【Techcomp T43 交流专区】TECHCOMP (HOLDINGS) LIMITED

PaPerSoldier

看好这件公司...暂时先记下...

SADIF Analytics releases new summary due diligence report for Techcomp (Holdings) Limited
2009-10-22 00:27:46 - SADIF-Investment Analytics has applied its StockMarks™ stock-rating system to Techcomp (Holdings) Limited and produced a report, rating the company's attractiveness to long-term investors.

Ilhavo, Portugal – 22/10/2009 – SADIF Investment Analytics, announces a new summary due diligence report covering Techcomp (Holdings) Limited (T43). The report uses SADIF's powerful StockMarks™ stock rating system and contains important analysis for any current or potential Techcomp (Holdings) Limited investor.

Report Summary: Techcomp (Holdings) Limited is an above average quality company with a neutral outlook. Techcomp (Holdings) Limited has
strong business growth and is run by efficient management. When compared to its closest peer, Sunray Holdings Limited, Techcomp (Holdings) Limited shows less overvaluation and is more likely to outperform the market.

The 8-page report breaks down the Total StockMark into its three components – business, management and price, performing an in-depth analysis of Techcomp (Holdings) Limited for long-term investors.

The report has been distributed to Reuters, and forwarded to Yahoo Finance and FT.com. It is available under 'Analyst Reports' from these websites, from multiple professional platforms including Reuters Knowledge, TheMarkets.com, Thomson Research and Capital IQ or directly from SADIF-Investment Analytics at:
www.sadifanalytics.com/stockmarks/company.php?tickerr=T43&cod_co ..

普罗旺斯

留脚印。。
加油！！

PaPerSoldier

谢谢啦~!
国家:
TechComp (分析仪器，生命科学仪器，实验室仪器 制造 和 分销)
manufacturer and distributor of analytical instruments, life science equipments and laboratory instruments.

军队结构:
Manufacturing (based on year 2008):
16.8% revenue and 70.1% profit
Distribution:
83.2% revenue and 29.9% profit
(主要利润在制造)

联盟(客户):
包括大学和制药、食品及饮料企业和政府

内阁(大股东)：
现任主席兼首席执行官劳逸强（也是创办人）44%股份

战利品:
dividend(year 2006-2008，稳定)
S$0.012 (以0.35的股价来说，只是3.4%回报而已)

攻击有效率:
利润率(以下是以美元计算)
total: 销售＝81m 　物料成本＝56.8m 毛利润＝24.2m (29.8%)　［销售（9.5m）金融(0.4m)人事(10m)其他成本］＝　21m 净利润(before tax)＝3.2m (3.9%,和股息相近，是巧合吗？嗯．．．)
分析：
制造(revenue: 16.8% = 13.6m; profit before tax: 70.1% = 2.24m）制造净利润率 16.4%
分销(revenue: 83.2% = 67.4m; profit before tax: 29.9% = 0.95m) 分销净利润率 1.4%

战术建议:
要提高利润，改善利润率，无非１）提高分销量　２）降低成本　３）争取更多更多的制造单子
保守一点，假设情况１和２没改善的话，只有靠３了．

城池：
total asset 72m
total liabilities 34m
nta= 38m
nta/s = 38m/155m = usd$0.245 = sgd$0.34 (1 usd:1.39 sgd)

护城河：
低售价不过高品质的产品，稳定的同盟（好浅的护城河，我不是很满意的地方）

天灾：
外汇率（美元－－影响利润，日元--影响成本）

PaPerSoldier

Singapore and Hong Kong, 13 July 2009
Techcomp receives US$1 million order
from Indonesia’s Ministry of Health
• Experiencing increasing enquiries for its bio-safety cabinets,
centrifuges and BSL3 (P3) turnkey laboratories, which are essential
laboratory equipment for vaccine production.
• Influenza A (H1N1) virus has brought more attention to the Company
from the regional investment community
-------------------
一个BSL3lab 大概是1m USD吧？
2008年做了5个BSL3 lab 大概是一半制造部门的营业额~USD6m。

今年?

On 20 May 2009, the Group announced that it won a US$3 million United Nations tender to
provide laboratory equipment for India. The Group followed that contract win with another one
on 13 July 2009, where it announced US$1 million order from Indonesia’s Ministry of Health.


USD4m的order已经secured了。

----------------------------------------------------------

Singapore and Hong Kong, 13 August 2009
Sustained demand for laboratory
equipment boosts Techcomp’s 1H2009
revenue 25% to record US$40 million
• Net profit jumps 75.7% to US$1.4 million on good cost management
• Made inroads in Indian, Indonesian and French markets in 1H2009
with contributions to come in 2H2009
• Management expects seasonal trend of a stronger 2H2009

----------------------------------------------------------
短结：今年不会比去年差。
长期展望：Indian, Indonesian and French markets。。。

[ 本帖最后由 PaPerSoldier 于 6-11-2009 01:26 PM 编辑 ]

普罗旺斯

你的分析蛮特别的，好像要去打战一样。

产品：
分析仪器，生命科学仪器，实验室仪器 制造 和 分销。。

产品很复杂下哦，有对手资料吗？

PaPerSoldier

没有很复杂啦，就是贸易嘛，买卖的东西不同而已。
不过，他们可以做bsl3 lab，有production line, 希望有所发展，单做转售批发很难做大的。

还没有研究。

不过，行业内他只是小虾米。
人家国际企业每年是几百个billion营业额（USD），他不到100m。

投资这样的小企业，我不敢说投资个30年，风险还是很大的。
不过，我起码看好3-5年。

比起同样是新加坡上市的sun ray（中国生物科技公司）。二选一，当然是这件比较好。不过，如果制造业不能做大，长期来说，我不看好。。。因为公司很小很小。。。什么风吹草动就完蛋了。

[ 本帖最后由 PaPerSoldier 于 6-11-2009 01:42 PM 编辑 ]

PaPerSoldier

日立台式电镜TM-1000全球销量突破1000台

    近日，日立高新技术公司（Hitachi High-Technologies Corporation）宣布，日立台式电镜TM-1000，自2005年4月推出以来，已在世界范围销售超过一千台。
    日立高新技术公司创立于1947年，是日立公司（全称为株式会社日立制作所）的全资子公司，负责电子显微镜及相关设备的研发和制造，目前在超高分辨扫描电镜、超高加速电压透射电镜、带有球差矫正的扫描透射电镜等领域保持世界领先。
    TM-1000台式电镜是日立高新技术公司首创的小型化电镜，它一改已往电镜体积大、安装环境苛刻、操作复杂等缺点，体积小巧，可以在普通试验台上安装使用；同时操作简易，样品基本不需要制备，可以直接观测；而且电镜操作像数码相机一样自动操作，可得到20至1万倍，高位率、高景深的图像，使得没有电镜知识和使用经验的人员也可以获得满意的电镜图像；另外还可以安装能谱仪，实现元素分析。
    TM-1000创造了台式电镜这一新产品，重新定义了电子显微镜的概念。
    由于TM-1000台式电镜性能强大，价格优惠，在材料、电子、半导体、食品和生命科学等领域的研发和品质保证应用方面，受到了使用者的一致好评，创造了单一型号销售过千台的记录。
    由于TM-1000具有广阔的应用方向和庞大的用户群体，电镜的附件厂家专为TM-1000开发了各种附件，例如拉伸样品、冷冻样品台等，进一步扩展了TM-1000的应用。
    2009年3月，日立高新技术公司向宮城县的巖沼市立巖沼小學（Iwanuma Elementary School）提供了一台TM-1000。这是日本的公立小学首次使用电子显微镜，目前这台TM-1000正用于推动儿童的科学教育。
   天美公司在TM-1000的销售上也取得了巨大的成功，是世界范围TM-1000最大的销售商。

   

信息来源：发表时间：2009-12-14

一台这样的售价，大概是89k USD.

PaPerSoldier

nextinsight分析员觉得它值得0.56的价格。

http://www.nextinsight.net/content/view/1971/60/


TECHCOMP: Grows steadily but surely                   
Written by Ernest Lim   
Wednesday, 20 January 2010

This is an edited version of an article that appeared in Sharesinvestment.com on Jan 18, and is reproduced here with permission. The writer, Ernest Lim, is a shareholder of Techcomp Holdings, and a professional investment manager.


Techcomp is a one-of-a-kind company on the Singapore Exchange.

WOULD YOU BE interested to invest in a company which has never suffered a loss in its twenty two years of operation, and in fact, has registered a compound annual growth rate (CAGR) of 20% for its revenue from 2002 to 2008?

Techcomp Holdings (www.techcomp.com.hk) is one such company. It was listed on SGX Main Board in 2004.

Techcomp is a manufacturer and distributor of highly advanced scientific instruments, analytical instruments, life science equipment and laboratory instruments. These are used in laboratories for a multitude of industries such as pharmaceuticals, biotechnology, medicine, food and beverage etc.

Growth drivers from multiple fronts

Techcomp is expected to benefit from both organic and inorganic growth. For organic growth, Techcomp has commenced mass production of biological safety cabinets for NuAire. NuAire is expected to benefit positively from the strong demand of such products arising from the H1N1.

This is expected to contribute to Techcomp’s FY09 profits.For inorganic growth, Techcomp has made the following strategic business decisions whose benefits should start to accrue this FY09.

Firstly, its 50-50 joint venture (JV) with Bibby Scientific in 2008 is gaining traction. Techcomp’s existing manufacturing facilities in China would be used to produce scientific equipment products under Bibby’s existing established brands for the local and overseas market.                  TECHCOMP        37 c (Jan 19)
52-week Hi/Lo        38.5/21 c
Dividend yield (trailing 12 months)        3.2%
Historical PE ratio        13.3
Net Asset Value        24.8 US c
No. of issued shares        155 m
Market cap         S$57 m




In addition, the JV will post a maiden contribution to Techcomp’s FY09 profits.

Secondly, Techcomp has acquired a 75% stake in a French company, HCC SAS (HCC) in July 09. This allows Techcomp to acquire complimentary technology and leverage on the brand equity of HCC’s subsidiaries.

This acquisition is expected to be earnings accretive for FY09 results.

Going forward, management is confident of enhancing the value of HCC by reducing HCC production costs (leveraging on Techcomp’s manufacturing facilities in China), and combining HCC’s complimentary products and distribution network to Techcomp’s products and thus, able to offer customers a broader product offering.

Richard Lo, CEO & President, Techcomp. NextInsight file photo

Both the acquisition of HCC and the JV with Bibby Scientific would enable Techcomp to gain a foothold in the European market and would bode well for Techcomp over the long term.

During the early part of 2008, Techcomp was covered by as many as six brokerage houses.

Unfortunately, interest in Techcomp soon faded and currently there are no analysts covering this company.

Thus, the investment community is still not familiar with Techcomp yet.

However, I believe investors who understand and believe Techcomp’s prospects now can purchase it with a huge margin of safety. Broadway (which I covered in my earlier article on Jan 4) is a case in point with regard to this aspect.

Illiquidity is a problem for Techcomp. Over the latest 3-month period, there is only one trading day where volume crosses more than 300,000 shares traded.

Techcomp is not traded for some of the days. Thus, investors have to consider this carefully as they may not be able to enter or exit Techcomp easily.

Source: Bloomberg, Ernest Lim

Conclusion – Undervalued

With reference to table above, Techcomp is trading at a substantial discount to the smaller peers based on FY09F PE (needless to compare it against the larger peers as the discount gap is colossal).

Taking a conservative stance, I pegged Techcomp at approximately 7.3x FY10F earnings, vis-à-vis the minimum PE of Techno Medica, which trades at 9.0x FY09F earnings (note: average PE for the smaller peers is in excess of 40x).

This would translate to a price of around S$0.56, representing an approximate 51% upside since its close of S$0.37 on last Fri.

PaPerSoldier

Techcomp (Holdings) Limited reported its Group’s revenue increased by 29.3% to US$104,781,000 in FY2009 from US$81,029,000 in FY2008. Gross profit increased by 23.5% to US$29,863,000 in FY2009 from US$24,182,000 in FY2008 which is attributable to the growth in revenue. The gross margin decreased to 28.5% in FY2009 from 29.8% in FY2008 mainly due to the appreciation of the Japanese Yen and the Renminbi. The board of directors recommends the first and final dividend of S$0.012 per share.

PaPerSoldier

http://www.nextinsight.net/content/view/2128/60/

TECHCOMP HOLDINGS shareholders and some analysts were in the mood to congratulate the management after it announced record revenue and record profit for 2009 (see tables on this page).

Some attendees at the meeting with Techcomp management last Friday prefaced their questions with congratulatory remarks.

The US$7.4-million record profit wiped off the anguish that Techcomp management and investors had experienced when an otherwise record profit in 2008 was marred by forex losses.

Adding to the gloom, analysts stopped covering the stock.

At last Friday's meeting, it was a positive sign that the room at Fullerton Hotel was packed with over 25 analysts, fund managers and other guests from the  investment community. They came to hear more about Techcomp's rebound.

An almost uninterrupted march upwards, except for profit in 2008 which was dragged down by forex losses.

Aside from the 2009 financial figures, Techcomp - which manufactures and distributes laboratory and life-science equipment - had dished out other good news:

* Bonus share issue: One bonus share for every two existing shares to increase the liquidity of the stock.

* A first and final dividend of 1.2 Singapore cents, unchanged from a year ago.

The market responded positively to Techcomp’s results, with the stock closing 2 cents up at 44.5 cents on Friday after touching 45 cents, a 52-week high, in morning trade.

It's still a long way off from the 80-cent level it traded at in May 2008 before the Lehman crisis.

Through the global financial crisis, Techcomp stayed steady as its 2009 results demonstrated.

On an annual basis, Techcomp has grown its revenue at a brisk 20+% in past years.

And its net profit margin had stayed at between 7.7% and 9%, except in 2008 because of forex losses.

Another predictable feature was reflected in its 2009 performance: As in past years, the second half of the year accounted for the bulk of the company’s revenue and profit. In 2009, the figure was 62% and 81%, respectively.

Techcomp added spice to its results announcement by revealing the acquisition of a 80% stake in Precisa Gravimetrics, an established (founded in 1935) Swiss maker of analytical weighing and moisture analysers for US$3.4 million.

This acquisition follows hot on the heels of Techcomp's first European acquisition barely a year ago.

Asked how Techcomp intended to turn loss-making Precisa around, Richard Lo, the President and CEO of Techcomp, said: "We are confident we can increase Precisa's sales in Asia. We will also help them lower their operating costs through our sourcing system in China, and by relocating some labour-intensive (and costly) work" to Techcomp’s manufacturing base in China.

In addition, Techcomp, which will not be involved in the day-to-day management of these companies, would extend the geographical reach of the acquired companies’ products via Techcomp’s extensive Asia network - and its Europe network too, said Mr Lo.

Techcomp is no new comer to working successfully with foreign companies. Said Mr Lo: "We are experienced in working with foreigners, especially European companies, in the past 10 years. We have done ODM projects, private labels. We know how to do things step by step."

Already, Techcomp's first European acquisition (HCC Group, established in 1918), has become profitable, from being loss-making in the first half of 2009. Starting in July 2009, HCC contributed US$4.3 million to Techcomp’s revenue in 2009.

Giving a rationale for these European acquistions, Eric Chan, vice-president of Techcomp, said Europe is a major market for laboratory and life-science products - far bigger than Asia.

With Europe's contribution and China's economic growth, Techcomp is poised for another good year. Mr Chan said: "Demand for our equipment is stable and growing - our business is resilient."

Mr Lo said he expects "a pretty exciting outlook for the Group in 2010."

PaPerSoldier

Techcomp Holdings Ltd – Visit note

·      More than 20% revenue growth annually in the last 3 years

·      Exciting prospect in manufacturing growth

·      Strong demand for products

·      Thin trading volume a drag on valuation





The Company is engaged in the design, development, manufacture and distribution of analytical instruments, life science equipment and laboratory instruments. There are 2 main business segments; manufacturing and distribution. Manufacturing is the organic driver of the company’s business. For FY2009, manufacturing accounted for only 19% of total revenue, it however accounted for 46% of profit before tax. The reason is because manufacturing commands much higher profit margins than distribution and in order to drive growth for the company, it is management’s target to achieve a more balance contribution from both manufacturing and distribution to its top-line growth.



Exciting Growth in Manufacturing

We saw the assembling and manufacturing of 4 main products in the manufacturing facilities in Shanghai, namely the spectrophotometers, chromatographs, centrifuges and BSL equipments. These products are sold under the Techcomp house brand as well as ODM and OEM manufacturing. In 2008, Techcomp formed a 50:50 JV with Bibby Scientific to manufacture a range of Bibby’s products in Shanghai. We understand that the JV currently manufactures 60+ products for Bibby. Bibby Scientific Ltd is one of the largest broad based manufacturers of laboratory products based in the UK.



Management shared with us that Techcomp products are well-known in the industry for its quality, however the stigma of a China made product is still present and that is partly the reason why Techcomp is expanding its footprints overseas by M&A. This is apparent from the 2 acquisitions that it made. The company took a 75% stake in a French company HCC Group in July 2009 and a 80% stake in a Swiss company Precisa Gravimetrics more recently in Feb 2010. Management is confident that such M&A will be synergistic and beneficial for Techcomp. With the acquisition, Techcomp can now make in-road into the European market and also by leveraging on Techcomp’s low cost structure, it will be able to achieve an efficient scale of operation.  









   





Industry

We think there is good demand for laboratory equipment. When we looked back at the announcements the company had made, we see demand coming from both the public and private sectors. For the public sector, we believe healthcare and education are necessary spending.  Typically medical and higher education institutions have to be well equipped with laboratory equipments and the demanding environment means that such public institutions could not afford to cut back on these investments. For the private sector, laboratory equipment such as analyzer is used widely to conduct quality testing and checks on many commercial products.



To the uninitiated, Techcomp products are used in analyzing a wide range of test samples (from blood sample to virus sample and even commercial products like milk!) Basically what the machines do is break up the test sample and analyze what’s in it. In regard to this, sensitivity is important and that’s why Techcomp has an R&D department that continuously looks at improving its products and this R&D department is staffed by well-qualified Phd holders.



In the medical or laboratory applications, there is an increasing demand for high specification machines that can capture a whole spectrum of desired results with just a tiny drop of test sample. In the future star trek advancement of technology, such applications could evolve into disposable test kit just like the pregnancy test kit. Before we get too excited over the prospect, we note that the recent H1N1 pandemic saw increase demand for Techcomp’s products. The company secured a US$1 million order from Indonesia Ministry of Health for centrifuges, bio-safety cabinets and BSL-3 turnkey lab, all of which are essential equipments for vaccine production. A biosafety turnkey lab is a concept of a laboratory in a safety cabinet. Imagine a safety cabinet the size of a container we normally see stacked on top of each other on a containership. The container is then outfitted with all the necessary equipments. Voila!! You have a mobile lab and tests and experiments can be conducted in a safe environment.

In the private sector, an example of a commercial usage of the products is the testing of melamine level in diary products during the recent milk scandal in China. In fact, the company reported that it experienced a surge in demand for its testing equipments following the milk scandal. Furthermore, we think that more stringent legislative requirements on displaying food safety label would definitely increase the demand for testing equipments.


Financials

We do a short discussion on the financials.


Exhibit 1. Selected financials figures

US$’000
FY2007
% change
FY2008
% change
FY2009

Revenue
65,819
23.1
81,029
29.3
104,781

EBITDA
7,875
(40.8)
4,661
108.6
9,719

Net profit
6,011
(48.8)
3,079
139.4
7,370

Gross profit margin
0.34
-
0.29
-
0.29

Net profit margin
0.09
-
0.04
-
0.07

Manufacturing revenue %
16.9
-
16.8
-
19.0

Distribution revenue %
83.1
-
83.2
-
81.0

Manufacturing PBT %
43.1
-
70.1
-
45.6

Distribution PBT %
56.9
-
29.9
-
54.4

Dividend (SG cents)
1.2
-
1.2
-
1.2

EPS (US cents)
4.30
-
1.99
-
4.75

NAV (US cents)
23.2
-
24.6
-
28.8

Debt/equity
0.14
-
0.43
-
0.36


Source: Company, Phillip Securities Research

The company has remained profitable in the last three years with revenue increasing more than 20% in each year. This fortifies our earlier discussion on the demand for laboratory products, which was sustained and even increased during recession years. However net profit took a hit in FY2008 and fell by almost half. The main reason was attributed to the distribution business in which exchange rate fluctuations in JPY/USD resulted in high purchase costs. Following the lesson learnt in FY2008, management implemented control measures and net profit rebounded nicely in FY2009. We can also see that the manufacturing segment commands much better margins than the distribution segment. This is part of the reason for management’s strategy to grow the manufacturing business. If management does carry out this strategy well, we can expect overall net profit margin to improve to double digits figure. In terms of returns to shareholders, the company has maintained dividend payout at 1.2 SG cents.


Valuation

Techcomp is included in the Instrument Business Outlook (IBO) index. Instrument Business Outlook is a twice-monthly newsletter that covers news on the analytical and life science industry. The newsletter compiles an index of companies in the industry and TECHCOMP is the only Singapore listed company included in the index out of five Asia Pacific companies; the remaining four are listed in Tokyo. In our peer comparison table, we included SGX listed peers in the same industry, as well as the four Japanese companies and three European companies that are also in the IBO index.

Techcomp is trading at a much lower P/E than its peers locally and regionally. We note the stock is also quite thinly traded with daily traded volume of less than 150,000 shares on most days. Therefore the low P/E could have factor in an illiquidity discount in this aspect.

We do not have a rating on the company.

Exhibit 2. Peer comparison

Company
Ticker
Exchange
Market Cap (‘m)
Price
P/E
P/B

Techcomp
TCH SP
Singapore
S$73.62
S$0.475
7.1
1.17

Biosensor
BIG SP
Singapore
S$838.09
S$0.785
25.3
4.51

Sunray
SRAY SP
Singapore
S$8.38
S$0.025
-
0.29

Vicplas
VPS SP
Singapore
S$28.74
S$0.065
-
0.78

Hitachi High Tech
8036 JT
Tokyo
JPY 256,745
JPY 1864
-
1.13

Horiba
6856 JT
Tokyo
JPY 111,308
JPY 2617
35
1.38

JEOL
6951 JT
Tokyo
JPY 26,746
JPY 337
-
1.16

Shimadzu
7701 JT
Tokyo
JPY 202,216
JPY 683
59.7
1.37

Spectris
SXS LN
London
GBP 950.96
GBP 822
22.2
2.2

Analytik Jena AG
AJA GY
Frankfurt
EUR 51.16
EUR 9.85
25.9
1.34

Biotage
BIOT SS
Stockholm
SEK 619.04
SEK 7
-
0.56


Source: Bloomberg



Exhibit 3. Traded volume vs Price



Source: Bloomberg, Phillip Securities Research











Financials

PaPerSoldier

TECHCOMP (HOLDINGS) LIMITED
(Company Registration No. 34778)
(Incorporated in Bermuda)
APPROVAL IN-PRINCIPLE FOR THE LISTING AND QUOTATION OF UP TO 77,500,000 NEW
ORDINARY SHARES (THE "BONUS SHARES') IN THE CAPITAL OF TECHCOMP (HOLDINGS)
LIMITED (THE "COMPANY")
Unless otherwise defined, all capitalised terms shall bear the same meanings as used in the Company's announcement
dated 26 February 2010.
Further to the announcement made on 26 February 2010 in relation to the Proposed Bonus Share Issue, the Board of
Directors of the Company is pleased to announce that the Singapore Exchange Securities Trading Limited (the "SGXST")
has granted its approval in-principle on 18 March 2010 for the listing and quotation of the Bonus Shares on the
Official List of the SGX-ST.
The approval in-principle granted by the SGX-ST is subject to, amongst others, the following:
(a) compliance with the SGX-ST's continuing listing requirements; and
(b) availability of the share issue mandate for the issue of the Bonus Shares.
The SGX-ST’s approval in-principle is not to be taken as an indication of the merits of the Bonus Share Issue, the
Bonus Shares, the Company and/ or its subsidiaries.
A separate announcement will be issued by the Company on the books closure date.
BY ORDER OF THE BOARD
SIN SHEUNG NAM GILBERT
COMPANY SECRETARY
18 MARCH 2010

买两股送一股，难怪起了这么多。

PaPerSoldier

Westcomb Securities says Techcomp (Holdings) is ‘truly undervalued’

Analyst: Lee Khai Chian


Singapore analysts visiting Techcomp's factory in Shanghai last week are shown around by Eric Chan, its VP (front, right). Photo by Kamal Samuel
Truly undervalued: Techcomp is perhaps one of the most undervalued stocks in the medical and laboratory instrument market. Being a nimble player allows the company to grow rapidly despite increasingly competitive market condition.

The underlying success factors of the company are comprehensive distribution network across the globe, strong technical know-how, revered brand name especially in China and low manufacturing cost.


Sterling track record and growth to be sustained: Given its sterling track record and robust FY09 results, we are gaining confidence in the ability of the management not only to maintain the yearly organic growth of at least 20%, but also achieve operational improvements.

We expect the operating margin, which was hit badly during drastic volatility in Japanese Yen against US dollar in FY08 and to a lesser extent in FY09, to revert back to its normalized level. Thus, there are heavy odds on operating profit outpacing revenue growth for its existing businesses in the coming years.

Resume coverage with Compelling BUY; target price S$0.94: The counter is trading at 7.0x PER FY09, 5.1x PER FY10E and 3.7x PER FY11E, deeply undervalued compared to industry average’s.

Our target price is conservatively pegged at 10.0x PER FY10E, one standard deviation below the industry average of 21.1x.

Notwithstanding its much smaller size than most of the peers, the company is nimble and grows rapidly. The strong growth is evidenced by its achievement of 23.8% CAGR in revenue and 19.3% CAGR in net profit over FY05-09.

The growth momentum will continue to rise on the back of
(1) the swelling orders from customers,
(2) the robust genuine demand in the PRC market, and
(3) the widening product range stemming from the recent M&As. BUY.

Westcomb's full report is available in the Techcomp thread in our forum here.

PaPerSoldier

TECHCOMP (HOLDINGS) LIMITED
(Company Registration No. 34778)
(Incorporated in Bermuda)
BONUS SHARE ISSUE
NOTICE OF BOOKS CLOSURE DATE
Unless otherwise defined, all capitalised terms shall bear the same meanings as used in the Company's
announcement dated 26 February 2010.
The Board of Directors of the Techcomp (Holdings) Limited (the “Company”) refers to the announcements
made on 26 February 2010 and 18 March 2010 in relation to the Bonus Share Issue.
NOTICE IS ALSO HEREBY GIVEN that the transfer book and register of members of the Company will
be closed on 7 May 2010 for the purpose of determining members’ entitlements to the Bonus Shares under
the Bonus Share Issue.
Members whose securities accounts with The Central Depository (Pte) Limited are credited with Shares at
5.00 p.m. on 6 May 2010 will be entitled to the Bonus Shares under the Bonus Share Issue.
Duly completed transfers received by the Company’s Share Transfer Agent, M & C Services Private Limited
at 138 Robinson Road #17-00, The Corporate Office, Singapore 068906 up to 5.00 p.m. on
6 May 2010 will be registered before entitlements to the Bonus Shares under the Bonus Share Issue are
determined.
The Bonus Shares when allotted and issued, will rank pari passu in all respects with the existing issued
Shares and with each other, except that the Bonus Shares will not be entitled to any dividends declared or
paid in respect of the financial year ended 31 December 2009.

PaPerSoldier

没有人注意它吧？

普罗旺斯

last closed at 0.43, 加上2 for 1, 还有股息。不错哦。

PaPerSoldier

回复 16# 普罗旺斯

掉不多，我的心头爱股。

PaPerSoldier

http://www.nextinsight.net/index ... ttom-line-this-year

TECHCOMP: Record profit of US$10.5 million in FY2010, Europe to contribute to bottom line this year.

PaPerSoldier

0.50 了。。。
我的爱将。。。

神隐

要 dual list at HK 了。。。Techcomp seeks dual-primary listing in
Hong Kong by way of introduction