HANWELL HOLDINGS LIMITED (恒威集团 SGX:DM0)

*基本面：生意是FMCG起家的，为了加强盈利，恒威也投资在纸箱制造。

1） FMCG (Fast Moving Consumer Goods), 就是卖基本需求的。这样的生意好处是很stable，当然，盈利也不高。他卖什么呢？

• 在新加坡卖米的，人家的米还是Top Seller in Singapore “Popular proprietary brands include Royal Umbrella rice, Golden Peony rice, Gitangkim rice, Okome rice, Taj Ponni rice, Harmuni rice and oil, Golden Circle oil and Soyalite oil.”
• 也卖Tissue，年报是这样写的 “Beautex was named in the Singapore Book of Records as the first to launch a complete range of premium and economical three-ply tissue products.”
• 还卖豆腐，“Besides specialising in soya bean-based products such as tofu and tau kwa, Fortune Food is also the pioneer in introducing Sobe, Singapore’s first fresh, pasteurised soya milk, to the local market in 1995.”
• 还有零食，“Socma specialises in 4 main categories: confectionery, snacks, grocery items and beverages. Some of the household brands that Socma exclusively distributes include Mentos, Chupa Chups, Smint, Fruitella, Tao Kae Noi, Tai Sun, Supernut, Mazola, Soyalite, Golden Circle, Harmuni, Indomie and Jia Duo Bao(formerly called Wong Lo Kat).”他的零食基本上是卖在马来西亚。

2） 纸箱制造 （Tat Seng Packaging Group Ltd，介绍是这样写的：

Tat Seng is one of the leading manufacturers of corrugated paper packaging products listed on the mainboard of the Singapore Stock Exchange. With operations in Singapore, Suzhou, Nantong, Hefei and Tianjin in China, Tat Seng serves the packaging needs of various industries in Singapore and China by supplying a range of corrugated paper packaging products of different configurations and sizes.

Its customers include Multi-National Corporations and local manufacturers in food and beverage industry, electronics and electrical industry, plastic and metal stamping industry, pharmaceutical and chemical industry as well as the printing, publishers and converting industry. Over the years, Tat Seng has progressed through continuous improvement and has been maintaining a stronghold in the marketplace.

Tat Seng's key products include corrugated paper boards, corrugated paper cartons, die-cut boxes, assembly cartons and heavy duty corrugated paper products.

*基本面：业绩 （2014-2017年报）

• Gross margin TTM 22.58%
• Operating margin TTM 5.49%
• Net Profit margin TTM 4.51%
• Return on Investment TTM 7.48%
• Quick Ratio MRQ 1.83
• Current Ratio MRQ 2.07
• LT Debt to Equity MRQ 0.08%
• Total Debt to Equity MRQ 22.1%

盈利每年增长，除了2015掉一点。纸箱制造占65%，其他的是FMCG。个人觉得管理层风险和盈利管控都很好，唯一比较失色的是DY很低，管理层好像不是很想回馈小股东。

根据Q118季报，CPS (Cash per Share）有大概有 S$ 0.71.
这是一支 net net stock，股价已经来到52周新底了，前景不错，只是老板有点吝啬，DYU只有~1%。刚读完巴非特的Ground Rule,就买入少少看看。

*策略：

 

1) 第一批：买入价 0.225新币 (Done);

2) 第二批：低于0.22 / 0.21 (Pending).

3) 不止损

4) 长线 两年