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Tiong Nam Logistic (TNL)

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Adrene Tan

on 3 December 2014

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Transcript of Tiong Nam Logistic (TNL)

Lucas Wang Yong Sheng (4301374)
Lishyuan Chuo (4217470)
Sophia Wong Sing Chee (7441649)
Adrene Tan Howe Chiatt (7438214)

Founded in 1975
Mainly provide logistics and warehousing services in South East Asia
operate through three segment
Logistic & warehousing
Property Development
8 Principle of Malaysia Code on Corporate Governance 2012
Capital Structure
Debt Servicing
TNL can meet its financial obligation of both interest payment and principal payment easily
Asset Turnover
TNL is getting better in managing its asset to generate revenue
TNL is doing well in terms of using shareholder's funds to generate profit over the 3 years
Sources and Uses of Funds Analysis
Company Background
TNL is trying its very best in reducing proportion of capital structure
TNL has good financial health to pay off its obligations with short term asset
Analysis of Balance Sheet
Total Equity
Issuance of right issue of 210 million warrants and high retained earnings
represent the net worth of the company
Total Liabilities
Current liabilities - reduction in short term loans & borrowing
Non-current liabilities - significant increase of 45% in secured finance lease & term loans
Total Assets
Current asset - increases yearly but at a falling rate
Non-current asset - increases yearly with an accumulating rate
Analysis of Income Statement
Market Share Value
Fundamental Factor
Technical Factors
Market Capitalization
Earning Base
EPS has increased
dividend payout increased over these 3 years
Fundamental Factor (Cont)
Valuation Multiple
it has increased over the 3 years
reflects an increase in P/E ratio
Low P/E ratio - stable and mature in the industry
Inflation rate in Malaysia
greater returns in future
Technical Factor (Cont)
Economy & industry growth
average real GDP has higher growth of 6.3%
has expected compound annual growth rate of 10.2% in 2014
Technical Factor
Share split
1 for 5 new shares
evolved from small cap to large cap shares
decision making tool to determine the return & risk
the market cap was increased yearly
Rivalry among existing firms
Threats of substitute services
Threats of new entrants
Bargaining power of buyer
Bargaining power of supplier
Competitiveness In The Market
customers’ loyalty can be affected as they have ample options of logistic firms in Malaysia
international and domestic, private or public company, governments, as well as individuals
Raises its fund from both money & capital market
Lower debt to equity ratio shows the company's debt is under control & reduces the risk of insolvency
ROE & EPS shows that TNL has greater profitability
The effect of share split & company performance increase market capitalization
TNL has restructure its business by entering into property development sector
Further expand its business in property development in Asia market
Participate in the residential development in rural areas of East Malaysia
Thank You
Sources of Funds
It shows that TNL is more towards debt financing to operate the business
Uses of Funds
TNL invest heavily in non-current asset than current asset
Full transcript