Flattish Johotin

Johotin has released its FY13Q3 result few days ago. It is flat without any surprise, so I expect its share price to remain flat without any surprise as well. It may even go lower due to QE tapering concern.

Thus, I shall continue to keep it in my stock alert list, until next quarter result or any encouraging announcement.

JOHOTIN FY13Q3 Financial Result

JOHOTIN	FY13Q3	FY13Q2	FY13Q1	FY12Q4	FY12Q3	FY12Q2
Revenue	63.5	61.5	51.8	65.9	64.7	61.1
PBT	8.2	7.8	6.3	8.2	9.6	6.7
PBT%	12.9	12.7	12.2	12.4	14.8	11.0
PAT	5.5	5.7	5.6	6.4	7.8	5.3
Tin Rev	20.2	21.9	21.4	22.5	17.8	21.1
Tin PBT	2.6	4.1	3.9	4.3	4.6	2.8
F&B Rev	43.3	39.7	30.4	43.4	46.9	40.0
F&B PBT	3.1	4.1	2.7	3.8	5.7	3.9
Total Equity	168.6	167.1	161.4	156.0	120.2	115.1
Total Assets	223.3	236.6	219.2	218.7	179.4	185.1
Trade Receivables	39.5	43.0	39.6	44.5	37.7	38.5
Inventories	57.1	58.5	50.2	49.7	49.6	52.5
Cash	40.0	48.3	48.9	49.6	21.7	20.0
Total Liabilities	54.8	69.5	57.7	62.7	59.2	70.1
Trade Payables	12.1	14.8	8.8	10.2	10.3	11.7
ST Borrowings	18.0	25.0	18.7	21.5	19.8	25.8
LT Borrowings	11.2	11.7	12.2	12.8	12.9	13.4
Net Cash Flow	-9.5	-1.2	-1.3	29.7	-7.7	-10.7
Operation	11.4	1.5	4.6	16.6	12.3	-0.03
Investment	-10.8	-4.5	-2.2	-1.3	-4.3	-4.5
Financing	-10.2	1.7	-3.8	14.3	-15.7	-6.2
EPS	5.89	6.06	5.97	7.37	11.14	7.51
NAS	1.81	1.79	1.73	1.67	1.72	1.64
D/E Ratio	Net C	Net C	Net C	Net C	0.09	0.17

For FY13Q3, its revenue increased 3% QoQ to RM63.5mil but net profit falls 4% to RM5.5mil. For the cumulative 9 months period, its revenue drops 2% to RM176.8 while net profit stays the same at RM16.7mil compared to the corresponding period in FY2012.

Though the revenue for F&B segment in Q3 trends up a bit compared to previous quarters, probably due to the end of New Zealand drought, overall there is no sign of growth in both tin manufacturing and F&B segments.

Anyway it is noteworthy that there is quite a lot of cash spent in the purchase of property, plant & equipment area. The management may build a new factory or increase its existing capacity for its F&B segment.

Johotin's milk products will not be able to compete in Malaysia market. However, more than 80% of them are exported.

       Have you seen these brands?

Johotin's balance sheet remains healthy with a net cash position. Its total borrowings have been pared down to the lowest level for this quarter.

Its dividend has nothing to shout about. It paid 4.2sen single tier for FY2012, which is about 17% payout from net profit, giving a dividend yield of 2.4% at current share price of RM1.75.