Company background
- 國內最大丁晴手套（Nitrile Glove）廠商、高速生產線鼻祖、產能為業界最高、賺幅最高、首家設立生物質能源廠，集多個殊榮于一身
- 賀達麗嘉合成橡膠及天然橡膠手套銷量各為和65%及35%，前者銷量幾乎是同業的2倍。
http://www.chinapress.com.my/topic/business%20weekly04/default.asp?dt=2008-04-13&art=20080413rookies42ee.txt (Year 2009)
- Hartalega is currently the largest nitrile glove maker in the world with
an annual production capacity of 9.6 billion pieces or 6% market share.
It is known to be the most efficient glove maker with first class
product and engineering innovations, which have allowed it to reap
superior operating margins (28% versus 16% industry average) and ROE
(36% vs 22% industry average).
http://www.theedgemalaysia.com/in-the-financial-daily/188290-hartalegas-nitrile-gloves-outpacing-latex.html (June.2011 - FY2012)
梁孙健博士6月份股市月刊。
- 关民亮指出，贺特佳在2003年成为全球首个推出轻量丁腈手套的公司，重量只有7克。贺特佳当年在美国的丁腈手套市占率只有2%，如今已经高达29%。此外，丁腈手套在2004年的销量只有1亿零100万只，2011年却多达59亿4700只，涨幅高达惊人的5788%。这些数字已让贺特佳在2010年成为全球最大型的丁腈手套生产商，全球市占率达17%。经过企业转型后，贺特佳近年来主攻丁腈手套市场，占其销量的91%比重。
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=21 #411 发表于 2011-12-5 小番薯
- 贺特佳创办人关锦安，不是一开始就踏入手套领域这一行的。关锦安曾透露，创立贺特佳前，他经营的是建筑业务，曾是巴生谷高档房产著名建筑商，还有为国内知名政治人物建筑家居的经验。
他后来曾涉足商标徽章织造，且表现不错，惟纺织业渐入夕阳后辗转进入手套业，当时的创业资本有30万令吉。据了解，当时政府批准的手套生产执照接近200家，可见竞争非常激烈，但后来有超过一半倒闭，足可见当初手套业的艰辛。
- 贺特佳于1988年成立之初，先在甲洞营运，1992年将所有厂房集中在雪州巴丁燕带（Batang Berjuntai），透过高度自动化设备提升产能降低成本，也奠定了公司平稳发展的基础。
- 关锦安曾披露，当时公司仅有10条生产线，年产能为7亿只手套。随着医学手套使用常识提高，加上市场需求不断扩大，贺特佳1997年设立第二家工厂，整体生产线拓展至15条，产能提升至12亿只手套。贺特佳的成功有目共睹，公司至今已有43条生产线，产能高达96亿只，意味着在15年的时间内拓展了7倍产能。
- 尽管已有如此佳绩，关锦安仍是不放弃继续拓展公司版图的机会。公司正积极拓展第五厂房的手套生产线，并斥资2000万至3000万令吉增添另外2条生产线。此外，公司也会耗资1亿7500万令吉在Bestari Jaya的现有厂房旁，兴建第六厂房，预计将在2013年中完工。以这两项拓展计划为目标，贺特佳放眼在2015年之际，产能能拓展40%至135亿只手套。
- 关锦安刚开始创立贺特佳时，公司主要生产天然橡胶手套，但2003年因市场竞争过于激烈而转向丁腈手套市场。相较之下，天然橡胶占原料成本较低的优势，用途也广；而丁腈手套赚幅却较好，不仅不会引起使用者对橡胶中的蛋白质敏感这个优点，成长潜能比前者还高，而且也不会受到乳胶价格波动太大影响。与乳胶手套相比，丁腈手套已越来越受欢迎，特别是美国及欧洲，占全球手套需求的68%。这几年来，贺特佳在美国丁腈手套市占率已从当年的2%，扩大至近30%，全球丁腈手套市占率料达17%，此业务甚至为公司做出高达90%的收益贡献。
- 关锦安的宏愿，是将贺特佳发展成为“拥有最高品质和最创新产品的全球第一手套生产商，同时也要被大众认为是注重社会与环保责任的企业。”据贺特佳的年报记载，关锦安建立了一套管理价值观，不仅要确保品质的重要性，也会鼓励员工通过高科技技术，生产具创意与创新性的产品。除了不断向外拓展，他也十分注重研发部门，希望能通过高科技提高营运效率，他深信这可产生可观的长期赚幅，特别是成本降低能够在领域削价战中保有公司优势。关锦安仅有中学学历，也没有任何工程相关背景，但许多人都不知道，他可是公司研发高速生产线的大功臣，这就是他带领贺特佳蓬勃发展的成功因素之一，只有不断的革新，才能够成为顶尖业者。
- 据了解，关氏家族的第二代关民亮和关民敬已经进入公司董事部。关民亮目前是非独立执行董事，兼任副董事经理，俨然已是公司第二把交椅。另一位儿子关民敬目前则担任行销部董事，亦是非独立执行董事。
- 目前美国销售占贺特佳总销售的75%，而新兴市场的比例少于5%。贺特佳目前计划为新兴市场供应天然橡胶手套，包括中国、印度和南非。
http://www.nanyang.com/node/424916?tid=855 (Feb.2012 - FY2013)
- Established in year 1988
- World's largest OEM nitrile glove producer
- Most profitable glove manufacturers in the world
- 95% of gloves produced are nitrile gloves
- Installed capacity of 10 billion pieces per annum. 5 production plants located in Bestari Jaya, Selangor
- Total workforce of about 3,000 where 35% are skilled workers
- 尽管油价上扬，但却不会对Harta带来直接冲击，因为该公司主要产品nitrile gloves原料为制作轮胎的butadiene，为石化半成品之一。所以，Harta原料成本受汽车领域好坏所主导，而汽车领域目前因经济衰退而表现不佳，这对于Harta仍属一项利好的消息。(TBW 24.9.2012)
- 赚幅收缩：由于更多业者加入nitrile gloves，以致该公司2013年首季（4－6月）税前盈利赚幅从去年32.3％挫跌至28.2％。(TBW 24.9.2012)
- Most efficient glove maker in the world through engineering innovation
- Operation of the world's first double former production line in end of year 2004 (patented)
- 1st automated mechanical stripping system in the industry able to remove nitrile gloves of hand moulds
- Highest production capacity in the world - above 30,000 pcs/hr
- Harta每小时能生产4万只手套，但同行仅为2万6000只。(TBW 24.9.2012)
- 同行需要8人来生产100万只手套，而Harta仅需要4人就能做到。(TBW 24.9.2012)
- Removing nitrile gloves off the moulds at above 30,000 pcs/hr (at that rate, it is human impossible)
- Industry's first glove staking device (patent pending)
- Products are 100% export to countries like USA, Europe, Japan and China
- Started with export only to USA in 1988, today products are sold to 39 countries globally
- Customer base of 137 customers and growing
- Market segments
- Share of USA nitrile glove market increased from 2% to 18% in 7 years (about 20% share of US synthetic glove market)
- Sale of nitrile gloves to Europe increased by 5 times in 6 years
- Created new demand for light weight nitrile gloves - World's first 3.7g nitrile glove in year 2007, launched first in the world 4.7g nitrile glove in year 2005
- Efficiency
Reduced staff costs achieved through cutbacks of workers in the unskilled category through automation
Higher skilled workforce is required for development and management of more sophisticated technology.
For the period from 2006 to 2012, ratio of "Technical and management" staff of total workforce increased from 21% to 35%.
Organic growth
Plant 6 commenced construction in Jan 2012, completion in year-2013
第6号产房在9月开始投入营运 (TBW 24.9.2012)
第6号产房将在2013年6月完成10条生产线，届时其产量将提振30％或35亿只 (TBW 24.9.2012)
10 lines for nitrile gloves
Additional 3.5 billion per annum
RM175 million capex
Where's the next wave of capacity growth?
- Next Generation Integrated Glove Manufacturing Complex (NGC)
Projection of NGC output:
Expectations:
In 2002, Hartalega invested in the research and development of thin nitrile gloves that can be used by health-care professionals and patients allergic to rubber protein.
“At the time, nitrile gloves were chiefly used in industrial applications and not in the medical sector due to their heavy weight and thickness, which was a hindrance for medical practitioners in the examination of patients,” said the billionaire’s 37-year-old son, Mun Leong. “Nitrile gloves are a necessity as there are people who are allergic to rubber protein.” Kuan introduced the world’s first 4.7-gram nitrile glove that bore the elasticity and softness of natural rubber, without the protein allergy risk. The lightest nitrile glove that Hartalega currently produces weighs 3.2 grams, his son said. Global demand for the synthetic gloves is set to grow as much as 20 percent a year till 2014, he said.
Management
- 帶領公司更上一層的靈魂人物關錦安研發高速生產線時，曾在廠房裡待上兩個晚上，日夜鉆研。殊不知，僅有中學學歷、且沒有工程相關背景的他，是研發高速生產線的功臣。
-關錦安說：“我們不願成為手套業者之一，我們要成為頂尖業者（the best）”。
-他深諳研發是賀達麗嘉強項及重要性，因此持續投以資金精益求精，更拒絕將勞資視為節省成本的第一開刀對象，堅持以技術替代人力，要求高效率。
-看著自己創立的公司歷經20年風雨，久屹市場，關錦安敢言：“不管國內或國外，業界無人不曉賀達麗佳，不知賀達麗佳者，不能成為手套業一分子。”
- 關錦安坦言不愛唸書，高中畢業后即加入家族企業，70年代時經營建築業務，曾是巴生谷高檔房產著名建築商。26歲的時候，他想做一些“自己”的事，于是涉足商標徽章織造，且經營得有聲有色。后來，眼見紡織業漸步入夕陽，于是輾轉了一陣子后，以30萬令吉資本投入手套制造業。
“公司營運策略是注重長期成長；去年表現雖因H1N1流感而異常亮麗，惟只屬短期現象，醫藥領域需求才是長期成長因素，就像美國醫療改革，可為產品長期銷量增添新動力。”公司董事經理關錦安表示
Harta董事经理关锦安，放眼营业额增长15%至25%。关锦安出席公司常年股东大会和特别大会后的媒体汇报会，发表上述谈话。
The world’s largest nitrile glove maker, Hartalega Holdings Bhd says the recent allegations against the company has caused damages running into millions of ringgit.It says the allegations had come despite its total compliance of all regulations.
"We want to stop the bleeding. Our stock price is being affected, our shareholders are concerned and 635 of our employees are under tremendous stress due to these allegations," its managing director, Kuan Kam Hon said today.
- 贺特佳算是一家比较传统的家族企业。关氏家族的第二代，关民亮和关民敬都已进入公司，是公司安排接班的一项部署。父亲关锦安和贺特佳董事经理，关民亮已是公司第二把交椅，关民敬则担任行销部董事。
- 关民亮表示，贺特佳已拟定40至45%的派息政策，希望可在扩充业务和回馈之间找到平衡点。他笑说[不管公司在做什么，我们都会以股东利益为主，股东回酬是我们的KPI！]
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=21 #411 发表于 2011-12-5 小番薯
- 賀特佳在1月31日發文告表示，由於關錦安所增持的股權僅僅涉及控股公司--賀特佳工業私人有限公司的股權，而非賀特佳，因而對26日作出的大股東股權變動作出澄清，並取消相關調整。根據26日的大股東變動詳情，當中指出賀特佳工業已額外增持1814萬7000股，從而將總持股比例提升至55.45%。
- 隨著上述的澄清，大股東的持股實際上是保持在50.47%或1億8392萬7152股。
- 而賀特佳在1月20日發文告表示，關錦安分別以1870萬令吉和1億6830萬令吉，向山努西與莫哈末再益斯收購Budi Tenggara私人有限公司10%與90%股權。Budi Tenggara乃賀特佳大股東--賀特佳工業的股東之一。因此，在收購上述股權後，關錦安在賀特佳工業的持股比例，從37.61%上升至51.47%，從而成為控制性的大股東。
- Despite its consistent earnings
outperform ance and im peccabl e fundam ental s, Hartal ega remains
severely undervalued due to its low liquidity. Mr Kuan and family now
own 56.45% of the company post the acquisition of Budi Tenggara,
which holds a direct 5% stake (completed on 26 Jan 2012). However,
average daily trading volume of the stock is still poor at only 271,401
shares, representing a mere 0.3% of total shares issued.
- Given that management plans to boost its
share trading liquidity and Hartalega has a high RM373m reserve on its
balance sheet (RM364m retained profits, RM3m share premium), we
estimate that Hartalega has the capacity to undertake a bonus issue
(current share capital is RM182m comprising 363.9m shares of 50sen
par). Additionally, we think that Mr Kuan could also place out the 5%
stake acquired from Budi Tenggara, but at a much later stage when the
stock is valued at a more attractive valuation to Mr Kuan.
(Maybank IB Feb.2012 - FY2012)
- Kuan says industry players thinking there is more money to be made from nitrile gloves will be in for a tough time.
“Everyone assumes nitrile delivers better margins because they take our numbers. But when they start doing costing, they take a blended cost, but most operations are not sophisticated to do costing on each and every product,” he says.
- Furthermore, he says, as companies shift the product mix towards nitrile, they may find their costs will also rise. That, he thinks, is why Hartalega's rivals are not seeing the expansion in margins even though the are aggressively moving into the nitrile glove market.
- “Nitrile production cost is actually higher than latex but because of the material savings, the selling price is low.”
- Will the world's leader of nitrile rubber gloves on day go back to making latex gloves?
“When the day comes when we need to do latex, we will but we believe our margins then will be in the teens. The same lines will be used but we can run the lines faster and our yields will increase.”
http://www.thestar.com.my/story.aspx?file=%2f2012%2f4%2f7%2fbusiness%2f11064003&sec=business (April.2012 - FY2013)
- “在客觀地分析各種因素後，我們放眼在2021年晉身成馬股25大企業之一。”關錦安
http://biz.sinchew.com.my/node/59885?tid=6 (May.2012 - FY2013)
- 关锦安重申，贺特佳不会涉足上游业务，而是继续专注於改善增加產能的科技，减少对劳工的依赖。「我们的新生代手套製造厂房（NGC）將採用新研发的科技来生產手套。在这之前，我们將会在第6號厂房对这项新科技进行测试。」
- 另一方面，儘管有分析员认为胶乳价格回落后，市场对手套的需求，可能会从丁手套重新转移至天然胶手套，但关锦安强调贺特佳不会改变其营运方针。他解释，贺特佳拥有生產丁手套的最顶尖科技，每件手套的重量只有3.2克，而天然胶手套最轻的重量只有4.8克，因此相对而言，丁手套仍有其利基市场。
-「我们不介意牺牲赚幅，以收薄利多销之效。但大前提是必须確保每股净利（EPS）持续取得增长。」
- 展望將来，关锦安依然看好全球手套市场的前景。他预测，全球手套市场的整体產量將从目前的1500亿件，提升至2020年的3000亿件。换言之，手套市场仍有庞大的成长空间。
- It said his had spurred a significant increase in nitrile gloves production capacity by the industry which it was confident would be more than matched by resilient demand dynamics.
- ‘Furthermore, we do not expect a price war from the second half of 2012, as claimed by certain quarters as global demand growth continues to outpace growth in industry capacity,” it said.
- The company said that on the contrary, it had to put some of its customers on allocation for their April 2012 purchase and beyond despite adding two new production lines in plant 5 to meet escalating demand.“Based on our experiences, there are no expectations for a price war in the foreseeable future.
- Executive chairman and managing director Kuan Kam Hon said Hartalega always had the interest of shareholders in its mind before embarking on any project.He said the land could set the company back by RM100mil if it did not get the regulatory approval. “It's an ambitious target to start construction by December. The worst-case scenario will be March 2013.”
- Harta执行主席兼董事经理关锦安表示，希望政府能给予手套业者税务优惠，以感激业者对国民总收入（GNI）的贡献。他表示：“我们不寄望政府给予津贴，这样业者会过于依赖津贴以取得盈利。比起津贴或是拨款，税务优惠是较合适的选择。”
- 针对公司耗资15亿在雪邦打造新一代整合手套制造中心（NGC），关民亮表示，公司目前正等待有关方面给予兴建厂房的批准，预计可在今年内获得批准，并在今年年杪开始建筑工程。执行主席兼董事经理关锦安补充，由于涉及庞大投资，因此公司决定获得批准以后，才与地主签署买卖协议。
- 关民亮指出，贺特佳的派息政策不会因为扩展计划而受影响，并维持45%的派息政策。
- Harta宣布，董事经理关锦安从即日起卸任，但将继续出任集团执行主席一职，而董事经理的空缺将由现任执行董事兼副董事经理关民亮接棒。
- 他表示，该公司致力于加强营运能力以及技术革新，目前是全球最大的优质丁腈手套生产商，按年产量逾100亿只。
- 尽管已经退下董事经理一职，但关锦安认为，这并不是终点，他说：“依我在公司的显著持股权以及执行主席职位，我有意继续活跃于公司业务，但从现在起，将从另外一个角度出发。”
- 今年36岁的关民亮，是于2001年加入该公司的工程部。2008年，他获委任为执行董事，之后出任副董事经理职位。关民亮在1999年考获澳洲莫纳什大学的机械工程学士学位，以及在2007年获得苏格兰斯特拉斯克莱德大学的工商管理硕士学位. 他在贺特佳任职期间，领导产能扩充计划，不仅把产能提高7倍，还监督生产技术上一些前所未有的技术突破。
「我们也採取了一些措施，通过培训课程栽培我们的员工，打造一支可以带领贺特佳前进的优秀团队。」
- Management believes that global demand for nitrile rubber
gloves will continue to grow at a high rate of over 20% and
the commencement of Plant 6 with an expected 30%
(+3.9bn pcs pa) boost to its production capacity will capture
this growing market.
(HongLeong IB May.2013 - FY2013)
安聯指出，賀特佳管理層已展現對有關發展計劃的強勁承諾及準備，特別是將員工人數，已從2012年的2千900人，增加至目前的3千900人。
市场一度传言手套领域将掀起削价战，但贺特佳管理层相信，目前和未来市场需求仍高于供应。
賀特佳這項業務拓展計劃將於今年9月動工，預料一年後將有6條生產線投入運作，屆時將有助提高公司的競爭力。然而，由於該公司旗下第六廠已於2013財政年竣工，而新生產線卻仍需1年後才得以投入運作，因此關民亮預料2014財政年的業績，不會享有2013財政年的增長率。
展望2014財政年，关民亮表示该集团于上財政年的业绩成长主要来自于其第6座厂房的加入，惟考虑到该厂房目前已全面投產，因此本財政年將无法取得与上財政年同等的成长率。「现在最重要的便是儘快开始新一代综合手套制造中心的运行，以便能够带领我们步入另一个成长阶段。」
Kuan stepped down as managing director in November while remaining executive chairman, paving the way for his son, Mun Leong, to helm the company. The younger Kuan, who holds a mechanical engineering degree and an MBA, joined Hartalega’s engineering department in 2001, according to the company’s annual report. The patriarch’s older son, Kuan Mun Keng, 38, a certified practicing accountant, is executive director at the company and oversees sales and marketing as well as corporate finance.
- The group’s 2QFY14 forex losses swelled by RM6.5mil, as it
hedged forward its USD receipts at a lower rate when the USD
appreciated by 3% against the RM. Stripping out 1HFY14’s total
forex loss of RM12.7mil (an unprecedented amount), Hartalega’s
normalised net profit would be higher at RM139mil, indicating a
healthy YoY growth of 23%.
(Am research Nov.2013 - FY2014)
- 随着股价节节攀升，通过Hartalega工业私人有限公司持有50.15%股权的关锦安及其家族，财富也随之水涨船高。《南洋商报》根据上市资产估算，关锦安于2013年的财富劲升57.6%，或11亿3200万令吉，累积财富达30亿9700万令吉。随着财富增加，他在南洋富豪榜的排名也大跃进，从上一届的第20名，连跳4级，本届排在第16名。
- 关锦安接受《星报》访问时也曾表示：“我们的赚幅非源自于高价格售卖丁腈手套，关键在生产效率。”贺特佳董事经理关民亮认为，大马手套领域已失去劳工成本低廉的竞争优势，取而代之的是自动化。因此他建议，手套业者应探索创新之路，以减缓成本高涨的影响，所以投资在科技是关键之举。
- 如此注重社会及环保责任的关锦安，却曾在2010年杪时遭工厂附近的居民投诉，指工厂运作时飘出含有化学物气味的气体，且怀疑含有化学物的污水流入河中，造成河水污染。当时，关锦安立刻召开记者会，反驳居民认为工厂污染河流的指责。他强调，当年创办工厂时，把照顾生态环境列为企业愿景，且实际地履行企业责任。关锦安表示，贺特佳每年耗资530万令吉进行空气及水源净化护理工程；同时，工厂所使用机械都是欧美进口的绿色环保概念器材。面对此斥责及投诉时，关锦安当时直言感到失望，因为这已否定该公司多年来为社区做出的贡献。面对此斥责及投诉时，关锦安当时直言感到失望，因为这已否定该公司多年来为社区做出的贡献。关锦安设厂时，当时附近尚未出现住宅区。然而，住宅区出现后，该公司多年来始终秉持着回馈社会，并关怀环境的宗旨，每年投入100万令吉进行社区福利活动。其中包括赞助爱滋病患及妇女免费医药协助，自主老人院、孤儿院及福利中心等。
-贺特佳的愿景是希望成为世界第一的手套制造商，为世界提供最佳及最创新的手套，同时，也要被公认为是家关怀社会及环境的企业。关锦安注重的不仅是生产手套的科技研发，也非常讲究爱护环境及环保。正当大马大部分的工厂都依赖天然气作为燃料时，贺特佳是首家使用空油棕果串作为生物质燃料的手套制造商，为生产过程制造热能。为了补充燃料供应及达到能源节省效应，许多公司的工厂都以油棕籽壳作为燃料。比起用空油棕果串更便宜。然而，贺特佳最终仍决定选择空油棕果串作为燃料。对此，董事经理关民亮称：“相较于使用天然气，使用空油棕果串使我们的能源节省高达30%。”另外，空油棕果串供应充足，价格稳定；反之，油棕籽壳的供应则较少，价格也相对地较高。鉴于预见此类问题，贺特佳才会决定使用空油棕果串作为辅助燃料。
- 回首一路走来的辛苦历程，关锦安认为，成功没有捷径，这是一趟旅程，而不是个目的地。
- 如今，在贺特佳逐渐步上稳定之路，关锦安也逐渐放心让第二代接棒。关锦安是在2012年11月中，宣布卸任董事经理一职，由当时的执行董事兼副董事经理关民亮接棒。关锦安卸下董事经理的职位后，仍留在公司内担任执行主席。关锦安曾表示：“对公司来说，这个改变是好的，我很高兴可以把这个责任交给民亮。无可否认的是，他将可扮演好这个角色，带领公司取得更好的业绩表现。”尽管已经退下董事经理一职，但关锦安认为，这并不是终点。他认为：“依我在公司的显著持股权以及执行主席职位，我有意继续活跃于公司业务。但从现在起，将从另外一个角度出发。”
- 关氏家族曾披露，不会用数字金额来表现该公司在研发工作所付出的努力，因为他们不想让员工认为“创新”仅能有如此狭窄的定义。
- Looking ahead, with its existing plants running at optimum capacities, sales volumes will remain relatively flattish at least until 3Q15. However, management reiterated that 4Q14 margins are expected to sustain in subsequent quarters and start improving once the NGC plant 7 begins commercial production due to economies of scale.
- HART highlighted that its Next Generation Integrated Glove Manufacturing Complex (NGC) is on track to commission operations gradually from Oct-14 onwards with a planned commissioning of 2lines per month. Upon full commissioning, the first two plants will add c.8b pieces (+56%) new capacity by Oct-2015 and providing the much-needed earnings growth for FY16. Hartalega appears relatively confident that capacities for the first plant will be absorbed upon commissioning. We understand that a major client has been found to take up a sizeable portion of the first plant production.
(Kenanga Research April.2014 - FY2014)
- The NGC (Next Generation Integrated Glove Manufacturing Complex) project in Sepang is expected to commence operation by October 2014.
(HongLeong Research April.2014 - FY2014)
- 全球市场每年生产的手套是大约1700亿只，每年的增幅则是8-10%。根据我们掌握的资料，本地手套公司未来2年的新增生产力是320亿只。手套产量每年的平均增幅是8%，而需求则是每年增长14%。从以往的情况来看，持续成长中的市场需求将吸收手套公司的新增产量。因此，我认为手套领域中期内不会出现供应过剩的情况。中国和印度对手套的需求成长潜力极高，目前每人平均只使用4只手套，远低于没有每人140只和欧洲的每人100只。我们业相信中国的医疗改革将进一步带动手套需求。－关明亮。
Busy Weekly July.2014 - FY2015
- Hartalega在上一轮的配水措施中并没有面对水供中断的困扰。因为我们已经有应急措施，确保任何时候都可以获得充足的水源。展望未来，即使再次爆发水荒危机，我们也不认为Hartalega会面对水供不足的冲击。－关明亮。
Busy Weekly July.2014 - FY2015
展望未來，管理層表示全球丁腈手套需求繼續在膠手套需求轉向趨勢下書寫19%成長率，雖然領域產能同步增加，但卻不預見發生價格戰，主要因全球需求仍然強穩。無論如何，管理層坦言原料價格下滑和售價面對更激烈競爭，卻將導致手套平均售價下滑。雖然偏低售價對業績造成的影響繼續讓管理層關注，可相信NGC項目將捍衛維持集團盈利
http://biz.sinchew.com.my/node/99648?tid=6 August.2014 - FY2015
不過，管理層在匯報會上強調，手套業並未出現削價戰，產品價格調低的原因在於原料跌價、訂價策略。
http://biz.sinchew.com.my/node/99701?tid=18 August.2014 - FY2015
另一方面，对於市场关注的手套供应过剩问题，关民亮指出，在未来2年的新增產能將是320亿或每年160亿只，而隨著国际一些手套厂房关闭，以及手套需求持续提升，尤其是新兴市场，所以他认为，手套市场將不会出现供应过剩的情况。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=134352:3&Itemid=198 August.2014 - FY2015
对于市场传出全球手套或供过于求，关民亮则不认同。 “回顾去年，大马丁腈手套出口增加了19%，这是全球需求仍强的最好证明。虽然根据报告，领域产量也同步增加，料未两年会增320亿只手套，但我相信市场仍有能力吸收。”他解释，除了市场需求每年稳定增长外，近期一些国际手套公司结业，释放了更多市占率。此外，他认为领域总产能提高计划通常不如预期，所以未必能够如愿。
Customer
- 該公司手套供應予醫療中心、牙醫所、研究、科學實驗室及食品業等領域。
- 產品幾乎全供外銷，海外市場包括歐美、亞洲、澳洲及非洲。此外，目前計劃強化中國及印度市場地位，為未來發展鋪路。
- 賀特佳的膠手套以出口為主，其中來自美國的兩大客戶Medline與Microflex，佔了總銷量的50%，過度依賴大客戶亦有風險。
- 我们估计贺特佳在全球手套市场拥有大约4.5%的份额
- 公司董事經理關錦安在常年股東大會後指出，公司產品有75%出口至美國，其中丁晴手套在價格和品質因素下，使用程度日漸廣泛，對未來前景表示樂觀。除先進國家外，還有意打入發展中市場，尤其看好中國手套人均使用量只達每年1.4隻，發展前景可觀。
- 他說，美國佔總出口75%，近83%皆供醫療用途，所以美國醫療市場轉用丁晴手套對賀特佳而言是有利的，並放眼今年該手套領域能以約20%至30%幅度持續穩定成長。
- 有鑒中國對手套需求仍低，關民敬指出：“雖然已有與部份當地客戶接洽，但不能說我們會大量出口至中國，因當地衛生意識有待提高，每人平均僅使用1.4只手套。” 關民亮表示，即使是出口，也會是乳膠手套而非丁晴手套；所以我們仍會生產乳膠手套來應付發展中國家的需求，如印度、中國及南美州。
- 他补充，集团也有意出口丁晴手套至巴西；不过，目前还在洽谈。
- 与乳胶手套相比，丁晴手套已越来越受欢迎，特别是在美国及欧洲，这两个区域占全球手套需求的68%。
- 根据目前的产能规划， 贺特佳很可能在几年内，成为世界最大的丁晴人造胶手套生产商。
- Hartalega, which exports 100 per cent of its products to 137 international clients in 39 countries.
- Hartalega, which holds 35 per cent of the U.S. nitrile glove market, is also listed by Forbes Asia as one of the 200 "Best Under a Billion" companies.
- Hartalega has for the first time started to sell nitrile gloves to Argentina this month. Kossan will dedicate a few of its recently installed 22 lines for the Brazil nitrile market. ASP-wise, Top Glove has now quoted its nitrile gloves on par with its low-end latex powdered gloves and is considering accelerating the expansion into the nitrile gloves segment via M&A.
- The two biggest nitrile glovemakers (Hartalega and YTY Industry Sdn Bhd) have insignificant sales to Asia and close to zero sales to South America currently. The only notable nitrile glove supplier in South America is Latexx Partners Bhd.
- We think the factors constraining nitrile glovemakers selling to the emerging markets are: (i) sticky regulations in Brazil limiting Hartalega’s nitrile glove exports (it is able to meet the quality required but not the thickness); (ii) nitrile glovemakers’ strategies to focus sales on the highly regulated/affluent markets (US and Europe) where their lower-end peers will not be able to compete.
- 賀特佳預計日本的丁晴手套使用量在未來數月或增加(震後狀況)。目前，該公司產品9%的出口是運往日本，以營業額計算，這相等於約6千萬令吉，以產能計，表示大約8億件手套。
- 該公司的營運使用率為85%，接近全面產能水平，這表示需求走高，或無法帶來規效益，直到第六間廠在2013年投入運作。
- 與此同時，分析員透露，管理層下週將前往中國會見手套分銷商，以商討供應合約。
- 分析員稱，在手套需求上，中國的全年人均使用率只有2.2件，與北美洲的96件及歐洲的49.9件相差太遠。
- 雖然該公司目前還未獲得任何中國訂單，但管理層願意與中國分銷商面對面展開洽談，已是踏出很好的第一步。
- Over the next week, management will
be in China where it has scheduled meetings with glove distributors to discuss supply
contracts. Recall that in Dec 2010, Cardinal Health Inc (CAH US; Not Rated) acquired
China’s largest importer of medical supplies Yong Yu. Cardinal is a global healthcare
distributor that outsources glove manufacturing to a number of Malaysian glove
companies including Adventa, Kossan, Latexx Partners and Top Glove.
-
Currently, 5% of Hartalega’s sales are to Japan.
[CIMB Research April.2011 - FY2011]
- CIMB Research said Hartalega is eyeing Brazil as a source of earnings
growth and expects to make its first shipment of natural rubber (NR)
gloves by year-end. The glove maker is positioning itself for a change in regulations in
Brazil that will allow hospitals to use nitrile gloves, which is
Hartalega’s specialty.
http://sg.news.yahoo.com/cimb-research-retains-hartalega-tp-rm7-18-000852620.html# (July.2011 - FY2012)
- 目前，歐洲市場占賀特佳總銷售額的21%。
http://www2.orientaldaily.com.my ... MtM0tcf8Z6308049qxW (July.2011 -FY2012)
- 賀特佳董事經理關錦安透過文告指出：“從乳膠手套轉用丁手套風潮正于歐洲市場蔚然成風，且目前當地丁需求也不停在增加。” 因此，歐洲市場對賀特佳的銷量貢獻也跟著提高，從上財年同期的18%增至今年首季的28%。
http://www.chinapress.com.my/print/241360 (Aug.2011 - FY2012)
- As at December 2010, demand in Asia-Pacific accounted for about 10% of Hartalega’s market segment. Subscribing to a stake in Yan Cheng Pharmatex Medical Equipment Co Ltd
will help the company expand its wings further in the China market.
http://www.theedgemalaysia.com/in-the-financial-daily/191093-a-prosperous-quarter-for-hartalega.html (Aug.2011 - FY2012)
- 关锦安披露，美国和欧洲市场分别占贺特佳的销售额55%和28%。 在丁腈手套方面，美国的销售额逾50%，而欧洲市场则为22%。“我们认为，美国与欧洲的丁腈手套增长空间非常大，预计这两个市场将持续增长。我们预计，今年的丁腈手套需求将持续增长30%，继而推动贺特佳丁腈手套的增长。”
http://www.nanyang.com/node/377045?tid=485- (Aug.2011 - FY2012)
-關錦安也透露，該公司在中國的業務已開始投入運作，但基於這項業務剛起步，且仍需時才可達到損益兩平，因此，預計中國業務將於2013財政年才會開始作出貢獻，不過，由於目前的中國市場手套需求不高，因此貢獻料不顯著。雖然如此，關錦安指出：「中國是主要經濟體之一，且人口稠密，因此相信是我們未來的主要市場之一。」
- “We expect more growth from Europe, we have recruited many multinational companies there as clients and it makes for a sizable market,” said managing director Kuan Kam Hon after the company’s AGM yesterday.
- Kuan sees vast potential in the European market as nitrile gloves account for only 22% of the market there, which is dominated by natural rubber gloves, and consumers are gradually shifting to nitrile. “Like the US, customers in Europe are starting to prefer nitrile as its price does not fluctuate too much, and is no volatility with contractual supply,” he said.
- “Malaysia’s exports of nitrile gloves rose 54% last year. They are definitely gaining at the expense of natural rubber gloves, which have limited potential to grow,” he added.
- In terms of geographical breakdown, sales to North America remained steady, accounting for 55.3% of total revenue in 2QFY12 (1QFY12: 55.5%). Demand from Europe continued to grow strongly, with its proportion of revenue contribution rising from 27.6% in 1QFY12 to 33.2% in 2QFY12. We expect demand from Europe to remain robust as the demand switch to nitrile gloves is still gathering momentum.
- 贺特佳的产品主要是出售到美国，德国，和日本等高素质需求市场。
- 关民亮披露，美国销量贡献55%，欧洲国家也有33%，亚太区则占8%。此外，手套销量的76%比重是源于保健领域，食品业也在贡献5%。
- 他指出，新兴国家每年人均手套使用量只是2.3只。可是，美国的每年人均手套使用量却高达141只，欧洲国家和日本也分别有100只以及60只，与新兴国家形成强烈的对比。
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=21 #411 发表于 2011-12-5 小番薯
- Right now, Hartalega supplies 17 per cent of the world's demand of 45 billion pieces of nitrile gloves per year.
- Since the last quarter of 2010, Hartalega has experienced keen competition from Top Glove Corp Bhd, Supermax Corp Bhd, Kossan Resources Industries Bhd and Latexx Partners Bhd as they switch more of their production lines to make nitrile gloves. Many of them have also started to step up mechanisation of their production lines. Machines from China are being fitted in to accelerate their lines to run at 26,000 pieces of gloves per hour.
- Asked if he is anxious of the competition hotting up, Kuan smiled.
Currently, Hartalega is the world's only rubber glovemaker that has fully automated its stripping and packing lines. Still, it is not one to rest on its laurels.
- “丁腈手套需求前景穩定，天然膠的乳膠價增長聲中，這類輕便耐用手套逐步取代天然膠手套，天然膠與丁腈手套銷售量比例，已從前年的69%：31%，轉移至58%：42%。”
- Demand for nitrile gloves
remains robust at 15-20% p.a. (vs. 8% for latex). We believe the new
capacities (11b pcs p.a. by Top 6 in 2012) will be absorbed by the new
global demand of c.15b pcs p.a., but price competition is inevitable as
glove-makers rush to fill capacities.
(Maybank IB July.2012 - FY2013)
- we do not expect a price war from the second half of 2012, as claimed by certain quarters as global demand growth continues to outpace growth in industry capacity. We anticipate demand growth for nitrile gloves should be sustainable at 20% annually for the
mid term. To meet the increasing export demands of nitrile gloves, our new plant, namely
Plant 6, have begun construction in February 2012 with its first production line targeted to
commence operations in September 2012. Plant 6 will commission 10 production lines in total and is expected to give at least a 30% boost to our production capacity which translates to a further 3.5 billion pieces per annum. The construction of the 10 production lines in Plant 6 is expected to be fully completed in June 2013.
(Harta Q1.2013 Quarter report)
- Despite the nitrile glove supply influx by its competitors, Hartalega remains unfazed as it is supplying 17 per cent of the world's demand of 45 billion pieces of nitrile gloves per year.
http://www.btimes.com.my/Current_News/BTIMES/articles/hlega/Article/ (Aug.2012 - FY2013)
- Demand for nitrile gloves will remain firm in the medium term (2011: +29% YoY) in view of strong demand from Europe, where nitrile gloves hold a 35% share of the glove market (US: 70%).
(Maybank IB Aug.2012 - FY2013)
- We(CIMB analyst) understand that
Hartalega's operations in India and
China are picking up. The company
is planning five exhibitions in India
in Oct 12 and 10 in China this year.
We gather from our meeting that
glove consumption in India and
China may be higher than what
published stats suggest as a large
portion of glove usage in these
markets is off-the-books.
(CIMB research Sept.2012 - FY2013)
Today
our installed capacity exceeds 13 billion pieces
of gloves per annum, giving us the leverage to
supply approximately 23% of the global demand
for nitrile gloves which comprises 56 billion
pieces per annum.
- Annual report 2013
- In 2Q12, Malaysia’s export of synthetic
gloves was at a historical high of 9.4b pcs (+19% QoQ, +9% YoY),
driven by the demand switch in the US and Europe to the lower-priced
nitrile gloves. The split between latex and nitrile glove sales in the
global glove market is around 70:30, implying more room for growth
innitrile glove sales.
(Maybank IB Oct.2012 - FY2013)
- 据分析员了解，中国人均手套使用量极低，相对美国的149.3只，中国仅4.8只；而且对价格敏感对极高。
- 回顾历史，过去3度爆发传染病，即2003年SARS病毒、2007年H5N1流感和2009年的H1N1流感，全球手套需求当年扬升介于11%至24%。尽管H7N9的致命率约36%，较H5N1的60%来得低，但依然高于H1N1病毒的21%。基于H7N9病毒仍有不少未知数，分析员相信这病毒仍可能成为威胁。
http://www.nanyang.com.my/node/556287 (Aug.2013 - FY2014)
- 关民亮说，当前新兴市场的人均手套消费只有5只，相较于美国的140只以及欧洲的100只。「因此，我们早前已分別在中国和印度两国建立子公司。我们相信新兴市场將会是未来的成长所在，故我们也正对此作好准备。」他补充，一旦新兴市场在卫生与保健方面的意识获得提升，当地的手套消费量也將跟著同步走高。
http://www.orientaldaily.com.my/~oriental/index.php?option=com_k2&view=item&id=71186:15&Itemid=198 (Aug.2013 - FY2014)
- For the FY2013 ended 31March, the US group was the group's largest market with 59% of its nitrile gloves exported to the country. Additionally, sales to the US market also grew to a record high of 5.4billion pieces during the period, up 28% from FY12.
http://www.theedgemalaysia.com/in-the-edge-financial-daily-today/251993-hartalega-not-benefiting-from-weakening-ringgit-.html (Aug.2013 - FY2014)
Hartalega currently exports to 39 countries across five continents, namely Americas, Asia, Europe, Australia and Africa.
http://www.thesundaily.my/news/808547 (Aug.2013 - FY2014)
- 以丁腈手套为本的贺特佳，计划在其他手套领域寻求净利来源，如牙科及外科手套，这料将具强劲需求及提供较高的赚幅。虽然这些新业务在初步时的贡献不大，但分析员对这些发展感到正面，因将为公司的赚幅持稳。
http://www.nanyang.com/node/567169?tid=462target=_(Sept.2013 - FY2014)
- We understand that demand for nitrile gloves from Harta’s 45 major customers
(mainly from the USA’s and Japan’s renowned hospitals) remain strong. To cater
to the strong demand, Plant 6 was completed recently, and is currently running at
an average utilization rate of 88%, producing 330m pieces of gloves/month. This
brings Harta’s total production capacity to 14bn pcs (a step-up from 11bn pcs in
FY03/13).
(Affin Sept.2013 - FY2014)
- Interestingly, we note that Hartalega has increased its latex
glove sales from 5% to 10% QoQ as it secured new accounts in
Brazil. Latin America now accounts for 6.6% of total revenue
(1QFY14: 3.5%).
(Am research Nov.2013 - FY2014)
- He(Kuan Kam Hon) also noted that for the first time, the nitrile gloves segment had taken the lead and surpassed natural rubber with a demand ratio of 51% to 49%. “Although European importers must now pay 2% to 2.7% for glove imports from Malaysia, the fact that nitrile glove exports from Malaysia to the European Union increased by 30.3% in 2013 clearly indicates the robust demand for nitrile,” Kuan said.
Despite some of these cost increases and contraction in margins on strong competition, the company, which presently supplies 14% of the global demand of nitrile gloves, is still able to hold on to a price premium in the nitrile glove segment.
http://www.thestar.com.my/Business/Business-News/2014/08/05/Nitrile-gloves-demand-robust-Hartalega-Industry-set-for-growth-on-rising-healthcare-concerns/ (Aug.2014 - FY2015)
- Hartelaga's geographical contributions have expanded further in Japan and emerging markets such as Brazil, in line with its plan to continuously seek new opportunities from its current portfolio.
- In July, the group relaunched its OBM strategy, renaming its distributor company Pharmatex (original name: Mun). Its Pharmatex brand products have also been rebranded as Glove-On, which will serve as the umbrella brand for all the sub-brands of the group's OBM products.
http://www.theedgemalaysia.com/business-news/301655-new-complex-to-boost-hartalegas-earnings.html Aug.2014 - FY 2015
- 關民亮指出，賀特佳手套幾乎都是出口，目前市占率為12%，在手套製造中心開始投產時，將大大提高公司產量。
- 新興市場不斷在成長，並開始著重醫療領域，賀特佳也開始會著重新興市場的發展，目前該公司已進入中國和印度市場。
- 他指出，該公司將通過品牌重塑計劃，打造出屬于自己的品牌，並開始在新興市場推售。“我們會專注在新興市場，但目前中國和印度業務的營業額佔公司總比例會是非常小的。”他指出，目前，中國業務銷量為1200萬令吉，放眼成長至2000萬令吉。印度業務則在去年方才開始營運，因此貢獻會是十分小的。
http://www.chinapress.com.my/node/555207 Aug.2014 - FY 2015
He cited the Malaysian Rubber Gloves Manufacturers Association announcement that rubber glove exports, particularly for the healthcare, food, electric/electronics and automotive sectors will continue to rise by eight per cent to 178.6 billion pieces at the end of this year.
http://www.nst.com.my/node/27033 Aug.2014 - FY 2015
Management expects its installed capacity to progessively reach 22bn by FY16 (Mar) (from 14bn in FY14). The contribution may not be significant as the lines are being installed in stages. Upon completion of its NGC plants, Hartalega’s total installed capacity could reach 42bn pieces per annum by 2020.
(RHBOSK Research Nov.2014 - FY2015)
Business
- 賀達麗嘉合成橡膠及天然橡膠手套銷量各為和65%及35%，前者銷量幾乎是同業的2倍。相較天然橡膠價格的劇烈波動，合成橡膠原料價格偏穩，成本易于掌控。
- 关锦安接受《星报》访问时也曾表示：“我们的赚幅非源自于高价格售卖丁腈手套，关键在生产效率。”贺特佳董事经理关民亮认为，大马手套领域已失去劳工成本低廉的竞争优势，取而代之的是自动化。因此他建议，手套业者应探索创新之路，以减缓成本高涨的影响，所以投资在科技是关键之举。
- 2005年，贺特佳率先推出全球首个重4.7克的丁腈手套，然而在2007年却被竞争者捷足先登，推出更轻的4.2克的丁腈手套。尽管如此，贺特佳并没有却步，随即推出全球首个3.7克的丁腈手套作为“回应”。值得一提的是，这也是世界首个无粉的聚合物涂层天然橡胶手套。事实上，该公司早前在推出4.7克的丁腈手套时，已一并研发此3.7克的丁腈手套，惟当时并没有打算立刻推出市场，仅计划将其作为“备用子弹”，待必要时才拿出此撒手锏。最后，贺特佳成功于2011年推出仅重3.2克的丁腈手套，销量也在7年内翻倍增加59倍，奠定该公司在全球丁腈手套市场地位。
Hartalega has earned its name as the world’s fastest glovemaker by investing big time in fully automating its production lines.
Kuan and his team of mechanical engineers have cranked up their new production lines to run at a breakneck speed of nearly 50,000 pieces of gloves per hour while the industry average is still lagging behind at 26,000 pieces per hour.
Hartalega’s factories are now able to churn out 12.2 billion gloves
a year and these are shipped to
more than 40 countries. This translates to Hartalega having a 16 per cent grip on the world’s demand of some 75 billion pieces of nitrile gloves a year.
Malaysian glove-maker
Hartalega Holdings Bhd has launched a new distribution arm, MUN, which it plans
to develop into a global healthcare products company to expand its brand
presence in key markets. The launch of MUN also marked the rebranding of the
group’s subsidiary, Pharmatex. The unit, with its operations in Australia,
China, India and the US, will now be integrated into MUN, the group said in a
statement today.
“The establishment of
MUN will allow us to enhance our distribution channels in an integrated manner
and standardize operations, building an even stronger foundation to extend our
current reach. In the long-term, we aim to develop MUN as a global healthcare
products company, offering gloves as well as other products to meet the needs
of the healthcare industry,” said the group’s managing director, Kuan Mun
Leong.
“As the global
distribution platform for Hartalega, MUN will be able to leverage on the
Group’s competitive advantages as an industry pioneer, along with our
reputation for top-of-the-line products,” he added.
In conjunction with MUN’s
launch, the world’s largest nitrile gloves maker also announced the creation of
GloveOn, a new umbrella brand to represent its existing glove business. The new
brand would allow MUN to diversify into other medical products by
differentiating the medical distribution company from its parent company’s
products, said the group.
The establishment of MUN would also complement Hartalega’s long-term
expansion strategy, namely the NGC, which comprises six manufacturing plants
and 72 production lines.
Cost/Pricing
- 關錦安說，勞力資本不是公司的首要考量，因此暫無到其他人力成本低廉的區域國家設廠。
- 05財年，該公司人力成本佔總營業額12.4%，07財年時減至8%，冀未來2年下滑到7%。
- 關錦安一再重申，公司生產成本及銷售皆以美元交易，自然護盤策略下美元貶值衝擊不大。
- 相較天然橡膠價格的劇烈波動，合成橡膠原料價格偏穩，成本易于掌控。
－ 馬銀行說，美元兌馬幣若走貶10%，將導致淨利下挫3%，倘若能未來兩個季度把美元走弱效應管控好，而不衝擊其淨利，將有推高股價之效
刚刚出席了Harta AGM, 根据老板的说法：
-- 天然胶手套贵过人造胶手套大概10%，低蛋白的天然胶手套会比普通天然胶手套贵2-3美元
- 詢及美元走疲影響，公司董事經理關錦安解釋鑒於丁晴手套原料是以美元購買，型成自然護盤，有助緩和外匯風險，不會對淨利造成太大衝擊。
- 關錦安指出：“丁晴手套25%的高賺幅已引來很多新業者進駐，賺幅或會收窄至23.5%。”
- 丁晴手套佔賀特佳產能的80%，其他則是乳膠手套，賀特佳僅有50%盈利會受令吉及美元匯率影響，因生產成本中，丁晴膠佔50%，這些皆以美元計價，只有營運、人力成本、賺幅及股息需兌換令吉。關民敬說：“但乳膠手套商卻不一樣，極受匯價波動影響。”
- 目前因乳膠價格高企于每公斤7令吉水平，每盒乳膠手套（1000只）價格較丁晴手套來得高，約120令吉，每盒丁晴手套則是112令吉。
“雖然手套商可轉移成本，但大多訂單都是合約性質，買家尋求穩定價格。原料成本較乳膠手套來得穩定，是丁晴手套商的一大優勢。
- 隨著積極研發及提高自動化手套生產，目前公司成功將人力成本減至7.7%。
- 关民敬还说，集团50%的原料都有护盘，因此令吉走强不会对集团造成严重影响。
- 关民亮则表示，丁晴手套价格相对天然胶手套稳定，很多买家倾向购买丁晴手套。
- 丁晴人造胶手套赚幅好，加上不会引起使用者对橡胶中的蛋白质敏感这个优点，成长潜能比天然胶手套高。几年前，曾是手套业霸主的 Kimberly-Clark 宣布完全退出天然胶手套市场而专注于生产丁晴人造胶手套，就是为了要维持较高的营业赚幅。
Nitrile gloves are now up to 30% cheaper than latex gloves, an unforeseen, atypical trend in the past. This is due to continued escalation in latex costs (+60% year-on-year) vis-à-vis synthetic rubber (a major material cost for nitrile gloves; +28% y-o-y). The price disparity favouring nitrile demand, which is evident in the US and European markets, is set to catch up in the emerging markets (Asia, Latin America).
- 此外，該行也預測丁晴價格至4月份為止，將穩定在每公噸1千400至1千500美元，為賀特佳這類型的丁晴手套製造商帶來優勢，公司管理層指出，鑒於天然膠價格漲勢，以丁晴手套代替膠手套的轉變趨勢目前仍持續中。
- 贺特佳是我国最大的丁晴手套制造业者，分析员预计，丁晴原料价格每提高10%，将促使贺特佳的每股盈利遭侵蚀介于5%至7%。
- 联昌国际研究分析员在一份报告指出，尽管丁腈的原料供应包括大马、新加坡和韩国，且我国主要丁晴手套制造业者的原料供应大部分来自国内和韩国，原料供应估计不会受到日本地震的影响。但是，分析员表示，丁腈属于全球产品，而其主要原料为丁二烯（butadiene），属于上市交易的商品，因此，日本地震可能影响该商品价格。值得关注的是，日本瑞翁（NIPPON ZEON）是手套领域的丁腈原料主要供应商，而贺特佳在有20%至30%的丁腈是向该公司采购。
"I would like to go on the record that we're receiving steady supply of nitrile latex from our suppliers in Japan. Their factories are in Kawasaki, far away from the area hit by the earthquake and tsunami."Kuan Kam Hon said
- 日本主要丁晴橡膠供應商日本瑞翁（NIPPON ZEON）週二在其網站公佈，儘管其生產設施沒有遭受破壞及營運正常，但其原料供應狀況因電流中斷而不穩定，產品供應可能受嚴重堵車及艱困物流狀況的影響。但產品供應可能受短暫影響。
- 根據聯昌研究敏感度分析估計，丁晴橡膠價格每上調10%，賀特佳2011至2013財政年每股凈利將調降估計達5至7%。
- With the natural butadiene rubber (NBR) price spiking 10% month-on-month in April, the market has shifted its preference to latex-focused glovemakers, relegating Hartalega to a lower position.
- Nevertheless, we believe that the prospects for nitrile gloves remain promising as nitrile gloves’ average selling price (ASP) is still 20% to 30% lower than latex powder-free gloves.
- The rise in NBR price, coupled with the market supply overhang, will cause Hartalega’s margins to decline. However, we think this is just a short-term blip as: (i) the NBR price spike was due to rubber consumers’ unwarranted switch from natural rubber (NR) to NBR with the consumption pattern to revert once the NR price falls in May (after the “wintering season”); and (ii) demand for nitrile gloves from the emerging markets which will catch up with the incoming nitrile supply.
- After raising nitrile gloves ASP by 1% recently to reflect the higher NBR cost, Hartalega’s nitrile gloves ASP is still a huge 23% discount to Top Glove Corp Bhd’s latex powder-free (PF) glove. As an indication, to close the ASP gap between nitrile and PF gloves, latex costs have to plunge by more than 55% to below RM5 per kg (from RM10.90 per kg now). This is also lower than the floor rate (about RM7.50 per kg) set by the rubber producing consortium.
丁月青價格偏高是隱憂之一。截至本月11日與14日，Synthomer與Polymer Latex公司，將丁月青價格上修15至16%，或每公噸280美元。
- On 11 and 14 April, Synthomer Ltd and Polymer Latex raised
the prices of nitrile latex sold to the glove dipping industry worldwide by US$280 per
metric tonne, which works out to a 15-16% increase. Synthomer said that the price
increase was required as the cost of monomers used in the production of nitrile had
risen dramatically. Synthomer’s price increase follows price hikes by Polymer Latex in
March (US$160 per metric tonne) and Zeon Europe GmbH in April (€150 per metric
tonne). The higher prices are within our expectations as crude oil prices have risen by
30% YTD (Figure 2).
[CIMB Research April.2011 - FY2011]
- 联昌银行研究分析员表示，手套制造商最大的支出是天然橡胶和丁腈橡胶，占总成本的47%至69%，而电费仅占1%至4%。所以电费涨价，对大部分制造商影响不大。“电费若涨10%，仅削减2012财年每股盈利的0.4%至3.1%。” 根据报告，稳大（Adventa，7191，主板工业产品股）电费占成本3.5%，故将承受每股盈利下挫3.1%的影响，也是行内遭到最大影响的业者。虽然贺特佳（Harta，5168，主板工业产品股）电费占成本也是3.5%，但基于税前盈利为全行最高（33.4%），足以抵消电费上调的冲击，分析员认为每股盈利只会微降0.7%。另外，利得股份（Latexx，7064，主板工业产品股）每股盈利料减0.4%，因为电费成本仅1%，是影响最少的业者。“
http://www.nanyang.com/node/324516 (May.2011 - FY2012)
- Effective today, the government raised electricity rates by 7 per cent.
There is also a 20 per cent price hike for natural gas across
industries. The last time the government raised gas prices was in August 2008 by a
hefty 72 per cent to RM22 per mmBtu from RM12.80 per mmBtu. After much complaints, the government, in March 2009, lowered the gas tariffs by 30 per cent to RM15.35 per mmBtu.
- From today, however, rubber glove manufacturers using less than 2mmscfd
will need to pay the new rate of RM16.07 per mmBtu. This is 7 per cent
more than the old RM15.00 per mmBtu rate.
- Fiona Leong of Citi Investment Reseach is keeping her earnings forecasts
for glovemakers unchanged because the
20 per cent gas price hike would
only raise operating costs by 0.7 per cent, if there is no cost pass
through.
http://www.btimes.com.my/Current_News/BTIMES/articles/gloov/Article/print_html (May.2011 - FY2012)
- Although nitrile costs have risen in the past six months, nitrile gloves
remain relatively cheaper than latex gloves due to the persistently
high latex costs. This pricing gap will continue to create strong demand
for nitrile gloves. Hartalega’s FY11 (FYE March) net profit of RM190
million (+33% year-on-year) has closed its gap with Top Glove.
http://www.theedgemalaysia.com/in-the-financial-daily/188290-hartalegas-nitrile-gloves-outpacing-latex.html (June.2011 - FY2012)
- 乳膠及丁晴手套的平均售價差距已大幅減縮，因乳膠成本走跌，而丁二烯橡膠成本則攀升；現有的手套掛價仍然偏向丁晴手套的銷售，丁晴手套平均售價比無粉乳膠手套低10%左右，比有粉乳膠手套則不相上下或稍微偏高。
-
乳膠價格自橡膠樹落葉期過後，在6月份已顯著滑落至目前的每公斤8令吉60仙，比3月份的高峰期下瀉20%。乳膠產量的改善，手套生產商預見乳膠價格在今年下半年徘徊於每公斤7令吉左右。與此同時，
丁二烯橡膠成本在近月則大幅挺漲，4月按月猛彈10%，5月更躍升15%，6月起3%，歸因於原油價格的高企（原油副產品為丁二烯橡膠原料）。
-
丁二烯橡膠價格波動一般落後原油價格2至3個月，原油價格自今年5月份以來已走跌，因此，預料丁二烯橡膠價格也將步其後塵。
http://biz.sinchew.com.my/node/49471 (July.2011 - FY2012)
- Though the cost of NBR (nitrile butadiene rubber) has gone up 27% q-o-q,
margins may see only a minor contraction of around one percentage point
(pps) as management partially passed on the higher cost and the company
reaped efficiency gains from its new Plant No 5. Additionally, earnings
may appear unscathed by the weaker US dollar due to its favourable
hedging policy.
-The ongoing switch to nitrile gloves from latex is aggressive. Europe
now accounts for 21% of Hartalega’s overall sales from 15% in 2HFY11.
Although NBR price is at its high of US$2.08 per kg (54% increase YTD),
Hartalega’s nitrile glove average selling price (ASP) remains
competitive at around a 30% discount to latex powder free.
http://www.theedgemalaysia.com/in-the-financial-daily/190958-hartalega-likely-to-outperform-but-shares-flat.html (August.2011 - FY2012)
- “The switching from Natural Rubber to Nitrile glove has gathered
momentum in Europe and demand is growing rapidly. Europe now accounts
for 28% of Hartalega’s overall sales from 18% compared with the same
quarter last year.
http://www.theedgemalaysia.com/business/190994-hartelega-1q-net-profit-up-32-to-rm5477m.html (Aug.2011 - FY2011)
- It said on Tuesday that with the sharp increase in nitrile material price and recent high volatility of US dollar, challenging time is ahead.
http://www.theedgemalaysia.com/mobile/article.php?id=195817 (Nov.2011 - FY2012)
- Hartalega said the inventory level has increased from RM64.7 million as at March 31, 2011 to RM114.5 million as at Sept 30, 2011 due to increase in raw material prices and also as a result of the group’s stocking up of raw materials. “The group targets to keep higher inventories to reduce pressure on meeting growing sales demand,” it said.
http://www.theedgemalaysia.com/mobile/article.php?id=195817 (Nov.2011 - FY2012)
- The price of its key input, NBR, has fallen sharply by 18% month-on-month to US$1.70 per kg and is 11% cheaper than latex now. However, we do not expect significant margin improvement in the sequential quarters, for management would likely defend market share via a competitive average selling price, in view of the new capacity-led competition in the nitrile segment. Separately, sales of nitrile gloves remain strong in Europe, for they are still 10% to 20% cheaper than latex PF gloves.
http://www.theedgemalaysia.com/mobile/article.php?id=195844 (Nov.2011 - FY2012)
- 全球最大合成丁月青膠乳供應商Synthomer公司宣佈，將額外斥資1億1000萬令吉，在大馬擴充其巴西古當工廠，打造全球最大的丁月青膠乳工廠。敲定這筆收購之後，Synthomer已將巴西古當工廠視為亞洲區域的樞紐，亦成為整個區域的單一貨源，讓Synthomer能夠更貼近客戶。
- Synthomer至今估計已經在柔佛工廠投入2億5000萬令吉。在最新的全球性科技加持下，該公司確認初步產能已經達到每年10萬噸，以滿足全球和本地需求。
- Synthomer的擴充行動是為了確保產品持續擁有良好的素質。但建廠的最主要原因，仍是為了應付市場對醫療體檢和工業手套對丁月青膠乳日益增加的需求。
- 今年初，Synthomer順利完成柔佛居鑾工廠的第5階段建設工程，到了2013年，居鑾和巴西古當的年產能將是30萬噸。
http://www2.orientaldaily.com.my ... w2G1ZW72dgg15mV0RK7 (Dec.2011 - FY2012)
- 在丁月青價格下跌35%的同時，天然樹膠價格卻上漲17%，這使到丁月青手套的需求改善。同時，歐盟削減醫療預算，價格相對較低的丁月青手套將成為首選，這些消息對以生產丁月青手套為主的賀特佳而言，屬正面消息。相較天然樹膠手套，丁月青手套的成本已降低20%。兩者之間的差價雖在2011年8月扳平，但最新的數據顯示丁月青的成本進一步走低。與去年3月的高峰期相比，丁月青價格已降低高達40%。同時，丁月青和天然樹膠的價格差距越大，越有利於賀特佳，讓該公司能夠從天然樹膠手套業者手中爭取市占率。
- 另外，歐盟將削減其醫療預算，並鼓勵醫院尋求更為廉價的代替品。其實丁月青價格與布倫特原油價格有密切關係，聯昌國際分析員認為，由於地緣政治不穩定，原油與丁月青的價格將持穩，從2011年中期至今分別下跌15%及35%。由於目前丁月青手套的生產成本較天然樹膠便宜20%，因此料可吸引更多的需求。
http://www2.orientaldaily.com.my ... OpK08zb1t362HEq8gCb (Jan.2012 - FY2012)
- Latex prices have increased
by 16% to RM7.43/kg from a one-year low last month. This is due to:
(i)
the wintering season which reduces latex yields; and
(ii) the Thai
government’s efforts to support rubber prices by having a USD480m
budget in place to buy 200,000 tonnes of unsmoked rubber sheets.
The
wintering season typically ends in May, and with the China auto market
still growing (albeit at a slower pace of +10% YoY), the supply of rubber
relative to demand will likely be in a deficit position again this year.
[Maybank IB Feb.2012 - FY2012]
- 國內手套商加碼增產丁手套，下半年或為搶銷量掀價格戰，繼而拖低賺幅，加上最低基薪制落實在即，員工薪資成本至少增11%至15%，業者營運前路壓力重重。“賀特佳（HARTA，5168，主要板工業）和速伯瑪（SUPERMX，7106，主要板工業）已表明會以價格策略大力推銷丁手套，其余2名業者料將緊追趨勢。”
- 即將实施的最低薪金制，短期將会衝击手套业者的净利，但长期则会带来正面效应。此外，对大型手套业者而言，当小型业者无法吸收工资成本上涨而被淘汰时，可趁机提升市占率。週二，手套股大部分下跌。
- 我国首相纳吉预定在4月30日，作出最低薪金制的宣布。政府或在未来6至12月的时间內实施有关政策，市场预测最低月薪范围介于700令吉至1000令吉。分析员假设，最低月薪为1000令吉、所有员工薪资相等，胶手套製造商的净利將下跌2%-8.9%。若这1000令吉已涵盖额外支付，业者的净利则会降低1.2%-6.1%。
- 分析员相信，为了减轻最低薪金的影响，手套业者將尝试，第一、价格转嫁给客户；第二、减少各项开支；第三、逐步实施最低薪金制；第四、提高厂房科技。
- 目前，外籍勞工共佔該公司總雇員人數約67%。
- "Nitrile gloves are currently selling at US$32 (RM96) per 1,000 pieces. It is likely to come down to around US$30 (RM90) in the immediate months.
- "We expect butadiene price to come down further because suppliers in China, Japan, South Korea and Taiwan have cut back on their production output, given bearish market sentiment," Kuan told reporters after a shareholders' meeting here yesterday.
- According to authoritative chemical industry journal ICIS, global demand for butadiene is around 11 million tonnes per year. The petroleum derivative is now selling for US$2,800 (RM8,400) per tonne.
- 由于丁晴手套（Nitrile）現金成本比天然膠手套低25%，市場需求穩定，賀特佳預期2012年丁晴手套需求將提高至20%，天然膠手套則是8%。
- The price of latex has fallen by
17% (from its peak in Feb 2012) to MYR6.50/kg and undershot the
Thailand government’s floor price of MYR7.40/kg. The latest mulling of
initiatives (limiting rubber exports) by a Thailand-Malaysia-Indonesia
government tripartite to support latex price and fight market forces will
prove futile again, in our view, given that the underlying reason for the
decline is a supply surplus situation with market forces to reign.
- Despite the fall in latex prices, the
price of NBR (nitrile butadiene rubber, primary raw material for nitrile
gloves) has also plunged by 28% from its peak in Apr 2012 and is
currently still about 17% cheaper than latex. Nitrile gloves are therefore
still more economically competitive at this stage.
- Glove makers,
however, have been unwilling to price nitrile gloves at a discount to
powder free gloves given potential cannibalization, thus margins for the
former are much better, given lower production costs.
(Maybank IB July.2012 - FY2013)
- According to our channel checks, the
implementation of the minimum wage hike (+20-25%) may be delayed
to Jul 2013 (supposedly Jan 2013). This will give Top Glove more time
to upgrade the automation of its existing plants (target completion by
early 2013) and mitigate the wage hikes. Regardless, as the impact is
industry-wide, we believe higher cost will be passed on. Labour
accounts for 8-10% of total production costs.
- 请问一下,那个关于currency forward contract的,具体的操作是如何,去年开始
>>有些公司会在接到order或者在发出invoice的时候，为了锁定盈利，就会卖空美元（等同order或invoice数目），酱美元过后的波动就不会影响盈利。
可是在结账日的时候如果美元大涨，因为之前卖空美元，公司的账目就会面对外汇亏损，不过这只是一个短期的影响。(loss on forward currency contract)
>>有些公司会在接到order的时候，就会开始锁定外汇，原料价钱和数量，。。。为了就是要有一个比较肯定的盈利。他们不想在这单生意完成和收钱的时候，因为外来的因数而影响到他的盈利。
。比如有一些发展商在卖屋子的时候，就已经和洋灰和铁条供应商签好原料的价钱。
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=38 #746
- Though the company has lowered the ASP of its nitrile gloves to USD30/’000pcs (-10% QoQ), this is still less than the 21% QoQ drop in NBR cost. Hence, we think margins in subsequent quarters should at least stay at current levels.
(Maybank IB Aug.2012 - FY2013)
- 如果它买原料用的是美元，收钱也是美元，就不会有账面亏损了。可是它还会卖空美元吗（看死美元大跌）？
原料大概只是占了revenue的40%左右，这一部分有自然对冲，应该不需要卖空，卖空应该是另外的60%。
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=40 #787
- Although latex price has pulled back by 9.4% since peaking at RM10.9/kg on 8 April 2011, the group’s EBIT and PBT margins shrank 4ppts and 2ppts
respectively owing to price competition in the nitrile glove segment. In order to fulfill the
strong demand for nitrile gloves, all four major glove players had ramped up their
respective production capacity. We believe this may spark off a price war and pressure
glove makers’ profit margins going forward. We gather that management will be more
aggressive in pricing its nitrile gloves going forward in order to maintain its lion’s share in
this market.
(OSK research Aug.2012 - FY2013)
- MIDF证券研究行机构表示，由于全球经济放缓，导致丁二烯的价格下调，该原料是丁腈与天然胶乳的主要成分。它补充：“由于丁腈乳胶和天然乳胶分别占该集团总生产成本的45％和5％，因此我们预期丁二烯和天然胶乳价格疲弱，将会提高它的盈利能力。”
http://www.kwongwah.com.my/not_found.php?r=/index.php?view_type=news&date=20120808&id=140 (Aug.2012 - FY2013)
- "We expect the butadiene price to come down further from the current US$1,400 a tonne. That means glove prices are likely to fall. We'll pass on the savings to our clients," said managing director Kuan Kam Hon.
http://www.btimes.com.my/Current_News/BTIMES/articles/hlega14/Article/index_html (Aug.2012 - FY2013)
- 尽管油价上涨，但却不会对Harta带来直接冲击，因为该公司主要产品丁青手套原料为制作轮胎的丁二烯(butadiene)，为石化半成品之一。换句话说，Harta原料成本受汽车领域好坏所主导，而汽车领域目前因为经济衰退而变现不佳，这对Harta仍属一项利好消息。关氏相信丁青行情在未来数个月将能维持在目前没公吨1300至1400美元，而其走势主要视天然胶价格而定。
(Busy weekly 24.9.2012)
- "The slump in nitrile price is probably attributable to the continued lacklustre performance of the automotive industry in China as tyre manufacturing consumes 70 per cent of global rubber supply. "The easing of raw material prices, which is 50 to 60 per cent of the manufacturing costs, bodes well for Hartalega to protect its market leading margin," JF Apex Securities Bhd said in a research note today.
http://www.btimes.com.my/articles/20121029141933/Article/ (Oct.2012 - FY2013)
- NBR’s price discount to latex has
widened to 12% (vs. a 2% premium in Aug 2012) as NBR prices fell (-
6% in the last two months) while latex prices rebounded (+7% in 2-
month). Presently, the ASP of premium quality nitrile gloves is on par to
similar quality latex powder-free gloves, ensuring the competitiveness
of nitrile gloves.
-
- We estimate that the new minimum wage of MYR900/month will
result in a total cost increase of MYR8m p.a. for Hartalega (or a 1%
increase in total production cost), as labour accounts for 11% of
Hartalega’s total production cost.
-
- Two scheduled bi-annual MYR6/mmbtu gas price hikes were
missed (Dec 2011 and Jun 2012) and the government is likely to
delay another scheduled gas price hike in Dec 2012. The total
quantum of the delayed gas price increases will amount
MYR18/mmbtu (+120% from the current gas price of
MYR15/mmbtu) by Dec 2012. We believe the government will
phase out gas price hikes in 2013, and not implement a steep rise
in gas prices. Assuming a 120% increase in gas prices, we
estimate that Hartalega will experience a 10% rise in total costs.
Note that gas accounts for 8% of Hartalega’s total production cost.
(Maybank IB Oct.2012 - FY2013)
- 1H revenue rose by 12% yoy to
RM503m as utilisation hit 90%
(1H12: 82%) due to strong demand.
Total gloves sold in 1H rose by 20%
to 4.7bn pieces, offsetting a 6.5%
decline in blended selling prices to
RM107/1k pieces. The higher output
drove 1H EBITDA 11% higher to
RM161m on stable margins. Core net
profit rose by 8% to RM113m.
(CIMB research Nov.2012 - FY2013)
- 安联研究分析员预测，丁月青手套在今年11月仍得以享有比天然胶超过10%成本优势，他相信，天然胶手套只能在胶乳价格跌破每公斤5令吉，才能恢復价格竞爭力，但这料不会在未来12个月出现。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=30422:&Itemid=198 (Nov.2012 - FY2013)
- 豐隆研究則說，丁腈膠價格依然低於天然膠，丁腈價目前約每公斤4令吉22仙，乳膠則為5令吉60仙，不過，受丁腈價格回跌影響，丁腈手套平均售價也按年下滑9%至每千隻手套105令吉，管理層預計丁腈手套需求將在中期內保持20%成長。
http://biz.sinchew.com.my/node/67000 (Nov.2012 - FY2013)
- NBR prices have inched up to
USD1.39/kg (+5% MoM, -12% YoY) in Feb 2013, having been stable
for the past five months. We believe that NBR prices could still be on a
rising trend in the near term, as they track the rise in prices of other
commodities (i.e. crude oil, natural rubber).
- That said, we think that Hartalega will
pass on the higher NBR costs, given that price competition is almost
unheard of at this juncture. As an indication, Hartalega has raised its
nitrile glove ASPs by 2-3% in Feb 2013 in order to pass on the full
quantum of the minimum wage hike.
(Maybank IB Feb.2013 - FY2013)
- Additionally,
Hartalega also benefits from savings which arise as a result of the
shifting of the foreign workers levy (MYR1,200/each) back to the
employees. This alone could see a marginal 1% (MYR4m p.a.)
enhancement to Hartalega’s bottom line. It has also passed on the full
quantum of the minimum wage hike which became effective in Jan
2013.
(Maybank IB Feb.2013 - FY2013)
- The impact of minimum wage implementation on labour cost has been passed through to the customers by the increase in ASPs by 2-3%.
(HongLeong IB Feb.2013 - FY2013)
- 黃氏唯高達研究指出，賀特佳銷售量按季成長8%，因第6號工廠投產，令產能增加，丁腈原料成本按季放後緩4%至平均每公斤1.33美元，但丁腈手套每盒售價降低至33美元（第二季為35美元）。
http://biz.sinchew.com.my/node/69888 (Feb.2013 - FY2013)
- “產品售價在過去12個月下滑了9%，相信是基於原料價格走低的關係，而非產能過剩。＂
聯昌研究表示，該公司每個月2次就會根據成本、需求與匯率的變動來制定售價，而丁晴原料價格在過去12個月中下降了24%，因此售價也有所降低。
- 儘管消息傳出與大馬氣体（GASMSIA，5209，主板貿服組）的新合約協商被展延，聯昌研究表示，有信心最終雙方會達成協議，因大馬氣體是全馬唯一的天然氣供應商，即使手套業者不滿意目前建議書，最終仍會同意。
http://biz.sinchew.com.my/node/72887 (April.2013 - FY2013)
- 其实除了胶价，丁青价格也呈跌。分析员称，丁青在3月的平均价格为每公吨1330美元，于2012年平均价格比较，下滑了9.5％。无庸置疑，原料价格下跌对手套业者而言是佳音，因为原料价格占手套业者整体营运的愈6成比重。胶价与丁青价齐跌，天然胶手套和合成胶手套业者都能从中受惠。
(Busy weekly #220 April.2013)
- However, the mismatch growth between sales and volume
was attributed to lower ASPs where NR glove ASP was
down by 16.6% yoy from RM145/k pcs to RM121/k pcs,
while nitrile glove ASP was down by 7.0% yoy from
RM110/k pcs to RM102.3/k pcs.
(HongLeong IB May.2013 - FY2013)
- MIDF研究說，丁腈手套佔全球40%需求，其餘60%為橡膠手套，惟未來將有20%轉向丁腈手套；兩種手套成本約佔賀特佳45%與5%成本，在原料價格持穩下，相信賀特佳可有令人印象深刻之表現。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=54543:&Itemid=198 (May.2013 - FY2013)
- This is despite the government hinting of a reduction in fuel subsidies, hence higher gas prices in the foreseeable future. Currently, gas rates that are applicable to manufacturers like Hartalega are at around RM16 per million British thermal unit.
- "We have already factored in the prospects of higher fuel costs. We just hope that the fuel price hike would be somewhat reasonable and gradual so that we can pass it on to clients." said group managing director Kuan Mun Leong.
http://www.btimes.com.my/Current_News/BTIMES/articles/HARTAL/Article/print_html (June.2013 - FY2014)
- According to Alliance, nitrile gloves still enjoy latex cost advantage of more than 20% over NR gloves as of May 2013.
- “After taking into account the higher fuel cost for nitrile glove, we believe NR gloves will only be able to regain its price competitiveness, if latex price falls below RM4.50 per kg, which we think is unlikely given the potential intervention by governments of major producing countries that is Thailand, Malaysia and Indonesia.”
http://www.thestar.com.my/Business/Business-News/2013/06/18/Hartalega-to-emerge-as-industry-gamechanger-Alliance-also-favours-Ko.aspx (June.2013 - FY2014)
- 另外，虽然贺特佳最大的出口市场是美国，但其执行主席关锦安却认为该集团不会受益于近期的美元上涨趋势。他表示，该集团一般上是使用远期外匯合约来进行交易，以便对冲货幣匯率的波动。
- 在未来4个月內，我们或许会从美元的升值或令吉的贬值中受惠，但我们也无法知道这趋势会否持续下去。」
http://www.orientaldaily.com.my/~oriental/index.php?option=com_k2&view=item&id=71186:15&Itemid=198 (Aug.2013 - FY2014)
- Hartalega, which exports the majority of its nitrile gloves to the US, will not benefiting much from the current fall of the ringgit against the US dollar as it had already hedged its greenback six months earlier.
"The recent exchange rate will not benefit the company because we have sold off our US dollar in advance. That is to ensure we locked in our profit," chairman Kuan Kam Hon told reporters after Hartalega's AGM yesterday.
Kuan said the largest synthetic glove maker's normal practice is to hedge over its proceeds, and normally the hedges cover the preceding six months.
http://www.theedgemalaysia.com/in-the-edge-financial-daily-today/251993-hartalega-not-benefiting-from-weakening-ringgit-.html (Aug.2013 - FY2014)
“贺特佳产品是100%出口，结算货币是美元，但我们尚未感受到最近美元波动所带来的影响。”他解释，公司交易合约在4个月至6个月前定下，设定内容包括了美元的汇率。“我们不知道未来的趋势如何，如果美元持续走强，我们将会因此受惠。”“不过，我们目前没有因为汇率问题而受到财务上的影响。”
http://www.nanyang.com/node/559759?tid=462 (Aug.2013 - FY2014)
- 肯納格研究表示，政府最近重啟津貼合理化計劃，意味之後可能上調電費，惟該行不過度擔憂，因能源價僅佔總生產成本8至10%。政府自2011年6月上調天然氣價7%至每百萬英制熱值（mmbtu，單位）16令吉零7仙，之後原預定每6個月上調天然氣價8至10%，直到2015年為止，但自2011年12月評估後卻一直停頓。
- 馬幣兌美元走軟，短期內對膠手套業者有利，但長期影響中和，馬幣兌美元每貶值1%，膠手套淨利平均料增1%至2%。肯納格表示，馬幣走疲一般對手套業者的影響正面，主要是銷量由美元主導，馬幣兌美元走貶將帶動手套業者的營收，不過長期間，因手套業者一般對外匯護盤，利好因素或隨之抵消。
http://biz.sinchew.com.my/node/81634?tid=23 (Sept.2013 - FY2014)
- 一些出口商如以生产和出口丁腈手套为主的贺特佳，将不会从现有令吉兑美元走势趋软中获利。这是因为贺特佳已经对冲其美元，以保护其本身对负面货币动向的风险。其主席关锦安最近告诉记者，它已提前出售其美元赚益，以锁定其盈利。
http://www.eunited.com.my/?q=node/44639 (Sept.2013 - FY2014)
- 马银行投行分析员表示，不太担心供应扩增的问题。
- 根据新的全球丁腈手套需求预测，以及预计产能逐步增加，分析员相信手套业者新增的产量，只会在一开始时压低平均销售价而已。同时，目前的丁腈手套业者，如贺特佳（HARTA，5168，主板工业产品股）将会持续以营运效率挡开价格战，让公司能够维持其赚幅保持不变。
- 相比于树胶手套，丁腈手套的赚幅仍非常大，差价超过6%点。分析员指，虽然丁腈手套的原料成本较低，但是居于强劲需求，让丁腈手套可取得较高的售价。尽管丁腈平均销售价较高，但需求持续强劲增长，尤其是来自对价格较不敏感的发达国家的需求。此外，分析员相信需求将按年增20%。
http://www.nanyang.com/node/567169?tid=462target=_ (Sept.2013 - FY2014)
- 随着政府调高汽油价，导致公司面对较高的运输成本，不过，对业者造成的影响不大，因运输成本仅占总成本的2%至3%，而业者也并无调高平均销售价。
http://www.nanyang.com/node/567169?tid=462target=_ (Sept.2013 - FY2014)
- We believe that raw material prices, namely
latex and nitrile will continue to remain at favourable levels, hovering at RM5.50-
6.50/kg. This is mainly due to: 1) the soft auto sales growth in China in tandem
with the economic slowdown (China’s tyre makers accounted for 70% of total
global latex output); and 2) higher output from countries such as Cambodia and
Vietnam. The Economic Inteligence Unit (EIU) projects that latex output will
increase by +1.5% in 2013 and +4.5% in 2014. (Both latex and nitrile are key
earnings driver for the sector, as it accounts for 55-60% Harta’s operating costs) . On a YTD basis, latex and nitrile prices have fallen by -16.5% yoy and -24% yoy
respectively. The depressed rubber prices have resulted in a series of protests by
farmers in Thailand, which supplies 1/3 of global latex. While the Thai
government continued to provide incentives to its farmers, we believe the
concerns over any supply disruptions are unwarranted as our ground checks with
the glove manufacturers reveal that glove production is still progressing well.
(Affin research Sept.2013 - FY2014)
- Ongoing price competition had restricted Hartalega’s ability to pass on the rise in input prices, resulting in QoQ sales volume growing by a mere 1.5%. Packaging issues for a major Japanese customer and a larger base had also weighed down volumes. Blended ASP is now at RM95/’000 pcs (-2.5% QoQ, -10% YoY).
(Am research Nov.2013 - FY2014)
－ Rubber prices saw a sudden increase largely driven by the automobile industry, which saw a 21% surge in China‟s automobile demand in Oct coupled with China‟s quarterly GDP growth of 7.8% giving hope to naphtha crackers to increase prices. Our concern also lies with the average selling prices for gloves that has fallen from RM145/kg (FY12) to RM108/kg (FY13) to the current quarter‟s RM95/kg due to declining cost input as well as selling lower range natural latex gloves to the broader market in the emerging markets.
(PublicInvest Research Nov.2013 - FY2014)
- 安聯研究指出，賀特佳管理層認為消費稅（GST）將不會造成任何生產成本，因該公司大部份原料（丁腈膠）是從海外進口，反觀膠手套生產商多使用本地樹膠原料，一旦在2015年4月1日實施6%消費稅時，將受到負面衝擊，不過，若是天然氣價格上調幅度超過20%，該公司將不能悉數轉移全部額外成本於客戶。
http://biz.sinchew.com.my/node/85577?tid=18 (Nov.2013 - FY2014)
- 艾芬投行研究分析员认为，政府为了控制财政赤字，极可能在2014年宣布上调电费。目前，手套业者的电力成本每年大约2000万至2800万令吉，或占总营运成本的3至4%。“若政府调高电费25%，我们的推算业者的电力成本，将上扬4至5%，而净利会受损约5%。"不过，分析员相信，手套业者有能力如往常般，通过调高产品价格把高电力成本转嫁给客户。因此，手套业者的赚幅只会在初期受到影响，因为成本转嫁通常会有1至2个月滞后效应。大马研究分析员也认同，电费涨价对手套业者的影响偏中和，反而占总成本50至60%的天然气和原料，涨价的冲击来得更大。
- 艾芬投行分析员表示，手套业者目前的电费成本介于每年2000万至2800万令吉，或相当于总生产成本的3%至4%。而占据总生产成本9%至10%的燃料成本组合，大致上分为：电费--3%至4%，天然气--5%，及生物燃料--1%。“假设业者不把电费涨幅转嫁，初步预估将对我们所追踪的国内手套业者，2014至2015财年的盈利预测，仅有0.2%至3.2%的影响。” 若业者把该成本冲击转嫁出去，分析员指仅需要把平均售价上调介于0.5%至1%即可。
- “但我们预见姗姗来迟的天然气调涨，可能会在明年出现，这将会带来较大的成本风险。”分析员解释，自2011年6月以来，共3次的天然气调涨建议都被展延了，相信政府在明年会把工业天然气费用上调19%。“我们相信业者将可把高涨的成本转嫁，即使天然气费用上调19%，仅会对净利造成2%的影响。”
- 大马橡胶手套制造商协会（MARGMA）会长林魁贤表示，电费调涨将大幅加重手套生产成本，并期望政府应该给予业者更多时间，以调整新的价格结构，并与客户进行商讨。” 该协会今日发出文告，随着电费调涨，每1000个手套生产成本将增加介于20至60美分（约64仙至1.93令吉），因此劝促买家和生产商进行产品价格调整时，将这成本涨幅纳入计算。林魁贤指出，赖于生产商使用的生产器材，随着电费调涨和其所带来的连锁反应下，手套生产成本将出现不同幅度增长。他认为，电费确实应该跟随市价浮动，不过，电费调整应该逐步进行，并在事前做出宣布，好让业者有足够的时间进行调整。
周一，能源、绿色工艺及水务部部长拿督斯里麦西慕宣布，半岛电费调高15%（每千瓦时4.99仙），沙巴则调涨 16.9%（每千瓦时5仙）。 2014年1月1日起，电费全面调涨。
- While the latex price has plunged 13% YTD, the price of NBR has
remained unchanged thus far. The price differential has thus
narrowed with NBR trading at a 6% discount to latex from as wide
as an 18% discount in Dec 2013. Nevertheless, demand for nitrile
gloves remains solid despite its ASP premium of around 5-7% over
the powder-free latex gloves.
(Maybank research Feb.2014 - FY2014)
- To hedge their USD-denominated receivables against USD:MYR volatility,
glove companies buy forward contracts (which expire in 2-3 months) to sell
USD when glove deliveries take place. However, in a rising USD:MYR
environment, glove companies may incur paper losses as the forward
contracts are locked in at a lower rate. As an example, Hartalega locked in
its USD:MYR at 3.20-3.25 for the next three months (compared to the
current rate of 3.35), which means there will be a paper loss in end-
4QFY3/15, if the spot rate is above 3.20-3.25.
(Maybank research Feb.2014 - FY2014)
- Hartalega has successfully dealt with the higher electricity tariff in Jan
2014 (+17%) by raising its ASP by around 1%. Looking ahead, we think the
sector may also see the implementation of the overdue gas hike. In total,
Malaysia has put off five proposed bi-annual gas price hikes (totalling
MYR15/mmbtu), which would have taken the gas tariff to
MYR31.10/mmbtu (+93% from current actual rate). However, we believe
the government will spread out the impending increases to avoid inflicting
a steep one-time gas hike. We have assumed a moderate MYR3/mmbtu gas
tariff hike (+19% to MYR19.12/mmbtu) in FY3/15.
- Given that gas accounts for 7% of Hartalega’s production costs and
assuming a MYR3/mmbtu gas hike (+19%), we estimate that the adverse
impact to the bottom line will only be 2%. However, as its key cost
component is NBR (50-55% of total production costs), we think the lower
rubber (latex: -23% YoY, NBR: -27% YoY) cost this year could more than
offset the higher gas cost. Hence, Hartalega’s margins could be unscathed
even without any adjustments to its ASPs.
(Maybank research Feb.2014 - FY2014)
- “电费调涨已使我们每1000只手套的生产成本增加15至30仙，视手套等级而定。比较每1000只手套约25令吉的整体生产成本，它并不会太高。” “惟，它仍会对我们的收支造成负面影响。” 郑金森说续称，能源成本包括天然气、电力和水供，仅占了整体成本的6%至7%。
- The recent natural gas tariff hike will increase its cost by
~19%. Based on the company’s natural gas cost of 7% to
total expenses, this will increase their production cost by
1.3% (19% of 7%).
- We understand that ASP is under pressure, which is most likely due to price competition and imbalance demand- supply situation in the rubber gloves market. It is worth noticing that ASPs have been on a downward trend since FY12.
- The neutralisation factor is the recent softening in latex
costs despite wintering season, which is currently trading at
RM4.63/kg vs. RM5.22/kg 3-6 months ago.
(HongLeong Research April.2014 - FY2014)
- 分析員說，在薪資與電費上漲下，膠手套工業成本騰漲，預料此工業5月1日後面臨另一輪天然氣價格20%調漲之衝擊。“預料天然氣價格調漲下，其天然氣付費每年增200萬令吉至1千200萬令吉。”賀特佳也利用生物質量作為替代能源，這較天然氣未漲價前廉宜達10%；其生物質量只佔使用的10%能源，廠方計劃在下一代綜合手套製造大廈（NGC）讓生物質量使用倍增。
- 剛公佈首9個月業績中，其營運賺益按年挫0.6%至28.9%，前期為29.6%；而第三季賺益27.9%，兩年內首次跌到低於28%。2009年至2013財政年，營運賺益分別為30至33%（2008年除外，為28%）。
展望未来，JF Apex证券分析员表示，贺特佳的赚幅在短期內难以復甦，因为营运成本增加，以及竞爭环境激烈。除了不久前实施的最低薪金制，以及电费在今年1月调涨，天然气价格也开始在5月调高，这对手套业者而言是不小的衝击。
分析員說，在薪資與電費上漲下，膠手套工業成本騰漲，預料此工業5月1日後面臨另一輪天然氣價格20%調漲之衝擊。“預料天然氣價格調漲下，其天然氣付費每年增200萬令吉至1千200萬令吉。”賀特佳也利用生物質量作為替代能源，這較天然氣未漲價前廉宜達10%；其生物質量只佔使用的10%能源，廠方計劃在下一代綜合手套製造大廈（NGC）讓生物質量使用倍增。
Production lines
- In line with our plans for expansion, the Group is currently installing ten new production lines in our 4th plant which will provide us with an additional capacity of approximately 2.9 billion pieces of gloves which would bring our total capacity to 6.2 billion pieces of gloves per annum.
(Annual report 2008)
-該公司旗下所有廠房集中在雪州八丁燕帶（Batang Berjuntai），透過高度自動化設備提升產能降低成本。關錦安說，勞力資本不是公司的首要考量，因此暫無到其他人力成本低廉的區域國家設廠。
- 目前，賀達麗嘉共有3間廠房，設有23條生產線，每年可生產32億隻手套 (about 139mil/line/year)。為應付市場殷切需求，賀達麗嘉耗資約2億3000萬令吉的第4及第5家新廠房，已在拓展藍圖中。隨著生產線增至43條，預計2010財年時，公司年產量將提高到90億隻。
- 賀特佳將以高產能生產線取代舊生產線，並寄望透過新廠房的落實提高手套產量至105億只，以滿足與日俱增的手套需求。
- 賀特佳執行主席兼董事經理關錦安在股東大會後表示，目前將專注在耗時3至5年的擴展產能計劃，提高產量及效率以滿足國外市場的需求。
- 擴展計劃包括將卸下1號廠房的10條生產線，並以6條高產能的生產線取代。1號廠房主要生產天然膠手套，客戶群來自發展中國家如中國
- 另外，也興建含有12條全新的高產能生產線的新5號廠房，預計2011年投入運作，屆時，產能將從目前的62億只手套增加至105億只。5號廠房則專注生產丁晴手套並外銷至已發展國家。
- “公司廠房目前都滿載運作，根本無法應付客戶多餘需求，我們希望透過增加產量及效率，未來可有更大的增產空間。
- “In addition, we expect two new advanced high capacity production lines from Plant 5 to come on stream before the end of this financial year. This will have an immediate positive impact on our earnings growth,” said Hartalega managing director Kuan Kam Hon said in a statement on Tuesday, Nov 10.
- He said furthermore, plant 5 expansion would add another eight advanced high capacity production lines by early 2011, while 10 old lines at plant 1 would be decommissioned and replaced with six high capacity lines.
- Kuan said the measures would bring its current annual capacity of 6.2 billion pieces to 10 billion pieces by the second quarter of its 2012 financial year.
－ 賀特佳目前每年生產62億手套，其優質醫藥手套生產商，賺益按季增4.400分點至31.2%，這是業界最高的賺益。賀特佳廠房使用率由首季77%增長至次季82%，同時乳膠價挫12%至每公斤3令吉78仙，美元也按季走低3%。
－ We understand that its current production capacity stands at 6.2 billion pieces per annum, with full utilisation mainly attributed to the strong demand for rubber gloves as a result of the H1N1 pandemic.
- 賀特達董事經理關錦安在股東特大會後表示，第一廠房的翻新耗資4000萬令吉，將以6條高能產線取代現有的10條舊款產線，估計可將現有的5億只手套年產量，提高3倍至大約每年12(报纸错误报道17億）只，並於7月投產（2011年六－八月竣工）。
- Currently, the group produces 6.2bil (报纸错误报道7bn) pieces of gloves a year and once all the new plants are upgraded and completed(Plant 5 new lines + Plant 1 upgrade/replacement), the group will produce 10bil (报纸错误报道9.7bn) pieces of gloves a year.
- The company expects glove production at a plant to reach 1.3 billion pieces, up from 500 million, after upgrading works are completed betweeen June and August 2011, director of sales and marketing Kuan Mun Keng said today in a telephone interview.
(Bloomberg Year2010)
- 目前，丁晴膠手套佔賀達麗嘉80%，剩余20%為天然膠手套。
- 该公司预计，在今年11月为最新厂房（第五间厂房）装配与启用其余的4条新生产线，以及停止使用第一间厂房的10条生产线，以6条高产能生产线取代，预料可在2012财年，将按年产能从目前的70亿只，增至100亿只。
- 该公司透露，未来2年的资本开销约1亿2000万令吉，将通过内部融资与贷款筹集。
- HARTA第五廠房10條新產線預計2011財政年全面竣工，估計可貢獻最高3億令吉營業額，全年放眼15至25%淨利成長。
- 公司董事經理關錦安表示，第五廠房目前已完成5條新生產線，開始生產丁晴手套，餘下5條生產線料現財政年內完成，年產量可達24億隻手套。
- 公司董事經理關錦安說：“我們正著手提昇第一廠房產能，預料2011年完工，手套年產量可從原有7億隻倍增至14億隻（产能增加7亿只），產品主要針對發展中國家市場。”
“早前有很多相關業者公佈會擴張產能，未來2年額外300億手套的產能對市場而言可不是個小數目。”
- 一旦第五家廠房于本財年底完工，產能達30億只，這廠房料貢獻3億令吉收入。第一家廠房的提升工程完工后，產能從每年的7億只增至14億只。
- 关锦安透露，公司目前的计划包括提升第一厂房产能及完成第五厂房的建造。他相信第五厂房于本财年（2011年3月31日）竣工投产后，营业额上看3亿令吉。就第一厂房而言，他说：“第一厂房扩建后，产能将从每年7亿只增加至14亿只手套。”
- 他预计，第一产房完成扩建和第五厂房竣工后，会有10条新高生产线全面投产，集团产能到了本财年底时将增加至每年95亿只。
- "Hartalega's plant is expected to run at full capacity till the end of the year based on current order." Kwan Kam Hon said. "Beyond December, no one knows. There could be some overcapacity next years." He said.
- At present, condition continue to be fine. The company commissioned three production lines in the current quarter and all are running at full capacity.
- As more capacity is commissioned, however, Kwan expects his marketing department will have to work harder to fill the capacity. "Early this year, there were orders waiting for our capacity. Now, we have to get new customers for the new capacity,"he says, adding the company has been able to secure new markets and customers.
- Kwan hopes the market will surprise him and that an overcapacity in the industry will not occur next year. As companies observe spare capacity in the industry, they may hold back some of their expansion. "if everyone slows down their expansion for 12 months, there will be a better balance between demand and supply," he says.
- As for Hartalega, "We will not be pushing very hard because the market is not pushing us," he says. This is unlike six months ago when production staff were hard-pressed.
- 丁晴手套佔賀特佳產能的80%，其他則是乳膠手套，該公司每年可生產80億雙手套，產品銷往世界23個國家。
- Since early-2010, nitrile gloves ASP has stayed below latex powder free (PF) gloves. The discount has widened gradually to 10% to 30% currently, depending on the prices quoted by the different glovemakers.
- 聯昌指出，賀特佳在第三季增設3條產線，產量達9億雙手套，讓總產能上漲至88億至90億雙，營運情況亦讓人鼓舞，使用率介於83至85%，手套平均售價則穩定在每1千雙34至35美元。
- Commenting on the quarterly financial results yesterday, Hartalega managing director Kuan Kam Hon said three new advanced high capacity glove production lines had come onstream during the quarter under review to increase its annual production capacity to nine billion pieces currently from 8.1 billion. Meanwhile, another high capacity production line for Plant 5 is expected to be completed by 4Q of the financial year ending March 31, he said.
- “We also note that due to escalating natural rubber prices and the weakening of the US dollar, it is increasingly difficult for natural rubber (NR) glove producers to grow their capacity. As a result, we are seeing more competition from NR glove producers that are converting their capacity to nitrile,” Kuan said.
- “Our facilities are specifically designed to produce high quality nitrile gloves at the lowest cost possible. As such, Hartalega is poised to face this new competition with its lean operations and superior products,” he said. |
- The key variance was due to the slightly higher than expected utlisation rate — 9M utilisation rate was 84% agaibnst our full-year FY11 utilisation rate assumption of 82%. Demand for nitrile gloves remained strong during the quarter as Hartalega continued to benefit from switching from natural rubber to nitrile gloves in view of escalating latex prices.
- The company is embarking on a new expansion plan (Plant 6) on a vacant piece of land adjacent to its five existing factories. This factory will house 10 lines (报纸错误报道12 lines) (+3 billion pieces), which will focus on producing nitrile gloves. Construction of this new plant will start in June 2011, with two lines slated to start commercial production in December 2011. Total capex needed for this expansion plan is around RM120 million, to be spread over two years and will be funded by internally generated funds.
- In total, the expansion into Plant 6 would increase Hartalega’s annual production capacity from 8 billion pieces currently to 9 billion by FY12 and 13 billion in FY13.
- 公司企業財務及業務發展董事關民敬提到，賀特佳在雪州的第6廠房即將在今年6月動工，預定在2013年首季竣工，投資成本超過2億令吉。
- “我們將分階段增加10條生產線，每年可帶來額外35億隻手套。”
-「第6號工廠會在今年6月左右動土，料2013財政年全面投入運作。到了明年1至2月，管理層預計，每季可增設兩條生產線，直到明年7至8月。一旦全面啟用，該工廠的全年手套產量將達107億件。以上數據符合我們的預期。」
- Ground works for Plant 6, which will have in total 12 lines,
will begin in June/July 2011, with full commissioning by FY13. By Jan/Feb 2012(FY2012),
management expects to start operating two lines per quarter until July/Aug 2012(FY2013) when
the plant is expected to be fully commissioned.When fully operational, Plant 6 is
expected to add capacity of c.3.5bn pieces of gloves p.a., taking end FY13 capacity to
10.7bn pieces of gloves per annum.
[CIMB Research 15.April.2011- FY2011]
- Management said Plant 6 will house 12 lines (+3 billion pieces per
annum), which will produce nitrile gloves. Construction of the new plant
will start in June/July 2011, with two lines slated to start production
in January 2012. Capital expenditure is around RM120 million, which
will be spread over two years and funded by internally generated funds.
The expansion will increase Hartalega’s annual capacity from eight
billion pieces to nine billion by FY12 and 13 billion in FY13.
- Hartalega is building Factory 6 to raise capacity to 13 billion pieces (+42%) over the next two years.
- Correspondingly, it is targeting to expand Plant 5 with an additional
two production lines that are expected to start commissioning in early
FY12. In addition, Hartalega is planning to build a new plant next to
its existing plants in Bestari Jaya, for which approval is still
pending.
- Hartalega aims to increase its production capacity by 40% to 13.5 billion pieces annually by 2015 from the 9.6 billion last year by building a sixth manufacturing plant and expanding production at its fifth plant.
- The sixth plant, costing RM175 million, will begin construction by December, to be completed in mid-2013. The fifth plant will add two new production lines by 1Q12 for RM20 million to RM30 million.
- “Even with Plant Five in operation, we oversold in the months of July to September and we do not have sufficient capacity to support demand from our customers, so we are desperately trying to expand our capacity as fast as possible. It will take some time to establish the new plant so as a stop-gap measure, we are building the two lines in Plant Five,” said Kuan.
- High prices of natural rubber have prompted glovemakers to seek refuge in nitrile and Kuan said this may lead to overcrowding in the nitrile glove sector. “The only thing we can do is to build the capacity to support the growth in our customers, if we stay put our customers will be left with insufficient products and choose to source from other suppliers, that is where we could lose ground,” he said.
- Supermax Corp Bhd and Top Glove Bhd have been tweaking production lines to have 70% of their capacity interchangeable between latex and nitrile. Top Glove plans to increase its production of nitrile gloves to 26% (what's the unit amount???) in FY12 from the 13% in 3QFY11. Supermax has increased its production of nitrile gloves to 33% in 1QFY11 from 24% (what's the unit amount???) in the preceding quarter.
- Given the rapid growth in demand for nitrile gloves, the company plans to add two new lines in Plant 5 in order to meet forward orders from clients. The two additional lines are expected to increase annual production capacity by 400 million pieces to 10 billion pieces (from 9.6 billion pieces currently) and are slated to begin production by 1Q12.
- The new factory will house a total of 10 lines focusing on producing nitrile gloves with two new lines slated to begin commercial production in January 2012 and the rest coming onstream progressively. These new lines will be the group’s most efficient lines to date with a production rate of 40,000 pieces per hour (against the industry average of 24,000 pieces per hour).
http://www.theedgemalaysia.com/mobile/article.php?id=192760 (Sept.2011 - FY2012)
- We expect the group to post a 2QFY12 volumes to rise slightly q-o-q (by about 3% to 4%) following the retrofitting of Plant 4.
- The group has around US$73 million (RM228.5 million) worth of forex forward contracts at an exchange rate of RM3.04 to RM3.07, with the bulk expiring in March 2012 (4QFY12). As at end 2QFY12, the ringgit stood at 3.19 per dollar and has tapered off to 3.11 presently, hence the loss will only widen should the rate rise above RM3.19 in March 2012. Even with the forex loss, Hartalega’s 1HFY12 results will still be broadly in line with our forecasts and consensus.
http://www.theedgemalaysia.com/mobile/article.php?id=195844 (Nov.2011 - FY2012)
- 副董事经理关民亮透露，贺特佳斥资资本开销1亿7500万零吉，增设第6家工厂，估计在2013年完工，每年可以贡献额外35亿只手套。
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=21 #411 发表于 2011-12-5 小番薯
- 目前粉乳胶手套生产线使用率约70%，而无粉乳胶手套及丁腈手套则接近极限。
- 目前乳胶与丁腈手套的市场比例为70:30，在丁腈手套逐渐夺走乳胶手套市场的情势下，预见两者在未来五年的需求与销售比例将到50:50的水平。
- Sales volume growth in 4QFYMar12 will only
see a slight increase given that Hartalega is running at full capacity. The two new lines at Plant 5 will only come onstream in Feb 2012
(4QFYMar12), adding new production capacity of 500m pcs to existing
capacity of 9.6b pcs pa (+5%).
- Additionally, construction
of Plant 6 has already started and should be on track to meet its
targeted completion in FYMar14. We think Plant 6 will be a major
earnings kicker for Hartalega once it comes onstream, with planned
capacity of 3.5b pcs (+33% to 13.9b pcs pa), and should further bump
up its already fat margins due to higher productivity.
(Maybank IB Feb.2012 - FY2012)
- “由於預見丁晴手套未來需求強於市場預期，該公司正著手策劃在2013財政年展開龐大產能擴張活動，兩年內共將投資1億7千萬令吉資本開銷，包括設立具備10條產線的第六家工廠，預計全面告成後手套年產能可達35億隻。”
http://biz.sinchew.com.my/node/58050?tid=6 (Mar.2012 - FY2012)
- Hartalega NGC Sdn Bhd (company registration number 984586-P) was incorporated on 29 March 2012 as wholly owned subsidiary of Hartalega Holdings Berhad (“HHB”) and designated as the corporate vehicle for the setting up of a rubber glove manufacturing project (“HNGC project” or “HNGC” or “the project”) principally involved in the production of rubber gloves to cater to fast rising global demand. The capacity expansion project is scheduled to begin in 2013 and targeted to complete in year 2021.
- Hartalega NGC Sdn Bhd’s acronym refers to “Next Generation integrated Glove Manufacturing Complex”. The total project costing RM1.5 billion and consisting of 70 new high tech production lines was accorded the EPP (“Entry Point Project”) status under the Malaysian Government’s Economic Transformation Programme due to its high economic impact.
- The project will be housed within a new site of about 100 acres and linked to several dedicated buildings to be built notably:
- Research & Development Centre
- Learning & Development Centre
- Renewable Energy Plant
- Environment Friendly Worker Quarters
- Sports and Recreation Centre
- The HNGC project will be spread over two 4-year phases and employ about 4,600 workers:
- First Phase (2013 to 2017) – 40 production lines with total annual capacity of 14 billion
- Second Phase (2017 to 2021) – 30 production lines with total annual capacity of 10.5 billion
- On completion of the HNGC project, the total installed production capacity of the HHB Group including the current factories in Bestari Jaya will be 38 billion pieces per annum.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/923661 (April.2012 - FY2013)
- 關錦安解釋說，NGC投資計劃將分2階段進行，每階段耗時4年，整項計劃料在2021年完成，公司將投資15億令吉於這項計劃，包括設立70條高科技產線，助公司將年產能提昇至380億隻手套。
- 新製造中心佔地100英畝，涵蓋研發中心、培訓和開發中心、再生能源工廠，以及運動和休閒中心等設施，工程預計將在明年5月開跑，首條產線估計在2014年投入生產，產能約3億隻手套。
- “由於NGC計劃耗8年時間落實，每年資本開銷約2億，我們有能力安排及融資所需資金。”
- 短期而言，旗下第六廠房將自本月開始著手增設新產線，估計在今年10月完成安裝，屆時旗下總產能將自目前約100億隻，增加至137億隻手套。
http://biz.sinchew.com.my/node/59885?tid=6 (May.2012 - FY2013)
- Since its production lines are fully automated compared to its rivals, Hartalega has earned its name as the world's fastest glovemaker. Not surprisingly, its productivity per worker is RM306,000. The industry's average is only RM190,000 per worker.
- The company said that on the contrary, it had to put some of its customers on allocation for their April 2012 purchase and beyond despite adding two new production lines in plant 5 to meet escalating demand. “Rather, the continued expansion in global demand for nitrile rubber gloves would be satisfied by industry capacity increase. This would only generate healthy competition among competitive rubber glove manufacturers,” it said.
- First production line for its sixth plant, where 10 lines are being constructed, is targeted to begin operations in August. The new plant will boost capacity by 30% or 3.5 billion pieces per annum, the company said.
- 益資利研究說，2013與2014財政年資本開銷各為1億和7千萬令吉，包括第六廠房的新廠，該廠10條生產線每小時每線生產4萬個丁腈手套，較目前增長14%，料使第六廠房明年實現年產35億丁腈手套目標。
(10 lines x 40,000 pieces x 24 hours) x 365 days = 3,504,000,000 pieces (35billion)
- For now, nitrile gloves will make up 95% of the manufacturer's estimated 13.7 billion pieces a year output when its sixth factory in Bestari Jaya is completed by next year. Kuan said Hartalega is spending some RM200 million to set up the facility. The RM200 million forms a portion of the manufacturer's RM320 million capital expenditure in FY13. The remaining RM100 million will be channelled towards the NGC project, according to Kuan.
http://www.theedgemalaysia.com/mobile/article.php?id=214787 (June.2012 - FY2013)
- The first production line is expected to commence operations by August 2012. With nine more lines to be commissioned by mid-2013."
(Annual report 2012)
- "We began construction of Plant 6 in February 2012 with the first line starting operations next month. When it is completed in June 2013, we'll see another 3.5 billion pieces coming onstream," Hartalega said.
- The world's biggest synthetic glovemaker's cluster of factories in Batang Berjuntai, Selangor, churns out 9.6 billion gloves a year. These medical devices are shipped across 39 countries across five continents.
http://www.btimes.com.my/Current ... cles/hlega/Article/ (Aug.2012 - FY2013)
- For the past year, Hartalega’s
earnings growth momentum has slowed as it was running at full
capacity, limiting its sales growth. Going forward, we expect earnings to
grow gradually from 3QFY3/13 onwards given that the first production
line from Plant 6 will commence in Sep 2012 and full commercialisation
of the plant (+30% to existing capacity) will take place in Jun 2013.
- We understand that Hartalega has turned away several huge
new orders due to its limited capacity, suggesting that global nitrile
glove demand growth is outpacing overall industry growth.
(Maybank IB Aug.2012 - FY2013)
- Deputy managing director Kuan Mun Leong said the complex, located in Sepang, Selangor, will have 72 production lines and was scheduled for completion in two phases. "For the first three years, we plan to invest between RM300 million and RM400 million annually for NGC," he told reporters after the company's annual general meeting.
- He said via the latest technology to be installed at NGC, the company aimed to increase production of gloves to 42,000 pieces per hour from 40,000 pieces per hour, at present.
- "When the NGC is completed it will produce approximately between 24 billion and 25 billion pieces of gloves per annum and significantly boost total capacity to 38 billion pieces a year," he said, adding that current capacity stood at 10 billion gloves.
- On the company's newly completed production line, Plant 6, he said it would commence operations next month and drive the company's growth in the short-term. "This will be followed by the remaining nine lines which are expected to come on stream by June 2013.
- "Once Plant 6 is fully operational our production capacity will jump by a substantial 30 per cent with a further 3.5 billion pieces of gloves produced a year," Leong said adding that all ten lines in Plant 6 would significantly contribute to earnings in financial year 2014.
http://www.google.com/#fp=c497a61f5849f51f&q=Hartalega+to+commence+NGC+construction (Aug.2012 - FY2013)
- Hartalega is on track to commence construction of its RM1.5bil next-generation integrated glove manufacturing complex by December.
- Deputy managing director Kuan Mun Leong said the company had identified a piece of land in Sepang and was currently in the process of getting the necessary approvals. “We need to ensure the relevant approvals are given before we enter into the sales and purchase agreement (to acquire the land). “Construction is expected to start end-2012. We're on track to get it done before the close of this calendar year,” he said after the company's AGM.
http://www.thestar.com.my/story.aspx?file=%2f2012%2f8%2f15%2fbusiness%2f11858789&sec=business (Aug.2012 - FY2013)
- 贺特佳副董事经理关民亮也表示，贺特佳第6间厂房第一条生产线，将在今年9月开始投产。此外，该公司预计每个月将增加一条生产线，该厂房共10条生产线可在2013年6月全面投入运作，并可为公司2015财年带来进账。
http://www.nanyang.com/node/470144 (Aug.2012 - FY2013)
－ 关氏表示，Harta内部研发的科技另其生产力在同行中占优势，该公司每小时能生产4万只手套，但同行仅为2万6000只；同时，同行需要8人来生产100万只手套，而Harta仅需要4人就能做到。这说明的高效生产力使其能轻易取得成本效益。目前，的订单已排到明年1月，而10条生产线已有4条生产线订单售罄。这情形说明手套需求仍频为旺盛。
(Busy weekly 24.9.2012)
- Hartalega has commissioned its first
two production lines (out of ten) at Plant 6 at end-2QFY3/13; full
commercialisation (+36% to 14b pcs p.a.) is expected by 1QFY3/14.
We understand that bookings have already been secured for half of the
planned new capacity at Plant 6 from existing customers, while the
balance will only be taken up when the plant is closer to full completion.
- The industry-wide expansion into the
production of nitrile gloves will see Malaysia’s supply of nitrile gloves
increase by c.10b pcs in 2013. However, we believe nitrile glove
demand will continue to grow, absorbing the new capacities; Malaysia
alone exported 7b pcs more nitrile gloves in 2011. Moreover, glove-
makers are rational, in our view, and would scale down their expansion
if demand is weaker than expected.
(Maybank research Oct.2012 - FY2013)
- Hartalega has
commissioned the first two of a total of ten production lines at Plant 6 at
end-2QFY3/13 (Jul-Sep 2012); full commercialisation (+36% to 14b pcs
p.a.) is expected by 1QFY3/14. Thereafter, new capacity from Plant 7
at Sepang will come on stream gradually from 4QFY3/14 (Jan-Mar
2014) onwards. Construction of Plant 7 will begin in 4QFY3/13 (Jan-
Mar 2013) and full commercialisation (+32% to 18.4b pcs p.a.) is
expected by end-FY3/15.
(Maybank IB Oct.2012 - FY2013)
- HARTA第6間廠房的生產線已達到快速與自動化水平，目前該廠80%自動化，管理層設立目標，要在2014年達到100%自動化。
- 艾芬投銀研究指出，該公司第6間廠房生產線是目前國內最有效率的，每行可在每小時生產4萬5300隻手套，同業平均每小時可生產2萬8000隻手套。
http://www.chinapress.com.my/print/387567 (Jan.2013 - FY2013)
- Out of the total of 10 production lines planned for
Plant 6 (+36% in capacity, to 14b pcs), five have commenced
operations and another five will come onstream by Jul 2013
(2QFY3/14).
- We understand that the five completed lines are fully taken
up and that Hartalega has managed to sell two additional lines ahead of
completion.
(Maybank IB Feb.2013 - FY2013)
- Management believes that global demand for nitrile rubber
gloves will continue to grow at a high rate of over 20% and
the commencement of Plant 6 with an expected 30%
(+3.9bn pcs pa) boost to its production capacity will capture
this growing market.
- Plant 6 that is currently 50% complete will fully commission
all 10 lines by June or July 2013.
(HongLeong IB Feb.2013 - FY2013)
- 聯昌研究表示，管理層說明丁腈手套需求仍然強勁，並保證產能過剩的傳言是言過其實，因產能使用率仍然超過90%，產能也超額售出至到6月。“產品售價在過去12個月下滑了9%，相信是基於原料價格走低的關係，而非產能過剩。＂
http://biz.sinchew.com.my/node/72887 (Mar.2013 - FY2013)
- 若病毒不幸席卷全球，全球的手套需求当让会激增，相信顶级和supermax将会是手套需求激增的受惠者，因为他们有足够的产能应对。这两家手套业者目前的使用率是75％至80％，而Harta使用率已经逼近90％。回顾2009至2010年H1NI病毒爆发期间，确证的案例高达62万2482宗，Topglove & Supermax产能使用率达到90至95％。在那段时间，手套业者的订单积压(order backlog)状况比平时多处愈一倍，既从40天增至90年来完成订单。
(Busy Weekly #220 April.2014)
贺特佳一年生产110亿只手套，其中90%是丁腈手套。
http://www.nanyang.com/node/527495?tid=462 (April.2013 - FY2014)
- 該公司第6間廠房將會有10條生產線，每條生產線每小時可生產4萬5000隻橡膠手套，比起目前多出25%以上。第6間廠房在今年中全數完成，該廠的生產量將可達到39億隻，提高公司27%的生產量至140億隻。據我們所知，目前為止，該公司7條生產線仍在施工中，3條正在運行的生產線將可貢獻本財年末季。
- 賀特佳已開始大規模產能擴展計劃，即增設72條新生產線，成本為19億令吉(increase from intial buget of RM1.5bil)，並會在今年至2021年這8年間，分兩階段進行，我們相信該公司將成為大型的橡膠手套生產商。
- 在去年，大馬合成手套和天然橡膠手套，出口總額按年增長14.9%，橡膠手套有雙位數的成長。
http://www.chinapress.com.my/print/418917 (May.2013 - FY2014)
- We continue to see good demand for
the nitrile glove due to its competitive ASP (-7% YoY), on the back of a
falling input cost (NBR: -30% YoY). We think pricing pressure will
remain benign as demand outstrips supply. As an indication, all the
completed and upcoming new capacities at Plant 6 (+38% to 14b pcs
p.a. by Jul 2013) have been fully taken-up by its existing customers.
(Maybank IB May.2013 - FY2014)
- Capacity was expanded by 6 lines, bringing the total to 51
lines from a year ago, boosting full year production output
to 11.05bn pcs (+13.3% yoy) with an average utilization
rate of 90.4%.
(HongLeong IB May.2013 - FY2014)
- 对於中国H7N9禽流感的影响，野村证券分析员认为即使流感扩大，贺特佳也不会是主要受惠者，因其產能在第四季已经达到92%使用率。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=54543:&Itemid=198 (May.2013 - FY2014)
- It said the company's Plant 6, which is still undergoing construction, was making good progress with seven out of the 10 production lines having commenced operations.
- "Upon full completion in July, we expect the company's overall production capacity to go up by three billion pieces annually to 14 billion pieces a year," it said.
- "A total of eight lines (NGC) or an estimated 10-12 per cent increase in capacity to 15.4 billion pieces are expected to contribute to FY15 earnings, with the first line expected to come onstream in August next year," it said.
http://www.btimes.com.my/Current_News/BTIMES/articles/20130508143301/Article/index_html#ixzz2Si5cleU2 (May.2013 - FY2014)
- 大馬研究表示，若H7N9禽流感蔓延引起手套需求上升，管理層有信心能讓產能使用率從原本的88%提高至95%，每年額外生產5億只手套。
http://biz.sinchew.com.my/node/74841 (May.2013 - FY2014)
- In a late press statement today, the company said its wholly-owned subsidiary, Hartalega NGC Sdn Bhd, has signed an agreement to acquire 112 acres of land in Sepang, worth RM96.9 million, for this purpose.
- Kuan Mun Leong, managing director of Hartalega, was quoted in the statement as saying: “This marks our single largest undertaking ensuring that Hartalega will be able to remain ahead in the glove manufacturing sector, particularly in the nitrile segment.”
- “With a total cost of RM1.9 billion, the first phase of the NGC from 2013 to 2017 will see Hartalega commissioning 42 production lines with a total annual installed capacity of 16.5 billion pieces per annum. The second phase from 2018 to 2021 will see an additional 30 production lines come on-stream with a total annual installed capacity of 12 billion pieces per annum,” said the statement.
http://www.theedgemalaysia.com/business-news/241766-hartalega-invests-rm19b-to-raise-glove-production-capacity-by-200.html#.Ubho1mt7vKo.twitter (June.2013 - FY2014)
- In an announcement to Bursa Malaysia, Hartalega Holdings’ (Hartalega) wholly-owned Hartalega NGC Sdn Bhd has entered into an agreement with Kumpulan Tanjung Balai Sdn Bhd to buy three plots of land measuring a total of 112 acres located in Sepang for RM96.9m. The acquisition is expected to be completed within three months.
http://klse.i3investor.com/blogs/kenangaresearch/31419.jsp (June.2013 - FY2014)
該行預料2015年工廠使用率達88%及2016年則為86%。
http://biz.sinchew.com.my/node/76982 (June.2013 - FY2014)
- Managing director Kuan Mun Leong said the group’s Plant 6 is now fully operational with 10 high capacity production lines boosting its production capacity by 30% with an additional 3.9 billion pieces of gloves per annum.
- “Global demand for nitrile gloves is growing at a steady rate of over 20% per annum and we expect that this will be further buoyed by rising demand in key markets as well as emerging markets in the coming years ahead,” he said.
- “The improved operational efficiency of the new plant’s production lines contributed to the increase in our profit margins,” he said.
http://www.thestar.com.my/Business/Business-News/2013/08/06/hartalega-profit.aspx (Aug.2013 - FY2014)
- 贺特佳董事经理关民亮周二出席该集团的股东大会后，在记者会上告诉媒体，该集团目前正向有关当局申请新一代综合手套制造中心计划的批文，冀望可在9月份开始建筑工程，並在2014年9月份完成首6条生產线。
- 关民亮透露，该项耗资19亿令吉的制造广场共涵盖72条全新的生產线，全面竣工后將为贺特佳带来额外285亿只手套的年產量；该集团目前的年產量为140亿只手套。新一代综合手套制造中心的72条全新生產线將分成2个4年阶段，共8年的时间来逐步完成。
http://www.orientaldaily.com.my/~oriental/index.php?option=com_k2&view=item&id=71186:15&Itemid=198 (Aug.2013 - FY2014)
- “By September 2014, we will have our first line of production and the other lines will come onstream progressively,” managing director Kuan Mun Leong said. It was previously reported that construction was expected to start in December last year.
- Meanwhile, director of corporate finance and business development Kuan Mun Keng dismissed concerns of oversupply of nitrile gloves in the market even as Hartalega’s competitors are also busy ramping up production capacity. He noted Malaysia’s exports of nitrile gloves increased by 26% last year.“We believe that this trend will continue as emerging markets have yet to adopt to the trend (of using nitrile gloves), growth will come from these markets.”
http://www.thestar.com.my/Business/Business-News/2013/08/28/Hartalega-plant-to-commence-ops-in-a-year.aspx (Aug.2013 - FY2014)
- Its managing director Kuan Mun Leong said the glovemaker has recently established two marketing arms in the two countries, with hopes of bringing its own brand there. "We see good potential in this part of the world because they have lower per capita consumption of gloves. China's healthcare system reform and a higher awareness in personal hygiene will drive up gloves consumption , and we are strong in the hospital market segment," he told reporters after the group's AGM yesterday.
- Kuan noted that Malaysia's export of nitrile gloves increased by 25% last year, and the growth is expected to continue as emerging markets have yet to fully embrace the use of nitrile gloves.
http://www.thesundaily.my/news/808547 (Aug.2013 - FY2014)
- 中长期內，贺特佳仍然会是行业的领导者，该公司的下一代综合手套製造中心在2014年8月投產。分析员却认为，贺特佳在2014年將取得低单位数的每股净利成长，因为2014年的產能成长有限，此外，该公司目前仍有一批凭单在市场上流通，在2015年5月到期，这批凭单预计將逐步被转换成母股，股票数额增加也將將对每股盈利造成稀释作用，导致每股净利成长有限。(Sept.2013 - FY2014)
- Hartalega’s (Harta) Plant 6 in Bestari Jaya was completed last month, and is
currently running at an average utilization rate of 88%, producing about 330m
pieces of gloves/month. Harta is currently focused on getting its NGC plant
ready, and management is confident that the 1st phase could be commissioned in
1QFY03/15 (April-June2014). This is a positive development as management had previously
guided that the phase 1 could only commissioned in end-2QFY03/15 (July-Sept2014).
- We understand that Harta has allocated a CAPEX of RM200m in FY14 for
construction works. As for FY15, CAPEX will be around RM300m, mainly for
production facilities and machineries. The CAPEX will be funded by: 1) proceeds
from the 73.1m 2013/16 warrant conversion; and 2) a RM100m revolving credit
already secured. Given the strike price of RM4.14, we believe that Harta’s major
controlling shareholders (Kuan family) will exercise their 36.6m warrants. In any
case, Harta’s balance sheet is strong and would easily gear up to fund the
company.
(Affin Sept.2013 - FY2014)
- 肯納格研究指出，擴充計劃料在2013年動工，預料首條新生產線將於2014年8月完成，其中8條新生產線或約10%至12%增長產能至154億只手套，將在2015年財政年作出盈利貢獻。
http://biz.sinchew.com.my/node/85577?tid=18 (Nov.2013 - FY2014)
- Glovemaker Hartalega Holdings Bhd is looking for land in Bestari Jaya in Selangor near its existing factory for the group’s factory expansion plan. This new investment is on top of the RM400mil capital expenditure allocated in 2014 and 2015 for the construction of the next generation integrated glove manufacturing complex (NGC) in Sepang, which is expected to be in production by September this year. “We are looking to buy land in Bestari Jaya because it would be easier to manage, but so far we haven’t found any yet,” managing director Kuan Mun Leong told StarBiz recently.
- Hartalega has six plants in Bestari Jaya with 55 production lines that can produce 13 billion pieces of gloves annually, according to its website. The company said it would invest RM1.9bil over eight years for the NGC complex in Sepang to grow production by an average rate of 15% every year.
- “While we are busy with the construction of the NGC, we are also looking to expand the facilities at Bestari Jaya,” Kuan said.
- “The NGC project has been delayed for close to a year. Hence, we think that the expansion in Bestari Jaya would have to wait,” the analyst said.
- Kuan said the group would start production at NGC with two lines coming on stream in September with new lines to be added progressively. “By 2015, our target is to have additional capacity of 6.6 billion pieces,” he said.
- The group is targeting to increase its glove production capacity to 28.5 billion pieces a year when the NGC is fully completed. Hartalega is planning to build six high-capacity manufacturing plants on the 3.84ha NGC complex to house 72 glove production lines.
- Kuan said currently Hartalega produced 90% nitrile and 10% natural rubber (NR) gloves.
“We believe that 70% nitrile and 30% NR is a good mix, but it is not an issue, since all our lines are interchangeable.” “Depending heavily on nitrile is not risk-friendly and countries such as South America, India and China are predominantly NR markets,” Kuan said. He noted that the company would focus its expansion in China and India for the next few years. “The per capita consumption of gloves in India and China is only four pieces against 150 pieces in the United States,” he added. As a comparison, Kuan said the emerging markets’ average consumption of nitrile gloves was five pieces per capita against 150 pieces in the United States and 100 in Europe. The company recently set up distribution subsidiaries in the two countries. “Our approach in China and India is different, where we are going in with our brand. Right now we are primarily an original equipment manufacturer producer and we have our own brand but sales are very small,” Kuan said.
http://www.thestar.com.my/Business/Business-News/2014/01/02/Hartalega-seeks-land-in-Selangor-for-expansion/ (Jan.2014 - FY2014)
- After
the maintenance work in 3QFY3/14 (Oct-Dec2013), Hartalega has resumed full production and is
running at its optimal high plant utilisation level of 90% at the moment.
- Construction works at its new manufacturing site in Sepang is in full steam
and the new plant 7 is expected to come on stream progressively from Aug
2014 onwards (or 2QFY3/15). Total new capacity from plant 7 is estimated
to be 4.8b pcs p.a. (+34% to total capacity of 18.8b pcs p.a.), of which 1b
pcs capacity will be added in Aug-Dec 2014 (2QFY3/15-3QFY3/15) while
the additional 3.8b pcs capacity will be added in Jan-Mar 2015 (4QFY3/15).
(Maybank research Feb.2014 - FY2014)
- 贺特佳董事经理关民亮说，「我们现財政年9个月业绩符合预期，新一代综合手套制造广场（NGC）计划正式展开，使到聘雇成本增加，同时丁月青手套平均售价也偏低。集团的下一个阶段计划进展顺利，NGC厂房1和厂房2以及支援设施的建筑工程已在2013年12月展开。我们放眼在2014年9月启用第一条生產线，其他生產线则会陆续投入运作。」
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=99486:4-3&Itemid=198 (Feb.2014 -FY2014)
- Hartalega is embarking on a massive capacity expansion consisting of 72 new production lines, which we believe will be mainly for nitrile gloves. The expansion will cost RM2. 26b, including land cost and be carried out in two phases over eight years between 2014 and 2021. We understand that the construction of plant 1 and 2 and supporting facilities commence in 4Q CY2013 and we expect to commission some of the production lines in the 4th quarter of calendar year 2014 and other production lines will come on stream progressively. A total of eight lines or an estimated 10%-12% increase in capacity to 15.4b pieces of gloves are expected to contribute to FY15 earnings with the first line to come on-stream in Aug 2014.
(Kenanga Feb.2014 - FY2014)
- Plant utilisation rate has
improved from 82% in 3QFY3/14 to around 90% presently.
(Maybank research Feb.2014 - FY2014)
- “我们早前预期随着第6厂房启用，产量提高及效率改善，可以抵消原料成本价格走高的冲击，但因2014财年首9个月的销量走滑，使得产能使用率仅达69%，无法维持贺特佳赚幅。”新一代综合手套制造广场（简称NGC）的启用由今年第三季，延迟至第四季。
- 达证券指出，随着丁腈手套需求走滑，以丁腈手套为主力的贺特佳，已将乳胶手套生产提高至10%，因应亚洲与拉丁美洲需求。
- 安联研究认为，贺特佳所倡议的最后阶段自动化生产模式，已进入原型测试阶段，这个新尝试将在未来支撑公司的盈利赚幅。“贺特佳早前因翻新旧生产线，以致产能效率下滑，但进入第四季，当所有生产线恢复运作后，盈利将获改善。”
- 回顾该公司在2013财年的表现，其净利赚幅高达22.61%，相等于同行竞争者———顶级手套（TOPGLOV，7113，主板工业产品股）近3倍之多。辉立资产管理公司总投资长洪国兴曾披露，该公司的高赚幅，主要归功于低原料成本、较高的生产力及低员工需求。
- 贺特佳董事经理关民亮认为，大马手套领域已失去劳工成本低廉的竞争优势，取而代之的是自动化。因此他建议，手套业者应探索创新之路，以减缓成本高涨的影响，所以投资在科技是关键之举。
- 正当大马大部分的工厂都依赖天然气作为燃料时，贺特佳是首家使用空油棕果串作为生物质燃料的手套制造商，为生产过程制造热能。为了补充燃料供应及达到能源节省效应，许多公司的工厂都以油棕籽壳作为燃料。比起用空油棕果串更便宜。然而，贺特佳最终仍决定选择空油棕果串作为燃料。对此，董事经理关民亮称：“相较于使用天然气，使用空油棕果串使我们的能源节省高达30%。”
- 国内4大手套制造商，包括速柏玛机构、顶级手套机构有限公司（TOPGLOV，7113，工业产品组）、贺特佳有限公司（HARTA，5168，工业产品组）和高产尼品有限公司（KOSSAN，7153，工业产品组），最近数年已经积极扩充它们的丁腈手套生产。整体上，丁腈手套产能预料将在今年杪比目前的379只成长130亿只，增幅达47%。其中大部分产能扩充是来自速柏玛机构和高产尼品。随着旗下2条生产线投入营运，速柏玛机构本身今年杪的丁腈手套产能已经倍增至123亿只。
- 郑金森指出，马来西亚手套制造商并非唯一扩充业者。中国、泰国和印尼手套制造商也推动它们的产能，以争取卓越丁腈手套利润的利益。
- 郑金森称：“这将使我们面临供应过剩，而丁腈手套的高利润也将会随之萎缩。” 他补充：“随着产能增加，客户将不会支付高价格。他们可能付出稍高的溢价，但它将不会如以往那么高。” 虽然如此，郑金森预测，丁腈手套的需求继续强稳，将协助抵消任何利润压缩。“只要乳胶汁价格继续波动，丁腈手套将续享强劲需求。”
- 与此同时，郑金森表示，速柏玛机构和对手顶级手套机构将幸免于供应过剩情况，因它们拥有广大客户基础。“其他可能拥有较小的客户基础，但却拥有庞大的购买力。不过，这些客户可能不会继续支付高溢价。” “我预期这些大客户可能拨出部分补给予其他制造商。”
- Malaysian glove makers which control more than half of the world’s glove supply had a few years ago switched to producing more nitrile gloves from rubber gloves in line with stronger natural rubber prices.
- Thai glove makers are also upping their game. “We anticipated early on that competition in the nitrile glove market would intensify and in order to mitigate this, we charted a counter strategy,” Kuan, the 38-year old second generation head honcho tells StarBizWeek. “While our counter strategy is focused on earnings per share growth, we stand to experience huge gains in productivity as we embark on aggressive expansion.”
- Kuan who took over the reins from his father – founder Kuan Kam Hon – in November 2012 appears unperturbed that Hartalega’s net profit margin of 21.7% may erode further given that its peers who are also hoping to cash in on the growing demand for nitrile gloves are busy ramping up production capacity. However, the firm already reported a lower net profit of RM57.8mil for its third quarter ended Dec 31 compared with the RM60.5mil achieved in the previous corresponding quarter, citing a reduction in its operating profit margin, due to lower average selling prices as well as higher staff costs. For the nine-month period ended Dec 31 however, its net profit rose to RM184mil from RM172.4mil in the previous corresponding period. Revenue increased to RM826.7mil from RM762.2mil. “I don’t want to comment on margins but our margins remain good not because we produce mostly nitrile gloves as opposed to rubber gloves but because of our strong productivity and the high output of our lines.” Kuan was once quoted in a 2010 Forbes article as saying that if the company was pushed to the corner, “we have the margins to defend our position.”
- Right now, Hartalega’s nitrile glove production capacity is close to 14 billion pieces of glove per annum, making it possibly the largest nitrile glove player in the world. More than 90% of its current product mix comprise nitrile gloves, which are known to fetch better profit margins compared to rubber gloves.
- Kuan says it is its first mover advantage coupled with innovation capability that has resulted in higher profits for the group for a long time. “But we did anticipate that industry players would come into the domain (nitrile gloves) that we created.” In fact, the company had predicted three years ago that competition would heighten, and since then it has communicated to all stakeholders that Hartalega would not continue to maintain profitability levels similar to previous years.
- By the time its RM2bil Next Generation Integrated Glove Manufacturing Complex (NGC) in Sepang which will be ready to start its first production line by the fourth quarter is fully completed over an eight-year period, Hartalega’s total installed capacity will increase substantially to 42 billion pieces per annum. “The NGC is set to provide average year-on-year capacity growth of 15% per annum for the next eight years,” he says. “The nitrile glove market specifically has been growing at a rate of 20% to 30% for the past few years and we expect this robust growth to continue with an estimated growth rate of 15% to 20% for the next two years.”
- Hartalega is taking a “mid-term view” and anticipates that new nitrile capacities coming on stream in the next two years will be taken up by the growing demand in the nitrile glove market. “Although we are concerned that average selling price continues to impact Hartalega’s top-line, the timing of the incoming NGC capacity should sustain the group’s earnings,” PublicInvest Research tells clients.
- Similarly, Hartalega sees “great potential” in India and had set up a distribution centre there last year.
- “The technology revolution of the glove industry will continue. We believe the sector will soon be a high-tech industry and we intend to continue to lead the way in innovations,” Kuan says.
- 賀特佳的新一代綜合膠手套製造中心（NGC）的第一條生產線正在興建中，預計於2014年第四季竣工，由於一切如期進行，在2016財政年（3月杪結賬）展開新生產線時將帶來振奮，同時不排除擴張計劃可能加速。
- 達證券預期賀特佳2014和2015年成長低迷2014年盈利受維修工程和原料價格影響，在第三季，因進行維修保養而令使用率下跌至82%，同時原料價格波動令賺幅減少。“2015年由於缺乏刺激因素，成長將表現平平，預料盈利只微升2.1%。但是，隨著新一代綜合膠手套製造中心在2016年投產，產能料增加66億只或43.4%，盈利有潛能躍升34.3%至3億5千920萬令吉。”
- The 4Q14/FY14 results announcement is expected by 6th May (Tues). While sales volumes could have grown a commendable 10-12% QoQ which is a stark contrast to peer like Top Glove (TOPG MK; MP; TP: RM5.58) which volume declined by 7% QoQ, 4Q14 net profit will likely be weaker between 12% and 16% QoQ; bringing full-year FY14 PAT to RM230m-240m or 6-11% below our and consensus estimates. The culprits are cost pressures emanating from:
(1) higher plant maintenance (shorter replacement cycle for formers from every three years to yearly as per clients’ requirement to maintain quality),
(2) electricity, consumables and labour (hiring ahead of 4QCY14 commissioning of NGC). (3)Higher sales of latex based gloves, which currently accounts for 10% and going forward compared to 5% previously, also contributed to the lower margins.
Looking ahead, with its existing plants running at optimum capacities, sales volumes will remain relatively flattish at least until 3Q15. However, management reiterated that 4Q14 margins are expected to sustain in subsequent quarters and start improving once the NGC plant 7 begins commercial production due to economies of scale.
(Kenanga Research April.2014 - FY2014)
- HART highlighted that its Next Generation Integrated Glove Manufacturing Complex (NGC) is on track to commission operations gradually from Oct-14 onwards with a planned commissioning of 2lines per month. Upon full commissioning, the first two plants will add c.8b pieces (+56%) new capacity by Oct-2015 and providing the much-needed earnings growth for FY16. Hartalega appears relatively confident that capacities for the first plant will be absorbed upon commissioning. We understand that a major client has been found to take up a sizeable portion of the first plant production.
- Solid demand in the month of February and March 2014, lag impact in gas cost pass through. Industry-wise, Hartalega expects: (i) double-digit demand growth for nitrile gloves (15-20% for 2014-15; 10-15% for 2016-18) and (ii) to preserve market share once the new capacities come on-stream from Oct-14 onwards. Recent gas price hike translates into a small 1-1.5% ASP hike for full pass-through but with the short lead time between announced new rates (mid-Apr) and effective date (1st May), the revised ASPs will only apply to orders from June onwards, resulting in Hartalega ‘absorbing’ this incremental cost only from May.
(Kenanga Research April.2014 - FY2014)
- The NGC (Next Generation Integrated Glove Manufacturing Complex) project in Sepang is expected to commence operation by October 2014.
(HongLeong Research April.2014 - FY2014)
此外，虽然贺特佳的新厂房－－6號厂房已开始运作，同时其他现有的生產线已维修，不过，艾芬投行分析员表示，贺特佳的產量仍处于不足的状况，导致连续两个月的供应无法满足需求。
- 展望未来，JF Apex证券分析员表示，贺特佳的赚幅在短期內难以復甦，因为营运成本增加，以及竞爭环境激烈。除了不久前实施的最低薪金制，以及电费在今年1月调涨，天然气价格也开始在5月调高，这对手套业者而言是不小的衝击。
- 此外，虽然贺特佳的新厂房－－6號厂房已开始运作，同时其他现有的生產线已维修，不过，艾芬投行分析员表示，贺特佳的產量仍处于不足的状况，导致连续两个月的供应无法满足需求。该分析员补充说，加上新一代综合手套制造广场（NGC）工程延迟，这將导致该公司2014至2015財政年的净利增长將受限。
「只有NGC全面投入生產，贺特佳的盈利才能看到比较强劲的反弹。NGC预计在2015年第三季投產。」
- 艾芬投行基于3个原因，將贺特佳2014至2016財政年的每股盈利预测，分別下调10%、16%和12%。该3大原因，分別是较高的扩充成本；较高的有效税率，从23%调高至25%；以及赚幅受压。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=114473:&Itemid=198 May.2014
贺特佳董事经理关民亮透露，「目前，设有支援设施的NGC厂房1和厂房2建造工程正如期进行。我们的第一条生產线將如期在今年第四季投入生產，其他生產线则会逐步投入运作。同时，我们將持续注入资源开发人力资本，確保我们拥有一支能干的团队，带领集团继续前进。」
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=115179:26&Itemid=198 May.2014
- Hartalega’s revenue for FY14 grew by +7.3% to RM1.1b. This was mainly contributed by the increase in sales volume of 15%. This revenue growth is in-line with the group’s continuous capacity expansion and the rising demand of nitrile gloves.
- The NGC is expected to start operating at least two production lines in October 2014.
- Hartalega’s FY14 earnings were flat on the back of lower average selling prices (ASP) and higher expenses due to the start up of the NGC. This included the higher labour cost for the new employees of NGC as well as for the increasing number of existing workers doing overtime, lower utilization rate, and higher processing cost of biomass. The lower utilization rate is attributable to the plant maintenance which took place in Nov 2013 – Jan 2014 and reduced the utilization rate from 90% to 82%. However, as of Feb 2014, Hartalega is already operating at full capacity. We expect Hartalega’s earnings to improve in FY15 contributed by the increased production capacity from the NGC.
- Net margin in 4QFY14 declined significantly to 17.6% from 21.7% in 3QFY14, and the fall in Hartalega’s share price appear to reflect this. However, we expect this to be temporary as sales catch up with capacity.
- The gas price hike which increased the production cost has been passed on to the customers through the adjustment of the ASP by +2%. This adjustment was effective by 1st May 2014.
- Nitrile glove
export grew by 19% in 2013, meanwhile latex glove export remained flat with
a marginal decrease of -0.04%. The export ratio of 51:49 is also in favour of
nitrile gloves. This is the first time in history that export of nitrile gloves
surpassed that of latex, as nitrile is now considered as the main medical
glove. This increase in nitrile glove export is in-line with the expectations of
increase in global demand by 15% to 20% p.a. We believe that the demand
for nitrile gloves will continue to register this growth range for the next two
years, supported by the growing industry capacity.
(MIDF Research May.2014 - FY2014)
During Hartalega’s presentation at Invest Malaysia conference yesterday, the
company indicated that demand for nitrile gloves is still strong but capacity
constraint is not an issue for now. It also indicated that it would not be able to
sustain its premium pricing. Hartalega is hoping for strong earnings growth
in FY16 when the new capacity comes online gradually.
Hartalega’s managing director Mr Kuan Mun Leong presented to around 40
fund managers and analysts. There were no surprises from the presentation.
Hartalega is not worried about competition and is of the view that the group
can drop prices to secure sales volume and improve efficiency to protect its
profitability. To take the group to a higher level and in view of the competition
ahead, Hartalega has engaged AON Hewitt for its leadership development
programme and has extended its ESOS programme to the technician level to
boost staff productivity. It is also planning to diversify into medical devices in
Australia as its OBM products are strong in the country. In terms of technology,
it is confident that its new glove complex (NGC) will be 30% more productive
than its existing plants and 45% more productive than its peers. While nitrile
demand is still strong, the company is planning to penetrate deeper into the
developing countries, which means that its sales contribution from natural
rubber gloves which command lower margins will increase.
(CIMB Research June.2014 - FY2015)
大馬研究指出，儘管該公司看好下季淨利將隨著工廠維修工程完成走揚，綜合手套製造中心第一條生產線投運後，最早可於今年11月（2015財政年第三季）貢獻盈利，可是自6號廠於2013年9月投運以來，至今未有新生產線投產，產能拓展受限、價格競爭環境及高營運開銷將持續打擊本財政年盈利。該行預計，今年第二及第三季的運作成本將因聘請綜合手套製造中心員工而走揚，另外也將面臨更高能源及原料成本。
http://biz.sinchew.com.my/node/98052?tid=47 July.2014 - FY2015
- 賀特佳認為，手套需求下滑可能是季節性影響，因為在2013下半年，市場因預測冬季（2至5月）較高平均售價而進行手套囤積活動。目前該公司工廠使用率為90%，第三季及第四季料降至82%及86%，訂單間隔期2個月，每1千隻手套平均售價90至92令吉，與去年下半年維持同樣水平。
- 今年5月，因天然氣漲價19%，該公司調漲2%平均售價，不過溢價卻因競爭壓力縮減。
“低平均售價（比過去兩年低33%）及營運環境不利因素，導致該公司連續兩季的除息稅折舊及攤銷前盈利（EBITDA）受壓，於2014財政年第四季降至23.9%，低於33.4%的5年平均水平近10個基點。”為應對此狀況，該公司推出數項改善效率及支撐賺幅的措施，包括拓展產品系列、採用自動化科技節省10至20%勞工成本及專注於成本管理。
-大馬研究預測，隨著新生產線開跑，該公司產能將按年走揚32%至190億支，帶動2016財政年盈利增長20%。賀特佳的第七及第八廠房預計於2015年第四季全面運作，更高產能料有助於縮減生產成本，每支手套成本料降至5仙。
The first two lines of its NGC are expected to come
onstream by end-2014, potentially increasing its total production capacity to around
14.7bn pieces per annum by end-2014 (from 14.0bn in FY14). 700,000,000 / 365 days / 2 lines / 45,000 pieces per hour = 21 operation hours
The total capacity is
projected to reach around 15bn pieces per annum by FY15. The NGC project is
expected to be completed by 2020 and Hartalega’s total installed capacity will then
potentially reach 42bn pieces per annum (from 14bn pieces per annum in FY14).
With the production lines of its NGC plant equipped with advanced technology, we
expect the company’s overall production efficiency to improve going forward.
(RHBOSK Research Aug.2014 - FY2015)
Kuan Kam Hon also noted that its next-generation integrated glove manufacturing complex (NGC) will increase capacity by about 15% year-on-year to more than 42 billion pieces per year. “The NGC will establish a total of six manufacturing plants and 72 technologically advanced production lines.
(Maybank Research Aug.2014 - FY2015)
- Stabilised ASPs have created sustained demand for glove makers although at lower levels. To maintain top line levels, however, glove players would have to focus more on a volume strategy going forward.
- To enhance operational efficiencies, the group has downsized its workforce from 4100 to 3900 workers.
"We(Public Invest) visited Hartalega‟s iconic Next Generation Integrated Rubber Glove Complex (NGC) development recently with very positive reviews. The site boasts 44.8ha of land area, costing RM19.84 per square foot, housing a 17-acre lake which has sufficient water reserves of up to 3 weeks.
"A well-planned development, the infrastructures of the NGC encompasses all aspects of the rubber glove manufacturing process from raw materials storage to finished goods logistics.
"Some of NGC‟s main features include, massive storage and chemical warehouses, a Research and Development centre, training centre, sports complex and 5,000-persons living quarters for its workers.
"NGC will begin commissioning end-October/early November this year, with its Plant 1 and 2 to be fully commissioned by fourth quarter of 2015. To recap, NGC plants are targeted to complete by 2020, and will be home to 28.5 billion pieces per annum capacity with utilisation of 88 per cent," said PublicInvest in its report.
The research house said when Plant 1 begins commissioning by end-October/ early November, an addition of 2 lines will be installed every 1.5 months.
"Both Plant 1 and 2 will be built concurrently to mitigate any delays resulting from the prolonged approvals during the set-up phase of the utilities infrastructure.
"Plants 1 and 2 are targeted to be in full commission with 12 lines each by fourth quarter of 2015, with 394 million (394mil / 365 days / 45,000 pieces per hour = 23.98 operation hours) pieces per annum per line. The 6 storage warehouses will be constructed simultaneously to cater for the respective plants, with 3 chemical warehouses to be shared between 2 plants.
"Capex for the completed project is estimated to be RM1.5 billion to RM2.2 billion, which translates to RM200 million per plant."
PublicInvest said benefits through cost savings, include the new production lines will run at speeds of more than 45,000 piece per hour from higher specification lines. "This coupled with further automation, increasing its overall average line capacity from 28,000 pieces per hour to 40,000 piece per hour.
"The number of labour will be maintained at 4,000 to 5,000 workers, but to produce 28.5 billion pieces per annum of gloves (5.7mil gloves/worker/annum) versus 3,900 workers to produce 14 billion pieces per annum currently (3.6mil gloves/worker/annum). Energy resources and utilities infrastructure to ensure uninterrupted operations with substantial savings."
Hartalega
Holdings Bhd expects its revenue for the financial year ending March 31,2015
(FY2015) to be flat as it is already running at full production capacity, said
its managing director Kuan Mun Leong.
However, the
group will see an additional capacity of 500 million pieces when the first
production line of its next generation integrated glove manufacturing complex
(NGC) is completed in November, he said. The group’s capacity will hike up
another five billion pieces by FY2016 as subsequent production lines become
operational, he said, which would raise the rubber glovemakers’s total capacity
to 18 billion pieces.
“Investors
should look beyond FY2015. They should look to FY16 (and) further – that’s
where you would see growth in Hartalega start to take place again. “We haven’t
grown much in the past few years because we were busy building NGC. It was a
big project and required a lot of preparatory work,” Mun Leong told reporters
after the company’s annual and EGM yesterday.
In our(RHBOSK) last meeting, management
indicated that its NGC expansion is on track. Management expects the
first two lines to commence operations by end-2014, which will bring
Hartalega’s installed capacity up to about 14.7 bn pieces per annum by
end 2014, close to its target of 15bn pieces by FY15F. Hartalega is
scheduled to achieve installed capacity of 22bn pieces per annum by
FY16F and 42bn pieces per annum by 2020.
Although Hartalega
has to lower its ASP due to intense competition in nitrile gloves, which
translates into a decline in margin, it is still able to keep its net margin at
19%-20%. Going forward, Hartalega aims to keep its net margin at
around 20% through various measurements, such as launching cost
savings initiatives and improving production efficiencies.
(RHBOSK Research Sept.2014 - FY2015)
We visited Hartalega’s Next Generation Complex (NGC)
recently and gather that all progression is on track. The first two plants’
super structures are ready and production lines are currently being
installed. The first two lines are on schedule to commence operations by
end-November and December respectively.
The NGC will be built on 112
acres of leasehold land along Jalan KLIA. Hartalega will be
commissioning two plants of 12 lines each, with completion slated for 4Q
2015. Once the two plants are completed simultaneously, another two
plants are slated to be built at the same time. All these are under its
Phase 1 expansion. Phase 2 will begin after a market observation
breather and to complete the remaining two plants consecutively.
Management expects its installed
capacity to progessively reach 22bn by FY16 (Mar) (from 14bn in FY14).
The contribution may not be significant as the lines are being installed in
stages. Upon completion of its NGC plants, Hartalega’s total installed
capacity could reach 42bn pieces per annum by 2020.
(RHBOSK Research Nov.2014 - FY2015)
NGC的发展计划共有6座工厂，共72个生产线，放眼2020年完成。
其中第一期计划包括2座工厂，共12条生产线，预定本月开始运作，明年末季正式竣工。(1 line per month)
丰隆投行研究报告指出，贺特佳有信心NGC第一期开始投产后，手套会取得不错销量，因为现有的客户已表露购兴。
此外，分析员说：“NGC的目标是节省成本，提高产能，所以采用了最新的手套生产技术。同时，贺特佳还准备了一个整合手套生产活动大蓝图，所以，我们相信该公司未来赚幅将得以维持。”
Dividend policy
- 公司董事經理關錦安補充有意在2011財政年維持30至35%派息率。
同時，他期望今年的業績表現可超過往年，並維持38%派息政策。
- 已经特定一年派四次?
2010年开始就如此.只能说是惯例,但div policy是肯定的,盈利的45%.
通常div都是在3,6,9,12月给.
first interim 12月 (第二季财报出来后)
second interim 3月 (第三季财报出来后)
third interim 6月 (第四季财报出来后)
final div 9月 (通常是agm后决定)
- 关民亮指出，贺特佳的派息政策不会因为扩展计划而受影响，并维持45%的派息政策。
- In a statement today, Hartalega also declared a 3.5 sen second interim dividend for its financial year ending March 31, 2013, bringing total dividends declared to date 7 sen.
Corporate exercise
- Proposed bonus issue of 121,156,000 new ordinary shares of RM0.50 each in HHB (“Bonus Share”) on the basis of one (1) Bonus Share for every two (2) existing ordinary shares of RM0.50 each held
- On behalf of the Board Directors of HHB, RHB Investment Bank Berhad wishes to announce that the Company proposes to undertake the following:
(i) a bonus issue of up to 371,654,940 ordinary Shares of RM0.50 each held in HHB (“Shares”) (“Bonus Shares”) on the basis of one Bonus Share for every one existing Shares held in HHB on a date to be determined and announced later (“Entitlement Date”) (“Proposed Bonus Issue”);
(ii) a free warrants issue of up to 74,330,988 free warrants (“Free Warrants”) (“Proposed Free Warrants Issue”) on the basis of one Free Warrant for every five existing Shares held on the same Entitlement Date as the proposed Bonus Issue; and
(iii) proposed increase in authorised share capital of HHB from RM250,000,000 comprising 500,000,000 Shares to RM750,000,000 comprising 1,500,000,000 Shares (“Proposed Increase in Authorised Share Capital”).
- HARTA宣佈1送1紅股和5送1憑單，以提昇股票流通量和回饋股東。該公司發出文告表示，在紅股計劃下將發送3億7千165萬股紅股，同時將發行7千433萬張憑單。
- 此外，該公司在今日股東特大會上，獲股東投票通過紅股及免費憑單建議。關錦安表示，希望在紅股和憑單計劃完成後，流通量偏低情況能改善，同時透露正進行一系列品牌提昇活動，希望藉此引起更多投資者關注，助股價擺脫長期遭低估陰影。
－ HARTALEGA wishes to announce that HARTALEGA SDN BHD, a wholly-owned subsidiary of the Company has on 10 October 2012 incorporated a 70% owned subsidiary company, namely PHARMATEX HEALTHCARE PRIVATE LIMITED in India under the Companies Act 1956 (No. 1 of 1956). The principal activity of PHARMATEX is trading, import, export, packing and re-packing in all kinds of high quality rubber gloves. The shareholders of PHARMATEX are: 1) Hartalega Sdn Bhd (70%），2) Dr Danaraj A/L Nadarajah (30%)
Growth/Stategy
- 賀特佳不排除未來透過併購尋求成長，但目前以技術及設備而言，仍未有任何合适的併購機會。
- 詢及賀特佳會否展開併購活動，關民敬否認公司會進行這方面的計劃。
- “We will continue to leverage on our emphasis on research and
development as it has helped us lower costs while maintaining our
competitive advantages.
- Meanwhile, Hartalega also announced its plan to expand its business in
China with the subscription for 70% of the registered capital of
YanCheng Pharmatex Medical Equipment Co Ltd for RM319,410.The principal activity of the company is the import, export, wholesale and distribution of examination gloves. According to Hartalega, the acquisition will allow the company to expand
its business to the China market and will be funded by internally
generated funds.
- The company is also planning to construct a new plant next to its
existing facility in Bestari Jaya, which is still pending regulatory
approval.
- HARTALEGA , the world's largest nitrile glove producer,
plans to expand its production by between 20% and 25% to meet growing
demand from the US and Europe.
- “目前，贺特佳的手套产能为96亿只。在产能扩充计划的推动下，我们预计贺特佳2015财年的产能，将提升至135亿只。”关锦安指出，贺特佳董事局也保守估计现财年的营业额增长为25%，盈利增长则为10%。
- 目前，贺特佳正积极扩展第五厂房的手套生产线，并斥资2000万至3000万令吉增添另外2条生产线，预计将在2012年2月投产。
- 贺特佳副董事经理关民亮指出：“贺特佳也耗资1亿7500万令吉在Bestari Jaya的现有厂房旁兴建新厂房（第6间厂房），预计将在2013年中旬完工。
- 询及利得股份（Latexx，7064，主板工业产品股）并购YTY工业的献议遭拒，贺特佳会否趁机收购利得股份时，关锦安指出，该公司将着重于内部扩充计划，暂不考虑收购计划。
- Hartalega announced yesterday it is spending RM1.5bil to nearly triple the output of nitrile gloves it produces in eight years, an investment that it sees will not only reinforce its position as the largest nitrile glove manufacturer in the country but also fend off growing competition that has steadily eaten into the profit margin the glove maker has been enjoying over its peers.
- When rivals take a piece of Hartalega's business, the company is then forced to go elsewhere looking for new customers. Often when prices are thrown, that has to be met. But Kuan senior knows there is a limit to that.
- We have been doing that for some time and we reckon if we continue to do that, one day there is no more business for me to grab from the marketplace,” he tells StarBizWeek
- Part of the reason for bumping up production by that much is also to meet orders the company simply cannot meet. Its production is running at full speed and demand is such that orders are being deferred. “We have perpetually oversold and never had excess capacity waiting for customers,” he says.
- Hartalega needs the new land because the current factory in Batang Berjuntai has used up all its available land.
- The number of lines NGC will house once fully completed will be 70, and those lines will produce 40,000 pieces of gloves per hour. It's the fastest production lines Hartalega has and that will boost productivity of Hartalega by 60% over the average of its current production run.
- Hartalega's existing plants have 45 lines, but 15 of which are old and slow. Plant 6 will see an additional 10 lines being built that are capable of producing 40,000 piece of gloves per hour. The old lines average about 8,000 pieces of gloves per hour and is holding down the average speed of the plant at Batang Berjuntai to 22,000 pieces per hour. Hartalega intends to mothball those old lines, which are needed to meet demand, once NGC is up and running.
- To fund the start-up of NGC, Hartalega will borrow RM100mil but is banking on the conversion of warrants issued in a recent bonus exercise to eventuallly pay off its initial borrowing. (74,330,000萬張憑單 x RM?). “Currently, the net cash of Hartalega is over RM100mil. We are not borrowing a lot for this project. The plant will be mostly paid from the warrants issued and it's convertible in the first anniversary up to the third year,” says Kuan. “We will need the cash in 2013. We have the intention of borrowing RM100mil to take care of the front loading and when the warrants are converted, we will pay down all the loans. After the third year, we are home free.”
- The ongoing operations of the business and the cashflow generated by Hartalega will then take care of the investment needs of NGC thereafter.
- The cost of starting the operations, Kuan says, will probably not affect the profitability of the company which he says appears to pause from time to time. He says that is because of the cost incurred to prepare for the next phase of growth before a new plant is ready to deliver on capacity. “As production goes up, the cost per thousand pieces of gloves should come down and profitability should improve.”
- It has forecast revenue to grow to RM3.5bil when NGC is 100% up and running, but the margins the company is enjoying will inevitably drop.
- Output per worker is estimated to increase to 4.7 million of gloves per worker from the current 2.9 million and staff cost as a percentage of sales should drop from the estimated 6.2% for its 2012 financial year to 4.5%. Productivity per worker as a result of it all is projected to rise to RM516,000 from the current RM306,000.
- Furthermore, Kuan says natural gas consumption to produce a thousand pieces of gloves will also fall when NGC is in operation. The new complex will use biomass energy with an installed capacity of 58MW, which will account for 22% of NGC's energy needs.
- 報告指出，計劃中的新世代手套中心料位于雪州雪邦，靠近吉隆坡國際機場，新世代手套中心面積約100英畝。
- 在資金方面，賀特佳計劃向銀行貸款1億令吉，其余資金則透過憑單和內部資金籌集，估計憑單轉換預計可籌得3億800萬令吉。
- 在賀特佳持股56%的關氏家族，或貢獻7億7200萬令吉資金。 “其余的9億9200萬令吉，料將透過內部資金籌集，以8年計算，每年投資約達1億2400萬令吉。”
- 马银行金英指出，预料贺特佳在2014年財政年的资本开销达到2亿7千万令吉，即完成其第六工厂及启动下一代综合手套製造大厦（NGC），到时公司將转为净负债5千400万令吉，並预期在2016年財政年才回到净现金状况。
- 肯纳格研究指出，贺特佳上週五宣佈推行扩充计划，即至2022年为止產能增加至380亿只丁睛手套，比目前產能97亿只增加至3倍。第一阶段將通过银行融资及凭单转换，使它从净现金转为净负债0.2倍。
- 该行认为，上述扩充计划料在短期里解决它產能吃紧，以及缓和因竞爭激烈使赚幅侵蚀的问题，因扩充计划將降低每只手套的生產成本。
- 马银行投行研究分析员认为，这是贺特佳一项长期的自信举动，将可在丁晴手套市场扎住强稳根基，以及逼退竞争对手。他指出，过去贺特佳是以发展高科技来扩大赚幅，并带动盈利增长吗，相信该管理层目前已把增长策略转向提高市占率，就像2000年代顶级手套（TopGlov，7113，主板工业产品股）的产量增长策略。
- 联昌国际分析员表示，目前贺特佳生产基地的土地有限，不能应对丁晴手套需求增长的速度来进行扩充。该公司的产品一直都是超卖，从来没有多余产量。
- MIDF研究指出，一旦落实其下一代综合手套生產大厦计划，將提昇其生產科技及自动化，使每条生產线每小时的產能达到4万只手套，比目前高出1.8倍，生產效率增加69%，不熟练员工將可减少18%，外劳可减76%，以及员工成本兑销售巴仙率减少2.2%等，使这项长期扩展计划受看好。
- 该行指出，在上述扩展计划中，该公司將向政府申请工程成本的税务奖掖，预料使它未来盈利减少扣税有利。惟由於尚未敲定，所以暂时还不能肯定它能够节省的确实数目。
http://biz.sinchew.com.my/node/59333 (Apri.2012 - FY2012)
- Executive chairman and managing director Kuan Kam Hon said the world's largest nitrile glove manufacturer by capacity is targeting revenue of RM2.5 billion (RM2.5bil / RM0.1 per piece = 25bil pieces ; Now=10bil ; 15bil increase in 5 years = 3bil/year) while net profit is expected to surpass the RM400 million mark. The net profit goal assumes a lower margin of 19%, compared with about 22% now, according to Kuan. This is in anticipation of more competition from natural rubber glove rivals which are also expanding their nitrile glove capacity to capitalise on rising demand.
- At 42,000 gloves per line per hour at the NGC, Hartalega's capacity will more than double from its current average of 22,000 pieces, according to Kuan. Upon completion, NGC will have 70 production lines within seven new factories with a combined production capacity of 24.5 billion gloves a year.
- "I am more concerned about managing the volatility of raw material prices," he said. Nitrile, a by-product of crude oil, makes up 40% of Hartalega's cost structure.
- As export-oriented Hartalega's sales are transacted in US dollars, a weaker ringgit translates into higher revenue when its US dollar-denominated sales are converted back into the local currency.
http://www.theedgemalaysia.com/mobile/article.php?id=214787 (June.2012 - FY2013)
- Executive director Kuan Mun Keng said Hartalega had not lost any market share and that all its productions lines were now running at full capacity.“We recognised that our margin has dropped slightly due to competition. We need the capacity to come in. Going forward, margin expansion is not the objective of the company.
- HARTA將通過積極的產能擴張行動以降低成本，迎戰手套行業紛紛轉向生產丁月青手套所導致的削價戰，進而維持其在丁月青手套市場的領先地位。賀特佳的產能擴張計劃包括首條生產線即將在9月投產的第六工廠，以及擁有72條生產線的「新生代綜合手套製造中心」（NGC），兩者在投產后，每年料可分別貢獻37億和245億只手套的產能。
- 賀特佳副董事經理關民亮表示，將通過上述產能擴張來降低成本，以應對賺幅承壓的問題。無論如何，該公司財務與業務拓展董事關民敬補充，該公司將更加關注每股盈利的變化，以確保其在應對激烈的競爭中，仍能取得盈利成長。
- 「我們的淨利賺幅確實因激烈的競爭，而下滑至約22%，這就是我們極欲擴張產能，以提升成本效率的原因。但我們更關注于確保每股盈利的持續成長，而可接受的賺幅底限為17%至18%。」
- 關民亮坦言，丁月青手套的定價確實承受壓力，並預料將從目前的每公噸1400美元水平持續下滑，長期或將跌深至每公噸1000美元。因此，賀特佳冀望加快產能擴張的腳步，包括把原定于2013年的NGC中心開工日期，提早至今年12月。他披露，賀特佳目前正與政府部門洽談，希望最遲在10月獲得建廠的相關許可，隨后即可收購相關位于雪邦的地段，並于12月啟動建築工程。無論如何，關錦安補充，考慮到時間的緊迫性，該公司不排除仍必須等待至明年3月才開工。關民亮披露，基于賀特佳採取積極的成長策略，預料將在NGC中心工程啟動后，同時建設3間工廠，因此首3年將撥出每年3至4億令吉(之前2亿令吉)的資本開銷。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=20284:&Itemid=198 (Aug.2012 - FY2013)
- As the world's biggest synthetic-glove maker, Hartalega supplies 17 per cent of the world's demand of 45 billion pieces of nitrile gloves a year. To protect its market share, Hartalega will continue to churn out more rubber gloves. "We'll continue to capture a larger market share through our value proposition," he said. Last year, global demand for nitrile gloves jumped 29 per cent, prompting all rubber-glove makers in the country to ramp up supply of this variant.
- "Profit margins have come down a little. This will go on in the months ahead but we're not that concerned because earnings per share will go up."We continue to aggressively expand in Sepang because global demand for nitrile gloves is very positive," Kuan told reporters after a shareholders' meeting here yesterday.
http://www.btimes.com.my/Current_News/BTIMES/articles/hlega14/Article/index_html (Aug.2012 - FY2013)
- 关锦安表示：“我们不寄望政府给予津贴，这样业者会过于依赖津贴以取得盈利。比起津贴或是拨款，税务优惠是较合适的选择。”
- 针对手套业者有意游说大马投资发展机构（MIDA），以让本地手套业者获得新兴工业地位（Pioneer Status）的提问，关锦安表示，如果能取得新兴工业地位，对手套业者是好消息，但他认为那不在推动手套领域议程内。据大马工业发展局官方网站，如果获得大马工业发展局（MIDA）提供新兴工业地位，制造商可获税务优惠率达70%，为期5年。
http://www.nanyang.com/node/470144 (Aug.2012 - FY2013)
- 联昌国际投行分析员在第6届国际树胶手套展览与贺特佳管理层会面后，得悉该公司將持续提升在印度和中国的发展。分析员预计中国每年的人均手套消费为2至3只手套，较早前预期的数据还要高。
由此可见，中国市场比预期来得成熟，因此相信贺特佳联营企业的成功率获得提升。
- 儘管目前新兴市场的贡献甚微，但管理层相信新兴市场將在未来2至3年反映显著的贡献。
- 单是中国手套市场，在五年內的价值可达40亿美元，或相等于大马手套领域总市值的1.3倍。若贺特佳以10%的净赚幅，佔有5%的市占率，以净现值（NPV）为基础，其盈利表现或提升20%。(4000mil x 5% x 10% = 20mil)
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=23023:&Itemid=198 (Sept.2012 - FY2013)
－ 谈到未来的挑战，关氏表示“人才”。由于该公司新生代厂房将在明年开始第一期运作，意味着未来将需要更多的专才来打理，而寻找适合的人选是他们面临的最主要的挑战之一。
(Busy weekly 24.9.2012)
- The signing of the Sale and Purchase
Agreement (SPA) for Hartalega’s capacity expansion at Sepang,
namely the Next Generation Integrated Glove Manufacturing Complex
(NGC), is facing some delays. The SPA is now expected to be secured
by Mar 2013, with construction to commence in 2H13.
- Meanwhile, Hartalega is also
looking to acquire another piece of land measuring 40 acres behind its
current manufacturing site at Bestari Jaya, Selangor. We believe this is
management’s contingency plan in case of further delays at NGC. This
piece of land, on which the company will build further manufacturing
capacity will support Hartalega’s earnings growth in FY3/15.
(Maybank IB Feb.2013 - FY2013)
- “Given our sterling results and how global demand for nitrile rubber gloves has continued to grow at an exponential rate of 20% driven by customer switching from latex to nitrile, we are bullish on growth prospects in the nitrile market,” Hartalega managing director Kuan Mun Leong said in the statement. “Our position as the world leader in the nitrile market remains as strong as ever and we intend to hold on to this position, especially with our long-term plans in place,” said Kuan.
- “We are pleased to deliver consistently strong results in line with the Group’s continuous expansion efforts in production capacity and manufacturing efficiency,” said Kuan.
http://www.theedgemalaysia.com/business-news/230324-hartalegas-profit-jumps-more-than-19-declares-total-7-sen-for-fy13.html (Feb.2013 - FY2013)
值得注意的是，分析员料手套领域将在2013年进一步整合，淘汰小型和无效率业者，这将提高主要业者的市占率和净利表现。
http://www.nanyang.com/node/519093?tid=462 (Mar.2013 - FY2013)
- 对于跟贺特佳的会议，我们(联昌国际分析员)带着正面惊喜离开。其中，该公司丁晴手套的市场需求仍然强劲，而管理层也确保产能过剩的恐惧是被夸大的，因为该现象仅出现在一般手套，而非丁晴手套。
- 目前，该公司的生产线使用率达90%，而产能已经被预定至今年6月。虽然丁晴手套过去1年售价已滑落9%，但相信是因为更便宜原料价格所造成，而非产能过剩。在该时期，丁晴原料价格共下滑了24%。(比较同时期的原料和价格波动有助于预测以后是否应供应过剩造成削价战）
http://www.nanyang.com/node/522995?tid=709 (April.2013 - FY2013)
- “Moving forward, we will maintain our focus on our technological innovations as well as our expansion efforts in production capacity and manufacturing efficiency to drive our growth.
http://www.theedgemalaysia.com/business-news/235821-hartalega-named-best-managed-medium-cap-for-second-time-.html (April.2013 - FY2013)
(Busy weekly #220 April.2013)
- 关氏表示，贺特佳并不认为手套的需求量将因H7N9禽流感恐慌而在近期内出现激增情况。他说：“目前，并未有任何证据证明H7N9病毒可人传人方式进行传播。假设需求量真出现上升现象，我们将通过中国的子公司，迎合市场的需求趋势。”
http://www.eunited.com.my/?q=node/27282 (April.2013)
- The research house(Hwang DBS) also said that despite North America being the largest sales contributor of 58 per cent, Hartalega was progressively making inroads in Asia which currently contributes 10 per cent to total sales.
http://www.btimes.com.my/Current_News/BTIMES/articles/20130508143301/Article/index_html#ixzz2Si5cleU2 (May.2013 - FY2013)
- 目前過度產能讓競爭情況更不利；基於該公司為市場領導者占丁腈手套市場17%，為主要的成長部份，使情況更為迫切。肯納格研究指出，賀特佳目前正進行大型的產能擴張，涉及72條新生產線並耗資19億令吉，估計主要生產丁腈手套，全程須8年時間在2021年可完成，預計可平均提振生產效率50%或每小時4萬5千只。
http://biz.sinchew.com.my/node/74841 (May.2013 - FY2014)
- The land acquisition will be funded via internally generated funds and borrowings. Hartalega has a net cash of RM170m as at 31 Mar 2013. Additionally, this acquisition could be easily funded from its operating cashflow, which we forecast will average RM280m p.a. over FY14 and FY15. We understand that this acquisition could marginally exceed RM100m due to additional cost incurred for land re-filling.
- We understand that the project is expected to commence in 2013 and to gradually start contributing in FY15. The first line is expected to come on-stream in Aug 2014.
- This project will be undertaken by its wholly-owned subsidiary, Hartalega NGC Sdn Bhd.
http://klse.i3investor.com/blogs/kenangaresearch/31419.jsp (June.2013 - FY2014)
Salient points of the project are:
(i) the project will be located at a new site measuring 112 acres,
(ii) new plants will be built with several dedicated buildings linked to each other and will include Research & Development Centre, Learning and Development Centre, Renewable Energy plant (which we believe will run on Biomass), workers quarters and sports centre,
(iii) the project will be spread over two phases over four years and will require 5,000 workers,
(iv) the first phase is scheduled to commence in 2013-2017 comprising 40 production lines (production capacity of 14b p.a.) and
(v) the second phase is scheduled to begin in 2018-2021 comprising 32 production lines (production capacity of 14.5b p.a.). When completed, Hartalega’s glove production capacity will be more than double from its current 14.0b pieces (once plant 6 is fully commissioned by FY14) to a staggering 42.5b pieces p.a. in 2021. The new lines are expected to boost productivity by an average of 50% or 45,000 pieces/line/hour compared to an average of 30,000 currently. We have factored in RM200m in capex p.a. in our FY14 and FY15 earnings estimates.
http://klse.i3investor.com/blogs/kenangaresearch/31419.jsp (June.2013 - FY2014)
- In its exchange filing, Hartalega announced that its wholly-
owned subsidiary, Hartalega NGC SB has entered into an
agreement with Kumpulan Tanjung Balai SB to acquire 3
plots of land for a total cash consideration of RM97.0m. The total land areas measured up to 120 hectares is
located at Mukim Labu, Daerah Sepang, Selangor.
- The objective of the land purchase is to expand its
production capacities by erecting 6 manufacturing facilities
leveraging on new in-house developed technologies. They
will house 72 production lines (PL) which was accorded the
EPP under ETP due to its high economic impact.
- The expansion will be spread over two 4-year phases and
employ about 5k workers.
1. 2013 - 2017: 42 PL with total annual capacity of 16.5bn.
2. 2018 - 2021: 30 PL with total annual capacity of 12.0bn.
- The whole project was allocated with a budget of RM1.9bn. The construction layout is subject to the approvals by relevant local authorities.
- Additional capacity from NGC is expected to commence
production only in FY15.
- Emphasizes on human capital as the operations will be
highly dependent on the skilled workforce. As mitigation
measure, Hartalega has pre-employed factory workers now
at 3.9k compared to a year ago at 2.9k.
(HongLeong IB June.2013 - FY2014)
Investors are aware that in the last three years, Hartalega had faced fierce competition from Top Glove Corp Bhd, Supermax Corp Bhd, Kossan Resources Industries Bhd and Latexx Partners Bhd as they switched more of their production lines to make nitrile gloves and stepped up mechanisation.
"Nitrile gloves are currently selling at around US$29 (RM91) per 1,000 pieces. Although profit margins have come down, we are not that concerned because earnings per share will go up as we further improve on productivity," Kuan said on the sidelines of Invest Malaysia 2013, here, yesterday.
He assured investors that Hartalega will continue to reduce lead times to meet demand and capitalise on the expected increase in demand.
http://www.btimes.com.my/Current_News/BTIMES/articles/HARTAL/Article/print_html (June.2013 - FY2014)
- “Among the two, we like Hartalega as a medium to long-term investment (one to three years), as we are convinced that it will emerge as the industry's game-changer in two year's time, once its Next Generation Integrated Glove Manufacturing Complex (NGC) kick-starts in August 2014 which could yield a 6% extra margin due to better efficiency." Alliance Research's.
- “Again, we believe this is a formidable edge for the company to grow its market share and bottom line as it has the capacity to lower selling prices vis-a-vis its competitors who have significantly lower margins,” said Alliance in its report yesterday.
- Additionally, the research house noted that Hartalega has the strongest capacity compound annual growth rate of 14.9% over the next eight years.
http://www.thestar.com.my/Business/Business-News/2013/06/18/Hartalega-to-emerge-as-industry-gamechanger-Alliance-also-favours-Ko.aspx (June.2013 - FY2014)
“Hartalega remains a Neutral as we expect weak selling prices due to supply growth to offset demand. Our target price rises after increasing FY13-15 core EPS by 2-5% due to higher utilisation as our estimate was too low,” it said.
- The research house said Hartalega’s revenue in the first quarter ended June 30, 2013 revenue rose by 12.2% on-year due to a 22.8% on-year surge in volume sales to 2.8 billion pieces. Capacity rose by 20.6% on-year to 3.1 billion pieces and Q1 utilisation remained above 90% for the fourth consecutive quarter.
- CIMB Research pointed out higher output offset lower average selling prices, which fell by 10.3% on-year to RM96.9 for 1,000 pieces and was below RM100 for the first time.
“This may not reverse in our view as competing manufacturers start nitrile lines and capacity growth outpaces demand,” it said.
http://www.thestar.com.my/Business/Business-News/2013/08/07/CIMB-Research-sees-earnings-growth-for-Hartalega-slowing-down.aspx (Aug.2013 - FY2014)
- 1QFY3/14 revenue growth (+3% QoQ,
+12% YoY) was driven by higher sales volumes (+5% QoQ, +27% YoY)
which offset lower ASPs which were adjusted for lower rubber input
costs, and reflects some impact from nitrile glove competition.
- EBIT
margins declined a marginal 0.7ppts QoQ (+0.6ppts YoY) to 29% on
stiff competition in the nitrile space, but management has managed to
mitigate this with better operational efficiencies from its new factory 6.
- While global nitrile demand may remain
robust with a growth rate of 20% over 2013-2014, we see stronger price
competition ahead as glove-makers race to fill up their large incoming
capacity. Already, we understand that one of Hartalega’s major
competitors is offering low ASPs of USD24/’000 pcs (15% below
Hartalega’s ASP). However, we believe Hartalega will emerge the
biggest winner of this price competition as it has been gaining market
share and has superior margins to defend its position.
- We understand that the
company is in the midst of securing a 25-acre plot of land adjacent to its
existing factory complex at Bestari Jaya. Hartalega plans to build three
factories catering to the less-crowded, high-margin specialty (i.e.
surgical and cleanroom) gloves segment. Construction of the first plant,
with a capacity of 2b pcs p.a. (current total capacity is 14b pcs p.a.),
could be completed in FY3/16, we estimate. This will provide additional
growth on top of its huge capacity expansion in Sepang.
(Maybank IB Aug.2013 - FY2014)
-「共有8条新的生產线预计將为公司2015財政年带来盈利贡献。该8条生產线预计会將產能提高10至12%，使到產能增至154亿只手套。而首条新的生產线预计会在2014年8月投入营运。」
此外，贺特佳计划在靠近八丁燕带（Bestari Jaya）现有厂房的附近，收购25英亩的土地，以建设製造特种手套（如净房手套与等专用工业手套）的厂房。
- 肯纳格投行分析员补充，特种手套提供30%的赚幅，比赚幅28%的丁月青手套来得高。对此，安联研究分析员认为，这將扩大和改善其產品组合。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=68247:&Itemid=198 (Aug.2013 - FY2013)
- 另外，該公司耗資5億至6億令吉打造的新特用手套（手術、潔室、特別工業、食品操作等）工廠，也有助增加該公司年產量約110億件，對未來盈利表現也有很大幫助。
- 賀特佳進行龐大擴充計劃，涉及增設72條新生產線，主要生產丁腈手套，預料未來8年裡（2013至2021年）分兩階段進行，2013年開始動工，從2015年開始陸續作出貢獻。土地收購在今年6月完成，預料2014年8月開始動工建廠。
- 興業研究指出，賀特佳推行的下一代綜合膠手套製造中心如期進行，一旦全面落實，2020年總產能將大幅增加至430億隻，目前僅110億隻。另外，興業從管理層處獲知，該公司已經在雪州收購25英畝土地，以建造生產新特別和醫葯手套廠，土地收購未來3個月可完成，預料2015年第二季動工，有助增加年產量110億隻。
http://biz.sinchew.com.my/node/80147 (Aug.2013 - FY2014)
- 贺特佳目前有意收购一片毗邻雪兰莪Bestari Jaya厂房的25英亩地段，拟建设新厂房制造低竞争兼高赚幅的专用手套。
- 分析员预测，首个厂房(第7厂房)将在2016年竣工，每年生产20亿只手套，提供额外产能增长空间。
http://www.nanyang.com/node/556323?tid=761 (Aug.2013 - FY2014)
- HARTA分別於中國和印度設立子公司，擬於新興市場攫取更高的市佔率。
- 該公司董事經理關民亮於股東大會後表示，新興市場手套消耗量將有潛能走高至2千500億隻，加上中國越加注重醫藥保健，因此不難預見區域需求量上升的趨勢。
- 他補充，公司目前95%產量皆用來生產丁腈手套，而超過80%的美國手套市場所用的正是這類手套，預料這股趨勢將延伸至中國市場，因此公司決定把握時機，將旗下產品銷售至更多新興市場。
- 關民亮還指出，當前全球手套市場的成長率估計在8至10%左右，而丁腈手套在大馬的出口量，單是2012年便增長約26%，因此預期未來增長率將可達15至26%之間。
- 他還說，現今亞洲市場平均每人所消耗手套僅5隻，反觀美國乃至於一些先進歐洲國家，每人平均手套消耗量達40至45隻，所以相信手套出口於亞洲尤其是中國市場，擁有相當規模的發展空間。
- 賀特佳這項業務拓展計劃(NGC)將於今年(2013)9月動工，預料一年後(2014)將有6條生產線投入運作，屆時將有助提高公司的競爭力。
http://biz.sinchew.com.my/node/81035 (Aug.2013 - FY2014)
展望2014財政年，关民亮表示该集团于上財政年的业绩成长主要来自于其第6座厂房的加入，惟考虑到该厂房目前已全面投產，因此本財政年將无法取得与上財政年同等的成长率。「现在最重要的便是儘快开始新一代综合手套制造中心的运行，以便能够带领我们步入另一个成长阶段。」
http://www.orientaldaily.com.my/~oriental/index.php?option=com_k2&view=item&id=71186:15&Itemid=198 (Aug.2013 - FY2014)
- HARTA董事经理关民亮表示，总值19亿令吉的综合手套中心（NGC）将于今年9月份动工，并料此后8年的每年产量可增15%。“综合手套中心共有72条生产线，我们预料明年9月份，会率先完成并启用当中6条生产线。”
- 贺特佳财务与业务拓展董事关民敬表示，综合手套中心的生产线将以生产丁腈手套为主，但产线设计也可以生产天然胶乳手套。
- 关民亮披露，贺特佳已在中国和印度成立子公司，准备扩大业务版图。“我们相信发展中国家的手套消耗率会不断增加，未来也会比较专注于这个市场，并在领域起飞前先占据有利的市场位置。”
http://www.nanyang.com/node/559759?tid=462 (Aug.2013 - FY2014)
- Hartalega Holdings Bhd, the world’s largest nitrile glove producer, aims to concentrate more on emerging gloves market especially India and China, as its production capacity is set to increase more than 200% over the next eight years.
- MD Kuan Mun Leong said with the development of its RM1.9 billion next-generation glove manufacturing complex (NGC), the glove maker’s production capacity is expected to jump to 42.5 billion pieces annually from the current 14 billion pieces.
- “The future demand for gloves will be from India and China, as greater awareness on hygiene and cleanliness is expected to increase there,” he told a media conference after the company’s AGM on Tuesday. Kuan said Hartalega had established one subsidiary in China and India each to assist greater business activities, and is interested to explore more emerging markets within the Asian region.
- “China is a developed economy, but as far as healthcare is concerned, it is limited. So the recent proposal to open up healthcare access, if implemented, will certainly drive up the demand and consumption rate,” he said.
http://themalaysianreserve.com/main/news/corporate-malaysia/4472--hartalega-to-focus-on-emerging-gloves-markets-of-india-and-china (Aug.2013 - FY2014)
- HARTA成功研發名為“Coats”的新產品，興業研究看好此新產品有潛力於美容領域中開拓新市場。該公司近期投入700萬令吉，研發專為醫學實驗使用的新型手套，並已其申請專利。興業相信，此類新手套有望得美容領域的青睞，然而目前並未列此因素於財政預測的考量當中，僅表示對此產品的展望正面。
- 興業認為，擬定於2014年8月動工的新一代綜合膠手套製造中心（NGC），將大幅提高該公司產量，於2020年把產量提高至每年430億隻，繼續維持其市場地位。
http://biz.sinchew.com.my/node/81967?tid=18 (Sept.2013 - FY2014)
- To cope with the overwhelming demand, Harta has fast tracked its land filling and
road access infrastructure and is currently building the manufacturing plant.
Management guided that the first phase (11 production lines) will be
commissioned in April 2014. This is a positive development as management had
previously guided that the 1st phase of NGC will only commence in September
2014. Management also guided that the 8-year master growth plan for its NGC
project will now be reduced to 6 years, and is expected to be completed by end-
FY03/20. (NGC has been accorded an Entry Point Project (EPP) status under the
government’s ETP). The CAPEX for the 1st phase of NGC would be c.RM200-300m p.a over the next
6 years. We understand that Harta has allocated a capex of RM200m in FY14 for
construction works which includes the building of a manufacturing plant,
administration office, and road access. As for FY15, Harta guided that CAPEX
will be around RM300m, mainly for production facilities and machineries.
(Affin research Sept.2013 - FY2014)
- We gather that Harta’s newest glove invention,
COATS (Colloidal Oatmeal Active Therapeutic System) is anti-irritant, anti-
bacterial and is anti-dry dermatitis, which is suitable for consumers in countries
where the climate is cold and dry as it has an added moisturising effect. Harta
has secured one big order for COATS for the next 6 months and has received
many enquiries. Due to its current capacity constraint, we are positive on the
sales for COATS going forward.
(Affin research Sept.2013 - FY2014)
We believe earnings growth for
Hartalega will be limited in the near-term as it is already running at a
high plant utilisation rate of 86% (optimal is 90%) and its margins may
also be suppressed by the reversal in NBR cost (Oct 2013: +20%
MoM). We think a solid earnings step-up will only materialize in
2QFY3/15 when the 12 production lines at its Plant 7 come on stream
progressively. Plant 7 will help boost its capacity by 42% (to 19b pcs
p.a.) and we understand that a few of the new lines are already booked
by an existing customer.
(Maybank research Nov.2013 - FY2014)
We understand that HART’s next-generation integrated
glove manufacturing complex (NGC) is making good progress, with
construction on its first line to commence in Aug 2014. Upon completion
of its new facility by 2020, the NGC would boost HART’s overall
production capacity to 43bn pieces per annum compared with 14bn
pieces currently.
(RHB research Nov.2013 - FY2014)
- The construction of 10 production lines in Hartalega’s new plant was completed
in July 2013, with the first production line having started running since
end-September 2012. With the 10 production lines, the new manufacturing
plant is capable of producing 3.9bn gloves per annum, boosting its total capacity
by at least 30%.
- Hartalega introduced a new product - the oatmeal-coated rubber glove - to the
market a few months ago. As opposed to the normal rubber glove which
dehydrates the skin, this new patented product has a skin-smoothening effect
that makes it more comfortable to wear. We note that the demand for this new
product is overwhelming, which could help to support its earnings growth.
- The recent implementation of the goods and services tax (GST) will not have
much of an impact on Hartalega given that the company imports the bulk of its
raw materials and 99% of its products are exported.
(CIMB research Nov.2013 - FY2014)
Results
- Hartalega posted an 80% rise in net profit to RM33.11 million in its second quarter ended Sept 30, 2009 from RM18.37 million a year earlier on the back of expansion in production capacity, higher nitrile sales mix, improvement in production process, lower synthetic and natural latex prices, and favourable exchange rate.
- Revenue rose 20.7% to RM134.6 million from RM111.5 million, while basic earnings per share (EPS) rose to 13.66 sen from 7.58 sen.
- For the six months to Sept 30, net profit rose 90% to RM59.48 million from RM31.26 million a year earlier, while revenue rose 30% to RM259.91 million from RM199.33 million. EPS rose to 24.55 sen from 12.90 sen.
- HARTA2010財政年第四季(今年1月至3月)淨利按年成長49.7%，至4640萬9000令吉，去年同期為3100萬8000令吉。至於2010財政年全年淨利為1億4309萬令吉，與去年同期的8451萬1000令吉比較，成長69.3%。該公司第四季營業額從去年同期的1億2500萬令吉，增至1億6300萬令吉，成長30.4%；全年營業額也按年成長29%，至5億7189萬令吉，去年同期為4億4320萬令吉。
- HARTA次季營業額和淨利大躍進，截至9月30日首兩季淨利按年上揚約50%或2908萬令吉，至8856萬令吉。同期，營業額則揚升36%或9436萬令吉，至3億5427萬令吉。
- 若以季度計算，賀特佳次季淨利報4710萬令吉，按年增幅約1399萬令吉或42%；同期營業額報1億8431萬2000令吉，增幅為37%或4974萬令吉。
- 歸功於產能持續擴充、需求增加，以及有效成本管制和生產程序改善，賀特佳（HARTA, 5168, 主板工業產品組）截至2010年12月31日止首9個月，淨利從9千668萬1千令吉上漲42.5%至1億3千776萬3千令吉。營業額增長32.77%至5億4千239萬3千令吉，前期為4億零850萬7千令吉。
- 按季論，賀特佳第三季淨利成長32.27%，至4千920萬3千令吉，營業額則為1億8千812萬3千令吉，高26.6%。
- HARTALEGA net profit for the fourth quarter ended March
31, 2011 rose 12.9% to RM52.39 million from RM46.41 million a year
earlier, driven by continuous expansion in production capacity, increase
in demand, effective cost control and improvement in production
processes.
- Revenue for the quarter was up 17.8% to RM192.52 million from RM163.39
million. Earnings per share was 14.41 sen while net assets per share was
RM1.36.
- For the financial year ended March 31, Hartalega’s net profit rose 33%
to RM190.16 million from RM142.91 million, on the back of a 28.5%
increase in revenue to RM734.92 million from RM571.89 million.
- Reviewing its performance, Hartalega said on Tuesday, May 10 that the
increase in profit was due to the contribution from its plant 5’s more
efficient production lines and higher capacity to generate increased
sales.
- HARTALEGA net profit for the first quarter ended June
30, 2011 rose 32% to RM54.77 million from RM41.61 million a year
earlier, due mainly to expansion in production capacity, increase in
demand, effective cost control and improvement in production processes.
- Revenue for the quarter increased to RM219.37 million from RM169.96
million. Earnings per share was 15.06 sen while net assets per share was
RM1.45.
- Harlatega Holdings Bhd earnings fell 2% to RM46.13 million in the second quarter ended Sept 30, 2011 from RM47.01 million a year ago as it was impacted by high raw material prices.
- Hartalega said revenue rose 24.5% to RM229.54 million from RM184.31 million. At the profit before tax level, it dipped 2.4% to RM59.55 million from RM61.02 million. Earnings per share were 12.68 sen compared with 12.96 sen. It declared an interim dividend of 6.0 sen per share.
- Overall, 1HFY12 headline net profit grew by 13.9% y-o-y to RM100.9 million. This includes a RM8.7 million loss on foreign exchange and changes in fair value for forward foreign exchange contracts (1HFY11 saw a gain of RM3.1 million). Stripping out extraordinary income, 1HFY12 core net profit grew by a sharper 28.1% y-o-y to RM109.6 million.
- Sales volume in 2QFY12 slipped by 1.6% q-o-q, offset by higher ASP for nitrile gloves (+8.5% q-o-q).
- Key takeaways from 3QFY12
results:
(i) Sales increased 5% QoQ on higher sales volume of 2b pcs
(+4% QoQ, +15% YoY), with plant utilisation at full capacity;
(ii)
However, sequentially lower core net profit of RM51m (-7% QoQ, +6%
YoY) was due to a lower EBIT margin of 27% (-3.4-ppt QoQ, -5.8-ppt
YoY). In order to stay competitive, ASPs were not raised despite the
higher NBR cost
(Maybank IB Feb.2012 - FY2012)
- Harta在截至2011年12月底的9个月内，取得1亿5千200万令吉净利，较2010年同阶段的1亿3千800万令吉为强劲。与此同时，该公司的营业额也取得27.4%增长，从前期的5亿4千200万令吉增至6亿9千100万令吉。
- Harta net profit for the fourth quarter ended March 31, 2012 fell 4.55% to RM50.01 million from RM52.39 million a year earlier, despite a 24.77% increase in revenue to RM240.22 million.
- The company said on Tuesday that the significant increase in revenue was in line with the continuous expansion in production capacity and increase in demand. However, its bottom line was impacted by the increase in raw material prices of nitrile latex, fuel cost and more competitive sales pricing for the current quarter compared with the corresponding quarter of the preceding year, it said.
- For the financial year ended March 31, Hartalega’s net profit was up 5.95% to RM201.62 million from RM190.29 million. Hartalega said revenue for the year rose to RM931.08 million from RM734.92 million.
- “Pretax tax margin reduced to 26.8% from 34.4% owing to the increase in raw material prices of nitrile latex, fuel cost and more competitive sales pricing for the current quarter compared with the previous corresponding quarter,”
- Moreover we believe that the sector is a strong proxy to the
healthcare sector, given that 90% of total production is medical gloves.
Comparatively, the gloves sector trades at 10x 2013 earnings vs. 23x
for the regional healthcare stocks.
(Maybank IB July.2012 - FY2013)
- For the 1st quarter year-on-year basis, the Group’s sales revenue increased by 12.9% and
profit before tax decreased by 1.1%. The significant increase in revenue is in line with the
Group’s continuous expansion in production capacity and increase in demand.
However, the operating profit before other operating expense/income margin reduced to
28.3% from 30.3% due to more competitive sales pricing for the current quarter compared with the corresponding quarter of the preceding year.
- The profit before tax margin reduced to 28.2% from 32.2% due to the above mentioned
reasons and the recognition of net loss in foreign exchange and changes in fair value in forward exchange contracts of RM1,346,000 in the current quarter compared with a net gain of RM3,533,000 compared with the corresponding quarter of the preceding year.
(Harta 2013.Q1 report)
- The company's profits for the quarter ended June 2012 dipped 2.6 per cent to RM53.36 million from RM54.77 million a year ago. Its revenue, however, jumped 13 per cent to RM247.68 million. The growth was in line with continuous expansion of the group's production capacity and heightened global demand.
- "Profit margin, however, reduced to 28.2 per cent from 32.2 per cent. This is due mainly to more competitive sales pricing and recognition of foreign exchange losses," Hartalega said in its filing to the stock exchange yesterday.
- Hartalega explained its profit was dented by foreign exchange losses totalling RM1.35 million in the quarter under review compared with a RM3.53 million gain in the preceding quarter.
http://www.btimes.com.my/Current_News/BTIMES/articles/hlega/Article/ (Aug.2012 - FY2013)
- Hartalega’s 1QFY13 revenue and earnings of RM248m and
RM53m respectively were largely in line with our and consensus forecasts. Revenue grew
13% y-o-y while net profit dipped 2%, no thanks to price competition between rubber glove
makers.
(OSK research Aug.2012 - FY2013)
- Leading nitrile glove-maker Hartalega Holdings Bhd’s net profit for the second quarter ended Sept 30, 2012 rose 26.8% year-on-year to RM58.57 million on the back of a 11% revenue growth to RM255.01 million, according to a company statement. This brought earnings for the first half of the fiscal year to RM112.01 million, compared with RM100.91 million in the preceding year’s corresponding period, even as revenue increased to RM502.69 million from RM448.91 million.
http://my.news.yahoo.com/hartalega-q2-profits-26-8-093008674.html (Nov.2012 - FY2013)
- Stronger core net profit of MYR58m
(+6% QoQ, +10% YoY) was derived from: (i) a higher sales volume of
2.4b pcs (+9% QoQ, +24% YoY) on greater purchases from the US;
and (ii) a higher EBIT margin of 30% (+0.9-ppt QoQ, +0.7-ppt YoY) as
the cut in ASP of its nitrile gloves was less than the fall in NBR cost (-
13% QoQ, -33% YoY). Overall, Hartalega has seen an improvement in
the efficiency of its production lines, which also resulted in greater
economies of scale and higher margins.
(Maybank IB Nov.2012 - FY2013)
- Harta posted a 19.66% jump in profit after tax (PAT) to RM60.62 million for its third quarter ended Dec 31, 2012, compared to RM50.66 million a year ago. For the same period, the rubber glove maker announced that its profit before tax (PBT) surged 22.6% to RM78.36 million from RM63.9 million in the corresponding quarter a year prior, while revenue rose to RM259.56 million.
- PAT for the first nine months of its current financial year (9MFY13) grew 13.89% to RM172.63 million against RM151.58 million in the same period the prior year, while PBT increased 15.7% from RM194.12 million to RM224.56 million.For the same period, turnover also rose 10.33% from RM690.86 million to RM762.26 million on a yearly basis.
http://www.theedgemalaysia.com/business-news/230324-hartalegas-profit-jumps-more-than-19-declares-total-7-sen-for-fy13.html (Feb.2013 - FY2013)
- Revenue rose 7.3% yoy and 1.8% qoq to RM259.6m on the
back of Hartalega’s continuous expansion in production
capacity and increase in demand. However, qoq, weak
growth was reported as higher sales volume (+7.9% qoq)
was offset by lower ASPs (-9.6% for latex and -6.2% for
nitrile).
- Pre-tax margin increased from 26.4% to 30.2% driven by
easing in raw material costs of nitrile latex and NR and the
recognition of net gain in foreign exchange and changes in
forward exchange contracts.
(HongLeong IB Feb.2013 - FY2013)
- HARTA再次交出优异的季度业绩，2013財政年末季按年上扬24.69%，至6242万令吉，而全年营业额创下首次突破10亿令吉的记录。
- 贺特佳在2013財政年第四季（截至3月31日止）净赚6242万令吉，比2012財政年同期的5006万令吉高出24.69%。营业额亦涨了12.3%，至2亿6977万令吉。
- 同时，该公司全年净利从2亿零143万令吉按年升高16.69%，至2亿3505万令吉。营业额从9亿3106万令吉涨了11%，至10亿3200万令吉。
- 贺特佳董事经理关民亮在文告中指出，2013財政年是別具意义的一年，因为贺特佳的营业额首次突破10亿令吉大关，主要是公司作出慎密的策略和规划。同时，贺特佳將持续提高手套的生產力以提升效率。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=54346:10&Itemid=198 (May.2013 - FY2013)
- Hartalega Holdings Bhd posted a 17.9% increase in its profit after tax to RM63mil in the first quarter ended June 30, 2013 from RM53.4mil a year ago with the glove maker upbeat on demand for nitrile gloves. Its revenue rose 12.2% to RM278mil from 247.6mil a year ago while its earnings per share increased to 8.56 sen from 7.30 sen a year ago.
http://www.thestar.com.my/Business/Business-News/2013/08/06/hartalega-profit.aspx (Aug.2013 - FY2014)
- 贺特佳（HARTA，5168，主板工业股）2014財政年第二季（截至9月30日止）净利按年成长8.2%，至6330万令吉，去年同期是5850万令吉；同时，其第二季营业额按年成长10.2%，至2亿8090万令吉，去年同期是2亿5500万令吉。与此同时，该集团在2014財政年上半年也取得强劲的表现，净利从去年同期的1亿1200万令吉，增长12.7%，至1亿2630万令吉；营业额则从5亿零260万令吉，增长11.2%，至5亿5890万令吉。配合公布最新季度业绩表现，贺特佳发文告指出，该集团的营运赚幅从去年同期的28.8%，增长至31.0%。文告称，儘管销售价格竞爭更加激烈，但丁月青和天然乳胶原料价格下滑，成为赚幅提升的主因。新生產线的营运绩效提升，有助营运盈利赚幅增长。
- Hartalega reported 1HFY14 earnings of RM126mil (+13% YoY) on the back of RM559mil in turnover. This is within
expectations, accounting for 49% of our projection and 47% of consensus. QoQ, 2QFY14 turnover and core net profit were up by 1.1% and
0.9% respectively, to RM281mil and RM70mil. The flattish
numbers were expected as Hartalega is already operating close
to maximum capacity. Its final production line (Line 10 of Plant
6) was commissioned in July.
(Am research Nov.2013 - FY2014)
- 即将宣布财年第3季业绩的贺特佳（HARTA，5168，主板工业产品股）未来3个月产量已完全被订购。换句话说，该公司的盈利上升空间有限，料须等到产能进一步拓展后才可突破。我们预测，贺特佳2014财年第3季核心净利或因维修工作影响产量而较为逊色，料会按季下滑5%至6000万令吉。不过，整体表现仍符合全年业绩增长目标。
http://www.nanyang.com/node/597339?tid=709 (Feb.2014 - FY2014)
- 由于较低的平均售价和较高的员工成本，导致营运盈利赚幅从29.3%，跌至26.2%，贺特佳（HARTA，5168，主板工业產品股）2014財政年第3季（截至去年12月31日止）净利按年下跌4.38%，至5787万6000令吉，比去年同期的6052万1000令吉。无论如何，贺特佳现財政年首9个月净利按年成长6.75%，从上一財政年同期的1亿7242万令吉，增至1亿8406万令吉，这主要是因为原產品成本偏低，加上新生產线的营运绩效改善，令首9个月的营运赚幅从29%，稍微增至29.4%。
- 在营业额方面，该公司现財政年第三季和首9个月营业额，按年分別成长3.18%和8.46%，至2亿6782万令吉和8亿2678万令吉，相比上一財政年同期的2亿5956万令吉和7亿6226万令吉。同时，该公司也解释说，2014財政年第三季净利按年减少4.38%，至5787万6000令吉，主要是被营运赚幅下跌拖累，这主要是因为该季度的平均售价偏低，加上配合扩展计划增聘职员导致雇员成本偏高。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=99486:4-3&Itemid=198 (Feb.2014 - FY2014)
- While sales volume was flat QoQ, revenue slipped 5% as the
company adjusted its ASP downward to reflect the lower NBR costs
in 2QFY3/14 and also pricing pressure from the nitrile competition.
EBITDA declined by a larger 9% QoQ due to other factors such as:
(i) the time lag in passing on higher NBR costs which rose 4% QoQ;
(ii) a slight increase in the sales volume of the lower margin latex
gloves to Brazil; and (iii) additional labour cost ahead of the
commencement of its new plants in Sepang.
(Maybank research Feb.2014 - FY2014)
4QFY3/14 topline expanded 5% QoQ and 4% YoY on higher sales
volume (+5% QoQ, +12% YoY) offset by lower ASP (flattish QoQ, -6%
YoY) due to price competition. 4Q EBITDA margin fell to 29% (-2.8-
ppt QoQ, -4.4-ppt YoY) due in part to the additional costs incurred
(i.e. hiring of engineers and workers) ahead of the commissioning
of its two new plants at Sepang.
(Maybank research May.2014 - FY2014)
Shareholding
(Maybank research Feb.2014 - FY2014)
- 随着股价节节攀升，通过Hartalega工业私人有限公司持有50.15%股权的关锦安及其家族，财富也随之水涨船高。《南洋商报》根据上市资产估算，关锦安于2013年的财富劲升57.6%，或11亿3200万令吉，累积财富达30亿9700万令吉。
http://www.nanyang.com/node/601136?tid=991 (Feb.2014 - FY2014)
News
- In May 2007, Tillotson Corporation filed a complaint to the U. S. ITC against a
long list of nitrile glove manufacturers in Malaysia, Indonesia, China and
manufacturers and re-sellers in the U.S.A. Twelve glove manufacturers in
Malaysia were named in the complaint. Seven of the Malaysian respondents joined together to challenge Tillotsons claim in the ITC investigation. Their challenge was co-ordinated by the Malaysian Rubber Glove Manufacturers Association (MARGMA). The respondents included: Hartalega Holdings Sdn.Bhd., Laglove (M) Sdn. Bhd., Latexx Partners Berhad, Kossan Rubber Industries Bhd., Riverstone Resources Sdn. Bhd., Top Glove Corporation Bhd., and YTY Holdings Sdn. Bhd. On 22 December 2008, the ITC confirmed the ruling of the ALJ and decided that there had been no violation of U.S.C. Section 1337 and the investigation was terminated.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/269860 (Dec.2009 - FY2010)
賀特佳董事經理關錦安說：“全球手套需求雖不會像去年般出現買家催貨現象，畢竟A（H1N1）型流感已過去。”
http://www.chinapress.com.my/node/151055 (Aug.2010 - FY2011)
- Hartalega Holdings Bhd said it had never been ordered to close, suspended, nor issued serious warnings of any kind.Its executive director Kuan Mun Leong said they were assured by Selangor Menteri Besar Tan Sri Khalid Ibrahim during a meeting on Dec 2 that “we are operating legally and are in full compliance of all state regulations”.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/343909 (Dec.2010 - FY2011)
- 利得股份（LATEXX, 7064, 主板工業產品組）和YTY工業合併告吹，市場有些出乎意料及失望，但這項並購計劃的告吹，分析員相信一些大型的手套生產商或探討併購YTY工業，以期即刻產生產能及盈利增強效果及取得長期增值的潛力。較早時，利得股份接獲YTY工業提出合併計劃，建議利得股份透過現金和新股，以13億6千500萬令吉收購YTY工業旗下4家涉及膠手套與丁睛手套製造業
務的子公司，以創造全球最大規模的丁晴手套生產商，產能達162億件，128億件為丁晴手套，同時也打造最有利可圖的3大頂尖手套商之一，不過，有關計劃
已經告吹。
- “收購YTY使頂級手套鞏固其地位成為最大規模手套生產商，掌控28%的全球市佔率。它也是最大規模的丁晴手套生產商，掌控19%的全球丁晴手套市佔率，超越賀特佳的17%。”此外，頂級手套的丁晴手套佔總產量的比重比現有的13%增至24%。
http://biz.sinchew.com.my/node/49880 (July.2011 - FY2012)
(Maybank IB July.2012 - FY2013)
- Since its offer for Latexx, Semperit has told its existing contract glovemakers that there will be no
knee-jerk withdrawal of contract
capacity. This gives its partners time
to plan for an eventual pullout as
Semperit enhances Latexx's 40-50%
utilisation. We expect the withdrawal
to take place in Dec 13 as Semperit
needs time to clear regulatory
hurdles and integrate operations.
Overall, we believe that the impact
on the sector will be minimal as
Semperit's OEM production is
spread out. For example, Semperit's
volume with Hartalega and Top
Glove is less than 1% of total output.
(CIMB research Nov.2012 - FY2013)
- Glove manufacturers HARTALEGA has been named as one of the best performing listed companies in 2012 in Asia with sales revenue under US$1 billion by Forbes Asia for the third year running.
- 分析员表示，随着流感季节提早到来，市场对手套需求可能上升的预测将推升手套股股价。
- 美国2012至2013年的流感季节开始得比预期早，目前已蔓延至超过40个州属。随着案例逐渐增加，流感季节可能延伸至3月或4月。
- 丰隆投资银行分析员表示，如果目前情况延续或者恶化，预测手套需求（特别是手术手套）会大增，手套股股价有望上涨。不过，根据历史数据，股价上涨的情况可能不能持久。不过，分析员表示，根据历史数据，就算流感情况恶化，美国橡胶手套的需求将不会显著飙升。“就算是H1N1或是非典型肺炎（SARS）横扫美国时，橡胶手套的需求并没有激增。”
- 頂級手套旗下3家子公司，接獲賀特佳旗下子公司及Sentinel工程公司發侵權索償出庭傳票。
- 大馬研究表示，賀特佳在2005年推介全球首個羽量級（Light weight）丁腈手套時開發相關技術，此後雙前行（Double FormerLine）生產模式廣為領域業者採用，並幾乎成為各大手套製造商慣性生產線。
- “我們並不認為這將對頂級手套或其他被告帶來重大影響，因我們相信賀特佳此舉意在尋求市場對其技術能力和創新文化進一步認可，而非向被告發出實際停止令（cease and desist）。＂
- 安聯證券表示，雖然實際損害有多嚴重仍不得而知，賀特佳已對被告發出停止命令，但不相信頂級手套等被告將因此暫停生產活動。
- “我們相信這項侵權案最終將以庭外和解告終，而賀特佳將可藉此取得部份授權費，因此除潛在不列名的或有負債（Contingent Liability）外，並不預期頂級手套金融賬（Financial Account）將出現任何重大財務衝擊。＂
- 大馬研究補充，賀特佳仍希望獲得金錢賠償，因此不排除公司可能藉此透過將專利授權予其他製造商從中獲利。“據悉，其他2家手套製造商已尋求與賀特佳庭外和解，其中涉及一定金額的專利授權費，因此我們在等候管理層進一步詳情
- Latexx Partners Bhd has been served a write of summons and statement of claim by Sentinel Engineering (M) Sdn bhd and Hartalega Sdn Bhd. It said the writ of summons was also served on five other glove manufacturing companies and two suppliers of glove machinery parts or components.
- 這並非賀特佳首度展開法律行動，該公司曾透過獨資子公司Sentinel工程，在2010年8月6日起訴Ecotherm私人有限公司侵犯其另一個類似的專利權，訴訟過程長達逾一年，直至2011年8月25日才下判。“從過往記錄來看，我們相信目前的法律程序將延續逾一年，因涉及更多公司，相比上一回的訴訟只涉及3家公司。
HARTALEGA has been named as best managed medium cap company in Malaysia for a second time by Asiamoney’s ‘Best Managed Company Awards 2012.’The company first won the award in 2010.The award recognises notable companies with excellent management against a range of criteria such as profitability, market leadership and innovation.
- Interestingly, Hartalega's foreign shareholdings have increased from 10 per cent in February 2012 to around 15 per cent this month. Top five foreign institutional shareholders are BNP Paribus, JPMorgan, Franklin Templeton, Bank of New York Mellon and Old Westbury Global Fund.
- 天然乳胶价格走缓，市场需求由丁腈手套转向乳胶手套，部分券商看淡贺特佳（HARTA，5168，主板工业产品股）赚幅增长，盈利增幅预测更遭下调。“我们早前预期随着第6厂房启用，产量提高及效率改善，可以抵消原料成本价格走高的冲击，但因2014财年首9个月的销量走滑，使得产能使用率仅达69%，无法维持贺特佳赚幅。”
Bull case
- "Among our many firsts is our creation of the double former dipping lines which produce 30,000 pieces of gloves per hour in comparison to the industry average of 8,000 to 10,000 pieces of gloves per hour."
- 國內最大丁晴手套（Nitrile Glove）廠商
- 高速生產線鼻祖
- 產能為業界最高
- 賺幅最高
- 首家設立生物質能源廠
- 贺特佳的效率是全球第一，平均每个小时生产3万5000个手套
- 该公司还自家研发自动脱除手套系统，这也是世界上第一个自动脱除手套机器的系统，每小时大约能脱除3万3000个手套。至今，贺特佳还是独家拥有此等设备的手套业者。
- 贺特佳每年盈利除员工人数，该公司目前已达28万令吉，领先行业10年，相比整个行业平均值需要到2018年才达致。
- 即使没有禽流感，胶手套业也同样会成长，因为胶手套是医疗领域最基本和最能负荷的病菌隔离工具，再加上印度和中国对卫生标准要求加倍关注，更刺激了医疗手套未来的需求量。国际研究机构估计，手套的需求在未来10年，将保持8%至10%的成长率。
- 贺特佳优越素质的手套，加上经济效益，降低平均售价，它仍然是市场最爱的丁晴手套供应商。
- 乳胶价格飙升是胶手套发展的负面因素，但基于多数手套业者实行有效价格体制，那就是以前一个月的乳胶平均价格，为这个月的手套售价定价，使业者可在最短的时间内，将费用转嫁至消费者身上，保住赚幅侵蚀。贺特佳主要是生产丁晴（Nitrile）手套，丁晴价格波动不如橡胶那么大，因此贺特佳会持续的保持它丰厚的赚幅。
- 副董事经理关民亮指出，该公司向来不向制造业者购买生产线，而是选择内部究发。公司目前拥有全球首个双层生产线，每小时产量高达3万只手套，足以称霸全世界。不断寻求创新的贺特佳，也拥有全球首个从生产线下拿下手套的系统，每小时同样可以处理3万只丁腈（Nitrile）手套。
中国是全球最庞大人口，但手套使用量偏低，市场成长潜能是非常大的。无论如何，关民亮提醒，贺特佳并不翼望中国市场可在短期内做出贡献，该公司将继续依赖欧美国家的需求。中国市场在未来10年的成长潜能，可是，中国不可能在未来3至5年内成为我们的主要客户。他表示，中国的每年手套使用量只有20亿至30亿只，难以和使用量多达470亿只的美国市场相提并论。
-
關錦安估計，全球手套市場市值目前約在150億令吉左右，而且有望在2020年翻倍至300億令吉，手套需求持續看漲，公司放眼繼續憑著高效運作模式、產能拓展計劃和在丁晴手套市場建立的領先優勢，於未來攫取更高額市佔率。
http://biz.sinchew.com.my/node/59885?tid=6 (May.2012 - FY2013)
- RHB Research Institute wrote in a note on May 9 that the successful implementation of Hartalega's NGC project will be crucial to the glove manufacturer's growth story. It said achieving greater economies of scale will give Hartalega the muscle to compete against larger rivals. These include Top Glove Corp Bhd with annual production capacity of 38.5 billion and Supermax Corp Bhd with 17.5 billion pieces.
http://www.theedgemalaysia.com/mobile/article.php?id=214787 (June.2012 - FY2013)
Leader in nitrile glove market; highest ROE and net profit margins; most efficient and profitable glove
maker. In the event of a price war, Hartalega’s earnings will
be the least affected, shielded by its high profit margins.
(HongLeong IB June.2013 - FY2014)
(RHBresearch Feb.2014 - FY2014)
Growth and thus sustainability are driven by:
(i) economies of scale from building capacity while leveraging on in-house technological advances to mitigate any severe margin compression
(ii) increased product variants
(iii) healthy world demand for rubber gloves at about 8% per year especially from emerging markets
(iv) opportunities in low glove usage per capita countries with large populations
The dual purposes of building the NGC are to
achieve cost efficiency and high productivity: i) plants and warehouses
will be streamlined to achieve optimal logistics efficiency, and ii) the
plants will be equipped with the most technologically-advanced
production lines and automation, which may help to sustain margins.
(RHBOSK Nov2014 - FY2015）
Bear case
- Infrastructure constraints, such as natural gas shortages, could derail companies’ expansion plans, industry players have said.
- There was also a risk that surging raw material costs could dent profit margins. The world’s top supplier, Thailand, denies it is sitting on stocks that it could release
(Reuters Year 2009)
- 由于丁晴手套的赚幅可观，这一、两年来也导致更多的竞争者出现，且不断增设生产线，最终会否供多于求，难以预知。
http://www.nanyang.com/node/360187 (Dec.2010 - FY2011)
- (i) sharp surge in raw material prices which may result in margin squeeze;
- (ii) appreciating ringgit against the US dollar
- (iii) execution risk from capacity expansion
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=21 #411 发表于 2011-12-5 小番薯
- 分析師指出，最低基薪和外勞供應都是此領域挑戰，目前擁有最高自動化生產技術、對人力仰賴最低的的賀特佳，最受看好在成本高企時站穩腳步。
http://www.chinapress.com.my/node/307948 (April.2012 - FY2012)
- Its competitors are ramping up nitrile production as demand from the developed economies of Europe and the US shift towards consuming nitrile gloves instead of latex gloves.
- Furthermore, the automation process within its rivals is seen to be picking up with machines from China now capable of running at 26,000 pieces of gloves per hour, he claims.
- Hartalega feels that the productivity improvements will lead to a margin expansion should everything remain the same but is cognisant of the current trends of the market where prices are being thrown to get new business.
-不过，马银行投行研究分析员还是为此计划点出两项风险：
（1）发展速度比过去3年稍快，将需补充中至高阶的人力资源来应付扩大产量。
（2）低于预期的丁晴手套需求增长，相较于过去两年的按年增长为30%。
- Shift in demand to natural latex gloves from nitrile gloves, if
prices of natural latex fall significantly below nitrile latex.
-
Delays in capacity expansion plans.
-
Surge in nitrile latex prices.
-
Depreciation of USD vs. MYR
(HongLeong IB Feb.2013 - FY2013)
- 此外，大馬研究稱，當丁腈手套產能過度的跡象被關注之際，價格環境競爭升溫及原料價格走低也同時發生，促使該公司2014財政年的平均銷售價格下跌8%至每1千只31美元，但最低薪金制度的執行、油價或走高以及稅收優惠政策損失將限制價格進一步走跌。
http://biz.sinchew.com.my/node/74841 (May.2013 - FY2014)
-
Delays in capacity expansion plans.
-
Surge in nitrile latex prices.
- Shift in demand to natural latex gloves from nitrile gloves, if prices of natural latex fall significantly below nitrile latex.
- Depreciation of USD vs. MYR.
-
Possibility of increased competition in nitrile
glove market.
(HongLeong IB June.2013 - FY2014)
- CIMB Equities Research is downgrading Hartalega from Outperform to Neutral and the glove sector from overweight to Neutral.
- “We believe the market is pricing in a blue-sky scenario of benign competition and capacity expansion, ignoring the risks of margin erosion, price competition and cost inflation,” the research house said on Wednesday.
- CIMB Research said its analysis suggested glovemakers were not coordinating their expansion plans as each of the big four appears to be sprinting to become the world's largest glovemaker. “Our analysis in this note will show that synthetic capacity could rise by 22.1% annually up to 2020, outpacing the sector's historical average demand growth of 8%-10%,” it said.
http://www.investalks.com/forum/viewthread.php?tid=74&extra=&page=71 (June.2013 - FY2014)
- 丰隆研究也表示，賀特佳業務風險，包括
(1)產能擴充計劃延遲推行，
(2)丁腈及樹膠原料價格走高，若是樹膠價格大跌使市場需求從丁腈轉向膠手套，
(3)以及美元兌馬幣匯率貶跌等利空興業說，
賀特佳推行的下一代綜合手套製造大廈（NGC）計劃取得良好進展，預料2014年8月將開始動工興建，一旦在2020年建峻後，產能增加至每年430億只手套，比較目前僅為140億只。
http://biz.sinchew.com.my/node/85577?tid=18 (Nov.2013 - FY2014)
Price competition due to nitrile gloves over expansion
(RHB Feb.2014 - FY2014)
- Mismatch between demand and supply in rubber gloves
(Hong Leong April.2014 - FY2014)
- Further reduction in ASP amid steep competition
- Shift in demand from nitrile gloves to natural latex gloves, if
prices of natural latex fall significantly below that of nitrile.
(HongLeong Research April.2014 - FY2014)
分析员的短视！
整体而言，分析员不看好手套领域，因业者担心波动的胶乳价格，以及不利的匯率走势。除非爆发任何重大疾病，否则相信该领域短期没有立即的利好因素。
The operating environment for the glove producers has
turned favourable, with falling input costs, a stronger USD and growing
demand.
管理层表现OK吗？有兑现承诺吗？
天然胶手套转向丁青手套的趋势持续？
亚洲尤其中国未来庞大市场的需求／潜能？
新兴市场的中产阶级崛起，世界卫生意识提升？
小规模手套厂商被淘汰，Harta扩大市占率？
Harta的新一代厂房对营业额和净利的贡献？
Harta的新一代厂房创造的经济效应？
Harta之所以赚副领先同行靠的是生产技术，那技术有突破吗？同行有赶上来了吗？
等等等， 这不是我们投资更应该关心的吗？
乳胶，汇率，重大疾病都是一些公司无法控制和预测的因素？而且这些因素造成的影响都不是长期的。假如我们不断猜测他们对公司造成的短期负面（或正面）的影响，投资不是很累吗？
SWOT
(RHBOSK IB Nov.2014 - FY2015)
