Oriental Food Industries Holdings Berhad

【 业绩开箱 】Oriental Food Industries Q4 FY2024

📈 股价（2024/05/19）：RM2.030
🎫 PE：11.24 倍
📊 DY：3.20%
💎 NTA：RM1.100

之前跟大家分享的 OFI（7107）呢，在昨天公布了他们 Q4 FY2024 的业绩 🤔 除了业绩新高之外，公司还派发了 RM0.020 的股息，那为什么公司的股价不涨反跌呢？

在深入讨论这一点之前呢，我们还是先看看 OFI 的业绩好了。

在该季中，OFI 的营收入为 RM109.7 million，对比去年同期的 RM83.9 million 提高了 30.77% 📈，这主要因海外市场的收入提高所致。

虽然 OFI 并无明细产品的分布 🤷‍♂️ 不过个人猜测应该是 ZESS 以及薯片类的产品销量增加；从公司在去年 AGM 分享的内容来看，相信接下来 ZESS 对公司的收入占比也会逐渐提高。

那在收入提高的同时，公司的毛利率（“GPM”）也从 15.12% 提高至 20.65%；税前盈利（“PBT”）则从 RM4.3 million 激增到 RM18.2 million 左右。

在对比 Q3 之下，OFI 的营收入按季下滑了 5.30% 📉，但 Q4 普遍是公司最弱的业绩（因为新年的关系），所以按季的参考性会比较小一些。

有趣的是，OFI 在营收入下跌的情况之下，公司的 PBT 按季比较还是上涨了 17.70% ‼️ 但这主要是因为公司在该季共有 RM1.7 million 左右的外汇盈利，以及缺乏坏账拨备开销所致。

无论如何，OFI 在 FY2024 中全年的营收入还是创下新高，共为 RM431.7 million，对比 FY2023 的 RM360.0 million 提高了 19.92%，而 PBT 则是从 RM24.7 million 上升到 RM55.6 million。

在 FY2024 中，OFI 的净营运现金收入（“NOCF”）为 RM41.0 million 💵，而资本开销（“CAPEX”）则是 RM7.0million 左右，综合来说，公司的净自由现金流为 RM34.0 million，目前手头上的现金为 RM58.1 million，债务则是不足 RM3.0 million，相当的稳健。

为了奖励股东，OFI 也宣布派发 RM0.020 的股息，除权日为 2024 年 6 月 14 日。

客观来看，OFI 在 Q4 FY2023 的业绩是非常不错的，但为什么股价还是下跌呢？

接下来的内容纯属个人猜测和点评市场的走势，先奉劝各位还是以基本面为主 😅😅

据个人了解，市场上多少已经有 OFI 的业绩传闻，也就是说市场，目前对于这家公司已经有了一定的预期存在。

其次，OFI 的业绩虽好（重提一下，Q4 通常比较弱一些 🤔），但更多是 “符合预期”，所以不排除会有部分的卖压浮现，形成套利的一个现象。

最后，OFI 的流通股其实很少，只有 280.0 million 股，而近几天平均交易的总股数大约只有 0.31%，也有可能是因为流通性较弱的关系，较少投资者关注起他们的业绩上涨，加上套利的因素存在，所以才会反而下跌 😶。

那么，大家又怎么看 OFI 这家公司呢？

照片来源：公司的面子书

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在编写这篇文章时，或在短期内（3 个月内），版主本身有兴趣投资或已持有上述的公司，除非有新的因素出现，因此，读者们务必要检查该内容的独立性。

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#12INVEST
#OFI
#SUPERRING
#ZESS

$OFI / 7107 (ORIENTAL FOOD INDUSTRIES HOLDINGS BERHAD)

OFI - Notice of Book Closure

KUALA LUMPUR: Oriental Food Industries Holdings Bhd remains positive about the sustained growth in local product demand, thanks to the underlying strength in domestic demand.

KUALA LUMPUR: Oriental Food Industries Holdings Bhd remains positive about the sustained growth in local product demand, thanks to the underlying strength in domestic demand.

Interim Dividend

Quarterly rpt on consolidated results for the financial period ended 31/03/2024

@Ryunanda Like the line of thought for $OFI / 7107 (ORIENTAL FOOD INDUSTRIES HOLDINGS BERHAD) .... maybe $HUPSENG / 5024 (HUP SENG INDUSTRIES BERHAD) deserves some attention too?

@B I think some certain names in consumer segment will have a catch up. I'm personally bullish on $OFI / 7107 (ORIENTAL FOOD INDUSTRIES HOLDINGS BERHAD) and have invested some. General thought is this... Inflation is going to be intensely felt by the general public... (petrol subsidy going away + sugar next?), imported snacks are going to be more expensive now ringgit is weak hence there will be more demand to local made products whilst leaving some rooms for asp increment for the company's products... Plus, their export is also gaining traction. And who can say no to super ring?

Lets see how things will be in the upcoming result but I suspect it will be good.

@zhugeliang123 I had limited capital so I had to pick between $CLOUDPT / 0277 (CLOUDPOINT TECHNOLOGY BERHAD) and INFOTEC ; I believe both are similar and strong companies, I recalled I picked the former cos I prefer their client concentration risk, wider the product / service range (infotec if not mistaken 50% contribution from dell), client relationship and potential outlook.

Btw, I think we need to take a closer look at the often misunderstood $VSTECS / 5162 (VSTECS BERHAD) who is the connector of most things you mentioned.

@DanVee I switched some of my YTLP profits to some lagging oil n gas names like Keyfield and CARIMIN, OFI as mentioned above, I also like $AWC / 7579 (AWC BERHAD) due to its full acquisition of Stream, $E&O / 3417 (EASTERN & ORIENTAL BERHAD) for land scarcity in Penang and abit of tech names.

Companies likely to benefit from the increase in Malaysian food exports to Japan

According to recent reports, Malaysia is a major food exporter to Japan, with food product exports reaching RM8.93 billion or 291 billion yen in 2023. These exports include agrifood products such as beverage preparations, processed foods, and seafood, as per Japanese government trade statistics. Additionally, Japan is exploring new products like durian, which could benefit several Malaysian companies. Here are some companies that might gain from this increased export activity:

📌 $PLS / 9695 (PLS PLANTATIONS BERHAD)
PLS is involved in forest and oil palm plantation management, durian-related businesses (including plantation, contract farming, trading, and retail of downstream products), wood-based activities, and civil engineering and construction. In FY23, PLS signed a Heads of Agreement (HOA) with Japan's Millennium Agriculture Technology and MyFarm Inc Japan to explore large-scale durian cultivation in Malaysia. This positions PLS to benefit from the rising demand for durian in Japan.

📌 $CAB / 7174 (CAB CAKARAN CORPORATION BERHAD)
CAB is one of Malaysia's largest integrated poultry producers, engaged in breeding and farming of grand-parent stocks, producing breeder eggs and hatching eggs into day-old chicks, broiler chicken farming, trading of poultry feeds and farm consumables, processing chicken, and manufacturing meat-based food products. In FY23, Japan contributed only 0.1% to its overall revenue. However, with the Japanese government encouraging more Malaysian product imports, CAB could see a revenue increase in Japan.

📌 $OFI / 7107 (ORIENTAL FOOD INDUSTRIES HOLDINGS BERHAD)
Oriental Food manufactures and markets biscuits, cakes, snack foods, and confectioneries. Its FY23 annual report indicates that its products are already exported to Japan, though specific figures were not mentioned. This presents an opportunity for OFI to increase its revenue in Japan.

📌 $QL / 7084 (QL RESOURCES BERHAD)
QL operates Family Mart convenience stores in Malaysia and is involved in integrated livestock farming, marine products manufacturing, and palm oil and clean energy production. They produce QL Sakura chicken eggs using Japanese methods, providing them with an opportunity to capitalize on increased exports to Japan.

These companies are well-positioned to benefit from the growth in Malaysian food exports to Japan. Are there any other companies you think could also gain from this opportunity?

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Intention to Deal During Closed Period

$3A / 0012 (THREE-A RESOURCES BERHAD) – Something's cooking?

In essence, they are a food and beverage ingredient manufacturing company.

Products portfolio, all ingredients are Halal and Kosher certified:
•Liquid Caramel, Caramel Colour
•Fermented Vinegar, Distilled Vinegar, Rice Vinegar
•Glucose Syrup, High Maltose Syrup, Liquid Maltodextrin
•Soya Protein Sauce (“sPs”)
•Hydrolysed Vegetable Protein (“HVP”) Powder
•Caramel Powder
•Soya Sauce Powder
•Maltodextrin
•Golden Syrup

FY 2022 AGM main takeaways:
• 3 products namely Caramel, Maltodextrin and Glucose represented more than 80% of the Group’s sales for FY2022.
• The total capacity of all plants is approximately 36,000MT per month and its present utilisation rate of each plant varies; ranging from 50% to 95%.
• The Group has three (3) Maltodextrin Plants with total plant capacity of around 5,000MT per month. The current utilization rate is around 80% - 90%.
• Their major raw materials are corn starch and tapioca starch, soybean meal, and refined cane sugar. So, commodity price volatility would affect them.
• These raw materials are mainly imported from Thailand, India and China. A minimum of two suppliers are always maintained for major raw material and consumables.
• They adopt a dynamic inventory holding policy to mitigate this challenge and pass on significant costs movement to customers through product selling price/ASP.
• Natural gas is used as a direct energy source to generate heat and steam. Its expenses accounted for high single digit percentage of the overall cost of sales.
• Sudden surge in freight and logistics costs will also impact them.

FY2022 Annual Report highlights:
• They recorded RM658,702mil in FY2022, highest ever revenue in their Group’s history, contributed predominantly by the higher Average Selling Prices (ASP) and increase in quantities of products sold across the board.
• Total Sales and Domestic Sales for FY2022 increased by 28% and 30% respectively. During FY 2022, exports remained stable with an overall increase of 25%
• Revenue from export of products comprised 42% of the overall revenue of the Group in FY2022. MY - 58%; SG – 10%; Others – 32%
• Despite the record high revenue achieved, profit for the Group have been impacted by higher raw material costs, energy costs, labour, transportation and other related expenses in FY2022.
• The Group’s gross profit margin has also been affected as compared to the previous year from 18.7% to 13.4% in FY2022. The prices of major raw materials of the Group, particularly corn starch and tapioca starch had increased significantly in FY2022 as compared with FY2021.

As they have just announced their Q4FY2023 results, let’s look briefly into their performance:
Current FY2023 vs Previous FY2022
• Total FY Revenue registered at ~604mil, has dropped by approx. -8%.
• But, FY PAT registered at 45.2mil, increased significantly around +29%, which bring their profit margin to 7.5%. This implies they can pass on the cost, albeit some time lag.
REVENUE FY 2023 (‘000) Contribution by geography:
MY - 330,555 - 55%
SG - 62,630 - 10%
OTHER - 210,679 - 35%
• The top 3 export countries of the Group (ex-Singapore) are Indonesia, Philippines and China.

Other interesting thing(s) to note:
• There seem to be this individual name: Mr. Teo Kwee Hock who has been trading this company’s share. He has some stake in a few other PLCs, like: $OFI / 7107 (ORIENTAL FOOD INDUSTRIES HOLDINGS BERHAD), $AYER / 2305 (AYER HOLDINGS BERHAD), $ELKDESA / 5228 (ELK-DESA RESOURCES BERHAD), $FIAMMA / 6939 (FIAMMA HOLDINGS BERHAD)… and more
• On 3 October 2022, a subsidiary of the Company, San Soon Seng Food Industries Sdn. Bhd. entered into a S&P Agreement with a third party for the acquisition of a piece of land with three (3) units of single-storey detached factory building for a total consideration of RM5.25mil.
• Climate change related challenges like rising temperatures and water shortages can significantly affect the production of the crops, leading to a potential supply chain problem that could impact them.
• Those who know how to read Mandarin can proceed to read an article coverage here: https://cutt.ly/tw6W8zgz

OFI - Notice of Book Closure

Quarterly rpt on consolidated results for the financial period ended 31/12/2023

Interim Dividend

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Intention to Deal During Closed Period

Titan Weekend Chart Reviews

$OFI / 7107 (ORIENTAL FOOD INDUSTRIES HOLDINGS BERHAD)

Had been retracing within a descending triangle consolidation pattern on the hourly and daily charts here with RM 1.55+ as the main support.

For now as long as able to hold, could breakout towards the RM 1.70+ regions soon for a bullish continuation pattern soon.

Support: RM 1.60, RM 1.55 areas
Resistance: RM 1.65, RM 1.70, RM 1.78 areas

@portoftheyear

$RCECAP / 9296 (RCE CAPITAL BERHAD) - 29%
$SURIA / 6521 (SURIA CAPITAL HOLDINGS BERHAD) - 22%
$IDEAL / 9687 (IDEAL UNITED BINTANG INTERNATIONAL BERHAD) -21%
$CRESNDO / 6718 (CRESCENDO CORPORATION BERHAD) - 18%
$OFI / 7107 (ORIENTAL FOOD INDUSTRIES HOLDINGS BERHAD) - 10%

Change of Company Secretary - LEAN YUNG KWANG

Quarterly rpt on consolidated results for the financial period ended 30/09/2023

Change of Company Secretary - NIP CHEE SIEN

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATUK SERI SON CHEN CHUAN

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings During Closed Period

Changes in Director's Interest (Section 219 of CA 2016) - DATUK SERI SON CHEN CHUAN

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Intention to Deal During Closed Period

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATUK SERI SON CHEN CHUAN

Changes in Director's Interest (Section 219 of CA 2016) - DATUK SERI SON CHEN CHUAN

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

Changes in Sub. S-hldr's Int (Section 138 of CA 2016) - DATUK SERI SON CHEN CHUAN

DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : Dealings Outside Closed Period

Changes in Director's Interest (Section 219 of CA 2016) - DATUK SERI SON CHEN CHUAN