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Timber Giant WTK



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Nov 20 2006
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It seems Lingui’s excellent profit announcement (posting here) has started the chain-reaction to other timber player as well which earlier on triggered FinanceTwitter “Buy” signal (earlier posting here).

WTK Holdings Berhad (WTK : stockcode 4243) today triggered FinanceTwitter & MACD “Buy” signal with 1,404 Bulls : zero Bears. Stochastic has crossed and RSI is bullish.

WTK posted a net profit jump of 235.62% to RM46.35 million for its third quarter ended Sept 30, 2006, from RM13.81 million a year earlier boosted by its timber division. Revenue rose 23.71% to RM194.95 million from RM157.59 million. It declared an interim dividend of 9% less tax. For the nine-month period, net profit jumped 69.94% to RM79.65 million from RM46.87 million, while revenue climbed 6.46% to RM491.26 million from RM461.47 million.

Fundamentally, WTK is a well-managed company with sustainable sales & profit due to the great demand in timber especially from Japan. Its’ long-term debt also is within manageable level. WTK stock price has been on uptrend since August.

The WTK Group is the oldest of the big five Sarawak timber giants. It is owned by Datuk Wong Tuong Kwang, the maternal uncle and logging tutor of Datuk Tiong. The two sons of Datuk Wong are said to be financiers of James Wong’s Sarawak National Party (SNAP), Wong being the Minister of Environment. WTK holds huge logging concessions in Sarawak totalling about 400,000 ha.

The Company, through its subsidiaries, operates business in three segments: timber, the extraction and sale of timber, manufacture and sale of plywood, veneer and sawn timber; trading, the trading of tapes, foil, papers and electrostatic discharge products, and manufacturing, conversion of aluminum foils, flexible packaging, metallized and electrostatic discharge products, manufacture and sale of adhesive and gummed tapes. Other business segments include investment holding, property investment, property rental, plant and equipment rental, and plantation. On 29 December 2005, the Company acquired 100% interest in Biogreen Success Sdn. Bhd.

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WTK 3Q net profit up 236%



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