Company background

CB工业产品（CBIP，7076，主板工业产品股）的业务主要涵盖：

1. 棕油器材及生产工具的机械支援、经营及合约工程、

2. 通过联营公司及联号公司栽种棕油树，和生产原棕油及棕仁，

3. 改造特别用途汽车。

2012年，工程业务分别对营业额和营运盈贡献了59%和33%。

http://nanyang.com/node/432079?tid=687 (Mar.2012)

A modipalm specialist. CBIP has collaborated with the Malaysia Palm Oil Board to jointly develop a non-pressurised continuous sterilisation (CS) technology for palm oil mills. The company earned a patent for the “Continuous Extraction of Palm Oil and Palm Kernel” process in 2006, giving it an exclusive right to build Modipalm mills with the CS technology until 2021. In addition, the company’s pioneer status for 10 years allows it to enjoy tax incentives till 2015.

[OSK research Sept.2012]

Business

「我们的客户源主要都是来自大马和印尼，以我们產品的科技和价格，希望可以吸引更多种植业的上市公司。」CB工业產品董事经理林再明表示。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=10784:cb-50&Itemid=198 (May.2013)

- CBIP manufactures and markets palm oil equipment and related products. It is also involved in retrofitting special vehicles and cultivation of palm oil plantation.
[OSK research Sept.2012]

- A palm oil mill specialist. CBIP is involved in the design, manufacture, procurement, supply, construction and commissioning of palm oil mills. With more than 30 years of experience in the industry, the company is now a full-fledged turnkey contractor for palm oil mills. It has the capacity to build about 14 mills per year. In addition, the company is engaged in palm oil plantation and retrofitting special purpose vehicles such as ambulances and fire engines.

[OSK research Sept.2012]

- 2012年，棕油厂配备对CB工业产品的营业额公司66%，其余34%贡献来自改造特别用途汽车。在税前盈利方面，棕油厂配备和改造特别用途汽车则联合贡献85%，其余15%是来自联营企业和联号公司。
http://www.nanyang.com.my/node/516628?tid=687 (Mar.2013)

- 就整体海外业务贡献而言，他表示公司约60%的营业额贡献自海外业务，而在大马的业务主要是为现有客户的棕油厂设施进行升级工程。
- 目前公司业务遍布大马、中南美洲、巴布新几内亚、印尼和西非。
http://nanyang.com.my/node/538105 (June.2013)

Management

- 至於印尼的種植業務方面，CB工業產品的種植地段達4萬公頃，當中1600公頃已開始種植。他表示，公司將在2013年正式投入種植，預計第一年內，將種植5000公頃的棕油，隨後則每年種植7000至8000公頃。這意味著，該地段將在5年內達到全面種植。
http://www2.orientaldaily.com.my ... HsU00072Qyq2Q1X36iZ (Feb.2012)

- CB工業至今共種植了4千公頃油棕地，管理層計劃在2013年加快種植速度，加種1萬1千公頃新園地，豐隆認為按如此進度估計，該公司可在2018年前完種旗下可種植地庫。
http://biz.sinchew.com.my/node/68842 (Nov.2012)

- 公司2013年将积极种植1万1000公顷油棕。截至目前，公司已种植4000公顷。
- 由于棕油需求和价格长期而言仍然乐观，管理层表明会继续在印尼增加地库。
http://www.nanyang.com/node/502074?tid=510 (Nov.2012)

- 当询及印尼业务所面对的困难时，他表示，在印尼购地经常会面对各种问题，但公司在当地拥有很好的合作伙伴，能解决包括政府部门在内的难题。
http://nanyang.com.my/node/538105 (June.2013)

Shareholdings

Lim Chai Beng 32.7%

Lim Chai Huat 3.68%
[OSK research Sept.2012]

Corporate exercise

Proposed:

(i) bonus issue of up to 137,562,500 new Shares, to be credited as fully paid-up, on the basis of one (1) Bonus Share for every one (1) existing Share held at an entitlement date to be determined later; and

(ii) increase in the authorised share capital of CBIP from RM10 0,000,000 comprising 200,000,000 Shares to RM500,000,000 comprising 1,000,000,000 Shares.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/548386 (April.2011)

- CBIP is selling its equity interests in Sachiew PLANTATION Sdn Bhd and Empressa (M) Sdn Bhd for a total of RM268.06 million. Sachiew is principally involved in the cultivation of oil palm and production of crude palm oil and palm kernel, while Empressa engages in the cultivation of oil palm and the operation of a palm oil mill.

- In a filing Wednesday, June 1, CBIP said that it had entered into a share sale agreement with Yuwang Plantation Sdn Bhd (Yuwang), Goldhill Innovation Sdn Bhd and See Hong Chen & Sons Sdn Bhd (SHC)to dispose 1.5 million shares of RM1 each in Sachiew for RM108.12 million cash. The company said it had also entered a share sale agreement with Yuwang, Multi Elite Enterprise Sdn Bhd and SHC to dispose 15 million shares of RM1 each in Empressa for RM159.94 million cash.

- CBIP said the gross proceeds of RM268.06 million from the disposal would be utilised for its working capital including for financing receivables, inventories, and repayment of bank borrowings. It said the cash proceeds were estimated to be utilized within two years from the date of completion of the disposals.
http://www.theedgemalaysia.com/business/187493-cbip-to-sell-sachiew-empressa-for-rm26806m-.html (June.2011)

- Both Sachiew and Empresa have plantation land in Miri, Sarawak. Sachiew currently holds a 60-year lease for a parcel of land measuring 3,720ha. The lease expires on March 1, 2045. Empressa holds a 99-year lease for a 5,936ha parcel of land with its lease expiring on Sept 27, 2087. A portion of the Empresa land is currently the subject of a dispute concerning customary land rights. CBIP’s original cost of investment for Sachiew and Empresa was RM16.3 million and RM59.2 million respectively, giving it a tidy gain of RM192.6 million on its investments.
http://www.theedgemalaysia.com/highlights/187537-cbip-to-sell-plantation-land-for-rm268m.html (June.2011)

- Sachiew and Empressa hold a combined 7,268ha of matured oil palm plantations and two mills with combined daily output of 75 tonnes. In a note yesterday, HwangDBS Vickers Research said it had slashed CBIP’s net profit projection for FY11 ending Dec 31 to FY13F by 8% to 26%. This was because the combined interest cost savings and interest income would be insufficient to offset the foregone earnings from Sachiew and Empressa, which contributed RM16.8 million last year.
- Analysts were largely positive on CBIP’s proposed disposal which they said unlocks the value of the group’s underperforming plantation estates. The plantations were “below average performers” with poor fresh fruit bunch (FFB) yield of between 18.5 and 21 tonnes per ha over the last three years despite its peak age profile being 12 to 13 years, Maybank IB Research said. Additionally, CBIP’s total cost per tonne at RM1,700 per tonne was higher than industry’s average, the research house added.
- With the disposal, CBIP still effectively owns 7,200ha of plantation under its joint ventures and associate companies, as well as 8,000ha in Kalimantan, Indonesia.
- “Post-disposal, CBIP is still keen on its upstream plantation business and scouting for new opportunities. It is also looking to expand its manufacturing facility which is running close to maximum capacity,” Maybank IB Research said in a note yesterday.
Maybank IB Research said the group had identified a 10-acre site near its Teluk Panglima Garang manufacturing plant to expand its mills engineering segment.

http://www.theedgemalaysia.com/mobile/article.php?id=187604 (July.2013)

- 99年5月上市第二板，在进行两次付款附加股（75仙现金以及25仙保留盈利支付）后于05年7月转至主板上市，以及将1令吉面值的普通股折细成面值50仙的普通股，使股本增至1亿3千100万股。
- 进行1送1红股而派送的1亿3千400万股新普通股于2012年3月上市。
http://nanyang.com/node/432079?tid=687 (Mar.2012)

Landbank

- 該公司目前于本地擁有8000公頃種植用地，另外還透過與其他公司聯營，持有7200公頃種植地。
CB工業在印尼加里曼丹中部亦擁有8000公頃種植地庫，其中，種植範圍達2000公頃。
http://www.chinapress.com.my/node/220991 (May.2011)

-30% associate (Kris Jati & Bahtera Bahagia）总地库21000公顷，已种植16500公顷，地处砂劳越
50% joint venture （Pride）总地库 5500公顷，已种植4683公顷，地处砂劳越
94% subsidiary 总地库32812公顷，买入价为1千600万，地处东加里曼丹
85% sawit lamandau raya，总地库8000公顷其中3000公顷证实不适合种植油棕，地处东加里曼丹，已种植1338公顷，2009年买入价为400万
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=&page=12 (July.2012)

- CB INDUSTRIAL PRODUCT HOLDING reported Aug 29, 2012 that the Company had entered into Agreement to acquire from 3 Indonesian nationals viz. ELAN S GAHU, EDWIN PERMANA and CORNELIUS N ANTUN 940 shares of IDR1m each for IDR18.8 bil (RM6.3m) or 94% in PT GUMAS ALAM SUBUR.
PT GUMAS has been granted land of approx 14,347 hectares located in the District of Kurun and Mihing Raya, in Central Borneo, Indonesia with 14,049 hectares of convertible production forest and 298 hectares for other purposes. The land will be used for an oil palm plantation. Generally, Indonesian land leases are only rights of use and may involve other ownership implications.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1054481 (Aug.2012)

- 该公司也宣布將以740万令吉收购PT Kurun Sumber Rezeki（KSR）约94%股权。KSR在加里曼丹中部拥有面积达1万6610公顷的未开发土地，可种植油棕。CB工业產品以每公顷444令吉的价格收购这片土地，低於之前的土地收购价。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=29762:cb&Itemid=198 (Aug.2012)

- CB工業至今共種植了4千公頃油棕地，管理層計劃在2013年加快種植速度，加種1萬1千公頃新園地，豐隆認為按如此進度估計，該公司可在2018年前完種旗下可種植地庫。
http://biz.sinchew.com.my/node/68842 (Nov.2012)

- 在加里曼丹投资之后，CB工业产品在加里曼丹中部有3万7273公顷的种植地。可耕种的面积为3万3000公顷或是占总面积的89%。由于每公顷油棕园的开发成本为1万6000令吉，所以CB工业产品每开发5000公顷的土地，就必须花费8000万令吉。
- 对于CB工业产品而言，种植成本并不是大问题，因为它截至2012年为止拥有1亿7300万令吉的庞大净现金，再加上于2013年至2015年平均每年净现金流量介于9000万至1亿令吉。整体而言，来自种植业务的贡献不会很大，因为它的油棕必须到2015年才开始产果。
http://www.nanyang.com.my/node/516628?tid=687 (Mar.2013)

- 截至2013年3月，CB工业產品在印尼一共种植了2000公顷土地。在2013財政年，该公司预计种植面积將达到8000公顷，每公顷的种植成本约6000至7000美元。分析员將CB工业產品2013至2015財政年盈利预测下调1.3%到2%之间，这是基於该公司在2013財政年將做出较高的资本开销（CAPEX），从7000万令吉提升至8000万令吉，主要是因为种植成本提高所致。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=51387:cb&Itemid=198 (April.2013)

- CB工业产品董事经理林再明表示，印尼市场比大马更具发展潜能，目前，公司在印尼共有7万5000公顷的地库。
http://nanyang.com.my/node/538105 (June.2013)

Growth/Strategy

- 對於該公司未來的發展計劃，林再明表示，如果有機會，該公司將會考慮作出更多短期、中期和長期的投資。但是卻不會從事一些與公司核心業務無關的業務，還是會專注在棕油領域。
- 林再明表示，公司仍會維持30%的派股息政策，因公司需保留資金，以便日後探索海外發展機會。
http://www2.orientaldaily.com.my ... 66G023V5D2036Cx1X6n (May.2011)

- 看好原棕油種植領域發展，CB工業今年計劃擴大種植地庫。CB工業董事經理林再明指出，公司也將把已開發地段列入購地考慮範圍。
http://www.chinapress.com.my/node/220991 (May.2011)

- 分析員透露，該公司近期轉型為專注製造標準化的油較廠，而非客製化建造油較廠，以確保品質管理和產能效率。
http://cnews.cari.com.my/news.php?id=157817 (Nov.2011)

- CB工業產品將積極透過尋求新客戶，及為舊廠進行轉換等方式，將其大馬油較廠製造的市占率從約40%，提高至60%。該公司也將為大型棕油公司，如豐益國際（WILMAR）、聯邦土地發展局（Felda）、TH種植（THPLANT，5112，主板種植股）等，進行舊廠轉換業務。
- 「我們每年可製造15個油較廠，基於我們目前擁有更多時間和資金，所以應積極尋找新客戶源。」林再明是在CB工業產品的股東特別大會後，向記者發表談話。
- 他表示，該公司大馬油較廠製造的市占率達30%至40%，而印尼則不超過25%。他透露，油較廠製造業務中，印尼貢獻海外總營業額的60%，其他則來自非洲和中美洲，而該公司下一個目標是巴西市場。

- 林再明表示，CB工業產品的統一油較廠（standard mill）和傳統棕油廠（conventional mill）生產的比重各佔80%及20%，而其油較廠的產量為45公噸，適用於中型廠房。「由於土地價格逐漸上升，加上土地供應量有限，因而提高產能是最佳方式。即使只是增加1%的產能，也可為業者帶來很好的回酬。」林再明認為，或許市場會認為轉換舊廠的成本很貴，但基於產能增長和成本降低，這仍有助於該公司在短時間內回本。
- 該公司將在2012財政年分別為其印尼種植業務與製造業務，投入6000萬令吉和1500萬令吉的資本開銷。至於印尼的種植業務方面，CB工業產品的種植地段達4萬公頃，當中1600公頃已開始種植。他表示，公司將在2013年正式投入種植，預計第一年內，將種植5000公頃的棕油，隨後則每年種植7000至8000公頃。這意味著，該地段將在5年內達到全面種植。
http://www2.orientaldaily.com.my ... HsU00072Qyq2Q1X36iZ (Feb.2012)

- 2013年以前，CB工业也打算扩增巴生厂房以提升产能。“由于更为专注提供高盈利回酬的机械项目，将低盈利的土木工程进行外包，集团的工程业务将看见盈利赚幅的增长。”黄氏星展唯高达证券研究认为。

- 它也计划在2013年杪，将巴生的工厂生产工具数量，由目前的12至14架，增至20至24架。专注在可带来更高赚幅，以及将低赚幅的厂房土木工程进行外包的策略，从而使工程业务赚幅提高。
http://nanyang.com/node/432079?tid=687 (Mar.2012)

-CB工业產將积极寻求更多新客户，相信明年油较厂工程业务市佔率可提升至50%。CB工业產品董事经理林再明表示，在完成了发送红股及脱售两家种植公司后，目前CB工业產品没有任何的企业活动计划，所以公司將专注在寻找油较厂新客户，以善用產能。

-「我们的种植地段约5万公顷，95%属於未开发土地。」林再明表示，为了展开种植，明年將拨出1亿令吉作为营运资金。今年的营运资金是3000万令吉。林再明出席第15届股东常年大会后，向《东方財经》作有关披露。
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=10784:cb-50&Itemid=198 (May.2012)

- CB工業至今共種植了4千公頃油棕地，管理層計劃在2013年加快種植速度，加種1萬1千公頃新園地，豐隆認為按如此進度估計，該公司可在2018年前完種旗下可種植地庫。
http://biz.sinchew.com.my/node/68842 (Nov.2012)

- 根据证券行报告，CB工业产品于2004年于砂拉越收购1万4500公顷的土地种植油棕。由于大马很难再获得种植地，所以它决定退出大马，并将筹得的资金转战印尼。于2012年5月，它脱售9656公顷的砂拉越园丘，成交价为2亿6810万令吉。
http://www.nanyang.com.my/node/516628?tid=687 (Mar.2013)

- CB工業建議以3千600萬令吉收購巴生一塊10英畝地庫，藉此擴大開始吃緊的鍋爐產能。興業研究指出，上述地庫原本由其競爭者VickersHoskins擁有，附帶兩間工廠和辦公樓，有助該公司擴大鍋爐業務，收購價也顯得合理。
- “CB工業鍋爐產能目前已逼近全面投產，收購競爭對手資產讓該公司緩和這方面壓力，同時對整體業務帶來正面效益，由於該公司截至去年杪持有1億7千350萬令吉淨現金，融資方面料不成問題。＂
- 大馬研究則表示，CB工業目前持有9億零180萬令吉合約，其中有約20%是鍋爐訂單，未入賬銷售則企於3億2千890萬令吉。此外，大馬研究也不排除該公司未來將所有鍋爐業務集中在新地點的可能性。
http://biz.sinchew.com.my/node/72603 (April.2013)

- CB工业产品以总值3597万5000令吉，收购位于巴生占地10英亩的土地，其中包括两家厂房和一间办公楼等。这地皮原属竞争对手———Vickers Hoskins。该收购项目估计将在2013年次季杪完成。

- 根据10英亩的地皮规模计算，CB工业产品支付每英亩360万令吉或每平方尺82.60令吉，我们相信这是合理的价格，因符合该地区的土地平均交易价，也就是每平方尺85至90令吉。

- CB工业产品披露，要扩展锅炉制造业务的产能已有一段时间了，主要是因为其锅炉制造厂房已达近全面生产的阶段。

- 该公司收购的这家锅炉制造厂房，与自己位于巴生的制造厂房距离不远，这让该公司可凭借modipalm工厂的营运，交叉销售其锅炉产品。

http://www.nanyang.com/node/521775?tid=709 (April.2013)

Results

Contract

- CB Industrial Product Bhd’s unit has secured a RM38.35 million contract from the Ministry of Health to supply 100 units ambulance 4x2 (Type “A” and “B”) inclusive medical equipment to the Ministry.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/548721 (April.2011)

- CB工业产品顾客加码订单，合约因此增值至3100万令吉，可为集团带来净利约400万令吉。(Margin 400/3100=12.9%) 根据集团指出，上述合约的原本内容是价值720万令吉的棕油科技和工程配套，但之后顾客决定增加设计、安装等服务，拉高了合约价值。
http://www.nanyang.com/node/321869 (May.2011)

- CB工業產品目前已獲4億令吉合約訂單，且正在競標價值4億令吉的工程，因此管理層看好2011財政年業績將達到雙位數成長。
- CB工業產品現手握4億令吉合約，其中60%來自海外市場，包括美國、非洲和巴布新幾內亞；另外的40%則來自本地市場。公司正在競標的合約總值也有4億令吉，包括聯邦土地發展局的合約。
- 林再明也透露，公司業績成長主要是源自私人領域的小型種植公司，對油較廠的需求提升，和更新舊油較廠的需求的增長。「因為一些舊油較廠的產能不佳，導致更多營運上的虧損。所以很多公司也計劃建設新廠取代舊油較廠。」
- 該公司今年的資本支出為2000萬令吉。主要用於印尼加裡曼丹，2000公頃新油較廠的工程。
http://www2.orientaldaily.com.my ... 66G023V5D2036Cx1X6n (May.2011)

- CB工业獲房屋及地方政府部頒發總值1億7100萬令吉合約，供應100輛消防車。公司將在合約下為大馬消防部門，供應、運送、安裝和測試100輛消防救援所需的交通工具。
http://www.chinapress.com.my/node/239425 (Aug.2011)

- CBIP unit AVP Engineering (M) Sdn Bhd, has clinched a RM171 million government contract to supply and instal 100 fire and rescue transport vehicles to the Fire and Rescue Department. Assuming a typical 10% net margin based on its previous retrofitting jobs, we estimate the contract will provide a net profit enhancement of 3% in 2011 and 8% in 2012/13, given that billings will be recognised progressively over the next 30 months.

-AVP Engineering has been involved in retrofitting ambulances and fire engines for the past five years. Its strong track record has equipped it to clinch bigger contracts, as seen by the recent announcements of significant contracts. In April, AVP won a RM38 million contract to supply ambulances.

-We expect CBIP to secure more Modipalm orders in 2H11. CBIP has secured RM79 million year-to-date and is on track to meet our full-year wins of RM180 million.

- Recall that in June CBIP proposed to dispose of its below-average yielding plantations, raising RM1.95 per share (RM268 million) in cash and making RM1.02 per share (RM141 million) in disposal gains.

http://www.theedgemalaysia.com/highlights/190731-cbip-wins-new-rm171m-government-contract.html (Aug.2011)

CBIP has secured a RM17.88 million contract from Felda Palm Industries Sdn Bhd for the conversion of the Trolak palm oil mill in Sungkai, Perak.
http://www.theedgemalaysia.com/business-news/197364-cbip-unit-gets-rm1788m-contract-from-felda-.html (Dec.2011)

-CB工业产品（CBIP，7076，主板工业产品股）独资子公司——Modipalm工程私人有限公司，获Ladang Sungai Terah私人有限公司颁发总值4466万5910令吉的合约。上述合约包括设计与建设每小时可生产30吨油棕、总值4261万4110令吉的工厂。另外，合约也包括增加每小时可处理15吨油棕的产能工程，总值为205万1800令吉。
http://www.nanyang.com/node/432342 (Mar.2012)

CB工业产品独资子公司——Advance Boilers私人有限公司，获得丰益国际（Wilmar International）与森那美（Sime，4197，主板贸服股）颁发5份合约，总值1661万8406令吉。
根据文告，丰益国际通过旗下4家印尼公司，颁发4份总值299万4000美元（约952万920令吉）的合约予Advance Boilers。同时，森那美也透过旗下印尼公司，颁发价值709万7486令吉的合约予Advance Boilers。根据合约，Advance Boilers主要是为上述公司提供监督、安装和调试锅炉工作。
http://www.bursamalaysia.com/market/listed-companies/company-announcements/979529 (June.2012)

- CB工業將為常成夾板（JTIASA，4383，主要板工業）油棕樹鮮果（FFB）提煉廠，供應並安裝機械和電氣（M&E），有關工程總值4000萬令吉。CB工業今日向馬證交所報備，獨資子公司Modipalm工程上週三（6日）已與常成夾板獨資子公司Maxiwealth控股簽署協議，為后者在砂拉越詩巫工廠，進行安裝工程。
http://www.chinapress.com.my/node/326852 (June.2012)

- 独资子公司Modipalm工程私人有限公司，宣布获得印尼一棕油杀酵工厂的建造和供应合约。
CB工业产品今日向马交所报备，Modipalm工程将为印尼PT Swakarsa Sawit Raya公司的棕油杀酵工厂，建造和提供机电工程、安装、测试和调试工作。文告指出，机电工程供应的进口部分总值634万1666美元（1997万令吉），而安装工程部分则总值62亿印尼盾（2081万令吉）。
http://www.bursamalaysia.com/market/listed-companies/company-announcements/985945 (June.2012)

- CB Industrial Product Holding Bhd's wholly-owned subsidiary, Modipalm Engineering Sdn Bhd, has been awarded a contract for the design, supply, installation and commissioning works of a Continuous Sterilisation Palm Oil Mill with a 45 metric tonne per hour capacity.
In a filing to Bursa Malaysia today, CB Industrial said the contract was awarded by Indonesia-based PT Astra Agro Lestari Tbk's subsidiary, PT Subur Agro Makmur on June 26.
"The contract's import portion amounted to US$7.03 million, while its local portion was approximately US$8.91 million," it said.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1008661 (June.2012)

- CB工业产品榨油厂工程部订单从3亿2900万令吉增至约5亿令吉，主要因为客户的榨油厂仍在兴建中。
http://www.nanyang.com/node/502074?tid=510 (Nov.2012)

- CB工业产品宣布，独资子公司Modipalm工程私人有限公司2012年12月31日获Felda油棕工业发出上述合约。Modipalm工程将负责Felda油棕工业位于文冬棕油厂的设备、机械和电子建造工程。目前，Felda共有70座棕油提炼厂，而且都已经相当老旧。
http://www.nanyang.com/node/509392?tid=459 (Feb.2013)
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1191133

CBIP’s current unbilled orderbook remains solid at c MYR300m, as at end- March 2013, with about half of the orders coming from Malaysia, and the other half from overseas countries like Indonesia. CBIP is also in the midst of tendering or securing another MYR300-400m worth of contracts, which is expected to be clinched within the next few months. Some of these contracts are recurring contracts from existing loyal customers like FGV, and some are new customers, particularly those in Indonesia. As our forecasts have already assumed oil mill engineering revenue of MYR300-340m for FY13-15, this is in line with our assumptions.
[RHB Research April.2013]

- “原棕油种植需时间才能为公司带来贡献，顺利的话，公司希望在未来6年，成为印尼中规模种植公司。” 林再明解释道，公司涉足种植业务，因为拥有这方面的知识，同时也能提供所需科技，以支持业务发展。
“种植业是我们未来发展方向，希望在未来5年到6年时间，公司能拥有分开的种植业务。”
http://nanyang.com.my/node/538105 (June.2013)

- CB工业產品上周五宣佈，旗下独资子公司Modi palm工程私人有限公司获颁总值约3500万令吉的合约，为印尼上市公司Astra Agro Lestari旗下的Lestari Tani Teladan有限公司设计、供应、安装及调试一家棕油厂。

- 根据分析员的预计，该集团的棕油厂工程业务未入帐销售值已增加至3亿1000万令吉，相等於该业务2012財政年营业额的约1倍。

http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=60761:cb&Itemid=198 (June.2013)

- The Board of Directors (“Board”) of CB Industrial Product Holding Berhad (“CBIP” or “Group”) is pleased to announce that Modipalm Engineering Sdn Bhd, a wholly-owned subsidiary of CBIP, has on 1 July 2013, accepted Letters of Award (“LOA”) dated 25 June 2013 from Felda Palm Industries Sdn Bhd
Scope of work: Mechanical and electrical works for upgrading to Continuous Sterilization system
Amount: RM15,845,000.00
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1337441 (July.2013)

- The Board of Directors ("Board") of CB Industrial Product Holding Berhad ("CBIP") is pleased to announce that Modipalm Engineering Sdn Bhd (Company No.: 210753-U), a wholly-owned subsidiary of CBIP, has on even date, accepted the Letter of Award ("LOA") dated 2 July 2013 from Kemabong Sdn Bhd.
- Turnkey construction of a 45 tonnes per hour Continuous Sterilization palm oil mill
- Amount: RM40,500,000.00
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1340377 (July.2013)

- The Board of Directors ("Board") of CB Industrial Product Holding Berhad ("CBIP") is pleased to announce that AVP Engineering (M) Sdn Bhd (Company No.: 305825-A), a 51% owned subsidiary of CBIP, has received the Letter of Award ("LOA") dated 20 June 2013 from the Ministry of Housing and Local Government Malaysia.
- Amount: RM136,800,000.00
To supply, deliver, install, test and commission 100 units of 4x2 Prime Mover vehicle attached with water tank trailer with a capacity of 20,000 liters complete with main pump, engine and fire fighting equipment to the Fire and Rescue Department of Malaysia
这项合约预计能在2013、2014和2015年为CB工业产品的业绩带来贡献。
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1342737 (July.2013)

- The Board of Directors ("Board") of CB Industrial Product Holding Berhad ("CBIP" or “CBIP Group”) is pleased to announce that Modipalm Engineering Sdn. Bhd. (Company No.: 210753-U), a wholly-owned subsidiary of CBIP, has entered into a Supply Agreement (“Agreement”) with Industrial Aceitera De Casanare Sucursal Colombia, having its principal office in Colombia for a Continuous Sterilisation palm oil mill project for its site in Buenaventura, Colombia.
- Turnkey construction of a 15 tonnes per hour Continuous Sterilisation palm oil mill
Amount: USD3,427,600.00 Equivalent to RM10,659,836.00
- The Agreement is expected to contribute positively to the earnings of CBIP for the financial years ending 31 December 2013 and 2014.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/1351269 (July.2013)

- CB工业产品与危地马拉的Naturaceites of Blvd Los Proceres签署一份价值1237万647令吉的供应协议。根据有关协议，公司将负责供应持续消毒棕油厂扩充所需的器械与工程，以把产能从现有的每小时45吨增加至60公吨。

- CB工业产品向大马交易所报备，这项合约是由独资子公司———Modipalm工程有限公司所签署。- - 公司指出，预计这项协议会为公司2013及2014财年净利带来贡献。

http://www.nanyang.com/node/549792?tid=462 (July.2013)

The Board of Directors ("Board") of CB Industrial Product Holding Berhad ("CBIP") is pleased to announce that Modipalm Engineering Sdn Bhd (Company No.: 210753-U), a wholly-owned subsidiary of CBIP, has on even date, accepted the Letter of Award ("LOA") dated 2 July 2013 from News
- 市值约6亿8500万令吉的CB工业产品，现在控制约4万9862公顷的种植园丘。若该地完全种植和成熟，其常年原棕油生产将达到24万9310公吨，或基于现有原棕油价格3200令吉和成本每公吨1600令吉计算，可获得近4亿令吉的盈利。不过，投资者将须耐心等候，因上述成绩将只在数年后才开始显现，而目前该公司只是出售砂拉越美里一个较小型的成熟园丘，以换取印尼中加里曼丹更大型但未开发的园丘。

-CB工业产品最近斥资463亿2000万印尼盾（1597万令吉）收购了中加里曼丹的3万2812公顷的园丘地库。(RM15,970,000/32,812ha = RM487/ha)它也正着手脱售2个独资单位，即Sachiew种植私人有限公司和Empresa（马）私人有限公司，联同美里总面积1万2668公顷的成熟园丘（包括4218公顷已经清理地段），脱售代价为2亿6806万令吉现金。
- CB工业产品也透过联营和联号公司，在马来西亚和印尼持有其他油棕园丘。根据该公司透露，CB工业产品的30%联号公司Kris Jati集团私人有限公司和Bahtera Bahagia私人有限公司，在砂拉越拥有2万1000公顷地段，其中1万6500公顷已经种植。该集团也持有Pride棕油厂私人有限公司的50%股份，透过独资控制Solar Green私人有限公司，在砂拉越拥有另外5500公顷地段，其中4683公顷已经种植。
在印尼，其85%子公司Sawit Lamandau Raya则于中加里曼丹拥有8000公顷地段，其中5000公顷可供种植，及另外1338公顷已经种植。
Kris Jati、Bahtera Bahagia和Pride棕油厂的其余股份都是由贸易风种植有限公司（TWSPLNT，6327，种植组）持有，后者也是CB工业产品的棕油厂和设备的主要买家。

-CB工业产品已经获得股东们批准，以脱售Sachiew和Empresa，并预测交易将在2012年第2季完成。
这项脱售被视为一项主要活动，因上述美里园丘占了CB工业产品截至2011年12月31日止油棕种植与加工部门4983万令吉税前盈利的大部分贡献。http://www.kwongwah.com.my/news/2012/03/07/101.html (Mar.2012)

- More jobs in hand. CBIP is getting more jobs, particularly contracts for boiler and modipalm. As of end-1QFY12, the company has secured RM787.3m worth of contracts and total unbilled sales of RM355.8m. It targets to secure RM500m worth of contracts to sustain its growth, with greater demand expected from Indonesia, some mill conversion in Malaysia, as well as new markets in Papua New Guinea.
- Higher contribution from SPV segment. As of end-June 2012, CBIP’s retrofitting special purpose vehicle (SPV) division contributed about RM107.2m, or 42% of its total sales. To date, the company’s SPV division has secured an orderbook totalling about RM470m and unbilled values of RM310m as of 30 June 2012.
[OSK research Sept.2012]

- 拉昔胡申研究分析员表示，CB工业产品累计3季的净利在他们与分析界2012财年预测中，录得89%至94%的达标率。其中原棕油炼油厂工程交出23.8%赚幅，比他们预测的20%来得高；特别用途工具改造业务的赚幅达7.6%，也超过预测5%。

http://www.nanyang.com/node/489994?tid=462 (Nov.2012)

- 公司首季净利仍符合全年的20%至22%的预期，尽管核心净利在种植业没有贡献后按年跌25%，营业额仍在交通工具修整部门收入录1.1倍增长情况下，按年增11.6%。
http://www.chinapress.com.my/node/427954 (June.2013)

Bull case

- Modipalm加工专利权，能以更小空间和成本生产更多和更佳素质原棕油，同时非常环保。
http://www.nanyang.com/node/370974?tid=687 (July.2011)
- 经注册的Modipalm生产工具，需求稳健成长，此产品有能力：i）提高榨取量（OER），ii）使经榨取的棕油品质更佳、iii）完全自动化，减少员工数量和意外，及iv）使工作环境更干净及工作地点更安全。
http://nanyang.com/node/432079?tid=687 (Mar.2012)

- 工程业务受到肯定，这可从该业务所获得的强劲订单及不断成长的营业额中获得证实。部分知名客户包括联邦土地发展局、TH种植（THPlant，5112，主板种植股）、丰益国际（Wilmar）、森那美（Sime，4197，主板贸服股）、PT Astra Agro、贸易风（TWS，4421，主板消费产品股）和PT Minamas等。
- 棕油厂房需求展望亮丽，受全球不断拓展的棕油领域支撑。
- 植物油长期需求展望正面，推动更多种植活动，使棕油生产工具的需求增加。世界人口及人均收入（意味着更高的植物油消耗量）增加
- 其他国家（诸如巴布亚新几内亚和利比里亚）出现新耕种土地。大马及印尼（共占全世界棕油产量的85%）的新可耕种土地缺乏，推动棕油业者（特别是大规模种植业者）拓展海外地库，诸如进军巴布亚新几内亚和西非国家，而拓展海外国家新可耕种土地的举动，将为棕油生产工具创造需求。
- 世界最大棕油生产国（诸如大马和印尼）可耕种土地受限，推动棕油业者将传统棕油生产工具，转变成现代化棕油生产工具，以使产量和空间更有效率。
- CB工业在棕油生产工具设计及供应方面有扎实记录, 2000至2011年向客户发放95项棕油生产工具
http://nanyang.com/node/432079?tid=687 (Mar.2012)

- With the country’s total area for palm oil now stands at close to eight million hectares, the Indonesian government projected the CPO output to increase from 22.5m MT in 2011 to 23.6m MT this year as more trees reach maturity. The company is set to benefit from the strong growth in Indonesian oil palm plantation sector which has a considerably young palm profile.

[OSK research Sept.2012]

- Five years ago, it produced a new zero discharge palm oil mil product and since then, CBIP has been putting the product through its paces, gradually improving on its processes and technology. Management believes 2013 will be a breakthrough year for its zero discharge mill, as it hopes to receive a patent for this product within this FY. Obtaining a patent would enable CBIP to qualify for a Pioneer Tax status valid for a period of 10 years (5+5). Currently, CBIP has a Pioneer Tax status for its modipalm mill product, which expires end-2015. Once a patent is received, CBIP would begin its commercialisation process, which would likely take another 1-2 years. As such, by the time full commercialisation takes place and revenue starts coming through for this product, CBIP’s existing Pioneer Tax status would have expired and the new Pioneer Tax status for its zero discharge mill would take effect. This would result in CBIP’s effective tax rate staying low for the foreseeable future.
[RHB Research April.2013]

- In 2H2012, CBIP expanded its modipalm factory capacity and now has the capacity to produce about 18 palm oil mills per year. This is a significant improvement from its previous capacity of10-12 palm oil mills a year. With this expanded capacity, CBIP should not have a problem meeting the robust demand for its products that it continues to see.

[RHB Research April.2013]

- Indonesia, the world’s biggest palm oil producer, will spend at least US$2.7 billion to build crude palm oil (CPO) processing facilities until 2014 to further boost the country’s CPO production capacity, an executive from the palm oil producer association has said.
“The investments will be channeled by 20 local and foreign processors, 12 of which will pour more than Rp 1 trillion ($101.4 million) into the palm oil downstream industry,” Indonesian Vegetable Oil Refiners Association (GIMNI) executive director Sahat Sinaga said in Dumai, Riau, recently.
http://www.thejakartapost.com/news/2013/06/10/investors-spend-more-palm-oil-refineries.html (June.2013)

Bear case

- Sharp increase in steel plate prices, which may in turn affect CBIP’s engineering division’s profitability;

[HLIB Research June.2012]

- High debtors collection period
- High provision for bad debts & High bad debts

- 大马的Palm oil mill工程基本接近饱和，在大马接到的 project，会有较大的比例是旧厂翻新或 upgrade。

未来在工程业务的贡献主要看印尼的新圆丘发展。

[RHB Research April.2013]

- CB工业產品需注意的风险，包括钢板价格大幅上涨
http://www.orientaldaily.com.my/index.php?option=com_k2&view=item&id=60761:cb&Itemid=198 (June.2013)

Accounting

CBIP engage the business of supply and installation of palm oil mill, accounting record are based on project basis.
For example, CBIP has 10 projects.
Project 1,
It take 1.5 years(ie 1/7/2012 to 31/12/2013) to finish a palm oil mill, the total project revenue is RM40M, the expected cost is RM30(Co should have their cost calculation b4 they tender the project)

ok, let say now is 31/12/2012, how should revenue and cost be recognized in my account?
If the company spend total 20M(total project cost is 30M) during this half year, the revenue recognized should be
= revenue x cost incurred
= 40M x 20M/30M
= 26.67M
your project claim to your client is 26.67M(revenue), your cost is 20M, your profit is 26.67M-20M=6.67M

your revenue is based on how much the cost incurred.

31/12/2013, you completed your total project 40M, the revenue recognized in your account in year 2013 should be
= revenue x 10M/30M
= 13.33M
your project claim to your client is 13.33M(revenue), your cost is 10M, your profit is 13.33M-10M=3.33M

Total revenue 40M, total cost 30M, profit is 10M.
However, if any additional cost incurred during this one and half year, the calculation will be adjusted accordingly.

Amount due from contract customers 35,064 = contract done but yet receive the payment from client
Amount due to contract customers (43,064) = contract not done yet but money received in advance from client

>>>i understood your explanation here ...
>>>but why the Cost incurred (in AR) showed in positive figure instead of negative?
>>>n dun understand why this Cost will be added to the Attributable profit...
I think it is their presentation format, u can think another way.
ie. Profit = Revenue - Cost
so, Profit + Cost = Revenue
They have to record the revenue(because so many projects in hand, maybe over or understated the revenue) and cost incurred properly.

http://www.investalks.com/forum/viewthread.php?tid=6925&extra=&page=9 #173 vincent1983

Technology

Tilting Steriliser:
https://www.youtube.com/watch?v=rMU4trXW0hc&feature=player_embedded#at=24

Vertical Steriliser:
https://www.youtube.com/watch?v=xET3TBndFek&feature=player_embedded

比较之下，continous 占地几乎是上面两种的数倍，因为它是连续在大气压力下煮（参考压力锅煮红豆沙的原理），需要较长的时间。所以在久厂换新技术除非地很大，不然不会找他们。所以他们只能focus在外国建新厂。
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=&page=52 #1033 jackylcs86

Palm Oil Mill 在1980年初到2000年中用的是horizontal sterilization。因为铁价不停升高，逼使棕油厂改用自动化（当然用科技来提高生产力是必须的）。除了在原有的系统安装自动化，现代大致上有三种全新的煮果方式，vertical (直立式)，tilting (升降式) 和 continuous (连续式) 。这三种不相上下，各有利弊，根本没有所谓的“垄断”。我不清楚modipalm 的专利在什么地方，但是要抄袭对大马的mechanical engineer来说是一件很容易的事，spare part根不用说了。
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=&page=51 #1013  jackylcs86

大家都没睡，我来分享一下continous steriliser 的优缺点（当然是和高科技比较，而不是和传统科技比）。

-Continous steriliser 的优缺点（当然是和高科技比较，而不是和传统科技比）。
好处：
1）煮的果会比较平均的熟，因为已经解剖了，时间会比较好控制。其他两种都是一个炉煮20，30吨果。
2)  他用的steam pressure 是1 atm (大气压力)，比较省燃烧原料。电力供应也比较稳定，减少电子设备出问题的几率。
3）省去DOSH 的年度检查，因为他是大气压力。

坏处：
1)  占地很大，除了另外在地方建，很难在原有的厂进行转换技术。（有例外，看engineer几神）
2)  果都是用chain conveyor带着一边煮一边走，这里的cost消耗很大。Chain 又长，又要长期受热，又要拉住果走，maintenance cost不少。
3)  比较耗电，因为要拉动很长很长的 conveyor。
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=&page=55 #1088 jackylcs86

想请教一下，您所列出的好处2) 是省 cost，坏处 2) 3) 是提升 cost。
这么一上一下，依你估计，总体的运作维修成本是高了还是低了？
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=&page=55 #1100invest_klse

这要看多出来燃料的价格能卖多少了，有些地方可以供应到其他种类的工厂才卖的出好价，不然单是transport就杀掉一半利润。我也不清楚，且说运作成本互相抵消好了。但是如果是我，就不会用这种了。Conveyor is all installed in series , which means the longer conveyor you have , the more chance your factory break down which contribute a lot of cost wastage here (except for good engineer that taking good care of it)。
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=page%3D1&page=56 #1105 jackylcs86

厂不是要起就起的。要申请license ，运作一间棕油厂(50MT/hr)，少少一个月要200 , 300千。你看pahang地区，离园口70 80km也是这样走，因为diesel便宜。
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=page%3D1&page=56 #1106 jackylcs86

现在厂的平均占地都大约在50 acres 左右，它的去到多少？
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=page%3D1&page=55 #1097 zenkikent
大部分不会有差，只比较"steriliser”的station。比另外两种多一倍的占地吧。
http://www.investalks.com/forum/viewthread.php?tid=6925&extra=page%3D1&page=56 #1108 jackylcs86