Cổ đông SMC đâu rồi

Cổ đông SMC đâu rồi

SMC: Lãi 7th = 47,45 tỷ = 95% KH, EPS = 4.315 Cũng thuộc vào hàng được đấy chứ...

Tại sao thị trường rung một nhát là cổ đông SMC chạy thục mạng nhỉ, tâm lý vững lên chứ.

Mời các bác xem tham khảo trích dẫn báo cáo phân tích về SMC của BVSC gửi cho các nhà đầu tư nước ngoài thì với giá thép giảm cũng không đến mức lớn chuyện đến như vậy :
==================================================

STEEL MATERIAL JOINT STOCK COMPANY (SMC)

MC HMCIndicator 2007A 2008P Q2Y07 1HY07 Q2Y08 1HY08 %QoQ %HoH 1HY08Source: BVSCWe paid a visit to SMC and met with Mr. Nguyen Ngoc Anh, the chairman and general director. As known, theeconomy went into the downturn where interest rates rocketed high (reached 21% per year in June), rampantlyvolatileexchange rates as thought could not be constrained at times (peaked more than 19,000 VND/USD), basiccommodities were facing the specter of prevailing inflation. In the meantime, the steel market took on theturbulence where the prices of such key input materials as iron-ore, billet also took turns to soar. Hence, a bigquestion mark hangs over what tasks SMC carried out to keep margins favorable in such critical context.Despite of the distressed macro-economic conditions in the first half of this year, SMC had steered itself to thosecompanies whose business results are on velvet. All indicators bring out favorable outcomes except for ?oFinancialincome?. Consolidated revenue for H1Y08 reported 2,277 billion or 72% on the same period last year or 57% ofthe full-year target. Net profit posted 40 billion or 129% compared to the same period last year or 81% of the fullyeartarget. It is believed that SMC is on course to reach the full-year target for revenue and to overtake the fullyeartarget for earnings. In 2008, SMC has a significant change in the accounting method from FIFO to LIFOwhose registration was approved by Bureau of Taxation earlier this year. LIFO helps SMC to defer tax since theliquidation of new inventory leads to the recognization of lower net income and the payment of lower taxes.Total interest-bearing-debts-to-equity ratio lands at 1.16, staying high but 0.24 lower than the same period lastyear. Interest coverage ratio works better as up to 3.3 from 2.32 of 1HY07, albeit current ratio captures a lightdrop from 1.2 in 1HY07 to 1.16 in 1HY08. Loans were primarily to finance working activities and interest expenseinflated to 12.33 billion dong from 8 billion dong as the lending rates on those loans have been revised up twotimes from annualized 10.68% to 15% per year in April then to annualized 20.5% in June, the managementadded.SMC made the point that the preliminarily-successful result it has reaped for the first half of the year is backed bytwo tactically-premeditative moves. First, inventory has been maintained at a plausible level whereby it can meetcustomers?T demand and ?oToo much cash tied up? does not overtake. Second, solid portfolio of high-profilecustomers favored SMC. Its contractor customers accounted for 80%, of which the foreign made up for about65%. Apart from its counterparts whose buyers are wholesalers, agents and brokers, SMC?Ts customers areprincipally final consumers.The management expressed a vigilant view on the market for the rest of the year when the prices of steelproducts have recently been in tendency to decline. The downturn of the market was in his view taken for grantedand was persistently believed to go further on the credit crunch which pulls steel demand down. At the other side5of the story, the world?Ts billet prices has dropped sharply to USD 960 per ton from USD 1,200 per ton thereforethere is no justification for domestic steel products to rise further, reasoning that lower input material prices leadto lower selling prices. In the management?Ts expectation, earnings for the second half might arrive atapproximately 30 billion dong.The project of ?oSMC Mechanical ?" Steel plant? is approved under the consensus of the shareholders. Totalinvestment is projected to be 225.6 billion dong. In 2008, a budget of 133.9 billion dong at the annual meeting ofshareholders is adopted for the project. According the concern of the management on the implementationprocess, however, it is facing delays in acquiring land where some households persists not moving out. Suffice tosay, the advent of the project is to serve customers?T customized orders. Another point to be made here is thatSMC is approaching the specialization of its subsidiaries, say, one focusing on construction steel, one focusing
on flat steel and so on, rather than its geographical popularity.



Up cho SMC nào