【SUPERMX 7106 交流专区】速伯玛

Mr.Business

假设以RM0.05的价钱买10000股，缩阳100变70后，你有7000股，你不买附加股，你的本钱是每股RM0.07 (你有7000股)。所以如果你是以RM0.05的价钱买现货的话，你没买附加股对你没有损失，事实上你根本不应该买附加股，因为你的本钱反而被拉高了。。。


纯粹计算来讲，如果你是以RM0.0945的价钱买现货，那缩阳100变70后，你的本钱跟附加股的价钱一样，都是每股RM0.135 (RM0.0945 x 100 / 70 = RM0.135)。所以只要是RM0.09或以下买到现货，你就不好去买那RM0.135的附加股。

[ 本帖最后由 Mr.Business 于 30-11-2007 11:01 AM 编辑 ]

Mr.Business

原帖由 mjchua 于 30-11-2007 10:37 AM 发表
RM0.05 比較安全...

我看要再来几个坏消息，制造强大卖压，APLI才会跌到RM0.05，不然有投机客在，很难会到RM0.05。

invest_klse

注意。。。附加股的价钱还没定咧。RM0.135 只是目前的建议/参考价。

若股价跌至 10sen,到时候 right issue的价钱可能会低过 10sen。
不然谁会要买？

没人买，重组失败，就要除牌了。

[ 本帖最后由 invest_klse 于 30-11-2007 11:39 AM 编辑 ]

invest_klse

另一种可能：

现在让股价大跌，然后Supermx趁低慢慢吸购APLI。
待要发 Right Issue 时，再大笔购买、带高股价。
到时附加股价钱就可订在 RM0.135 或高些。。。重组成功。

这样的话，你在低于RM0.945 买，应该可赚一笔。


但，不确定性太多。。。 有点投机。。。

[ 本帖最后由 invest_klse 于 30-11-2007 11:51 AM 编辑 ]

chengyk

invest_klse 好像对手套业情有独中 !!!!

Mr.Business

1. 重组后的APLI的par value是RM0.10,因此附加股的价钱不会少过RM0.10。不过invest_klse兄的看法没错，附加股的价钱是还没确定。

"The final issue price of the Rights Shares will be determined at a price-fixing date after all relevant approvals for the Proposed Rights Issue have been obtained based on market principles and at a level which will be in the best interest of the Company."

2. Supermax的债务太多，所以暂时吃不下APLI，不过我想以Supermax的记录来看，APLI的下场好不到哪里去的。

invest_klse

（以下情节乃虚构，如有雷同，纯属巧合）

2007年11月：
“A公司”宣布它的 FY-2007 audited account 与unaudited account不符。同时，公司列入PN17。 公司股价即时大跌。从50sen 跌到15sen。

2007年12月：
“A”股一路南下，跌破10sen,它的大股东“S公司”看到了暗喜， 悄悄以低价吸购“A”的股票。

2008年2月：
“A”公布业绩,盈利较前期大为改善，股价大幅回升至 20sen，分析员和小股东对它的改组前景感到非常乐观。

2008年3月至4月：
RM0.135 right issue 正式发出，小股东们纷纷认购（因为有discount嘛）。

2008年7月：
“A”宣布，它的Audited盈利其实只有之前公布的一半。（又来同一招？ ）。分析员纷纷唱坏，股东们怀疑有假账，股票顿时大跌。连续几个月徘徊在 5sen至8sen间 。此时，“S”又来捡便宜货了。

2009年3月：
“A”股价值10sen。“S”以白武士姿态出现。宣布以高于市价50%的价格全面献购“A”。方法是：每20股“A”公司股票可换得1股“S”公司股票。每股“S”股票的 issue price 为 RM3。（当时“S”的市价可能只有RM2.50）

2009年4月至6月：
难得有人搭救，已对“A”失望的小股东们毫不犹豫，答应“S”的献购。

2009年7月：“S”已掌握超过90%的“A”股票。启动强制性收购。
2009年9月：收购行动完成。

[ 本帖最后由 invest_klse 于 30-11-2007 02:09 PM 编辑 ]

Mr.Business

APLI回复Bursa的enquiry。

Company Name	:	APL INDUSTRIES BERHAD
Stock Name	:	APLI
Date Announced	:	26/11/2007

Type	:	Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID	:	MN-071123-37789
Subject	:	APL INDUSTRIES BERHAD (“APLI” or the Company”) ARTICLE ENTITLED : “SUPERMAX TO HELP AILING APLI RETURN TO PROFIT”

Contents :

The Company wish to advise on the following: Announcement Details :

APLI had on October 31, 2007 reported a Loss After Taxation of RM21.1million in its Annual Audited Accounts for the financial year ended June 30, 2007 and further explained the various factors involving accounting errors and omissions which contributed to the losses.
Apart from the accounting errors and omissions, theCompany’s overall financial performance was also adversely affected by the situation at its Vietnam plant. Arising from the non-conformance of technical specification of the old boiler, the plant could not becommissioned until proper corrective action was subsequently taken to install new boilers. Therefore, only since July 2007, the plant has been re-commissioned.

In addition, the Company’s plant in Tasek, Ipoh was operating at a loss and its 2 foreign distribution centres (in US and Germany) were not profitable either which partly contributed to the losses during the financial year ended June 30, 2007.

The Company had on November 21, 2007 announced its corporate restructuring plan mainly to achieve the following:

• To uplift PN17 status;
• To clean up the Balance Sheet;
• To raise funds for capital expenditure, reduction of bank borrowings and working capital requirements; and
• To keep all profit-making subsidiaries and liquidate loss-making subsidiaries and non-core assets.

Within the current financial year ending June 30, 2008, the Company expects its plant in Vietnam to run at full production capacity and thus generating healthy sales revenue to boost profitability of its Vietnam operations since the plant was commissioned in July 2007.

Simultaneously, the Management Team will continue with its effort to monitor production efficiencies at all plants locally and in Vietnam. Coupled with the immediate plans to cease operations at its non-profitable plant in Tasek, Ipoh and the 2 foreign distribution centres, the Company is confident in achieving its profit forecast of RM3.63 million for the financial year ending June 30, 2008.

In line with the proposed corporate restructuring plan, the Company has made the following profit forecasts:

	FY June 2008		FY June 2009
Sales Turnover (by plant)Ayer Tawar plant Senawang plant Vietnam plant Tasek plant & Foreign Distribution Centres	RM 102,279,375 50,874,599 27,369,619 7,750,000	% 54% 27% 15% 4%	RM 102,899,250 70,697,234 73,689,517 N/A	% 42% 28% 30% -
Total Sales Revenue	188,273,593		247,286,000
Profit from Operations less: Finance Costs	9,585,393 (4,300,000)		24,866,500 (4,521,000)
Profit Before Tax less: Income Tax Expenses	5,285,393 (1,650,000)		20,345,500 (2,900,000)
Profit After Tax	3,635,393		17,445,500
Potential Impact to the Company’s Profitability If Proposed Corporate Restructuring Plan is Successful	Reduction in bank borrowings by RM 25 million (proceeds from proposed rights issue) will reduce the costs of borrowings.With plans to gradually cease operations at loss-making Tasek, Ipoh plant and the 2 foreign distribution centres,the overall operating costs will be reduced accordingly.		Installation of 15 new production lines for Senawang plant commencing July 2008. All these 15 lines will bec ommissioned by June 2009. Installation of 6 new production lines for Vietnam plant commencing July 2008. All these 6 lines will be commissioned by December 2008.

As announced on November 12, 2007, the Companyreported a Profit After Tax of RM308,000 during the first quarter ended September 30, 2007. The profit was mainly attributed to improved operational efficiency arising from new and upgraded production facilities at its plant in Ayer Tawar as well as the commencement of production activities at its plant in Vietnam.

For the remaining quarters of the financial yearending June 30, 2008, with further improvement overall production efficiency and expectation of higher sales revenue, healthy operating cash flows can be generated to reduce bank borrowings, the Company willbe able to improve its profitability and reduce its gearing level andeventually on track of achieving its profit forecast of RM3.63 millionfor the year.

In the event the Company’s proposed corporate restructuring plan can be implemented by end of the current financial year ending June 30, 2008, the Company may be able to achieve its profitability level exceeding the profit forecast.

[ 本帖最后由 Mr.Business 于 30-11-2007 02:10 PM 编辑 ]

invest_klse

原帖由 Mr.Business 于 30-11-2007 01:58 PM 发表
2. Supermax的债务太多，所以暂时吃不下APLI。。。

不同意。。。

1。吃掉APLI，Supermx不一定要用钱的,发新股就可以了。（Spolymer就是这样被吞掉的）

2。经 right-issue 重组后，APLI的财务状况会改善很多。所以，即使APLI的资产并入Supermx后,不会为 Supermx带来太大的债务负担。

invest_klse

另外，APLI 打算改名为 Maxter。大家都知“Maxter”就是Supermx旗下的手套品牌。

看来，stanley是打算撇掉 APLI 现有的 OEM 客户，让它制造Supermx的手套。

您说 Supermx不吃APLI, 我打死也不信。

[ 本帖最后由 invest_klse 于 30-11-2007 02:37 PM 编辑 ]

Mr.Business

其实我的想法跟你的差不多，我也是认为Supermax的最终目的是吃掉APLI，你在275楼的故事也是极为可能的，只是我认为现在Supermax暂时吃不下APLI。

我想Supermax会在APLI被整顿好了，赚钱了，垃圾都被清除了，才会宣布收购APLI，不过我认为Supermax会光明正大的娶APLI，再来一次帐目不符的可能性不大，因为对Supermax的打击会更大。

我以为Supermax并不希望FY2007 audited account 与unaudited account不符的事情发生，只是KPMG不放水，所以才过不了关，不然事情应该不是这样发展的。

[ 本帖最后由 Mr.Business 于 30-11-2007 03:10 PM 编辑 ]

mjchua

原帖由 Mr.Business 于 30-11-2007 02:46 PM 发表
其实我的想法跟你的差不多，我也是认为Supermax的最终目的是吃掉APLI，你在275楼的故事也是极为可能的，只是我认为现在Supermax暂时吃不下APLI。

我想Supermax会在APLI被整顿好了，赚钱了，垃圾都被清除了， ...

有沒有算過若全部的小股東都沒有 right issue
由 supermx 吃下所有的 right issue, supermx 的股份可以增加到多少 %

Mr.Business

原帖由 8years 于 23-11-2007 10:32 AM 发表
bursa 的email回了没有？？都讲是没有用的啦:lol:

我于04/11/2007电邮Bursa，Bursa于23/11/2007回复我。

Dear Sir,
COMPLAINT AGAINST APL INDUSTRIES BERHAD ("APLI" or "the Company") for not classified the Company as a PN17 Company on 31 October 2006 and took appropriate action to regularise its financial condition one (1) year ago.

We refer to your e-mail dated 4 November 2007 pertaining to the above matter.

Bursa Malaysia Securities Berhad ("Bursa Securities") would like to advise you that a listed issuer would only be classified as an Amended PN17 company if it triggers one or more of the criteria as set out in paragraph 2.1 of Amended Practice Note No.17/2005 ("Amended PN17") of the Listing Requirements ("LR"). Pursuant to paragraph 2.1(a) of Amended PN17, a listed issuer will be classified as Amended PN17 company if its shareholder equity of the listed issuer on a consolidated basis is equal to or less than 25% of the issued and paid-up capital of the listed issuer and such shareholders' equity is less than the minimum issued and paid-up capital as required under paragraph 8.16A(1) of the LR.

Bursa Securities notes that APLI shareholders' equity on a consolidated basis of RM67.041million as stated in its Annual Audited Accounts for the financial year ended 30 June 2006 was less than 25% of the issued and paid-up capital of RM347.612million but its shareholders' equity of RM67.041million is more than the minimum issued and paid-up capital as required of a company listed in the Main Board of Bursa Securities (i.e. RM60 million).

Premised on the above, APLI did not trigger the criteria of paragraph 2.1(a) of Amended PN17 of Bursa Securities LR based on the financial results for the financial year ended 30 June 2006.

Please note that Bursa Securities will not hesitate to take appropriate enforcement action if the listed issuer is found to be in breach of the LR.

Yours faithfully,

Customer Care & Complaint Bureau
Bursa Malaysia Berhad

Bursa是对的。。。

原帖由 Mr.Business 于 9-11-2007 01:54 PM 发表
APLI－我的功课

APLI是因为以下原因成为PN17公司。
"The shareholders’ equity of the listed issuer on a consolidated basisis equal to or less than 25% of the issued and paid-up capital of thelisted issuer and such shareholders’ equity is less than the minimumissued and paid-up capital as required under paragraph 8.16A(1) of theListing Requirements"。

APLI的issued and paid-up capital是RM347612K,25％就是RM86903K，APLI自2006Q3(季度业绩于26/05/2006宣布)开始的Shareholders＇equity就少过RM86903K。因此APLI已经符合成为PN17公司的第一个条件，接下来只要APLI的shareholders’ equity少过RM60million (主板公司的minimum issued and paid-up capital是RM60million)，APLI将无可避免的成为PN17公司，必须重组。

所以我认为假帐的目的就是为了让shareholders’ equity不少过RM60 million, 以避免成为PN17公司。

2007Q2 (Announced on 15/02/2007):
Profit/(Loss) = (RM2542K)
Shareholders＇equity=RM61482K

2007Q3 (Announced on 16/05/2007):
Profit/(Loss) = RM242K
Shareholders＇equity=RM61781K

2007Q4 (Announced on 29/08/2007):
Profit/(Loss) = RM1182K
Shareholders＇equity=RM62296K

我们可以看到在FY2007最后两个季度，APLI神奇的开始转亏为盈，不然的话，APLI只要再亏个RM1.5 million，Shareholders＇equity就少过RM60 million，成为PN17公司。

因为KPMG不买帐，APLI的算盘打不响，假帐爆发，APLI成为PN17公司。因此我认为这重组不会进行得很顺利，Supermax并没有足够的资源来进行重组。重组应该会拖很久。。。

[ 本帖最后由 Mr.Business 于 30-11-2007 03:03 PM 编辑 ]

Mr.Business

Bursa是有做工的。接下来我要电邮Bursa，要Bursa调查APLI的FY2007 audited account 与unaudited account不符合，是不是有假帐的嫌疑。

原帖由 mjchua 于 30-11-2007 02:56 PM 发表
有沒有算過若全部的小股東都沒有 right issue
由 supermx 吃下所有的 right issue, supermx 的股份可以增加到多少 %

Supermax都没讲要吃完所有的附加股。

2.2.6 Irrevocable Undertaking from Shareholders
There will be no minimum subscription for the Proposed Rights Issue. The Company shall procure the undertaking from the major shareholders, namely Supermax Corporation Berhad and Dato’ Seri Thai Kim Sim, to subscribe for their entitlement to the Rights Shares in due course.
Arrangements will be made for the underwriting of the remaining Rights Shares not taken up by the other entitled shareholders.

原帖由 john123 于 29-11-2007 10:47 PM 发表
biggest factor 因为不诚实的management.
warren buffet 说过：诚实的management 是很重要的。

原来不只我认为Supermax的管理层是不老实的。

invest_klse

原帖由 Mr.Business 于 30-11-2007 02:46 PM 发表
我想Supermax会在APLI被整顿好了，赚钱了，垃圾都被清除了，才会宣布收购APLI...

赞成。。。我想大概需时一年半。。。

原帖由 Mr.Business 于 30-11-2007 02:46 PM 发表
...不过我认为Supermax回光明正大的娶APLI ...

我也想，再有“假账”也真的是不太可能。。。 我的故事是说来笑笑而已。。。

不过，在献购APLI的价格上，Supermx可能会做些修饰。（像Spolymer一样）
但献购书是公开、透明的，即使有些tricks在里头，也可算是光明正大了。

shuhjiunho

看这个帖子好像在看戏这样，有剧本的。
猜测剧情会怎么走，永远只是从自己的观点出发。
也因此，老板的把戏，散户永远都看不透。

要知道故事情节，倒不如了解老板的个性，从老板的为人和处事方式下手，更容易简单。
给一个提示，从Topglove还没有上市前，追踪各种手套新闻，你就会恍然大悟了。

invest_klse

原帖由 Mr.Business 于 30-11-2007 03:08 PM 发表
Bursa是有做工的。接下来我要电邮Bursa，要Bursa调查APLI的FY2007 audited account 与unaudited account不符合，是不是有假帐的嫌疑。

调查假帐好像是SC的工作， 不是Bursa。

Mr.Business

原帖由 shuhjiunho 于 30-11-2007 03:20 PM 发表
看这个帖子好像在看戏这样，有剧本的。
猜测剧情会怎么走，永远只是从自己的观点出发。
也因此，老板的把戏，散户永远都看不透。

要知道故事情节，倒不如了解老板的个性，从老板的为人和处事方式下手，更容易简单。
给一个提示，从Topglove还没有上市前，追踪各种手套新闻，你就会恍然大悟了。

我只知道Supermax曾经控告Top Glove侵权，别个我就不清楚了，请Uncle Ho分享故事。

PS: Supermax的老板的性格感觉是比较好胜，较冲动；而Dr. Lim就感觉较冷静和务实。

原帖由 invest_klse 于 30-11-2007 03:23 PM 发表
调查假帐好像是SC的工作， 不是Bursa。

Bursa和SC我都有电邮她们。

[ 本帖最后由 Mr.Business 于 30-11-2007 03:35 PM 编辑 ]

invest_klse

原帖由 Mr.Business 于 30-11-2007 03:32 PM 发表

请Uncle Ho分享故事。

对。。。分享一些资料。。。不要吊人瘾。

原帖由 Mr.Business 于 30-11-2007 03:32 PM 发表
PS: Supermax的老板的性格感觉是比较好胜，较冲动；而Dr. Lim就感觉较冷静和务实。

何以见得？

Mr.Business

这是我读了收集回来的资料的感觉。

Top Glove and Supermax jostle for dominance

Updated : 19-02-2005
Media : The Star
Story By : ERROL OH

FOR those brimming with the spirit of Malaysia Boleh, the idea of two local companies vying for the No.1 position in a global industry must be thrilling. That was why Supermax Corp Bhd made the business headlines when it recently gained control of another Malaysian glovemaker, APL Industries Bhd (APLI).

Supermax claims that the acquisition has made it the largest manufacturer of latex examination gloves in Malaysia and the world (Malaysia being the leading rubber glove exporter). If that was true, Supermax had knocked off Top Glove Corp Bhd from the top spot.

However, Top Glove has something to say about that. It insists that it is still ahead of Supermax and APLI put together, in terms of revenue and production capacity.

For the casual observer here, it may not matter much which company is indeed the industry leader. After all, both the No.1 and the No.2 are Malaysian companies. However, there is another facet to this development. It is the latest chapter in the story of one of corporate Malaysia's fiercest business rivalries.

Jostling for market dominance is common everywhere, but the competition between these two companies is particularly intriguing because they are similar in many ways and yet have striking differences. Both are headed by men with strong personalities and abilities.

In addition, the companies make no attempt to hide the fact that they are locked in a fast-paced, head-to-head contest. Neither is about to blink. At times, the moves of one company appear to be in response to those of the other.

For example, when Supermax announced its acquisition of a 12.9% stake in APLI on Feb 3, Top Glove sent out a statement four days later, complete with figures compiled from the latest quarterly results, to argue that Top Glove ¡§still maintains its position as Malaysia's and the world's largest glove manufacturer¡¨.

(Supermax says it and APLI will have a total capacity of 17.78 billion pieces of gloves when all their new production lines are fully commissioned next year. This is the basis of its assertion that it is the No.1 manufacturer. Top Glove points out that based on current figures, its capacity of 11.7 billion pieces remains the highest by far, and the company has plans for additional operating lines.)

Top Glove executive chairman and chief executive officer Datuk Dr Lim Wee-Chai tells BizWeek that his company was merely setting the record straight.

When asked why it is important to lay claim to the top manufacturer spot, he says, ¡§It's not just about making a claim. For us, performance is the No.1 priority, and that means showing that you have continuous growth. You must have the facts and figures, and the track record to back it up.¡¨

That may be so, but others feel that ownership of the top position in the industry translates into a bigger bottom line.

Says an analyst, ¡§It's a volume game. In this industry, sales figures are crucial because the margins are not that good. Being No.1 translates into having a larger market share and thus, a higher turnover.¡¨

Supermax shifts gear

¡§The race to the market leader position has intensified!¡¨ declares TA Securities in a research report earlier this month. Few industry observers would dispute that.

Some analysts feel that the Top Glove-Supermax rivalry had been overhyped in the past. The argument back then was that they had distinct business models and were going after different market segments. If at all they were in direct competition, it was chiefly a fight for the attention of the investors.

Prior to the APLI acquisition, Supermax was largely an OBM (original brand manufacturing) player. About 70% of its business revolved around producing gloves under its own brands such as Aurelia and Maxter. It was up against multinationals such as Ansell and Kimberly Clark.

On the other hand, Top Glove is very much in the OEM (original equipment manufacturing) segment. In fact, companies like Kimberly Clark outsource their manufacturing function to Top Glove.

With Supermax now able to lean on APLI's capacity and predominantly OEM business (90% of its output), the line separating Supermax and Top Glove is fading.

¡§Now, thing are really starting to heat up. By taking control of APLI, Supermax is signalling that it is ready to invade Top Glove's territory,¡¨ says an analyst who covers all three companies.

Supermax group managing director Stanley Thai took over as APLI CEO last Tuesday. He is expected to drive APLI's expansion programme even faster that as planned by APLI's previous management.

Most analysts who track Supermax are positive about the APLI buy because it will lead to a huge jump in capacity without significantly stretching Supermax's balance sheet. At the end of 2004, Supermax was producing about 7.1 billion pieces of gloves.

Right now, capacity building is a cornerstone of the Malaysian glove manufacturing industry. After going through a consolidation phase several years ago that saw the exit of many weaker players, the industry has been experiencing steady growth.

Global demand for disposable gloves is expected to swell by 8% to 10% over the next three years ¡V some people say it has already exceeded this rate ¡V and manufacturers are scrambling to meet orders.

With APLI in its stable, Supermax instantly gets a larger presence in the OEM market. At the same time, it can continue to focus on pushing its brands forward. APLI has three plants in Malaysia and another in Vietnam. Supermax has six plants, all in Malaysia.

Top Glove's Lim does not view the Supermax-APLI tie-up as a great threat. He explains, ¡§We are more familiar with the OEM business. When you're in the OBM segment, you're competing with the other brands, some of whom are also your OEM customers. And they may not like that.¡¨

Clash of personalities?

Interestingly, Lim says Top Glove was offered a stake in APLI just before the Chinese New Year. ¡§We studied the proposal for two weeks before deciding that it's better for us to invest in new factories and machinery in Malaysia, where we can have better control,¡¨ he adds.

However, Thai of Supermax was quoted as saying the APLI shares had been offered for sale in December and the parties had negotiated discreetly. BizWeek could not reach Thai for comments.

There may well be a perfectly reasonable explanation for this apparent contradiction, but it does underscore the fact that Top Glove and Supermax will again and again come up against each other because of their heft in the Malaysian glove making industry.

And because both companies are very much entrepreneur-driven, some observers believe that there is a personal dimension to the rivalry between Supermax and Top Glove.

Says an analyst, ¡§Both men have done a great job with their companies. They are aggressive and visionary, and have strong marketing skills. Thai is perhaps outspoken, while Lim tends to be more quiet, but both are equally driven. And both started in the industry around the same time.¡¨

Supermax was the first to be listed on the second board. It made its stock exchange debut in August 2000 and Top Glove followed seven months later. However, Top Glove made an earlier move to the main board in May 2002. Supermax's transfer was in October 2003.

The Top Glove-Supermax rivalry extends to the courtroom. The companies' quarterly reports contain several paragraphs detailing litigation between them.

This stems from an action by a Supermax subsidiary against a Top Glove subsidiary in relation to an allegation that the latter passed off gloves manufactured by the former, under a different brand.

People who know both Lim and Thai say they are definitely not bosom buddies. Lim, however, says the competition between the companies is all about business. ¡§It's based on healthy competition. We do our best, and in the long run, that's all that matters. It's not our style to get personal.¡¨

[ 本帖最后由 Mr.Business 于 30-11-2007 03:53 PM 编辑 ]