季报 | Wellcall (7231) Q4,2015 季报

Wellcall是我投资组合中第一支买入的股，持有差不多一年半。买入之时是它刚分红股之时的高价RM2+，还傻傻以为买到便宜货，结果调整后跌至RM1.5+。

那时做功课，公司对外发表的信心访问稿及新厂设立消息，加上每个季度的股息，都让我对它有安心感。在低谷时慢慢加码。

结果想当然尔，股价目前起至RM2.3+（小调整后），算是柳暗花明。

这个季度，Wellcall也交出不错的成绩，而年度成绩则是非常亮眼。公司产品需求增长，当然业绩好的一大功臣非美元走强莫属，出口占了91%，要留意日后马币强了是否会直接影响，但有新厂垫底，给它时间，我想公司还是会进一步往上爬的。

Market Capital (RM): 784.15m
EPS (cent): 12.44 *
P/E Ratio: 18.97
Par Value (RM): 0.200
Number of Share: 332.27m
NTA (RM): 0.293
Dividend (cent): 9.200
Dividend Yield (%): 3.90
Dividend Policy (%): 50 Details

至于有人说PE高。是的，在我买入时，它的PE是21-25。而今天它的P/E是18.97！怎么变低了呢？呵呵，EPS/业绩胜于一切。

而季度股息也从2sen提高至至2.3sen。2015财政年的总股息是9.2sen，比2014年的8.3sen提高了10.8%，而记录显示在股息提高至下，2015年的payout是74%，比起2014年的94% 少了，公司选择留下更多现金。


The Board of Directors has also declared a special interim single-tier dividend of 2.3 sen per share, which adds up to a total single-tier dividend of 9.2 sen per share or a dividend payout ratio of 74% for FY15, compared to total single-tier dividend of 8.3 sen per share and a payout ratio of 94% in FY14.

再来最大的定心丸，Wellcall是净现金RM18.9Million。

Wellcall’s operating cash flows remain strong, and its balance sheet healthy with a net cash position of RM18.9 million as at 30th September 2015.

业绩出前我有适量地减持，因为涨太快了@@ 如果股价继续跌，我不排除继续加码。 （模棱两可，哈哈）

公司还是一如往常，非常严肃地申述明年挑战依然严峻，但会尽本能地增加客户群，增加产品类型，提高产品的生产力以及其品质。

没有任何买卖建议。

In the fourth quarter under review, the Company achieved revenue of RM38.3 millioncompared to RM37.4 million in the previous corresponding quarter of FY14. Profit before tax rose 8.7% year-on-year (‘y-o-y’) to RM11.5 million in the period, whilst net profit jumped 65.9% y-o-y to RM12.9 million partly due to tax write-backs from capital allowances on its new plant as well as better than expected utilisation of production capacity.

For the full year of FY15, Wellcall reported record high revenue of RM158.1 million, delivering 8% y-o-y growth. Profit before tax in the twelve-month period surged 25.7% y-o-y to RM48.5 million, whilst net profit grew 40.5% y-o-y to RM41.3 million.Stronger FY15 performance was attributed to sustained demand growth for the Company’s industrial rubber hose, as well as favourable foreign exchange gain and lower overheads from greater economies of scale in production. Export markets accounted for 91% of group revenue for the full year FY15.


Demand for industrial rubber hoses will continue to see gradual recovery from both the emerging and developed economies. Moving forward, the Group will ensure it stays ahead of market trends, responding swiftly to changes through automation and research. In the near term, the Group expects the raw material prices to trend at current levels and US Dollar to remain strong. 

The easing of raw material prices has enabled a more favourable operating environment for sustainable growth in demand and earnings. During the financial year, the Group has undertaken various marketing initiatives to expand its customer base with the view to absorb the additional capacity that will come onstream from Factory 3, which has been completed and commissioned during the financial year.

The outlook of the global economy for 2016 remains challenging and uncertain. Nevertheless, the Group’s strategies are to focus on leveraging on its extensive customer network, improved productivity, quality services and product range to enhance its competitive edge.