Disclaimer : This not a buy or sell call. This post is purely the sharing of analysis on the stock MARCO. @valueinvestingsecrets will not be responsible for any profit or loss.
今天我们要讨论的公司是 MARCO (3514)。
这家公司的生意模式是投资控股与给予子公司资助与补助。 MARCO 的主要活动的子公司有三家，分别是 Marco Corporation (M) Sdn. Bhd, Marco Worldwide Sdn. Bhd, 以及 Ingenious Heritage (M) Sdn. Bhd 。
他们的主要功用是进行国外贸易，批发以及手表生意相信不少朋友都买过 G-SHOCK 品牌的 CASIO。 而这家公司则是大马独家CASIO 批发商。
这里说的 CASIO 不只是手表，而是包括了计算机。这家公司有四种主要经济来源 (2016 年)，分别是 :-
76% Timepiece 手表类
13% Calculator 计算机
8% Digital Camera 数码相机
3% Digital Keyboard 音乐键盘
而这家公司有着10年连续保持盈利的记录，实在是非常强大。也就是说他们能够抵抗经济疲软的威胁，还可以从中获利。
单以品牌来说，CASIO 在大马人心中实在是非常好的手表品牌之一。大部分的商场都可以看到他们的零售商，从而可以发现它在大马已扎稳根茎。
数据上来说，一下是他的五年成长率。
Revenue CAGR : 9.46 %
PBT CAGR : 4.06 %
EQUITY (NET ASSET) : 9.46%
这些数据看起来并不高，但是我们必须加入2016年大马经济走软的元素，而这家公司并没有因为这样出现亏损，反而加大他们的宣传经费，可见他们的管理层实在是果断精明之人。
凡事都会有好跟不好的一面，这家公司有两大弱点。这些因数应该被投资者纳入考虑因数中。
1. 他们受到原材料价格的影响。当原材料价格走高，他们的盈利将会被削弱。反之原料价格走低时，他们的利润率则会增加。
2. 这家公司受到外汇率的影响。上面有说过，这家公司有进行国外贸易，从而他们会受到马币汇率的影响。投资者应该把自己对马币的走势加入考虑之中。
Today, we are going to talk about the stock MARCO (3514).
The nature of the business for this company is investment holding and provide support for it's subsidiaries. The company owns three active subsidiaries which are Marco Corporation (M) Sdn. Bhd, Marco Worldwide Sdn. Bhd and Ingenious Heritage (M) Sdn. Bhd .
The subsidiaries takes part in import and export, distribution of consumer information products, and timepieces. We believe that a lot of Malaysians knows the famous timepiece brand "Casio". And this company is the distributor for the timepieces.
The "Casio" we mentioned does not only limited to timepieces, but also to calculator. The business have four (4) mainstream of income, which are :-
76% Timepiece 手表类
13% Calculator 计算机
8% Digital Camera 数码相机
3% Digital Keyboard 音乐键盘
The company keeps a record of having 10 years continuous profit. Which proves that they are recession proof because they could still profit even in dire consumer sentiment.
By the brand name "Casio", it is well known among Malaysians as we can see there are distributors among big shopping malls. Now we know that the company's brand rooted deeply into the Malaysian market.
But now, let's talk numbers. The followings are the CAGR for the business in 5 years time.
Revenue CAGR : 9.46 %
PBT CAGR : 4.06 %
EQUITY (NET ASSET) : 9.46%
The numbers might not be promising but we must factor in that 2016 is a challenging year for Malaysia. But, the company still manage to profit. Their management increase the A&P (Advertising & Promoting) expenses and manage to grow their market share even further. From there, we know that the business's management team are capable of making good decisions.
A coin always have two sides. Investors have to factor in the weaknesses of the business as well. The two major weaknesses for the business are :-
1. The business's profit margin would be affected by the volatility of commodity prices. The would need to acquire raw material for their products and when the commodity price is high, their profit margin would be weakened, and vise versa.
2. Also, the business profit margin can be damaged by the fluctuation in foreign exchange rate. The business is Malaysia based and therefore, the import and export exercise relies on the exchange rate of MYR. And ultimately their profitability would be affected by exchange rate.
https://www.facebook.com/valueinvestingsecrets/posts/635776833287717
