| TSRCAP | JETSON | ||
| 股型 | 建筑股 | 建筑股 | |
| 票数 | 174.45 mil | 201.97 mil | |
| EPS | Fy2017 Qr.1= 1.10 cent | Fy2017
Qr.1=0.16 cent （EPS 没有包括建筑Division.因为在之前还没获得大型建筑合约） |
|
| ROE | 6.31% | -21.01% | |
| PE | 11.62x | - | |
| NTA | RM1.01 | 53.5 cent | |
| 建筑合约 | RM8.47 亿 | RM9.19 亿 | |
| 3-4年盈利保证 (盈利包括建筑和产业，但没有计算在波德申房产项目,浮罗交怡联营计划及寻求更多海外伙伴合作) | 5年盈利保证 （此盈利没有包括Hostel Management & Manufacturing Division. | ||
| 建筑合约贡献盈利？ | 开始了,建筑业与产业将提高盈利. | 还没，日后建筑业务贡献将提高盈利. | |
| 主要业务贡献 | 目前是建筑业 | 目前是制造业. | |
| 估计每一年盈利 | Qr.1= 2.43 cent
Qr.2=2.43 cent Qr.3=2.43 cent Qr.4=2.43 cent 共：9.72 cent |
Qr.1= RM0.0198
Qr.2= RM0.0198 Qr.3= RM0.0198 Qr.4= RM0.0198 共: RM0.0792 |
|
| 比益本PE 1 | 9.72 cent@8x =78 cent | 7.92 cent@8x
=63 cent |
|
| 比益本PE 2 | 9.72 cent@10x =97 cent | 7.92 cent@10x
=79 cent |
|
| 最低赚副 | 8%
普通建筑合约赚副介于10%-12% |
||
| 盈利Per Year | 有望取得至少RM12 mil | 有望取得至少 RM10 mil | |
| 您的料理,口胃? | 各有千秋 | ||
| 首先，说一说TSRCAP.
RM8.47 亿建筑合约除于4年，每一年营业额可录取RM211,750,000. 最低赚副为8%,那么每一年估计盈利可达RM16,940,000. 再除于4季业绩，每一个业绩料可赚取RM4,235,000. RM4,235,000 除于174.45 mil 张票 平均每股盈利EPS 2.43 cent. |
| 第二，不妨多聊一聊JETSON.
RM9.19 亿建筑合约除于5年，每一年营业额可录取RM183,800,000. 最低赚副为8%,那么每一年估计盈利可达RM14,704,000. 再除于4季业绩，每一个业绩料可赚取RM3,676,000. RM3,676,000除于201,967,012 张票 平均每股盈利EPS 1.82 cent. ( 1.82 cent 只是建筑赚副而以喔，盈利没有包括Hostel Management & Manufacturing Division.) 我们就保守预算Hostel Management & Manufacturing Division 拉上铺下保持在每股盈利EPS 0.16 cent，所以Qr.2, Qr.3, & Qr.4 Fy2017 EPS 各加0.16 cent. Qr.1= 0.16 cent + 1.82 cent= RM0.0198 Qr.2=0.16 cent + 1.82 cent= RM0.0198 Qr.3=0.16 cent + 1.82 cent= RM0.0198 Qr.4=0.16 cent + 1.82 cent= RM0.0198 共: RM0.0792 |
- Jetson Issued share
=RM296,000/RM0.0016
=185,000,000
= 大约有185 mil 张票.(Qr.1 是除于185 mil 张票)
After Private Placement 10%，
票数增加至201.97 mil.
( 196,967,012 ordinary shares包括第一次的9,000,000 ordinary shares private placement。让后，再加上第二次的5,000,000 ordinary share private placement，等于201,967,012 张票。）
下面有解释.
On 20 April 2017, the issued and paid-up capital of the Company has been increased from RM93,983,506 to RM97,223,506 by way of allotment of 9,000,000 ordinary shares at an issue price of RM0.36 per ordinary share.
JETSON recorded revenue of RM38.35 million for the quarter ended 31st March 2017 (Q1 2017), an increase of RM2.39 million or 6.64% against the corresponding period ended 31st March 2016 (Q1 2016) of RM35.96 million. Despite the slight increase in revenue, JETSON reported a pre-tax profit of RM0.72 million in Q1 2017 as opposed to pre-tax loss of RM1.44 million in Q1 2016. Improvement in the current quarter performance is mainly boosted by the commendable performance of the manufacturing division.
Revenue from the division for the current quarter under review amounted to RM1.24 million, which was RM7.72 million lower than the corresponding quarter in previous year of RM8.96 million. Revenue was lower as there were no other new projects undertaken by the division for the quarter under review.
（此营业额里，建筑部门工程还没纳入贡献里头）
Hostel Management Division
There was a slight decrease in revenue for the quarter at RM1.77 million compared to RM1.83 million reported in Q1 2016.
Accordingly, the division reported a lower pre-tax profit of RM0.32 million compared to RM0.46 million reported in Q1 2016 impacted by higher utility charges incurred during the quarter.
Manufacturing Division
Manufacturing Division registered revenue of RM35.34 million in the current quarter compared to previous year corresponding quarter of RM25.17 million.
The increase in revenue was mainly due to higher revenue recorded for automotive parts due to recent new launches by local car manufacturers.
Accordingly, the division reported a pre-tax profit of RM2.67 million compared to RM0.19 million in the corresponding quarter of previous year. The improvement is due to higher revenue achieved for automotive parts and improvement in profit margins achieved for adhesive products.
JETSON’s revenue decreased from RM41.18 million in the preceding quarter (Q4 2016) to RM38.35 million in Q1 2017. The decrease in revenue is mainly due to lower contribution from Construction Division. （此营业额里，建筑部门工程还没纳入贡献里头）
Despite lower revenue, the Group reported profit before taxation at RM0.72 million for Q1 2017 as compared to loss before taxation of RM21.70 million in Q4 2016. The pre-tax loss incurred in preceding quarter is due to a one-off impairment made in respect of amount owing from the purchaser of a former associate company.
Moving forward, the global economy remain uncertain due to the yet to be seen impact from Brexit and Trump’s protectionism policy. These uncertainties would definitely affect the local scene apart from the impact of the weakening ringgit and low crude oil prices.
The sustainability of the local economy is largely dependent on public and private consumption with the on-going infrastructure and mega projects.
JETSON is continuing to aggressively pursue for more projects especially in East Malaysia for its Construction Division in order to replenish its order book.
In addition, JETSON is also relentlessly penetrating into property development either through acquisition of land or joint venture with the land owner.
Riding on the weakening ringgit, the Manufacturing Division will be aggressively strengthening its presence in the export market. Meanwhile, the division is also broadening its product base to accommodate for different market segments.
KAF Investment Bank Berhad (“KAF”) had on 6 March 2017 announced on behalf of the Board of Directors that the Company proposes to undertake a private placement of up to 22,216,000 new ordinary shares in the Company (“Placement Shares”), representing up to 10% of the issued and paid-up share capital of the Company (“Proposed Private Placement”)
KAF had on 11 April 2017 further announced that the Company has fixed the issue price for the first tranche of the private placement comprising 9,000,000 Placement Shares at RM0.36 per Placement Share.
The said issue price of RM0.36 per Placement Share represents a discount of approximately 8.98% from the five (5)-day volume weighted
average market price of the Company’s shares (“Jetson Shares”) up to and including 10 April 2017 of approximately RM0.3955 per Jetson Share.
Pursuant to the First tranche of the private placement of 9,000,000 ordinary shares on 20 April 2017, the number of issued shares of the Company increased to 196,967,012 ordinary shares.
The new shares were granted listing and quotation on 25 April 2017.
KAF had on 15 May 2017 further announced that the Company has fixed the issue price for the Second tranche of the private placement comprising 5,000,000 Placement Shares at RM0.355 per Placement Share.
The said issue price of RM0.355 per Placement Shares represents a discount of approximately 9.04% from the five (5)-day volume weighted
average market price of Jetson Share up to and including 12 May 2017 of approximately RM0.3903 per Jetson Shares.
Other than the above, there were no other corporate proposal announced but not completed as at 18 May 2017.
笔者分享到这里。
每逢孩子有假期，才有机会花时间去研究及分析股，普通日子几乎难/较少利用时间下笔。 毕竟，放工回家后得做饭，休息, 又是一天了。笔者不爱Contra Play, 只在乎的是集团未来盈利。盈利决定股价走势，Growth Rate的进步能提升公司价值与市值。
共勉之！
https://i3investor.wordpress.com/2017/07/01/tsrcap-vs-jetson/
