image source from Big Chart Marketplace
image source from Big Chart Marketplace
Bursa Malaysia - 7609
Bloomberg - AJY:MK
Yahoo - 7609 .kl
Webpage - http://www.ajiya.com/
Bloomberg - AJY:MK
Yahoo - 7609 .kl
Webpage - http://www.ajiya.com/
Company
Profile
AJIYA started as
manufacturing metal roll products in 1990 and ventured into safety glass
productions in1996. AJIYA holds 19 factories / warehouses with office throughout
Malaysia and Thailand.
Geographical
Location
AJIYA operated in two
countries Malaysia and Thailand. Base on 2016 annual report, most revenue are
coming from Malaysia operation which is 93.05 %.
The operation in
Thailand did not do as well compared to Malaysia as report in 2016 Annual
report operation in Thailand had asset turnover ratio of 0.53 compared to operation in Malaysia which had asset turnover ratio of
0.89.
CONS:
|
è
Operation in Thailand had low asset
turnover ratio
|
Financial
Statement
AJIYA annual report
show that an increase in other investments from RM 205,149 in 2015 to RM
5,069,571 in 2016. This is due to increase in investment on the trust fund of
RM 4,914,987 in 2016.
There is an decrease in
the amount due from subsidiaries from RM 53,346,219 to RM 31,781,230 in 2016.
This is due to the settlement of RM 13,972,818 which carry an interest of 2.90%
per annual.
Although the
inventories had drop from RM 80,829,535 to RM 70,926,380, there is an increase
of work in progress inventories which mean the company is expecting high sales
in 2017. The work in progress inventories had increase from RM 352,625 to RM
720,990 in 2016. Besides that, the raw material cost had reduced from RM
71,262,606 to RM 62,695,916.
AJIYA trade receivable
past due also had reduce from RM 56,510,388 to RM 48,629,683.
During the financial
year, two subsidiaries of AJIYA had enter a sales and purchase agreements for
the sales of lands and building for total consideration of RM 13,876,000 which
stated in 2016 annual report as asset held for sales of RM 6,895631.
PROS:
|
è Work in progress inventories had increase
by 104.46 %
è Raw Material cost had reduce by
12.02 %
è Trade receivable past due had
reduced by 13.94 %
|
CONS:
|
è
RM 4,914,987 had invest in a trust fund
|
AJIYA loan and
borrowing had reduce from RM 29,959,973 to RM 9,667,968 in 2016.
PROS:
|
è AJIYA loans and borrowings had
reduced by 67.73 %
|
Financial
Ratio
Description
|
2016
|
2015
|
Different
|
Gross
Profit Margin
|
0.20
|
0.21
|
-0.01
|
Net
Profit Margin
|
0.05
|
0.07
|
-0.02
|
Interest
Coverage Ratio
|
27.68
|
18.80
|
+8.88
|
Effective
Tax
|
0.22
|
0.17
|
+0.05
|
Warrant
In 2016 AJIYA had issue
free one warrant to every 2 shares with the exercise price of RM 0.92. The
warrant can be exercised at any time on or after 1st September 2016
until 2021. As of 21 February 2017 157,292,242 warrant is available.
PROS:
|
è AJIYA warrant is way out of money
compared to current price of RM 0,68.
|
Dividend
and Bonus Issued for the past five year
AJIYA had constant
dividend for the past five year from 2012 – 2016 with the average dividend of RM
0.01 after adjustment (2016 stock split) with the dividend yield of 1.47 %.
CONS:
|
è
AJIYA had dividend yield of average 1.47
% for the last five year which is lower than fixed deposit rate of 3 %
|
Peers
1) CHINHIN
2) ENGTEX
3) WTHORSE
4) SEACERA
5) ASTINO
6) KIMHIN
7) GBH
8) SCBUILD
9) SKBSHUT
10) WOODLAN
