季报 | Wellcal (7231) Q1,2016 季报

Wellcal Q1,2016季报一出，股价从RM2.90+跌至RM2.40+，在高价买进的朋友应该会被套牢了。



先看盈利及净利下跌的原因：The Group reported a lower profit before tax ("PBT") of RM11.330 million for the current quarter ended 31 December 2015 compared to PBT of RM11.459 million recorded in the preceding quarter ended 30 September 2015. The slight decrease in PBT is not in line with the decrease in revenue and was mainly attributable to lower overheads and administrative expenses.

季报比较的是Q4,15和Q1,16的成绩，指出盈利下跌11.66%，而净利却下跌1.13%而已，这是因为较低的管理费用。有点无力：1）为什么不指出盈利下跌的原因？2）应该也需要和Q1,15做比较吧。。

管理层表示尽管2016年是充满挑战的一年，但因为原料价格和美金汇率不变，加上新厂会开始在2016财政年提出贡献，所以还是对2016年的表现感到乐观。

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.

In the current financial year, with the additional capacity and product lines brought about by Factory 3, the Group hopes to further penetrate the market by offering a wider range of industrial hose. 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.

Barring unforeseen circumstances, the Board believe that the Group's prospects for the financial year ending 30 September 2016 remains favourable.

公司还是一样地发RM0.23的股息。就我而言，会继续留守观望。