Koda

[Contrarian]

The younger team is using technology in a big way:

Virtual Reality at the Shop
http://www.panelsfurnitureasia.com/en/ne...region/683

On the edge article, they plan to set up online shop on tmall in the next 6 mths.

Hopefully this will drive growth for sales and better margins for the COMMUNE products in China!!

[BlueKelah]

The younger team is using technology in a big way:

Virtual Reality at the Shop
http://www.panelsfurnitureasia.com/en/ne...region/683

On the edge article, they plan to set up online shop on tmall in the next 6 mths.  

Hopefully this will drive growth for sales and better margins for the COMMUNE products in China!!

Very appropriate name, COMMUNE for the COMMUNIST! ROFL...

[Contrarian]

http://infopub.sgx.com/FileOpen/1QFY17Re...eID=428704

Recovery momentum continues.  Margin expansion and growth starting to show... and a somewhat optimistic outlook.

Another splendid quarterly results from KODA.  

Top 5 gainers today... up to 98cts.  Here are the sales, gross profit, gross margin %, net profit, Profit Before Tax (figures are in USD)
Their cash jumped to US$6M, NAV is 86cts USD (S$1.22).  Debt continues to reduce on a very healthy balanced sheet.

Q1 2017              Q2 2017
$11,765,000         $13,441,000 
$3,339,000           $4,003,000
28.4%                 29.8%
$1,261,000           $1,398,000
10.7%                 10.4%
$3.18                   $3.84

In the next few months, the company will be starting a tmall.com online store to get sales, and for their franchisees to deliver.

A good friend of mine is a designer.  He recommends his clients to buy COMMUNE furniture :-)

[Contrarian]

Q3 recovery continues. On a typical quiet Q3, their sales up 39%. Gross margins up 5+%.

And Profit After Tax jumped 166%.

Cash grows from US4.6M to US$6.9M
Net Gearing dropped to 0.04 from 0.07

Company also requested for 1-for-1 bonus issue, to increase no. of shares.

[Contrarian]

Volume and share price is now adjusting on a nice trajectory. Last done $1.27

Market Cap $35M. Q4 (April to june) is usually a solid qtr by historical trends. Even in a slow Q3, the gross margin up 5%.

My realistic estimate of SGD $5M (financials is in USD) profit is definitely achievable. So the valuation is still very reasonable...

[smallcaps]

Koda mentioned here with respect to trade war:

https://www.fool.hk/2019/07/27/%E4%B8%AD...%E5%8F%B8/

Koda爲新加坡製造及零售家具公司，在馬來西亞和越南設有工廠。公司在澳洲、新加坡和中國等多個亞太國家亦設有零售店。

另一方面，在中國的同業要面對關稅增加時，像Koda那樣的公司實際上可以受惠。Koda的生產設施主要位於越南和馬來西亞。正如Koda行政總裁指，這可能帶動公司加速增長。他指出，公司很多客戶「正考慮在中國以外尋找貨源，以作為向美國市場供貨的替代來源」。

[smallcaps]

Singapore, China, Korean drama:

https://hea.china.com/article/20200828/0...90010.html

...

想必眼尖的朋友们已经发现了，剧中出现的餐桌正是在各大国内外热播剧中频频出镜的Commune家具。而恶之花中出镜的是Commune Bruno系列的餐桌。裸露的黑胡桃木与橱柜相映衬，看起来就令人食欲满满。俗话说，有好的餐桌才能勾起下厨的欲望

...

[smallcaps]

From Manufacturing To Retail: How This S'pore Furniture Brand Conquered China With 70 Stores

https://vulcanpost.com/717030/commune-ma...singapore/

...

According to Joshua, Commune’s sales eventually picked up post-circuit breaker.

“We have clocked in double-digit sales growth in Singapore and China compared to last year for the months of July to September.”

...

[smallcaps]

Annual report:

https://links.sgx.com/FileOpen/Koda-AR20...eID=635326

...

The stay-at-home trend seems to have
boosted demand for our furniture and led to procurement of
healthy export orders – our factories are now running at full
capacity and we are still investing for facilities expansion.

...

[smallcaps]

China furniture sector mentioned in this video:

https://www.bloomberg.com/news/videos/20...peng-video