【VITROX 0097 交流专区】伟特机构

tan81

2007年10月30日 星期二

vitrox (0097) mesdaq research

Vitrox is listed at the half end year at 2005. according to peter lynx sectioning, it is under 周期性行业（电子业），也是快速增长的公司。

1.if you study its EPS growth, it is not attractive. But let us go into its financial report. In 2003, vitrox just a company that earning 6million a year. 2007, it is expected to record 12 million net profit ayear. means, it double its net profit over 5 years! if only compare 2006 and 2007, its EPS growth is 21%, current PE at 10 (when i bought RM0.79@1000 units).

2.Its average ROE is 29%, NTA is 0.25,compare to its issue share at RM0.10 each. with only listing more than 2 years, its NTA has been double.

3. under its industry current cycle (E&E) , this is recesscion time, but virtox still able to maintain a high growth in profit. it is a good news. 1st, you can wait for E&E growing, and virtox will be growing greater. 2nd, they are not facing any new competitors in next two years.

4. they have10 Million cash in hand and no debts, means they are net cashflow company. currently, their net cash from operating activities still greater than cash used in investing activities.

5. according to bursa recent announcement, only 480 small shareholders of vitrox. this does not fulfill the requirement (1000 people). So, vitrox is expected to take some action to promote their share or giving bonus. their NTAis RM0.25, which enable for at least 1 to 1 bonus issue.

6.Vitrox has invested in china to set up a branch. this is predicted to bring positive profit in the future. they also set up their office at USA. the only thing to worry is malaysia ringgit is too strong and will affected vitrox revenue growth.

7. there is no investor /mutual manager invest in this company as up to date.

8.their equities/liabilities is 9-12 times. which means they control debts very well and using cashflow from operating activities to maintain their growth.

9. according to PE=10, EPS growth is 29%, vitrox share price can up to 2 to 3 times.

any different idea, please let me know. i am willing to learn from mistake.

Good luck!

[ 本帖最后由 tan81 于 9-10-2008 06:51 PM 编辑 ]

tan81

28-01-2008: Frost & Sullivan: E&E sector to dampen in 2008

Email us your feedback at fd@bizedge.com

KUALA LUMPUR: The electrical and electronics (E&E) industry in the country is expected to dampen this year due to slower demand for its electronic goods from the US and other industrialised countries, global consulting firm Frost & Sullivan said.

Frost & Sullivan research analyst C P Liew said the continued slowdown in these countries was expected to impact the local E&E industry as it was heavily export-driven.

The industry was also expected to soften due to rising crude oil and food prices, despite the recent wage rise in the government sector that was expected to increase domestic consumption, he added.

“A fuel hike is expected in early 2008, which is expected to raise food prices. Export demand of local electronic goods is not expected to improve in the shorter term,” he said.

Liew said the increase in crude prices was expected to increase the prices of raw materials, having an adverse impact on manufacturers’ profit margins.

“The ability of home-grown manufacturers to compete could be challenged,” he added.

The local E&E industry, which is the largest contributor to the manufacturing sector, experienced a modest slow growth in 2007 due to slower growth in the US, he said.

“The problem in the housing sector is very intense in the US and is further impacted by the disruption of credit, which is of great concern to the Malaysian E&E industry,” he said.

On the outlook for export and domestic consumption, Liew said it was not expected to rise considerably this year due to slower export markets and rising crude oil prices.

“However, rather worrying is the low contribution of domestic companies in the domestic and export markets compared with multinationals operating in the country,” he added.

tan81

VITROX 于16/11/07公布第3季度的业绩。它获得RM0.0259，超乎预期的盈利。至目前为止，它的盈利已超越去年的全年盈利。全年盈利预测，我把它上调为 RM0.086

MARGIN OF SAFETY 也变成 RM0.94. 以目前的标价，还值得购入。

目前，对vitrox 最有利的事情，莫过于电子业正在复苏。台积电的盈利回升，UNISEM 和马太平洋的盈利也上升。九月份的电子销售额，更是几年来的首次回升。以vitrox在困境中的盈利能力，可以相信它的高速成长时代已经来临。

基于它的股权分散仍未符合证交所的规定，这个季度，管理层将会向基金经理推荐vitrox的投资。因此，我把近期累积的对象，列vitrox 为首选。

tan81

我会在新年前，拜访Vitrox的工厂。

写了Email给他们，先看看他们会多快回复。我会在这里Update。
以下是我寄的内容：

hello,

I am one of the vitrox shareholder.

i would like to visit vitrox on 5 feb 2008, 11am.

the purpose of visiting is to find out more info about vitrox as i am considering to increase my share investment in vitrox from open market.if convinient,please assign an excecutive employee to explain some vitrox business development status and products info to me during the visit.

i promise that my visit will be less than 2hr and shall not interfere any daily production.if permission is given,i would like to take some photo by my hand phone and please prepare products & biz info in soft copy for me.i will bring my laptop along if vitrox willing to share the info with me.

thanks for the management if you able to help me in this special arrangement.

I am looking forward to hear from you soon.

i prefer our contacts via email as my phone is not available in certain time.

thanks again.

Mr.Business

请问她的产品是什么？市场前景如何？竞争者有谁？她又有什么优势？

tan81

原帖由 Mr.Business 于 28-1-2008 07:09 PM 发表
请问她的产品是什么？市场前景如何？竞争者有谁？她又有什么优势？

会给与回答。不过也许需要一点时间，因为我还有其他的事情在忙着。
保证不会让各位走宝。

8years

“E&E sector to dampen in 2008”

怎么第二楼和第三楼的资料有那么大的差别？？？

8years

账目有疑点：
Trade receivables comprise amounts receivable for the sale of goods. The credit periods granted on sale of goods range
from 30 to 90 days (2005: 30 to 90 days).
The amount owing by a subsidiary company arose mainly from trade transactions with credit period of 60 days (2005: 60
days).

那么为何2千4百万的生意会出现1千万的trade recieveable??原因何在？？

goodluck88

它好象是做电子工厂里面用的那些machine......创业的是两个中年的小伙子....也曾经在2005年拿过ernst & young 荣誉.....

http://www.vitrox.com.my/

Kino

原帖由 goodluck88 于 28-1-2008 07:57 PM 发表
它好象是做电子工厂里面用的那些machine......创业的是两个中年的小伙子....也曾经在2005年拿过ernst & young 荣誉.....

http://www.vitrox.com.my/

创业的是三个USM的大学生.

tan81

你认识他们吗？ 可以多提供大股东的个人资料和背景吗？
我想USM 一定以他们为荣。

Goodluck 88 ，你说的对。ChuJenWeng 是年轻的企业家，曾经获得青年企业奖，在行业中，应该能和Jobstreet 平起平坐。

8years

虽然我在accout上找不倒什么有问题的地方，不过我认为这行业不是普通人可以了解。我认为我们必需先了解这行业的特点才能再看看应不应该投资。

另外，我认为公司的产品和e&e完全没有很大关系，因为electronic devide行业太大，有可能电脑不好卖，游戏机却好卖，所以是没有关联的。

另外，公司的产品我都不知道是拿来做什么的，如何去投资呢？？在讲这公司好不好的时候，我们必需先了解他们靠什么产品赚钱？市场上对这类产品有什么意见？他们有什么特别的竞争力？
不了解这些实在是不太能投资。

hancom

（吉隆坡12日）维特机构（VITROX，0097，大马自动报价股）拟进行一项为期5年的全球化计划，以进军海外其他市场。
而首阶段，该公司将以亚洲北部如中国、台湾、日本和东南亚为目标市场。而这些目标市场将会在接下来的扩展计划中，成为进一步发展欧盟和美国市场的平台。

研发新产品和解决方案

此外，维特机构还是会继续研究和发展新产品和解决方案，来改善现有产品品质，以及开拓在半导体领域，开拓新的商机。

鉴于自动控制机械市场逐渐增长，肯南嘉证券行(K&N Kenanga）认为，维特机构将会在近期至中期阶段获利。

根据自动化成像协会（Automation Imaging Association）的报告显示，市场所有总类的工业摄影机，预计总值为66亿美元。而市场还会持续增加，直至于2008年达到总值100亿美元。

因此，维特机构目前于2006财政年拥有的2千300万令吉营业额，所占的市场份额是微小的。

另一方面，维特机构因其12年的免税新兴工业地位和持有的智慧产权，而取得超过40％的净赚幅。

维特机构也预期，其公司将以新的主要产品－自动光纤探测机，以及受到市场牵引下，而于2006年和2008年之间，取得72.3％的复合年成长率。

肯南嘉证券行因维特机构业务的迅速增长，而以该公司于2008财政年10倍的本益比，取代8倍的本益比，估计该公司12个月的目标价格为1.80令吉，给予该公司“买进”的建议。

而该公司业务成长的催化剂包括自动仪器逐渐增长的需求、给予顾客价格、表现和支援服务的强健价值组合，以及未来两年的72.6％复合年成长率。

维特机构是大马领先的工业摄影机解决方案供应商。该公司专门将其产品供应予本地和全球的半导体市场。

20061013

江湖

原帖由 tan81 于 28-1-2008 07:00 PM 发表
VITROX 于16/11/07公布第3季度的业绩。它获得RM0.0259，超乎预期的盈利。至目前为止，它的盈利已超越去年的全年盈利。全年盈利预测，我把它上调为 RM0.086

MARGIN OF SAFETY 也变成 RM0.94. 以目前的标价，还值得 ...

什么东西让你觉得电子业有前景？

他的工厂在槟城吗？

goodluck88

老实说,小弟目前不看好电子业....美国经济不景,很多公司电子公司2008的order都不好...

对,它的工厂在PG.....MOTOROLA旁边.....

hancom

tan81兄打算反向投资？

goodluck88

我也是在思考....要不要做反向投资....
这股可以说是属于科技股...如果根据buffet的选股方式.....它不会买进的...
有点矛盾.....

hancom

基本分析不是我的强项，但是单纯的从图形的角度去看，绝对不是我会要的一杯茶。大量的票数从投资者的手上涌出，庄家现在不是在筑底，而是逃庄。买入的人，等着垫底。

江湖

原帖由 goodluck88 于 28-1-2008 11:57 PM 发表
老实说,小弟目前不看好电子业....美国经济不景,很多公司电子公司2008的order都不好...

对,它的工厂在PG.....MOTOROLA旁边.....

你从事电子业？

tan81 兄， 我可以陪你去吗？

goodluck88

不是我...但是我有朋友做这行的....都说....今年生意不好做....