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KLRB 3qfy18 Results
KLRB 3qfy18 Results
KLRB 3qfy18 Results
(47680-X)
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26 Dec 2017 Results Update – Kim Loong Resources JF APEX SECURITIES
Quarterly Results
FYE 31 Jan (RM'M) 3QFY18 2QFY18 QoQ 3QFY17 YoY 9MFY18 9MFY17 YoY
Revenue 289.4 260.5 11.1% 248.1 16.7% 805.5 636.6 26.5%
Cost of Sales (237.6) (210.5) 12.9% (205.8) 15.4% (654.8) (539.3) 21.4%
Gross Profit 51.8 50.0 3.7% 42.3 22.6% 150.7 97.2 55.1%
Other Income 2.9 3.0 -5.2% 3.6 -20.7% 8.5 9.2 -7.4%
Operating expenses (10.5) (9.7) 8.5% (8.2) 28.8% (29.3) (23.4) 25.3%
Finance costs (0.3) (0.4) -11.1% (0.4) -19.8% (1.1) (1.1) 0.3%
Profit before tax 43.9 43.0 2.1% 37.3 17.5% 128.8 82.0 57.1%
Tax (10.3) (9.5) 8.2% (8.3) 24.6% (30.0) (18.8) 59.9%
Profit for the period 33.5 33.4 0.3% 29.0 15.5% 98.8 63.2 56.3%
PATAMI 27.9 27.5 1.4% 25.1 11.2% 79.8 54.6 46.2%
Segments
Revenue
Plantation Operations 43.7 45.6 -4.2% 39.2 11.5% 142.8 100.6 42.0%
Milling Operations 280.9 253.0 11.0% 240.3 16.9% 783.5 619.8 26.4%
Inter-segments
adjustment (35.2) (38.0) -7.5% (31.4) 12.2% (120.8) (83.8) 44.2%
EBIT
Plantation Operations 25.6 26.0 -1.3% 17.5 46.7% 85.9 42.3 102.9%
Milling Operations 19.8 13.6 44.8% 18.5 6.7% 39.8 34.8 14.3%
Inter-segments
adjustment (0.9) 1.6 -155.1% (0.2) 304.2% 0.6 0.7 -14.9%
Selling Price (RM/mt) 2,702.0 2,706.0 -0.1% 2,688.0 0.5% 2,787.0 2,560.0 8.9%
Production (MT)
FFB 77,333 82,494 -6.3% 67,923 13.9% 248,083 187,600 32.2%
CPO 85,569 78,568 8.9% 71,077 20.4% 233,416 185,914 25.6%
Palm Kernel 19,489 17,800 9.5% 16,479 18.3% 52,912 42,772 23.7%
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26 Dec 2017 Results Update – Kim Loong Resources JF APEX SECURITIES
Earnings per share (RM) 0.20 0.24 0.24 0.23 0.31 0.30 0.30
PE Ratio (x) 21.0 17.0 17.4 18.0 13.4 13.9 13.5
PB Ratio (x) 2.4 2.2 2.2 2.2 2.0 1.9 1.8
EV/EBITDA 9.3 7.5 8.4 7.8 5.9 5.9 5.6
Ratio
ROE (%) 11.2% 13.1% 12.7% 12.0% 15.2% 13.8% 13.4%
ROA (%) 8.0% 9.3% 9.2% 8.4% 10.8% 10.1% 10.0%
Net Gearing Net Cash Net Cash Net Cash Net Cash Net Cash Net Cash Net Cash
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26 Dec 2017 Results Update – Kim Loong Resources JF APEX SECURITIES
Cash and cash equivalent 229.8 271.5 231.5 285.5 282.0 292.7 311.1
Account receivable 18.0 17.6 28.4 28.6 32.4 31.7 32.8
Inventory 36.9 26.1 44.0 39.6 56.0 54.7 56.7
Other current assets 7.8 4.4 5.7 9.1 9.7 9.5 9.8
Current assets 292.4 319.6 309.6 362.7 380.2 388.5 410.3
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26 Dec 2017 Results Update – Kim Loong Resources JF APEX SECURITIES
Cashflow Statement
Cash Flow Statement FY15 FY16 FY17 FY18F FY19F FY20F
Net income 75.3 73.8 71.1 95.8 92.3 94.7
Add Back:
Depreciation 20.8 21.8 23.6 29.1 28.4 29.4
Amortization 5.5 5.8 6.6 6.8 7.0 7.2
Minority Interest in earnings 14.4 11.9 14.6 14.6 14.6 14.6
Operating Cash flow before working capital 116.0 113.3 115.9 116.0 113.3 115.9
Net (Incre) Decre in operating working capital 22.6 (24.1) 32.9 22.6 (24.1) 32.9
Others (1.0) (3.1) 1.1 9.8 (1.2) 1.7
Cash from operation 137.5 86.1 149.9 126.2 141.6 146.9
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26 Dec 2017 Results Update – Kim Loong Resources JF APEX SECURITIES
PJ Office: PJ Office:
15th Floor, Menara Choy Fook On Mervyn Wong (ext 363)
No. 1B, Jalan Yong Shook Lin Azfar Bin Abdul Aziz (Ext 822)
46050 Petaling Jaya Tan Heng Cheong (Ext 111)
Selangor Darul Ehsan
Malaysia
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