2015年5月30日星期六

0111 K1企文科技 rm0.325買进--

由于2015年Q1业绩只赚52万,股价由两个交易前的RM0.625下跌至RM0.305闭市,如Q2业绩有回升机会,股价将会回稳,公司有不错的基本面,淨現金公司,約3千300萬令吉淨現金,相等於每股7.71仙,無任何貸款。有資格成為馬股創業板中的頂尖公司之一,有很大的希望晉升主板。
2014年業績,企文營業額達1億8千609萬7千令吉,按年揚8.66%,淨利則飆升近12倍至創紀錄的1千185萬5千令吉淨利,现价位RM0.305是机会吗?通常恐惧出售后都有回弹的出现,见仁见智了.
先前刊登了報上,可以参考,进出自负.

渡過外圍風暴‧企文營收淨利衝新高

Author: Tan KW   |   Publish date: Sun, 5 Apr 2015, 09:14 PM 


2015-04-05 19:29
  •  
上週,馬股在消費稅落實首日表現低迷,幾乎所有指標指數均以下跌收場;然而,就在紅海吞沒馬股之際,科技指數卻逆市揚升1.17%,這讓《股海撈月》更加堅信,科技股會是馬股今年的亮點之一。

然而,馬股目前有約89隻科技股,投資者該如何從這堆素質參差不齊的公司中,找出理想的投資對象呢?

《股海撈月》的建議很簡單:一,需有基本面。二,不宜完全寄託於未來展望。三,不宜追逐不合理的高估值。
順著這樣的選股條件,這一期的《股海撈月》,相中了企文科技(K1,0111,創業板科技組)。

蒙虧2年
迅速止血
創辦於2001年的企文科技,是家成長中的全方位科技方案公司,於2006年1月在第二交易板上市,核心業務是替客戶提供產品設計、發展、計劃管理、製造至測試階段的各種服務。
目前,企文所專精的領域,包括電子消費品、通訊產品、電腦週邊設備、汽車塑料配件和電子設備,另外也已開始多元化業務至醫療保健設施領域,和進軍電子教學市場。
科技業乃當代、甚至往後數十年的全球性大趨勢;投資角度來說,科技業就像是一個藏有無數危險和寶藏的探險天地,讓許多流著冒險家血液的投資者為之著迷、瘋狂。
然而,這不意味凡踏入科技界就必定能有所收穫,因為科技領域除了商機處處之外,亦是個極考驗趨勢嗅覺、科技能力和管理效率的行業,要真正將其中的商機盈利化,並保持競爭力,不是容易的事。
在這樣的環境中,企文仍成功生存下來,並且逐日壯大。
過去10年間,企文營業額每年均取得成長,這讓該公司營業額從2005年的3千221萬令吉,猛漲至2014年的1億8千609萬7千令吉,年均複合成長率達19.17%。

淨利飆升12倍
除了營業額增長外,該公司淨利紀錄也算不錯,但曾因歐債風暴、美國經濟低迷和日本海嘯等利空,在2011和2012年寫下虧損,慶幸頹勢在管理層的積極應變態度下很快終止,2013年即轉虧為盈,更於2014年將營業額和淨利推上歷史新高。
2014年業績顯示,企文營業額達1億8千609萬7千令吉,按年揚8.66%,淨利則飆升近12倍至創紀錄的1千185萬5千令吉淨利,打下漂亮的翻身戰。

估值有上揚空間
肯納格研究在今年1月發佈的報告中預測,企文將於2015年錄得淨利2千160萬令吉,較2014年成長82%,高淨利成長將成為企文的主要投資魅力。
肯納格表示,企文旗下流動電話週邊產品業務,將受惠於智能手機和平板電腦的強勁上升趨勢,該公司去年第四季從某知名國際公司手中拿下一紙價值2千萬令吉的高級通訊產品製造合約,應證這點。
“此外,我們瞭解到上述合約可能為企文打開機會之門,讓該公司有機會從另一位全球客戶手中贏得另一項規模達4至5倍大的訂單,管理層亦相信來自醫療保健領域的新客戶將開始為業績作出貢獻。”
目前,肯納格給予企文的合理價是63仙,相等於2015年預估淨利的10倍本益比。
《股海撈月》認為,若企文今年業績符合肯納格的預期,那10倍本益比估值其實相對保守,因成功轉板、涉足併購、攫獲更大型訂單等潛在催化劑,都可能讓財測和估值上升。
而且,市場一般願意給予具備成良好展望的科技股較高估值;拿馬股情況來說,許多證券行給予科技股的本益比估值,其實是用2016年預估淨利所算出,並非2015年,且目標本益比更高達15至25倍。
按這標準來看,企文估值或仍有改善空間。

具備轉主板條件
無論從哪個角度來看,企文的現有條件都足有資格成為馬股創業板中的頂尖公司之一,而且有很大的希望晉升主板。
根據證監會的轉板指南,創業板公司必須在過去3至5年內累積2千萬令吉淨利,且最新一年的淨利不得低於600萬令吉,才有資格轉往主板上市。
企文單在去年就錄得了1千185萬令吉淨利,若這樣的業績能夠持續,這意味企文大有機會在今年內輕易跨越證監會規定的轉板業績門檻。
實際上,過往資料顯示企文確實有轉到主板上市的意願,因該公司曾在2009年提出轉板申請,惟後來不幸被證監會以不符合股票指南第1.06(a)條文為由駁回。
根據《股海撈月》觀察,企文是以2005至2008年業績申請轉主板上市,但次貸風暴的後遺症讓2009和2010年淨利劇減,或許是證監會駁回轉板申請的考量之一,因證監會駁回申請的時間是在2011年8月。
目前,馬股創業板擁有58家科技公司;若以2014年業績作準,企文的營業額和淨利規模雙雙在創業板科技公司中名列第3。

淨現金3300萬
等於每股7.71仙
截至去年12月杪,企文已順利晉級成淨現金公司,掌握約3千300萬令吉淨現金,相等於每股7.71仙,無任何貸款。

企文科技WB
折價水平交易
除母股外,企文科技WB(K1-WB,0111WB,憑單)則是高風險投資者的另一選擇,因這項將於今年12月11日到期的憑單,目前正以折價水平在馬股交易。
交易所資料顯示,企文科技WB轉換價為22仙,加上憑單截至上週五的31仙閉市價,總投資成本為53仙,較同日母股的54.5仙閉市價折價1.5仙。
值得一提的是,企文科技WB的折價,吸引了合計掌握45.72%憑單的3大股東――林明福、林順成及布萊登陸續在過去幾個月將本身持有的憑單全數轉換成母股。
上述3大股東曾於去年11月,以每股37仙在場外脫售約4千500萬股股票給機構投資者/基金,各位不妨留意企文即將於未來兩個月內公佈的2014年年報,看看這批佔總股本約10%的股權,究竟由誰買走。
此外,根據《交易所情報網》提供的5種阿爾法衡量(AlphaFactor)指標,企文在股價動力、過往成長率、資本效率和盈利素質方面,都獲得象徵最高評價的“1”,估值評價也取得不錯的“2”。
阿爾法衡量指標共分5個層次,“1”代表最佳,“5”則代表最弱,有關指標雖不可盡信,卻可作為輔助資料。

企文科技最新檔案:
上週五股價:54.5仙
每股淨資產:15.52仙
總資產:1億1千165萬令吉
現金:3千313萬令吉
總負債:4千681萬令吉
貸款:無任何貸款
股本:4億2千798萬6千股(每股面值10仙)
大股東:林明福(15.57%)、林順成(13.3%)、布萊登(10.83%)

聲明:股海撈月提供的資料只供參考,志在讓投資者更瞭解一些不獲證券行重視的小型股,至於是否投資,還請先徵詢股票經紀意見。(星洲日報/投資致富‧股海撈月‧文:李三宇)


點看全文: http://biz.sinchew.com.my/node/113103?tid=8#ixzz3WRMEltte 


K1 (0111) - K-One plunges 33% after posting losses in its first financial quarter




KUALA LUMPUR (May 29): The shares of electronics end-product producer
K-One Technology Bhd (K-One)  continued to its plunge in the morning session
 today after AllianceDBS Research observed in a note yesterday that the stock
 was under heavy selling pressure after announcing losses in its first financial
quarter ended March 31, 2015.

At 12.30pm, 78 million shares were traded 30 sen or 33.33% or 15 sen lower
 from 45, the lowest since the start of this year, making it the most active
 counter in equities market this morning.

Yesterday, AllianceDBS Research noted that K-One was under selling pressure
after gaping down to reach a low of 43.5 sen on May 28.

It added that K-One (valuation: 1.1; fundamental: 2.1) had fallen below the
 20-day and 50-day moving average (MA) lines on May 28 after spending 13
 days above the same two MA lines.

The research house had warned that the stock was expected to move lower
again with immediate support at 43.5 sen following a weak down close on May 28.


“A fall below 43.5 sen should see further price decline to the subsequent
support at 39 sen. The hurdle is at 48 sen. A rise above 48 sen would lift
 the stock to the next resistance at 54 sen,” AllianceDBS said.

The tremendous plunge in share prices comes two days after K-One posted
an 83% drop in net losses at RM520,000 compared to RM3.2 million, and
with lower earnings per share of 0.12 units compared to 0.87 units the
 corresponding quarter last year.

Revenue had also dropped by 28.9% to RM32.6 million in the current quarter
 in review from RM45.8 million last year as result of reduced demand of
 network cameras.

(Note: The Edge Research's fundamental score reflects a company’s profitability
 and balance sheet strength, calculated based on historical numbers. The valuation
 score determines if a stock is attractively valued or not, also based on
historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

http://www.theedgemarkets.com

0111 company.jpg (19.79 KB, 下载次数: 0)
0111 company.jpg

2015年5月28日星期四

Kesm 科技9334 Rm3.54是机会吗?


1)本益比pe=11.8 倍,为科技股中最低的一支.排第一
2)毎股净有形资产Nta=rm5.81,为科技股中最高的一支.排第一
3)科技股中股价为笫3高,排在mpi,gtronic之后.
mpi- pe=16.7,价格rm6.98,nta=rm4.21
gtronic-pe=24.5,价格rm5.88,nta=rm0.99
vitrox-pe=14.7,价格rm3.44,nta=rm0.79
unisem-pe=20.2,价格rm2.47,nta=rm1.59
4)股数为科技股中最少的一支,只有431040 lot(43104張,每張为1000股),
14/05/2015当天成交7700lot,价位上升rm0.46 足可见识,爆升机会排第一.
5)许多科技股因净利的提升,股价己上升且超过他们的nta,随着kesm科技完成收购
kesn test后,公司接下来净利将进一步上升,股价也会跟着上升,知道公司有每股净现金
rm1.09和nta达rm5.81作后盾,股价上升只是时间的早或晚.
6)美国科技股nasdaq指数(5106)的走势依然好,将带领本地科技股的前进.
7)冯大师几年前也持有kesm过,可见公司的基本面与素质不差.
8)公司可在半导体领域復甦以及轻巧型电子产品日益普及下获得更多商机。
汽车电子产品领域前景亮丽,KESM科技将增加用在自排车中,自控系统微晶片的测试设备。
只供参考,进出自负.
--
冷眼持有的股票


发表于 18-5-2011




2,000,000 unit MBSB
1,529,000 unit CEPAT
1,010,000 unit KRETAM
900,000 unit CSCSTEL
800,000 unit ZHULIAN
730,000 unit FACB
660,000 unit PLENITUDE
390,000 unit CHOOBEE
380,000 unit TDM
345,000 unit KIMHIN
300,000 unit NCB
100,000 unit KESMI
82,000 unit RCI

2015年5月27日星期三

柏老全力袒護QE:美國市場、資產價格走勢都不極端

MoneyDJ新聞 2015-05-27 12:29:51 記者 郭妍希 報導
聯準會(FED)前主席柏南克(Ben S. Bernanke,見圖)結束台灣之行後,緊接著前往南韓演講。他在台灣的演說中堅稱量化寬鬆貨幣政策(QE)讓全球金融體系更加健全,而在首爾也強調,他並不擔心美國資產價格出現泡沫。
路透社報導,柏南克今(27)日在首爾發表演說時表示,美國房地產與金融市場並無異常波動的跡象,而假如FED真的升息,反倒會是個好消息,因為這代表美國經濟已夠強勁。
在被問到是否擔憂美國資產價格的泡沫時,柏南克說,只要金融體系是健全的,即使價格有波動都沒關係,目前並未看到極端的動盪。
柏南克的看法似乎與FED現任主席葉倫(Janet Yellen)不太一致。葉倫曾在5月6日警告股市估值偏高;美國長期利率目前雖處於低檔、但FED若調高基金利率時可能會呈現大幅上揚。她當時說,儘管拿股東權益報酬率(ROE)和債券報酬相比,股票估值仍不算高,但已隱含風險。
*編者按:本文僅供參考之用,並不構成要約、招攬或邀請、誘使、任何不論種類或形式之申述或訂立任何建議及推薦,讀者務請運用個人獨立思考能力,自行作出投資決定,如因相關建議招致損失,概與《精實財經媒體》、編者及作者無涉。
資料來源-MoneyDJ理財網

柏南奇演講,財經部落客怎麼看

柏南奇
美國前聯準會主席-柏南奇
美國聯準會前主席柏南奇,應《商業周刊》之邀來台進行演講及論壇。台灣許多知名財經部落客也共襄盛舉,會後亦簡短發表感想。
多年前就讀紐約哥倫比亞大學經濟研究所、現任AIA Capital財富管理公司首席經濟學家吳嘉隆說,當時就曾經在哥大教室和柏南奇面對面,也曾經當面提出問題向他請益。「多年後,在台北再見到他,身分換成是美國聯準會前主席,發現他還是一副學者氣息,沒有官場派頭。」聽完演講,吳嘉隆看到柏南奇面對尖銳問題,例如:有沒有看到即將來臨的金融危機的早期訊號,Fed難道都沒誤判嗎?超低利率難道不是泡沫的主要原因嗎?柏南奇臉不紅,氣不喘地回應,本來以為會有一番火氣,可是柏南奇就像是學者在做研究,「抽絲剝繭地分析給你聽。這種樂於接受質疑,尊重差異的治學態度,仍然可以在柏南奇身上看到。」
地產專家紅色子房,則是從演講中發現投資機會。柏南奇說:更開放的浮動匯率政策,才是打敗QE影響力的根本之道;紅色子房衍伸此觀點,「檢視目前熱門海外不動產投資國家(英、日、澳、東協各國)的政府匯率控制政策,就可以更有效預測海外不動產投資的走勢與風險性。」
知名的財經部落客綠角則說,親眼看到柏南奇,才發現他是一位非常貼近平民,從大處著眼的聯準會主席。在中場論壇結束前,前國發會主委管中閔問了柏南奇一個問題:會不會後悔擔任聯準會主席?如果繼續留在學界,說不定已經拿諾貝爾獎?柏南奇的回答,令綠角很有感覺。柏南奇說,自己非常開心能夠成為政策制定者,因為經濟學的目的就是要為人民帶來福祉,並非只是一種學科上的討論。

實施QE全球罵!柏南奇演講聽後感:至少美國真的動用所有資源救經濟,反觀台灣...

撰文者蔡佑駿
美國
來源:Dreamstime.com - USA Country Flag Photo
今天下午(5/26)出席了美國前聯邦準備理事會(Fed)前主席(Ben Shalom Bernanke)主講的論壇,可惜沒辦法給聽眾發問,我只聊一下自己的看法。
針對國際貨幣競貶的部分,Bernanke認為如果是為了解決自己國內問題,被迫實施QE政策,然後非主動的干擾了其他貨幣的波動,這樣是可以被接受,就像歐洲、美國、日本的寬鬆貨幣政策。
但如果是主動干預外匯,例如實施固定匯率,進而促進經濟改變,那是不適當的,但我個人認為,這實在很難去界定,這也是各國貨幣政策長期都在亂戰的主因,因為除了歐洲、美國、日本以外,瑞士也在干預瑞士法郎,香港和中國甚至幾乎固定匯率,台灣也在干預匯率,各國實施貨幣政策的同時,一定都說是為了拉抬自己國內的經濟,如此一來,大家都合理,Bernanke說的貨幣戰爭等於沒有任何改善,只是美國仍然拳頭最大,小國也只能黯然接受,所以貨幣戰爭不會停,依然會繼續下去。
不過我認為美國的貨幣政策有一點做的很好,當聯準會想達到什麼目標,都會盡可能跟市場說明,即使每個人解讀不同,但像是通貨膨脹要達到2%,失業率要降到6%以下,整體經濟現況到底如何,或者要實施新政策達到某某目標,FED會做到讓市場和人民願意相信,他們會投入大量資源去做,使命必達,資訊公開。

張忠謀該問柏老:美國貨幣流通速度為何創歷史新低

MoneyDJ新聞 2015-05-25 07:54:09 記者 賴宏昌 報導
美國過去兩次的白宮政黨輪替(2000年、2008年)都引發金融市場以及實體經濟的大動盪,2016年能否擺脫宿命?
嘉實XQ全球贏家系統報價顯示,標準普爾500指數在2000年3月觸頂、同年11月共和黨籍小布希勝選、確定從民主黨8年任期屆滿的柯林頓手中接下入主白宮的鑰匙。2007年10月標普五百作頭,隔年11月民主黨籍歐巴馬勝選。明年11月美國將再度舉行總統大選,美股會第三度不敵大選魔咒嗎?
美國聯準會主席葉倫(Janet Yellen)3月27日還淡定地表示,低利率實施過久雖可能危及金融穩定,但證據顯示目前的威脅並不大,監管工具應該是應對金融穩定的第一道防線。5月6日,葉倫突然表示,股、債市估值都有偏高之嫌。5月19日,她在金融穩定監管委員會(FSOC)會議中表示,市場參與者曾提及,受電子交易技術大幅躍進、競爭加劇以及新法令等因素影響,市場流動性可能在危急時期會出現急速惡化的現象
絕大多數媒體在報導葉倫5月22日在羅德島州的經濟展望演說時、都僅提到她說景氣如果如預期地持續改善、那麼今年內升息是合理的。根據聯準會網站公布的葉倫講稿內容,事實上她在當天也坦承過去做了許多錯誤的預測,景氣有可能比她預期地還要來得強勁、也可能比預期疲軟。
葉倫並非因謙虛而自承過去犯許多錯誤。2008年6月25日的聯邦公開市場委員會(FOMC)會議,葉倫眼見商品價格飆漲帶動通膨短暫走高、當時她發言表示聯邦基金利率接下來應該是走高、問題只是在於何時調升而已。她當時說預期到年底時寬鬆貨幣政策就會退場。
同年9月15日,雷曼兄弟宣告破產。隔一天,葉倫雖在FOMC會議上說非常擔心實體經濟所面臨的下行風險,但卻又附和柏南克的說詞贊成將聯邦基金利率維持在2%不變。9月17日,標準普爾500指數再挫4.7%,因為FED當天被迫出手拯救美國國際集團(AIG)。上面這段歷史告訴我們,葉倫沒有時光機、無法預知美國未來景氣會是變好還是變是壞
美國景氣只是暫時因氣候、港口罷工因素而受挫?看看聯準會自行公布的美國勞動市場狀況指數(Labor Market Conditions Index;LMCI)!LMCI 2015年4月報-1.9、創2012年6月(-2.4)以來新低,連續第4個呈現下滑!葉倫今年3月27日曾說,美國目前看似優於它國的經濟表現是用超低利率換來的,假設美國基本面真的已經恢復正常的話、現在的經濟活動應該是相當熱絡才對
美國聯準會前主席柏南克(Ben Bernanke)本週二來台演講、門票2萬元起跳。與會者該提出什麼樣的問題才能讓柏老對台灣留下深刻的印象?
台積電(2330)董事長張忠謀已公開表示將詢問柏南克如何解決日益嚴重的貧富差距。張董事長應該拿這張圖來問卸任後到處演講的量化寬鬆之父。貨幣流通速度(見圖)是季度名目GDP除以季度平均M2貨幣存量,下降表示企業和個人因經濟復甦緩慢而減少購買商品和服務的次數。從這張圖我們可以看到,1990年代貨幣流通速度的大幅上揚並且創下歷史新高,代表當時的消費與企業投資意願強烈、人民跟企業界普遍都可以感受到景氣的熱絡。
21世紀初以來美國解除衍生性商品管制,美國貧富不均問題日益嚴重,導致貨幣流通速度持續走低。灰色區塊代表經濟衰退時期。貨幣流通速度在經濟復甦後持續破底、代表復甦是無感的。美國貨幣流通速度創歷史新低代表財富集中程度達到1959年開始統計以來最高水準,也代表QE根本沒有達到活絡經濟的效果。
*編者按:本文僅供參考之用,並不構成要約、招攬或邀請、誘使、任何不論種類或形式之申述或訂立任何建議及推薦,讀者務請運用個人獨立思考能力,自行作出投資決定,如因相關建議招致損失,概與《精實財經媒體》、編者及作者無涉。

商周全球經濟大未來論壇》柏南奇:實施QE,美國絕非不管別的國家死活

商周全球經濟大未來論壇》柏南奇:實施QE,美國絕非不管別的國家死活
美國聯準會前主席柏南奇應商業周刊之邀,首度來台進行演講。身為「寬鬆貨幣政策之父」,許多人最想問的問題之一,就是其「副作用」,例如造成熱錢流竄推升新興市場國家的資產價格、形成泡沫;為了維護出口而讓全球貨幣競貶;以及現在各國也都開始跟進實施QE挽救垂頭喪氣的經濟...
柏南奇笑著說,他每年至少十次,和世界各國的央行總裁會面,確實,有些國家的央行總裁公開譴責美國的貨幣政策,「但他們私底下卻跟我說:你去做你去做你去做。」柏南奇也表示,挽救經濟,當然也可以靠財政政策,但當時美國不希望增加更多的財政支出。
至於「貨幣戰爭」,他認為,如果是為了解決自己國內的經濟問題,被迫要實施量化寬鬆,結果非主動地造成其他國家貨幣的波動,這樣是可以接受的。就像美國、歐洲、日本。柏南奇不斷強調,美國當年決定採取量化寬鬆政策,是為了解決美國內部的問題,「今天並不是說美國做這個不管其他人死活。」
5月26日於台北文華東方酒店舉辦的「商周X柏南奇─全球經濟大未來論壇」,第一場是由商業周刊數位內容編輯部總編輯王之杰,就QE當年實施的源起和初衷進行提問;第二場則是由前國發會主委管中閔和中國信託銀行董事長童兆勤,與柏南奇對談,包括美國貨幣政策對世界經濟造成的影響,以及如何改善銀行監管機制;最後一場則是台積電董事長張忠謀和柏南奇兩大天王會,針對社會流動性、貧富不均、以及中產階級的機會,有精彩的對話。

2015年5月26日星期二

简单看看 kesm科技在中国的公司--

1)(扬州凯尔斯迈电动器材科技有限公司)生产电动车,
老年休闲电动三轮车,多功能可折叠手提四轮电动旅游休闲车,箱包车,代步车,电动货三轮 
电动滑板车,其他非机动车 ,公司介绍
扬州凯尔斯迈电动车业有限公司成立于1997年,2005年起研发生产四轮代步车、新能源节能环保电动轿车,
系一家民营科技型、节能型、创新型企业。企业法人代表王永娟,公司主要产品为新能源环保电动轿车、
微型电动四轮旅行箱包车、健身器材等。公司占地近200亩,拥有生产装配流水线和涂装自动线等设备。
公司被评为AAA信用等级,已通过ISO 9001 :2008国际质量认证;凯尔斯迈新能源节能环保电动轿车拥有多项专利
,主要优点:零排放、环保、节能;已通过EEC权威认证,获得在欧洲27国销售通行证。
多次参加了国内外进出口交易会,深受中外客商亲睐。
   2009年12月7日“凯尔斯迈”新能源节能环保电动轿车作为中国唯一节能环保产品入展了哥本哈根联合国气候变化
大会第15次缔约国大会“世界节能产品展”,在全球范围内获得了良好反响。目前“凯尔斯迈”新能源轿车,
主要销往欧洲、南美洲、英国、法国、德国、芬兰、丹麦、奥地利、匈牙利、意大利等国家和地区。
公司正与国内科研院所和欧洲公司开展技术合作,与清华大学、江苏大学共同合作,研发电机效率及电器控制技术
,同时研发电动车的轻量化结构。现已开发了电动皮卡、纯塑料一次成型外壳(采用特殊塑料有多项专利技术)
的电动轿车,已进入小批量及国外认证阶段,计划2011年几个品种款式全面投入批量生产销售,在技术上是自主产品
,同时也是政府、开发区重点支持企业,在3-5年内建立年产6-10万辆规模的新能源(电动)轿车研发制造基地。
http://www.nengyuan.com/p/201310 ... 01611111109250.html
http://www.huquan.net/detail/1930613.html
http://www.metalnews.cn/price/show-2212009-1.html
http://yzkesm.800400.net/introduce/
2)科仪工业(天津)有限公司;
科仪工业(天津)有限公司是马来西亚KESM投资、新加坡Sunright集团控股的独资企业。
自1978年成立以来,KESM一直从事电子制造业,特别是为半导体行业提供“老化”测试服务。

http://www.jobui.com/company/1387675/

个人觉得环保意识的提高,这类电动车有前途.
kesm Rm3.57 加码.

全球半導體產業營收增長7.9%

行業:電子元器件 信息來源:中國信息產業網 發布時間:2015-04-02
全球半導體產業營收增長7.9%
Gartner近日發布初步統計結果,2014年全球半導體總營收為3398億美元,與2013年的3150億美元相比增長7.9%。
  
  前二十五大半導體廠商合並營收增長率為11.7%,優於該產業整體表現。前二十五大廠商佔整體市場營收的72.1%,比2013年的69.7%更高。
  
  Gartner研究副總裁Andrew Norwood表示:“就群體來看,DRAM廠商的表現勝過半導體產業其他廠商。這股趨勢始於2013年DRAM市場因供給減少及價格回穩雙重因素而蓬勃發展並持續至今,2014年營收也因而增長31.7%。有別於2013年的一些重要類型的設備營收均出現下滑,例如專用集成電路、離散元件與微元件等,2014年所有類型的設備均實現增長,但內存市場尤為出色,在2014年增長了16.9%。若將內存營收排除,則該市場其餘部分的增長率為5.4%,仍大幅優於2013年的0.8%。”
  
  2014年英特爾在連續幾年衰退之後終於觸底反彈,實現了4.6%的增長。該公司在2014年對自身進行重組,重新劃分為五大事業部,其中數據中心事業部仍是該公司最穩健的單位。英特爾無意外應可達成其2014年4000萬平板處理器出貨量的目標,但這些處理器均以極大的價格折扣作為誘導因素。在PC方面,英特爾依然繼續蠶食AMD的市場份額,Gartner預測英特爾在2014年筆記本電腦與臺式機的出貨量將比2013年更高。英特爾已經連續23年位於市佔率第一,2014年亦取得了15.0%的半導體市場份額,但與2011年的巔峰16.5%相比仍略顯遜色。
  
  Norwood指出:“2014年DRAM營收將高達460億美元,並且改寫了上次在1995年所創下的歷史新高。不過,若就半導體市場所佔比例來看,DRAM只佔2014年營收的13.5%左右,僅為1995年所佔比例27.9%的一半。”
  
  SK海力士與美光科技是內存市場強勁增長的最大受益者,在十大廠商中增長最快。DRAM市場的蓬勃發展使得SK海力士連續第二年營收出現大幅增長,DRAM約佔該公司營收的80%左右。
  
  2014年美光科技41%的增長率使得該公司排名晉升一位。該公司在2013年並購爾必達使其成為前二十五大半導體廠商中增長較快的公司之一。美光的DRAM業績因其Fab7(從生產DRAM轉換至NAND以適應並購爾必達之後的產量調整)而使得表現略遜於整體DRAM市場。
  
  2014年,各大廠商之間的並購比前一年明顯更為熱烈,其中最引人矚目的當屬Avago科技並購LSI,該公司因而首次登上前二十五大半導體廠商排行榜。此外,晨星半導體在經歷了漫長的過程之後終於和聯發科技合並,另外還有ON半導體並購Aptina Imaging。在通過並購的調整之後,前二十五大廠商的營收增長率超過10.0%。

半導體市場成為電子行業核心

行業:電子元器件 信息來源:證券時報網 發布時間:2015-04-22
半導體市場成為電子行業核心
由於砷化鎵和氮化鎵半導體材料的特殊性,該器件將會是未來集成電路的重要發展方向,國家正大力支持該行業的迅速發展,最近也引起了市場的廣泛關注。砷化鎵和氮化鎵主要依附於MOCVD進行外延生產,技術含量高,國內LED芯片龍頭三安光電[0.13%資金研報]早在兩三年前就在布局該行業,近期發布定增預案,計劃募集資金16億元,總投入達30億元人民幣用於通訊微電子器件項目,生產砷化鎵高速半導體器件與氮化鎵高功率半導體器件。國內砷化鎵/氮化鎵半導體在軍工及無線通訊等領域需求旺盛,而相關標的稀缺,因此我們看好該行業未來發展,同時也將持續關注該領域中相關投資機會。
  
  砷化鎵半導體:射頻通訊核心,百億美元大市場  
  砷化鎵半導體具備高工作頻率、電子遷移速率、抗天然輻射及耗電量小等特性在微波通訊領域大規模應用。一方面,隨著智能手機進入4G時代,以至於後面的5G及物聯網的崛起,多模多頻的砷化鎵微波功率器件需求量較3G時代將大幅提升。根據我們估算,2014年度全球手機砷化鎵功率元件需求量接近120億顆,國內手機市場砷化鎵元件需求量超過35億顆。4G及未來的5G通訊已成為砷化鎵微波半導體重要的成長驅動力。另一方面,無線通訊的拉動下催生砷化鎵半導體由原先的國外IDM群雄割據發展到現在的代工經營模式,專業的砷化鎵半導體晶圓制造出現。
  
  氮化鎵半導體:節能產業的未來  
  氮化鎵半導體自2013年開始逐步從軍工領域向民用市場拓展,美國、歐洲、及中國政府均出臺相關政策大力推進氮化鎵半導體產業,國際半導體大廠關於氮化鎵器件的收購和合作也不斷發生,氮化鎵半導體已經成了各家必爭之地。未來隨著氮化鎵半導體在新能源、智能電網、4C產業及物聯網的應用逐步拓展,全球氮化鎵半導體市場潛在規模達94億美元。
  
  國內機會:三安光電拉開砷化鎵/氮化鎵半導體國產替代序幕  
  三安光電將投資砷化鎵/氮化鎵半導體制造,填補我國在制造環節的空白。一方面,三安將借軍工訂單正式切入砷化鎵/氮化鎵半導體領域,目前三安已經與成都亞光簽訂6600萬元流片訂單,鑒於國內軍工用砷化鎵/氮化鎵器件需求巨大,只要公司產品量產,訂單將能夠保證。另一方面,國內銳迪科、國民技術[1.09%資金研報]、漢天下等設計公司,均將會是三安光電未來潛在客戶,海外也將會是開發的重點領域。隨著三安通訊電子器件項目投產,將實現年產能36萬片(6寸片),規模更甚於目前全球砷化鎵晶圓代工龍頭臺灣穩懋,借助國家力量,三安光電從國防應用領域切入,將不僅是“LED芯片界的臺積電”,還有望成長為“砷化鎵/氮化鎵芯片界的臺積電”。  

2015年5月24日星期日

转贴;为何要走在股票投资的路上?

Author: imationtrader   |   Publish date: Sat, 23 May 2015, 11:45 AM 



没目标的人生犹如空中飘然的羽毛。你,有真正去想你人生要走的路吗?为何我要走这条“股票投资的不归路”?因为我看到了以前看不到的事实与以前不敢去面对的事实。

其实,我们有五个管道去制造一个安稳的未来。

1)做个一流的打工皇帝(如公司中的皇帝,月入上万,等等) - 人找钱...难而又辛苦啊!

2)做个成功的生意人 (包括直销,自己做生意,等等) - 没本钱又脸皮薄!

3)做个有钱人的孩子 (也可以嫁个有钱人) - 又下一辈子要找到VIP房才去投胎!哈哈!

4)做个超有运气的赌神 - 算了。我是有十件事,九件都是倒霉收场的人。

5)做个实际的投资人 - 绝路? 不... 钱找钱之路!


看到自己的岁月慢慢的流失,也开始慌了。傻傻的打工,又可以为自己带来一个怎样的将来?将是一个退休了还需为钱而烦恼的日子。为何写这篇文章?因为看到身边还有很多的朋友对投资没兴趣与反感。这是因为他们不了解投资的概念,也没耐力去学习。我很肯定地讲,以基本方式来投资和做足功课,长期投资肯定是包赚!


2015年5月22日星期五

9334 Kesm 科技 rm3.54 进入的原因--

9334 Kesm 科技 rm3.54 进入的原因--
1)kesm  科技擁有強穩的資產負債表,截至2015年1月底公司现金有1.36亿,借款为8897万,淨現金達4700萬令吉,
每股净现金为rm1.09, nta=rm5.81 (现股价严重被低估了),roe=5.1
2)Kesm主攻个人电脑、平板电脑、智能手机和汽车这4大领域的晶片与测试业务。
在全球营收规模首十大半导体厂商当中,跟kesm有生意来往的,占了6个.(Intel, Samsung, Qualcomm, Micron, 
Toshiba and Texas Instruments.)执行主席兼首席执行员林信赐表示,
该集团预料汽车晶片需求将加速。他说,自动驾驶汽车预料将在未来10年内冲击世界市场。
“因此,晶片需求预料将在未来数年大幅增长。
4)KESM科技的主要业务是电子零件生产,收购了KESM Test后,就可涉足汽车的电子零件业务。
随着汽车里的电子仪器越来越多,所需的电子零件也越来越多,且需要更高科技的测试设备。
其中一个就是司机驾驶辅助科技。目前这系统将被整合到一个晶片,所以,是半导体领域亮眼的增长前景,
而该公司已经有了相关的专业知识和领导地位。公司大部分净利来自kesm test,也难怪收购成功后,股价开始向上走势.
5)买股看公司的未来是否成长,净利多少等,当可见度变得清晰,投资风险相对变小,
股价也将呈现上升势头,kesm 会是不错的选择。
6)公司诚信度是很好的,因此数据造假应该不会发生在这公司上。
7)30大股东已持有78.68%(33845张),市场流通量只有9169张(21.32%),总股数为43014張.
大股东己持 53.49% .kesm现提供的投资机会,真的是越買越高,趁现在低,早点进货,等待丰衣足食.
8)kesm 绝对是投资者的首选股,公司的潜在价值好,成长佳,将会是一只黑马股。

9)估计2015全年eps=rm0.30 ,合理的pe=15 ,股价=rm4.50
10)kesm科技己完成收购kesm test股份,将增加40%的净利,相信2015年Q4,2016年可显现成長净利,因此现是进入良机.
目前rolling 4 quarters 的eps=rm0.29 ,如果2016年eps增加40%,到时eps为(rm0.29+rm0.11)
=rm0.40sen ,取pe=15倍,股价可达rm6.00
11)目前kesm的股价=rm3.53 ,用eps=rm0.30算,只是pe=11.7倍在交易,比较其他科技股后,明显被低估了.
12)有大股东sunright 作为强大的后盾,可保立足于市场且看好前景.(http://www.sunright.com/eng/index.htm)
只供参考,进出自负。
http://www.kesmi.com/
正确机率多才能成功
所以,总括一句,我们只是平民散户,通过本身对投资的喜好和研究,希望(努力)在股市中挣到不错的回酬,
什么大师专家,受之有愧,不必对号入座。
不论我们做什么决定,都会诚实的面对结果。投资组合不是考试,不能每次要求一百分。
这三年多来,我们确然做了一些低级错误,不过也做了更多的正确决定,所以我们才能获得如此不差的成绩。
现实生活里,错和对总是交叉发生,每次都做对,不叫“成功”,那是“完美”,是每个人追求的境界(却不大可能达到)。
成功的投资者,只需要把正确的投资机率更多发生就是了。
取自于--http://klse.i3investor.com/blogs/golden_years/55570.jsp

kesm 技术图美,无阻力,看到幸福的未来了.

a)KESM - TP may be revised upwards to RM4.55 post acquisition
[size=11.9999990463257px]Author: tasecurities   |   Publish date: Wed, 22 Apr 2015, 04:24 PM 

[size=11.9999990463257px]
Background


KESM Industries Berhad is a semiconductor company primarily involved in the
provision of burn-in and test services. It is the largest independent burn-in
service company in Malaysia. The company serves as a sub-contractor to
electronic multi-national corporations. Operations are located across Malaysia
and China. As its largest shareholder, the group is an associate of the Sunright
group of companies.

Story So Far


Enduring a tough spell, FY12 and FY13 were challenging years for the group. In
FY12, profit declined by 66.4% YoY to RM4.2mn. The reason for the slip was
attributed to a lower than anticipated production ramp up in China. This was
made worse by escalating labour costs in China. Also, an impairment of trade
receivables totalling RM7.0mn was recorded – as a customer in its electronic
manufacturing services (EMS) business ran into credit risk. Fortunes extended
into the following year amid weak industry demand and the implementation of
minimum wages locally.


Nevertheless, the weakness was short-lived as overall performance rebounded
in FY14. Mimicking the recovery of global semiconductor sales, the group
achieved internal records of over one billion semiconductor devices shipped.
Also, it enjoyed benefits from better productivity and positive cost control
measures. All in all, earnings recovered by 138.2% YoY to RM10.9mn. This was
in spite of higher electricity costs during the period.
Maintaining its momentum, the group recorded a net profit of RM4.8mn
(+70.5% YoY) in the 1HFY15.

Driver SeatCurrent strategies are guided by two key initiatives. The first of which is to ‘build long term
growth in the auto market segment’. At approximately 70% of total revenue, the automotive
segment is by far the group’s largest contributor by end market segment. As a sub-contractor
to various electronic multi-national corporations, its products are predominantly found in
upper-tier auto manufacturers.
Analysing by end use applications, the automotive segment is forecasted to have the highest
future growth rate. IC Insights expects the segment to increase by a CAGR of 10.8% YoY
between 2013 and 2018. Partly attributed to its smaller base, this will be driven by an
increase in IC contents across new cars. Applications include vehicle-to-vehicle
communications, mandatory back up cameras and various driver assist systems. Certain
manufacturers have also exhibit prototypes of ‘driverless’ cars which provide a glimpse of
future capabilities.


Test Growth EngineIts second initiative is to ‘strengthen its test growth engine’. Amid rapid technological
changes, testing services remain a fundamental part of the semiconductor manufacturing
process. Currently, the company has a capacity of 100 installed testers. Operating on a
controlled growth approach, plans are to add an additional 5 to 10 testers annually. On
average, test equipment cost between US$1.0-2.0mn each. In the 1HFY15, the group spent a
total of RM60mn on CAPEX – representing 81% of last financials year’s amount. We interpret
this as a positive signal of a brighter outlook ahead.


Resilient BusinessRelative to the industry’s cyclical nature, business operations have been stable and resilient.
Boasting a sturdy track record, all of its full year results have been profitable since listing in
1994. Moving forward, in line with plans to add an additional 5 to 10 testers annually, we
assume a capacity of 105/110/115 testers for FY15/FY16/FY17. This is accompanied by an
average utilisation rate of 80% (currently between 80-85%). Together, we estimate
FY15/FY16/FY17 earnings of RM11.4mn/RM12.5mn/RM14.1mn. This translates into a three
year CAGR of 9.0% between FY15 and FY17.


Cash RichFrom a balance sheet perspective, the company has a strong net cash position of RM47.4mn
or RM1.10/share (38.9% of share price). Given the capital intensive nature of the industry, it
maintains a high cash reserve to capture potential business. This ensures it is not beholden to
traditional sources of finance. Recently, it rewarded shareholders with a special dividend of
3.0sen/share. No dividend policy has been fixed.



Corporate RestructuringRecently, it announced the proposed acquisition of remainder shares in KESM Test from
Sunright Limited. This will be priced at a cash consideration of RM35.0mn for the 34.6% stake
– translating into a FY14 PE of 6.4x. The disposal is part of a corporate restructuring exercise
that allows KESM to gain full control of the test business. Meanwhile, Sunright will then focus
on equipment development. Ultimately, as KESM is an associate of Sunright, it will still benefit
from growth in the test business. The exercise is expected to be completed by the first half of
2015. Assuming the deal goes through, we estimate EPS could potentially rise by ca. 41.9%.

Attractive ValuationsWe value the company at a TP of RM3.05 – based on a PE of 10x and CY16 EPS of 30.5sen.
Although it can be argued that the company has a smaller market cap and lower earnings
growth, we opine that this is well accounted for by our discounted PE of 10x vs. our industry
target of 14x. Based on our estimates, the company is currently trading at a relatively
undemanding CY16 PE of 9.3x. Stripping out its net cash holdings, its effective CY16 PE
stands even lower at 5.7x. In the event the acquisition of KESM Test proceeds,
our TP may be revised upwards to RM4.55/share (potential upside of +60.8%). Not Rated.





Source: TA Securities
b)KESM Industries – Cheap proxy to tech sector. Acquisition of minority interest to boost EPS by 50%
[size=11.9999990463257px]Author: NOBY   |   Publish date: Mon, 20 Apr 2015, 11:44 PM 

[size=11.9999990463257px]KESM Industries –  Cheap proxy to the tech sector. Acquisition of minority interest to boost EPS by 50%
Disclaimer:- The purpose of this article is for sharing purpose only. It is neither a recommendation to buy or sell. Please do your own research before making any decision. At time of writing, I do own shares of this company.
Introduction


KESM has been engaged in specialized electronic manufacturing activities since 1978 is the largest independent burn-in service company in Malaysia. KESM's primary objective is in specialized electronic manufacturing activities and serves as sub-contractor to electronic multi-national corporations. In particular, it is in the business of providing burn-in services to the semiconductor industry. The company's customers are mainly from the global top ten semiconductor manufacturers in terms of market share including Intel, Samsung, Qualcomm, Micron, Toshiba and Texas Instruments. KESM has operations in Malaysia and China and a total of 3 subsidiaries as shown below:-


Historical earnings
I initially bought into KESM due to its strong balance sheet with huge cash hoard but am starting to see a growth story here. Let’s take a look at the historical figures for KESM
Year
2015ttm
2014
2013
2012
2011
2010
2009
Revenue,000
259014
254365
247605
236940
248113
226466
169315
Gross margin
87%
84%
79%
78%
77%
69%
74%
Operating margin
7%
6%
3%
1%
8%
7%
5%
NI
18948
16340
9441
7383
16679
14020
11248
Net profit to common share
12887
10883
4569
4161
12382
11746
9757
Net profit margin
7%
6%
4%
3%
7%
6%
7%

Year
2014
2013
2012
2011
2010
2009
Operating cash flows, CFFO
65695
56408
66902
29841
52965
30241
Capex
-70753
-32679
-24246
-57825
-56241
-16401
Free Cash Flow, FCF
-5058
23729
42656
-27984
-3276
13840
FCF/Revenue
-2%
10%
18%
-11%
-1%
8%
CFFO/NI
402%
597%
906%
179%
378%
269%

Year
2014
2013
2012
2011
2010
2009
ROE
4%
2%
2%
6%
6%
5%
ROIC
7%
3%
1%
8%
7%
6%

A quick look at KESM’s historical profitability underlines the cyclical nature of the business it is in. While revenue was growing steadily hitting at an all time high in 2014, operating and net profit margins are razor thin and the net profits gyrates wildly, falling from a high of RM 16.7mil in 2011 to only RM 7.3mil in 2012. Since then however, net profit has grown steadily and more than doubled to RM18.9 mil as of the latest trailing 12 months results. KESM’s free cashflow is rather lumpy with high capex requirements every now and then, but overall, they are still generate positive free cashflow. Their CFFO is rather high due to their high depreciation cost of almost RM 53 million in the last financial year.  Its ROIC is also average, at only 7% and ROE is even lower at 4% due to its large cash hoard.
The operating margins although improving, are still low and suggest that KESM probably has no moat, but even a moat-less company can be a good investment if it is cheap enough. KESM’s balance sheet is strong. It has a net cash of RM1.25 per share (RM 54 mil) which makes up close to 44% of its market capitalization based on its last closing price of RM2.83. KESM’s enterprise valuation metrics suggest that it is not expensive
Net cash /share = RM 1.25
Excess cash/share = RM 3.27
EV/EBITDA = 1.4x
EV/EBIT = 6.1x
Despite its cheapness, market has probably not discovered KESM because from P/E standpoint, KESM appears more expensive at around 9.4x 2015ttm earnings. The divergence of the P/E and EV/EBIT is mainly caused by the high excess cash and minority interest carried in its balance sheet.  

Acquisition of minority interest to boost EPS by more than 50%
In February 2015, KESM proposed to acquire the entire remaining minority interest stake of KESM Test (M) Sdn Bhd from the major shareholder for RM 35 million. The rationale provided by the CEO for this exercise was to streamline the operations of the subsidiaries by allowing the major shareholder (Sunright Limited) to focus on test and burn in equipment innovations (RnD) while KESMI group focuses on providing burn in and test services. The table below summarizes the EPS contributions of the minority stake and what shareholders of KESM would stand to gain.
In thousands (‘000)
2015ttm
2014
2013
Total net profit
18948
16340
9441
Net profit to common shareholders
12887
10883
4569
Net profit to minority interests
6061
5457
4872

Based on the acquisition cost of RM35 million and using the average minority interest net profit contribution over past 3 years, the effective P/E of the acquisition works out to 6.4 x which is a good deal. If we inverse the P/E ratio of the acquisition, the earnings yield is about 15.6%, which implies that this is a good use of its excess cash to enhance returns to shareholders. The subsidiary KESM (M) Test Sdn Bhd also appears to be the major driver of earnings for the group judging from the high percentage of the minority interest contribution to total earnings. This acquisition which was recently approved in the AGM, will also boost its EPS by more than 50%,
Price = RM2.83
EPS pre-acquisition = RM 0.3
EPS post acquisition = RM 0.44
P/E pre-acquisition = 9.4x
P/E post acquisition = 6.4x
Although the acquisition cost was RM35 mil, net net, the acquisition is expected to reduce the net cash holdings of KESM group overall by only RM10 million after taking into account the cash holdings of the subsidiary, dividend payments from the subsidiary and the expenses related to the proposed acquisition. The earnings contribution from the acquisition of the minority stake is expected to be reflected in the group’s FYE 2015 results.
Barring any unforeseen negative earnings surprises, I believe that the exercise above will crystallize the valuations of KESM in the coming quarters and re-rate the stock price as what similar exercise has done for companies like Latitude Tree.  If we assume that P/E ratio of 9x is fair for KESM, then after the exercise, KESM share price is looking at least a 40% upside from current levels.
Target price based on P/E of 9x post acquisition = RM 3.96

Growth to be underlined by its focus in the automotive semiconductor segment
Aside from this exercise, it is also worth noting that KESM is expected to see better earnings growth moving forward with its focus in automotive semiconductor testing.  Over the years, it has invested heavily in new equipment and machinery to support this direction. Automotive semiconductors are generally subjected to more stringent quality requirements due to safety reasons and potential costly product recalls. More cars are being equipped with increasingly more complex electronics and automotive semiconductor segment is expected to grow at a rate of 9.4% p.a based on a report by PWC semiconductor. Even the tech giant NXP semiconductors recently acquired Freescale Semiconductors for USD 11.8 billion with the objective of increasing its market share in automotive chips. KESM appears to be well positioned to take advantage of this new area of growth as its plants are currently at 70-80% utilization rate and space ready to take off any expansion in the future.


Valuation of KESM using DCF method (post acquisition of minority interest)
Current stock price
$2.83
Share outstanding (Mil)
43015
This year FCF
$6,013
Next year's FCF (mil)
$6,615
Growth for the next 5 and 10 years
10.0%
3%
Teminal growth rate, g
3.00%
Discount rate, R
10.0%
10.0%

PV of FCFF of core operations
$119,000
Non-operating cash
$130,557
Investment properties
$0
Interest in associates
$0
Debts
($87,516)
PV of FCFE
$162,041
Less minority interest
$0
32.0%
FCFE
$162,041
Number of shares
43015
FCF per share
$3.77
33%
higher than
=
$2.83
MOS
25%

The 5 year average free cashflow was used as a starting point. As semiconductor up-cycles are short, I conservatively estimate a 5 year period of super-normal growth in FCF of 10% believing that its push towards automotive sector will start bearing fruits soon and conservatively a 3 % growth thereafter to adjust for inflation. As KESM has a healthy balance sheet and has generally been profitable over the years, I used a discount rate of 10%. I adjusted excess cash by RM10mil and zeroed out minority interest as the assumptions after the acquisition.  Using these assumptions, I arrived at DCF derived intrinsic value of RM3.77 which presents a 25% margin of safety from current prices.

Summary
Strengths/Opportunities
-          Strong balance sheet with net cash of RM1.25 / share limits downside
-          Re-rating of stock price post acquisition of minority interest stake
-          A cheap proxy to ride the automotive semiconductor boom due its large multi-national client base
Weakness/Threats
-          Sharp increases in electricity and labour costs
-          Capabilities limited to testing and burn in services only. May be less appealing to clients who prefer OEM able to provide an end to end solution (contract manufacturing + test services)

References
1.     http://www.pwc.com/gx/en/technology/publications/semiconductor-report-spotlight-on-automotive.jhtml

2.     http://themalaysianreserve.com/new/story/kesm-sets-sight-car-electronic-future
3.     KESM Annual report 2014, press releases and circulars to shareholders
4.     Company website (http://www.kesmi.com/)

NOBY
17 APR 2015
c)KESM加大投資汽車領域2015-05-02 15:42       



                 
                 

(吉隆坡2日訊)軟體和電子方案供應股近期引領大盤走揚,同時也重燃投資者對半導體領域的興趣。
分析員認為,半導體晶片市場正迎來週期性上升趨勢,主要從事半導體測試和預燒服務的KESM科技(KESM,9334,主板科技組)前景也顯著改善。

特大通過全購KESM Test34.62%
值得一提的是,KESM科技股東在4月16日召開的股東特大批准以3千500萬令吉,收購其餘未持有的KESM Test股權34.62%股權,後者現為其最重要的盈利來源,幾乎佔集團過去3個財政年的全部淨利。
該公司首席執行員林信賜在股東特大後表示,隨著半導體在汽車應用的使用率增加,現是收購KESM Test股權的最佳時機。
他說,汽車電子組件科技日趨新穎,需要新的測試設備,而KESM Test在汽車領域測試經驗豐富,更是領域領頭羊。
歸功於測試能力不斷提昇,以及製造循環時間也有所下降,KESM Test的2013和2014財政年營業額走揚至5千800萬令吉和6千850萬令吉,相等於年均17%增幅。
分析員認為,基於KESM Test專注汽車產品,因此並沒有直接對等連接(DirectPeer)問題,可善用業務規模龐大,以及先行者優勢來攫取攀升的需求。
達證券報告早前指出,若相關交易案過關,可能提昇KESM科技每股盈利年增41.9%。
隨著收購案闖關成功,KESM科技股價也水漲船高。在4月16日至24日期間,該股股價從2令吉70仙飆升13%至3令吉零5仙,但後因套利回吐,收在2令吉82仙。(星洲日報/財經‧The Edge專

版)
KESM科技 收购后估值仍低


2015-05-14 10:28



目标价:4.55令吉

最新进展:

上周五,KESM科技(KESM,9334,主板科技股)宣布,股东批准收购KESM测试公司(KESM Test)剩余股权,因而成为无条件股权买卖协议。

买卖双方已同意,把交易完成日期定在今日。

行家建议:
在考量到该项收购计划带来的效益,我们把KESM科技的2015、2016、2017财年净利预测,分别上调12.1%、49.6%和50%,达1280万、1860万和2110万令吉。
KESM科技以3500万令吉,向Sunright有限公司收购KESM测试公司剩余股权,是集团其中一项重组活动,符合推动测试业务成长的策略。
由于Sunright是集团大股东,所以将从未来成长中受惠。
同时,也让Sunright持续关注在设备发展的资源上。
除了上调净利预测外,我们也把KESM科技的目标价格,从3.05令吉,调高至4.55令吉。
此外,该股估值仍具吸引力。
在加入收购计划带来的影响后,该股目前以6.7倍的2016年本益比交易,属于偏低水平。


分析:达证券 http://www.nanyang.com/node/700520?tid=704
d)Automotive sector to drive KESM’s sales
By Farah Saad
Friday, 24 Jan 2014, 12:01 AM


KESM Industries Bhd is riding high on the growth in demand for semiconductors from a global automobile industry which is becoming more technology-oriented.

For the first time in history, global automobile sales hit a record 82.84 million vehicles, according to a report from US-based consulting firm IHS Automotive. China alone is reported to have hit 17.9 million units for 2013, a 15.7% jump from 2012.

Carmakers have also benefited largely from an increase in demand for luxury cars in the US, one of the world’s biggest markets. The automobile industry has become more technology-oriented and reliant on semiconductors to carry out these technological advancements, which can mean only good news for companies like KESM, which specialises in testing integrated circuits (ICs) for semiconductor manufacturers.

“New growth is no longer in the smartphone or tablet segment, but in automobiles. We have several new clients in the business of making semiconductors for the automobile industry. We will leverage their presence and this will drive growth,” says executive director Kenneth Tan.

The number of cars sold is expected to grow but, more importantly, the overall content of semiconductors used in each car will also rise, as more devices are required for safety systems, infotainment and GPS.


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e)KESM Sets Sight On Car Electronic In The Future
[size=1.5em]Farah AdillaFriday, January 16, 2015[size=0.85em]Lim says the content of electronics in a car is expected to grow to RM1.2b in 2019 from RM1b in 2014. (Pic by:Ismail Che Rus/TMR)


KESM Industries Bhd plans to accelerate its business focus in the automotive segment as its see tremendous growth potential in this segment.
Its executive chairman and CEO Samuel Lim Syn Soo said as the automotive industry is producing more self driven cars in the future, more electronics are being used as part of the component of a car and this augurs well with KESM business.
“With this growth, microprocessors and sensors manufacturers will increase its volume expense. The products will become cheaper but as features increase, the electronics become more complex and it must work reliably. That is where we come in.
“We are confident that this market will continue to grow. It will not be less, for sure. And KESM will have to be ready to make more investment in the burn-in and test market,” he told reporters after KESM's AGM and EGM in Kuala Lumpur yesterday.
KESM has been engaged in specialised electronic manufacturing activities since 1978. KESM's primary objective is in specialized electronic manufacturing activities and serves as sub-contractor to electronic multi-national corporations. In particular, it is in the business of providing burn-in services to the semiconductor industry.
Besides automotive industry, KESM also conduct burn-in and testing of semiconductors for industrial, medical, PC, information and communication industries.
He said the content of electronics in a car is expected to grow to US$330 in 2019 from US$284 in 2014.
The company's customers are mainly from the global top ten semiconductor manufacturers in terms of market share including Intel, Samsung, Qualcomm, Micron, Toshiba and Texas Instruments.
Lim said the company's test and burn-in lines in Kuala Lumpur, Penang and Tianjin, China are currently running at 70% to 80% capacity. Last year, the company delivered a record shipment of over a billion semiconductor devices generating record revenue of RM254.37 million.
Asked if the company has plans to expand its burn-in and testing lines, Lim said the company's existing plants each are space ready to take off any expansion in the future.
Last year, the company experienced a sharp rise in costs for labour and electricity, in both China and Malaysia.
“At the same time, we make good improvements in manufacturing cycle time and improved equipment utilisation. These efforts have enabled us to mitigate the cost increases,” Lim said.
For the financial year ended July 31, 2014 (FY14) jumped to RM10.88 million from the RM4.57 million recorded in FY13. Its revenue during the same period increased 2.7% to RM254.37 million from RM247.61 million.
f) 发表于 2015-2-19 23:50 | 只看该作者


kesm 会受惠吗?

 

感觉KESM应该会受惠哦。。。会吗?


Budget spurs manufacturing automation, say auto industry players
Posted on 11 October 2014 - 01:02pm
Last updated on 11 October 2014 - 03:30pm
Print
KUALA LUMPUR: Automotive industry players have welcomed the 2015 Budget,
 saying it will spur manufacturing automation in their industry.

"The automation capital allowance of up to 200% on the expenditure incurred
 within a specific period is a specialised incentive package, and will benefit
 manufacturers of energy-efficient vehicles (EEVs)," Malaysian Automotive
 Institute (MAI) Chief Executive Officer Mohamad Madani Sahari told Bernama.

Incentives in the Budget will also promote innovation and commercialisation
 in the local automotive industry, he said, citing the RM1.3 billion allocation
 for the Ministry of Science, Technology and Innovation aimed at
commercialising 360 high-impact innovative products over the next five years.

Madani also praised the government for providing RM290 million in research
 funds to implement high-impact research, development and commercialisation
 programmes.

He said MAI is spearheading research on electric buses using lithium ion
 batteries, with the first prototype expected by January next year,
and welcomes the sustainable mobility fund of RM70 million, to be established
 under SME Bank, to develop the electric vehicle manufacturing industry
in Malaysia.

The incentives on developing innovation would help Malaysia to develop
 its own capability, and will benefit the country in the long run as it would
own the intellectual property rights, he added.

Meanwhile, BMW Group Malaysia Managing Director Alan Harris said the
 initiative to develop the electric vehicle manufacturing industry
demonstrates Malaysia's desire to adopt future and sustainable technologies
 in the automotive industry.

He said such a progressive move should be extended to the passenger
 car industry as well with the aim of introducing electric passenger
 cars to the country.

As the technology is still very new, he said Malaysians should be given
 the chance to drive the electric cars first, and the only way to do so is
to allow duty exemptions for fully imported electric passenger cars.

"The move will enable all Malaysians to experience new, responsible and
 clean technology and innovation at an affordable price point which
could create a demand for such technology in the country, which in
turn would justify international automakers to invest in assembling
 the cars in Malaysia.

"For us at BMW, "BMW i" is a new series of future green and clean
 technology vehicles which have begun making their mark in the world,
 and we want to introduce BMW i to Malaysia but we will need the help of
 the Malaysian government to make these innovations more accessible to
Malaysians," he said in a phone interview.

Blogger Paul Tan said once the duty exemptions for completely knocked
down (CKD) hybrid cars expire, the only way to get any kind of incentives
under the National Automotive Policy (NAP) 2014 would be through "
customised incentives" under the EEV policy.

"There is also the duty exemption for CKD electric cars, which is scheduled
to end on Dec 31, 2017, but up to now, no passenger car manufacturer
 has taken it up," he said in his blog paultan.org. – Bernama