股市 | Teo Seng的目标价RM2.70?!

是有点吓到 =v= 

分红股前的目标价都没到RM2.70,分红股后据说根据PE13x的话可以到RM2.70?

无论如何,留意每季报和公司动向是最实际。

以下新闻分享:

KUALA LUMPUR: AmResearch has maintained its Buy call on Teo Seng Capital with a fair value of RM2.70 a share.

"This is based on an unchanged fully-diluted PE target of 13 times FY15F earnings. We came away from the recent meetings we hosted for TSC and institutional funds with a more upbeat view on TSC’s prospects. We have raised our FY15F-FY17F earnings estimates by 9%-15%.

"Our earnings upgrade is premised on expected stronger margins moving forward on the back of sustained higher selling prices of eggs and lower production costs. We now anticipate TSC’s FY15F-FY17F EBITDA margins to expand by 2ppts to ~22%. 

"We understand that egg prices, which have been on an upward trend, reached an average peak price of 34 sen/egg in 4QFY14. This was 10% above the historical average of 31 sen/egg. Management believes that prices will remain at the current levels in the next six months given the robust demand," it said.

It added that a key driver for the group over the next few years will be its rising production capacity (+400,000 eggs/day annually to reach 5.1mil eggs/day). 

This will underpin its aim of growing its market share by 3ppts to 9.6% in Malaysia. 

"Management is confident of achieving this target given that the smaller players, which make up 73% of the market, are exiting due to the absence of successors and high land costs," it said.

It added that TSC aims to raise its market share in Singapore by 12ppts to 28% by FY19F. This is achievable as the local producers’ current total production capacity of 1.2mil will be capped by limited land available for farming activities. 

TSC’s other competitive advantages include lower cost structure and its farm locations in Johor. 

"Although soft corn and soybean prices will benefit all poultry players, we believe TSC’s superior margins will remain intact given its “All-in-All-out” management system and efforts to monetise its waste.

"Management confirmed that its dividend payout will rise from 20% to 35% within the next three years – translating to yields of 5% by FY17F. We expect institutionalisation to expand further, underpinned by improving corporate access, robust earnings trajectory and strong dividend track record," it said.

参考之前Teo Seng未来展望

1)会增加新加坡的市场至28%(FY2019)~ Rachel~~你在那里看到Happy Egg吗? XD

2)Teo Seng在柔佛有农场,运输至新加坡就减少运输费,是很大的优势

3)致力于废物利用,是Bio-gas generating electricity吧。可以减少开销。

4)目标在3年内把利息提高至35%也就是DY5% (FY2017)

不要问现在买进风险大不大。而是你能处理风险的能力有多大 :)



股市 | Teo Seng的目标价RM2.70?! 股市 | Teo Seng的目标价RM2.70?! Reviewed by Angel Poi Woon on 上午11:20 Rating: 5

4 条评论:

  1. 2.7? i think 2.07 also hard to maintain....however will still keep it for long term

    JS

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  2. 我有看到这个目标价呢,也是吓到。。 不过很赞成JS说的。。 先稳定在2.07再来说吧@@

    happy egg 没看到呢,pasar egg就有,我会去留意看看的。。

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    回复
    1. 在马来会在econsave看到,在新加坡就不知了,要看看新加坡有没有econsave :P

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