小资女向前冲（大马股市）

Quarter report released date: 28 Feb 2017

- Historical PE: 20

Business

- plastics contract manufacturing 

- electrical and electronics plastics manufacturer

- more than 250 of the latest injection moulding machines

- workforce of 2,500 

- manufacturing of plastic products and moulds, which are predominantly carried out in Malaysia.

Clients

Products

Financial Performance

- 

- As shown in diagram, Skpres's revenue already far more high than last year

- To exceed net profit, Skpress still need RM10.757mn for its last quarter,easy job for Skpress according to its past result.

- 欠别人很多钱,TP RM456mn current liabilities

- Short-term borrowing: RM52mn, long term liabilities: RM9mn

- Cash and bank balance: RM38mn

- 2Q TR: RM445mn  3Q TR:RM503mn

- 2Q inventory: RM119mn  3Q inventories:RM141mn

- Strengthen USD dollar will increase Skpress raw material

- Dyson 佔盈利约55%至60%

Share price

- Current share price: RM1.37

- Support level;RM1.31/RM1.29/RM1.26

- Resistance level:RM1.37/RM1.44

Risk

- foreign worker problem (now already solved)

- due to lack of foreign worker,and thus labour cost increase

- Dyson contribute most of the revenue(rely on one customer)

- Current revenue full year already reached RM1.3billion, RM1.1billion contract, may not sustain Skpress's share price,if they do not generate other revenue sources

News

25 Jan 2017

- The research house forecasted this key customer (contribute most at 2Q) to contirbute an even higher protion, circa 72 per cent in FY17

- Currently, has 2 significant contracts from client Dyson worth circa RM1.1billion per annum which will run for another 4-5 years (contract for vacuun and dryer)

24 Jan 2017

- 该公司也正在提升其工程资源，在未来有可能攫取更多主要客户的旗舰产品制造合约。此外，该公司也将在今年年中推出印刷电路板组装服务，这回对其目前的安装、塑胶模型制造以及组装业务有利，因为将省下向外购置电路板成本

- 星光资源也定下每年8%非主要客户销售目标，其业务范畴为塑料模型制造和食品包装部份，该公司有意向其目前主要客户如：索尼、松下、联合利华、雀巢、三得利和蚬壳等增加供应量

- 该公司位于士乃厂房的利用率只有30%，在未来仍可以在增加20条生产线，足以满足其主要和非主要客户需求，在订单增加情况下，预料每年将稳定增加2条生产线

- 维持在净现金的地位。该公司目前的负债并不多，主要是其2400万令吉长期债务，用于士乃厂房建筑费用以及2500万令吉短期债务，用于增设机械和其他资本开销而已

02 Dec 2016

- Skpres 没有及时像马交所报备新的合约，反而是向其他2家证券研究机构发布此消息

15/7/2016

- 获主要客户Dyson Ltd颁发一项为期4年，每年5亿令吉或合共20亿令吉的合约，生产一项电子消费产品。

- 这将取消去年5月Dyson颁发每年4亿令吉，生产无线吸尘机的5年期合约，以在政府宣布冻结雇佣外劳后优化有限的劳动资源

 28/2/2017

- Dyson to increase UK base tenfold as it buys ex-RAF base to satisfy expansion plans

Target price

- RM1.88 (AllianceDBS)

- RM1.1billion per annum, 52% profit margin, RM57.2mn net profit

- EPS:0.047 per year

- RM1.1billion /4 quarter =RM275mn (revenue per quarter)

- RM275mn*5.3% profit margin =RM14.575mn (net profit)

- EPS per quarter 0.012

- Given PE:20

- Share price:RM1.466 (in short term,still need to see whether Skpress get new contract)

- If Given PE lower than 20, Share price is lower than RM1.37

Reference:

http://www.theborneopost.com/2017/01/25/skp-resources-earnings-to-improve-in-2hfy17/

http://www.sinchew.com.my/node/1608798/%E4%B8%9A%E7%BB%A9%E9%80%8A%E9%80%80%EF%BC%8E%E6%98%9F%E5%85%89%E8%B5%84%E6%BA%90%E8%AE%A2%E5%8D%95%E5%A2%9E%EF%BC%8E%E8%B5%9A%E5%B9%85%E6%94%B9%E5%96%84

http://www.sinchew.com.my/node/1592803/myeg%E6%98%9F%E5%85%89%E8%B5%84%E6%BA%90%E5%92%8C%E8%91%A3%E4%BA%8B%EF%BC%8E%E9%81%AD%E5%85%AC%E5%BC%80%E8%B0%B4%E8%B4%A3%E7%BD%9A%E6%AC%BE

http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1633&extra=&page=49

http://www.telegraph.co.uk/business/2017/02/28/dyson-increase-uk-base-tenfold-buys-ex-raf-base-satisfy-expansion/