Can One – can it remain No 1?

There was a change in the business profile of Can One in 2019. Post-2019, the average returns over the past few years were lower than the respective cost of funds, implying that there was no shareholders’ value creation.

While the Group is financially sound, there are no signs of improving operating performance.
The Group may be the biggest packaging company on Bursa Malaysia but size alone does not mean that it is a wonderful company in the Buffett sense.

Nevertheless, the market is pricing the company below its NTA. From a brick-and-mortar company perspective, this does not make sense unless you think that its assets are going to be impaired. https://www.i4value.asia/2024/07/is-can-one-investment-opportunity.html#more

There are about 20 over companies in the Bursa packaging sector. However there are many types of packaging products and services so no two companies are exactly alike. I thought Canone was doing very well until I compared the returns with that of New Toyo (that controlled Tien Wah). You can see the comparative performance here. https://i.postimg.cc/LsYmS5QJ/Picture2.png

To be fair I have analyzed New Toyo in details and I rated it as a cigar-butt investment opportunity. So I was surprised by Canone performance. For New Toyo details refer to https://www.i4value.asia/2022/03/has-new-toyo-move-beyond-being-cigar.html#more