【Hiap Seng 510 交流专区】协成工程 HIAP SENG ENGINEERING LTD

icy97

HIAP SENG was founded and established in 1950 by Mr Tan Kuay Hoe under the name HIAP SENG ENGINEERING WORKS providing services covering steelwork fabrication. First milestone project was the construction of storage tanks and related pipework for BP Singapore in 1960.

With expansion in operations and strategic acquisition and alliances, company was corporatised in 1971 with the name changed to HIAP SENG ENGINEERING & CONSTRUCTION PTE LTD. HIAP SENG grew to become one of the major service provider in projects and maintenance services in the oil & gas and the process industries.

A 60% owned subsidiary PT Technic was established in Malaysia in 1971 to undertake projects with specialization in piping, tankage, structural steel and mechanical fabrication and construction.

Hiap Seng was awarded "Enterprise 50" award in 1995, 1996 and 1998. It was organised then by The Business Times and Accenture. The event was also supported by EDB and IE Singapore.

The company was listed on the Singapore Stock Exchange in June 1999, and renamed as HIAP SENG ENGINEERING LIMITED.

HIAP SENG was accreditated with ISO 9001 , and our facilities was certified for ASME “S” & “U” stamps in 2003.

In line with our regionalization vision, a Thai joint venture NASCO HIAP SENG ENGINEERING was formed in 2003 with capabilities to provide fabrication and integrated engineering services to the industries. The JV has a well-equipped factory in Sriracha, Chonburi.

Today, HIAP SENG employs over 1000 people and has 6 fabrication facilities covering more than 2 million sq ft and have established a very impressive track records with both local and global MNC’s; a track record premised on safety, quality and timely delivery.

In 2010, Hiap Seng was recognized by Forbes Asia Magazine as one of the 200 best public-listed corporations under US$1 billion in revenue in the Asia Pacific. Noted for its potential for profitability and growth, and its modest indebtedness. Hiap Seng was one of eight Singapore-based company in the list.

公司官网：http://www.hiapseng.com/

Name of Announcer *	HIAP SENG ENGINEERING LTD
Company Registration No.	197100300Z
Announcement submitted on behalf of	HIAP SENG ENGINEERING LTD
Announcement is submitted with respect to *	HIAP SENG ENGINEERING LTD
Announcement is submitted by *	Tan Hak Jin
Designation *	Joint Company Secretary
Date & Time of Broadcast	13-Aug-2013 17:04:03
Announcement No.	00044

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	PLEASE SEE THE ATTACHMENTS: (A) UNAUDITED FIRST-QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT. (B) NEWS RELEASE.

Attachments

HSELQ1FY2014_results_announcement.pdf HSEL_1QFY2014_Results_NR.pdf

icy97

协成工程赢得两份总值5,700万元的合约
http://www.sharesinv.com/zh/articles/41636/

2013年09月20日
为油气、石化及药剂业提供专门工程服务的协成工程(Hiap Seng Engineering)宣布，它获颁两份总值约5,700万元的合约。合约涉及在新加坡提供铺管和设备安装服务及机械、设备竖立和结构工程。两份合约料将在本月开工，并定于截至2015年3月31日的财年完工。公司最新的财报显示，其截至2013年8月13日的订单额为庞大的2亿3,500万元。

启示：虽然市场前景不明朗将对公司的业绩有所影响，但公司指出，其在泰国及马来西亚的业务将继续带来贡献。它也将加强其在新加坡和本区域的业务。此外，上述两份合约也将提高公司的盈利能见度。

icy97

协成工程在低毛利下继续走下坡
Tradeable | 2014年06月06日
文 : 林思杰（译：麦美莹）
http://www.sharesinv.com/zh/articles/47355/

1. 长期而言，协成工程仍会面对低利率这个难题。
2. 在成本上涨及竞争激烈的前提下，业内前景依然充满挑战。
3. 估值比率看似便宜，但实质上可能并不便宜。

协成工程(Hiap Seng Engineering) 是油气、石化及药物业的专门综合工程集团。

4Q14及FY14的业绩
协成工程的4Q14收入从去年同期的4,690万元增加46.9%至6,890万元。第四季的股东归属净利为110万元(4Q13为450万元亏损)。表现较佳主要是因为第四季的收入增加及毛利稍微改善。

截至2014年3月31日的全年业绩，收入从FY13的2亿3,740万元增加9.1%至2亿5,900万元，主要是因为项目确认收入增加。股东归属净利则从FY13的750万元盈利大幅下滑至360万元亏损，主要是因为部份项目出现成本超支；人力成本上涨及缺乏FY13从之前持有的股益获得的380万元收益。


在财务报表里，最引起我注目的是销售成本。尽管4Q14营业额上升46.9%，但销售成本也同样上升46%，让公司的毛利率只轻微改善。

FY14的销售成本增幅则比收入的升幅来得高，前者上升13.1%，后者只提高9.1%。意味着公司的FY14毛利下滑。

毛利比业内平均低


协成所取得的毛利比业内同行低许多，5年平均毛利更比业内平均低了约一半有多。以公司的盈利条件来看，我觉得不大对劲。

业务前景
协成所涉足的油气及石化业，前景依然乐观。可是，在竞争激烈、人力成本上涨及某些项目存在着成本超支的可能性下，公司的董事对截至2015年3月31日的财政年度并不看好。

公司在2Q14取得两份总值约5,700万元的合约，预期在FY15完工，主要是在新加坡提供管道及设备安装工程，以至机械及结构工程。公司在3Q14获得的越南维修合约，让公司出现转机，这份价值约1,250万元的合约定于1Q15动工及完工。

价格合理？


正如巴菲特所说，你所付出的是价格，你所拥有的是价值。协成身处在一个越来越饱和的市场，而其毛利偏低，它还值得你注意吗？

看跌
除非协成有重大利好消息公布，否则我对它并不感兴趣。