2010年4月21日星期三

OSK Research ups NTPM earnings outlook

KUALA LUMPUR: OSK Research has raised its earnings outlook for NTPM HOLDINGS BHD [] for FY10 and FY11 by 16%-24% to RM64.4m and RM66.8m respectively given the better than expected results.

It said on Monday, March 15 the target price was raised to 60 sen from 50 sen.

NTPM reported a good set of results with cumulative 9MFY10 revenue and earnings coming in at RM289.7 million (+10% y-o-y) and RM45.1 million (+44.5% y-o-y) respectively, above OSK Research's full year earnings forecast of RM51.8 million.

Aside from the continued growth in sales volume of its main products (tissue products, sanitary napkins and diapers), the stronger than expected results were mainly attributed to the low raw material costs.

Nine-months FY10 EBIT margin surged to 20.3% versus 15.9% in 9MFY09. Nonetheless, the research house sees margin compression in FY11 as stocks are depleted.

http://www.theedgemalaysia.com/business-news/161509-osk-research-ups-ntpm-earnings-outlook.html

2010年4月20日星期二

MMVB 2009: Premier brand in paper products (NTPM)

MMVB 2009: Premier brand in paper products

Monday, 23 November 2009 00:00

A chance encounter with a paper mill during a trip to Taiwan in 1973 sparked the idea of NTPM, the manufacturing company behind paper product household names Premier tissue paper, Cutie Compact toilet roll and Royal Gold tissue paper.

The coach that NTPM founder Lee See Jin was travelling in had stopped at a bus stop in Taipei when he noticed mountains of waste paper stored outside a factory. Curious, he went in to enquire and discovered that the factory was recycling wastepaper to produce joss paper and toilet paper.

“They bought 1kg of waste paper for 8 sen but sold 1kg of processed toilet paper for RM1.20! I didn’t understand the business in detail but I was thinking of the big amount of profits!” says Lee, who could not but compare it with the rice-milling business he was in with its profit margins of around 1% to 2%.

Two years later, Lee set up NTPM with RM1 million in funds from his own pocket and minority shareholders, but it wasn’t till four years later that production began. Despite the promise of huge profits, Lee says the first few years were “difficult”. The company only broke even in 1983 and began to turn a profit in 1984, says Lee in a recent interview at NTPM’s Bukit Jelutong sales warehouse and office. NTPM’s manufacturing plants are located in Nibong Tebal, Penang and Parit Buntar, Perak.

For its FY2009 April 30, NTPM recorded RM46.31 million in profit after tax on the back of revenue of RM358.56 million. Its 2009 annual report attributed the 41% jump in profit before tax to increased sales, softening of commodity prices towards 2H of FY2009 and improved efficiency in operations and distribution.

NTPM, which takes its name from its paper mill in Nibong Tebal, has come a long way since its founding. In 1986, in a move to expand the business, NTPM diversified its product offering from toilet tissue paper and joss paper to include serviettes and eventually, box tissues.

Premier has managed to grab more than 50% of the Malaysian market for tissue products because of quality and price, against its closest competitor, a multinational with about 25% to 30% market share, says Lee’s son Chong Choon.

In 1995, NTPM introduced the brand name Premier to showcase “first” and “excellence”, said Lee who spoke in English peppered with Mandarin and Hokkien phrases, which Chong Choon then translated, during the interview.

“In the past we had a number of smaller brands for paper tissue but as the business became bigger, we could not have so many brands. Manufacturing, delivery and warehousing would be a problem so we chose to continue with the brands that recorded big sales. We found that ‘Premier’ was easy to recall and had recorded good sales so we kept it,” says Lee. Cutie was the other brand that the company kept.

The success of the Premier brand didn’t come about by accident. NTPM works with a creative agency to come up with the idea for the packaging — it believes attractive packaging grabs consumer attention. Its sales and marketing team then works on the design and promotion drawing on in-house market surveys as well as Nielsen market research, says Chong Choon, who is NTPM executive director.

Over the years, NTPM’s marketing strategy has evolved from below-the-line strategies such as in-store promotions to billboard advertising and eventually, to a mixture of outdoor, below-the-line and above-the-line advertising. But “it’s not just about advertising”, says Lee.

“If your products are not good or are expensive, people have more options now and will always choose the good and cheap ones,” he says.

Besides spending on in-store block display space, NTPM also distributes samples to allow customers to try the products.
Distribution has also played a role in its success. NTPM’s business model of doing away with the middleman enabled it to reap higher profits. Even in the 1970s, its strong integrated distribution network set it apart from its competitors.

“While others only produced semi-finished paper products or jumbo rolls, our paper mill manufactured jumbo rolls, converted them into finished products and distributed them directly to the retailers,” says Lee.

Today, NTPM sells its products to retailers, hotels, factories and wholesalers, and has a total customer base of 10,000. Chong Choon says the company hopes to double that figure in three years’ time.

Lower costs have also enabled the company to compete against bigger rivals. When Premier was launched, there were other smaller local players and a multinational that produced box tissue products.

“That was the opportunity for us to step in. If they wanted to lower their costs or quantity [to compete], it would have affected their profit margins. Being a Chinese company, our expenses are kept very low, unlike Western counterparts, which have high salary benefits,” says Lee.

In 1986, NTPM penetrated the Singapore market, which was then importing toilet paper products from China. Not only was the quality nothing to shout about, the shipping time took 10 days. With its fleet of 130 trucks to deliver the products nationwide, NTPM could get its products to Singapore in a shorter time and for less. Besides Singapore, the company also has leased warehouses in Penang, Kelantan, Pahang, Melaka, KL, Johor and Sabah.

During the 1997 Asian financial crisis, NTPM began shipping to Hong Kong, which also sourced its paper products from China. Currently, NTPM exports to Southeast Asia, Australia, West Asia, the US and Africa. Overseas markets contribute a third of the business, with the remaining two-third coming from Malaysia.

Besides Premier, paper product brands under the NTPM group include Cutie Soft and Royal Gold. In 2003, the company diversified into personal care products, introducing its Intimate brand of sanitary pads, and Diapex baby diapers a year later. In September this year, NTPM streamlined its operations by relocating the personal care division from the existing tissue manufacturing plant in Nibong Tebal to its new RM2.9 million manufacturing plant in Parit Buntar, Perak.

Despite being up against more established brands in the fast-moving consumer goods sector, Intimate managed to increase sales by some 17% for the FY2009 ended April 30. Lee says the company hopes to grow the personal care segment to 50% of the business in three years’ time. It contributed about RM50 million of the group’s revenue for FY2009.

Lee, who looks much younger than his 70 years, may not have understood the paper product business when he started out. But he understands that it’s not just enough to have a good brand.

“If your brand is good but your costs are high, that means you can’t make a profit,” he says.

As such, he keeps a close eye on costs. In fact, listening to him talk about flying economy and staying in budget hotels on business trips, the word “frugal” comes to mind. And any investment he makes has to bring in a profit.

“My philosophy is, if it doesn’t bring in profit, I will not invest in it,” says Lee, who controls 42% of shares in the company.



*This article appeared in Malaysia's Most Valuable Brands 2009, the special focus pullout of The Edge Malaysia, Issue 782, Nov 23-29, 2009.

http://www.theedgemalaysia.com/management/155742--mmvb-2009-premier-brand-in-paper-products.html

2010年4月13日星期二

2010年4月7日星期三

貿消部提呈國會一讀‧競爭法案禁壟斷企業

貿消部提呈國會一讀‧競爭法案禁壟斷企業

* 國內

2010-04-07 19:00

*

【圖話故事‧霧淞美景】江蘇連雲港市花果山春季出現罕見霧淞美景。在海撥600多米高的山頂玉女峰,由雲霧在樹枝上凝結而成的霧淞輕盈潔白、蔚為壯觀,使人彷彿置身於仙境。(圖:中新社)

(吉隆坡)國內貿易、合作社及消費部今日(週三,4月7日)在國會提呈2010年競爭法案和2010年競爭委員會法案一讀。

2010年競爭法案旨在禁止國內企業被壟斷的行為,而2010年競爭委員會法案則主要成立一個委員會來執行競爭法。

這項法案旨在保護競爭程序以鼓勵經濟發展,同時保障消費人的利益。

這項法案是由貿消部長拿督斯里依斯邁沙比利提呈一讀。

法案內容有兩條禁令,第一條禁令是尊重企業與機構之間的合約,以避免影響、阻止或干擾企業的競爭。第二條禁令是避免企業濫用在大馬的商業優勢地位。

法案指出,對大馬市場競爭有影響的國外商業交易活動,也受到這項法令管制。

法案也提到企業之間的水平協議或垂直協議,主要禁止任何市場物品或服務被壟斷。

高庭法官任主席
將設商業競爭上訴仲裁庭

法案指出,政府將成立商業競爭上訴仲裁庭,並由一名高庭法官擔任主席,仲裁庭授權重新研究競爭委員會的決定。

首相將在部長或聯邦法院首席大法官的推荐下,委任一名仲裁庭主席和7至20名成員。

所有成員的任期不超過6年。

商業競爭上訴仲裁庭的權力範圍包括召見有關人士出庭供證、要求證人以口頭或文件方式宣誓供證,檢查所有認為有需要的證人、擁有低等法庭的權力強制證人出庭和對付羞辱仲裁庭的證人。

至於仲裁庭成員的津貼,包括仲裁庭有審理案件、住宿、旅費和生活費等,都由部長決定。

如果有成員要辭職或取消委任,他需在60天內以書面通知首相。首相可以隨時取消主席或成員的委任,只要發現有關成員已智障或沒有能力履行職責、破產、被證實涉及欺騙、貪污或任何罪行被判坐牢超過兩年。

商業競爭上訴仲裁庭的判決必須是根據大多數成員的意願。仲裁庭的判決是最終裁決,當事人不能提出上訴。

在刑罰方面,若當事人是一間機構,將被判罰款不超過500萬令吉;若重犯,可被罰款不超過1000萬令吉。

如果當事人不是一間機構,將被罰款不超過100萬令吉或坐牢不超過5年,或兩者兼施。重犯者將被罰款不超過200萬令吉或坐牢不超過5年或兩者兼施。

若是一間機構違法,被控者可以是此機構的董事、首席執行員、首席營運員、經理、秘書或協助管理公司的職員。

若懷疑違法
競爭委會有權查企業

競爭委員會如果有理由懷疑有任何企業違反或觸犯這項法令條文,委員會有權調查有關企業。

不過,委員會需要得到部長的指示才對受懷疑的違法企業展開調查。

委員會也可在接到民眾的投報後,針對企業、合約或行為展開調查。如果委員會決定不再調查有關投報,應馬上結束調查並通知有關投報者關於委員會的決定。

同時,委員會也需刊登結束調查聲明,以及解釋結束調查的理由。

競爭委員會委員擁有相等於警方查案官的權力。

委員會可通過書面通知知情人士前來向委員會通報,並提供相關資料或文件給委員會。

委員會可以收藏有關文件直到認為需要的期限,提供文件者有權向委員會索取一份被委員會認證的文件副本。

亞洲200大企業‧海嘯沖走5席‧8大馬公司進榜

亞洲200大企業‧海嘯沖走5席‧8大馬公司進榜
2009-09-11 17:58

(吉隆坡)大馬今年共有8家上市公司被選為《福布斯》亞洲10億美元以下最佳200大企業,比較去年13家進榜,今年表現稍為遜色,少了5席,反映金融海嘯對大馬公司表現的衝擊。

大馬進榜的公司多元,產業、直銷、科技、製造業和海事都有,而且多家是舊面孔。8家上榜公司有艾飛升(EFFICEN,0064,主板貿服組)、沿海工程(COASTAL,5071,主板工業產品組)、ETI科技(ETITECH,0118,創業板科技組)、海鷗企業(HAIO,7668,主板貿服組)、菲馬集團(KFIMA,6491,主板貿服組)、啟順造紙業(NTPM,5066,主板消費品組)、前風變壓器(SUCCESS,7207,主板工業產品組)和游禮發產業(YNHPROP,3158,主板產業組)。

菲馬、啟順造紙業、游禮發產業新進榜

在入榜的8家公司當中,有5家是舊客,包括海鷗企業、沿海工程、艾飛升、ETI科技和前風變壓器;新進者3家,分別是菲馬集團、啟順造紙業和游禮發產業。游禮發產業前年進榜,去年落榜,今年再中選。

今年落榜的公司有CB工業(CBIP,7076,主板工業產品組)、宏流方案(GRANFLO,0056,創業板科技組)、IPOWER公司(IPOWER,0069,創業板科技組)、JOBS機構(JOBS,0058,主板貿服組)、NOTION集團(NOTION,0083,主板科技組)和鵬發(PTARAS,9598,主板建筑組)和砂勞越油棕(SOP,5126,主板種植組)。

中國香港共78家進榜

《福布斯》亞洲最佳200大中小企業今年依舊是由中國和香港公司獨領風騷,共有78家進榜,比較去年的63家增加了15家,以顯示金融海嘯衝擊全球,但是中國和香港的公司因為中國經濟的穩定而相對企穩。其中零售、服飾、網上廣告和保健公司有增加之勢。

接下來是日本,有24家公司上榜,韓國則是23家企業入選;第4名是印度,共有20家企業中選,澳洲有18家入榜企業。

《福布斯》今年是從亞太1萬2000家營業額低於10億美元的上市公司當中,選出其中200家表現最佳的公司,除了持續3年的營業額和盈利能力成長,低負債和未來前景也被考慮在內。

64家入選公司是舊客,這些入榜公司在過去12個月的銷售和盈利都有增加,或接下來季度預測表現會更好,名單中從事零售、媒體、科技和保健的公司最多。

《福布斯》表示,消費化是大部份入榜公司的主動推動力,102家上榜公司是從事消費相關業務,比較去年是78家,2005年是67家。

台灣的智冠全球資訊網是舊客,這間公司在台灣深陷金融海嘯引發的衰退期,還連續5個銷售創新高。

今年有136家新進者,其中日本的美容保養產品公司城野醫生,創業10年,現在因為日本女人對美容保養品購買不手軟而大賺。

中國福建省的中國綠色食品也是新進者,2004年在香港上市迄今值增加4倍。

今年的新進者還有美國自動報價上市公司百度,這間公司的營業額4年成長29倍,2008年的營業額和淨利各為4億6200萬美元和1億5100萬美元。百度李彥宏因此累積18億美元的個人財富。
星洲日報/財經‧2009.09.11