【HARTA 5168 交流专区】贺特佳

Mr.Business

原帖由 弹煮 于 28-3-2008 07:17 PM 发表
可能公司不等钱用吧。

我个人觉得公司上市的目的就是要从股市筹资。Hartalega单单是大股东卖出股份，上市不就只是让大股东赚钱罢了？如果公司上市是大股东卖出股份和发出新股筹资，我还可以接受。Hartalega还打算投资RM200 million设立新厂，正是需要资金的时候。

原帖由 teckchong188 于 29-3-2008 08:14 PM 发表
有没有那位大大可以拿Hartalega，TopGlove， 和Kossan 来比较一下吗？

例如市场占有率，销量，生产量，生产技术，产品专利权，盈利，债务，名誉，。。。。等等

不用客气，就你来吧。。。


Hartalega上市是件好事，多一个比较。我鼓励大家去研究她的IPO文件，可以更清楚手套业的发展。。。

Hartalega在1988年创立，现在每年可生產32億隻手套；
Top Glove在在1991年创立，现在每年可生產290億隻手套；
很明显的，谁比较强？

不过Hartalega还有她的强处的：
1. Highly automated production lines. Hartalega can produce four times more gloves while retaining the same number of workers.

Hartalega can be considered the world's most efficient rubber glovemaker as it is able to churn out 30,000 pieces of rubber gloves per hour. The industry's performance averages at only 9,000 pieces of rubber gloves per hour. Hartalega's production is three times faster than other rubber glovemakers because of its investment in highly automated factories.

2. Has patented stretchy nitrile gloves. Together with US customer Microflex, Hartalega developed nitrile gloves that are highly elastic.

publicpang

手套。。。套着你。。。

ckwong8086

原帖由 Mr.Business 于 30-3-2008 11:23 AM 发表


我个人觉得公司上市的目的就是要从股市筹资。Hartalega单单是大股东卖出股份，上市不就只是让大股东赚钱罢了？如果公司上市是大股东卖出股份和发出新股筹资，我还可以接受。Hartalega还打算投资RM200 million设立 ...

可是Hartalega的丁晴手套占了其６５％，TOPGLOVE有几％呢？

Mr.Business

IPO文件。

http://announcements.bursamalays ... 12F2D3?OpenDocument

Mr.Business

公司上市是最好的筹资机会，Hartalega却是让大股东卖出股份得到RMRM46.23 million。。。

31-03-2008: Hartalega mulls more funding options
by Chong Jin Hun

KUALA LUMPUR: Main-board bound Hartalega Holdings Bhd, a rubber glove manufacturer, will capitalise on its listed status to tap more funding options to finance its expansion which involves capital commitments of some RM105 million for financial years (FY) 2008 and 2009.

“We are going public to prepare for future funding,” its managing director Kuan Kam Hon told The Edge. The company launched its listing prospectus last Friday.

According to Hartalega’s prospectus, the company will resort to internal funds and additional borrowings to finance its capital expenditure of RM53.53 million and RM51.57 million in FY08 and FY09 respectively.

The money will be used to buy manufacturing equipment, river and waste water treatment plants and chillers, and fund the construction of its new factories.

OSK Investment Bank Bhd is the underwriter and joint placement agent for Hartalega’s initial public offering. The listing is scheduled to take place on April 17. RHB Investment Bank is the financial adviser, managing underwriter and joint placement agent.

OSK Investment director and head of equity capital markets Gan Kim Khoon said: “As a listed company, it gives you the flexibility to be able to issue bonds or new shares.”

On when Hartalega might roll out its fund raising plans from the market, Gan said he did not believe the company would undertake such an exercise within the next one year.

Hartalega would need to fork out over RM200 million to almost triple its annual output capacity to 9.3 billion pieces of gloves in two years as it expands its global reach and develop new products.

It plans to build two new factories, its fourth and fifth units which cost about RM100 million each. Both plants, with a collective capacity of around six billion pieces of gloves a year, will sit near its three existing facilities within Batang Berjuntai, Selangor, where the group currently makes some 3.3 billion pieces a year.

Hartalega’s IPO involves an offer for sale of 24.21 million shares at RM1.80 a piece, besides an employee equity scheme comprising 1.48 million shares. The IPO will raise RM46.23 million which will entirely accrue to the share offerors.

Based on its RM1.80 offer price, and equity paid-up of 242.3 million shares, the company will have a market capitalisation of RM436.16 million upon listing.

The market capitalisation of rivals Top Glove Corp Bhd and Supermax Corp Bhd hit RM1.2 billion and RM424.43 million respectively last Friday (28 Feb), while Kossan Rubber Industries Bhd reached RM572.32 million. Shares of Supermax added eight sen or 5.3% to end at RM1.60, Kossan dipped two sen or 0.6% to RM3.58 while Top Glove declined four sen or 1% to RM4.

http://www.theedgedaily.com/cms/ ... a-83df1400-b8d644aa

peterg

賣完手上股票後, 再把公司掏空, 就可以收山了...

司馬昭之心啊....

Mr.Business

我也是有一点怀疑。。。觉得上市后Hartalega应该会大量借贷（她需要RM200 million来扩张）。

peterg

原帖由 Mr.Business 于 31-3-2008 03:03 PM 发表
我也是有一点怀疑。。。觉得上市后Hartalega应该会大量借贷（她需要RM200 million来扩张）。

而且一張票賣 RM1.80,  很貴一下
左看右看, 它沒有比其他三家好的條件, 卻獅子開大口要賣那麼高的價錢~~

ckwong8086

你们说得那么恐怖。。。我也不敢APPLY了。。

Mr.Business

原帖由 peterg 于 31-3-2008 03:30 PM 发表
而且一張票賣 RM1.80,  很貴一下
左看右看, 它沒有比其他三家好的條件, 卻獅子開大口要賣那麼高的價錢~~

她的profit margin很高。

Mr.Business

刚刚拿到Hartalega的prospectus的hardcopy，哈。看正本比看PDF好。。。Hartalega预测2008年的净利有RM39.6 million，而2009年的净利有RM55.5 million （哇，Top Glove预测2009年的净利有RM150 million，Hartalega只有Top Glove的10分之1大，却能赚到3分之1的净利）。

上市之后Hartalega的Equity大约是RM159.8 million，借贷有RM33.9 million，D/E是0.21。2008和2009年Hartalega将个别花费RM100 million来扩展,所以2008年的D/E将大约是0.67，至于2009年的D/E将大约是0.92。

现在来讲，我对Hartalega不是很看好。

Mr.Business

原帖由 Mr.Business 于 1-4-2008 06:03 PM 发表
她的profit margin很高。

我觉得Hartalega的profit margin (好象是14%－18％)太高,不认为能继续维持这么高的profit margin。这么高的profit margin，却做不了老大，老大的profit margin却只有9％。

Subscribe to Hartalega: OSK
Published: 2008/04/04

OSK Research set a target price of RM2.52 on shares of Malaysian nitrile glove maker Hartalega Holdings, or 40 per cent above the stock’s initial offer price at its debut, scheduled for April 17.

“The rubber glove industry has enjoyed strong growth in the past few years due to strong global demand, and we expect this momentum to continue over the next few years,” the firm said in a note.

The research firm is recommending investors to subscribe to the share issue.

“Underpinned by the positive industry outlook, we believe Hartalega would register strong double-digit earnings growth in the next 2 years,” OSK added. - Reuters

http://www.btimes.com.my/Current_News/BTIMES/Friday/Latest/20080404100132/Article/index_html

Mr.Business

放眼提高手套产量 Hartalega控股前景看俏 2008/04/08 12:36:29
●南洋商报

（吉隆坡7日讯）即将在下月17日于大马交易所主板上市的Hartalega控股，计划在2009和2010年分别提高其每年手套产量至38亿和45亿只，有望使前者达到其两年年均复合年增长率为32％的目标。

亚欧美证券研究在报告中指出：“我们相信这个目标是过于乐观，因为手套领域目前面对美元走低、原料价格高涨，以及Tillotson的诉讼问题。”

尽管如此，Hartalega控股每年生产26亿只手套，而其主要产品——丁晴和天然胶化验手套，则分别占2007财政年总产量的48％和52％。

这使该公司成为大马最有效率的手套代工制造商。

Hartalega控股98％的产量都是外销，而在过去几年来美国的Microflex和Medline一直都是前者的主要客户。Microflex和Medline购买量，占Hartalega控股产量的49％。

此外，Hartalega控股自动化的生产线，以及积极扩展丁晴手套业务，也使其每只手套盈利、税前盈利赚幅和净资产收益率，较同侪表现优越。

“在中小型股项评级中，我们给予Hartalega控股较同侪（约为8.0倍的估值）稍微高的溢价，即是2.00令吉。”

亚欧美证券研究也认为，Hartalega控股5.6％的周息率，将能支持其股价。

http://www.nanyang.com/index.php?ch=7&pg=12&ac=831494

Mr.Business

新闻。

Hartalega may buy European, US distributors

By Ooi Tee Ching         
Published: 2008/04/09

MALAYSIA'S biggest nitrile glove maker Hartalega Holdings Bhd may buy distributors in the US or Europe to strengthen its grip on the markets there.

Unlike other glove makers in Malaysia, Hartalega makes more nitrile gloves than natural rubber gloves. Annually, it makes 2.2 billion pieces of nitrile gloves, which are made from crude oil.



"We may buy companies that have good customer base in the markets we're not already in. If we do (acquire), we can spend some money to replace the assets with more automated processes," said managing director Kuan Kam Hon.

"On the other hand, if the opportunity arises, we could take up stakes in distributors in the US or Europe," he told Business Times, after the company's prospectus launch in Kuala Lumpur recently.

Currently, Hartalega is considered small as its annual production capacity is only 3.2 billion pieces.

This is roughly one tenth the size of the world's biggest glove maker Top Glove Corp Bhd, which is capable of producing 29.7 billion pieces a year.

Hartalega's factories in Batang Berjuntai, Selangor, consists of 23 double-mounted and highly-automated production lines that churn out 2.2 billion nitrile gloves and one billion latex gloves.

Unlike other initial public offerings, Hartalega is not issuing any new shares. Instead, its major shareholders are offering to sell 24.21 million shares at RM1.80 each.

Some 12.12 million shares are available to the Malaysian public and four million to eligible directors, employees and business associates. Another 8.01 million shares will be privately placed.

Balloting of the share applications is scheduled for April 9. Listing on the main board of Bursa Malaysia is expected a week later.

Hartalega has forecast a net profit of RM55.46 million for the year ending March 31 2009, a 40 per cent jump from 2008.

It also forecasts RM283.2 million revenue in 2009, a 30 per cent rise.

http://www.btimes.com.my/Monday/ ... /Article/index_html

[ 本帖最后由 Mr.Business 于 9-4-2008 03:03 AM 编辑 ]

Mr.Business

新闻。

Thursday April 10, 2008
Hartalega IPO oversubscribed

KUALA LUMPUR: The public portion of glove manufacturer Hartalega Holdings Bhd’s initial public offer (IPO) was oversubscribed by 2.37 times.

Hartalega’s IPO involved the offer for sale of 12.1 million shares for application by the Malaysian public; four million shares for eligible directors, employees and business associates and 8.09 million shares for private placement to identified investors.

http://biz.thestar.com.my/news/s ... 26&sec=business

阿圆

老大， 30% 的手套卖美国顾客； Hartalega,49%的手套卖美国顾客
老大一直想办法处理美元乏值对公司盈利的侵蚀。。欧元，开发新市场， 以便不用太依靠美国。
Hartalega.。。不懂有什么办法去应付美元乏值与成本高涨的问题。

Mr.Business

老大预测2009年的净利有RM150 million，只有她10分之1大的Hartalega预测2009年的净利有RM55 million。不知道谁在吹牛。

我命由我不由天

看来还是很多人不怕风险的
认购超过2倍了

Mr.Business

雷佳手套超額認購2.37倍
2008-04-10 11:48

（吉隆坡）高級手套製造商─雷佳手套（Hartalega）配合上市配售新股活動，獲得市場良好反應，包括公開給公眾人士申請的1211萬6000股新股，總共獲得2.37倍的超額認購。

該公司發表文告指出，在公眾人士組方面，該公司總共接獲8921份申請表格，以申請4083萬300股新股，或達到2.37倍超額認購。

聯合私下配售代理也證實，私下配售予特定投資者的809萬4000股的新股也已成功配售。

保留給土著投資者的363萬4800股新股，獲得2.79倍的超額認購。扣除土著投資者30%份額後的公眾組，則獲得2.19倍的超額認購。

該公司配合在大馬股票交易所主板上市計劃，總共發售2421萬股票，其中1211萬6000股將公開給公眾人士申請；400萬股保留給符合資格的董事、職員和商業伙伴；其餘的809萬4000股則通過私下配售方式供特定投資者申請。
星洲日報／財經‧2008.04.10

http://biz.sinchew-i.com/node/11606?tid=6

Mr.Business

更新: April 9, 2008 21:33

17日上市主板
賀達麗嘉超購2.4倍


（吉隆坡9日訊）高級手套生產商賀達麗嘉控股（Hartalega Holdings），首發股獲公眾超額認購2.37倍。

大馬發行所（MIH）文告指出，共接獲8921份公眾申請，認購賀達麗嘉4083萬300股，超額認購2.37倍。土著股權認購方面，獲4654份申請，認購1376萬700股，超額率為2.37倍。

成功認購賀達麗嘉的投資者，將在本月16日或以前，接獲通知書。

配合上市計劃，賀達麗嘉獻售2421萬股，每股面值50仙，發售價為1.80令吉，其中1211萬6000股供公眾認購、400萬股給合格董事及員工申請，及私下配售809萬4000股。

賀達麗嘉暫定在4月17日上市，是國內最大丁晴手套（Nitrile Glove）產商，預計在2家新廠房投入運作后，隨著產量的提高，將崛起成為全球數一數二的丁晴手套廠商。

目前，賀達麗嘉旗下共有3間廠房，設有23條生產線，每年可生產32億隻手套。

  

賀達麗嘉公眾發售股分配
類別（股）	接獲申請（份）	成功申請（份）	成功機率（%）	成功認購者	獲配售額	股（%）
100-200	24	5	20.83	100	500	0.01
300-900	33	9	27.27	300	2700	0.03
1000-1900	3491	813	23.29	1000	813000	9.59
2000-2900	342	85	24.85	1000	85000	1.00
3000-3900	387	89	25.58	2000	198000	2.33
4000-5900	517	138	26.69	4000	552000	6.51
6000-10900	1566	435	27.78	6000	2610000	30.77
11000-19900	755	221	29.27	10000	2210000	26.06
20000-49900	302	98	32.45	15000	1470000	17.33
50000-99900	60	22	36.67	20000	440000	5.19
100000或以上	10	4	40.00	25000	100000	1.18
總計	7487	1929		8481200	100.00