老板老板，你的公司股价在一个月这样从 RM 0.500 飞到去 RM 0.720，why ah？
其实这家公司叻，我之前已经cover 过一次了啦～ 不知道你们有没有去留意他（不是
KXB 炸弹 ）
这家公司叻，他会比较特别，不像是传统单看整家公司的growth 就可以发掘他潜在的
value 而是要等公司慢慢剔除掉亏欠的资产，等待市场重新评估他～
他就是 Ancom Berhad（4758）啦！还没看过我们之前分享的没关系，在最下面会送
上链接给你们～
在 12 月到今天的这段期间里面，不少会员问我，why ah，why Ancom go up ah 我
就收集了大家的一点问题去问管理层，以下是我们的 Q&A 啦！（ 是英文版本的，如果
多人要求的话我再做一个华语版本的给你们～
Q1. What is the management’s comment on the share price jumping from RM
0.500 to RM 0.690? Is there any special announcement in the meantime?
◼Share price movement is a function of demand and supply of the shares in
open market. Share price increase is due to more buying than selling generally.
Q2. What is the outlook for the next 2 years for Ancom core business (ACC) ?
◼Factors that affect demand for ACC's products include commodity prices
(higher sugar/palm oil price = more spending on agrochem by plantations),
weather (draught or flood will affect planting). This year sugar prices and palm
oil prices have been on uptrend, while there are some floods in US and draught
in Australia. Plantation sector will continue to grow in long term to serve food
demand by increasing population, short term cycles will be due to previous
mentioned factors. Outlook generally positive, uptrend in tact.
Q3. As Max posted on his platform regarding the new product the company is
producing, can you furnish us with the list of products name and estimated
time taken for regulators?
◼
Registrations with authorities already underway for the new molecules. 1 of it
already obtained and will start commercial production soon at current plant.
We are unable to divulge specific names of molecules due to ongoing
discussions with partners from China.
Q4. Would the company consider to issue bonus issue / warrant in the near
term?
◼The last bonus issue was in 2018. Management of the company is constantly
seeking strategies to reward shareholders who believe in the company. We
believe the best reward is a long term appreciation of share value, reflective of
the strong fundamentals of the company and continued growth.
Q5. The company has SBB (Share buyback) activities up to 9/12/2019 at price
of RM 0.490 – RM 0.500, does this mean the company think that the share
price is being fairly valued now?
◼
Not engaging in share buyback does not mean that the company is of the
view that the shares are fully valued. Share buyback is done when shares are
oversold and a signal to market that the shares are undervalued. Cash must be
used to the best interest of company and at current levels, we rather use cash
for business operations and reinvestment. Part of our goals with the our
investor relations work is to educate the market on the core agrochem biz so
that the fair value shall be reflected via price discovery process.
Q6. What is the gearing ratio ANCOM is looking at?
◼As Ancom consists of ACC, Nylex, ALB etc. with different biz nature and diff
operational needs, a fixed or set gearing ratio is not applicable. We would seek
a balance between debt, cashflow, growth.
Q7. In short term, would ANCOM take up more bank loans if the interest rate
are low? (Considering the fact that global uncertainty forces Fed to reduce
interest rate, which would affect Malaysia’s OPR decision)
◼We will only consider additional loans for positive IRR or value-accretive
projects. Reduction of debt incurred in the past for loss-making biz is ongoing.
Q8. What is the estimated CAPEX Maintenance amount for ANCOM, or ACC
itself?
◼for ACC, plant maintenance annually amounts to a couple million ringgit
depending on scope of works done. Maintenance CAPEX is expected to be
within RM 3 – 5 Million, however, not confirmed yet for the new plant due to
some on-going works.
Q9. Having a high stake in Nylex has caused the company to be vulnerable to
price movement of petrochemical products, although the cycle is low, moving
forward would the company setup hedging plans?
◼Nylex has its own management overlooking the trading businesses and
hedging of currency or commodity risk is always part and parcel of trading
business.
Q10. Malaysia remains as the biggest contributor in terms of revenue, and the
company has no single customer > or equal to 10% of revenue, would the
emergence of Brazil sugarcane market cause a one-off reliance to them?
◼As our home market, Malaysia accounts for approx one third of ACC's
revenue. Brazil was 13% of ACC revenue last year. ACC exports to over 40
countries so there is no reliance on any country. Each market is unique and
important, with its own set of challenges and reward. Of course, Brazil is one of
our largest revenue source due to it being having the largest sugarcane
plantation globally. It is a key market for ACC and ACC will continue to grow
our business in sugarcane regions.
以上就是筛选出来的十个问题啦～ 之前分享的链接在这里！
传送门 ：https://12invest.my/%E7%AD%89%E5%BE%85%E4%BB%B7%E5%80%BC%E8%A7%A3%E9%94%81-%F0%9F%94%93-%E7%9A%84%E4%B8%80%E5%AE%B6%E5%85%AC%E5%8F%B8%EF%BC%88%E9%95%BF%E6%96%87%E6%85%8E%E5%85%A5%EF%BC%89/
*P/S：文章突破 200 likes 我就会发华语版本啦!
*免费Telegram 小组,等你加入！
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https://klse.i3investor.com/blogs/12stocktalk/2020-01-18-story-h1482839912.jsp
#ANCOM
#HIDDENVALUE
#NYLEX
#12INVEST
免责声明：
以上所有的内容都单纯只是个人的观点，所涉及的内容只能被当成是学习，教育与资讯用途，而绝非专业的金融，投资意见，或买卖意见。请自行分析，了解其风险，再向专业的金融理财顾问专家探讨投资的性质。
12Invest 绝不对任何分享的内容，观点，的准确性，完整性，正确性，有效期性负责人。所有的误解，错误，遗漏，资讯的延迟所造成的伤害恕不负责。
其实这家公司叻，我之前已经cover 过一次了啦～ 不知道你们有没有去留意他（不是
KXB 炸弹 ）
这家公司叻，他会比较特别，不像是传统单看整家公司的growth 就可以发掘他潜在的
value 而是要等公司慢慢剔除掉亏欠的资产，等待市场重新评估他～
他就是 Ancom Berhad（4758）啦！还没看过我们之前分享的没关系，在最下面会送
上链接给你们～
在 12 月到今天的这段期间里面，不少会员问我，why ah，why Ancom go up ah 我
就收集了大家的一点问题去问管理层，以下是我们的 Q&A 啦！（ 是英文版本的，如果
多人要求的话我再做一个华语版本的给你们～
Q1. What is the management’s comment on the share price jumping from RM
0.500 to RM 0.690? Is there any special announcement in the meantime?
◼Share price movement is a function of demand and supply of the shares in
open market. Share price increase is due to more buying than selling generally.
Q2. What is the outlook for the next 2 years for Ancom core business (ACC) ?
◼Factors that affect demand for ACC's products include commodity prices
(higher sugar/palm oil price = more spending on agrochem by plantations),
weather (draught or flood will affect planting). This year sugar prices and palm
oil prices have been on uptrend, while there are some floods in US and draught
in Australia. Plantation sector will continue to grow in long term to serve food
demand by increasing population, short term cycles will be due to previous
mentioned factors. Outlook generally positive, uptrend in tact.
Q3. As Max posted on his platform regarding the new product the company is
producing, can you furnish us with the list of products name and estimated
time taken for regulators?
◼
Registrations with authorities already underway for the new molecules. 1 of it
already obtained and will start commercial production soon at current plant.
We are unable to divulge specific names of molecules due to ongoing
discussions with partners from China.
Q4. Would the company consider to issue bonus issue / warrant in the near
term?
◼The last bonus issue was in 2018. Management of the company is constantly
seeking strategies to reward shareholders who believe in the company. We
believe the best reward is a long term appreciation of share value, reflective of
the strong fundamentals of the company and continued growth.
Q5. The company has SBB (Share buyback) activities up to 9/12/2019 at price
of RM 0.490 – RM 0.500, does this mean the company think that the share
price is being fairly valued now?
◼
Not engaging in share buyback does not mean that the company is of the
view that the shares are fully valued. Share buyback is done when shares are
oversold and a signal to market that the shares are undervalued. Cash must be
used to the best interest of company and at current levels, we rather use cash
for business operations and reinvestment. Part of our goals with the our
investor relations work is to educate the market on the core agrochem biz so
that the fair value shall be reflected via price discovery process.
Q6. What is the gearing ratio ANCOM is looking at?
◼As Ancom consists of ACC, Nylex, ALB etc. with different biz nature and diff
operational needs, a fixed or set gearing ratio is not applicable. We would seek
a balance between debt, cashflow, growth.
Q7. In short term, would ANCOM take up more bank loans if the interest rate
are low? (Considering the fact that global uncertainty forces Fed to reduce
interest rate, which would affect Malaysia’s OPR decision)
◼We will only consider additional loans for positive IRR or value-accretive
projects. Reduction of debt incurred in the past for loss-making biz is ongoing.
Q8. What is the estimated CAPEX Maintenance amount for ANCOM, or ACC
itself?
◼for ACC, plant maintenance annually amounts to a couple million ringgit
depending on scope of works done. Maintenance CAPEX is expected to be
within RM 3 – 5 Million, however, not confirmed yet for the new plant due to
some on-going works.
Q9. Having a high stake in Nylex has caused the company to be vulnerable to
price movement of petrochemical products, although the cycle is low, moving
forward would the company setup hedging plans?
◼Nylex has its own management overlooking the trading businesses and
hedging of currency or commodity risk is always part and parcel of trading
business.
Q10. Malaysia remains as the biggest contributor in terms of revenue, and the
company has no single customer > or equal to 10% of revenue, would the
emergence of Brazil sugarcane market cause a one-off reliance to them?
◼As our home market, Malaysia accounts for approx one third of ACC's
revenue. Brazil was 13% of ACC revenue last year. ACC exports to over 40
countries so there is no reliance on any country. Each market is unique and
important, with its own set of challenges and reward. Of course, Brazil is one of
our largest revenue source due to it being having the largest sugarcane
plantation globally. It is a key market for ACC and ACC will continue to grow
our business in sugarcane regions.
以上就是筛选出来的十个问题啦～ 之前分享的链接在这里！
传送门 ：https://12invest.my/%E7%AD%89%E5%BE%85%E4%BB%B7%E5%80%BC%E8%A7%A3%E9%94%81-%F0%9F%94%93-%E7%9A%84%E4%B8%80%E5%AE%B6%E5%85%AC%E5%8F%B8%EF%BC%88%E9%95%BF%E6%96%87%E6%85%8E%E5%85%A5%EF%BC%89/
*P/S：文章突破 200 likes 我就会发华语版本啦!
想第一时间看我们的分析吗！
*免费Telegram 小组,等你加入！
https://t.me/public12invest
Share or ask about investing? Exclusive content?
Join our English telegram group!
https://t.me/joinchat/FSnMkBUY-Ni2j2sOmL20jQ
** 广告 !新手想要学习投资看这里
新手不知道要从哪里开始投资？马上加入我们的白金小组（付
费），跟组员以及版主一起学习！到我们脸书PM #12PLATINUM，我们就会PM你小
组资料了哦～ http://www.facebook.com/12invest.my/
———— Check us out ————
WEBSITE • @12ingroup
FACEBOOK • @12Invest
INSTAGRAM • @12ingroup
TWITTER • @12_invest
#ANCOM
#HIDDENVALUE
#NYLEX
#12INVEST
免责声明：
以上所有的内容都单纯只是个人的观点，所涉及的内容只能被当成是学习，教育与资讯用途，而绝非专业的金融，投资意见，或买卖意见。请自行分析，了解其风险，再向专业的金融理财顾问专家探讨投资的性质。
12Invest 绝不对任何分享的内容，观点，的准确性，完整性，正确性，有效期性负责人。所有的误解，错误，遗漏，资讯的延迟所造成的伤害恕不负责。
