木材產品股財源广进 Timber products stock Weak ringgit support prospects

长青纤维板（EVERGRN，5101，主板工业股）,
家丽资机构（HOMERIZ，5160，主板消费股）,
美固木合板（MIECO，5001，主板工业股）、
利兴工业（LIIHEN，7089，主板消费股）

由於出口商的销售额主要以美元计价，受惠于令吉走贬，因此大马许多木材產品股在2016年都取得更佳的业绩表现。

As exporters' sales were mainly denominated in US dollars and benefited from the demise of Ringgit, many timber products units in Malaysia achieved better performance in 2016.

受看好是基於3大原因：

Favorable is based on three major reasons:

一、该公司的成本节约措施，有助於减低劳工和运输成本，并改善生產效率；

First, the company's cost-saving measures to help reduce labor and transportation costs, and improve production efficiency;

二、该公司正努力扩大收入来源，即开始投资于自行组装（Ready-to-Assemble，RTA）家具生產；

Second, the company is working to expand the source of income, that is, to start investing in self-assembly (Ready-to-Assemble, RTA) furniture production;

三、疲软的令吉能支持该公司的盈利表现。

Third, the weak ringgit to support the company's earnings performance. ;

TP 1.15

家丽资3利好带动盈利

HOMERIZ 3 Positive earnings.

1 皮革成本下降

而皮革佔了总成本將近45%，

Leather costs down

The leather accounted for nearly 45% of the total cost,

2公司曾因缺乏劳工而无法积极扩充產能。在劳工短缺问题渐渐改善，加上第6条生產线在今年次季投產后，该公司整体產能將增加15%。

The company was unable to actively expand capacity due to lack of labor. The gradual improvement in labor shortages, coupled with the sixth production line in the second quarter of this year put into operation, the company's overall production capacity will increase by 15%. , & Lt;

3受惠于令吉走软,该公司的营业额中，有99%是以美元进账，而生產成本只有4成是以美元支付。

Benefit from the ringgit to go soft, the company's turnover, 99% is in US dollars, while the cost of production is only 4 percent is paid in US dollars.

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