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楼主: dragonet

[公司专区] 6963 VS 威城

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发表于 2016-12-24 11:01 | 显示全部楼层
本帖最后由 2015 于 2016-12-24 11:04 编辑

31 Oct 2016
[tr][/tr]
INDIVIDUAL PERIOD
CUMULATIVE PERIOD
CURRENT YEAR QUARTER
PRECEDING YEAR
CORRESPONDING
QUARTER
CURRENT YEAR TO DATE
PRECEDING YEAR
CORRESPONDING
PERIOD
31 Oct 2016
31 Oct 2015
31 Oct 2016
31 Oct 2015
$$'000
$$'000
$$'000
$$'000
1Revenue
680,018
612,465
680,018
612,465
2Profit/(loss) before tax
45,493
74,860
45,493
74,860
3Profit/(loss) for the period
30,234
58,674
30,234
58,674
4Profit/(loss) attributable to ordinary equity holders of the parent
33,508
60,177
33,508
60,177
5Basic earnings/(loss) per share (Subunit)
2.86
5.22
2.86
5.22
6Proposed/Declared dividend per share (Subunit)
1.20
1.50
1.20
1.50


AS AT END OF CURRENT QUARTER
AS AT PRECEDING FINANCIAL YEAR END
7
Net assets per share attributable to ordinary equity holders of the parent ($$)
0.7800
0.7500

Definition of Subunit:


点评

谢谢分享  发表于 2017-1-16 15:47
谢谢分享  发表于 2017-1-9 12:04
谢谢分享。。。。  发表于 2017-1-5 23:36
谢谢  发表于 2016-12-25 19:22

x 0 我要送花

x 164
发表于 2016-12-27 23:03 | 显示全部楼层
首季马失前蹄 威鋮下半年表现转佳

(吉隆坡27日讯)虽然威鋮集团(VS,6963,主板工业股)在2017財政年首季(截至10月31日止)净利按年下挫44.32%,至3351万令吉,低于市场预期,但分析员认为,该公司2017財政年下半年將交出更好的表现。

JF艾毕斯证券分析员表示,威鋮集团2017財政年首季核心净利为3380万令吉,表现低于他和市场的预期,只佔他和市场全年预测的19%,主因是该公司的赚幅下跌和大马生產线的初始成本高昂所致。

分析员称,「虽然威鋮集团的初始成本將对2017財政年次季净利带来压力,但是该公司將受惠于產量增加及效率提升,加上中国业务的新產品大量投產,將提高產能使用率,因此预计威鋮集团下半年表现將亮眼。」

同时,MIDF分析员补充说,「该公司首季较高的初始成本令威鋮集团的净利赚幅从9.8%,下跌至4.9%,以及相较于去年同期1460万令吉的外匯盈利,该公司2017財政年首季则蒙受40万令吉的外匯亏损。」

另外,以上2名分析员皆认为,威鋮集团首季的初始成本上扬,是因为该公司为了应付主要客户--英国戴森(Dyson)在来季的组装合约,而聘请了近1000名的操作员,推高了营运成本。

此外,MIDF分析员补充,新员工开销、代理费用、外籍员工税和培训费用是推高该公司首季开销的祸首。

「虽然如此,一旦新员工正式投入生產,该公司成本占营业额比例(Cost/Sales)將回到正常水平。」

中国业务抵消利好

同时,JF艾毕斯证券分析员透露,威鋮集团印尼业务受惠经济规模效应而交出向好的业绩表现,印尼营业额贡献按年增加41.1%,而净利则按年上扬54.8%;但部份利好却被中国业务的亏损抵消。

该公司中国业务基于当地营收下滑、原料成本上涨和人民幣兑美元走跌而亏损。

然而,MIDF分析员认为,威鋮集团中国的业务虽然在首季蒙受500万令吉税前亏损,但预料在產品赚幅的提高下,將转亏为盈。

由于中国空气素质问题,分析员也看好该公司的多功能空气净化器在中国的销售前景,因此,中国珠海厂房的產能,预计从50%,提高至70%。

下半年赚幅將提升

该分析员说,大马的新生產线每月能生產25万个单位的產品。管理层也透露,此生產线將在2017財政年下半年投入生產。因此,分析员认为,该公司下半年的赚幅將因为效率和產能改善而提升。

展望未来,JF艾毕斯证券分析员认为,由于营运成本增加將压低赚幅,因此將该公司2017和2018財政年盈利预测分別调低8.2%,目標价从1.75令吉,下调至1.68令吉,但维持「买入」投资评级。

然而,MIDF分析员则没有给予任何投资评级,但將该公司合理价定在1.42令吉。

点评

谢谢分享  发表于 2017-1-16 15:47

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x 164
发表于 2016-12-27 23:17 | 显示全部楼层
VS - High start-up costs; Expect better 2H

Result
Earnings missed expectations. V.S. Industry (VS) registered 1QFY17 core net profit of RM33.8m (after including forex loss of RM0.4m during this quarter), down 31.4% yoy but quadrupled qoq. The lower-than-expected results, accounting for 19% of our full year forecasts and consensus, were mainly due to lower margins as a result of high start-up costs in its Malaysian operation.

Comment
Lower yoy profit dragged down by Malaysia operations. The Group achieved weaker yoy results mainly attributable to high start-up costs incurred (gross margin down 3.9 ppts to 13.5%) by its Malaysian operations in relation to upcoming sizeable box built order for its major customer, Dyson in 2HFY17 amid higher revenue recorded (+11.0% yoy). VS forked out additional labour, hiring and training costs with new recruitment of close to 1,000 new foreign factory operators during 1QFY17 besides the plant’s setup costs. Meanwhile, the Group’s Indonesian operations chalked up better performance (top line: +41.1% yoy; bottom line: +54.8% yoy) on the back of higher sales and higher margin benefited from economies of scale following an increase in production, whilst its China segment registered losses no thanks to lower revenue coupled with higher costs of raw material as affected by weaker RMB against USD.

Higher qoq, as expected. The Group performed strongly on qoq basis, underpinned by stellar sales (+22.7% qoq), particularly in Malaysia. The better results were also lifted by the absence of impairment losses, which was incurred in 4QFY16, in relation to its investment in London-listed Seeing Machines Limited and deposit to Inner Mongolia, China.

Better 2HFY17. While the initial setup costs will continue to weigh on the Group’s 2QFY17 earnings, albeit at a lesser extent, VS envisages a better 2HFY17 underpinned by higher production volume and better efficiency. On its China operations, the Group expects improved performance in the near future as it has since commenced mass production of a new product for a key customer in China and this contributed higher utilization rate.

Proposed first interim dividend of 1.2 sen/share. VS has also proposed an interim dividend of 1.2 sen/share (against 1.5 sen/share in 1QFY16) for FY17 which will go ex on 24 Feb 17.

Earnings Outlook/Revision
We reduce our earnings forecasts for FY17F and FY18F by respective 8.2% after lowering our margins in view of rising operating costs.

Valuation & Recommendation
Maintain BUY on VS with a lower target price of RM1.68 (from RM1.75) following our earnings cut. Still, our target price offers 22% upside to the current share price. Our fair value is now based on 14x FY2017F PE (historical peak PE) with diluted EPS forecast of 12 sen.

We favour the stock for its: a) commendable core earnings growth, +48.1% for FY17F and +18.6% for FY18F; b) strong order pipeline from Dyson; c) leading local Electronics Manufacturing Services (EMS) provider; and d) sturdy balance sheet with low net gearing of 0.2x and its strong operating cash flow

Source: JF Apex Securities Research - 27 Dec 2016

点评

谢谢分享  发表于 2017-1-16 15:47

x 0 我要送花

x 46347
发表于 2016-12-28 14:17 | 显示全部楼层
威铖
首季净利不达标
224点看 2016年12月28日
分析:JF APEX证券

目标价:1.68令吉
最新进展:



虽然威铖(VS,6963,主板工业产品股)截至10月底首季,净利大跌44.3%,仅达3350万8000令吉;但仍宣布派息1.2仙中期股息。
同期营业额则涨11%,报6亿8001万8000令吉;税前盈利则滑落,因当季聘请了1000名新员工,以应对一个大客户的显著订单。
当季净利走低,主要是(1)支付厂房设置成本、(2)40万令吉的汇兑亏损、(3)大马业务启动成本高。
行家建议:
威铖首季核心净利取得3380万令吉,表现低于预期,仅占我们和市场全年预测的19%,主要归咎于大马业务的启动成本高,导致赚幅较低。
大马业务启动成本高,因为在2017财年下半年,需应付戴森(Dyson)大批机柜装配(box build)的订单。
反观,威铖首季核心净利却按季增长四倍,主要有Stellar行销支撑,尤其是在大马。
最初的启动成本将继续影响下季收益,但有鉴于该公司具有较高的产量和效率,相信能扶持表现。
至于中国业务,已开始为主要客户大量生产新产品,从而提高产能使用率,我们因而预测,未来表现将改善。
我们将2017和2018财年的收益预测,分别提高8.2%。
综合上述因素,我们维持“买入”评级,不过,将目标价调低至1.68令吉。





点评

谢谢分享  发表于 2017-1-16 15:46
Buy ? = 不要太认真咯 ==!  发表于 2017-1-10 14:52
谢谢分享  发表于 2017-1-9 12:05
谢谢分享。。。  发表于 2017-1-7 06:31
谢谢分享。。。  发表于 2016-12-29 22:41
谢谢分享  发表于 2016-12-29 19:05
谢谢分享  发表于 2016-12-28 16:50

x 2 我要送花

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发表于 2017-1-5 23:34 | 显示全部楼层
Thursday, 5 January 2017 | MYT 6:00 PM
VS Industry forecasts stronger results in the second half

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: VS Industry Bhd, whose earnings fell 44% to RM33.5mil in the first quarter (Q1) ended Oct 31, 2016, expects to show stronger results in the second half of the financial year ended July 31, 2017.

The integrated electronics manufacturing services provider said in a statement on Thursday that its board was positive the second-half performance would be much better as sales orders gained momentum, thereby pushing production volume and efficiency to optimal level.

Managing director Datuk SY Gan said the company would continue to benefit from the sustained strong sales growth of its key clients, notwithstanding the current economic conditions.

“The tangible results from this should be apparent in the second half of our financial year 2017, where we expect to post a stronger set of results. For our Malaysian operations, sales orders are gradually coming in from our key clients, pushing the production volume and efficiency to reach optimal level and we anticipate the respective revenue contribution from some of our key clients to reach new level,” he said.

In announcing its Q1 results to Bursa Malaysia last month, VS Industry said its lower earnings for the quarter was mainly due to high initial start-up cost incurred by the Malaysian operations to prepare for the upcoming substantial box built order anticipated from a key customer for the second half of the financial year.

In the latest statement, it said the group had been busy expanding its production capacity for box-build assembly over the past few months since it was awarded the vertical integration (VI) status by its key UK-based client last year.

“The plan is to increase the box-build capacity to three million sets per annum from the current negligible amount. The first production line is already up and running with more lines scheduled to come on-stream soon,” said VS Industry, which held its AGM on Thursday.

Meanwhile, operations at the facilities in Zhuhai, China, had been picking up pace as well since November 2016, producing a new high-end air purifier model for one of its client there, it noted.

The air purifier model was fully designed by VS Industry and has received “very encouraging response” from end-user consumers during a recent soft-launch event by the client.

VS Industry said its management strived to bring the operations in China back to the black in FY17.

In Q1 FY17, its China segment recorded a higher loss against the preceding year’s corresponding quarter due to lower sales and higher raw materials incurred arising from a weaker yuan against the US dollar.

点评

谢谢分享  发表于 2017-1-16 15:46
谢谢分享  发表于 2017-1-10 14:48

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x 217
发表于 2017-1-8 23:09 | 显示全部楼层
mankit87 发表于 2016-1-6 21:52
有大大说borrowing很高,经济衰退就死了,那我们拿数据来看看。

每个季borrowing都增加,那就看看里面包 ...

这么快就一年了啊~还是没有新高

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点评

谢谢分享  发表于 2017-1-16 15:46
谢谢分享  发表于 2017-1-10 14:48
下半年有戏看  发表于 2017-1-9 20:05

x 1 我要送花

x 1601
发表于 2017-1-11 22:10 | 显示全部楼层
静悄悄开始多买几批。。。

点评

嘻嘻i,好久不见!  发表于 2017-1-13 14:04
谢谢支持  发表于 2017-1-12 23:38
船長好久不見!  发表于 2017-1-12 11:19
现在人少容易开。不要偷偷开了就好  发表于 2017-1-12 09:40
还没。。。筹备中。。。  发表于 2017-1-12 09:09
船长回来了。。。开船了  发表于 2017-1-12 00:49

x 6 我要送花

x 8
发表于 2017-1-12 12:55 | 显示全部楼层
我也买了一点点在1.46

点评

谢谢支持  发表于 2017-1-12 23:37

x 1 我要送花

x 1601
发表于 2017-1-13 14:07 | 显示全部楼层
Main customer 的 orders 会在Q3 Q4反映出来~ 嘻嘻~~

里面的人忙得不可开支~~ 很好很勤力~~

点评

谢谢分享  发表于 2017-2-25 09:35
谢谢分享  发表于 2017-1-16 15:45
谢谢分享 !  发表于 2017-1-13 21:33
越忙越好  发表于 2017-1-13 19:51
越忙越好  发表于 2017-1-13 19:51
慢慢漂算吗?嘻嘻。。。  发表于 2017-1-13 15:23
忙得好! 船长开船记得给signal。。。 ^^  发表于 2017-1-13 15:06

x 2 我要送花

x 46347
发表于 2017-1-13 17:21 | 显示全部楼层
OTHERS SUBSCRIPTION OF 12% OF THE ENLARGED ISSUED AND FULLY PAID SHARE CAPITAL OF SEEING MACHINES LIMITED (SML) COMPRISING 45,000,000 NEW FULLY PAID ORDINARY SHARES IN SML (NEW SML SHARES) FOR A TOTAL CASH CONSIDERATION OF £1,800,000 (EQUIVALENT TO RM9,869,760) OR £0.04 (EQUIVALENT TO RM0.2193) PER NEW SML SHARE (SUBSCRIPTION)                                                                       
V.S. INDUSTRY BERHAD
                        
                                        
TypeAnnouncement
SubjectOTHERS
                                
DescriptionSUBSCRIPTION OF 12% OF THE ENLARGED ISSUED AND FULLY PAID SHARE CAPITAL OF SEEING MACHINES LIMITED (SML) COMPRISING 45,000,000 NEW FULLY PAID ORDINARY SHARES IN SML (NEW SML SHARES) FOR A TOTAL CASH CONSIDERATION OF £1,800,000 (EQUIVALENT TO RM9,869,760) OR £0.04 (EQUIVALENT TO RM0.2193) PER NEW SML SHARE (SUBSCRIPTION)
                                                                                                                        The Board of Directors of VSIB (“Board”) wishes to announce that V S International Venture Pte. Ltd. (“VSIV”), a wholly-owned subsidiary of VSIB, had entered into a subscription agreement (“SA”) with SML to subscribe for 45,000,000 New SML Shares for a total cash consideration of £1,800,000 (equivalent to RM9,869,760) or £0.04 (equivalent to RM0.2193) per new SML share.

The Subscription is expected to be completed on 13 January 2017 following the issuance of New SML Shares to VSIV after signing of the SA (“Completion”).

On 22 March 2016, the Board announced that VSIV had subscribed for 129,654,000 new fully paid ordinary shares in SML (“SML Shares”), representing 12.1% of the enlarged issued and fully paid share capital of SML. In this regard, the Subscription provides an opportunity to VSIV to maintain its shareholding in SML in view of SML’s capital raising exercise through a placement of new SML Shares.

The Subscription is funded entirely by VSIB’s internally generated funds.

There are no liabilities, including contingent liabilities and guarantees, to be assumed by VSIV pursuant to the Subscription.

None of the directors, major shareholders and/or persons connected with them has any interest, direct or indirect, in the Subscription.

The highest percentage ratio applicable to the Subscription pursuant to Paragraph 10.02(g) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad is 1.12% based on the aggregate value of the consideration given in relation to the transaction, compared to the consolidated net assets of VSIB based on the audited financial statements for the financial year ended 31 July 2016.
                                            
                                       
                                    
                                
                        
                        
                                                                        
                        
                                                                Announcement Info                                       
Company Name                                                                         V.S. INDUSTRY BERHAD                                                       
Stock Name VS
Date Announced13 Jan 2017
CategoryGeneral Announcement for PLC
Reference NumberGA1-13012017-00079
                                         


点评

谢谢分享  发表于 2017-1-16 15:46
谢谢  发表于 2017-1-13 20:55
谢谢分享  发表于 2017-1-13 19:51

x 0 我要送花

x 6
发表于 2017-1-13 17:23 | 显示全部楼层
lcwong 发表于 2017-1-13 14:07
Main customer 的 orders 会在Q3 Q4反映出来~ 嘻嘻~~

里面的人忙得不可开支~~ 很好很勤力~~

謝謝你的消息。
接下來的quarter可能還沒開始反映,不過應該多一季就可以開始飛了。
加油加油。

点评

woo...  发表于 2017-1-24 12:00
謝謝你  发表于 2017-1-20 23:12

x 0 我要送花

x 217
发表于 2017-1-26 18:45 | 显示全部楼层
lcwong 发表于 2017-1-13 14:07
Main customer 的 orders 会在Q3 Q4反映出来~ 嘻嘻~~

里面的人忙得不可开支~~ 很好很勤力~~

报道船长!

点评

1.71  发表于 2017-3-10 15:21
鹰版主也来了~  发表于 2017-3-7 13:55
j大也来了。。。  发表于 2017-3-7 13:34
我也进来了....  发表于 2017-3-7 13:25
大风大浪,这个船不能开动。  发表于 2017-1-31 17:23
终于突破1。5  发表于 2017-1-28 01:46
Hehe, 恭喜发财!  发表于 2017-1-27 14:41
Hehe, 恭喜发财!  发表于 2017-1-27 14:41
恭喜发财!!! 。  发表于 2017-1-27 09:06
谢谢啦啦啦!  发表于 2017-1-26 23:56

x 1 我要送花

x 8
发表于 2017-2-6 18:06 | 显示全部楼层
今天VS冲了

x 0 我要送花

x 8
发表于 2017-2-6 18:06 | 显示全部楼层
我本钱不多,所以买不多,也赚不多

x 0 我要送花

x 19
发表于 2017-2-7 12:19 | 显示全部楼层
开船了

x 0 我要送花

x 217
发表于 2017-2-7 13:20 | 显示全部楼层

同一个股,听说有人亏6位数,也有人赚
乘着没有人时候早早霸位先
船长,要开航了吗?我beh tahan了

点评

谢谢分享。  发表于 2017-2-16 23:28
谢谢分享。  发表于 2017-2-16 23:28
呼叫船長!  发表于 2017-2-7 18:08

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x 18
发表于 2017-2-7 13:20 | 显示全部楼层
还好够定,之前一直跌一直买。我买wa
来自安卓手机客户端

x 0 我要送花

x 8
发表于 2017-2-7 14:48 | 显示全部楼层
cheekee5052 发表于 2017-2-7 13:20
还好够定,之前一直跌一直买。我买wa

买wa就赚很多了

x 0 我要送花

x 8
发表于 2017-2-7 14:49 | 显示全部楼层
mankit87 发表于 2017-2-7 13:20
同一个股,听说有人亏6位数,也有人赚
乘着没有人时候早早霸位先
船长,要开航了吗?我beh tahan了{:4_ ...

我觉得这几季的quater report应该会不错

点评

谢谢分享。  发表于 2017-2-16 23:28
谢谢分享。  发表于 2017-2-16 23:28

x 0 我要送花

x 18
发表于 2017-2-7 14:57 | 显示全部楼层
alanlam84 发表于 2017-2-7 14:48
买wa就赚很多了

wa=小刀锯大树

点评

谢谢分享。  发表于 2017-2-16 23:27
谢谢分享。  发表于 2017-2-16 23:27
谢谢分享。  发表于 2017-2-16 23:27
谢谢分享。  发表于 2017-2-16 23:27
来自安卓手机客户端

x 0 我要送花

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