Teo Seng Capital - Sungai Linggui delay not a concern BUY

Date: 30/06/2015

Source : AMMB
Stock : TEOSENG     Price Target : 2.70     |     Price Call : BUY
Last Price : 1.49     |     Upside/Downside :  +1.21 (81.21%)

- We maintain our BUY call on Teo Seng Capital with an unchanged fair value of RM2.70/share, based on an unchanged fully-diluted FY15F PE of 13x.
- The Star today reported that the group has put on hold plans to expand its layer farm in Sungai Linggui, Kota Tinggi to focus on developing its five new farms in Yong Peng, Batu Pahat. The decision was made following its recent feasibility study which found that it was no longer cost-effective to develop the land there.
- To recap, the group had earlier said that it would be investing RM50mil to open a new 109.3ha farm in Sungai Linggui, which will be developed over four phases.
- TSC currently operates a total of 22 farms (categorised into brooding, pullet and layer farms), which are all located in Yong Peng. These farms are located in the same vicinity as its supporting facilities, namely its feedmill and paper tray machineries.
- We are not concerned with this delay as this was a longer term plan for the group and our earnings estimates have not yet factored in any contribution from its Sungai Linggui farm. The capex of RM50mil was also not included in management’s guidance of the total of RM200mil over the next five years.
- Our FY15F-FY17F earnings CAGR of 23% is underpinned by the production capacity expansion from its Yong Peng farms (+400,000 eggs/day p.a. to 5.1mil eggs/day in five years). We understand that the group has sufficient land available for the development.
- Looking ahead, we expect TSC to register sequentially softer earnings in 2QFY15 due to the seasonality effect and to a smaller extent, the impact of GST on overall consumer sentiment. That said, we are confident of its earnings picking up in 2HFY15 (as per its historical trend) in view of strong demand during the festive periods (e.g. Hari Raya and Deepavali) and the addition of a new farm.
- We also expect the group’s EBITDA margins to continue expanding, buoyed in part by the soft commodity prices. Additionally, the group is set to reap potential savings from its various cost management activities beginning FY15F. We understand that its biogas plant-ups are progressing well, with the first (of five) plant on schedule for completion this year (savings of up to RM2mil p.a.). The construction of its new feedmill plant and installation of new paper tray machine are also going on as planned.
Source: AmeSecurities Research - 30 Jun 2015
Teo Seng Capital puts Sungai Linggui layer farm on hold Tuesday, 30 June 2015

MUAR: Teo Seng Capital Bhd has put on hold its layer farm in Sungai Linggui in Kota Tinggi and will instead focus on developing five new farms in Yong Peng, Batu Pahat.
Chairman Lau Jui Peng said the feasibility study found that it was not viable to develop the Sungai Linggui farm at this point in time.
The management sees that it is more cost-effective to open new farms in Yong Peng if we want to increase our daily egg production,” he told StarBiz after the company’s AGM recently.
Another reason was that the new farms would be located near the company’s existing facilities such as the feedmill and paper egg tray plants.
According to Lau, the company would be investing about RM200mil within the next four to five years to open the five new layer farms.
The investment is part of its strategy to position the company as the largest listed layer farming entity in the country.
“When the Yong Peng farms are fully operational, we expect to increase our daily egg production from 3.5 million now to five million eggs by 2018 or 2019,’’ he said.
The company has almost 20 farms in Batu Pahat with over 4.5 million layer birds and with the five new farms, the number of birds would increase to 6.5 million.
Managing director Nam Yok San said with the new farms, the company expects to increase its eggs export to Singapore to between 40% and 45% from between 30% and 35% now.
Malaysia, said Nam, remained an important market given the good demand for eggs, plus the fact that the price of eggs has stabilised in recent years.
“Malaysia has one of the highest egg consumption per capita in the world at 365 eggs yearly as it is among the cheapest sources of protein,” said Nam.
For the financial year ended Dec 31, 2014, Teo Seng Capital made a net profit of RM48.79mil.
In 2013, the company made a profit of RM23.37mil.

--26-3-15 价位 rm2.21 ,rsi=81% 经过3个月出的调整,
于30-6-15 价位 rm1.50 ,rsi=15% 
Teoseng 7252 rm 1.50 是时候进入了.
--以专注发展其在yong peng的五个新农场。

a) Teoseng位于永平niwara 超市的旦专区.
b)Teoseng 位于新山士古來八星广塲econsave里的旦专区.


7252 teoseng rm1.56 買入

--7252 teoseng rm 1.56 buy in,2015年估计有 eps=rm0.15 ,pe=15 ,价位=rm 2.25
--这是此股的常态,丢到你怕,然後又慢慢来起回,最迟8月份的Q2 会回升,公布不错业积与股息(最少3 sen),另3sen 于Q3时11月公布,现只是以2015年eps=rm0.15 算,pe=10 倍交易,价位明显低估了,快乐旦现价rm1.50 正在大平賣,哈哈!别忘了鸡旦是每天必吃食品,人类主要旦百质耒源,没有市塲问题.

a)Teo Seng Capital - A strong start to FY15 BUY

Date: 19/05/2015

Source : AMMB
Stock : TEOSENG     Price Target : 2.70     |     Price Call : BUY
Last Price : 1.57     |     Upside/Downside :  +1.13 (71.97%)

- We reaffirm our BUY rating on Teo Seng Capital (TSC) with an unchanged fair value of RM2.70/share. This is based on an unchanged fully-diluted FY15F PE of 13x.
- TSC reported revenue of RM112.6mil and net profit of RM17.4mil for its 1QFY15. The results met 25% of our full-year FY15F earnings estimate of RM70mil.
- The group’s 1QFY15 earnings had surged by a commendable 70% YoY on the back of a 30% rise in revenue. The improved performance can be mainly attributed to the availability of new production capacity following the addition of a new farm (~400,000 eggs/day) at end-FY14 as well as higher egg selling prices.
- Sequentially, TSC’s net profit had slipped by 3% although its revenue had increased by 4% (in tandem with the higher sales volume and stable ASP). We are however, not too concerned as the decline was mainly due to 1QFY15’s higher tax rate. As it is, TSC’s PBT was higher by 8% QoQ.
- As usual, no dividends were announced this quarter. At the current price, our FY15F-FY17F gross DPS forecasts (based on payout ratios of 25%-35%) translate into attractive yields of 3% to 5%.
- Looking ahead, we expect TSC to register sequentially softer earnings in 2QFY15 due to the seasonality effect and to a smaller extent, the impact of GST on overall consumer sentiment. That said, we are confident of its earnings picking up in 2HFY15 (as per its historical trend) in view of strong demand during the festive periods (e.g. Hari Raya and Deepavali) and addition of a new farm.
- We also expect the group’s EBITDA margins to continue expanding (QoQ: +1ppts; YoY: +5ppts), buoyed in part by the soft commodity prices. According to the USDA, ending global inventory of soybean is forecast to rise by 12.5% from 2014/2015F to 2015F/2016F, underpinned by higher carry-over inventory from the US and Brazil while that of corn is set to grow by 11%.
- Additionally, the group is set to reap potential savings from its various cost management activities beginning FY15F. We understand that its biogas plant-ups are progressing well, with the first (of five) plant on schedule for completion this year (savings of up to RM2mil p.a.). The construction of its new feedmill plant and installation of new paper tray machine are also going on as planned.
- We are leaving our FY15F-FY17F earnings estimates unchanged for now. Valuation-wise, the stock is presently trading at an undemanding fully-diluted forward PE of only 9x - half the sector’s average of 18x.
Source: AmeSecurities Research - 19 May 2015
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1. huat lai - 日产3.9百万粒,或14% of total
2. ql resources - 日产3.2百万粒@10% of total
3. teoseng - 日产3.1百万粒@10% of total
4. lay hong - 7% of total
5. ltkm - 5% of total

1. teoseng打算增加1.9百万粒产量
2. teoseng排在第三,其中的理由包括teoseng沒有在东马运作,因为若只算西马,
3. 在2015年5月19日的amresearch报告里有提到teoseng有新农场而多了0.4百万的产量

在大马的市场份额方面(market share):
1. huat lai - 9.02%
2. teoseng - 6.46%
3. ql resources - 4.94%
4. lay hong - 3.97%
5. ltkm - 2.79%
6. 其他 - 73%

1. teoseng打算在FY2019时达到大马12%的市场份额

在新国的市场份额方面(market share):
1. huat lai - 24.12%
2. teoseng - 16.23% - 日出口0.9百万粒
3. ltkm - 11.57%
4. lay hong - 6.42%
5. 新国当地鸡蛋商 - 29%
6. 其他大马鸡蛋商 - 12.89% (从大马-非teoseng的55%减去huat lai, ltkm和
lay hong后的巴仙)

1. 大马日出口去新国的有4百万粒
2. 既然新国当地鸡蛋商是29%,其余来自大马,那么新国的每日鸡蛋需求量大约
3. teoseng打算把蛋产去新国的每年增加0.4百万粒并希望增加7%的市场份额,


1. 预计在未来4至5年内,拨出2亿令吉资本开销,提高鸡蛋的每日产量62.5%至520万个

2. 期望在未来4年内,从现有6.5%的市场份额,提高至10%。

如果根据蛋产(produce)排行(全马)来算,目前最高是Huat Lai - 日产3.9百万粒,
或14% of total;如果根据在大马的市场份额方面(market share)来算,
目前最高也是Huat lai - 9.02%,看来潮成管理层很有野心,不论是Produce还是
Market Share都想做鸡蛋业的龙头一哥

31 Mar 2015

31 Mar 2015
31 Mar 2014
31 Mar 2015
31 Mar 2014
2Profit/(loss) before tax
3Profit/(loss) for the period
4Profit/(loss) attributable to ordinary equity holders of the parent
5Basic earnings/(loss) per share (Subunit)
6Proposed/Declared dividend per share (Subunit)

7Net assets per share attributable to ordinary equity holders of the parent ($$)


0023 ifcamsc rm 1.31是机会吗?

a)个人估计,2015年可赚,eps=rm0.08  ,pe=23 ,股价=rm1.84 ,
现rm1.31是进入机会,止损价为rm 1.20 ,供参考,进出自负.
[转帖] 抱紧IFCAMSC 竞优国际 (0023) - KLSE 游击队
2014 is just WARM UP, 2015 is SHOWTIME目标价:RM 1.50

时间: 6个月


原本昨天早上在打算写这篇文章时,标题是“缩量是机会”,结果它奶奶的熊竟然放量强势跑了上来,无奈~ 不时身边的股友会问到该买一只什么性质的股票?在游击队常使用的选股策略里,就是买一只“越跌越会涨的股票”。而IFCAMSC就是其中一只在近期(去年10月和12月)马股下滑后反弹中证明了它是属于这种性质的强势股!

- 大马和亚洲房地产软件供应商的领航企业、全球最大的专业房地产软件开发及管理咨询公司之一。
- Market Capital: RM 504M, Share Issued: 485.162M。
- Net Cash company, 手握现金高达RM 34.7M 。
- 首家获得大马政府认可的产业软件公司。
- 客户包括:Sime, SP Setia, IOI Property, E&O, IJM, Ecoworld, Genting Mahsing, Sunway等大型产业公司。此外,就连新加坡和中国最大的产业公司:凯德集团与万达集团也是该公司的顾客。能够得到这些产业老大的青睐,相信IFCAMSC的软件绝对有着一些卖点。
- 最新Net Operating Margin 高达35%。
- 管理层依然非常积极地为公司寻找与开发更多商机。

- 相信很多股民是因GST才认识IFCAMSC,游击队也不例外。翻开近期Q3的季度报告,盈利暴增主要归功于来自中国业务的贡献,GST的营业额只占了14%。这也是说None-GST business 86%, GST 14%。
- Q3季度报告中有提到GST的销售贡献只不过才“刚刚开始”,加上符合缴费GST的公司都必须在2014年12月31日前注册,放眼接下来的季度报告“有看头”!
- 业务的性质,营业的费用不会因为业务迅速增长而提高,使得该公司可享有更高净营业利润率。
- 总值RM 37.8M未进账订单合约将在接下来的季度报告(Q4)中反应。
- 2015财年销售预计获得达RM 130M的销售合同(中国,印度和大马市场)。2014财年销售额首9个月为RM 58M。
- 已经在和一些印度公司商讨,为于印度进一步的发展做准备。若成功收购进军,这将成为该公司另一个收入引擎。
- 预计2015年GST会计系统升级获得RM 20M销售额。
- JPMorgan Chase & Co(摩根大通)和Merrill Lynch(美林证券)近期入股IFCAMSC。
- 已提呈20-30% dividend payout policy的建议,不排除未来几个月会提呈申请转主板或是一些M&A企业活动。

- Support RM 0.93。
- 依然处于强烈上升趋势。

你或许会质疑这只股票一年最低价格才RM 0.075,股价至今已涨了10多倍,是否贵了?游击队个人觉得,当一家公司的业绩与盈利是属于高于45度向上冲上去时,股价随着大幅度上升来反应公司的基本面表现是绝对合情合理的。

IFCA MSC may rebound further  after breaching the downtrend  line to climb above  the MYR1.21 level in its latest session. Traders may buy, as a bullish bias could be present above this level, with a target price of MYR1.38. The stock may correct further if it cannot sustain above  the  MYR1.21  mark.  In  this  case,  further  support  is  at MYR1.12, where traders can exit upon a breach.


0023 Ifcamsc rm1.33 加码--

1)股价跌 基本面无损 竞优乐观看前景


2)2015-06-20 09:55


  • 楊鏡全:新平台讓產業買家透過手機即可查詢一切相關資訊。(圖:星洲日報)


料成增长新动力 IFCA推产业电商平台
2015-06-20 12:17



IFCA AGM on 19 June 2015

The AGM started off with presentation by CFO, Daniel Chow. Besides on those charts showing the summarized performance of the company that can be found in the annual report, a few key take-away notes are as below:
  • Software licensing grew from RM22.807mil to RM44.716mil and this will lead to higher maintenance sales in the future.
  • There are approximately 45,000 developers in China and so far IFCA has more than 100 clients spreading across 15 cities. This including some big names like Wanda Group and Country Garden.
  • IFCA’s future plan is to extend their client reach in China and to promote E-commerce to clients (property developers) with an objective to serve their customers (property purchasers).
Darren, who is Daniel’s colleague ran a presentation on E-commerce site which is named “Property 365”. It is a platform that links property developers & agents with property purchasers. This platform allows online booking and bank transaction. Basically a purchaser can select a location on the map displayed on the website or even circle a desired location on the map and new launches on the selected location will appear on-screen. Purchaser can hence select preferred project and view the details including layout (2D as well as 3D). Purchaser can proceed with unit selection then make a booking and followed by making payment. Once the purchase is completed, purchaser can trace billings as well as statements online.
Q&A session:
Below are the excerpt on Q&A session. Below are the questions that I asked in the AGM. My apology on the incompleteness of the Q&A as I can only recall with my memory. Next time I will bring a recorder for more complete sharing.
DC as Daniel Chow, CFO.
KY as Ken Yong, Executive Chairman.
1. As property sector has been slowing down, there are some developers are/will be facing cash flow problem. What is your plan to tackle this in terms of receivables? Based on your annual report, you made impairment of RM1.25mil. Does the company request bank guarantee from new customer?
DC: Impairment of receivables is common in any industry. We had to provide impairment last year because of isolated incident where this particular client in Sabah had changed in their management as well as shareholder.
KY: We don’t request bank guarantee from customers but we do request upfront payment of 30% from them before we start a job.
2. IFCA has been growing rapidly for the past 1 year. Do you have sufficient capacity to cater your growing numbers of customers and how do you maintain the quality of customer service?
KY: Yes we do face staff shortage recently and you might hear some complains from the customers in terms of customer service during this GST implementation period. We have our relationship manager whereby each of them servicing about 40-50 customers in their portfolio.
3. What is the progress in terms of identifying new customers in China and Indonesia for the year to date?
DC: We cannot engage customer in Indonesia until the acquisition is completed. For now, due diligent is ongoing and we will hold EGM when the time comes.
KY: We do not spend money to advertise on newspaper. What we do this we go on road show and organize seminars. This is how we start off in Malaysia and we do the same in China.
4. How confident is the board in replenishing the sales for software application of RM44.7mil and Hardware, networking & operating sales of RM13mil for FY2014 in FY2015?
KY: We are going to launch E commerce and in fact we have launched SAAS in May 2015. In terms of pricing we are still fine-tuning in as the some of the feedback that we collected is that it is too cheap. We are still working on the package.
Daniel Chow answered me individually that hardware sales are normally one-off and last year developers have the budget to do it. (Someone approached him and he left).
5. Historically, IFCA has changed CFO for 4 times in the span of 3 years. In 2012, from Mr. Lim Chin Fai to Jeannie Teh, and she left after 2 months, replaced by Mr. Daniel Chow. Then in Dec 2014 to Philip Woo and subsequently he left and replaced by Mr. Daniel Chow (again). IFCA also changed auditor in year 2011. It is hard to blame someone for linking the dots and have a bad impression on IFCA. How do you address this?
DC: I have been in IFCA for many years, and in 2012 I happily accepted to job as CFO. The thing is, my boss saw my potential in helping out in GST. In fact my sales in GST on individual basis is highest in the company. Hence my boss made a move to transfer me to Education & Training division. I left not because I was unhappy, but because my boss saw my potential and transferred me. Philip left was because he wants to focus in his own business.
KY: (sigh) It is not easy to be IFCA’s CFO you know. The CFO has to identify potential staff and also deal with hectic job at the same time. And yes we saw potential in Daniel as he is so good at talking at road shows. He not only bring sales to the company but profit as well. Hence we decided to move him from cost center to profit center. However, that move backfired when Philip left but I still think moving Daniel (to profit center) was a good move.
UHY (the auditor) is growing and we do not change auditor all the time. And we assure the shareholders that we do not cook books!
6. When are you going to launch SAAS and E-commerce?
KY: We have launched SAAS in May 2015 but still fine-tuning it. We are targeting to launch E-commerce by Sept 2015.
7. What is your planned Capex for FY15 and FY16? I noticed that you have spent RM2mil in your Q1FY15.
KY: Our budget for R&D is RM10mil per year. We have other products in the pipeline. For example, we are developing module for project marketing, as well as project budgeting. In our module, client can plan on project tasking as in who responsible for which task and so on. We also plan on contract module. We want to up-sale our product to our existing customers.
Other questions by other people:
  • How are you going to move from outright sale business model to recurring sales business model as this has not done before (by IFCA)? How are you going to sail through this transitioning period?
KY: Yes this is a transitioning period for us. Just to show you guys some numbers. For E-commerce and SAAS, the addressable market is this: For example, in Malaysia we have 2600 developers. To be more conservative we are assuming 2000 developers. With RM10k per month for the package, we have RM10k x 12 months x 2k developers, addressable market is RM240mil. Say if we manage to get 1k developers, it is RM120mil.
  • What was the reason for the plunge in share price from RM1.8 to RM0.78 in a span of 1 month?
KY: What we understand is that there were a few funds exiting Malaysia market. We cannot control share price. What happened was there were people shouting “run!!” and the rest started to run without knowing what’s happening. I also puzzled by the plunge. We rather focus on day-to-day business, our SAAS, as well as E-commerce. For instance, to make shareholder comfortable, we have to bring forward our plan to launch E-commerce. We had planned to launch it next year but now we have to bring it forward to somewhere in September 2015.
Just to give u another example, for SAAS, we are targeting smaller clients. For now, our system sale to our smaller client is in the range of RM70k to RM80k. But now we want to make from them RM70k to RM80 per year! Is it possible? With bundling of E-commerce and SAAS, It is possible! This is because smaller developers do not have budget to create their own E-commerce site. Those big developers and design their own but these smaller once don’t. Hence we can provide values here.
In terms of result, I can’t say much but all I can say is we will do better compared to 2014. Some people said that we are GST Company, but in fact we are not. We are so much more than just a GST Company. In fact, GST only contributed about 20% to our revenue.
DC: in terms of foreign shareholdings, as at 12 June, it was 16.48%. Compared to date of annual report in April, it was 2.8% drop.
  • How are you going to compete with companies like iProperty, Property Guru and etc who have been in the market for long?
KY: We are in fact in the market longer than them. We are in a unique position as our E-commerce platform will be able to integrate with our accounting system and this is our competitive advantage. What we want to do is up-sale our products and integrate our modules.
  • You, as the captain of the ship, can you provide us the shareholders as your passengers, some comfort as we are sailing through rough sea.
Me as the captain of the ship, will assure you that we will sail through it. I am confident with Indonesia market once we complete our acquisition, it is a market with close to 290mil population and 5000 developers. Together with China market, we will perform well. Going forward, the emphasis is on the cloud, on-line world. We do not need to be as big as Alibaba, but want to be the Alibaba of property software company!
During the meeting, there was one lady commented on share price drop and “scolded” the board, saying that she just want to scold the board on behalf of her friends who lost money in IFCA. She then made a comment saying that IFCA has realized their one of two promises which is on distributing dividend and now how about the second promise which is when is IFCA going to main market?
DC: Currently we are focusing in completing our corporate exercise for Indonesia acquisition. We will have our EGM upcoming and after that we will need to talk to our advisor before any decision is made.
KY: What I can assure you is, it is still on track. We are looking at either end of the year or beginning of next year.
The Management
Overall, the management answers all the questions from the floor and this showed their sincerity. Ken Yong assured a few things which I think is very important. Firstly, he assured that management do not cook the books. He also hinted that this year they will do better than last year. The doubt on the company’s accounts and CFO issue also has been assured that it was merely on personal issue. DC is the MC for the AGM and I think he did pretty good job. He has good presentation skills. Everything (presentation) went smooth and his speaking skill is legit too. I can understand why Ken Yong moved him to profit center.
However, I have some reservation on the management as it is obvious that they do not know how to engage public relation and investor relation properly. I was working as investor relations for a short period of time and I understand that whenever there is a plunge in share price, investor relation department should pull out the shareholdings structure and investigate who has sold down the shares. Once the selling parties have been identified, the company should contact the investor/fund asking reason that they sell down. In this case, the board’s answer was they were not aware of who sold down beside some foreign fund exiting the country. To me, it is either the board has something to hide, or they are really bad in investor relations. Huge plunge in share price is sending negative signal to investor community as huge fluctuation in share price translate to higher risk. I also was told that IFCA has just hired Investor Relations Company as their advisor. In other words, they outsourced their investor relations department.
They also seen as inexperienced when handling the resignation of CFO. To recap, on 22 May, IFCA announced the resignation of Philip Voo from his position as CFO, without naming the successor. This sent a knee jerk reaction and share price dropped from 1.62 to 1.38. Good thing was they immediately rectify the mistake by naming the successor (Daniel Chow).
A shareholder who is experienced in investor relations that I met in the AGM told me that it is risky that Ken Yong put a timeline on transfer to main market. If there was any press in the room, he or she would pick it as a headline and would send the share price flying. Security Commission would clarity that no submission has been made from IFCA and share price could plunge. Bursa would issue another UMA to IFCA.
Future Plan
The E-commerce concept is impressive as it enables linking the developer with customers. Personally I think this will save time for both developer and purchaser. However, some big developers might still prefer having the crowd in their office as a marketing gimmick to show the public that their property is selling like a hot cake.
IFCA has the strength of integrating its new products to the existing ones. For instance, booking received will be linked to developer’s accounting module. This will definitely save time and cost. Ken Yong’s blue print is to integrate all the modules including accounting, costing, marketing, budgeting, contract as well as purchaser.
However, I think IFCA will hit speed bump on Q2 as one-off sales of hardware and software especially on GST related products have been almost fully recognized. As property market slowing down, I think it is a right move to launch SAAS and E-commerce as developers will tighten their belt and hold back capital expenditure. In longer term, I have confidence that IFCA will be a regional player in software solutions.
IFCA is still expanding. A cross check to jobstreet.com.myshows that IFCA Malaysia is hiring.1 There are 6 postings on the job hunting site and looking to fill up 25 positions. IFCA China’s website also showed that they are hiring but the number of position is not published.2
The board has cleared the air on a number of concerns including on the accounts as well as CFO, and in relations to their future plan. For me, my confidence has recovered 80% and remaining 20% which is the board integrity (their response on share price plunge). This 20% will determine whether I will hold this stock as long-term investment.
  1. http://job-search.jobstreet.com.my/malaysia/company/ifca-msc-berhad-jobs/
  2. http://www.ifca.com.cn/uabout/about7.shtml
  3. 股东周年大会开始了与演讲首席财务官,丹尼尔·周。除了对这些图表显示,可在年度报告中可以找到该公司的业绩总结,一些关键外卖票据情况如下:
  4. 从RM22.807mil软件许可增长到RM44.716mil,这将导致未来更高的维修销售。
  5. 有45,000名开发人员在中国,到目前为止,IFCA有100多客户遍布15个城市蔓延。这其中包括一些大的名字,如万达集团和碧桂园。
  6. IFCA的未来计划是扩大其在中国的客户覆盖面和促进电子商务的客户(房地产开发商),目标是服务于他们的客户(购买物业)。
  7. 达伦,谁是丹尼尔的同事跑了电子商务网站介绍被命名为“物业365”。它是连接房地产开发商及代理商与物业购买者的平台。这个平台允许在线订票和银行交易。基本上是一个购买者可以选择在网站上显示的地图上的位置或甚至圈的所需位置上的选定位置的地图和新的发射信息将出现在屏幕上。买方可以选择,因此首选项目,并查看其详细信息,包括布局(2D以及3D)。买方可以进行单位选择,然后进行预订,并随后支付费用。一旦收购完成后,购买者可以跟踪账单,以及报表在线。
  8. 问答环节:
  9. 下面是关于Q&A环节的摘录。下面是我在问股东周年大会上的问题。我在Q&A的不完备性作为道歉,我只能记得我的记忆。下一次,我会带来一个录音机更完整的共享。
  10. DC丹尼尔周,CFO。
  11. KY肯勇,执行主席。
  12. 1.房地产行业已开始放缓,也有一些开发商/将面临现金流的问题。什么是你的计划,以解决这一应收款的条款?根据您的年度报告中,你一言RM1.25mil减值准备。从是否新的客户,公司要求银行担保?
  13. DC:应收账款减值是常见于任何行业。我们必须提供,因为孤立的事件,其中在沙巴这个特殊的客户在他们的管理发生了变化,以及股东减值的最后一年。
  14. KY:我们不会要求客户提供银行担保,但我们开始工作之前,我们要求预付款的30%来自他们。
  15. 2. IFCA一直在快速增长,在过去1年。你是否有足够的能力,以满足不断增长的客户数量,你如何保持客户服务的质量?
  16. KY:是的,我们确实面临人手短缺和最近你可能会听到在此消费税实施期间的一些抱怨的客户在客户服务方面。我们有我们的客户关系经理,由此他们每个人在自己的投资组合服务约40-50客户。
  17. 3.什么是确定在中国和印度尼西亚的新客户为今年迄今为止方面的进展如何?
  18. DC:我们不能在印尼从事客户,直至收购完成。目前,尽职调查仍在进行中,我们将举行特别股东大会在时机成熟时。
  19. KY:我们不花钱做广告的报纸。我们这样做我们去路演,并组织研讨会。这就是我们在马来西亚开始和我们做同样的在中国。
  20. 4.如何自信是董事会在补充销售RM44.7mil的软件应用和硬件,网络及RM13mil的营业收入为2014年度的2014年度?
  21. KY:我们将要推出的电子商务,事实上,我们已经推出了五月2015年SAAS在价格方面我们还是微调中的一些反馈,我们收集的是,它是太便宜了。我们仍在工作的包。
  22. 丹尼尔周先生回答我单独硬件的销售通常是一次性去年开发商有预算来做到这一点。 (有人走近他,他离开)。
  23. 5.从历史上看,IFCA已在3年的跨度变化的CFO 4次。 2012年,从林震辉先生珍妮德,和她留下2个月后,丹尼尔周先生更换。然后12月到2014年胡弘,随后他离开和丹尼尔周先生(再次)所取代。 IFCA也改变了审计师在2011年。这是很难责怪某人联结点,并有一个不好的印象IFCA。你怎么解决这个问题?
  24. DC:我一直在IFCA多年,并在2012年我愉快地接受了工作作为CFO。关键是,我的老板看到了自己的潜力,帮助在消费税。其实我的消费税个别销量最高的公司。因此,我的老板做出的举动给我转移到教育和培训师。我离开不是因为我是不高兴,但因为我的老板看到我的潜力,并转移了我。菲利普左边是因为他想集中精力在自己的事业。
  25. KY:(叹气)这是不容易被IFCA的CFO,你知道的。首席财务官必须识别潜在的工作人员,也应对繁忙的工作在同一时间。是的,我们看到了潜力,丹尼尔,因为他是在在路演说话这么好​​。他不仅带来销量的公司,但利润也是如此。因此,我们决定将他从成本中心向利润中心。然而,此举事与愿违,当菲利普离开,但我仍然认为移动丹尼尔(利润中心)是一个很好的举措。
  26. UHY(审计师)的不断扩大,我们不改变审核所有的时间。我们保证,我们不会做饭书籍股东!
  27. 6.当你要推出SaaS和电子商务?
  28. KY:我们已经推出SAAS 2015年5月,但仍然微调它。我们的目标是通过2015年9月推出电子商务。
  29. 7.什么是你的计划资本支出2015财年为和FY16?我注意到,你在你的Q1FY15花RM2mil。
  30. KY:我们的预算用于研发,每年RM10mil。我们在管道等产品。例如,我们正在开发的项目营销,以及项目预算模块。在我们的模块,客户可以在项目任务计划在谁负责哪些工作等。我们还计划在合同模块。我们想了销售我们的产品,以我们现有的客户。
  31. 其他问题由其他人:
  32. 你怎么从直接出售的商业模式转向经常性的销售经营模式,因为这已经不是之前(由IFCA)做了什么?你怎么来顺利通过这一过渡期?
  33. KY:是的,这是一个过渡时期我们。只是向你展示你们的一些数字。对于电子商务和SaaS的潜在市场是这样的:例如,在马来西亚,我们有2600的开发者。为了更保守,我们假定2000的开发者。每月RM10k的包,我们RM10k×12个月x 2K分辨率的开发,目标市场是RM240mil。说,如果我们设法让开发人员1K,这是RM120mil。
  34. 究竟是什么在股价的暴跌从RM1.8至RM0.78 1个月的跨度的原因是什么?
  35. KY:我们不解的是,有少数基金退出马来西亚市场。我们无法控制股价。事情的经过是有个人喊“跑!”,其余就开始不知道发生了什么运行。我也疑惑了暴跌。我们宁愿专注于日常的日常业务,我们的SAAS,以及电子商务。例如,为了让股东舒服,我们要提出我们计划推出的电子商务。我们曾计划推出它明年,但现在我们不得不把它转发到某个地方在2015年九月
  36. 只是为了给ü另一个例子,对于SAAS,我们的目标是小客户。现在,我们的系统销售给我们的小客户端处于RM70k的范围RM80k。但是,现在我们想从他们作出RM70k到RM80每年!是否有可能?随着电子商务和SaaS的捆绑,这是可能的!这是因为规模较小的开发商没有预算来打造自己的电子商务网站。那些大的开发商和设计他们自己的,但这些规模较小的一次没有。因此,我们可以在这里提供的值。
  37. 在结果方面,我不能说太多,但我可以说的是相比2014年有人说,我们是GST公司,但实际上我们是不是我们会做的更好。我们是如此的不仅仅是一个公司的GST多。事实上,消费税只贡献了约20%,我们的收入。
  38. DC:在国外持股方面,截至6月12日,这是16.48%。相比于年报日期在四月,它是2.8%的降幅。
  39. 你打算如何与像的iProperty,物业大师等公司谁已经在市场上长期竞争?
  40. KY:我们其实都是在市场上超过他们。我们正处在一个独特的地位,为我们的电子商务平台将能够与我们的会计制度整合,这是我们的竞争优势。我们想要做的是最新的销售我们的产品和我们的集成模块。
  41. 你作为船长,你能提供给我们的股东为您的乘客,一些安慰,因为我们是通过波涛汹涌的大海航行。
  42. 我作为船舶的船长,会向你保证,我们将顺利通过了。我相信印尼市场,一旦我们完成收购,这是一个市场接近290mil人口和5000开发者。再加上中国的市场,我们将表现良好。展望未来,强调的是云,网上的世界。我们并不需要那么大的阿里巴巴,而是想成为财产软件公司的阿里巴巴!
  43. 会议期间,有一个老太太评论股价下跌和“骂”的板子,说她只是想骂董事会代表她的朋友谁在IFCA赔了钱。然后,她做了一个评论说,IFCA已经意识到自己的一个承诺2这是对分配红利,现在怎么样这是第二承诺时,IFCA会的主要市场?
  44. DC:目前我们正专注于完成我们的企业锻炼印尼收购。我们将有我们的股东特别大会即将举行,之后我们需要谈谈我们的顾问任何决定作出之前。
  45. KY:我可以向你保证,它仍然在轨道上。我们期待在今年年底或者开始或明年。
  46. 我认为:
  47. 管理
  48. 总体而言,管理层回答所有从地板的问题,这表明他们的诚意。肯勇放心我认为这是非常重要的几件事情。首先,他放心,管理不假账。他还暗示,今年他们会比去年更好。该公司的账目和CFO问题的疑问也得到了保证,这只是个人的问题。 DC是MC的股东周年大会上,我认为他做了很好的工作。他有很好的表达能力。一切(演示文稿)去光滑和他说话的技巧是合法的了。我能理解为什么肯勇触动他的利润中心。
  49. 不过,我对管理有所保留,因为它是明显的,他们不知道如何正确地从事公共关系和投资者关系。我的工作是为在短时间内投资者关系,我明白,只要有股价暴跌,投资者关系部门应拔出股权结构和调查谁已经卖了股票。一旦销售各方已经确定,该公司应与投资者/基金询问原因,他们卖了。在这种情况下,董事会的答复是,他们不知道谁卖了一些外资出境旁边的。对我来说,它要么是主板有东西要隐藏,或他​​们是在投资者关系非常糟糕。在股价暴跌的巨大发送负信号投资者社区的股价波动巨大转化为更高的风险。我也被告知,IFCA刚刚聘请了投资者关系公司作为他们的顾问。换句话说,他们的外包投资者关系部门。
  50. 处理CFO辞职时,他们也被看作是缺乏经验的。总括来说,5月22日,IFCA宣布菲利普VOO的辞去其担任首席财务官,不点名的继任者。这发出了膝跳反应和股价从1.62下降到1.38。好的事情是,他们立即被命名接班人(丹尼尔周)纠正错误。
  51. 谁是有经验的投资者,我在股东周年大会上遇见关系股东告诉我,这是有风险的肯勇把时间轴上转移到主要市场。如果有任何新闻在房间里,他或她会选择它作为一个标题和就送股价飞扬。安全委员会将清晰度都没有提交已经从IFCA和股价可能大幅下挫。布尔萨会发出另一个UMA到IFCA。
  52. 未来计划
  53. 电子商务的概念是令人印象深刻,因为它能够连接与客户的开发。我个人认为,这将节省时间,为开发者和购买者。然而,一些大开发商可能还是喜欢有人群在他们的办公室作为一个营销噱头,以显示他们的财产被出售像热蛋糕公众。
  54. IFCA有整合其新产品,以现有的实力。例如,收到预订将被链接到开发商的财务模块。这无疑将节省时间和成本。肯勇的蓝图是整合所有模块,包括会计,成本核算,市场营销,预算,合同,以及买方。
  55. 不过,我觉得IFCA会打速度碰撞对Q2的硬件和软件,尤其是对消费税的相关产品一次性销售已经几乎完全认可。随着房地产市场的放缓,我认为这是一个正确的举措,推出SaaS和电子商务作为开发商将勒紧裤带忍住资本支出。在长远来说,我有信心,IFCA将是一个区域性的球员在软件解决方案。
  56. IFCA还在不断扩大。交叉检查jobstreet.com.myshows即IFCA马来西亚hiring.1有6帖子在求职网站,并寻找填补了25个职位。 IFCA中国的网站还表明,他们雇用但位置的数量不published.2
  57. 结论
  58. 董事会已解除了一些问题,包括对账目和财务总监的空气,并在关系到他们的未来计划。对于我来说,我的信心已经恢复80%,剩下的20%,这是董事会的完整性(其对股价的暴跌反应)。这20%将决定我是否将持有此股票作为长期投资。
  59. (吉隆坡22日讯)竞优国际(IFCA MSC Bhd ( Financial Dashboard))执行主席兼总执行长Ken Yong Keang Cheun一再向投资者力证公司最坏的情况已过去,因而促使该股回升9.6%。

  60. 截至4时05分,竞优国际上涨12仙或9.6%,至1.37令吉,成交量为2942万5000股。




    在公布首季业绩的两日后,竞优国际宣布其总财务长Voo Lip Sang于5月22日离职,即日起生效。

    据《The Edge》财经日报上周五的一项访问,Ken Yong Keang Cheun重申竞优国际的表现不俗,同时该公司也制定了区域扩展计划。

    他指出:“市场传闻指竞优国际前总财务长因做假账而离职,有鉴于此,我们2015财年首季净利才会如此标清。试问若我们真的做假账,总财务长不可能会签核账目,这些全属揣测,Voo Lip Sang离职的主要原因是创业。”

    (注:The Edge Research基本面分数和估值分数均根据历史数据计算。基本面分数反映公司的获利能力和资产负债表实力,估值分数则决定股项估值是否具吸引力。3分意味着基本面强劲和估值吸引。)