司將顯著專注在備食市場，同時視便利店和航空領域為目標市場。

新廠成立后，佳源食品將推介更多類型冷凍食品，並以出口市場為目標，新工廠的產量是現有產量的三倍。

在過去一至兩年內，該公司的國內營運都在全額運作，慶幸的是可從位于中國的工廠擠出額外產量。

聯昌證券研究在這之前估計該公司從2017財年開始，透過英達島雪州清真樞紐設廠取得免稅地位。不過，佳源食品至今尚未接獲有關當局批准，保守估計需要交付10%稅收。

該行下修佳源食品2017和2018財年每股盈利預測約6%至8%，但維持該股“增持”評級，目標價為5.15令吉。

源自新工廠的高于預期營業額和強勁出口市場銷售，將是該股潛在重估因素。【中国报财经】

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KAWAN FOOD BERHAD

EX-date	16 Mar 2017
Entitlement date	20 Mar 2017
Entitlement time	05:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Interim Single Tier Dividend of 2.5 sen per ordinary share
Period of interest payment	to
Financial Year End	31 Dec 2017
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	Symphony Share Registrars Sdn. Bhd.Level 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1A/4647301 Petaling JayaSelangor Darul Ehsan03-78418000
Payment date	31 Mar 2017
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	20 Mar 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	0.025
Par Value	Malaysian Ringgit (MYR) 0.000