Investalks 马来西亚中文投资论坛 - 与你一起通往财务自由之路

 找回密码
 注册

最近看过此主题的会员

楼主: dragonet

[公司专区] 6963 VS 威城

  [复制链接]
x 155
发表于 2016-10-27 22:12 | 显示全部楼层
BRIEFING NOTE - V.S. Industry Bhd
Author: MalaccaSecurities   |   Publish date: Wed, 19 Oct 2016, 10:05 AM

Background – V.S. Industry Bhd was founded in 1982 and the group provides vertically integrated manufacturing services such as tooling, plastic injection, printed circuit boards (PCB) assembly and complete product assembly. Being the largest Electronic Manufacturing Services (EMS) provider in Malaysia and the 4th largest in ASEAN, the group’s clientele base extends all the way to Europe, Japan and USA with renowned clients like Dyson, Keurig Green Mountain, Zodiac and LG Innotek. About 69.0% of its FY16 revenue was attributed to local sales, while China and Indonesia made up the remaining 26.0% and 5.0% respectively.

Results Update – The group’s 4QFY16 net profit plunged 79.2% Y.o.Y to RM10.9 mln, from RM52.7 mln a year ago - mainly due to an impairment loss of RM21.8 mln on deposit paid for the acquisition of a 20.0% equity interest in a solar power project in China, as well as lower forex gains. Revenue, however, rose 9.3% Y.o.Y to RM554.2 mln vs. RM506.8 mln in 4QFY15. Meanwhile, V.S. Industry’s FY16 net profit fell 11.2% Y.o.Y to RM117.9 mln, from RM132.7 mln in the previous corresponding year despite a 12.3% Y.o.Y increase in revenue to RM2.18 bln, from RM1.94 bln. The weaker net profit was due to one-off impairments and much higher forex gains in FY15.

Future Plans – Expects higher contribution from Dyson on the back of rising box-built assembly orders. The group will also supply its first full Original Design Manufacturer (ODM) coffee brewer to Keurig (worth US$82.0 mln), exclusively for the first 18 months beginning January 2017. Following the acquisition of a 20.0% stake in NEP Holdings, the provider of “Diamond” filter systems, V.S. Industry has secured RM100.0 mln a year worth of orders for NEP’s China operations, as well as a profit guarantee of RM40.0 mln in FY17.

Investment Risks – Significant risks include weak consumer sentiment, which could lead to weaker demand from key clients, fluctuations in foreign currencies and higher minimum wages, resulting in increased cost.

Investment Highlights – According to Bloomberg consensus estimate, V.S. Industry is forecast to grow at a double-digit, three-year revenue and net profit CAGR of 19.7% and 16.6% to RM3.32 bln and RM210.7 mln respectively by FY18. The group’s PERs at 9.5x and 8.1x for FY17 and FY18 respectively is trading below its competitors PERs at 10.0x to 12.5x, implying potential upside, in our view. V.S. Industry maintains a minimum dividend policy payout ratio of 40.0% of net profit and has proposed a fourth interim single tier dividend of 0.8 sen per share, payable on 28th October, 2016. Net gearing has also been low for the past three years at 0.2x to 0.5x.

Source: M+ Online Research - 19 Oct 2016

x 0 我要送花

x 155
发表于 2016-10-27 22:16 | 显示全部楼层
VS Industry TP RM1.75 by Apex Research

KUALA LUMPUR: VS Industry Bhd’s core earnings for the fourth quarter ended July 31, 2016 were below expectations mainly due to impairment losses but JF Apex Research expects earnings to improve.

The research house said VS Industry registered 4QFY16 core net profit of RM8.4mil (after excluding forex gain of RM3.3mil), down 75.5% on-year and 64.4% on-quarter.

However, the group’s FY16 results were still higher, up 5.4% on-year, with core net earnings of RM110.1mil (excluding forex gain of RM10.4mil in FY16).

“The results were below our and consensus expectations, accounting for 90% of our FY16 forecasts and 87% of market estimates. The underperformance was mainly due to impairment losses incurred in 4QFY16,” it said.

The factors were larger-than-expected provisions of RM21.8mil (net impact of RM17.2mil against earlier guidance of RM9.8mil after adjusting for minority interest) for deposits paid for the proposed acquisition of 20% stake in a solar plant in Inner Mongolia. There was also a RM7.6mil impairment for its 12.1% investment in London-listed Seeing Machines Limited which was marked-to-market.

JF Apex Research said the 4QFY16 results were deemed healthy operationally. Operational wise, excluding the impairments totaling RM29.4mil and forex gain of RM3.3mil in this quarter, the group recorded RM35.0mil adjusted profit before tax (PBT).

Similarly, the group achieved adjusted PBT of RM160.9mil for FY16, up 28.6% on-year as compared to RM125.1mil in FY15 underpinned by 12.3% growth in topline.

The increase in revenue was due to strong contributions from Dyson and Zodiac amid slight decline from Keurig (due to component issue supplied by third party in China), and improved sales orders from China and Indonesia.

“Looking ahead, the group’s FY17 earnings will be mainly supported by PCBA, battery pack and box-built assembly of vacuum cleaner for Dyson, as well as assembly works for existing model and original design manufacturers (ODM) for the new model of coffee brewer for Keurig.

“Indonesian operations returned to the black in FY16 with PBT of RM7.1mil, against pre-tax loss of RM3.6mil a year ago thanks to higher orders secured from existing customers and higher margin benefited from economies of scale following an increase in production.

“The group expects its performance to continue improving in FY17 with box-built assembly for a key customer there. Meanwhile, for China operations, it registered adjusted PBT of RM2.9mil (adjusted for abovementioned impairment), successfully turnaround from a pre-tax loss of RM7.6mil in FY15 backed by better sales volume coupled with depreciation and fixed overheads which were largely factored in.

JF Apex Research said the group envisages its overseas operations to remain profitable given new orders from NEP (Diamond water filter) and an ODM air purifier,” it said.

The research house maintained its Buy on VS Industry with an unchanged target price of RM1.75.

Its fair value was based on 13.5 times FY2017F PE (historical peak PE) with diluted EPS forecast of 13 sen.

“We advise investors to accumulate the stock amid current share price weakness in view of its: a) commendable core earnings growth, up 61.3% for FY17F and up 18.6% for FY18F; b) strong order pipeline from Dyson which would potentially enhance its future earnings; c) resilient business model as a leading local Electronics Manufacturing Services (EMS) provider; and d) decent dividend yield over 4% for FY17F,” it said.

Source: http://www.thestar.com.my/busine ... s-jf-apex-research/

点评

谢谢分享  发表于 2017-1-9 12:05
谢谢分享  发表于 2016-11-4 19:41

x 0 我要送花

x 155
发表于 2016-10-27 22:20 | 显示全部楼层
核心运作强劲.威城财测不变

(吉隆坡29日讯)威城(VS,6963,主板工业产品组)第四季指标盈利虽因拨备而显得逊色,但因核心运作依然强劲,分析员维持财测不变,表示未来业绩仍有看头。

艾毕斯研究在报告中指出,威城核心净利在2016年按年成长5.4%至1亿1010万令吉,只达市场财测87至90%之间,归咎于为内蒙古一项太阳能发电厂收购计划的订金拨备2180万令吉。

中国印尼业务转盈

“亮点是,印尼业务在2016年转亏为盈,报税前盈利710万令吉,中国业务也报290万令吉税前盈利,同样转亏为盈,海外业务整体持续改善中。”
未来,威城放眼继续改善海外业务表现,以保持有利可图地位。

兴业研究则表示,在接获戴森(Dyson)的吸尘机订单后,来自有关大客户的贡献料持续增加,预计在2017年带来4亿至5亿令吉营业额贡献,催化业绩表现。

“我们仍看好威城的多元客户基础,其盈利规模在主要客户取得成功下持续扩大,主要风险包括消费情绪转弱、厂房意外和外汇波动。”
由于业绩展望仍佳,艾毕斯研究也建议投资者趁低吸纳威城。

文章来源:
星洲日报‧财经‧报道:李三宇‧2016.09.29

点评

谢谢分享  发表于 2017-1-9 12:06
谢谢分享  发表于 2016-11-4 19:40
谢谢分享  发表于 2016-10-29 23:05
Dyson V6, V7, V8  发表于 2016-10-29 15:07
谢谢分享  发表于 2016-10-28 09:58
哇,一个月前的旧闻了  发表于 2016-10-27 23:34

x 0 我要送花

x 46287
发表于 2016-11-2 17:36 | 显示全部楼层
OTHERS PROPOSED SUBSCRIPTION OF UP TO 251,451 NEW ORDINARY SHARES OF RM1.00 EACH IN NEP HOLDINGS (MALAYSIA) BERHAD ("NEP"), REPRESENTING UP TO 20.0% OF THE ENLARGED ISSUED AND PAID-UP SHARE CAPITAL OF NEP FOR A TOTAL CASH CONSIDERATION OF UP TO RM60,000,000 ("PROPOSED SUBSCRIPTION")                                                                       
V.S. INDUSTRY BERHAD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
DescriptionPROPOSED SUBSCRIPTION OF UP TO 251,451 NEW ORDINARY SHARES OF RM1.00 EACH IN NEP HOLDINGS (MALAYSIA) BERHAD ("NEP"), REPRESENTING UP TO 20.0% OF THE ENLARGED ISSUED AND PAID-UP SHARE CAPITAL OF NEP FOR A TOTAL CASH CONSIDERATION OF UP TO RM60,000,000 ("PROPOSED SUBSCRIPTION")
                                                                                                                        We refer to the Company’s announcement dated 25 July 2016 in relation to the Proposed Subscription (“Announcement”). Unless otherwise stated, all abbreviations used herein shall have the same meanings as those used in the Announcement.
The Board wishes to announce that the Second Tranche Subscription has been completed today in accordance with the terms and conditions of the Subscription Agreement. On completion of the Second Tranche Subscription, VSIB holds 20% equity interest in NEP, and NEP has become an associate company of VSIB on 2 November 2016.


                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         V.S. INDUSTRY BERHAD                                                       
Stock Name VS
Date Announced02 Nov 2016
CategoryGeneral Announcement for PLC
Reference NumberGA1-02112016-00039
                                         


点评

谢谢分享  发表于 2016-11-4 19:39
谢谢分享  发表于 2016-11-4 19:39

x 1 我要送花

x 46287
发表于 2016-11-4 17:42 | 显示全部楼层
OTHERS 1. PROPOSED RENEWAL OF SHAREHOLDERS' APPROVAL FOR SHARE BUY-BACK BY THE COMPANY 2. PROPOSED RENEWAL OF SHAREHOLDERS MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (PROPOSED RENEWAL OF SHAREHOLDERS MANDATE)                                                                       
V.S. INDUSTRY BERHAD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
Description1. PROPOSED RENEWAL OF SHAREHOLDERS' APPROVAL FOR SHARE BUY-BACK BY THE COMPANY 2. PROPOSED RENEWAL OF SHAREHOLDERS MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (PROPOSED RENEWAL OF SHAREHOLDERS MANDATE)
                                                                                                                        The Board of Directors of V.S. Industry Berhad ("VSI" / "the Company") wishes to announce that:-
1.   PROPOSED RENEWAL OF SHAREHOLDERS' APPROVAL FOR SHARE BUY-BACK BY THE COMPANY
At the Thirty Third Annual General Meeting held on 5 January 2016, VSI has obtained its shareholders' approval for the Company to purchase up to ten percent (10%) of the issued and paid-up share capital of the Company for the time being on the Bursa Malaysia Securities Berhad. The said authority will expire at the conclusion of the forthcoming Thirty Fourth Annual General Meeting ("34th AGM") of the Company.
VSI intends to seek the renewal of shareholders' approval for the Proposed Share Buy-Back at the forthcoming 34th AGM of the Company.

2.   PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE (“PROPOSED RENEWAL OF SHAREHOLDERS’ MANDATE”)
Pursuant to Paragraph 10.09 of Chapter 10 of Bursa Malaysia Securities Berhad Main Market Listing Requirements (“Listing Requirements”), VSI has at its Annual General Meeting held on 5 January 2016 obtained its shareholders' approval for recurrent related party transactions of a revenue and trading nature. The aforesaid Shareholders' Mandate will expire at the Company's forthcoming 34th AGM.
VSI intends to seek the shareholders' approval for the proposed renewal of Shareholders' Mandate for recurrent related party transactions of a revenue and trading nature at the forthcoming 34th AGM.
The Share Buy-Back Statement and Circular to Shareholders containing information on the Proposed Renewal of Shareholders’ Mandate will be forwarded to shareholders in due course.
                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         V.S. INDUSTRY BERHAD                                                       
Stock Name VS
Date Announced04 Nov 2016
CategoryGeneral Announcement for PLC
Reference NumberGA1-04112016-00052
                                         


点评

繼續share buy back! 買!  发表于 2016-11-5 11:24
繼續share buy back!  发表于 2016-11-5 11:24
谢谢  发表于 2016-11-4 20:27
谢谢  发表于 2016-11-4 20:27
谢谢分享  发表于 2016-11-4 19:38
谢谢分享  发表于 2016-11-4 19:38

x 1 我要送花

x 46287
发表于 2016-11-8 15:58 | 显示全部楼层
Circular/Notice to Shareholders                                               
V.S. INDUSTRY BERHAD

                        
SubjectPROPOSED RENEWAL OF SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS OF A REVENUE OR TRADING NATURE ("PROPOSED SHAREHOLDERS' MANDATE)
        
               
                                            Please refer attachment below.            
            
                                                    Attachments                               
                                                                        VSI-RRPT (Final for 2017).pdf                                
                                703.4 kB                           
                               
                                                                        Checklist - RRPT (2017-Final).pdf                                
                                47.0 kB                           
                        
                    
                               
               
                                                        Announcement Info                                                       
Company Name                                                         V.S. INDUSTRY BERHAD                                       
Stock Name VS
Date Announced08 Nov 2016
CategoryDocument Submission
Reference NumberDCS-08112016-00003

点评

谢谢  发表于 2016-11-8 22:01
ysn
Tq  发表于 2016-11-8 16:58

x 1 我要送花

x 155
发表于 2016-11-10 23:28 | 显示全部楼层
Growth seen for VSI
TheEdge Mon, Nov 07, 2016

This article first appeared in The Edge Financial Daily, on November 7, 2016.

VS Industry Bhd
(Nov 4, RM1.38)
Initiate buy with a target price of RM1.70: We expect growth will be driven by VS Industry Bhd’s (VSI) largest client at 30% of total revenue in financial year 2016 (FY16), client D. We forecast strong double-digit growth from client D from FY17 onwards due to contributions from a sizeable box build assembly contract for vacuum cleaners worth RM400 million per annum, which started operations in October.

While this has been priced in, we believe the imminent winning of another contract for an additional line of box build assembly of vacuum cleaner by March 2017 has not been factored in yet. Taking these two contracts into account, we forecast client D’s revenue contribution to grow at a compound annual growth rate (CAGR) of 42% in FY16 to FY19. Beyond these two contracts, we believe there is high potential for further contract wins from client D as it launches more products. Our fair value of RM1.70 is based on 12 times fully diluted calendar year 2017 forecasted earnings per share (EPS), which is the industry’s average.

VSI’s top three customers (client D, Keurig and Zodiac) account for 58% of its total revenue in FY16. All three of VSI’s main clients are expanding and we expect each to contribute to VSI’s overall growth in FY17 to FY19. VSI has both the capacity and capability to cater to its main clients’ growing needs. We believe VSI is protected against termination risk from its key clients in the mid-term due to the long-standing working relationships, VSI’s participation in the product development for Keurig and Zodiac, and client D’s need for additional contract manufacturers to cater for its aggressive expansion plan.

We forecasted revenue/core EPS year-on-year growth of 24%/11% in FY17 underpinned by new contracts from client D. In the midterm, we conservatively forecast VSI’s revenue/core EPS to grow at a three-year CAGR of 19%/11% over FY16 to FY19. We are factoring in decline in margins due to the  large increase in sales from client D which carries a lower margin in comparison with VSI’s other key customers due to its large order size. Consensus is more bullish on top-line growth and margin assumptions. — AllianceDBS Research, Nov 4

x 0 我要送花

x 155
发表于 2016-11-10 23:30 | 显示全部楼层

Wednesday, 9 November 2016
Dyson technology a boon to local electronics sector

UOBKayHian sees British firm charting strong growth

PETALING JAYA: British technology company Dyson Ltd’s recent game-changing technology and continuous product innovation will benefit the electronics manufacturing services sector in Malaysia, says UOBKayHian Research.

The research house, which has retained an “overweight” call on the sector, said the vacuum cleaner giant’s investments include the acquisition of Michigan-based battery tech firm Sakti3 last year and just six months ago industry experts revealed that Dyson could become the next Tesla Motors, as it was developing a new electric car.

“Proxies to the growth of Dyson include EG Industries Bhd, SKP Resources Bhd and VS Industry Bhd.

“But our top pick for the sector is VS Industry for its earnings visibility driven by strong orders from key customers,” said UOBKayHian in a report.

Dyson said last year it planned to invest £1bil in battery technology and bought Sakti3 for US$90mil, according to reports.

As part of Britain’s National Infrastructure Delivery Plan, Dyson has been given funding to develop a battery electric vehicle that will secure a £175mil investment and create over 500 jobs.

With more than 50 active research projects in thermodynamics, sensors, robotics and artificial intelligence, UOBKayHian said reports showed Dyson chartered a 20% year-on-year growth in earnings last year, driven by the company’s battery-powered purifiers, fans and vacuum cleaners.

While Asia outstripped Europe to become Dyson’s biggest market, Japan was now Dyson’s second-biggest market by sales and profit, followed by the United States.

“We believe Dyson will continue to chart strong growth earnings trajectory over the next few years, driven by notable launches this year, including the v8 cordless vacuum, supersonic hairdryer, pure cool link purifying fan and 360 Eye robot vacuum, among other products,” it noted.

To recap, in 2014, Dyson announced a four-year £1.5bil capex plan and targets to launch 100 new products by 2018.

UOBKayHian thinks that Dyson’s recently-launched hair dryer, which marked its entry into beauty products, saw strong demand and prompted the company to quadruple production volume for 2017.

The research firm believe suppliers with vertical integration (VI) status stood a better chance in grabbing more orders from Dyson as the supplier had more control over cost and quality in production.

“Dyson’s listed suppliers here, including VS Industry. SKP, EG Industries may see growing orders from Dyson.

“But, VS Industry, producer of printed circuit boards (PCB) and battery packs, is the only one that has been awarded the VI status and is able to provide integrated solutions from producing plastic parts and PCB,” said UOBKayHian.

It added that the stock was now trading at an undemanding 10.4 times 2017 forecast fully-diluted price-earnings coupled with potential upside from further contract wins from customers in the medium term.

x 0 我要送花

x 0
发表于 2016-11-11 16:41 | 显示全部楼层
1.2进场
要上不上,要下不下……

x 0 我要送花

x 0
发表于 2016-11-11 16:42 | 显示全部楼层
1.2进场
要上不上,要下不下……

x 0 我要送花

x 49
发表于 2016-11-13 15:31 | 显示全部楼层
特朗普上位,以及取消TPP, 不知道会不会影响VS呢?各位大大有何高见?

点评

谢谢  发表于 2017-1-9 12:06
谢谢  发表于 2016-11-15 15:48
谢谢  发表于 2016-11-15 15:48
什么是 TPP?  发表于 2016-11-13 16:40

x 0 我要送花

x 469
发表于 2016-11-15 10:24 | 显示全部楼层

点评

谢谢  发表于 2016-11-15 15:49
谢谢  发表于 2016-11-15 15:49

x 0 我要送花

x 155
发表于 2016-11-15 21:45 | 显示全部楼层
特朗普效应与美升息引发资金出走.马币恐跌至4.80

(吉隆坡14日讯)特朗普当选美总统恐对区域经贸不利,加上年杪美联储升息恐拉动资金出走,经济学家预期马币将呈波动不靖,未来3至6个月恐跌至4.80,大马出口商将大受其利,成为强势美元下的大赢家。

周一4.33水平

马币兑美元汇率周一继续走低,早盘滑落至4.3300低点,过后收窄跌幅,截至5时报4.3345,相比上周五为4.2800。

岸外马币无本金交割1个月远期外汇合约(NDF)早盘最低跌至4.4825,过后反弹3%,报4.3490。

根据联昌研究货币技术数据显示,马币2015年初曾一度跌至4.48关口,预期3至6个月游走于4.50至4.80之间。

联昌研究说,诚如在竞选宣言所强调的,特朗普的诺言包括减个人所得税、扩大基建开销,参议院预期将于2026年扩大公债至11.5兆美元,公债GDP比重提升至127%,相比无特朗普措施达86%(目前为77%)。

“加发公债的措施,也促使11月7日总统选举以来,10年期公债上扬32基点。”

未来3至6个月
游走4.50与4.80关口

联昌指出,新兴国收益以往皆显溢价,紧随利差收窄,区域8国的美元资产利差交易将式微;预期马币将跟随上述趋势而下跌,未来3至6个月游走于4.50与4.80关口。

该行指出,近期市场恐仍对“特朗普风险”过度反应,助长很多炒作性活动,因此预期货币波动持续,直至美国经贸政策更明朗化为止。

“特朗普当选后,亦可能促使升息,恐引发新与国资金出走。”

大华继显研究说,自特朗普奏凯后,马币兑美元跌3.5%,未来潜在下跌。

该行认为,马币已经超卖。

丰隆研究丰隆研究主管兼首席经济学家徐克宇说,美国特朗普当选后,外交与贸易政策未明,预测马币兑美元今年内走势仍呈波动,游走于4.20至4.50之间;2017年稍扬至4.10至4.40。

9月外资持35.7%债券

丰隆预期的逆风包括高外国债券,9月间达致总债的35.7%,其中有110亿令吉GII将于11月15日到期。

除此,一笔达87亿5000万与105亿令吉的大马政府债券,也将分别于2017年2月与3月到期。

联昌数据显示,外资持债高达36%或2150亿令吉。

丰隆也说,特朗普采取能源自足政策,对原油价上扬与大马不利。

国行采取一些措施安定仓惶失措的外汇市场,第三季出炉的高于预期成长,有助消除大马经济成长疑虑,大马减息机会较微。

110亿债券本周到期

上周五马币有超卖之迹象,主要是预期110亿令吉大马政府债券本周到期后,外资可能撤走有关资金,马币兑美元跌0.74%至4.39水平(全日最低4.47)。

岸外马币汇率一度深跌至4.50关口,岸外与岸内汇价仍出现0.106令吉兑美元之落差,相比特朗普胜利前为0.03之差幅。

分析员表示,国行公布优于预期之第三季经济成长,加上经常账项盈余扩大至60亿令吉,有助平定人们的疑虑。

国行当日也表明未指示银行冻结衍生产品与现货交易,并强调基于马币并非国际货币,因此应以岸外金融市场作准。

马币今年直至上周五共挫1%,相比2016年4月高位的3.90兑1美元,马币总共跌11.0%。上周五马币成为东盟最大输家,兑美元跌3.0%,相比十个同侪国平均为0.8%。马股同病相怜,今年迄今跌1.0%。

电子与种植股成赢家

大华继显研究表示,虽然大马经济面对结构性挑战,但马币已被过度抛售,特朗普带来的伤害最终将因2017年大马大选预期而被克服,预见出口股和基建股具买进机会,以及可逢低买进产托股。

该行建议专注于营收成长而又能保住赚益的电子电器领域,这包括益纳利美昌(INARI,0166,主板科技组)、威城(VS,6963,主板工业产品组)与EG工业(EG,8907,主板工业产品组)基于原棕油价可能提振,弱势马币有助与其他美元计菜油竞争。与此同时,亦可趁低吸购产托股,潜在派丰厚股息。

该行重申综指年杪目标为1700点。

联昌研究指出,若马币持续疲软,整体企业为净受惠者,因出口将更具竞争力,许多公司在海外拥有资产,将从汇率效应中受益。

该行保持预期综指今年杪目标为1730点,明年杪则为1880点,建议投资者在短期不明朗时期买进抗跌股如公用事业(国能)和建筑股(如金务大)。

文章来源:
星洲日报‧财经‧文:张启华‧2016.11.14

点评

谢谢  发表于 2016-11-16 13:41
谢谢分享  发表于 2016-11-16 11:18
谢谢分享!  发表于 2016-11-16 08:52

x 0 我要送花

x 155
发表于 2016-11-20 18:51 | 显示全部楼层
2016年11月20日 | 记者:王生旺

戴森成长前景耀眼 大马3代工厂沾光

英国家电大厂戴森(Dyson)的亚洲营业额贡献,已经超越其欧洲市场的贡献。市场看好该公司在未来几年,可藉其高科技电器產品,继续取得亮眼的成长。而本地投资者则可以通过国內3家上市公司,参与戴森的成长,这3家为戴森进行代工的公司分別是,威鋮集团(VS,6963,主板工业股)、EG工业(EG,8907,主板工业股)及星光资源(SKPRES,7155,主板工业股)。

大华继显分析员在其报告中指出,戴森的革命性技术及持续的產品创新,將推动公司的成长。

此外,该公司近期重大投资的计划分別有,以9000万美元(约3亿9150万令吉)收购生產全固体电池的Sakti3公司,以及研发电动车。

戴森今年推出让市场耳目一新的產品,如V8无线吸尘器及超音速吹风筒,空气净化风扇等產品。


相信这些產品將会是该公司未来数年成长的动力来源。这也是该公司推出100种新產品的计划的一部份。

戴森在2014年杪宣布,在隨后4年,將投入15亿英镑的资本开销(CAPEX),以在2018年前推出100种新產品。

分析员指出,戴森近期推出的吹风筒,为该公司进入美容电器產品市场的第一炮。

由於佳评如潮,戴森將这项產品2017年的產量提高数倍,因市场需求殷切。

此外,该公司的產品在亚洲市场也取得成长,亚洲已经超越欧洲成为该公司最大的市场。

以销售及盈利计算,日本也成为了戴森的第2大市场,仅次於美国。

戴森目前拥有超过50项进行中的研究项目,涉及的领域范围包括热力学、感应器、机器人技术以及人工智能。最新一项让市场津津乐道的是,在其总部英国威尔特郡进行的电动车研究。

从上述的发展计划来看,戴森接下来的成长令人期待。

除了威鋮集团、EG工业以及星光资源,戴森也有另外几家生產基地在大马的代工,如Flextronics、Meiban集团及ATA工业,相信都將获得更多的订单。

分析员指出,大马的代工厂或许无法完全承接戴森所有的订单,因此,戴森也可能寻求东盟其他代工,以应付其大量的產品生產需求。

分析员认为,获得戴森给予垂直整合生產地位的公司,或有机会获得更多订单,因为这样的生產模式,可更好控制整个生產程序的成本及素质,从而降低成本攀升或原材料供应中断等问题所带来的风险。

威鋮集团中短期有看头

在个股方面,分析员最看好威鋮集团,该公司主要为戴森供应印刷电路板及电池组,近期也刚获得后者颁发4亿令吉的吸尘机成品装配合约。

並在这个月开始无线吸尘机的量產活动,每条装配线可生產100万单位的產品。

威鋮集团是戴森的关键供应商中,唯一获得垂直整合地位的公司,提供从生產塑胶部件、印刷电路板,至组合式沙箱產品装配的综合解决方案。因此,分析员相信,该公司有机会在近期內从戴森手中获得更多的合约。

分析员认为,该公司股价目前被低估,加上短至中期內可能会有更多的新合约到手,將带动股价走高,所以给予该股「买进」投资评级,及1.70令吉目標价。上週五闭市,该股报1.43令吉,起4仙或2.88%。

EG工业订单料重拾动力

根据行业消息,由於EG工业之前为戴森生產吸尘机產品,奠定的良好记录,该公司將受委全权处理戴森吹风筒產品的印刷电路板组装相关工作。分析员向EG工业了解到,戴森近期推出的吹风筒產品,市场反应比预期更好,以致该公司的7条新生產线均处於全面开工的状態,以应付已经拖延5至6个月的订单。

分析员预期,戴森的吹风筒產品订单將从原本每年2000万令吉,提升至每年4500万至5500万令吉,这是基於戴森將有关產品,每年產量从原本的100万个,调整至400万个的预测为计算基础。

儘管EG工业近期盈利表现让人失望,但分析员仍看好该公司2017財政年上半年的表现將会復甦,因为这將是组合式沙箱產品装配订单的高峰季节,订单料重拾动力。

因此,分析员给予该股「买进」投资评级和1令吉目標价。上週五闭市,该股跌0.5仙或0.59%,至84.5仙。

星光资源评级有望调高

星光资源则是戴森近期推出的美容电器產品的独家装配商,同时也负责吸尘机產品的装配工作。

星光资源今年3月开始面对劳动力短缺的问题,並导致该公司在7月时,被逼终止价值4亿令吉的无线吸尘机装配合约。根据分析员的了解,这个难题目前已经逐步改善,並相信可在年杪全面解决。这表示,星光资源在2017年將可以提高產量,以符合戴森对吸尘机及美容產品更高的的销售预测。

虽然如此,分析员认为,星光资源近期股价的上涨空间有限,因为其估值已经不便宜,以当前价格计算的2017年预测本益比达11.9倍,接近分析员给予的12倍水平。

然而,若该公司爭取到戴森的新產品合约则另当別论,届时分析员將提高其评级。

目前,分析员维持该股「守住」投资评级,及1.30令吉目標价。

上週五闭市,星光资源报1.33令吉,全天无起落。

点评

对比三家,我选eg  发表于 2016-12-22 20:37
eg  发表于 2016-12-22 20:37
谢谢分享  发表于 2016-11-22 10:39
谢谢分享  发表于 2016-11-22 10:39
谢谢分享  发表于 2016-11-21 15:43
谢谢  发表于 2016-11-21 04:07
谢谢分享  发表于 2016-11-20 22:19
http://www.orientaldaily.com.my/index.php/business/cj3202137  发表于 2016-11-20 18:53

x 2 我要送花

x 155
发表于 2016-11-29 13:28 | 显示全部楼层
有可能收回这笔定金吗?

===============================
威城国际集团与卖方进行回退投资定金后,于2016年8月31日达致协议,卖方及相关人士答应在2016年11月30日之前回退总额4250万港元(约2250万令吉)投资定金及加5%利息。
================================

点评

11/30 等下一个季度吧  发表于 2016-12-23 18:15
看這幾天的波動。。。貌似兇多吉少。。。  发表于 2016-11-29 15:07
我也想知道  发表于 2016-11-29 13:52

x 3 我要送花

x 1
发表于 2016-12-22 19:24 | 显示全部楼层
业績还没出?

点评

出了  发表于 2016-12-23 17:34

x 0 我要送花

x 8
发表于 2016-12-23 17:34 | 显示全部楼层

点评

谢谢分享。。。  发表于 2016-12-24 08:36
gg  发表于 2016-12-23 17:44

x 1 我要送花

x 46287
发表于 2016-12-23 18:17 | 显示全部楼层
First Interim Dividend                                               
V.S. INDUSTRY BERHAD
               
               
EX-date24 Feb 2017
Entitlement date28 Feb 2017
Entitlement time05:00 PM
Entitlement subjectFirst Interim Dividend
Entitlement descriptionFirst interim single tier dividend of 1.2 sen per share
Period of interest                                        payment                                           to                                  
Financial Year End31 Jul 2017
Share transfer book                                        & register of members will be                                        28 Feb 2017   to    closed from (both dates inclusive) for the purpose of determining the entitlement                               
Registrar or Service Provider name, address, telephone no                                        TRICOR INVESTOR & ISSUING HOUSE SERVICES SDN BHDUnit 32-01, Level 32, Tower A,Vertical Business Suite, Avenue 3, Bangsar South,No. 8, Jalan Kerinchi59200Kuala LumpurTel:0327839299Fax:0327839222                               
Payment date15 Mar 2017
a.Securities                                        transferred into the Depositor's Securities Account before 4:00 pm                                        in respect of transfers28 Feb 2017
b.Securities deposited                                        into the Depositor's Securities Account before 12:30 pm in respect                                        of securities exempted from mandatory deposit
c.                                        Securities bought on the Exchange on a cum entitlement basis                                        according to the Rules of the Exchange.
Number of new                                        shares/securities issued (units) (If applicable)
Entitlement indicatorCurrency
                                                Currency                                                                                        Malaysian Ringgit (MYR)                                       
                                                Entitlement in Currency                                                                                        0.012                                       
                                        Par Value                                                                        Malaysian Ringgit (MYR) 0.200                               
               
               
               
                                                        Announcement Info                       
Company Name                                                         V.S. INDUSTRY BERHAD                                       
Stock Name VS
Date Announced23 Dec 2016
CategoryEntitlement(Notice of Book Closure)
Reference NumberENT-23122016-00001
                         


点评

谢谢分享  发表于 2016-12-24 08:37
谢谢分享  发表于 2016-12-24 08:37

x 1 我要送花

x 155
发表于 2016-12-24 09:17 | 显示全部楼层
VS Industry 1Q net profit down 44%; pays 1.2 sen dividend

By Ahmad Naqib Idris / theedgemarkets.com   | December 23, 2016 : 6:12 PM MYT   

KUALA LUMPUR (Dec 23): VS Industry Bhd saw its net profit drop 44.3% to RM33.51 million or 2.86 sen per share in the first financial quarter ended Oct 31, 2016 (1QFY17) from RM60.18 million or 5.22 sen per share a year earlier, due to weakened contribution from Malaysia and a loss from the operations in China that offset the increase in the smaller-scale Indonesia segment.

This was despite an 11% increase in revenue to RM680.02 million in 1QFY17 from RM612.47 million in 1QFY16.

The group also declared a first interim single tier dividend of 1.2 sen for the financial year ending July 31, 2017, payable on March 15, 2017.

In a statement today, VS Industry said the decline in profit contribution from Malaysia was broadly within the management's expectation as it was mainly attributed to the absence of foreign exchange (forex) gain in 1QFY17, initial set-up costs incurred to prepare the box-build plant and substantial increase in labour-related costs.

It registered a forex loss of RM400,000 during the quarter versus a net forex gain of RM14.6 million in 1QFY16.

"The set-up costs and increase in labour costs were all in relation to the implementation of the vertical integration (VI) status awarded to VS Industry by a key existing customer who is a world-renowned consumer electrical appliance brand," the group said.

Pursuant to the VI status, the group anticipates substantial box-build orders over the next few years. Accordingly, it has hired an additional 1,000 foreign factory operators in 1QFY17, incurring hiring agency costs, foreign employee levies, training costs and salary costs.

VS Industry said the corresponding revenue stream from this batch of workers will only commence gradually from 2QFY17 onwards.

It added that the China segment recorded a loss in 1QFY17 due to lower sales and higher raw materials incurred arising from a weaker renminbi during the period under review.

"On brighter note, operations in China are expected to improve in the coming quarters as the mass production of a high volume new product for a key customer has just commenced recently," it added.

"We expect our financial performance to be much better in the second half of FY17 by comparison to the first half, as increasing sales orders that come in would push production volume and efficiency higher to reach optimal level," VS Industry managing director Datuk S. Y. Gan said.

"Barring unforeseen circumstances, FY17 would be a breakthrough year for us in terms of financial performance, paving way for greater height in FY18," he added.

The group's net gearing stood at 0.2 times as at end-October 2016, backed by net assets of 78 sen per share.

VS Industry shares closed down one sen or 0.72% at RM1.38 today, giving it a market capitalisation of RM1.62 billion.

x 1 我要送花

x 8
发表于 2016-12-24 09:21 | 显示全部楼层
星期二有便宜货买了

点评

对啊,就是要慢慢等咯  发表于 2016-12-24 11:47
慢慢等咯  发表于 2016-12-24 10:35

x 0 我要送花

发表回复

您需要登录后才可以回帖 登录 | 注册 |

本版积分规则

Google 搜索本站 搜索WWW

快速回复 返回顶部 返回列表