Thursday, August 6, 2015

‘解剖” ESCERAM 0100

Since 1998, from its humble beginnings in Ipoh, Perak, ES Ceramics have grown to be known as one of the main quality producer of ceramic formers subscribed by the glove industry throughout Malaysia. In 2005, ES Ceramics was the first and only handformers manufacturer listed in the ACE Board of Bursa Malaysia Securities Bhd. and remains listed  until today.
 ES Ceramics started with producing formers for examination gloves. Today we have expanded our formers range to surgical, household, industrial, ballons and specialty formers - endorsed and supported by our French technology partner, COQUET, who are masters in household and industrial formers, with more than 50 years of designing experience; supported with a background of solid reputation for creative and practical design and quality control solutions.  ES Ceramics today have successfully grown to be a heavyweight former manufacturer in Malaysia and also operating in Southern Thailand with its own manufacturing plant.
**The year 2007 was also a challenging year for ESCTB. The hike in the prices of raw materials, coupled with the rising fuel prices, causing operating cost to increase in tandem.
**The revenue from its subsidiaries, GTR Ceramics Sdn Bhd (“GTRM”) and GTR Ceramics Co., Ltd (“GTRT ”) has contributed to approximately 39% of the Group’s total consolidated revenue.
**The growth for the Group in the coming financial year will be sustained in tandem with growth in global demand for medical gloves in the healthcare sector. In anticipation of this, the Group has put into place a strategy to expand capacity and switch to a better mix of products, coupled with more aggressive marketing efforts.
**The Group continues to focus its efforts on maintaining its performance by improving in production efficiency in order to lower operating costs.
** GTR Ceramics Sdn. Bhd. was placed under Members’ Voluntary Winding-Up pursuant to Section 254(1)(b) of the Companies Act 1965 on 21 April 2014. Micro Ceramics Sdn. Bhd. applied to CCM to be struck off from the register pursuant to Section 308(1) of the Companies Act 1965 on 28 January 2014.
 注意:ESCERAM 从2006年5间subsidiaries演变到如今只剩下2间(Easy Sun Sdn Bhd (Malaysia) & Euroceramic Technologies Co., Ltd (Thailand))
2007年报里提到GTRM & GTRT 贡献接近40%的盈利,如今这2间子公司不再作出贡献了,所以必须留意公司盈利会不会大打折扣。(虽然2010到2013年公司盈利有下滑的迹象,不过2014和今年盈利再次站稳在24million以上)代表公司领导团已经成功重新整顿了公司structure, 盈利也回稳了。
Year 2015 (BASE) 2014
Quarter 1(AUG) 2(NOV) 3(FEB) 4(MAY) Total
Revenue                6,124,625                7,143,687                5,657,350                6,025,434 24,951,096            24,672,574
PBT                1,175,181                1,413,608                1,545,736                1,563,620 5,698,145              2,785,195
PAT                1,153,932                1,390,045                1,506,485                1,541,093 5,591,555              2,621,051
Share capital          197,049,800          197,049,800          197,049,800          197,049,800       197,049,800         169,826,600
EPS/sen 0.0059 0.0071 0.0076 0.0078 0.0284 0.0154
DPS/sen                               -                                 -                                 -                                 -   - -
Profit Margin 19% 19% 27% 26% 22% 11%
2)公司的Profit margin也提升到22%(2014年11% ,2013之前都是低于8%)
3)  因为管理层成本控制有方,所以EPS全年也增长了接近100%
除此以外,公司最新的ROE也高达17%(之前最高11% ),这都是管理层控制成本的功劳~
从2006上市以来,公司的债务也高持不下(大部分是用在投资新的subsidiaries),近年在公司积极还债下,总债务只剩下RM4.2million,而公司现金就高达RM13.76million!所以公司现在是净现金公司(Net cash/share=RM0.048)掌声送给节俭的管理层~
公司从2008年来就没派发过任何Dividend了(都是在努力还债),现在公司的Retained earning存到了RM9,597,947。以当年40% div payout ratio 来看,最新EPS RM0.0284可派出1sen左右的dividend,假设公司现在把全部RetainedEarning拿来派息(4.87sen),1sen这数目只是皮毛而已($v$)。 **1sen的dividend 除以现在RM0.330来看,DY也有3%。
公司近年看起来没有什么大发展的计划(Expansionary),暂时重心放在顾好Internal control。如今Revenue能不能继续更上一层楼就要靠增加新工厂,新的production-line,或者增加customer base(Export到别的国家)。
2)Foreign currency risk对公司来说影响不大(虽然raw material入口成本贵了,但是Export方面可以cover回)
5)以公司最新EPS=RM0.0284 vs Price=RM0.33来算,PER是11.62


  1. Wow..another good company from Perak. Last year Hovid, this year ESCERAM. Proud to be Perak-ian.

  2. Wow..another good company from Perak. Last year Hovid, this year ESCERAM. Proud to be Perak-ian.

    1. Wellcall Holdings Berhad (7231)
      This is also 5-star company in Ipoh.^^