HLI is principally engaged in 2 business segments
- Consumer products: Manufacturing, assembling and distribution of motorcycles, scooters and related parts and products, manufacturing and sale of ceramic tiles as well as distribution, trading and provision of services in marine related products.
- Industrial products: Manufacturing and sale of fibre cement and concrete roofing products.
HLI also has associated companies which are involved in the
manufacturing, assembling and distribution of motorcycles,
motorcycle engines and spare parts.
Annual Report 2019 stated that
In 2019 company annual report, the Group’s revenue increased from RM2,503 million
to RM2,750 million during FY2019, an increase of 10%
compared with the previous financial year ended 30 June
2018 (“FY2018”).
The increase in revenue was mainly contributed by the
increase in revenue of the motorcycle segment. The
increase was however partly negated by the weaker demand
for building materials products in the domestic market.
Operating expenses decreased by 7% to RM197 million
during FY2019 as compared with RM211 million for FY2018.
The Group has put in significant efforts to streamline
processes, enhance operational efficiencies and reduce costs
structurally to sustain its profitability.
a)Consumer segment
The consumer division sells motorcycles and marine related
products under the Yamaha brand while ceramic tiles are
distributed and sold under the Guocera brand. Sales and
distribution of consumer products are undertaken generally
through strategic partnership with key distributors and
dealers.
Motorcycle – Overview
Hong Leong Yamaha Motor Sdn Bhd (“HLYM”) commenced
operation in 1978 with the signing of the franchise
agreement between HLI and Yamaha Motor Corporation
(“YMC”) to venture into the manufacture, assembly and
marketing of Yamaha motorcycles in Malaysia. The company
currently operates from its factory located in Sungai Buloh,
Selangor, Malaysia and distributes its motorcycles through
a well-established nationwide network of dealers, including
exclusive dealers of HLYM products. Over the years, HLYM
has established itself as a significant domestic player in
Malaysia.
In Vietnam, HLI has a 24% stake in Yamaha Motor Vietnam
Co. Ltd (“YMVN”). The other two joint venture shareholders in
YMVN are YMC and Vietnam Forest Corporation.
Motorcycle – Performance Review
In FY2019, the total motorcycle industry sales volume
increased by 16% to 573,000 largely attributable to the “tax
holidays” period in June 2018 to August 2018 when the
Goods and Service Tax rate was zeroised and motorcycles
with engines 250cc and below were exempted from sales
tax with the implementation of Sales and Service Tax
2018 from September 2018 onwards. Yamaha continued
to uphold its market leader position for the financial year
under review. In order to sustain its market-leading position,
HLYM persistently invests into brand building activities and
continues to provide the Malaysian consumers with a range
of latest and most innovative motorcycles in all segments.
In Vietnam, total industry demand for motorcycles declined
marginally by 0.3% from 3,300,000 units in FY2018 to
3,290,000 in FY2019 after 4 consecutive years of growth. The
slight contraction in the total motorcycle industry demand
in FY2019 was mainly attributed to the motorcycles market
saturation in Vietnam.
Marine Related Products – Overview
HLY Marine Sdn Bhd (“HLY Marine”), a wholly-owned
subsidiary of HLI, was appointed as the exclusive re-seller and
distributor of Yamaha outboard motor products since April
2017. The company currently operates from Sungai Buloh,
Selangor, Malaysia and 3 branches in Malaysia offering sales,
service and spare parts of Yamaha outboard motor products
nationwide through a network of dealers.
Marine Related Products – Performance Review
HLY Marine continues to be the leader in market share
of outboard motor in West Malaysia for FY2019. While
the marine industry remains competitive, especially in
the medium and high horse power 4-stroke segment,
efforts have been in establishing a strong dealership
network, setting up Yamaha Technical Academy, continuous
improvement in after sales service and promoting the
awareness of genuine parts through conducting 3S
campaigns. These have enabled HLY Marine to maintain an
advantage over its competitors.
b)Industrial Products
Ceramic Tiles – Overview
Guocera Holdings Sdn Bhd (“GHSB”) is the holding
company for the tiles business of HLI. GHSB, through its two
manufacturing facilities located in Kluang, Johor and Meru,
Selangor (“GHSB Group”), manufactures and distributes a
full range of ceramic and porcelain tiles. Since 1993, GHSB
Group has been promoting and marketing its tiles under the
common brand name “Ceramiche Guocera”.
GHSB Group exports its tiles worldwide to customers in Asia
Pacific, Middle East, Europe and North America. Through its
export presence over the past 40 years, Guocera is a globally
recognised brand in the industry. Over the years, GHSB
Group has been transforming the living and work spaces of
its customers with innovative products and inspiring designs.
Inspired by quality Italian craftsmanship and its artisan ethos,
Guocera is a recognised household brand in Malaysia.
Moving forward into the new financial year ending 30 June
2020 (“FY2020”), GHSB Group’s immediate plans are to
enhance manufacturing efficiencies through continuous cost
down programmes and plant reconfiguration, strengthening
and upskilling workforce, expanding retail market network
with effective merchandising activities, strengthening
embedment in key international markets and launching
of new products to attract the existing and prospective
customers.
INDUSTRIAL SEGMENT
The industrial division manufactures and distributes fibre
cement board under the brand name “PRIMABOARD”,
concrete roofing tiles as well as distribution of other building
material products. Products are distributed to both local and
overseas markets via retail as well as projects.
Fibre Cement Board – Overview
Hume Cemboard Industries Sdn Bhd (“HCI”), a whollyowned subsidiary of HLI, was first incorporated as Cemboard
(M) Sdn Bhd and started commercial production in 1982.
HCI manufactures and distributes the PRIMABOARD family
of products, comprising cellulose fibre cement boards in
various dimensions that provide internal lining and external
architectural cladding solutions for buildings and their
surrounds. Fibre cement board products are made from high
grade cellulose fibre, quality cement, sand and water and can
be used in myriad applications in the residential, industrial and
commercial markets.
The fibre cement board products are manufactured in its
plants located in Petaling Jaya, Selangor and Kanthan, Perak.
HCI is the leading domestic player in the fibre cement
board industry and distributes its products both locally and
internationally. Its export markets include Australia, Taiwan,
South Korea, Middle East, Vietnam and Philippines.
Fibre Cement Board – Performance Review
For the financial year under review, HCI faced the challenges
of low export prices, weaker United States Dollars against
Malaysian Ringgit, escalation of pulp prices being the key raw
materials as well as increase in energy costs.
To mitigate these challenges, HCI had focused to increase its
domestic sales and executed strategic cost transformation
measures to preserve margin without compromising on
product quality.
Concrete Roofing Tiles – Performance Review
FY2019 has been a challenging year for the building materials
industry, with no exception for the roofing tiles. HRP
managed to maintain the sales against the previous year
while increasing the average product selling price to reduce
loss as compared with the preceding year.
As the outlook of the housing industry is expected to remain
weak, the key focus will be continuous cost improvement
activities to ensure cost competitiveness with products of
high quality and reliability.
For the upcoming financial year, HRP is expected to sustain
the current market share in sales, as well as strengthen its
presence as one of the key players in the concrete roofing
tile industry through consistency of the services and product
confidence.
Malaysia Motor Industry Information
Following
the negative period when, between the 2013 and the 2016 the market has
lost over 170.000 units in the annual balance, since 2017 the market has
recovered, posting three years of growth.
According to data released by the Malaysian Association of Motorcycles Manufacturers, in the 2019 the domestic market was back at the 2013 level with sales at 546.813 units, up 15.9% from the previous year.
Despite
ranking only 5th among the ASEAN region, the Malaysian market is one of
the largest worldwide and in the 2019 ranked as 14th.
In fact, in the 2019, Yamaha has sold a record of 209.403 units (+11%) with 36% of market share, while in second place Honda sold 187.000 two-wheelers (+33%).
丰隆工业的主要生意是Yamaha的代理。大马汽车在2020年4月份，全国只卖141辆。
我看到一些电单车的Dealers都在促销，用无利息或延迟付款来卖电单车。但是，现在很多人在SME工作的人，都担心失去工作。大家都不花钱买大样的产品。
电单车的销售量在2017年跌，然后在2018和2019年成长。
看回去丰隆工业的股价
16.10.2014 RM3.098
04.08.2015 RM4.674 日线黑马出世
30.11.2019 RM9.40 股价跌破MA200天均线
19.04.2020 RM6.19 最近的低价
27.05.2020 RM8.43
我个人不看好HLIND Q4的业绩。因为4月到6月都是MCO和CMCO的期间。虽然，HLIND准备很多现金以度过难关。YTD Q3 EPS
=RM0.6337, PE@13.3. YTD Q3 Revenue = RM2.146 Billion, 和FY2015的RM2.138
Billion差不多。 当时的EPS是RM0.5618.
我会观察它，但不会买它。除非它的价格非常便宜。
https://nanainvestklse.blogspot.com/2020/05/hlind-3301-q3-fy2020.html
