Highlights
KLSE: SCIENTX (4731)       SCIENTEX BHD MAIN : Industrial Products
Last Price Today's Change   Day's Range   Trading Volume
9.38   +0.13 (1.41%)  9.21 - 9.38  412,500
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Overview

Market Cap: 4,833 Million
NOSH: 515 Million
Avg Volume (4 weeks):260,300
4 Weeks Range:9.00 - 9.38
4 Weeks Price Volatility (%):
100.00%
52 Weeks Range:8.11 - 9.50
52 Weeks Price Volatility (%):
91.37%
Average Price Target: 9.30
Price Target Upside/Downside: -0.08

Financial Highlight

Latest Quarter | Ann. Date 31-Oct-2018 [#1]  |  28-Dec-2018
Next QR | Est. Ann. Date: 31-Jan-2019  |  22-Mar-2019
T4Q P/E | EY: 17.83  |  5.61%
T4Q DY | Payout %: 2.02%  |  36.07%
T4Q NAPS | P/NAPS: 3.5394  |  2.65
T4Q NP Margin | ROE: 10.29%  |  14.86%

Headlines

Date Subject
21-Nov-2019 [转贴] [SCIENTEX BHD:Daibochi集团公司的最新加入进一步扩大了森德的能力和产品组合,从基础薄膜制造到专业薄膜转换;Daibochi最近完成对Mega Printing&Packaging Sdn Bhd的收购] - James的股票投资James Share Investing
21-Oct-2019 Stocks on Radar - Scientex (4731)
17-Oct-2019 下跌股:森德RM8.87支撑
04-Oct-2019 Plastics & Packaging - Seeking Convincing Margin Improvements
02-Oct-2019 《《 销售与盈利破新高,股价也视乎酝酿突破前期高点,真的有机会突破吗? 》》
28-Sep-2019 【视频】森德 两年财测上修
27-Sep-2019 Scientex - Record FY19 performance; reaffirm BUY
27-Sep-2019 PublicInvest Research Headlines - 27 Sept 2019
27-Sep-2019 上升股:森德阻力RM9.15
27-Sep-2019 Scientex Berhad - FY19 Above Expectations
27-Sep-2019 Mplus Market Pulse - 27 Sep 2019
13-Sep-2019 下跌股:森德RM8.14支撑
28-Aug-2019 Daily Technical Highlights – (KNM, SCIENTX)
06-Aug-2019 Top 4 MY Stock Picks For 2H19 - Lim Si Jie
04-Jul-2019 Plastics & Packaging - Still Not Out Of The Woods
28-Jun-2019 【视频】森德 业务稳健维持买入
27-Jun-2019 Mplus Market Pulse - 27 Jun 2019
27-Jun-2019 Scientex Berhad - 9M19 Below Our Expectations
27-Jun-2019 Scientex - A Decent Set of Results
12-Jun-2019 【视频】森德购地价格合理

Business Background

Scientex Bhd manufactures and sells plastic products. The company also engages in property development. The firm's two segments are based on product type. The manufacturing segment, which generates the majority of revenue, sells plastic films and packaging products used to package consumer and industrial goods. The segment also sells plastic automotive interior components. The property development segment builds and sells housing primarily to low- and middle-income families. The majority of revenue comes from Asia.
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  5 people like this.
 
Ricky Yeo My suggestion is this: Try to see things as it is, reduce categorisation. Why do human categories things? To reduce complexity and ambiguity. To make faster decision 'property company, worth PE XX; O&G: Cyclical etc". We do that to companies. We do that to ourselves. "I am a Value Investor", or "I am a growth investors". You put yourself in a box. Sometimes that works, but there is a great cost when things go wrong.

So see a company as it is. Without throwing them into buckets like property, O&G, tech etc. See it as it is by understanding the structure of the business and how much future cash flow can it can generate.
27/06/2019 12:55 PM
shpg22 Net Profit or should I say real cash is cash regardless of which industry. P/E is quite meaningless when view as a single entity.
27/06/2019 5:42 PM
leslieroycarter Fast growing company for manufacturing n property . Acquired property via allotment of shares or cash generated . In this way the debt ratio is kept in check . This counter will perform in good n bad times n thus holding the co for long term will save u the agony of fluctuation of stock prices daily .
28/06/2019 11:01 AM
Philip Greta This sounds like a wise statement until you realize it is means exactly nothing and is a roundabout answer from someone who is more academically inclined than practical experience.

Investing is a concise, analytical activity. Why make it sound so mysterious and vaguely religious?

If you understand business, you will understand that there is no business on earth that has no competitors, peers or similar companies doing the same thing. In short, all business falls under a category or industry.

The challenge is to analyze a business and compare it to peers in the same category/industry/specialization and find out it's moat or competitive advantage versus it's competitors.

Simplified, how does it increase its profit and revenue and grow its market share. By taking it from other people in similar business.

Therefore: categorize.

For scientex you take all the film manufacturers in its industry and compare the costs to produce, the volume they produce versus the price to sell. Then you compare it with peers to understand how efficient they are as buyers will always buy based on a price/quality curve.

Then you take the properties they develop, find out the selling price, the average selling prices of housing in the area, then look at their location/average price and compare that with their profit margins vs that of other competing property developers. Then you will know exactly how efficient their property development eye, marketing and selling strength overall.

After you have dissected each of their business units and categorised each growth pattern Vs peers, they you can understand the entire company as a whole.

Reduce categorization? This is a very Buddha remark which I can't grasp. Investing is literally about picking up the best potential business based on current price/ future growth risk and comparing to every similar company in the category. I don't know any other way to value a business.

Can you elaborate on " understanding structure of the business?" And "seeing a company as it is?" Really interested to learn more.


>>>>>>>>>>>>>>

Posted by Ricky Yeo > Jun 27, 2019 12:55 PM | Report Abuse

My suggestion is this: Try to see things as it is, reduce categorisation. Why do human categories things? To reduce complexity and ambiguity. To make faster decision 'property company, worth PE XX; O&G: Cyclical etc". We do that to companies. We do that to ourselves. "I am a Value Investor", or "I am a growth investors". You put yourself in a box. Sometimes that works, but there is a great cost when things go wrong.

So see a company as it is. Without throwing them into buckets like property, O&G, tech etc. See it as it is by understanding the structure of the business and how much future cash flow can it can generate.
03/07/2019 7:05 AM
Ricky Yeo Why does investing has to be "comparing to every similar company in the category"? A dollar of investment is a dollar of investment regardless of whether that dollar is invested in a property stock or a packaging stock, so why do you want to compare [similar] company in the category?

Comparing similar companies in an industry is useful to create contrast, to find out what things a company is doing differently from others, but investing is not bounded by industry categorisation, but circle of competence.
03/07/2019 11:00 AM
deMusangking aiyoh, this is bursa, a battle ground leh!!!
dun give lecture here lah!!!!

haha
03/07/2019 11:01 AM
Ricky Yeo Welcome musang. Battle ground lol. Continue your battle. Go on.
03/07/2019 11:05 AM
deMusangking when u go to battle ground, u dun mke noise lah!! quiet quiet u go leh!!

haha
03/07/2019 11:06 AM
Ricky Yeo I didn't know it is a battle ground. Different perspective give you different illusions. Don't laugh too loud
03/07/2019 11:09 AM
3iii >>>

The risks in property development are:

1. Insufficient own capital to fund the project.
2. Over-leverage and excessive borrowings.
3. Poor sales for various reasons - poor location, industry related reasons.
4. Cyclical downturn.

Many property projects are launched in the cyclical upturn of the industry. Soon many more jumped in the game.

When the cyclical downturn comes, the weaker developers suffer.

>>>>



OTOH Scientex has done very well in the property development sector. It builds affordable houses which are in demand. Tremendous stewardship offered by the major shareholder in finding its own niche in this sector.
03/07/2019 11:13 AM
deMusangking Ricky Yeo I didn't know it is a battle ground. Different perspective give you different illusions. Don't laugh too loud
03/07/2019 11:09 AM
---------------------------------------------------------------------------------------------------
when go battling, u dun lauff lah!!! u must tiam tiam lah!!!!!\

haha
03/07/2019 11:17 AM
Ricky Yeo Thanks for your advice. Let me think about it.
03/07/2019 11:20 AM
deMusangking aiyoh, lecturer dun think so slow lah!!!!!
u must be teaching in low class uni !!!

haha
03/07/2019 11:22 AM
Ricky Yeo Thinking, Fast and Slow by Daniel Kahneman -recommended reading. Think as slow as possible.
03/07/2019 11:24 AM
deMusangking thinking slow is associated with big skull full of white matters but devoid of gray matters!!!!

but hope u not in the kategori!!!!!!


hahaha
03/07/2019 11:32 AM
Ricky Yeo Oh no, how did someone learn that kind of pseudoscience. Must be from the battles.
03/07/2019 11:38 AM
deMusangking pseudoscience???
show me authorities that say that??!!!!!!


haha
03/07/2019 11:59 AM
Ricky Yeo Should I trust Musang or Daniel Kahneman? - ah, this can be done in fast thinking. Thank you.
03/07/2019 12:15 PM
deMusangking Daniel Kahneman is so low, living on the ground!!!
and
musang is so high up!!! on tree tops!!!

so now u see who is who on the scale??!!!!!

hahaha
03/07/2019 12:17 PM
Ricky Yeo OIC
03/07/2019 12:55 PM
Philip Greta Again with a roundabout Buddha remark. Obviously you have to compare with peers, otherwise how would you know if the company is a good company, a gruesome one, it a value trap if you do not have benchmarks.

How can you value a phone company without first having a benchmark in Huawei, apple and Samsung electronics?

If you do not use industry categorization to value, if you were a banker circle of competence, do you then use your banker mental models of accounting profits and losses only to invest in scentex?

If that is the case, I wish you all the best.

My advice, do not use circle of competence in one industry to benchmark returns in another.

Maybe you should stick to reading and not put money into the stock market. Your investing method would give you too many false positives, aka you won't realize the too good to be true investments, if you don't analyze the competitors and their returns out there.


>>>>>>>>>>

Posted by Ricky Yeo > Jul 3, 2019 11:00 AM | Report Abuse

Why does investing has to be "comparing to every similar company in the category"? A dollar of investment is a dollar of investment regardless of whether that dollar is invested in a property stock or a packaging stock, so why do you want to compare [similar] company in the category?

Comparing similar companies in an industry is useful to create contrast, to find out what things a company is doing differently from others, but investing is not bounded by industry categorisation, but circle of competence.
04/07/2019 7:58 AM
Ricky Yeo Perhaps you didn't read what I wrote clearly enough. I never said one shouldn't compare companies within an industry. Comparison between companies are good to understand business models, competitive advantage, market segments and what not.

But when you take that kind of categorial analysis between companies and bring it into valuation, what do you get? Relative valuation aka poor classification.

Please do wish me all the best. I have never used industry categorisation to value. Value comes from the future cash flow a business can generate, in that sense, industry categorisation is irrelevant. Well that goes back to my Buddha remark, do not categorise companies based on industry when doing valuation i.e Uber is a transport company, it should worth [transport industry peers multiples]. No, Uber is a tech company, it should worth [tech industry peer multiples]. Get the point?

Categorisation is also a problem in position sizing/capital allocation. And that is naturally the case when poor classification influence how one does valuation, which in turn influence how much money goes into a particular position.

"Maybe you should stick to reading and not put money into the stock market." - this sentence reveals you more than the advice itself.
04/07/2019 8:33 AM
Philip Greta Advice given without experience is simply assumptions.
04/07/2019 5:34 PM
leslieroycarter Hold is the answer coz its business model of two main activities , one for affordable housing n second manufacturing will b a watch in market .
16/08/2019 11:29 AM
HuatAh8809 Yup, agree
20/08/2019 8:15 AM
azhanmatnordin Strange...Owner keep buying, but price moving down
21/08/2019 12:00 PM
leslieroycarter 2016 given bonus , when will b the next bonus ? Div of 200 for 9000 ringgit share is considered
too low for stock investment unless a special bonus after a few years of continued expansion n increased revenue.
26/08/2019 4:15 PM
Ncm88 TGuan post excellent results, expect scientex to do do as well
30/08/2019 11:12 AM
shpg22 Unlike TGUAN, most Scientex NP come from property. But expect SCIENTEX to do well anyway
01/09/2019 11:19 AM
leslieroycarter i think the price can b supported by major shareholders because of constant buying during dips as shown by the trading done as below....
MR LIM PENG CHEONG 21-Aug-2019 Acquired 347,100 8.186 View Detail
MR LIM PENG CHEONG 21-Aug-2019 Acquired 45,000 8.200 View Detail
MR LIM PENG CHEONG 21-Aug-2019 Acquired 5,000 8.180 View Detail
MR LIM PENG JIN 21-Aug-2019 Acquired 347,100 8.186 View Detail
MR LIM PENG JIN 21-Aug-2019 Acquired 45,000 8.200 View Detail
MR LIM PENG CHEONG 20-Aug-2019 Acquired 500,500 8.257 View Detail
MR LIM PENG CHEONG 20-Aug-2019 Acquired 20,000 8.260 View Detail
MR LIM PENG JIN 20-Aug-2019 Acquired 500,500 8.257 View Detail
MR LIM PENG JIN 20-Aug-2019 Acquired 20,000 8.260 View Detail
MR LIM PENG CHEONG 19-Aug-2019 Acquired 300,000 8.285 View Detail
MR LIM PENG CHEONG 19-Aug-2019 Acquired 20,000 8.277 View Detail
MR LIM PENG JIN 19-Aug-2019 Acquired 300,000 8.285 View Detail
MR LIM PENG JIN 19-Aug-2019 Acquired 20,000 8.277 View Detail
MR LIM PENG CHEONG 16-Aug-2019 Acquired 246,400 8.292 View Detail
MR LIM PENG JIN 16-Aug-2019 Acquired 246,400 8.292 View Detail
MR LIM PENG CHEONG 15-Aug-2019 Acquired 542,400 8.302 View Detail
MR LIM PENG JIN 15-Aug-2019 Acquired 542,400 8.302 View Detail
MR LIM PENG CHEONG 14-Aug-2019 Acquired 705,700 8.360 View Detail
MR LIM PENG JIN 14-Aug-2019 Acquired 705,700 8.360 View Detail
MR ANG KIM SWEE 13-Aug-2019 Acquired 5,000 8.400 View Detail
MR ANG KIM SWEE 13-Aug-2019 Acquired 2,000 8.390 View Detail
MR ANG KIM SWEE 08-Aug-2019 Acquired 5,000 8.446 View Detail
MR ANG KIM SWEE 08-Aug-2019 Acquired 2,000 8.360 View Detail
MR LIM PENG CHEONG 03-Jul-2019 Acquired 1,500 8.640 View Detail
MR LIM PENG CHEONG 03-Jul-2019 Transferred 30,000 - View Detail
04/09/2019 9:49 AM
leslieroycarter There r reasons for the major shareholders to keep buying when its price is falling...
04/09/2019 1:49 PM
Ncm88 Good closing
20/09/2019 5:07 PM
namenisis23 Sudden spike in price, hope to have good result and bonus issue....
20/09/2019 9:23 PM
namenisis23 daibochi record revenue....will scientx follow it as well?
25/09/2019 3:26 PM
Ncm88 Hualao hoseh want fly how high?
26/09/2019 1:34 PM
namenisis23 wah, best quarter ever.... wondering how much it will fly
26/09/2019 1:37 PM
RainT strong pofit
26/09/2019 2:47 PM
LOLANTO tiu.............result so good also no fly
26/09/2019 2:57 PM
shpg22 Absolute amazing result. Upgrade immediately to 10.50
26/09/2019 3:16 PM
Ncm88 Sold at 9.00 waiting for retracement
26/09/2019 3:22 PM
msart for mid/lone-term investor can consider to buy Scientx. Post good result. As for long term, Scientx is a good company , roe roic > 10%. not very cheap not that expensive ev/ebit 13.9% but who knows, as it still has growth due to its expanding plans. For short-term trader who looks for profit in days, needs to be extra diligent in finding the right price to buy.
30/09/2019 10:21 AM
Ricky Yeo Scientex targeted $8 bil revenue by 2028 is considered achievable. If based on current's market cap premium over it's current revenue, that would mean Scientex market cap will be around $10.5 bil in 2028. All else equal (P/E unchanged), share price growth should hit 9.5% CAGR.

Based on current profit margin of 10% when $8 bil is achieved, profit for 2028 will be $800 mil +/-, at 15x, which is considered reasonable based on Scientex's ROC, that would value the company at $12 bil, or a share price growth of 11.2% CAGR.
01/10/2019 10:26 AM
Ricky Yeo But keep in mind the return above doesn't include the dividend payout. Dividend should add another 3% +/- to the return, or around 12.5% - 14.2% p.a, which is close to the return of capital of Scientex.
01/10/2019 10:31 AM
谈何容易 Q @ 8.81
02/10/2019 3:14 PM
lhoong bonus coming?
08/10/2019 9:34 AM
Lioncity Wow impressive push up, all time high at 9.50, hope this is just the starting !
18/10/2019 5:06 PM
shpg22 10.50 no problem
18/10/2019 5:20 PM
Ricky Yeo The aggression how both Lim are acquiring Scientex shares are crazy. They already increase their stakes so much over the past 1 decade.
29/10/2019 9:42 AM
leslieroycarter Fully valued ...
01/11/2019 4:40 PM
James Ng https://klse.i3investor.com/blogs/general/238363.jsp
[转贴] [SCIENTEX BHD:Daibochi集团公司的最新加入进一步扩大了森德的能力和产品组合,从基础薄膜制造到专业薄膜转换;Daibochi最近完成对Mega Printing&Packaging Sdn Bhd的收购] - James的股票投资James Share Investing
21/11/2019 9:54 AM


 

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