can I know the announcement about the sale of FnB mentioned by you

few years ago I spoke to Alvin Ang personally on this when I proposed spin off and then separate listing of FnB either via organic listing or rto of a shell co

I am under the impression that sale is quite unlikely

spin off and separate listing to unlock value yeah this is highly possible

刚刚看到announcement 了

真的够力咯

赚钱的他们自己买了

之前跟他说的spin off 他不采取

原来是等成熟

没关系，等待plastic industry 稳稳的

除非forex issue again

要注意的是，after no more F&B contribution, the eps and book value will reduce, then the PE and PB will be high. It might affecting the share price to revise, if it's core business can't give an investor confidence of growing.

From a strategic perspective, this disposal aligns with TGUAN's long-term focus on the plastic packaging. The F&B segment, though profitable, was a legacy business of the Ang family and has been a relatively minor contributor which is now being monetized. The one-off gain of RM15.43m enhances TGUAN's net asset base, while the cash proceeds improve financial flexibility. The decision to channel part of the proceeds as a special dividend provides immediate value to shareholders, while the remainde

我记得第一次投资tguan当时营业额是7亿多，管理层当时是说未来会做到10亿，之后当然是做到了，所以对管理层的诚信是信任的。现在管理层要在2027年做到20亿，然后市值跌回去那时7亿的营业额。。。所以觉得非常低估所以再次的买进，但是他这次做了这些，切实对他诚信有所减分，但如果能做到2027年有20亿，也算弥补了这缺点吧。。。就让时间来证明吧。。。

用数据说话，2023年annual report食品和饮料（F&B）部门的 税前净利润（Net Profit Before Tax） 已经是 RM 9.2 million，而要计算每股收益（EPS），需要使用税后净利润。以下是计算步骤：

1. 假设税率为24%：

税后净利润 = RM 9.2 million × (1 - 0.24) = RM 6.992 million。



2. 计算每股收益（EPS）：

公司总发行股数约为 4.01 亿股。

EPS = 税后净利润 ÷ 总发行股数 = RM 6,992,000 ÷ 401,000,000 ≈ 1.74 仙。

所以这次大股东收购，tguan发7仙股息，是就等于f&b业务4年的eps,所以小股东有亏吗？大股东用6000万买下这个业务，一年大约700万net profit，他自己也要用差不多8年半才能回本，所以大股东也不是买了就马上连本带利赚回来的叻。。。。




因此，F&B 部门对每股收益的贡献约为 1.74 仙。

based on my MnA experience, although the proceed and part of proceed has been converted to dividend of 7 cents sounds good, but in actual business world, if I am a buyer I will tend to pay less

to me a payment of dividends of 7 cents equivalent to near to 4 year profit from FnB might be too prudent , it might be more

in MnA transaction, all buyer wanted lower price but higher value and otherwise for seller

I have been seller and buyer side, so to me I am not very convinced for this MnA

you are right. but now the buyer and seller are all of the same interest. 60m at least is still in an acceptable range. but actually this sales precede is generating around 0.13 dividend. just decide to pay out from half of the disposal amount. for shareholder point of view, I hope this direction is really good for everyone.

I’ll throw the ball from another angle. The way I see it, tguan is disposing a business they’ve been trying to bring up for many years but to no avail.

They say it’s not only about the management capability, the industry one is in literally determines the fate of the company. In this context, tguan probably realized being in property development can yield better earnings than an f&b business. Hence they are now pivoting into property sector, following the path of scientex.

For good and for bad, I think this move will allow tguan to lay its foundation to achieve its 2b revenue goal by 2027.

Here’s a summary of Tguan’s recent developments and outlook in English:

Core Business and Focus

1. Main Business
• The company’s primary focus is producing stretch film, which accounts for nearly half of its business.
• Other operations include manufacturing food packaging, industrial packaging, courier bags, and exporting garbage bags to Japan. They also produce 888-brand tea, coffee, and noodles.
2. Production and Expansion
• Two new production lines for stretch film were installed last year and are now operational, with an overall utilization rate of 60%.
• The company emphasizes quality over quantity, as higher production doesn’t yield good profit margins compared to competitors like Scientex.
• Development in Myanmar has been halted due to geopolitical tensions.
3. Market Strategy
• US Market: The company has deployed a sales team, a sales point, and a warehouse in the US to offer after-sales service and educate customers on proper product use.
• Demand Trends: Demand for food packaging, industrial goods packaging, and courier bags remains steady, with small domestic growth and stable foreign demand.

Financial Overview

1. Bad Debt and Impairment
• In Q4 last year, the company reported RM10 million in bad debt impairment due to a customer’s long-standing payment delays during the MCO (Movement Control Order).
• However, the customer has a repayment plan to settle the debt over the next 4 years, and there’s potential for the impairment to be reversed.
2. Raw Material Costs
• The prices of raw materials (e.g., naphtha, PE, PP) are stable and relatively low, enabling the company to stockpile inventory in Q3 and Q4.
• Low material costs, coupled with a favorable USD exchange rate, may help maintain or improve profit margins.

New Business Initiatives

1. Real Estate Development
• The company is venturing into real estate, developing 200 shop lots next to a LAGENDA housing project.
• This initiative aims to create a complete township, with Phase 1 constructing 60 shop lots.
• Expected profit margins are in the double digits, with strong interest and confidence in selling out the units.

Outlook

1. Growth Expectations
• Q1 growth was satisfactory, but Q2 showed some slowdown, and overall growth for the year may not meet high expectations.
• However, profit margins have room for improvement due to lower raw material costs and exchange rate benefits.
2. Strategic Positioning
• The company is focusing on stable business growth rather than aggressive expansion.
• While valuations remain low, Tguan offers a steady business model but investors should moderate their growth expectations.

Conclusion

Tguan is in a stable phase, prioritizing quality in its core operations while cautiously exploring new opportunities such as real estate. Despite slower growth in the current economic environment, the company’s strong fundamentals, cost control, and diversification strategy provide a solid foundation. While short-term growth may be modest, its low valuation and prudent approach make it a promising candidate for long-term potential.