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title

Benjamin Graham The Intelligent Investor

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raw text

Benjamin Graham The Intelligent Investor Benjamin Graham The Intelligent Investor Thursday, August 17, 2017 ENGTEX (5056) ENGTEX (5056) Market Price: RM1.21 今天我们来看看 ENGTEX 这家公司。它是一家国内最大的水管和配件批发商以及制造商,其制造部门专为水务和建筑领域生产铁丝网;轻型铁管软钢水泥衬里管和球墨铸铁管等等。公司 50% 的盈利是来自制造业务; 46% 的盈利是在批发的那一块,剩下的那一小块是来自 property development 的业务。我个人不是很专业在账的那一方面,我本身是经济系出身,所以我对公司的看法也比较偏向逻辑思维的那一个角度去做预算和推测的。我个人认为公司的管理层是蛮不错的,在制造业和批发的业务上都维持在一个非常平衡的水平。没人可以准确的肯定未来所会发生的事情,但我们可以去预测,我们可以通过现在所可以看到的资料和数据去做好多的假设性的结论,然后去选择哪一个结论是比较有高的几率性发生或者是得到你想要的结果。 选择买进 ENGTEX 的理由?你必须要有说服自己的理由去买进它,为什么你要买进?买进 ENGTEX 的主要理由是因为它有望在中长期受益于全国的水管更新工程;雪州水务重组计划以及 LANGAT 2 滤水站工程( WATER TREATMENT PLANT )。这些都是非常值钱的工程以及计划,所以值得我们买进的守候。 ENGTEX 手上现有的订单的数额是在 175 MILLION 左右,主要是来 LANGAT 2 ;雪州水管更新项目以及 RAPID 项目而对公司的球墨铸铁管 ( DI pipes) 以及 MS pipes 需求。我个人觉得市场所拥有的工程以及将会到来的工程将会刺激公司 DI pipes 和 MS pipes 的需求,再加上公司管理层有信心的预测到接下来市场对于 Pipes 的需求是非常乐观,也提升了公司的产能,把 MS pipes 的一年的产能从原本的 44,000 tonnes 提升到 66,000 tonnes, 所以说公司是可以随时应付大的订单,再加上公司在 DI pipes 的供应可以达到 1,200 Diamete...

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