Thursday, September 15, 2011

PBB ... Sep11

PPB Group Bhd is stepping up expansion in Indonesia and Vietnam, where operations are less regulated relative to Malaysia.

FY2011’s capital expenditure has been raised to RM267 million from RM190 million, largely due to doubling capacity of its flour mills in Indonesia to 2,000 tonnes/day.

The expansion in capacity takes place as the group finalises its acquisition of 20% of the first of several flour mills in China run by its 18.3%-owned associate Wilmar International Ltd.

About 70% of revenue for FFM Bhd, PPB’s flour business arm, is from Malaysia, with 18% coming from Indonesia and 9% Vietnam. It also has a flour mill in Thailand. Given that the sale of a 20% stake in FFM to Wilmar was completed in March 2011, PPB saw a slight dilution in its 2Q11 numbers.

FFM’s flour business and contributions from Singapore-listed Wilmar form the bulk of PPB’s grains trading, flour and feed milling segment, which contributed 54.74% of the group’s RM1.26 billion revenue for 1H11 ended June 30, and 48.48% of the RM126 million earnings for the same period. FFM has about 35% of Malaysia’s flour business.

FFM’s flour business is doing “fairly well” in Indonesia, though still “very small” compared with market leader Bogasari produced by Salim Group’s PT Indofood Sukses Makmur.

Like Wilmar, which is expanding in consumer staples like rice and sugar after capturing just under 50% of China’s branded cooking oil market and top three positions in the same business in India, Indonesia and Vietnam, PPB is also working on building long-term value by growing its consumer businesses by introducing more branded products. To counter thinning margins at its local flour business, PPB has diversified into the higher margin sliced bread business here.

PPB expects the broader consumer products division — which contributed 13.86% of top line and 7.09% of earnings in 1H11 — to perform well in 3Q11 due to increased trading during the Hari Raya celebration.

PPB had no plans to list Golden Screen Cinemas Sdn Bhd (GSC), which contributed 10.24% of group revenue and 17% of earnings for 1H11.

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