1)業績遠遜色股價大跌 企文科技憑單抗跌力高於母股
財經
幸運輪
1 Jun 2015 22:10
溫世麟－窩輪資本總執行長
www.warrants.com.my
前幾個月股價大漲的企文科技（K1，0111，創業板科技）在上週三5月27日宣佈令投資者失望的2015財政年第一季業績，導致該公司股價從5月27日閉市時的62.5仙，大跌51%至上週五閉市時的30.5仙。
該公司憑單企文科技-WB也在這兩天從38仙下跌47%至20仙。
企文科技在2015年3月結束的首季獲得52萬令吉的淨盈利，比2014財政年第一季的324萬令吉淨利下跌超過8成。
該公司的營業額也從去年同期的4589萬令吉，大跌接近3成至3262萬令吉。
企文科技表示網絡鏡頭和電子照明燈等產品需求萎縮，是導致銷售顯著下跌的原因。
至于盈利大降的因素為數項產品達到生命末期而售價大折，開發新產品的費用以及這個季度的產品組合毛利相對來得低。該公司在業績報告也表示，公司盈利在來著的季度會有增長空間。
企文科技的股價在過去幾個月因某證券行唱好而大幅度上升。該公司的股價也在去年10月到今年5月上升了一倍。
不過這一切就因為一項令人失望的業績報告，在短短兩個交易日之內把過去大半年的升幅打回原形。
值得欣慰的是企文科技-WB在這一次的暴跌中，其實比母股強穩而跌幅低于母股。這也使原本一直都是以折價或是低溢價交易的企文科技-WB，目前以38%溢價交易。
從企文科技-WB股價抗跌力較高的趨勢來看。企文科技的母股其實已經跌得過度而具備反彈的條件。
從另外一個角度來看就是投資者千萬要注意折價交易的憑單。如果大股東對公司股價有信心的話，他應該會在憑單折價交易時，賣母股轉換憑單，使憑單不會再以折價交易。
如果他在憑單交易量也那么高時，都不那么做的話就可能事有蹊蹺。
http://www.chinapress.com.my/node/626500
By: GURMEET KAUR
ACE Market-listed K-One Technology Bhd, whose share price slumped by half following poor first quarter results, says there is nothing unusual about the slow start and earnings should improve in the coming quarters.
Calling shareholders to exercise patience as the company takes steps to improve its business, executive chairman Edwin Lim Beng Fook points out that the industry of technology solutions are prone to cyclical highs and lows.
He says that based on historical trends, sales in quarter one is normally the weakest and would improve in subsequent quarters, normally peaking in the fourth quarter to cater for year-end festivities.
“This is our business cycle norm and we expect business to improve,” he tells StarBizWeek. Even so, Lim admits that the global economic uncertainties are beyond any companies’ control and such a scenario can disrupt plans in place. The industry is also highly competitive where rivals cut prices to jockey for advantage and new trends emerge to meet consumer demand.
On a positive note, with the bulk of K-One’s products exported, the strength of the US dollar is expected to work in its favour. But Lim says this impact may be softened by the company’s hedging process. To mitigate the fluctuations in the US dollar, the company pays its suppliers in US dollar as its incoming remittances are mainly in US dollar.
Going forward, he says the company will continue to focus on growing its sales by winning replacement new product models for its various business segments.
K-One is involved in mobile phone accessories, computer peripherals and surveillance (network) cameras and consumer technology products, namely in electronic headlamps. Besides this, it also supplies automotive aggregates and industrial products such as polishers and liquid dispensers.
According to Lim, K-One is also bidding for new businesses such as wearable electronics for measuring various health parameters (blood pressure, sleep pattern) medical devices and headphones. Meanwhile, operations wise, it will continue to work on bringing materials cost down, manage expenses and overheads prudently and further improve productivity and production yield.
ACE-market stocks rarely attract institutional funds, but K-One stands out for having several in its shareholding list. The downside of this is when a fund decides to exit, it can result in sharp price swings. This is believed to be the case with K-One as it is understood that some local funds have sold down their stakes following an 83% drop in profit to RM520,000 in the first quarter ended March 31. In the previous corresponding quarter, it had made a net profit of RM3.24mil. Its earnings release on May 27, triggered a sell-down on the stock, wiping out half its value in just five trading days to close at 31 sen on June 3.
These funds may taken the opportunity to “take profit” as K-One’s share price had risen quite a bit before its fall. It had hit a high of of 64 sen on May 18 - the level one research firm said was its fair value. At Friday’s closing, the stock had recouped some of its losses to close 9.68% up to 34 sen.
Bloomberg data lists CIMB-Principal Asset Management with 4.73% and Kenanga Unit Trust Bhd, 2.66%, Other funds in its list of shareholding are OSK UOB Unit Trust with 1.66%, Prudential Unit Trust at 1.35%, while Asia Life Malaysia Bhd has 0.60%.
For now Lim. who is one of K-One’s founder and major shareholder with a 15.38% stake, appreciates if shareholders can exercise patience. “The co-founders, being substantial shareholders are doing their level best to ensure that the company does well for the benefit of all shareholders,” he says in email replies.
Lim’s brother, Lim Soon Seng has 13.14%, while Bjorn Braten holds 10.57%. Bjorn, a Norwegian, had co-founded K-One with the Lim brothers back in 2001.
K-One was listed in 2006 and had sought a transfer to the main market four years ago, but it was rejected by the market regulator.
Just early this year, one research firm had opined that K-One’s earnings prospects are expected to be more resilient this year. This follows the award of new orders worth about RM20mil from a world-renowned multinational corporation late last year. The win is seen as a catalyst for it to win bigger orders from other global brands.
But the company had seen worse days. It was loss making in financial years (FY) 2011 and 2012, before returning to profitability in the third quarter of FY2013. It undertook a restructuring that included divestment of its loss-making businesses, rebalancing its product mix and better cost-management.
For FY14 ended Dec 31, it reported a net profit of RM11.85mil from RM1.01mil in FY13, marking a convincing turnaround that it needs to maintain or better to regain investor confidence and ensure that other funds invested stay with it.
As a result of the restructuring, K-One now has a stronger balance sheet with a net cash balance of RM10.7mil as opposed to a net gearing of 0.06 times a year ago. The company has not declared any dividend in the past three years, but its management has said it will form a dividend policy if the company is able to maintain a decent financial performance.
http://www.thestar.com.my/Business/Business-News/2015/06/06/Coming-quarters-expected-to-be-bettter-for-KOne/?style=biz
財經
幸運輪
1 Jun 2015 22:10
溫世麟－窩輪資本總執行長
www.warrants.com.my
前幾個月股價大漲的企文科技（K1，0111，創業板科技）在上週三5月27日宣佈令投資者失望的2015財政年第一季業績，導致該公司股價從5月27日閉市時的62.5仙，大跌51%至上週五閉市時的30.5仙。
該公司憑單企文科技-WB也在這兩天從38仙下跌47%至20仙。
企文科技在2015年3月結束的首季獲得52萬令吉的淨盈利，比2014財政年第一季的324萬令吉淨利下跌超過8成。
該公司的營業額也從去年同期的4589萬令吉，大跌接近3成至3262萬令吉。
企文科技表示網絡鏡頭和電子照明燈等產品需求萎縮，是導致銷售顯著下跌的原因。
至于盈利大降的因素為數項產品達到生命末期而售價大折，開發新產品的費用以及這個季度的產品組合毛利相對來得低。該公司在業績報告也表示，公司盈利在來著的季度會有增長空間。
企文科技的股價在過去幾個月因某證券行唱好而大幅度上升。該公司的股價也在去年10月到今年5月上升了一倍。
不過這一切就因為一項令人失望的業績報告，在短短兩個交易日之內把過去大半年的升幅打回原形。
值得欣慰的是企文科技-WB在這一次的暴跌中，其實比母股強穩而跌幅低于母股。這也使原本一直都是以折價或是低溢價交易的企文科技-WB，目前以38%溢價交易。
從企文科技-WB股價抗跌力較高的趨勢來看。企文科技的母股其實已經跌得過度而具備反彈的條件。
從另外一個角度來看就是投資者千萬要注意折價交易的憑單。如果大股東對公司股價有信心的話，他應該會在憑單折價交易時，賣母股轉換憑單，使憑單不會再以折價交易。
如果他在憑單交易量也那么高時，都不那么做的話就可能事有蹊蹺。
http://www.chinapress.com.my/node/626500
2)Coming quarters expected to be bettter for K-One
Saturday, 6 June 2015By: GURMEET KAUR
ACE Market-listed K-One Technology Bhd, whose share price slumped by half following poor first quarter results, says there is nothing unusual about the slow start and earnings should improve in the coming quarters.
Calling shareholders to exercise patience as the company takes steps to improve its business, executive chairman Edwin Lim Beng Fook points out that the industry of technology solutions are prone to cyclical highs and lows.
He says that based on historical trends, sales in quarter one is normally the weakest and would improve in subsequent quarters, normally peaking in the fourth quarter to cater for year-end festivities.
“This is our business cycle norm and we expect business to improve,” he tells StarBizWeek. Even so, Lim admits that the global economic uncertainties are beyond any companies’ control and such a scenario can disrupt plans in place. The industry is also highly competitive where rivals cut prices to jockey for advantage and new trends emerge to meet consumer demand.
On a positive note, with the bulk of K-One’s products exported, the strength of the US dollar is expected to work in its favour. But Lim says this impact may be softened by the company’s hedging process. To mitigate the fluctuations in the US dollar, the company pays its suppliers in US dollar as its incoming remittances are mainly in US dollar.
Going forward, he says the company will continue to focus on growing its sales by winning replacement new product models for its various business segments.
K-One is involved in mobile phone accessories, computer peripherals and surveillance (network) cameras and consumer technology products, namely in electronic headlamps. Besides this, it also supplies automotive aggregates and industrial products such as polishers and liquid dispensers.
According to Lim, K-One is also bidding for new businesses such as wearable electronics for measuring various health parameters (blood pressure, sleep pattern) medical devices and headphones. Meanwhile, operations wise, it will continue to work on bringing materials cost down, manage expenses and overheads prudently and further improve productivity and production yield.
ACE-market stocks rarely attract institutional funds, but K-One stands out for having several in its shareholding list. The downside of this is when a fund decides to exit, it can result in sharp price swings. This is believed to be the case with K-One as it is understood that some local funds have sold down their stakes following an 83% drop in profit to RM520,000 in the first quarter ended March 31. In the previous corresponding quarter, it had made a net profit of RM3.24mil. Its earnings release on May 27, triggered a sell-down on the stock, wiping out half its value in just five trading days to close at 31 sen on June 3.
These funds may taken the opportunity to “take profit” as K-One’s share price had risen quite a bit before its fall. It had hit a high of of 64 sen on May 18 - the level one research firm said was its fair value. At Friday’s closing, the stock had recouped some of its losses to close 9.68% up to 34 sen.
Bloomberg data lists CIMB-Principal Asset Management with 4.73% and Kenanga Unit Trust Bhd, 2.66%, Other funds in its list of shareholding are OSK UOB Unit Trust with 1.66%, Prudential Unit Trust at 1.35%, while Asia Life Malaysia Bhd has 0.60%.
For now Lim. who is one of K-One’s founder and major shareholder with a 15.38% stake, appreciates if shareholders can exercise patience. “The co-founders, being substantial shareholders are doing their level best to ensure that the company does well for the benefit of all shareholders,” he says in email replies.
Lim’s brother, Lim Soon Seng has 13.14%, while Bjorn Braten holds 10.57%. Bjorn, a Norwegian, had co-founded K-One with the Lim brothers back in 2001.
K-One was listed in 2006 and had sought a transfer to the main market four years ago, but it was rejected by the market regulator.
Just early this year, one research firm had opined that K-One’s earnings prospects are expected to be more resilient this year. This follows the award of new orders worth about RM20mil from a world-renowned multinational corporation late last year. The win is seen as a catalyst for it to win bigger orders from other global brands.
But the company had seen worse days. It was loss making in financial years (FY) 2011 and 2012, before returning to profitability in the third quarter of FY2013. It undertook a restructuring that included divestment of its loss-making businesses, rebalancing its product mix and better cost-management.
For FY14 ended Dec 31, it reported a net profit of RM11.85mil from RM1.01mil in FY13, marking a convincing turnaround that it needs to maintain or better to regain investor confidence and ensure that other funds invested stay with it.
As a result of the restructuring, K-One now has a stronger balance sheet with a net cash balance of RM10.7mil as opposed to a net gearing of 0.06 times a year ago. The company has not declared any dividend in the past three years, but its management has said it will form a dividend policy if the company is able to maintain a decent financial performance.
http://www.thestar.com.my/Business/Business-News/2015/06/06/Coming-quarters-expected-to-be-bettter-for-KOne/?style=biz
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