【TIENWAH 7374 交流专区】天华印刷

糊涂

LTKM、Toyochem与TienWah是我最看好的第2板股项，这三家公司都有健全的资产表。其中Toyochem与TienWah手中的净现金都高达60分以上，我超喜欢它们的“现金流”与诱人的“股息”，嘻嘻！

这3只股唯一美中不足的就是“难跌”，要捡便宜货的机会少之又少。随着TienWah交出漂亮的成绩单与越来越靠近派息的日子(四月)，想要在更低的价格买入它简直就是奢想。(也许不是奢想，不过却一定非付出不少的时间与耐心)

市场上净股息回酬率就能够达到8%的股项并不多，所以我绝对相信它是只难得一见的优秀“落难”抗跌股。

注: 目前的收市价为RM1.87，净股息为15分，净回酬 = 15/187 X 100% = 8%

[ 本帖最后由 Mr.Business 于 5-12-2007 05:16 PM 编辑 ]

糊涂

暂时霸个位，待会有空时再介绍这家我超看好的2板高股息股。

Background
The Group's main activities comprise rotogravure printing, litho packaging, book printing, conversion and printing of cigarette tipping paper and manufacture and sale of laminated aluminium foil. The gravure division produces cigarette packaging for the tobacco industry. The division continues to be the mainstay of the Group's business, accounting for 44.2% of the Group's operating revenue.

The major activity of the litho packaging division lies in its folding carton conversion producing packaging materials such as consumer items packaging including cartons, detergent powder boxes, milk powder boxes, food and drink labels and leaflets. The book printing business includes printing hard cover books, annual reports, magazines, advertising materials, calendars, diaries and brochures. Other activities includes the provision of binding facilities.

The printing and conversion of cigarette tipping paper includes both perforated and non-perforated paper for the tobacco industry. Perforation technology is being transferred from its JV partner, Interbobbin (UK) Ltd. The manufacture and sale of aluminium foil laminated paper and paperboard is primarily for cigarette packaging. Other applications include foil board for liquor, ice cream cones, fast food boxes and cosmetics packaging.

The flagship company of the Group, Tien Wah Press (Malaya) Sdn Bhd (TWPMSB), was initially involved in photolithography printing specialising in book printing and folding carton conversion printing. TWPMSB ventured into rotogravure printing technology in 1986 to meet the increasing demand for cigarette cartons and other consumer products packaging. In 1989, it further branched into printing of tipping materials, producing quality cork filter-tipping materials.

Presently, about 25% of the Group's business is from overseas, the Group having penetrated markets in the US, Europe and Asia. The primary focus continues to be the Asean countries and China.

The Group's manufacturing operations are located at its own factories at Petaling Jaya. The existing plant and machinery are able to support total sales volume of RM140m.

To further enhance its regional presence, the Group has participated as a chartered member of the "the Paxonix.com", a packaging connection exchange portal initiated in the US. This is an Internet-based technology platform for the purpose of assisting and providing a total packaging solution to MNCs when launching a new product, starting from product concept and design to production trial-run before its final commercial launch. Also, with effect from 1.4.2001, the operations of Tien Wah Press Packaging and Tien Wah Press (KL) have been merged under the latter for rationalisation purposes due to continuous loss in the commercial operations of the latter. This move will also enable the Group to focus on its packaging operations under the former.
Product & Services

Products : Rotogravure printing - cigarette cartons. Photo lithography printing - consumer goods packaging, cigarette cork tipping paper, aluminium foil laminated paper/paper board.

[ 本帖最后由 糊涂 于 7-12-2005 10:25 PM 编辑 ]

糊涂

天华印刷在1960年成立，1996年上市第2交易板，是大马最大的印刷公司之一。
它的主要盈利来源是为主要客户BAT印刷香烟末端过滤的包装纸(占了集团约44%的PBT)与生产铝纸 - Aluminium Foil Laminated Paper manufacturing(占了集团约41%的PBT)。

虽然公司的成长空间有限(大马政府每年增加香烟税都会影响香烟的销售量)，但这几年来公司派发的股息却大幅度增长。与此同时，管理层也表示在未来的两年将会派发至少50%的盈利给合格的股东。(换句话说：若今年的盈利=30分，那明年至少会获得15分净股息)。

还有，它的印刷香烟纸的产能只用了约65%，目前的产能已足够应付将来的需求(这也就是说公司短期内不需投入大笔资金来增加产能)。

最近公布以108.22mil的代价收购Toyoma Aluminium Foil Packaging Sdn Bhd获得市场的好评(108.22mil将以TienWah的股票来支付，每股RM3.00)。

糊涂

以下的文章是抄自The Edge英文网站。

Tien Wah: New purchases to boost overseas business
Thursday September 22, 2005

TIEN Wah Press Holdings Bhd expects the acquisition of equity in three companies from Singapore-listed New Toyo International Holdings Ltd to not only lift earnings but also improve the group's chances of growing its international business, managing director Raymond Chan Fook Kong said.

“We are looking to share synergies in the Middle East and other markets,'' he said in a media conference in Kuala Lumpur yesterday. Tien Wah and New Toyo, which are involved in supplying laminated paper and packaging products for the tobacco industry, have proposed a deal where Tien Wah would buy the lamination business and assets of New Toyo Aluminium Paper Products Co (Pte) Ltd, 49% equity in Paper Base Converting Sdn Bhd and the lamination assets of Toyoma Aluminium Foil Packaging Sdn Bhd for RM108.22mil via the issue of Tien Wah shares.

The issue price of each new Tien Wah share is RM3, which would result in New Toyo increasing its stake in Tien Wah from 24.4% to 58%. New Toyo is seeking an exemption from the Securities Commission from making a general offer for the remaining shares in Tien Wah.

The additional revenue and net profit of the additional lamination business acquired by Tien Wah is RM77.3mil and RM12.2mil respectively, based on proforma 2004 financial year.  Revenue and net profit from Tien Wah's lamination business for its 2004 financial year was RM114.1mil and RM9.4mil  Based on 2004 proforma results, the additional income would lift earnings per share to 27 sen from 21 sen.

The acquisitions are being made to grow Tien Wah's customer base and strengthen its geographical reach to the Middle East, the Philippines, Bangladesh, Sri Lanka, India, Malaysia, Singapore and Indonesia.

It would also tap synergies, like research and development and marketing, between Tien Wah and its parent New Toyo. New Toyo has eight manufacturing sites in Singapore, Malaysia, Vietnam, Australia, China, Thailand, Pakistan and Mongolia.

Chan said Tien Wah's capacity following the acquisition would rise to 30,000 tonnes per annum, giving the company another 10,000 tonnes per annum.  He said the extra capacity would be useful should the company be successful in getting additional jobs from overseas.  

Chan, who said the revenue split between export and domestic business was 50:50 post-acquisition, added that the company would utilise its plant and machinery in Malaysia and Singapore to cater to new export markets.  Another area the group was waiting for is the potential transfer of six billion sticks of cigarettes for production in the South-East Asia region by one of its major customers.

“In order to be a regional player, we would need the extra capacity,'' Chan said. “Our export markets in the Middle East and Africa are growing.''  He said the group recently participated in a trade show in the Middle East and had received encouraging response from potential customers there.  “We are receiving enquiries as to how we can capture markets in Somalia and Ethiopia,'' he said. The acquisitions are expected to be completed in the second quarter of next year.

万众爱戴的坛主，TIENWAH发生了这么重要的事你没有跟进消息？最近在忙些什么？

这只TIENWAH，曾是我昔日的心水股，想要我全心全意的去信赖的东西在这世界上已经不多了，但TIENWAH就是其中一个。

公元二零零五年九月二十三日 晴
恢复交易的那天，市场开了投资者一个玩笑，抄家在市场一片的唱好声中，退居二线。

第一点，为什么新股交易价格会是三元正，难道说他们不需考虑汇率，PRE-ACQUISITION PROFIT的影响？
第二点，为什么董事在年头宣布DIVIDND POLICY，在年中给了15SEN的高额股息？
综合以上两点，我相信这笔不为人知的交易，早在年头就已经埋下了“伏笔”。
公司在重组前派发股息，是企业间的一贯手法。回想当年郭令灿在把南洋股权转让于马华时，也同样的派发了一令吉的股息。。。就此不在悉述。

第三点，NEW TOYO愿意以每股三令吉的价格接受新股，这仿佛是在向群众宣示RM3才是TIENWAH的合理价。

第四点，根据SGX网站的资料，NEW TOYO(以GROUP为准)过去几年的营利不是很稳定。况且要把三家子公司拆出来变卖，合不合理就更加无据可考了。

第五点，为何NEW TOYO和TIENWAH的股价都齐齐不见涨势。随着纸价的高涨，NEW TOYO的股价应当上涨的。

无巧不成书，在SGX，NEW TOYO也在玩ONE DAY SHOW。
http://finance.yahoo.com/q/hp?s= ... &f=2005&g=d
29-Sep-05 0.56 0.56 0.55 0.55 973,000 0.55
28-Sep-05 0.56 0.56 0.56 0.56 1,181,000 0.56
27-Sep-05 0.56 0.56 0.56 0.56 812,000 0.56
26-Sep-05 0.56 0.57 0.55 0.56 1,341,000 0.56
23-Sep-05 0.54 0.57 0.54 0.55 1,722,000 0.55
22-Sep-05 0.51 0.54 0.51 0.54 1,429,000 0.54

我托付友人画了两张NEW TOYO图表，一年和两年图。






调整后股东表：

调整后每股净值：


有点错乱，容后再续表。

[ 本帖最后由 $California 于 29-12-2005 04:11 PM 编辑 ]

糊涂

最近为人赚钱的工作而忙着，没向大家跟进天华实在很不好意思

Tienwah是建议
1。派发31.6mil股收购NTAP的100%股权，这也意味着其收购价为RM3.00 X 31.6mil = RM94.8mil。
2。派发3.474mil股收购49%它还未拥有的PBC股权，再加1mil股收购TAF asset。所以PBC的收购价为RM13.422mil。

=〉总收购价为94.8mil + 13.422mil = 108.22mil。
=> 缴足资本将会增加至81,436,000股。

嗯，以下是NTAP与PBC的过去盈利纪录，我的功课 :

[ 本帖最后由 糊涂 于 31-12-2005 07:55 AM 编辑 ]

糊涂

收购后，调整后的数据如下:

再怎么看这项收购都是对天华有利

糊涂坛主，实在抱歉。
当天我正好在想两个问题所以把功课中断了。没想到那么快就能把你“引”出来，算是无心插柳了。

第一，NEW TOYO的营利不稳定，是不是表示NEW TOYO的子公司的营利也不稳定呢？我当心分析员夸大预测。
本来我想要找出5年的平均EARNING/ASSET EMPLOYED RATIO来看看是否可行？但后来又想到纸价的波动性(fluctuation)所带来的偏差。就半途而废了，懒人借口。

第二，NEW TOYO似乎想要放弃新加坡的厂，走进江苏省。
投资额不详，可见外国的条例不见得透明。
http://info.sgx.com/webcorannc.n ... rictToCategory=N#12

让众人疑虑了，因为我的疑虑来自看图->推理派。

继续跟进一些搜集来的讯息-但都比较偏向消息面，希望各位不要介意。


TIENWAH三名大股东，于04年九月卖出了24.45%的股权给新加坡上市公司NEW TOYO。

WONG TIK YUN                      24.45%
WONG TEK FOO (SINGAPOREAN)    ------------>       NEW TOYO
WONG WENG FOO

DBS，UOB等RESEARCH 都看好这笔交易，可以为NEW TOYO带来经济效益。
以每股交易价格RM3。65来看，再比对现在TIENWAH的市价(RM1。8)，这三名股东可以说是:"HOT HOT MONEY IN THE POCKET"

我找不出Steven Yen Wen Hwa(NEW TOYO) 和 WONG 之间有没有涉及内幕交易。

http://announcements.bursamalays ... n%20Wah%20Press.pdf

调整后每股"净有形资产"应该会从2.75下降到1.95。
因为当中产生了六千多万的GOODWILL ON CONSOLIDATION。

我不知道会计准不准许一方面提高收购价RM3，另一方面又产生了那么多的GOODWILL。因为NEW TOYO的2005-Q3并没有出现那么多的GOODWILL。
难道公司不怕未来的商誉摊销？

至于营利预测，糊涂坛主已经做的很详细了，我就不提了。

抱歉抱歉，我心中始终保持着问号，也许我的想法很怪，和你们的想法相悖。

糊涂

California兄太客气了，我本想在今年写篇总结与好好的介绍TienWah这家公司，可却因今年年尾较忙，所以一拖再拖。若不是California兄问起，我可能还会拖上好一阵子呢。

NTIH(New Toyo International Holding)2004年的年报的资料，它共有3个主要的业务：
1. Lamination(占了营业额的41.5%)
A process through which papers and laminated materials (such as aluminium foil) are bonded together and are used mainlyfor cigarettes packaging by the Group’s customers. Other usesare food and beverage, wine, liquor, tissue box and cosmeticpackaging and gift-wrapping.

2. Gravure Printing(占了营业额的33.9%)
Specialised high speed printing process used for the printing of high quality paper prints for cigarette packaging for the customers of the Group.

3. Corrugation(占了营业额的23%)
Manufacture of corrugated sheets and carton boxes of varying sizes for use by manufacturers as outer wrapper boxes to contain and protect their finished products such as computers and electronics, electrical appliances, textiles, food and beverages, and footware.

注：
NTIH是在2004年9月以马币40mil购入天华的24.44%股权。
NTIH是在2004年12月以马币10mil的代价购得PBC的49%股权。

糊涂

其lamination的盈利极为稳定，天华建议买入的NTAP是NTIH集团的钻石，所以这项建议的大赢家是天华(虽然是被倒置收购，不过对小股东来说是百利而无一害)。同时，我也相信接下来天华也一样会派发高股息，原因是NTIH急需要天华的稳健现金流来还债。

至于PBC，它本来就是天华的51%的子公司，天华的业绩有目共睹，我也不必多加解析了。

糊涂

成绩单出炉了，全年每股盈利为24分，净股息为12分(免税)。哎，这成绩单与股息比我预期少了许多，好失望。还好，股价能够从谷底回升至RM2.21，投资3个月的回酬约20%。

Mr.Business

原帖由 糊涂 于 29-11-2005 03:12 AM 发表
LTKM、Toyochem与TienWah是我最看好的第2板股项，这三家公司都有健全的资产表。其中Toyochem与TienWah手中的净现金都高达60分以上，我超喜欢它们的“现金流”与诱人的“股息”，嘻嘻！

这3只股唯一美中不足的 ...

恭喜【TIENWAH 交流专区】 成立，请Cari网友继续热烈讨论／分享！

yjk1984

这只股的股息蛮好的，去年我1.85买进，收了四次的股息，12%，10%，5%，10%（全都免税），它成交量不高，股价不太波动（让我安心入睡），使我轻易的战胜银行的利息，达到金钱保值的目的。今年尾还因为2 送 1 红股消息，股价上涨，让我意外赚了些价差盈利。

留下眼镜

一指功又出现了，Tienwah最后一个lot在4:59pm, 使股价升了14分，是Top Gainers名列第三。

找找看，还有那一个股在做这种事。

SinIsSky

原帖由 留下眼镜 于 22-1-2008 05:16 PM 发表
一指功又出现了，Tienwah最后一个lot在4:59pm, 使股价升了14分，是Top Gainers名列第三。

找找看，还有那一个股在做这种事。

ASIAFILE...但价位稍微掉了~

留下眼镜

Asia File这个价钱高（RM5.20），股息也高，30sens都有，可是dividend yield才0.06。

有可能是酱的，我是卖盘，你是买盘，整天都是我们两个人在对峙，可是你这个家伙太Giam Xiap（吝啬）了，出价出到那么低，我很生闷气，不就在离场前丢一块骨头给你罗！

SinIsSky

原帖由 留下眼镜 于 22-1-2008 11:41 PM 发表
Asia File这个价钱高（RM5.20），股息也高，30sens都有，可是dividend yield才0.06。

有可能是酱的，我是卖盘，你是买盘，整天都是我们两个人在对峙，可是你这个家伙太Giam Xiap（吝啬）了，出价出到那么低，我很 ...

哦？是鱼骨头吗？真不好啃~

Tienwah 的派息率和AsiaFile 的派息虑该不错的~
AsiaFile 最近刚派了红股 （前些时候的价位到九元~今天的5.2该是如去年八月，九月是八零吉多的价位... ），
刚读了AsiaFile 在 bursa 昨天的通告，又建议派红股..   又每五股派三股~ （有谁能替我查证，不然摆了乌龙就paisei了）

[ 本帖最后由 SinIsSky 于 22-1-2008 11:56 PM 编辑 ]

留下眼镜

可能配了股还是一样的，它会一路跌到每股的价钱均匀，八股加起来刚好RM5.20x5, 配了等于没有配。

SinIsSky

原帖由 留下眼镜 于 22-1-2008 11:58 PM 发表
可能配了股还是一样的，它会一路跌到每股的价钱均匀，八股加起来刚好RM5.20x5, 配了等于没有配。

真的吗？那就不买了~
（之前买的，就放着收利息~ ）

[ 本帖最后由 SinIsSky 于 23-1-2008 12:54 PM 编辑 ]