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拓展上游业务 金锋拟在槟建新厂 |
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光华日报 ● 2010/08/23
瓦楞纤维板与纸盒制造商金锋股份有限公司（GFB，8281，工业产品组）将探讨兴建一座纸厂，因它放眼成为本地包装工业一名综合业者。
该公司已在槟城物色合适土地，并有意投资约1亿5000万令吉。
这项建议仍处于管理层阶段，尚未交予董事部。
在3月初，该公司宣布它计划购买一座纸厂，为波动的纸价提供一个舒缓。
金锋股份执行主席兼董事经理拿督许廷炎表示，投资上游业务将协助巩固金锋股份作为本地包装工业一个综合业者的地位。
该公司已经在槟城经营一座工厂，目前操作其每月约4000公吨产能的80%使用率。
金锋股份的一些主要本地客户包括新力、声宝、三洋、Bard、博世和启顺造纸业。
消息称，成立一座纸厂的行动，将容许该公司减轻波动的原料成本。
不过他说：“收购纸厂所节省的成本将只会反映在2012和13财政年收支平衡中，胥视交易完成和工厂操作日期而定。”
金锋股份是在1972年以顺成冷冻食品私人有限公司之名成立为一家私人有限公司。在1989年，它易名为顺成机构（马）有限公司。而于第2年，它再采用现有名称，及最终上市吉隆坡股票交易所第二交易板。
该公司初期从事冷冻虾加工，尔后才开始透过子公司金锋包装私人有限公司，进军制造和销售瓦楞纤维板。瓦楞纤维板制造与销售较后已成为金锋股份核心业务。
未来，随着环球经济改善，该公司预测其业务将进一步提升。
其截至2010首半年的现金和银行存款有221万令吉，比较一年前达294万令吉；而总借贷则由之前的3023万令吉，减至2700万令吉。
基于1亿零795万令吉股东基金，该公司截至3月31日止的净负债率为0.25倍。
因此，一旦落实购买土地和建立工厂，该公司将有进一步增加负债的能力。
金锋股分的扩充计划旨在提高在本地包装工业的市场份额。目前，本地瓦楞包装工业是由3大厂商所支配，分别是和达工业资源（HPI）、GS纸品与包装以及慕达控股（MUDA）旗下的慕达包装。
上述3造合共控制了45%市场，而金锋股份则享有约5%份额。
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Last update on 23/08/2010 |
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Golden Frontier sees money in upstream expansion |
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THE EDGE ● 2010/08/16 ● MAX KOH
Corrugated fiberboard and carton maker Golden frontier Bhd is looking at building a paper mill as it seeks to become an integrated player in the local packaging industry.
Sources close to the matter say that the company has been scouting for suitable land in Penang and is looking at investing about RM 150 million.
“The company has been looking aggressively at a few places and has found a prospective site. The proposal is still at the management level and has not been brought up to the board” says a source.
As early as March, the company announced that it was planning to buy a paper mill to provide a cushion against fluctuating paper prices.
Datuk Khor Ten Haw, Golden Frontier’s executive chairman and managing director, said that venturing into the upstream business would help position Golden Frontier as an integrated player in the local packaging industry.
The company already operates a plant in Penang, which is running at 80% utilization of its production capacity of about 4,000 tonnes a month.
Some of Golden Frontier’s major local clients include Sony, Sharp, Sanyo, Bard, Robert Bosch and Nibong Tebal Paper Mill.
According to sources, the move to establish a paper mill allows the company to mitigate swings in raw-material costs.
“ However, the cost savings from the acquisition of a paper mill will only be reflected in the company’s bottom line in FY2012 or FY2013, depending on when the deal can be completed and the plant commissioned”, he says.
Golden Frontier was incorporated as a private limited company in 1972 under the name of Soon Seng Frozen Food Sdn Bhd. In 1989, it changed its name to Soon Seng Corp (M) Bhd. The next year, it assumed its present name and was subsequently listed on the Second Board of the Kuala Lumpur Stock Exchange.
Golden Frontier initially started as a company that processed frozen shrimp and prawns, before it ventured into manufacturing and selling corrugated fiberboard cartons via its subsidiary, Golden Frontier Packaging Sdn Bhd.
The manufacturing and selling of corrugated fiberboard cartons became the group’s core business when it was listed, and contribute approximately 40% and 60% respectively of the group’s turnover.
For 1HFY2010 ended March 31, the company registered an improved pretax profit of RM6.6 million on revenue of RM83.9 million. This is an improvement compared with revenue of RM 70.9 million and pre-tax profit of RM 4.1 million in the corresponding period last year.
Going forward, the company expects to see further improvements in its business on the back of an improving global economy.
Its cash and bank balances at the end of 1HFY2010 stood at RM 2.21 million compared with RM 2.94 million a year ago, while its total borrowing’s stood at RM27 million compared with RM30.23 million a year ago. With its shareholder’s funds standing at RM 107.95 million, Golden Frontier has a net gearing ratio of 0.25 times as at March 31.
As such, the company could certainly afford to gear up if it wanted to purchase the land and build a mill.
Golden Frontier’s expansion plan could be seen as an attempt to increase market share in the local corrugated packaging industry that is dominated by three big players- HPI Resources Bhd, GS Paper & Packaging Group, and Muda Holding Bhd’s Muda Packaging Industries. Collectively, the three companies control 45% of the market.
In comparison, Golden Frontier has about 5% market share.
Despite that, the small-cap company, which is not presently covered by investment analysts, has been churning out sustainable earnings growth and rewarding shareholders with dividends.
Over the past five years, Golden Frontier’s net profits have grown substantially from RM976,851 in FY2005 to RM11.6 million in FY2009. Its earnings per share also jumped to 20.78 sen from 0.02 sen.
Apart from FY2004, when it incurred losses and spent heavily on capex, it has declared a regular dividend of at least 2.3 sen over the past decade. It paid out a dividend of seven sen per share for FY2009, and 6.5 sen for the two preceding years.
In its latest financial results, Golden Frontier says that it set aside RM10 million in capex for FY2010, and another RM8 million for FY2011.
For FY2009 ended Sept 30, its net profit increased by 8% to RM11.64 million from RM10.78 million a year earlier, despite its revenue dropping 11% to RM146.21 million from RM164.43 million. It also posted basic earnings per share of 20.78 sen versus 18.73 sen previously.
Its strong earnings growth is largely due to its operations in Vietnam. In FY2009, the operations generated RM85 million or 80% of the company’s revenue, compared with RM61 million from its domestic operations.
It currently owns two factories in Ho Chi Minh City and one in Hanoi.
“We expect our Vietnam operations to continue to grow in both revenue and contributions to the group as demand increases from the F&B, government, shoemakers, and electrical and electronics sector,” says Khor.
He adds that the packaging industry in Vietnam is optimistically expected to grow 10% or more in FY2010. If profit margins remain unchanged, Golden Frontier should expect to see RM93.5 million in revenue and RM10.9 million in pre-tax profit from its operations there.
Khor adds that with RM10 million invested to expand its facilities in Vietnam, the company expects to increase its production capacity from 5,000 tonnes a month to 8,000 tonnes a month by June next year.
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Last update on 23/08/2010 |
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