When will evergreen announce results??
Last quarter 21 Feb 2011
So coming results will be 21 May or during AGM.
Source: http://www.ooinvest.com/my-stock?symbol=EVERGRN
AGM on
Enclosed notice of the 20th AGM of EFB dated 29 April 2011 to convene the 20th AGM on 23 May 2011.
This announcement is dated 28 April 2011.
LEMBAGA TABUNG HAJI KEEP BUYING:
Latest Rolling 4 Quarter/Segment# Results
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Evergreen FIbreboard’s (EFB) results were weaker, just as we expected. The lower
sales of medium-density fibreboards (MDF) during the Ramadan month amid higher
operating costs hit its bottom line earnings growth in 3Q. Nonetheless, as we see 4Q
earnings improving, we maintain our earnings estimates and our target price for
EFB. The stock is a BUY, with its target price intact at RM2.59. EFB also declared an
interim gross dividend of 1.5 sen/share.
sales of medium-density fibreboards (MDF) during the Ramadan month amid higher
operating costs hit its bottom line earnings growth in 3Q. Nonetheless, as we see 4Q
earnings improving, we maintain our earnings estimates and our target price for
EFB. The stock is a BUY, with its target price intact at RM2.59. EFB also declared an
interim gross dividend of 1.5 sen/share.
Weak, as anticipated. Just as we anticipated, EFB’s earnings were lower in 3Q, no thanks
to lower MDF selling prices, high rubber wood costs and slower sales volume during the
Ramadan festive period in August. In addition, the weakening USD, higher freight charges
in the Middle East and high start-up costs incurred for its Indonesian plant, also led to a
limpid 3Q performance. Although its 9MFY10 y-o-y earnings were higher at all levels, much
of the company’s poor growth was in 3Q. Q-o-q, despite revenue falling slightly by 5.2%,
higher costs of sales led to net profits falling by a steep 46.5%. The resulting higher
operating cost caused its 3Q pretax margins to shrink to 10.1% from 17.0% in the
preceding quarter. Our 9 Nov 2010 report entitled “Softer Second Half” elaborated on some
of these factors in more detail.
4Q indications. We expect Evergreen’s 4Q earnings to continue to be lacklustre but likely
to be slightly better than in 3Q. Earnings will continue to falter as the floods in Southern
Thailand in early November aggravated the current shortage of rubber wood, thus pushing
up prices. Management has also sprung a surprise by guiding for EFB’s glue/resin costs to
increase in 4Q due to a global increase in methanol prices and a supply shortage owing to
repairs being carried out at its supplier’s plant over the last 3 months. Nonetheless, as
management plans to raise selling prices in 4Q in order to pass on the higher costs to
customers and the seasonal slowdown during Ramadan is over, the anticipated better
earnings in 4Q may lift its full-year earnings to meet our estimates. As such, we hold our
earnings estimates intact for now. A possible earnings revision may be in the works
pending an update from management sometime soon.
Maintain BUY. Despite the earnings weakness in 2H, we still see EFB charting y-o-y
earnings growth as the company climbs up from last year’s weak base. As such, we are not
making any change to our earnings estimates or our valuation parameters. EFB is
maintained at a BUY, with its target price intact at RM2.59. YTD EFB has also declared
gross dividends amounting to 5.5 sen/share, accounting for 56.9% of our full year forecast.
Our dividend assumption is premised on a payout ratio of 30%.
