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Latest Forum Topics / Sri Trang Agro    Last:0.72    +0.01  Post Reply
Thai Sri Trang sets IPO price at S$1.20
limjoeseph
Supreme
03-Aug-2020 21:35     
 
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 Alert Admin 		STGT produces nitrite gloves 31% and latex gloves 69%. STGT Gloves mkts as follows: Asia 44.5%/Europe 19%/US 14.8%/Latin America 12.7%/Africa 4.1%/Middle East 4 %/Others 0.9%. STA Rubber mkts as follows: China 54%/Asia 24%/Thailand 15.5%/Americas 4.2%/Europe2.1%/Others 0.2%. STAvhas rubber factories in Thailand producing Latex/Ribbed Smoke Sheets/STR 20 in Indonesia producing Sir 20 and Burma producing Butmese 20. STA supplies latex to their 3 gloves factories under STGT with annual production of 33 billion gloves. For 2nd quarter earnings, STA still will enjoy 100% gloves contribution. From 3rd quarters earnings onwards, STA will enjoy 56% earnings from STGT.
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limjoeseph
Supreme
03-Aug-2020 20:27     
 
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 Alert Admin 		Dear Friends, As an international rubber producer friends they revealed STA rubber division has made a decent profits for their 2nd quaters operations. Together with good earnings from their 100% contribution from their gloves division which is projected to reveal earnings more than 2 times of 1st quarter results by extrapolating Top Gloves results for their 3rd quarters earnings at least 3 times of 2nd quater results, we can saflely infer STA 2nd quarter results will probably exceed their 1st quarter results of 845 million baht. As such hitting 41.20 Baht the all time high in 2011 prompted by the rise in rubber price and this time by gloves strong demand, the mentioned target price is not far fetched before end september which is equivalent STA sing at S$1.80 at current exchsnge rate of 0.04365.
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limjoeseph
Supreme
03-Aug-2020 19:58     
 
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 Alert Admin 		According to insider, buying STA at 25 baht is equivalent to buyung STGT at 48 baht which probably explaing the rational that STA is very undervalued against present price of STGT at 84 baht as STA enjoys 56% of STGT earnings every quarter starting the 3rd quarter results onwards. As such STA Thai discount will eventually narrow into STGT price level.
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limjoeseph
Supreme
03-Aug-2020 19:36     
 
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 Alert Admin 		Dear Friends STA Thailand closed steadier st 26.25 Baht. Short term technical strength building up but yet STA Sing is trying to lead the STA Baht. Slow and steady wins the race until 2nd quarters release on 14 August. Patience is the key word.!!
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crystalbee
Veteran
03-Aug-2020 18:41     
 
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 Alert Admin 		STA  slow slow but it  is moving up.  UOB set target price $1.84 based on 21 X 2021F PE for gloves biz which is on low  end. Currently many analysts have PE for gloves  producers  nearer to 30 and above. So if  STA' s PE for gloves biz is adjusted  higher, got chance to go pass $2.  That' s my opinion........but wait for exact results and  any analysts  re-rating.  Still best to do own  due diligence and set personal target price...everyone is different.

Longtermer      ( Date: 31-Jul-2020 17:14) Posted:


Just a re cap on the last Analysts report by UOB..
The TP was upgraded to $1.84..
Looking fwd to the coming results..

Sri Trang Agro-Industry (STA TB)
UOB KayHian
2Q20 Results Preview: Quarterly Earnings To Have Bottomed For The Year
 
STA 2Q20 earnings are likely to be weaker than we had previously expected owing to
the surge in raw material prices in late May-Jun 20 which pressured gross margins in
the natural rubber business. However, 2H20 earnings could double hoh thanks to
improvements in the natural rubber business and a very strong showing from the glove
business. We have revised up our 2020-23 earnings projections by 16-39%. Maintain
BUY with a new target price of    Bt42.00 (S$1.84)
 
WHATS NEW
2Q20 earnings to come in as the bottom for this year. We expect Sri Trang Agro-
Industry (STA) 2Q20 earnings to come in at Bt660m, jumping 144% yoy from an
especially low base in 2Q19 but reflecting a 23% qoq decline on a weaker performance
from the natural rubber business. 2Q20 sales are expected to come in flat yoy but down 6%
qoq on the lockdown of cities across the globe. 2Q20& rsquo s gross margin should come in at 14%,
improving from 10% in 2Q19. However, 2Q20 gross margin should be flat qoq with the
glove business& rsquo expectedly wider gross margin in 2Q20 offsetting the lower gross margins
from the natural rubber business (as a result of the surge in local raw material prices in late-
May-Jun 20 during which rubber supply was low).
 
STOCK IMPACT
Glove business outlook to remain promising till 2021. Management expects ASPs to
increase by 10-15% qoq in 2Q20 and ASPs in 3Q20 to increase by a larger degree of > 15%
qoq. This is because the company is expected to actuate a new pricing policy where it will
raise prices aggressively in 3Q20 so that ASPs in the quarter would be about the same as
that in 4Q20. This is targeted at accelerating profit growth in 3Q20.
It also expects ASPs in 4Q20 to come in flat qoq. Note that in Jul 20, the nitrile glove prices were set at US$60.00/1,000 pieces and latex glove prices were set at US$42.00/1,000 pieces (glove ASP in 1Q20 was at US$19.50/1,000 pieces)
 
Besides this, management believes glove demand will remain strong until 1H21. In addition,
management guided that its glove business& rsquo gross margin would not be lower than that
recorded in 1Q20 (19%) even after the COVID-19 outbreak subsides & minus mainly thanks to
economies of scale on capacity expansion. In the long-term, the company projects glove
demand in emerging countries would be solid due to the very low glove consumption per
capita vs that of developed countries (US: 150 pieces per capita Thailand 20 pieces per capita, China 10 pieces per capita and Africa 4 pieces per capita).
 
2H20 earnings to double on a hoh basis. 2H20 earnings are likely to double from 1H20 earnings. The key drivers would be:
a) an improvement in the natural rubber business as local raw material prices are now declining on seasonally larger market output and
b) huge earnings contribution from Sri Trang Gloves (STGT) due to an ASP jump.
 
EARNINGS REVISION/RISK
We have revised up our 2020-21 earnings projections as tabulated below. We have a more
positive outlook towards the glove and natural rubber businesses for 2H20 and onwards.
 
VALUATION/RECOMMENDATION
Maintain BUY with a higher target price of Bt42.00, based on SOTP valuation. We have
pegged a valuation of 7x 2021F PE (below the stock 10 year mean at 13x) to the natural
rubber business and 21x 2021F PE (in line with competitor Kossan Rubber Industry 5-year
mean PE of 21x) to the glove business.

 

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Cikaroo
Member
03-Aug-2020 17:30     
 
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 Alert Admin 		Good if the raw material is latex main component of glove.Currently STA covers 20% of tailand rubber
What good thing i research is
=https://www.thestar.com.my/opinion/letters/2019/11/12/sustaining-rubber-production
-Thailand supply raw materials to top glove during movement control (*** But this dont knw STA involve r not***) if yes the share price suddent be $1plus it shud more
= By way the profit for ending last year is same as top glove and Harta
=But seriusly Hoping that STA do supply raw material to semperit *** Based on annual report 2019 (As date 31 dec 2019) page no 7 below the finished goods (but never stated what material if it related to glove it realy overly undervalue stock)

PQTPQK      ( Date: 03-Aug-2020 16:24) Posted:

so good or no good ?

Cikaroo      ( Date: 03-Aug-2020 16:23) Posted:

Can i knw when does it happend cos when i read anual report of sri trang 2019 under semperflex Asia 50% finished goods supply to semperit technische produkte
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ghetto
Master
03-Aug-2020 17:21     
 
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 Alert Admin 		Wah you asking to look into crystal ball. However based on upcoming positive results, i reckon should be in the 150s ~ 160s level soon.

PQTPQK      ( Date: 03-Aug-2020 17:12) Posted:

what is the near term target price ?

ghetto      ( Date: 03-Aug-2020 17:11) Posted:

Very sweet close at least.
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limjoeseph
Supreme
03-Aug-2020 17:14     
 
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 Alert Admin 		Termination of all joint venture activities happened about 2 years back when STA bought in the full shares from Semperit due to management differences.
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PQTPQK
Supreme
03-Aug-2020 17:12     
 
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 Alert Admin 		what is the near term target price ?

ghetto      ( Date: 03-Aug-2020 17:11) Posted:

Very sweet close at least.
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ghetto
Master
03-Aug-2020 17:11     
 
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 Alert Admin 		Very sweet close at least.
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3dw1nchu4
Veteran
03-Aug-2020 17:04     
 
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 Alert Admin 		Closed at day high indeed  laugh

muifan      ( Date: 03-Aug-2020 17:01) Posted:

close day high will be nice

1c2e3s      ( Date: 03-Aug-2020 16:55) Posted:

has not been seeing this for a while, quite torturing mont
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muifan
Supreme
03-Aug-2020 17:01     
 
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Yells: "Take the leap of faith dont regret 20 years later!"
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 Alert Admin 		close day high will be nice

1c2e3s      ( Date: 03-Aug-2020 16:55) Posted:

has not been seeing this for a while, quite torturing month

ghetto      ( Date: 03-Aug-2020 16:50) Posted:

When clear 140, the wild dance will start. Maybe have to wait..
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1c2e3s
Veteran
03-Aug-2020 16:55     
 
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 Alert Admin 		has not been seeing this for a while, quite torturing month

ghetto      ( Date: 03-Aug-2020 16:50) Posted:

When clear 140, the wild dance will start. Maybe have to wait..
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3dw1nchu4
Veteran
03-Aug-2020 16:51     
 
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 Alert Admin 		Suspect shortist getting squeezed, thats why go up near closing. Hehe  cheeky
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PQTPQK
Supreme
03-Aug-2020 16:50     
 
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 Alert Admin 		ok

ghetto      ( Date: 03-Aug-2020 16:50) Posted:

When clear 140, the wild dance will start. Maybe have to wait..
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ghetto
Master
03-Aug-2020 16:50     
 
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 Alert Admin 		When clear 140, the wild dance will start. Maybe have to wait..
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PQTPQK
Supreme
03-Aug-2020 16:24     
 
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 Alert Admin 		so good or no good ?

Cikaroo      ( Date: 03-Aug-2020 16:23) Posted:

Can i knw when does it happend cos when i read anual report of sri trang 2019 under semperflex Asia 50% finished goods supply to semperit technische produkte
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Cikaroo
Member
03-Aug-2020 16:23     
 
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 Alert Admin 		Can i knw when does it happend cos when i read anual report of sri trang 2019 under semperflex Asia 50% finished goods supply to semperit technische produkte
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1c2e3s
Veteran
03-Aug-2020 16:17     
 
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 Alert Admin

Semperit and Sri Trang finalise termination of almost all joint venture activities // Thomas Fahnemann to leave Semperit



Cikaroo      ( Date: 03-Aug-2020 16:14) Posted:

Hi guys anybody knws about (SEMPERIT AUSTRIAN COMPANY) what i researched is revenue of company 35% from supply glove to europe almost that cover 60% of europe ,some in asia and america (correct me if i wrong )
==https://www.thomasnet.com/articles/top-suppliers/nitrile-gloves-manufacturers-and-suppliers/
(If u noticed carefully***semperit + sempermed*** under one roof )
So my question is what does it supply to semperit ???
Cos when i read semperit anual report they dont want to expose who supply raw materials. And want to knw do semperit supply latex to them ???
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Cikaroo
Member
03-Aug-2020 16:14     
 
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 Alert Admin 		Hi guys anybody knws about (SEMPERIT AUSTRIAN COMPANY) what i researched is revenue of company 35% from supply glove to europe almost that cover 60% of europe ,some in asia and america (correct me if i wrong )
==https://www.thomasnet.com/articles/top-suppliers/nitrile-gloves-manufacturers-and-suppliers/
(If u noticed carefully***semperit + sempermed*** under one roof )
So my question is what does it supply to semperit ???
Cos when i read semperit anual report they dont want to expose who supply raw materials. And want to knw do semperit supply latex to them ???
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