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2020 until end of 2022, gardenia bread is not available at Sarawak yet. Maybe KTC has been making progress after 3 years to supply Original Klasik in Sarawak by now? I am not sure. Original Klasik is not Original Classic.
last year agm , they have been mentioning to expand bakery plant in sarawak and indonesia which will cost around RM20M . aim to be operational by 2024. but from the cash flow statement , there were not much trace on the expansion plan .
Wow, so many people sharing their opinions here. Just be reminded that all other stocks in KLSE are overvalued except KTC and Infotec :) Lol, no pun intended. I used to owned a small position of KTC stocks in 2021 but sold it off at 19 cents for a small profit. As I am just a newbie, I could not comprehend the constant ups and downs of receivables and payables for KTC in its income statement and cash flow statement plus its debt. It makes it difficult to determine how much it is worth. 2 years later, it is still the same pattern including the latest report.
Original Classic (Gardenia KL) and Original Klasik (Gardenia East Malaysia / KTC) Same brand, sound like it but not the same :) But being hyped as the same though it is two different companies. The production setup is obviously different too. Perhaps the obvious difference in taste as claimed by netizens too.
You are welcome, Leong ginn woei. The original Gardenia KL / Singapore / Philippines carries the same trademark in their production setup - automated, high volume, untouched by hands as can be seen from the video :)
Yes, Nick. The business model of KTC is similar to DKSH. While DKSH has far wider market penetrations, products, offerings and high end warehousing/logistics/last mile delivery, it is valued less than PE7. KTC has no margins of safety at current price.
Made the comparison from the video, its more or less similar than last time I visited before KTC took over, probably slightly improved, but not too much foundation for turnaround. I doubt the recipe has not been revised for years . product line is limited compared with west Malaysia.
From the video , the loaf product line s only 4 types, whereas west Malaysia gardenia produces dozens of variants , covering from basic , gourmet , healthy and flavorful. Not to mention the bun lineage. This is the common problem in Sabah's large scale bakery. Once you had the WM gardenia , these small scale bakeries are preferred over the Sabah gardenia.
Past few years, i have seen more convenient store began to sell west malaysia gardenia with slightly higher price tag and shorter shelf life despite presence of local bakers. This is alarming .
Thanks for sharing, Ricardo Milos. Perishable goods will have to be distributed via air freight and that perhaps lead to higher price tag and shorter shelf life as Gardenia KL has daily deliveries and unsold bread/buns are collected daily too for West Malaysia. I agreed that there is not much foundation to turnaround and KTC does not have the financial means to upgrade it either. Well, maybe multiple private placements / rights issue can be done to raise 50M to 70M capital for automated lines and packaging. If you are interested with the original Gardenia bakery business, you should consider QAF Ltd (Q01) which is listed in Singapore; a net cash position company :)
Well done, Ricardo Milos. You did not allow your own biases to cloud your judgement :) While there is no margins of safety for KTC at current price, I agree with you that it can be considered if valuation permits. PE6 and below can be a good price to observe. KTC's nature of business is CPG aka consumer goods and DKSH/Harrisons are in the same sector but more towards FMCG. Its easier for FMCG to grow compared to CPG since its fast moving. And consumer stocks growth tends to trail behind GDP. Hence, it can be expected a single digit growth. Hence, it boils down to net profit growth and dividend payout. If you look at DKSH and Harrisons, market is willing to value Harrisons relatively higher than DKSH - better balance sheet and higher div payout. Btw, I wont be commenting on KTC further as it seems that its getting onto someone's nerves.
Total reset, 你的幻想症实在严重。你家人有警告过你吗？这里的人给你意见，你就认为他们要害你。每天拿出你那些数学把戏，就认定你比基金经理更强。哥跟你说，如果你在股市赚钱是你幸运，而不是因为你那些小把戏。我不是要看到你输钱，而是你要好好正视你自己。别再极端偏激了。（我是对ktc一点兴趣都没有）
