Friday, July 27, 2012

CBIP ... Jul12


Further growing its order book by targeting to secure projects worth about RM500mil from plantation companies such as Felda Ventures Hldg Bhd, Kuala Lumpur Kepong Bhd and TSH Resources Bhd.

CBIP is expected to ride on the expanding plantation sector in Indonesia and Africa. A mill is required for every 7,000-8,000ha of oil palm trees. Given the huge planting activities in recent years, demand for palm oil mills has also increased.

Also, CBIP is targeting Papua New Guinea as a new emerging market to grow its orderbook.

Since June 12 2012, CBIP has been awarded by Wilmar International Ltd, Sime Darby Bhd and PT Astra Agro Lestari Tbk.

CBIP's Modipalm CS system offers better OER and lower oil losses from condensation as well as unquantified oil loss (for example oil and loose fruit spillage). Compared with conventional mills, its CS system could increase OER by 1 to 2 percentage points. Modipalm mill requires less labour as compared with a conventional mill.

As at the end first quarter of 2012 (Q1'12), CBIP has about RM356mil of unbilled sales. Of this, about RM150mil will be recognised during the remaining months in 2012.
Also, it has secured about RM76mil worth of new contracts in Q2'12.

Its focus on high-margin mechanical supply business, which has a 20 to 25% operating margin versus palm oil mill construction's margin of 15 to 20%. In Q1'12, CBIP recorded a much higher operating margin of 17.9% mainly due to the rising mechanical supply business (about 35% to 40% of sales from mechanical supply business versus 25% to 30% previously).

CBIP expects to further expand its mechanical supply business and targets to further increase the total sales portion coming from mechanical supply business from 35 to 40% in Q1'12 to 50% in the coming year.

Besides growing its order book, CBIP is also targeting to grow recurring contribution from different segments such as replacement and upgrading works for older and underperforming mills. Currently this segment is contributing about 10% of CBIP's revenue.

Post-disposal of its Malaysia plantation assets, CBIP has about 8,000ha of landbank in Kalimantan. CBIP started planting in 2010, and this landbank is expected to start contributing in 2014.

It has also acquired about 29,273ha of plantation landbank in Kalimantan, which increases its total landbank in Kalimantan to 37,273ha. Expect to start planting on its newly acquired landbanks in 2013 and it targets to plant about 5,000ha-8,000ha every year. CBIP targets to increase its plantation landbank in Indonesia to 100,000ha. It is also looking to acquire another 30,000 to 40,000ha of landbank near its existing landbank in Kalimantan Tengah.

CBIP has a dividend policy of paying out one-third of its net profit.

As CBIP's cash position would remain high after the disposal of its plantation assets (net proceeds of RM268.1mil or 97sen per share), there might be another year of payout that is greater than its policy dividend in 2012.

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