【JTIASA 4383 交流专区】常成控股

icy97

JAYA TIASA HOLDINGS BHD

EX-date	30 Nov 2015
Entitlement date	02 Dec 2015
Entitlement time	05:00 PM
Entitlement subject	First and Final Dividend
Entitlement description	First and Final Single-Tier Dividend of 1% per ordinary share
Period of interest payment	to
Financial Year End	30 Jun 2015
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN BHDLevel 6, Symphony HouseBlock D13, Pusat Dagangan Dana 1Jalan PJU 1A/4647301Petaling JayaTel:0378490777Fax:0378418151
Payment date	16 Dec 2015
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	02 Dec 2015
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit	30 Nov 2015
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Percentage
Entitlement in Percentage (%)	1.0000
Par Value	Malaysian Ringgit (MYR) 1.000

icy97

成本降‧美元強‧常成首季賺2413萬

2015-11-27 10:36      
（吉隆坡26日訊）受強勁美元和鮮果串生產成本降低帶動，常成控股（JTIASA，4383，主板工業產品組）截至2015年9月30日止第一季淨利增長2.58%，至2千413萬4千令吉。

首季營業額因木材銷售，以及原棕油平均價雙雙走跌，微挫5.44%至2億4千762萬4千令吉。

該公司在初步報告中表示，木材產品需求料受經濟不明朗，以及全球經濟放緩影響，幸強勢美元和雨季抑制樹桐供應將抵銷負面衝擊。

油棕業務方面，原棕油供應料受鮮果串進入低產季，以及厄爾尼諾現象干擾，而印尼強制落實生物柴油政策將穩定原棕油需求和價格。

此外，隨著成熟種植面積擴大，以及種植業務良好整合，預見油棕業務回酬和表現將更好。（星洲日報／財經）

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2015

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2015	30 Sep 2014	30 Sep 2015	30 Sep 2014
		$$'000	$$'000	$$'000	$$'000

1	Revenue	247,624	261,864	247,624	261,864
2	Profit/(loss) before tax	32,602	32,479	32,602	32,479
3	Profit/(loss) for the period	24,668	23,821	24,668	23,821
4	Profit/(loss) attributable to ordinary equity holders of the parent	24,134	23,527	24,134	23,527
5	Basic earnings/(loss) per share (Subunit)	2.49	2.43	2.49	2.43
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.8500		1.8300

icy97

證實未涉非法伐木 常成夾板子公司戶頭解凍

2015年12月31日
（吉隆坡31日訊）常成夾板（JTIASA，4383，主要板工業）證實未涉及非法伐木活動，獲大馬反貪委員會（MACC，簡稱反貪會）暫停凍結子公司戶頭。

常成夾板向馬證交所報備，反貪會已解除凍結常成夾板子公司，即Jaya Tiasa Timber Products私人有限公司的戶頭。

常成夾板在5月15日發文告指出，全面配合反貪會，協助砂拉越非法伐木活動調查。反貪會也因而在當日凍結Jaya Tiasa Timber Products私人有限公司的戶頭。

常成夾板隨后指出，Jaya Tiasa Timber Products私人有限公司沒有涉及伐木活動。

根據常成夾板今日發布的另一份報備文件，指針對泥炭地（peat land），公司承諾將遵守豐益綜合政策（Wilmar Integrated Policy）。

常成夾板說，將在棕油永續發展圓桌會議（簡稱RSPO）或專家所確認的現有泥炭地種植，實施最佳管理實踐。【中国报财经】

Type	Announcement
Subject	OTHERS
Description	Malaysian Anti-corruption Commission's Investigation in Illegal Logging
Further to our announcement dated 15 May 2015 on the subject matter, we wish to inform that Malaysian Anti-Corruption Commission had uplifted the bank account that was frozen in relation to its investigation in illegal logging. This announcement is dated 31 December 2015.

Type	Announcement
Subject	OTHERS
Description	Jaya Tiasa Holdings Berhad - Commitment to Wilmar Integrated Policy
The Board of Directors of Jaya Tiasa Holdings Berhad wishes to announce that the Group has given its commitment to comply with the Wilmar Integrated Policy. The Group will implement Best Management Practices on existing plantations on peat as defined by the RSPO or any peat experts and will not continue planting on the existing remaining peat land bank comprising 0.4% of the Group's total plantable land bank after December 2015. This announcement is dated 31 December 2015.

Type	Announcement
Subject	OTHERS
Description	Jaya Tiasa Holdings Berhad - Commitment to Wilmar Integrated Policy
In connection with the Company's announcement dated 31 December 2015 on the captioned matter, the Board of Directors would like to inform that Wilmar Integrated Policy is a policy announced by Wilmar International on 5th December 2013.  The policy applies to all Wilmar operations worldwide and all third-party suppliers from whom Wilmar purchases or with whom Wilmar has a trading relationship. Their core message is "no deforestation, no development on peat land and no exploitation of people and local communities".  It is also to create a transparent sourcing network with full traceability. This announcement is dated 4th January 2016.

icy97

常成控股 资本开销周期晋尾声

财经 股市 行家论股  2016-01-05 12:06

目标价：1.96令吉

最新进展
常成控股（JTIASA，4383，主板贸服股）宣布，从2015年12月之后，不会在剩余的280公顷土地上栽种油棕，以便符合的丰益国际“零毁林”政策。

上述土地面积，相等于6万9873公顷可栽种面积的0.4%。

另外，该公司也宣布，大马反贪委员会（MACC）已解除冻结公司的银行户口。

行家建议
对于最新的进展，我们的看法是“中和”，因为剩余的可栽种面积并不大。此外，丰益国际“零毁林”的政策，市场也早已计算在内。

这也意味着常成控股的资本开销周期已经进入尾声，对现金流是正面发展。此外，公司已开发及已栽种的面积已属辽阔，达6万9600公顷。

另外，常成控股也正迈向2016财年鲜果串年产量90万吨的目标，即每公顷14.7吨，比2015财年的12.5吨高。

我们相信，该公司的献果串年产能，有能力达到150万吨的目标。



分析：大马投行

【南洋网财经】

icy97

常成控股 财测上修11%

财经 行家论股  2016-01-15 11:38

目标价：2.18令吉

最新进展
常成控股（JTIASA，4383，主板贸服股）的鲜果串收成，目前处于复苏的步伐。

该公司在2015财年，由于劳工短缺，促使1万公顷的种植面积被荒废，打击该财年的每公顷成熟种植地，仅达12.5公吨的收成。

行家建议
目前，常成控股正迈向2016财年90万公吨的鲜果串产量预估目标，2017财年则预计可按年增长19%，至100万公吨，2018财年则预估录得12%的增长率。

回顾该公司宣布从2015年12月之后，不会在剩余的280公顷土地上栽种油棕，意味着原棕油资本开销周期进入尾声，有利于现金流。

在原棕油价格预估调高至每公吨2250令吉后，我们将2016财年的财测上修约11%。

不过，2017财年财测则下修8%，因外汇汇率调整。

该股自去年11月的评级上调以来，股价已上涨40%，不过，仍是原棕油领域低价购入的机会，维持“买入”评级。



大马投行

【南洋网财经】

icy97

Notice of Person Ceasing (29C)

JAYA TIASA HOLDINGS BHD

Particulars of Substantial Securities Holder

Name	DOUBLE UNIVERSAL LIMITED
Address	ROOM 2901A TOWER ll LIPPO CENTRE 89 QUEENSWAY Hong Kong.
NRIC/Passport No/Company No.	343679
Nationality/Country of incorporation	Hong Kong
Descriptions (Class & nominal value)	ORDINARY SHARES OF RM1-00 EACH
Date of cessation	13 Jan 2016
Name & address of registered holder	HSBC NOMINEES (ASING) SDN BHD FOR DOUBLE UNIVERSAL LIMITEDNO.2, LEBOH AMPANG, 50100 KUALA LUMPURINSAN ANGGUN SDN BHDMENARA RIMBUNAN HIJAU LEVEL 10, 101, PUSAT SURIA PERMATAJALAN UPPER LANANG, 96000 SIBU, SARAWAKNUSTINAS SDN BHDMENARA RIMBUNAN HIJAU LEVEL 10, 101, PUSAT SURIA PERMATAJALAN UPPER LANANG, 96000 SIBU, SARAWAKAMANAS SDN BHDMENARA RIMBUNAN HIJAU LEVEL 10, 101, PUSAT SURIA PERMATAJALAN UPPER LANANG, 96000 SIBU, SARAWAKEB NOMINEES (TEMPATAN) SDN BHD FOR AMANAS SDN BHDLEVEL 5, WISMA HONG LEONG18 JALAN PERAK, 50450 KUALA LUMPUR

Currency	Malaysian Ringgit (MYR)
No of securities disposed	5,000,000
Price Transacted ($$)
Circumstances by reason of which Securities Holder has interest	DISPOSAL OF SHARES AND CEASED TO HAVE INTEREST IN SHARES HELD BY INSAN ANGGUN SDN BHD, NUSTINAS SDN BHD AND AMANAS SDN BHD.
Nature of interest	DIRECT
Date of notice	03 Feb 2016

icy97

Notice of Interest Sub. S-hldr (29A)

JAYA TIASA HOLDINGS BHD

Particulars of Substantial Securities Holder

Name	LU MEE BING
Address	7A, Lorong 1, Pearl Garden Sibu 96000 Sarawak Malaysia.
NRIC/Passport No/Company No.	620411135012
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM1-00 each
Name & address of registered holder	Amanas Sdn BhdP.O. Box 1361, 96008 Sibu, SarawakEB Nominees (Tempatan) Sdn Bhd for Amanas Sdn BhdLevel 5, Wisma Hong Leong, 18, Jalan Perak, 50450 Kuala Lumpur

Date interest acquired & no of securities acquired
Currency
Date interest acquired	13 Jan 2016
No of securities	50,479,961
Circumstances by reason of which Securities Holder has interest	Deemed interested by virtue of her substantial interest in Amanas Sdn Bhd
Nature of interest	Indirect
Price Transacted ($$)
Total no of securities after change
Direct (units)
Direct (%)
Indirect/deemed interest (units)	50,479,961
Indirect/deemed interest (%)	5.21
Date of notice	15 Feb 2016

Notice of Interest Sub. S-hldr (29A)

JAYA TIASA HOLDINGS BHD

Particulars of Substantial Securities Holder

Name	SALMIAH BINTI SANI
Address	No.61, Lot 547, Lorong 3A, Sentosa Timur Sibu 96000 Sarawak Malaysia.
NRIC/Passport No/Company No.	621203135848
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM1-00 each
Name & address of registered holder	Amanas Sdn BhdP.O. Box 1361, 96008 Sibu, SarawakEB Nominees (Tempatan) Sdn Bhd for Amanas Sdn BhdLevel 5, Wisma Hong Leong, 18, Jalan Perak, 50450 Kuala Lumpur

Date interest acquired & no of securities acquired
Currency
Date interest acquired	13 Jan 2016
No of securities	50,479,961
Circumstances by reason of which Securities Holder has interest	Deemed interested by virtue of her substantial interest in Amanas Sdn Bhd.
Nature of interest	Indirect
Price Transacted ($$)
Total no of securities after change
Direct (units)
Direct (%)
Indirect/deemed interest (units)	50,479,961
Indirect/deemed interest (%)	5.21
Date of notice	15 Feb 2016

APULA

4383    JTIASA    JAYA TIASA HOLDINGS BHD

Quarterly rpt on consolidated results for the financial period ended 31/12/2015

Quarter: 2nd Quarter Financial Year End: 30/06/2016 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 31/12/2015 31/12/2014 31/12/2015 31/12/2014 RM '000 RM '000 RM '000 RM '000 1 Revenue 300,336 288,345 547,960 550,209 2 Profit/Loss Before Tax 35,259 (4,022) 67,861 28,458 3 Profit/(loss) attributable to ordinary equity holders of the parent 26,279 (4,976) 50,863 18,552 4 Net Profit/Loss For The Period 27,691 (4,272) 52,359 19,550 5 Basic Earnings/Loss Per Shares (sen) 2.76 (0.51) 5.25 1.92 6 Dividend Per Share (sen) 0.00 0.00 0.00 0.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 1.8700 1.8300

icy97

常成控股 三夹板带动3年财测

财经 行家论股  2016-04-16 12:55

目标价：1.54令吉

最新进展
自2015年底，由于日益上涨的伐木成本，加上印度卢比兑美元贬值，促使主要买家印度倾向于廉价的圆木。

另外，常成控股（JTIASA，4383，主板贸服股）今财年首8个月的圆木总产量按年下跌21.4%，归咎于员工短缺和更严谨的环保政策。

行家建议
由于圆木价格承压，我们将常成控股今明后财年的平均圆木售价调低2%至8%，至每立方米（m3）215美元至220美元，以反映市场价格放缓。

不过，却将三夹板的售价预估调高14%至16%，至每立方米510美元至525美元，因认为该公司的三夹板在多元化的终端市场支撑下，售价料不会走低。

由于圆木总产量低于预期，因此也将今明后财年的产量下砍9%至10%。

另外，该公司的鲜果串和原棕油产量有望提升，因成熟种植地面积增加，加上原棕油平均售价走高，能提振种植业务的盈利。

我们将未来三个财年的每股净利上修2%至3%，因较高的三夹板销量和平均销售价格。

配合财测上修，目标价也从1.51令吉调高至1.54令吉，维持“守住”投资评级不变。



艾芬黄氏投行研究

【南洋网财经】

icy97

第三季转亏 常成控股跌逾6%
By Meena Lakshana / theedgemarkets.com   | May 27, 2016 : 12:31 PM MYT

（吉隆坡27日讯）随着第三季转亏，常成控股（Jaya Tiasa Holdings Bhd）今早一度下跌8仙或6.35%。

休市时，该股跌5仙或3.97%，至1.21令吉，共103万500股成交。

该股自4月以来持续下跌。

截至3月杪的2016财政年第三季，该公司净亏773万令吉，相比上财年同期净赚63万5000令吉，由于成本高企，导致种植业务亏损扩大。

该公司表示，鲜果串子公司的生产成本按年扬9%，因施加较高的化肥量，以及融资成本增加。

首9个月净利则劲扬94%至4313万令吉，同期为1919万令吉，主要因为木材业务贡献提高；营业额则从7亿9335万令吉，跌至7亿7737万令吉，这是由于原木和胶合板销量因原木产量降而下跌。

联昌国际投资银行研究分析员 Ivy Ng今日在报告指出，常成控股首9个月净利低于预期，仅占该研究机构和市场全年预测的31%和43%。

她说，该集团第三季的鲜果串产量按年增42%，以及原棕油价格走高不足以抵销成本上升。

然而，她表示，该研究机构预计常成控股将在第四财季交出强劲盈利表现，因原棕油价格和产量走高。

“4月原棕油价格从今年首季的每吨平均2403令吉，回升10%至2647令吉。加上第二季的产量通常较高，应提振该公司的棕油盈利。”

不过，该集团的木材业务盈利可能保持疲弱，因全球经济疲软，以及令吉走强。

联昌国际下调2016至2018财年的盈利预测31至38%，以反映种植和木材业务盈利走低，并下调目标价至1.25令吉。

评级则维持于“守住”，因股价获0.67倍的低市账率所支撑。

她表示，目标价的上行风险是产量改善高于预期，而下行风险是较低的木材销售。

（编译：陈慧珊）

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2016	31 Mar 2015	31 Mar 2016	31 Mar 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	229,413	243,142	777,374	793,350
2	Profit/(loss) before tax	-7,594	8,553	60,268	37,010
3	Profit/(loss) for the period	-7,045	1,699	45,315	21,248
4	Profit/(loss) attributable to ordinary equity holders of the parent	-7,733	635	43,131	19,186
5	Basic earnings/(loss) per share (Subunit)	-0.80	0.07	4.46	1.98
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.8700		1.8300

Tony-Pua

木桐赚幅增．常成末季赚1595万
http://www.sinchew.com.my/node/1561009/

（吉隆坡25日讯）受棕油价上涨和美元走强推高木桐业务赚幅，常成控股（JTIASA,4383,主板工业产品组）截至2016年6月30日第四季净利按年成长4.69%至1595万4000令吉。

总结全年，净利报5908万5000令吉，按年成长86.77%。

第四季营业额报2亿4667万6000令吉，涨3.25%，全年营业额报10亿2405万令吉，微跌0.79%。

该公司董事部透过文告说，第四季业绩改善主要归功于棕油和棕仁油产量各增55%和95%，让生产成本下滑19%和36%，同期平均售价则增加24%和19%。

董事部说，木桐供应将受政府落实的严谨认证条例和可持续森林管理政策影响，因此预计平均价将保持稳定，业务表现将也将视美元汇率和需求情况影响。

“棕油业务方面，延迟落实B10生物柴油和鲜果串进入多产期，料促使棕油货存走高，但大豆油价走高料让棕油价保持稳定。”

董事部补充，由于持续改善营运效率和生产回酬，来年榨油率和鲜果串回酬预计改善。

文章来源：
星洲日报／财经‧2016.08.26

4383    JTIASA    JAYA TIASA HOLDINGS BHD

Quarterly rpt on consolidated results for the financial period ended 30/06/2016

Quarter: 4th Quarter Financial Year End: 30/06/2016 Report Status: Unaudited Submitted By: Current Year Quarter Preceding Year Corresponding Quarter Current Year to Date Preceding Year Corresponding Period 30/06/2016 30/06/2015 30/06/2016 30/06/2015 RM '000 RM '000 RM '000 RM '000 1 Revenue 246,676 238,920 1,024,050 1,032,209 2 Profit/Loss Before Tax 27,073 18,609 87,341 52,567 3 Profit/(loss) attributable to ordinary equity holders of the parent 15,954 15,239 59,085 31,635 4 Net Profit/Loss For The Period 16,643 15,987 61,958 34,445 5 Basic Earnings/Loss Per Shares (sen) 1.65 1.57 6.10 3.27 6 Dividend Per Share (sen) 1.30 1.00 1.30 1.00 As At End of Current Quarter As At Preceding Financial Year End 7 Net Assets Per Share (RM) 1.8800 1.8300

icy97

常成控股
鲜果串收成改善

2016年9月16日

分析：大马投资银行
目标价：1.98令吉

最新进展

常成控股（JTIASA，4383，主板贸服股）的鲜果串（FFB）产量，在2017财年的首两个月（7月和8月）录得21万652公吨，按年增长18.6%；经季节性按年化调整后，为114万公吨。

原棕油（CPO）总产量为2万6935公吨，经季节性按年化调整后，为14万1573公吨。

行家建议

常成控股的鲜果串产量按年化调整后的114万公吨，高于我们预期的107万公吨，达6.5%。

而原棕油产按年化调整后的14万1573公吨，则低于我们预期的18万5000公吨，达23.5%。

这差距主要因为我们预测多数鲜果串会制成原棕油，而不是对外销售，预计9月鲜果串收成会进一步改善。

2017财年的每公顷成熟地鲜果串产量预测维持在16.6公吨，以及榨油率（OER）预测为18.5%。

常成控股的“买入”评级维不变，目标价为1.98令吉。



【e南洋】

icy97

JAYA TIASA HOLDINGS BHD

EX-date	28 Nov 2016
Entitlement date	30 Nov 2016
Entitlement time	05:00 PM
Entitlement subject	First and Final Dividend
Entitlement description	First and Final Single-Tier Dividend of 1.3% per ordinary share
Period of interest payment	to
Financial Year End	30 Jun 2016
Share transfer book & register of members will be	to   closed from (both dates inclusive) for the purpose of determining the entitlement
Registrar or Service Provider name, address, telephone no	SYMPHONY SHARE REGISTRARS SDN BHDLevel 6, Symphony HousePusat Dagangan Dana 1Jalan PJU 1A/4647301Petaling JayaTel:0378490777Fax:0378418151
Payment date	16 Dec 2016
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	30 Nov 2016
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit	28 Nov 2016
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Percentage
Entitlement in Percentage (%)	1.3
Par Value	Malaysian Ringgit (MYR) 1.000

哭哭鸟

常成首季净利1980万
http://www.sinchew.com.my/node/1590274/

（吉隆坡24日讯）基于木材产品销售与售价下跌、成本升高，常成控股（JTIASA，4383，主板工业产品组）截至2016年9月30日首季净利跌17.96%至1980万令吉。

该公司文告说，税前盈利下跌主要是木材与夹板销售各跌13%与31%，平均售价也挫15%。同期，每单位成本也增长10%与16%，原因是木材与薄木产量各减37%与33%。

营业额微挫0.52%至2亿4633万5000令吉。

文章来源：
星洲日报‧财经‧2016.11.25

SUMMARY OF KEY FINANCIAL INFORMATION 30 Sep 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30 Sep 2016	30 Sep 2015	30 Sep 2016	30 Sep 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	246,335	247,624	246,335	247,624
2	Profit/(loss) before tax	29,351	32,602	29,351	32,602
3	Profit/(loss) for the period	20,124	24,668	20,124	24,668
4	Profit/(loss) attributable to ordinary equity holders of the parent	19,800	24,134	19,800	24,134
5	Basic earnings/(loss) per share (Subunit)	2.05	2.49	2.05	2.49
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.8900		1.8700

哭哭鸟

冷眼推荐股（十六）：JTIASA
Wednesday, November 30, 2016
http://bblifediary.blogspot.my/2016/11/jtiasa.html

JTIASA简介

业务
- 种植
- 伐木与木材贸易
- 锯木

JTIASA（常成控股，4383，工业产品股），成立于1960年，并于1969年10月30日上市大马交易所主板。

JTIASA的创办人为丹斯里张晓卿，涉足三个主要业务：
- 伐木与圆木（Log）贸易
- 棕油业务、
- 生产与经销锯木

该集团原本只是一家伐木与木材贸易公司，而且也是砂拉越最大的木商，拥有伐木特许经营权，可供砍伐的森林面积达到170万英亩。同时，该公司也重新造林（reforestation），以便能够有续经营伐木业。

JTIASA也是近年来才开始将业务多元化至油棕种植，而且积极扩展着一个业务，目前拥有6万9000公顷（约17万英亩）的油棕园，而且大部分的油棕树都已经到了7年的黄金收割期。（注：油棕树的常量高峰期介于7至16年）

冷眼前辈之所以看要JTIASA的理由，是因为该集团的木材资产占了所有资产的42%。假设将木材业务全部脱手，那么该集团的油棕园每英亩才不过7000令吉。

再加上JTIASA的股价从高峰时期的3令吉下跌到目前1令吉左右，因此下跌风险小。

以目前的情形来看的确如此，再加上当前棕油价格已经开始回升，相信在未来的两个季度，JTIASA的业绩有望持续走高。

icy97

Date of change	27 Dec 2016
Name	DATUK TALIB BIN HAJI JAMAL
Age	65
Gender	Male
Nationality	Malaysia
Designation	Director
Directorate	Independent and Non Executive
Type of change	Demised
Qualifications	He holds a Master of Science in Mechanical Engineering from Cranfield Institute of Technology, England, United Kingdom.
Working experience and occupation	Prior to Datuk Talib's appointment to the Board on 12 November 2007, he had served in various senior capacities and positions in the Police Diraja Malaysia for more than 30 years. He was the Commissioner of Police, Sarawak from 2004 until his retirement in November 2007. He was the Director of Police Cooperatives for 10 years and the Director of Bank Kerjasama Rakyat for 2 years.

icy97

常成控股
棕油业务撑净利

2017年1月17日

分析：兴业研究
目标价：1.68令吉

最新进展

常成控股（JTIASA，4383，主板贸服股）2017财年首6个月，木材产量按年下跌38%。

基于砂拉越森林局加强管制，限制每年同时只能有2辆伐木车运作。

对该公司每年有4辆伐木车在运作，是个坏消息。

除了加强区域管制条例，潮湿天气也影响搬运及运输活动，导致无法如期交货。

行家建议

纳入最新条例后，我们削减2017至2018财年的木材产量预测，幅度约为14至19%。

随着令吉前景疲弱，我们预测2017至2018财年，令吉兑美元会处于4.34。

常成控股对外汇非常敏感，令吉兑美元每变动10仙，预计会影响净利高达10至12%。因该公司大部分的营业额以美元计算，而多数的成本则以令吉计算。

受棕油业务的高产量及低成本支撑，预计常成控股的净利会持续增长。预计棕油地日渐成熟，将为公司带来较高的鲜果串增长。

我们上调2017至2018财年的净利，涨幅约为4至5%，因外汇上涨将缓和木材产量看跌的冲击。

因此，维持“买入”评级，目标价不变在1.68令吉。



【e南洋】

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 31 Dec 2016

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Dec 2016	31 Dec 2015	31 Dec 2016	31 Dec 2015
		$$'000	$$'000	$$'000	$$'000

1	Revenue	226,563	300,336	472,898	547,960
2	Profit/(loss) before tax	22,903	35,259	52,254	67,861
3	Profit/(loss) for the period	17,479	27,691	37,603	52,359
4	Profit/(loss) attributable to ordinary equity holders of the parent	16,935	26,729	36,735	50,863
5	Basic earnings/(loss) per share (Subunit)	1.75	2.76	3.79	5.25
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.9000		1.8700

icy97

Notice of Interest Sub. S-hldr (29A)

JAYA TIASA HOLDINGS BHD

Particulars of Substantial Securities Holder

Name	TIONG TOH SIONG ENTERPRISES SDN BHD
Address	Menara Rimbunan Hijau, 101 Pusat Suria Permata, Jalan Upper Lanang Sibu 96000 Sarawak Malaysia.
Company No.	178305-K
Nationality/Country of incorporation	Malaysia
Descriptions (Class & nominal value)	Ordinary Shares of RM1-00 each
Name & address of registered holder	Tiong Toh Siong Enterprises Sdn BhdMenara Rimbunan Hijau, 101 Pusat Suria Permata, Jalan Upper Lanang, 96000 Sibu, Sarawak

Date interest acquired & no of securities acquired
Currency	Malaysian Ringgit (MYR)
Date interest acquired	06 Mar 2017
No of securities	21,000,000
Circumstances by reason of which Securities Holder has interest	Acquisition via direct business transaction
Nature of interest	Direct
Price Transacted ($$)
Total no of securities after change
Direct (units)	50,449,008
Direct (%)	5.21
Indirect/deemed interest (units)
Indirect/deemed interest (%)
Date of notice	08 Mar 2017

icy97

受惠棕油价攀高．常成第三季转盈

（吉隆坡25日讯）常成控股（JTIASA,4383,主板工业产品组）受惠于原棕油价格上扬推高销售及鲜果串产量增加拉低成本，截至2017年3月31日止第三季成功转亏为盈，由前期773万3000令吉净亏转为2795万4000令吉净利。

9个月净利增加50%

累积9个月，净利增加49.98%至6468万9000令吉，比较前期为4313万1000令吉。

第三季营业额上升17.02%至2亿6845万9000令吉，累积9个月则受原木和胶合板销量及平均售价下跌，而微挫4.63%至7亿4135万7000令吉。

常成控股在初步报告表示，在获得的砍伐认证及永续森林管理限制下，原木供应料受限，因此，预计木材产品平均售价持稳。

整体而言，常成控股将持续改善营运效率及产能，以便能在2017财政年录得使人满意的表现。

文章来源：
星洲日报／财经‧2017.05.26

SUMMARY OF KEY FINANCIAL INFORMATION 31 Mar 2017

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		31 Mar 2017	31 Mar 2016	31 Mar 2017	31 Mar 2016
		$$'000	$$'000	$$'000	$$'000

1	Revenue	268,459	229,413	741,357	777,374
2	Profit/(loss) before tax	40,032	-7,594	92,286	60,268
3	Profit/(loss) for the period	28,918	-7,045	66,521	45,315
4	Profit/(loss) attributable to ordinary equity holders of the parent	27,954	-7,733	64,689	43,131
5	Basic earnings/(loss) per share (Subunit)	2.89	-0.80	6.68	4.46
6	Proposed/Declared dividend per share (Subunit)	0.00	0.00	0.00	0.00
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	1.9300		1.8700