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Here's the delima.. earnings not so hip but the stock still pays decent dividends.
Random,
Just for you... :s25:
1. Dividends still decent... but... slight decline in its payout trend.
2. Earnings. Downtrend is pretty much clear isn't it? The first half of the year has always been strongest for YiLai... however... take a look at the earnings table below.
Yi-Lai Bhd (5048.KU) - Malaysia
2nd quarter ended June 30:
Figures are in Ringgit (MYR).
2007 2006
Revenue MYR30,652,000 MYR35,092,000
Pretax Profit 6,240,000 9,041,000
Net Profit 5,254,000 6,375,000
Earnings Per Share 3.28 Sen 3.98 Sen
Dividend Omitted Omitted
6 months ended June 30:
Revenue 58,158,000 65,704,000
Pretax Profit 12,180,000 15,807,000
Net Profit 9,602,000 11,311,000
Earnings Per Share 6.00 Sen 7.07 Sen
Dividend Omitted Omitted
Current half year earnings total only 9.6 mil versus 11.3 mil last fiscal year same period.
Trailing earnings us only around some 22 mil. Assuming that Yilai perform at this rate, this will be the 3rd consecutive fiscal year of earnings decline....
Yeah... did someone said it still pays decent dividends?
For tiles production, I was told that each batch of tiles will come out different. Even if the tiles are essentially of the same grade, color etc, two different batches will result in two different tiles (i.e. there will be some difference in terms of color etc)
For these reason (correct me if I'm wrong) developers normally purchase more tiles than they will use in construction to compensate for the possibillity of needing to replace the tiles in the future.
Say Yilai produced 100% of Batch A, and developer CowBuilders purchased 80% of Batch A, Yilai is still left with 20% which is left in the inventory. Later CowBuilders placed order for the same set of tiles, so Yilai produce Batch B. But this Batch B tiles might differ in some ways to Batch A. And CowBuilders only want 80% which is taken from Batch B. So what happens to the leftovers? Maybe they are sold to the local market for renovation?
So maybe this is one reason for the increase in inventory? You might ask since Cowbuilders only placed order for so and so amount, why can't Yilai just produce the exact quantity? The reason is that they will need to compensate for the fact that maybe some tiles will come out wrong. This is why they have produce extra just in case.
I am no expert in tiles, this is what I've heard. So please correct me if I'm wrong.
And I know for a fact that the local tile industry is protected against cheap imports. And as hhc has mentioned before, there is a supply of higher quality and cheaper (?) tiles from China etc
Does this not say something?
So the fact is Yilai is not only facing competition from local tile makers, but from overseas ones as well..
