【VS 6963 交流专区】威城

Red.Sun

趁着还在等公司safety pass的成绩出炉，就整理整理这个贴子，使大家更方便阅读。

回顾这两个月VS的表现，应该算是很不错。以昨天RM2.68的闭市价来看，共为我带来12.13%的纸上盈利，若加上股息回酬就大约20％左右。

最近公司宣布与Dyson合作，负责原料供应、生产及分销，放眼明年10亿令吉的销售额，这可是一个大好消息。

大马最近调高公务员的薪水连带提高国民的购买力，相信属于消费品的Dyson吸尘机应该会有一番作为。呵呵，Dyson好就代表VS好，至少现在可以这么说。一个Dyson已经为VS带来如此可观的商机，再加上其它零零碎碎的顾客，我想VS的业绩在这几年内将会相当好看。

peterg

題外話, VS 的IT Manager 很吊一下, 一副高高在上自以是的樣子
實在是破壞 VS 的型像.....

Red.Sun

几天不见，VS这只千里马就一直狂奔，今天已经来到RM3.26的价位，很是开心，在投机失利后，现在终于快回本了。

megan一战令我觉悟了一件事，原来投机不适合我，一笑。

暂时就不发表太多，等业绩报告出后再来畅谈也不迟。

Mr.Business

27-06-2007: VSI poised to compete globally
By Surin Murugiah

INTEGRATED electronic manufacturing solutions (EMS) provider VS Industry Bhd (VSI) is well positioned to compete in the global market place by running its latest facility and technology at optimum efficiency, said SBB Securities Research.

The research house is upbeat on VSI's sound fundamentals, savvy management, return on equity averaging 21% for 2007/08 in the EMS industry, robust earnings per share (EPS) compound annual growth rate of 55.6% for FY06-08 and undemanding valuations at 6.8 times price-earnings ratio (PER) 2007 and 5.5 times PER08.

"We also expect a higher dividend of 15 sen in FY07 and 18 sen in FY08. Hence, we are valuing VSI at RM4.30 or 9.6 times PER07, in line with its three-year trailing peak to trough PER of three to 11 times and 10.2 times of its local peers."

"Inclusive of the 4.9% dividend yield for FY07, it provides a total handsome gain of 45.4%," it said.

SBB Research said VSI was targeting to be among the global top 20 EMS players in three to five years, leveraging on its manufacturing strategic business partnership with vacuum cleaner giant Dyson Ltd and diversification into better margin products.

The research house projected VSI's net profit to grow 99.4% in FY07 and 21.4% in FY08, driven mainly by its major customer Dyson as well as continuous outsourcing activities by other Europe-based customers.

It said Dyson was expected to be more aggressive in exploring high growth markets such as China, India and the Middle East in the immediate future, making VSI a direct beneficiary as one of Dyson's two EMS component suppliers.

"Management is optimistic that VSI's expanding revenue base of RM1.3 billion by FY08 would see the group joining the top 20-30 list in three to five years' time," it said.

SBB Research said that apart from Dyson, VSI has secured other Europe-based customers including UK-based Hozelock and Plasplugs, France-based Valeo and Dutch giant Philips.

"While orders from them are still small, the room for future growth is tremendous. In the long term, the current integration and rationalisation of these Europe-based companies due to high manufacturing and record materials prices bode well for VSI, reflected by progressive outsourcing of selected products to remain competitive," it said.

VSI would continue to invest in new equipment and consolidate production into more efficient facilities, the research house said, noting that VSI had allocated RM50 million for Malaysia and RM10 million overseas investmentsm, respectively, this year.

SBB Research said with strong cash flow averaging RM50 million to RM60 million per annum, VSI was able to recommend a higher dividend payout of 15 sen to 18 sen for FY07/08 in spite of the planned capital expenditure.

"VSI had been paying dividend ranging from 22% to 62% out of net profits since being listed in 1998," it said.

On the appreciating ringgit, SBB Research said the development augurs well for VSI as almost 100% of its revenue are quoted in ringgit while about 20% to 25% of the raw materials are payable in US dollars and euros.

http://www.theedgedaily.com/cms/ ... a-16f70a40-32a38900

[ 本帖最后由 Mr.Business 于 28-6-2007 09:25 AM 编辑 ]

Mr.Business

更新: June 28, 2007 21:35
營業額淨利激揚
威城目標價RM5.13
（吉隆坡28日訊）威城（VS，6963，主板工業）第3季財報標青，營業額及淨利分別激增59.8%及128.7%！興業研究看好公司后勢發展，維持“跑贏大市”（Outperform）投資評級，目標價為5.13令吉。
截至2007財年4月杪第3季，威城總營業額報2億8912萬令吉，較去年同期的1億8094萬令吉，揚升59.8%；淨利達1770萬令吉，激增128.7%。
上述數據亦優于興業研究的預測值。
威城首9個月營業額按年大漲60.1%至7億9760萬令吉；淨利翻倍至5040萬令吉。
電子製造方案供應商威城董事經理顏森炎在文告中表示：“公司淨利率相對提高，可歸功于有效率的節流措施及營運政策”。
該公司首9個月淨利率為6.3%，高于2006財年全年的4.8%。
同時，威城亦宣佈派息4.5仙。
興業研究曾在分析報告中表示，該公司主要客戶吸塵機製造業商Dyson的高銷售，將促使威城錄得強勁按年表現。
“吸塵機製造業商Dyson是威城未來主要財源，市場對前者產品需求殷切，使吸塵機製造業商Dyson提高訂單，帶動威城業績表現。
威城獲Dyson頒給一年訂單。
興業研究表示，Dyson計劃推出新產品拓展市場，預計2007至2009年，威城接獲的訂單將逐漸增加。
“料2002至2006年複成長率（CAGR）達33.8%，威城因此預計明年可錄得10億令吉銷售額。
興業研究補充，威城目標價是2008年每股盈利（EPS）的10倍。
閉市時，威城報3.34令吉，漲4仙，總成交量達101萬5700股。


http://www.chinapress.com.my/content_new.asp?dt=2007-06-29&sec=business&art=0629bs14.txt

XXXXX

VS Industry Q3 net profit sees hefty rise
      
June 29 2007

VS INDUSTRY Bhd's third quarter net profit more than doubled due to an increase in sales volume for the quarter.

The company, which is involved in the manufacture, assembly and sale of electrical and electronic products,registered a net profit of RM17.7 million for the financial period ended April 30 2007, compared with RM7.7 million the year before.

The company has declared a tax exempt special dividend of 4.5 sen for the quarter.

VS Industry is optimistic of achieving a new record high financially,for the current financial year, in view of the continued growth of its Malaysian operations. However, it did not say whether that refers to sales or net profit.

http://www.btimes.com.my/Current_News/BT/Friday/Nation/vs.xml/Article/

[ 本帖最后由 Mr.Business 于 29-6-2007 04:23 PM 编辑 ]

Mr.Business

Next global company

Updated : 02-07-2007
Media : The Star
Story By : C.S. Tan

V. S. Industry Bhd (VSI) last week reported a record net profit of RM17.7mil for its third quarter (Q3) ended April 30, 2007, traditionally its weakest quarter seasonally.

The strong results showed that its operating performance has been transformed although this has not been recognised by the market yet. For comparison, VSI produced a net profit of RM7.7mil in Q3 last year, a loss of RM900,000 in the same quarter of 2005 and a loss of RM2.8mil in the same period of 2004.

Its transformation started last year such that its earnings pattern has been smoothened out, departing from the industry trend of being seasonally weak early in the calendar year, and strengthening towards the Christmas season.

VSI's performance and prospects are now closely linked with that of sales of Dyson vacuum cleaners, a global blockbuster consumer product. The entire output of Dyson vacuum cleaners was outsourced to VSI and Singapore's Meiban Group Ltd, both of which operate from their plants in Johor.

Dyson is not known in the consumer market here, as people tend to use mops to clean their marble floors whereas in temperate countries, houses tend to be carpeted for warmth and vacuum cleaners are usually used.

In recent years, Dyson has become a force in the market in temperate countries. It is reportedly a market leader in Europe, Japan and the US, and is expanding to Russia and the Middle East. The bagless vacuum cleaner was a creation of British inventor Sir James Dyson who became a billionaire. His company, Dyson Ltd, continues to be privately owned.

It is uncommon for a Malaysian company to become a significant component in the supply chain of a global consumer product. None of the companies here benefited, for instance, from the Apple iPod which is made in Japan, China, South Korea and the Philippines.

Uchi Technologies Bhd showed the benefit of the global value chain. It provided R&D and assembly services for Eugster, a Swiss contract manufacturer of automatic coffee machines. Uchi grew its earnings consistently, and a combination of multi-year earnings growth and re-rating of its price/earnings ratio (PE) made it one of the biggest growth stocks between 2002 and 2006.

VSI shows promise to track the grow path of Uchi. VSI has improved its manufacturing processes such that it now produces the final product for Dyson, and global sales of this product is still increasing, which could be a bigger product than Eugster's coffee machines.

Currently, VSI's market value is RM510mil compared with Uchi's RM1.2bil, but VSI's earnings are catching up with Uchi's. VSI's earnings are forecast by RHB Research to reach RM67mil for its year ending July 31, 2007, RM79mil in 2008 and RM93mil in 2009, compared with Uchi's net profit of RM82mil last year.

Even so, Uchi's shares are traded at a PE of about 13 times its net profit this year whereas VSI is traded at just 6 times. Consistent earnings growth at VSI could eventually bring its valuation at par with that of Uchi.

Local investors should therefore consider before selling their VSI shares for a small gain because it could worth a lot more when foreign brokerages initiate coverage and foreign funds start buying this stock. Currently, RHB has a fair value of RM5.92 on VSI based on 10 times its earnings for calendar year 2008.

SKP Resources Bhd, also based in Johor, is a component in the Dyson value chain too. Executive director Ivan Gan told StarBiz: We do sub-assembly work for Dyson vacuum cleaners and we are also growing with Dyson through its two main contractors.¨

The results have also started to show. SKP's net profit rose to RM5mil in its fourth quarter ended March 31, 2007 from RM1.2mil in the same quarter last year.

http://www.biznewsdb.com/english/newspage/newspage.asp?ID=7070288&file1=7&bulan=07&kw=wwqq

Red.Sun

谢谢糊涂坛主提升此贴为精华。

相信大家都知道VS最新的成绩单了吧，第三季的净利比较去年同期净利足足开了一番，共升131.25%。除此之外，VS也宣布发派RM0.045的特别股息，出乎我的意料，（又惊又喜）。呵呵，看来VS的管理层十分照顾它的小股东们。
http://www.bursamalaysia.com/website/bm/listed_companies/company_announcements/announcements/index.jsp

根据季报pg16,盈利上升主要是功归与大顾客的＂光照＂，没错的话应该就是Dyson。季报中也提到公司接下来将以创造新高的业绩为目标，不进则退，呵呵...

顺便结算下我的成绩，
03/04/07,以RM2.39的价钱买入；
16/04/07,发派RM0.055股息；
16/05/07,发派20送1库存股；

今天以RM3.80的闭市价来计算，总共累积66.95％的纸上盈利和2.3％的股息，终于将投机亏损的部分连本带利的赚回来了。

公司的管理层这么的照顾我，就继续的看好支持它，除非真的有意外发生，不然简直舍不得放开这匹千里马呢！

Mr.Business

和VS有点关系的新闻。

04-07-2007: Contract-making sales growing in SE Asia

Sales of electronics contract manufacturing in Southeast Asia are set to reach US$24.9 billion (RM86.7 billion by 2011, grabbing a 7% share of the global market, iSuppli Corp said yesterday.

That would represent an annual growth rate of 9.1% from US$16.2 billion in 2006 as global contract makers looked for new destinations after pouring large investments into China to reduce their costs, the market researcher said.

While around half of all contract-manufacturing revenues are generated by companies operating in China, including Flextronics and Quanta, a new hot spot has emerged in electronics manufacturing in Southeast Asia, namely Singapore, Malaysia, Thailand and, most prominently, Vietnam, iSuppli said.

"iSuppli believes that several factors are triggering this resurgent growth among Southeast Asian contract manufacturers, including a backlash against China," iSuppli analyst Adam Pick said in the statement.

"OEMs (original equipment manufacturing) are transforming their strategies, given end-market demand and total landed costs. Needless to say, contract manufacturers are doing their best to manage those stated and latent needs."

Government initiatives are stimulating research and development activities by contract manufacturers in Thailand. Recent investments by leading contract makers into Vietnam's industrial parks also suggested that Vietnam would quickly become an emerging manufacturing market in Southeast Asia, iSuppli said, without identifying companies. — Reuters

http://www.theedgedaily.com/cms/ ... a-16f70a40-efb32ac8

Mr.Business

关于VS所处行业的新闻。

XXXXX

经局把脉:电子业廉价劳工， 还行吗？ 2007/07/06 18:03:28
●杨名万

5月份的对外贸易有惊无险。

惊的是电子电器领域仍然萎缩，出口增长率仍然偏低。 “无险”，因为这数字仍然令人欣慰，出口增长率比预期高，达到2.7%，比预期的1.8%高出百分之50，而且，5月份的出口数字还是今年以来最高水平。

电子电器出口仍萎缩

5月份比预期为高的出口增长率也令今年首5个月贸易总额达到接近4千330亿令吉，折合成年率计算，今年全年的贸易总额仍然保持在破兆以上水平。

乍看起来，5月份的对外贸易已有不错进展，至少和4月份时期出口奄奄一息，差点就陷入萎缩的情况好多了，用比较人性化说法，短期来说，我们的对外贸易已经脱离“危险期”。

这是从整个对外贸易和出口大局角度来说。深入去看个别出口数字，我国对外贸易主将，电子及电器产品依然萎靡不振，以初步数字比较，这领域出口依然萎缩约 2.1%，而且这还是在全球半导体需求依然保持增长，其他国家电子业出口情况改善后，我们仍然背道而驶的持续萎缩。 电子业形态原地踏步

其实，我国电子电器产品出口和全球大势背道而驶由来已久，本栏上个月才提到在全球半导体市场正以双位数增长时，我们的出口却也同样的以双位数萎缩，我们的情况和大势倒转，很明显是因为我们的产品并没有跟着全球趋势提升。

在我们引进外资，大量制造就业机会，同时成功将经济从农业导向转型为制造业导向后，这几十年来，我国的电子电器业仍然原地踏步，纯粹是聘请大量女工从事装配工作，没有加值成份上的提升。

由于我国的制造业几乎完全是电子电器业，这领域的销售与生产就成为了所谓的制造业“生产力”指标，我国的制造生产力数字也就很自然的完全受到电子电器领域的销售状态影响，常很不真实的大幅度波动。

出口比重下滑至45%

近期我国电子电器出口萎缩后，这领域在出口总额所占的比重也就同样相对下降，从过去的占出口总额过半，到今年首5月时，电子电器产品的出口额只占出口总额的44.5%。

在2001年及之前，电子电器产品出口占我国总出口的60%，之后每年的比重都逐步下降，2005年在对半边缘，去年就开始明显的在50%以下水平，到今年首5个月时，距离再度拉远，和2001年比较，相差约百分之26。

电子电器出口占总出口额比重减低可以是好事，也可以是坏现象，胥视我们是不是在积极多样化出口，减轻过度依赖单一出口产品的同时，也致力提升电子电器业，摆脱过度依赖人力的低加值电子装配业务。

国内电子业亟需提升翻阅贸工部及统计局公布的对外贸易数字，促使电子电器产品出口比重减低主要是因为近期原油和原产品如棕油价格上升，电子产品需求也相对放缓所致。我们的出口结构不能永远靠价格起落来定型，在出口多元化方面，我们还需再努力。

从最近政府高官对最低薪金制度的表态可知，我们依然依赖人力密集及加值成分低的电子装配业。从1970年代至今，我们搞了数十年的电子业，情况依然没有改善，还是要靠廉价劳工。

时间不等人，我们的经济已走到开始不再适宜廉价劳工的阶段了。政府当局应该思考如何提升我们的人力技术，因为人力密集的电子业很快会自动的离我们而去。我们不能不跟着时势走，只要跟着大势，最低薪金制问题就不会存在。

提升人力技术和电子制造业，此其时也！

http://www.nanyang.com/index.php?ch=7&pg=12&ac=747708

peterg

同業的老闆都說今明年前景大好, 今年已知道明年的訂單了..

不過VS很吊一下, 價錢硬, 因為在某些技術上它是獨霸的,

價錢高不說, 還要排隊的.

peterg

恭喜 Red.Sun 大大,  VS 破 RM4.00 了

似乎有隻無形的推手, 在推著VS往前跑

VS 有著當年 TOPGLOV 的影子

Red.Sun

原帖由 peterg 于 12-7-2007 10:02 AM 发表
同業的老闆都說今明年前景大好, 今年已知道明年的訂單了..

不過VS很吊一下, 價錢硬, 因為在某些技術上它是獨霸的,

價錢高不說, 還要排隊的.

呵呵，VS吊高来卖还有人来捧场，证明有它一定的强处。另一方面，身为股东的rensun也希望VS能继续扩大margin幅度，在獨霸/优势时多赚，总比在行业走下坡/劣势时赚好吧！

原帖由 peterg 于 13-7-2007 06:58 PM 发表
恭喜 Red.Sun 大大,  VS 破 RM4.00 了

似乎有隻無形的推手, 在推著VS往前跑

VS 有著當年 TOPGLOV 的影子

peterg兄，我只是刚踏出社会的年轻小伙子，还称不上什么大大...

在这几个月来，VS开番的业绩和与dyson合作的消息都不断地刺激股价往上爬，如今也有接近一番的回酬了。

正如我之前所说，它是属于我长期投资的千里马，我会卖掉它的情况只有在：
1. 市场的沸腾点出现后
2. 公司本益比来到15
3. 有更好的千里马

Red.Sun

在昨天世界股市动荡不安时，RedSun将手中的VS套利了，共赚了70%左右。

首先先澄清RedSun会作出这样的举动决不是因为VS前途不好，公司会在股市下跌时积极回购股票，这样的管理层还真是不错呢！持有VS的朋友们可以继续再观看一段时间，毕竟RM3.70的价钱才相等于8.82的PE，估计今年最后一季的成绩应该能维持11 – 12 仙的EPS，如果母熊还没来，VS还是会冲上RM4，甚至RM5，就得看看大市如何了。

PE还没来到15，
市场还未沸腾，

难道RedSun寻找到另一匹千里马？是的！昨天已经开始行动，选了这匹在沙巴州经营伐木业的开番白武士…的孩子（全天唯一一张的成交量就是RedSun的）。

vs007

VS Industry, 大家觉得如和？

vs007

原帖由 vs007 于 24-9-2007 02:50 PM 发表
VS Industry, 大家觉得如和？

03 Sep 2007

Corporate: VS Industry moves up value chain

The Edge Daily

By Ng Kar Yean

VS Industry Bhd has managed to move up the manufacturing value chain. From being a supplier of plastic parts, it has evolved into a manufacturer of household and electrical products.
The transformation for the Senai-based group started with its successful working relation with Dyson International Ltd. Dyson is a UK-based company that specialises in high-end vacuum cleaners. A unit is priced from RM1,500 to RM3,000. Prior to 2001, the company manufactured its products in the UK, where the production cost was not competitive.
\"We floated the idea to Dyson to let us take care of its manufacturing. At first, we only did some of its products,\" VS Industry\'s managing director Gan Sem Yam tells The Edge. \"As Dyson became more convinced of the quality of our manufacturing capabilities, more products were outsourced to us,\" he adds.
Dyson ceased its manufacturing operation in the UK, and fully outsourced the process to VS Industry and Meiban Group Ltd, a Singapore-based company that manufactures plastic injection moulded parts.
In 2001, orders from Dyson to VS Industry amounted to 10,000 units per month. In the financial year (FY) ended July 31, 2007, orders had grown to 200,000 units per month.
\"We expect to deliver three million units in FY2008 [or 250,000 units per month],\" says Gan.
Freed from the burden of having to manufacture its vacuum cleaners at low cost and high quality, Dyson has been able to focus on designing better products, and doing a better marketing job.
As a result, Dyson\'s sales have also increased. From three million units sold in 2003, sales are expected to hit 4.7 million this year.
\"Dyson wants to sell six million units in 2008 to achieve its target of having a 10% share of the global market for vacuum cleaners,\" says Gan.
But has VS Industry\'s transformation increased its profitability?
For one, the group\'s earnings before interest and tax (Ebit) margin has improved tremendously. In FY2003, the figure was a paltry 2.97%. In the nine months ended April 30, 2007, its Ebit margin has improved to 7.8%.
Consequently, its margins have improved. In FY2003, for every RM1 million of revenue recognised, it earned only RM29,700. For the same amount of revenue now, it earns RM78,000.
\"With more orders from Dyson and our position as its manufacturing partner, VS Industry\'s revenue and profitability have improved,\" says Gan.
The much better profit margin is the reason the group could achieve a pre-tax profit of RM62.4 million on revenue of RM797.6 million in the 9MFY2007. In FY2006, its pre-tax profit was only RM37 million.
In a recent research report, AmResearch projected VS Industry\'s pre-tax profit to hit RM85.9 million in FY2007. Net profit is expected to be RM69.6 million.
With 143 million shares issued, VS Industry\'s earnings per share (EPS) are expected to reach 48.40 sen. This translates into EPS growth of over 100%.
Based on forecast orders from Dyson, AmResearch expects VS Industry\'s EPS in FY2008 to grow by 31% to 63.6 sen. Based on VS Industry\'s share price of RM3.54 last Wednesday, its shares are trading at 7.3 times its EPS in FY2007 and 5.56 times its EPS in FY2008.
Improved cash flow has enabled the group to pay out decent dividends. In FY2006, its dividend per share was 10.5 sen tax exempt. Due to the expected 100% growth in profit in FY2007, analysts expect a dividend of at least 20 sen per share tax exempt, or RM28.74 million. This will amount to about 41% of the group\'s expected net profit in FY2007.
The company strives to distribute about 40% of its profit as dividend, says Gan. Based on its current share price, the dividend payout translates into a dividend yield of 5.6%. For the manufacturing company that is in growth stage, it is offering gene-rous dividend yield.
Its gearing ratio (net of cash) is 0.4 times. Its operating profit of RM62.12 million in 9MFY2007 is enough to cover its finance cost of RM6.03 million by over 10 times.
AmResearch values VS Industry at nine times its EPS of 68 in calendar year 2008. This translates into a target price of RM6.10.
Why is the market not giving higher valuation to the group\'s shares?
One reason is that over 80% of its revenue and profits are coming from Dyson. Hence, there is fear of over-reliance on a single client.
Gan says the relationship between VS Industry and Dyson has developed to a level where both parties need each other.
\"If there are any production hiccups, Dyson will face problems in meeting demand for its vacuum cleaners. On the other hand, we also need them to be able to design and market their products well,\" he explains.
Gan believes Dyson\'s sales will continue to grow at a fast pace over the next several years, based on the company\'s product and marketing plans. Dyson\'s products are sold in the US, the UK, European countries and Japan. It ventured into Russia last year and is eyeing China.
Nevertheless, Gan says VS Industry is constantly on the lookout to be the manufacturing arm for more European companies.
The group is working on two newer clients — Hozelock and Plasplugs in the UK. Hozelock specialises in gardening tools while Plasplugs makes tools to cut tiles for the do-it-yourself market.
\"They are where Dyson was five years ago. We hope to help them grow tremendously in the next few years,\" says Gan. In the long run, he hopes VS Industry will have about four anchor clients.

vince8959

Rm6.10
有机会开翻.

vince8959

如果你有看图表的话.VS正处在牛市. 以一个业绩超美的公司. 它的老板肯定不会让你失望. 稳重且非投机者可以留意留意.

Orochimaru

我大力推荐的股。虽然不会一下子大起，可是它属于慢慢上型， 心脏弱的可以买进， 前景一片大好，业务一直在扩大， 而且是赚钱的公司。

peterg

最近 JAVA 跌到不像樣

我覺得 VS 好多了, 全年 EPS=51 , 看好明年Plastic industrial表現超過今年. 最近又撥款投資印尼油棕園.

不過, 這支股很冷一下, 推一推.

花脸

今年和明年的EMS前景一片光明，过了08就很难说了。