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  zen_2k Agreed hopefully market will notice its value, especially with US homebuilder market not as gloomy as it is following recent news 30/12/2022 5:47 PM cherry88 Time to re-look this counter. Despite rather challenging outlook, I believe the share prices had reflected the low valuation. Any major correction is unlikely. Poh Huat managed to record another historical quarterly (and yearly) sales and profits in its latest 4th quarter reports. Cash and short term investments per share has achieved more than 90sen (take note : the company has no bank borrowings; lease liabilities are merely meaningless accounting entries). However, i really can't quantity its upside as general furniture industry valuation remain low. 16/01/2023 8:46 AM lcng123 I am Wondering why such a excellent company like Poh Huat share price cannot up. Poh Huat with PE 4.5, net cash 249mil (RM0.89/share at current price of RM1.37), NTA RM1.97 above current share price, ROE 15.34, dividend yield over 4%. From past records, Poh Huat has bonus issue every 6 years, I expected another bonus issue soon. 09/02/2023 5:43 PM zen_2k moving? about time, US furniture stocks doing fine, all at least above their pre-covid prices, pohuat deserves at least the industry average of 7x pe 13/02/2023 5:00 PM cherry88 The below news enough to "kill" the share price https://www.furnituretoday.com/industry-news/vietnams-wood-furniture-exports-plunge-34/ 16/03/2023 2:50 PM Endgame Breaking news: Poh Huat Vietnam plant has started increasing capacity to meet resume increase order from United Stated after half year of low utilisation. 23/03/2023 11:02 AM Endgame Poh Huat management start the recruitment after improving order after headcount recruitment freeze after nearly half year. This is align with the improve order. 23/03/2023 11:06 AM Endgame Breaking news: Pohuat to reward long term shareholders in term of bonus issue and special dividend in appreciation of the support 23/03/2023 4:55 PM frankco https://www.google.com/search?q=poh+huat+job+vacancy&ibp=htl;jobs&sa=X&ved=2ahUKEwiuvumOo_n9AhWXS2wGHW7dAIkQudcGKAF6BAgWEBo#htivrt=jobs&htidocid=bMKNAuhYKJ8AAAAAAAAAAA%3D%3D&fpstate=tldetail 26/03/2023 5:26 PM ITreeinvestor We slash our earnings forecast for FY23F-25F by 23-42%, to account for the decline in household spending. Our TP is reduced to RM1.16 27/06/2023 11:56 AM NatsukoMishima https://www.klsescreener.com/v2/news/view/1173477 Malaysia furniture = glove 2.0! 07/07/2023 12:06 PM mlmkcomic Several years ago, the Malaysian furniture sector profits were boosted with the weakening of the Ringgit. Refer to https://focusmalaysia.my/covid-19-doesnt-affect-performance-bursa-malaysia-listed-furniture-companies/. We may be going through the same forex situation. Does it mean that we can expect better performance from furniture companies like Poh Huat? 12/07/2023 8:13 AM ITreeinvestor to account for the decline in household spending. Our TP is reduced to RM1.16 after rolling over our valuation base year to 7x 10/08/2023 2:39 PM DividendGuy67 IB like Public bank doesn't know how to value POHUAT. In March 23, its TP is 1.50. In June 23, it lowered its TP to 1.16, which is just silly, when Net cash+ST investment holding is worth 1.04. Nevertheless, thanks to IB, we are able to collect POHUAT on the cheap, where its investment thesis is a bit better than "FD+". Short term, POHUAT returns should be lower than EPF, but in the medium term, one day, the stock price should rise and give better returns than EPF over the next 3-5 years. Currently, stock unlike to rise fast, because: (1) Management is ultra conservative with its dividend policy and the way it runs its business, prefering to conserve cash, despite cash growing to record levels, and (2) Management anticipates soft market for its revenue in medium term (which is likely to be conservative). So, if you have extra funds (like my portfolio profits) to park at rates better than FD, then, POHUAT is a safe choice. Long term dividend is probably around 7-8 sen, so, at 7 sen, the annual Dividend Yield is solid 5.3%. Even at 1.33 current price, it is still an "Accumulate" in my book if one doesn't have an exposure, but must have 5 year out look at the least to earn higher than 5.3%. Short term like FYE2023, I think POHUAT will show the lowest earnings in past 8 years and so, DPS may drop to say 5 sen, hence, short term I think we will see a very conservative Dividend Yield by Management notwitstanding record level Net Cash, but should still beat FD rates. 15/10/2023 1:17 PM DividendGuy67 Here's a history of POHUAT Net Cash: 2015: 37m 2016: 43m 2017: 71m 2018: 71m 2019: 120m 2020: 199m 2021: 146m 2022: 249m 2023Q3: 288m. IB can suppress price as much as they like, but eventually, that Net Cash is going to keep growing i.e. the yearly dividend of 5-8 sen should be extremely safe in the longer term. The furniture business (home and office) is a solid one. They make money every year. Mr Market has been sleeping but one day, it's going to wake up. Even if it continues to sleep for next 5 years, we get FD+ returns and if 8 sen dividend, EPF returns and the downside is extremely limited long term, but the upside, despite Mr market tendency to sleep for years, will one day wake up and reward us with higher returns. 15/10/2023 1:41 PM DividendGuy67 Personally, I would not rush in to collect, because I think this year's EPS will look bad, potentially showing its worst EPS. So, looking forward to next 6 months, I think there's good chance for price to drop, hence, I would layer my entry if I didn't have any exposure. Just add at successively lower price. Simple investment thesis. 15/10/2023 1:44 PM DividendGuy67 So, in summary, I don't like this stock for 3 reasons: 1. I expect 2023FYE to report a low EPS, possibly record low EPS - it's going to cause a lot of people to feel pessimistic. 2. Volatile Net cash - typo, 2020 Net Cash is 182m. So, 2021, its Net Cash dropped quite a lot, from 182m down to 146m. Hence Net cash is not enough reason to invest, as Net Cash can drop. 3. Perpetually conservative company. Waiting for the company to become more realistic might never happen, hence, not good enough reason. Need catalysts to unlock this. The MSWG is still not asking the right questions, allowing Management to get away with being ultra conservative. 15/10/2023 1:56 PM DividendGuy67 Disclaimer: Some of my figures mentioned might have some minor typo errors, so, do your own diligence, if you are worried about figures that are more accurate. However, the big picture conclusions (based on 1 or 2 significant figures) should remain unchanged. Buffett always say - the best investment thesis should jump out to you. This one doesn't, but its safety jumps up to me as there's massive margin of safety. Still, I would keep this stock as a small % of my portfolio, probably not larger than 4% ever. 15/10/2023 1:59 PM DividendGuy67 In case you're wondering what happened to the huge drop in Net Cash at FYE2021, I note that its Inventory rose from 93m to 127m. But a year later, inventory drop from 127m to 84m, boosting its cash balances substantially. So, this company requires one to hold at least a 2 year view. So, things will be worse in the coming months, but if you have a long term view and trust its management to boost business value, eventually, odds are good you'll be alright. However, not many investors are really that patient as returns will get worse first, AND, when it recovers is UNCERTAIN. 15/10/2023 2:08 PM Nemesis1093 I'm coming across this name for the first time. Can i check with fellow investors out there, has this company conducted share buybacks+cancellations in the past before? 03/11/2023 6:17 PM DividendGuy67 http s://dividendguy67.blogspot.com/2024/02/pohuat.html For your reading pleasure. In summary, I want to own this stock when it is cheap, because it's a very reliable cash generating machine. E.g. since 2015, the Net Cash has consistently grown at a CAGR of 30.2% per annum. However, I don't want to own this in a big way, because the founder/owner/board is stingy with its dividends for a decade or longer and their DNA is unlikely to change. Still, it's good for at least 5%-5.5% DY per annum, and the stock is clearly undervalued. However, this company has no capital commitments, the last EPS was only 10 sen a big drop from 32 sen the prior year and the lowest over the past 10 years, the founder is ageing, still stingy (e.g. despite owning over 55 million shares, when price was 1.28, he still goes out to the open market to accumulate 0.02 million given his age). I started drafting when it was RM1.33 but didn't manage to finish it. I had accumulated at an average price of 1.28. My target size is around 2.8% to 3% capital, but I didn't manage to get it, as I only got 2.4% capital, which is close enough that I won't chase. Current price is already 1.43. It's no big deal. Hope all of you are making monies. 17/02/2024 2:46 PM  EngineeringProfit The furniture sector shines as a bastion of stability, driven by consistent demand, diverse customer base, home improvement trends, e-commerce growth, innovation, and the inherent value of long-term investments. As consumers continue to prioritize comfort, functionality, and aesthetics in their living spaces, the furniture sector is poised to remain resilient and thrive in the years to come. 14/03/2024 8:27 AM Cash99isKing Finally. Need 2 catalyst for higher TP 1) good quarter 2) furniture wind 20/03/2024 10:28 PM yfchong Last league, final lap to check into, after so many years in value ...... 06/04/2024 10:10 PM DividendGuy67 POHUAT closed highest for the week (1.51) since last swing high in May 2022. Enough to edge my portfolio to make new all time high again today. Thank-you Mr Market! 12/04/2024 10:03 PM  | |
