Ann Joo Resources

Re: Ann Joo Resources

Postby winston » Thu May 30, 2019 9:50 am

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A temporary setback

Earnings to pick up in 2H19, maintain HOLD

1Q19 results fell short on lower domestic sales volume, depressed ASP and higher raw material costs.

We cut our FY19E-21E core net profit by 43-44%.

Accordingly, our TP is also reduced by 13% to MYR1.34 based on revised 8.8x FY19 PER.

While increasing raw materials cost remains a concern, we believe an improving domestic steel demand outlook, higher export tonnage and unutilised balance of investment tax allowance for
its blast furnace installed in 2011 could cushion the impact. HOLD.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... d9e5f5.pdf
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Re: Ann Joo Resources

Postby winston » Fri Jun 14, 2019 9:42 am

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Ann Joo Resources (AJR MK/HOLD/Target: RM1.30).

Our target price is based on 7x 2020F EPS of 13.7 sen.

We also assume a 45% dividend payout ratio which translates into a dividend yield of 2.6% for 2019.

Entry price is RM1.00.

Source: UOBKH
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Re: Ann Joo Resources

Postby winston » Wed Oct 09, 2019 7:13 am

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Ann Joo and Southern Steel to combine and list JV firm

By GANESHWARAN KANA

An equity analyst told StarBiz that the move could boost the utilisation rates of production plants owned by Ann Joo and Southern Steel as well as reduce the manufacturing costs by achieving greater economies of scale.

Post-completion of the corporate exercise, the JV company will become a 55%-subsidiary of Ann Joo and a 45% associate of Southern Steel.

As for Ann Joo, in the second quarter ended June 30,2019, it posted net losses of RM37.75mil compared with a net profit of RM20.70mil a year ago.

In the first half, it registered net losses of RM44.35mil compared with a net profit of RM82.14mil in the previous corresponding period.


Source: The Star

https://www.thestar.com.my/business/bus ... Q806yfU.99
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Re: Ann Joo Resources

Postby winston » Wed Nov 27, 2019 9:49 pm

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3Q Results

Revenue: -8%
Losses: RM 65m vs Profits RM34m
NAV: RM 2.20

http://www.bursamalaysia.com/market/lis ... ts/6352321
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Re: Ann Joo Resources

Postby winston » Thu Nov 28, 2019 9:50 am

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Ann Joo Resources (AJR MK)

Share Price: MYR1.01
Target Price: MYR1.05
Recommendation: Hold

3Q19: Deeper in the red

Core net loss widened in 3Q19 due to lower ASPs and higher raw material costs.

We increase our core net loss for FY19E and slash FY20E-FY21E net profit by 55%-84% largely after revising ASP assumptions.

We now peg AJR to 0.48x P/BV (-1 SD) (from 8.8x FY20E PER previously), to derive a lower TP of MYR1.05 (-3 sen); the changed in methodology to reflect a weak market, denting earnings recovery pace.

We believe the negatives have largely been priced in. AJR is now a HOLD.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 86a75d.pdf
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Re: Ann Joo Resources

Postby winston » Tue Mar 23, 2021 8:37 am

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Ann Joo FY20 net loss widens after 4Q earnings slumped 68%

by Sulhi Khalid

Steelmaker Ann Joo Resources Bhd's net profit fell 68% to RM6.21 million in the fourth quarter ended Dec 31, 2020 (4QFY20) from RM19.52 million reported in the previous year, on the back of lower revenue due to lower sales tonnage and higher overhead cost amid plant shutdowns due to Movement Control Order restrictions.

"The group will continue to focus on exports, in view of the expected continued demand from China and Southeast Asian markets.


Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... slumped-68
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Re: Ann Joo Resources

Postby winston » Tue Mar 23, 2021 9:52 am

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Ann Joo's prospects may be overpriced

Quick take: Ann Joo falls 5.3% as 4Q net profit plunges

Ann Joo to boost exports amid rising steel prices

Ann Joo expects steelier demand from China

KUALA LUMPUR: Ann Joo Resources Bhd's share price may be overdone despite the positive surprise in 4QFY20, which resulted in an unexpected turnaround in earnings.

In the fourth quarter of its financial year, Ann Joo posted a core net profit of RM17.3mil, which narrowed its full-year core net loss to RM54mil.

According to Kenanga Research, this was above its loss estimate of RM98mil and consensus loss estimate of RM103mil.

For the upcoming quarter, Kenanga said earnings are predicted to be stronger quarter-on-quarter due to higher steel price and lagging COGS effect from higher raw material prices.

The research house anticipates 1QFY21 to record a core net profit of RM40mil based on an average selling price of RM2,675 per tonne. However, Kenanga has kept its reservations for a bullish outlook.

"We think that the rise in global long steel prices may have reached its peak as supply tightness would ease once plants (which were idle) ramp up production. "Also, we think that long steel demand from China’s construction activities may gradually ease for the remainder of the year," it said.

Meanwhile, the recent divergence of flat steel prices and long steel prices could also mean a margin squeeze for long steel producers.

With steel manufacturers consuming the same pool of raw materials (i.e. iron ore, scrap, coke), the huge demand for flat steel could mean elevated (or higher) raw material costs in which long steel producers may not possess the capability to pass through, said Kenanga.

The research house raised its FY21 earnings forecast to core net profit of RM89mil and introduce an FY22 core net profit forecast of RM67mil.

It maintained its "underperform" call on the counter based on Monday's last trading price of RM2.23 a share.

Source: The Star

https://www.thestar.com.my/business/bus ... overpriced
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Re: Ann Joo Resources

Postby winston » Fri May 07, 2021 9:07 am

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Ann Joo Resources (AJR MK)
2021 Is The Year For Steel; Supercycle Brings Super Earnings


We expect Ann Joo to post stronger 2021 earnings on the back of the commodities
supercycle fuelled by the economic reopening.

We expect ASPs to remain strong until at least 2H21, supported by demand from China and a persistent global supply shortage.

News of the resumption of construction activities, increasing contract wins and a pick-up in export orders show signs of improved demand.

We resume coverage by maintaining HOLD with a higher target price of RM2.31.

Source: UOBKH

https://research.uobkayhian.com/content ... b1e146440d
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Re: Ann Joo Resources

Postby winston » Tue Jun 01, 2021 12:45 pm

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1Q 2021

Revenue: +30%
Earnings: RM 73m
NAV: RM 2.19

https://www.bursamalaysia.com/market_in ... id=3161810
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Re: Ann Joo Resources

Postby winston » Tue Jun 01, 2021 12:51 pm

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Ann Joo Resources - 1QFY21 Above Expectations
Date: 31/05/2021

Price Target : 1.60
Price Call : SELL

1QFY21 CNP of RM74m strongly surpassed expectations due to higher-than-expected trading margins, lower-than- expected effective tax rates and steel prices staying elevated longer-than-expected.

With China’s effort to curb the high steel prices, we believe we have seen peak levels for China’s steel prices and consequently earnings for Annjoo. Thus, despite raising FY21E/FY22E earnings by 115%/36%, we keep our UP call on marginally higher TP of RM1.60 (from RM1.57) after rolling valuation year forward.

Maintain UP on higher TP of RM1.60 (from RM1.57) after rolling valuation base year forward on unchanged 11x PER. We find FY22E valuations more reflective of a stable steel price environment where profits margins are not boosted by inventory lag effects.

With our view that earnings will come off in the subsequent quarters, we think the current share price levels which have had a good run (+61% YTD) carries more risk than reward at this juncture. Thus, reiterate Underperform.

Source: Kenanga

https://klse.i3investor.com/servlets/ptres/59800.jsp
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