二零零八年八月三十一日 晚上七时三十六分
线上征聘网Jobs机构有限公司（JOBST，0058，主板贸易服务组）在2007年创下2900万令吉净盈利。对它来说，这个数字象征着该公司的盈利能力。
其首席财务员格烈博茨表示：“当我们于2004年首次上市时，许多人都对我们可达到400万令吉净盈利心存怀疑，而我们也承诺将会尝试。”
该公司也明显取得超越预测的卓越成长，从2002年的1250万令吉收益，晋至2007年达到8240万令吉高峰。
去年65%的大部分收益是来自马来西亚，而余额则由海外市场贡献。
在截至3月31日止的首季，Jobs机构的净盈利跃增75%至1050万令吉，而营业额则锐涨41%至2500万令吉。
该公司的净盈利，也从前季的33.3%扩大到41.5%，同时坐拥5960万令吉现金，或相等于每股现金20仙。
Jobs机构首席执行员郑文基表示：“在业务方面，我们将没有任何资本开销。唯一的成本是我们的电费。”
在其立场上，Jobs机构有9个国家共拥有约6万名广告客户和500万名求职者。每天，它平均吸收5000至6000名新求职者进入其资料库。
它在马来西亚独占鳌头，享73%市场份额。它在菲律宾排名第一，及与新加坡市场领导JobsDB密切合作。
单在今年，Jobs机构已经收购数家公司股权， 以进一步加强其于区域的地位。
郑文基称：“我认为我们将会收购其他求职网站，因我知道我们的成长将会越来越好。我相信线上广告市场将在未来20至30年内趋成熟。”
“这是亚洲的时代，这个地区的成长将超越其他洲。这意味着亚洲的才能和工作将会增加。互联网渗透率也将只会提高。”
业务不受经济衰退影响
郑文基补充，线上征聘工业不受衰退影响，这可从Jobs机构在1997年金融危机和2001年经济泡沫市况不佳时刻收益依然取得成长显见。
他说：“在这些不佳时期，人们开始考虑利用线上广告，因这非常廉宜。透过互联网，你只需要支付600至800令吉。”
郑文基指出，线上广告的好处相当多，因雇主可随时改变其广告，及追踪申请人数。
Jobs机构的商业模式相当简单：即向有意刊登征聘广告的雇主收取费用，并且不会对成功征聘或资料库额外修改作出额外收费。
海外业务伸展至9个国家
因此，从2002年资料库内只有130万名求职者，到今日它于9个国家已吸引了500万名求职者。在同时期，Jobs机构的征聘雇主人数也由1万1000名，提高到5万名。
在马来西亚已有400万至500万名受雇者，而Jobs机构的资料库内拥有约120万人。普遍上，线上征聘公司将享有强劲收益成长，因雇主已把它们的征聘广告从平面转移到线上。
线上征聘的另一个优势是广告商可更迅速和更有系统地获得回应。
在Jobs机构主导的市场（马来西亚、新加坡和菲律宾），它有能力支配市场率，从而促进利润。
郑文基补充，资讯工艺领域非常迅速变动，科技每一分钟都在改变。
博茨指出：“我们现在正专注于建立一个强稳基建，这表示这个系统将时常更新。一旦这个基建执行，它将可轻易进军一个新市场。”
他补充，Jobs机构每年都拨款400万至500万令吉于研究与发展用途。
目前，Jobs机构的客户大部分是跨国和大规模的本地公司。数据显示，90%受雇工人涉及中小型工业。
郑文基透露：“我们现在尝试涉足中小型企业，因它们与大规模公司非常不同，价格也将会不一样。”
今年内，Jobs机构将继续加强其现有海外市场地位。该公司品牌现已进军马来西亚、新加坡、菲律宾、印度、孟加拉、印尼、日本和泰国。
它也在香港和台湾公司拥有协同性投资。
http://www.kwongwah.com.my/news/2008/08/31/84.html
Sunday, August 31, 2008
Tuesday, August 26, 2008
企管锦曩:出色的管理者10大特征
2008/08/26 18:00:38
●南洋商报
优秀管理者和一般管理者，他们的工作业绩相差几倍甚至十几倍，这是一个常见的事实。
也许有人会对这样的事实百思不得其解。其实，我们知道，管理者的大部分业绩不是自己亲手创造的，而是通过和别人的合作（包括下属、同事、客户等）创造的，甚至可以说是“借他人之力”创造的。明白了这一点，以上所提到的事实也就不难理解了。
（1）处事冷静，但不优柔寡断
出色管理者都具有处事冷静的特点，他们善于考虑事情的多个方面或问题涉及的各利害关系方，不易冲动行事。
优秀管理者虽然处事冷静，但并不优柔寡断，他们往往会在周密思考后果断作出决定或清晰地阐明自己的观点。
具有这种特征的管理者往往能使事情或问题得到比较妥当的处理，同时又有利于形成良好的人际关系。
（2）做事认真，但不事事求“完美”
出色管理者深知经商和科研不一样。科研侧重追求的是严谨、精益求精；经商侧重追求的是效益、投入产出比。
出色管理者做事非常认真仔细，但他们同时也非常懂得什么事情需要追求“完美”（尽善尽美），什么事情“差不多就行”（达到基本标准）。
具有这种特征的管理者往往能把事情“做对”，并且能比一般人更容易创造出价值。
（3）关注细节，但不拘泥于小节
出色管理者善于关注事情的细节，善于留意观察身边的人和事。他们善于抓住问题的要害，善于将问题“扼杀”在萌芽状态。
出色管理者虽然善于关注细节，但他们不会过分拘泥于小节，不会在意别人的一点小过错或小过失。
具有这种特征的管理者往往能大幅度减少“问题”的发生，日常管理工作也会井然有序。
（4）协商安排工作，绝少发号施令
管理者不是发号施令的“监工”。
一个能让下属主动“追随”的管理者，依赖的是他（她）的个人魅力和领导力，而不是他（她）手中的“权利”。
出色的管理者绝少对下属发号施令，他们往往采用和下属商量的方式布置和安排工作。
（5）关爱下属，懂得惜才爱才
出色管理者善于尊重和关爱下属，他们往往视同事如“兄弟”，懂得怎样去珍惜和爱护与自己朝夕相处、共同拼搏的“战友”。
具有这样特征的管理者往往会让下属有一种“如家”的感觉，无形中也让大家更积极、更主动、更无怨无悔地付出。
（6）对人宽容，甘于忍让
出色管理者胸怀宽广，对人宽容、甘于忍让，他们善于将心比心，善于考虑别人的难处和利益，善于“挖起荆棘并种下玫瑰”。
具有这种特征的管理者往往易于形成良好的人际关系，并往往能在需要时，得到别人最真诚的支持和帮助。
（7）严以律己，以行动服人
出色管理者不会让自己独立于各种规章制度之外，他们往往身体力行、为人表率，用自己的实际行动来影响和带动身边的人。
具有这种特征的管理者往往“其身正，不令而行”。
（8）为人正直，表里如一
出色管理者为人正直、表里如一。他们往往对人一视同仁、处事公平公正。没有暗箱操作；也不会当面“抹蜜饯”，背后“捅刀子”。
具有这种特征的管理者往往使人有“安全感”并能得到别人充分的信任。
（9）谦虚谨慎，善于学习
出色管理者不会把自己已有的知识和技能作为管理的资本。他们往往谦虚谨慎，乐于向自己的上司、同事和下属等学习。
具有这种特征的管理者往往具有比较强的能力并且能够使自己的能力得到持续的提高。
（10）不满足于现状，但不脱离现实
出色管理者不满足于当前的业绩，他们都有比较高远的目标和追求。他们不满足于现状，但决不会脱离现实，他们总是一步一个脚印为更高更远的目标而奋斗。他们非常清楚自己的将来会是怎样，而怎样才是他们想象中的将来。
具有这样特征的管理者往往具有充沛的工作激情并有持之以恒的工作动力。
●南洋商报
优秀管理者和一般管理者，他们的工作业绩相差几倍甚至十几倍，这是一个常见的事实。
也许有人会对这样的事实百思不得其解。其实，我们知道，管理者的大部分业绩不是自己亲手创造的，而是通过和别人的合作（包括下属、同事、客户等）创造的，甚至可以说是“借他人之力”创造的。明白了这一点，以上所提到的事实也就不难理解了。
（1）处事冷静，但不优柔寡断
出色管理者都具有处事冷静的特点，他们善于考虑事情的多个方面或问题涉及的各利害关系方，不易冲动行事。
优秀管理者虽然处事冷静，但并不优柔寡断，他们往往会在周密思考后果断作出决定或清晰地阐明自己的观点。
具有这种特征的管理者往往能使事情或问题得到比较妥当的处理，同时又有利于形成良好的人际关系。
（2）做事认真，但不事事求“完美”
出色管理者深知经商和科研不一样。科研侧重追求的是严谨、精益求精；经商侧重追求的是效益、投入产出比。
出色管理者做事非常认真仔细，但他们同时也非常懂得什么事情需要追求“完美”（尽善尽美），什么事情“差不多就行”（达到基本标准）。
具有这种特征的管理者往往能把事情“做对”，并且能比一般人更容易创造出价值。
（3）关注细节，但不拘泥于小节
出色管理者善于关注事情的细节，善于留意观察身边的人和事。他们善于抓住问题的要害，善于将问题“扼杀”在萌芽状态。
出色管理者虽然善于关注细节，但他们不会过分拘泥于小节，不会在意别人的一点小过错或小过失。
具有这种特征的管理者往往能大幅度减少“问题”的发生，日常管理工作也会井然有序。
（4）协商安排工作，绝少发号施令
管理者不是发号施令的“监工”。
一个能让下属主动“追随”的管理者，依赖的是他（她）的个人魅力和领导力，而不是他（她）手中的“权利”。
出色的管理者绝少对下属发号施令，他们往往采用和下属商量的方式布置和安排工作。
（5）关爱下属，懂得惜才爱才
出色管理者善于尊重和关爱下属，他们往往视同事如“兄弟”，懂得怎样去珍惜和爱护与自己朝夕相处、共同拼搏的“战友”。
具有这样特征的管理者往往会让下属有一种“如家”的感觉，无形中也让大家更积极、更主动、更无怨无悔地付出。
（6）对人宽容，甘于忍让
出色管理者胸怀宽广，对人宽容、甘于忍让，他们善于将心比心，善于考虑别人的难处和利益，善于“挖起荆棘并种下玫瑰”。
具有这种特征的管理者往往易于形成良好的人际关系，并往往能在需要时，得到别人最真诚的支持和帮助。
（7）严以律己，以行动服人
出色管理者不会让自己独立于各种规章制度之外，他们往往身体力行、为人表率，用自己的实际行动来影响和带动身边的人。
具有这种特征的管理者往往“其身正，不令而行”。
（8）为人正直，表里如一
出色管理者为人正直、表里如一。他们往往对人一视同仁、处事公平公正。没有暗箱操作；也不会当面“抹蜜饯”，背后“捅刀子”。
具有这种特征的管理者往往使人有“安全感”并能得到别人充分的信任。
（9）谦虚谨慎，善于学习
出色管理者不会把自己已有的知识和技能作为管理的资本。他们往往谦虚谨慎，乐于向自己的上司、同事和下属等学习。
具有这种特征的管理者往往具有比较强的能力并且能够使自己的能力得到持续的提高。
（10）不满足于现状，但不脱离现实
出色管理者不满足于当前的业绩，他们都有比较高远的目标和追求。他们不满足于现状，但决不会脱离现实，他们总是一步一个脚印为更高更远的目标而奋斗。他们非常清楚自己的将来会是怎样，而怎样才是他们想象中的将来。
具有这样特征的管理者往往具有充沛的工作激情并有持之以恒的工作动力。
匯華：明年產業領域挑戰更嚴峻
大馬財經 2008-08-23 12:31
（檳城）匯華產業（HUNZPTY，5018；主板產業組）預料今年及明年，產業領域將面臨嚴峻的挑戰及考驗。
公司執行主席拿督許廷忠在股東大會後表示，目前是產業週期性的運轉，正步下低谷，其中原因是產業在歷史上從來沒有發生過建材被壟斷後高價出售的問題，還有國家政治不明朗，可形容為對產業歷史性的強大殺傷力，或為產業帶來為期不短的挑戰。
在整個產業大環境來看，未來挑戰更嚴竣，產業界在強大的衝擊下，須精益求精，加強競爭力，防範風暴的吹襲。
他希望政府在下週五公佈的明年度財政預算案中，能夠控制建材價格，協助發展商減輕負擔，同時也讓消費者不必付出高昂的代價來購買房子。
不過，儘管前景險竣，他還是對對匯華業務未來的發展充滿信心，因為該公司的業績已經連績6年取得驕人成績。
公司截至2008年6月30日財政年度的營業額及盈利再創高峰，扣除稅後及股東盈利之後，凈利為4843萬令吉，比2007年財政年度增長達24%。
公司營業額為2億4513餘萬令吉，比去年的1億8673萬令吉，增長了31%，同時建議5.5仙終期股息。
http://biz.sinchew-i.com/node/15925
（檳城）匯華產業（HUNZPTY，5018；主板產業組）預料今年及明年，產業領域將面臨嚴峻的挑戰及考驗。
公司執行主席拿督許廷忠在股東大會後表示，目前是產業週期性的運轉，正步下低谷，其中原因是產業在歷史上從來沒有發生過建材被壟斷後高價出售的問題，還有國家政治不明朗，可形容為對產業歷史性的強大殺傷力，或為產業帶來為期不短的挑戰。
在整個產業大環境來看，未來挑戰更嚴竣，產業界在強大的衝擊下，須精益求精，加強競爭力，防範風暴的吹襲。
他希望政府在下週五公佈的明年度財政預算案中，能夠控制建材價格，協助發展商減輕負擔，同時也讓消費者不必付出高昂的代價來購買房子。
不過，儘管前景險竣，他還是對對匯華業務未來的發展充滿信心，因為該公司的業績已經連績6年取得驕人成績。
公司截至2008年6月30日財政年度的營業額及盈利再創高峰，扣除稅後及股東盈利之後，凈利為4843萬令吉，比2007年財政年度增長達24%。
公司營業額為2億4513餘萬令吉，比去年的1億8673萬令吉，增長了31%，同時建議5.5仙終期股息。
http://biz.sinchew-i.com/node/15925
葛尼 Infiniti銷售若延長 匯華產業淨利受影響
更新: August 26, 2008 23:35
（吉隆坡26日訊）海內外經濟不明朗，建築原料成本揚高，匯華產業（HUNZPTY，5018，主板產業）預測，產業銷量或持續走緩，分析界認為，假設產業葛尼廣場（Gurney Paragon）及Infiniti銷售期延長，匯華產業09及2010財年經常淨利（recurring net profit）將收窄。
肯納格證券研究指出，原料成本高企，葛尼廣場成本，從1年前的4億令吉勁揚25%至5億令吉。
“若原料價格回緩，及全面運用建築臂膀公司，進一步節省更多資金，公司有信心，將可維持早前設定的總發展成本。”
惟該券商保守估計，葛尼廣場將需耗時18個月，成本總值將達4億5000萬令吉。
“假設葛尼廣場及Infiniti銷售期延長，匯華產業09財年經常淨利將減低16%至5200萬令吉，2010財年則收窄19%至6200萬令吉。”
不過，肯納格證券研究提高2011財年經常淨利73%至7100萬令吉，主要考量到葛尼廣場及Infiniti銷量或越預期。
積極行銷海外
“料將在2010財年下半年及2011財年推出的Alila II和泗岩沫計劃，也將推高匯華產業2011財年經常淨利。”
聯昌證券研究說，繼新加坡及英國后，該公司也積極為葛尼廣場及Infiniti行銷，下一個海外市場目標為香港。“
該兩項計劃的平均銷量也提高，從原有的每平方尺約400令吉，漲至目前的約600令吉，曾經一度高企在790令吉。”
聯昌證券研究給匯華產業“中立”（Neutral）評級，目標價為1.65令吉；肯納格證券研究則維持“買進”投資評級，合理價為3.59令吉。
http://www.chinapress.com.my/content_new.asp?dt=2008-08-27&sec=business&art=0827bs19.txt
（吉隆坡26日訊）海內外經濟不明朗，建築原料成本揚高，匯華產業（HUNZPTY，5018，主板產業）預測，產業銷量或持續走緩，分析界認為，假設產業葛尼廣場（Gurney Paragon）及Infiniti銷售期延長，匯華產業09及2010財年經常淨利（recurring net profit）將收窄。
肯納格證券研究指出，原料成本高企，葛尼廣場成本，從1年前的4億令吉勁揚25%至5億令吉。
“若原料價格回緩，及全面運用建築臂膀公司，進一步節省更多資金，公司有信心，將可維持早前設定的總發展成本。”
惟該券商保守估計，葛尼廣場將需耗時18個月，成本總值將達4億5000萬令吉。
“假設葛尼廣場及Infiniti銷售期延長，匯華產業09財年經常淨利將減低16%至5200萬令吉，2010財年則收窄19%至6200萬令吉。”
不過，肯納格證券研究提高2011財年經常淨利73%至7100萬令吉，主要考量到葛尼廣場及Infiniti銷量或越預期。
積極行銷海外
“料將在2010財年下半年及2011財年推出的Alila II和泗岩沫計劃，也將推高匯華產業2011財年經常淨利。”
聯昌證券研究說，繼新加坡及英國后，該公司也積極為葛尼廣場及Infiniti行銷，下一個海外市場目標為香港。“
該兩項計劃的平均銷量也提高，從原有的每平方尺約400令吉，漲至目前的約600令吉，曾經一度高企在790令吉。”
聯昌證券研究給匯華產業“中立”（Neutral）評級，目標價為1.65令吉；肯納格證券研究則維持“買進”投資評級，合理價為3.59令吉。
http://www.chinapress.com.my/content_new.asp?dt=2008-08-27&sec=business&art=0827bs19.txt
IJM Corp still doing well despite challenging times
Wednesday August 27, 2008
SUBANG JAYA: IJM Corp Bhd is still doing well despite the challenging times in the construction industry, said chief executive officer and managing director Datuk Krishnan Tan.
Continuous focus would be placed on securing overseas jobs to contribute further to the company’s order book, he told reporters after its AGM and EGM yesterday.
The company announced yesterday a net profit of RM129.1mil for its first quarter to June 30, against a loss of RM728.9mil in the same period a year earlier.
Revenue improved to RM1.22bil from RM1.11bil previously, while earnings per share stood at 10.65 sen compared with a loss per share of 89.34 sen.
On the West Coast Expressway project undertaken in a joint venture with Kumpulan Europlus Bhd, Tan said he expected some delays as there was a double-digit increase in the cost of building materials.
IJM has a 25% stake in Europlus.
Tan said that in the Middle East, the company was bidding for two jobs in Bahrain, one in Dubai and two in Abu Dhabi worth more than RM1bil.
Its current order book is estimated at about RM5bil, of which 50% were contracts from India and the Middle East.
On the proposed listing of IJM (India) Infrastructure Ltd (IJMII) on the National Stock Exchange of India. Tan said the company had deferred it but ultimately IJMII would be listed.
“The environment in India, which contributes 30% of our order book, has changed substantially over the last six months to a year due to rising costs.
“Interest rate has also gone up to as high as 13% in India, thus affecting both the cost of doing business and demand from prospective property buyers,” Tan said.
IJM’s expressway project, which starts from Chilkaluripet to Vijayawada in Andhra Pradesh, India, requires a capital expenditure of RM900mil.
Total construction cost is RM550mil and the concession spans 15 years.
“Originally the two-lane road was to be expanded to four lanes.
“Now the Indian authorities want six lanes,” said Tan.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/27/business/1888315&sec=business
SUBANG JAYA: IJM Corp Bhd is still doing well despite the challenging times in the construction industry, said chief executive officer and managing director Datuk Krishnan Tan.
Continuous focus would be placed on securing overseas jobs to contribute further to the company’s order book, he told reporters after its AGM and EGM yesterday.
The company announced yesterday a net profit of RM129.1mil for its first quarter to June 30, against a loss of RM728.9mil in the same period a year earlier.
Revenue improved to RM1.22bil from RM1.11bil previously, while earnings per share stood at 10.65 sen compared with a loss per share of 89.34 sen.
On the West Coast Expressway project undertaken in a joint venture with Kumpulan Europlus Bhd, Tan said he expected some delays as there was a double-digit increase in the cost of building materials.
IJM has a 25% stake in Europlus.
Tan said that in the Middle East, the company was bidding for two jobs in Bahrain, one in Dubai and two in Abu Dhabi worth more than RM1bil.
Its current order book is estimated at about RM5bil, of which 50% were contracts from India and the Middle East.
On the proposed listing of IJM (India) Infrastructure Ltd (IJMII) on the National Stock Exchange of India. Tan said the company had deferred it but ultimately IJMII would be listed.
“The environment in India, which contributes 30% of our order book, has changed substantially over the last six months to a year due to rising costs.
“Interest rate has also gone up to as high as 13% in India, thus affecting both the cost of doing business and demand from prospective property buyers,” Tan said.
IJM’s expressway project, which starts from Chilkaluripet to Vijayawada in Andhra Pradesh, India, requires a capital expenditure of RM900mil.
Total construction cost is RM550mil and the concession spans 15 years.
“Originally the two-lane road was to be expanded to four lanes.
“Now the Indian authorities want six lanes,” said Tan.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/27/business/1888315&sec=business
Sunday, August 24, 2008
Success: Mideast, Asean demand to stay strong
Saturday August 23, 2008
By YEOW POOI LING
SUNGAI BULOH: Success Transformer Corp Bhd expects demand for transformers and lighting products from the Middle East and Asean countries to remain strong, says a company official.
Transformers and lightings are the bread and butter for the company, contributing about 78% of its net earnings in the first-half year while the balance came from process equipment business.
“We only had a slight adjustment in pricing despite the pressures from higher raw material prices and labour cost. This probably gave us the advantage over our competitors in the local market during the first six months,” the official said.
About 50% of raw materials for transformers are steel-related products, for which prices have increased by 30% to 40% this year.
However, Success Transformer only adjusted its selling prices marginally as productivity improved, thanks to the cost-cutting measures implemented last year, he added.
The company’s 60%-owned joint venture in China, Ningbo Success Zhenye Luminaire Ltd Liabilities Co, is anticipated to start operations next month.
Ningbo Success has also given a profit guarantee of 7 million renminbi for 24 months from September.
“This would give us better cost control abilities in terms of purchasing and sourcing of light fittings in China,” the official said.
Additionally, Success Transformer is penetrating markets in Europe like France, Portugal and the Netherlands as it has secured the relevant certification and met the required standards of quality.
The official said the company was running at 80% of production capacity for transformers and lightings.
Success Transformer is currently sourcing for new warehousing facilities in anticipation of more demand.
Its process equipment subsidiary, Seremban Engineering Sdn Bhd (SESB), contributed about 38% of revenue and 22% of net profit in the first-half year. The spokesman said SESB’s contribution to bottomline would eventually reach 30%.
SESB’s fifth factory would be completed this year, boosting capacity by 20%. “Depending on the demand, we may consider setting up the sixth factory,” the official said, adding that SESB’s existing two-acre site, which houses the fifth facility, could easily accommodate another.
SESB’s order book is about RM40mil and it was bidding for RM50mil worth of projects,” he said, adding that it ventured into the waste management sector in Singapore earlier this year.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/23/business/1870187&sec=business
By YEOW POOI LING
SUNGAI BULOH: Success Transformer Corp Bhd expects demand for transformers and lighting products from the Middle East and Asean countries to remain strong, says a company official.
Transformers and lightings are the bread and butter for the company, contributing about 78% of its net earnings in the first-half year while the balance came from process equipment business.
“We only had a slight adjustment in pricing despite the pressures from higher raw material prices and labour cost. This probably gave us the advantage over our competitors in the local market during the first six months,” the official said.
About 50% of raw materials for transformers are steel-related products, for which prices have increased by 30% to 40% this year.
However, Success Transformer only adjusted its selling prices marginally as productivity improved, thanks to the cost-cutting measures implemented last year, he added.
The company’s 60%-owned joint venture in China, Ningbo Success Zhenye Luminaire Ltd Liabilities Co, is anticipated to start operations next month.
Ningbo Success has also given a profit guarantee of 7 million renminbi for 24 months from September.
“This would give us better cost control abilities in terms of purchasing and sourcing of light fittings in China,” the official said.
Additionally, Success Transformer is penetrating markets in Europe like France, Portugal and the Netherlands as it has secured the relevant certification and met the required standards of quality.
The official said the company was running at 80% of production capacity for transformers and lightings.
Success Transformer is currently sourcing for new warehousing facilities in anticipation of more demand.
Its process equipment subsidiary, Seremban Engineering Sdn Bhd (SESB), contributed about 38% of revenue and 22% of net profit in the first-half year. The spokesman said SESB’s contribution to bottomline would eventually reach 30%.
SESB’s fifth factory would be completed this year, boosting capacity by 20%. “Depending on the demand, we may consider setting up the sixth factory,” the official said, adding that SESB’s existing two-acre site, which houses the fifth facility, could easily accommodate another.
SESB’s order book is about RM40mil and it was bidding for RM50mil worth of projects,” he said, adding that it ventured into the waste management sector in Singapore earlier this year.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/23/business/1870187&sec=business
Cheap stocks all over
Monday August 25, 2008
WITH all the negative newsflow about headwinds, it must have been a relief to investors that this is shaping up into a fairly benign results season.
While the season peaks and ends this week, the results released so far showed a number of companies that performed above analysts’ expectations.
Plantations and steel companies - both segments of steel millers and downstream steel products - reported huge profits as did companies in other sectors, in particular, consumer goods.
There isn’t a celebrative mood, however, as their performance was not recognised in the stock market.
One reason is that analysts have cut their forecast profits for almost all companies for the second half of the year, which may not be right in all cases.
At the same time, shares of big companies were de-rated to price/earnings ratios (PE) of about 10 times, while their small cap counterparts are stuck at around five times.
This is due to the outflow of foreign portfolio funds. The outflow of foreign funds from the Asia ex-Japan region in the first seven months this year reportedly exceeded their inflow during the whole of last year.
Their departure, for a variety of reasons, brought prices to their current levels.
Even at these levels, stocks here do not attract fund managers as share prices are at similarly depressed levels throughout the region, with many small caps elsewhere trading at five times PE too.
In the oil and gas (O&G) sector, valuation of stocks here range from 10 to 15 times.
However, the owners of oil reserves like Exxon Mobil Corp trades at a PE of 8.4 times while Royal Dutch Shell is at 6.7 times, which is lower than most of the valuations of the O&G stocks. That poses a conundrum for the stocks, which is a barrier to upside for the local stocks.
The economic conditions and financial liquidity in the developed countries would not turnaround the flow of foreign funds. It would take an inflow to turn the markets.
That could take some more months, but when that occurs, the companies that delivered outperformance should be well rewarded.
Presentable performance
UMW Holdings Bhd produced a fat 42% increase in its net profit to RM152mil for Q2.
Although it’s usually billed as an automotive cum O&G stock, the earnings outperformance was driven entirely by its Toyota division, according to analysts. Most of the contribution from its O&G division is believed to be at associate company level.
UMW’s results point to strong earnings from other automotive companies that recorded higher sales and managed to control costs.
Kossan Rubber Industries Bhd lived up to its reputation for consistent performance. It reported on Friday a 23% expansion in net profit to RM14mil for Q2.
This did not come without a cost as the earnings growth came from an expanded plant capacity and output while net profit margin declined to 6.5% from 7.1% a year ago.
Even so, it is a creditable performance to have earnings growth in the face of record latex prices.
It said some 22% of its total capacity was in the nitrile category and this would double when 11 new production lines were ready by November. It is believed that would raise profit margins as nitrile gloves provide higher margins than natural rubber gloves.
Tanjung Offshore Bhd announced on Friday that its seven vessels were revalued, giving rise to a revaluation surplus of RM95mil. It added the surplus would be incorporated into its financial statements next year.
This is unusual as owners of ships do not usually do this.
Malaysian Bulk Carriers Bhd, for instance, also own ships that it could sell for a large profit but it books the profits only upon a sale of the ships.
But these are unusual times, and the value of offshore vessels have appreciated more than assets on the land. As Tanjung Offshore put it, it would reflect the current values of its vessels.
Pizza Hut operator QSR Brands Bhd and its associated company KFC Holdings Bhd reported firm earnings growth. QSR’s rise of 44% in its net profit for Q2 reflects a trend among consumers towards pizza.
Some of the Q2 results were appetising but the proof of the pudding will be in the third quarter against the backdrop of an economic slowdown.
What’s cooking?
A fairly new term seems to have seeped into our financial lexicon namely, “kitchen sinking.”
This phrase refers to releasing the bad news all at once instead of in stages, and was derived from the idiom everything but the kitchen sink.
Here, analysts use the term for banks although it’s also used for companies in other sectors. This course of action taken by companies also tends to be leaked to analysts or the media a little earlier so that it is explained to avoid a sudden shock to investors.
The term is frequently used in relation to banks because they tend to take large loan loss provisions - which analysts call kitchen sinking - after a change of top management, and such changes became commonplace in the consolidation of banks.
AMMB Holdings Bhd, for instance, reported a pre-tax loss of RM691mil in its fourth quarter ended March 31, 2007 on a more stringent loss provisioning policy upon the entry of Australia and New Zealand Banking Group Ltd as a shareholder. Analysts forewarned of that loss as an act of kitchen sinking.
Likewise, they recently forewarned of kitchen sinking at EON Capital Bhd. True enough, the company announced last week it incurred a pre-tax loss of RM98.9mil in Q2 as it raised its loan loss coverage.
That followed the entry of Primus Pacific Partners as the new single largest shareholder in EON Capital in June.
There were some disappointments in banking results this season although Alliance Financial Group Bhd did not let investors down.
Alliance reported a 31% jump in its net profit to RM124mil for its first quarter ended June 30.
That followed its own kitchen sinking that caused a pre-tax loss of RM327mil for the quarter ended Sept 30, 2005, after Singapore’s Temasek Holdings became a major shareholder.
One reason for kitchen sinking measures is that new management wants to write off all the legacy problems so that they do not become a drag on results under their watch.
In some cases, there would be substantial recoveries of these write-offs which would boost results for the following one or two years.
It’s quite clear that when there is a change of management in a bank, investors can expect there will be kitchen sinking soon after.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/25/business/1875581&sec=business
WITH all the negative newsflow about headwinds, it must have been a relief to investors that this is shaping up into a fairly benign results season.
While the season peaks and ends this week, the results released so far showed a number of companies that performed above analysts’ expectations.
Plantations and steel companies - both segments of steel millers and downstream steel products - reported huge profits as did companies in other sectors, in particular, consumer goods.
There isn’t a celebrative mood, however, as their performance was not recognised in the stock market.
One reason is that analysts have cut their forecast profits for almost all companies for the second half of the year, which may not be right in all cases.
At the same time, shares of big companies were de-rated to price/earnings ratios (PE) of about 10 times, while their small cap counterparts are stuck at around five times.
This is due to the outflow of foreign portfolio funds. The outflow of foreign funds from the Asia ex-Japan region in the first seven months this year reportedly exceeded their inflow during the whole of last year.
Their departure, for a variety of reasons, brought prices to their current levels.
Even at these levels, stocks here do not attract fund managers as share prices are at similarly depressed levels throughout the region, with many small caps elsewhere trading at five times PE too.
In the oil and gas (O&G) sector, valuation of stocks here range from 10 to 15 times.
However, the owners of oil reserves like Exxon Mobil Corp trades at a PE of 8.4 times while Royal Dutch Shell is at 6.7 times, which is lower than most of the valuations of the O&G stocks. That poses a conundrum for the stocks, which is a barrier to upside for the local stocks.
The economic conditions and financial liquidity in the developed countries would not turnaround the flow of foreign funds. It would take an inflow to turn the markets.
That could take some more months, but when that occurs, the companies that delivered outperformance should be well rewarded.
Presentable performance
UMW Holdings Bhd produced a fat 42% increase in its net profit to RM152mil for Q2.
Although it’s usually billed as an automotive cum O&G stock, the earnings outperformance was driven entirely by its Toyota division, according to analysts. Most of the contribution from its O&G division is believed to be at associate company level.
UMW’s results point to strong earnings from other automotive companies that recorded higher sales and managed to control costs.
Kossan Rubber Industries Bhd lived up to its reputation for consistent performance. It reported on Friday a 23% expansion in net profit to RM14mil for Q2.
This did not come without a cost as the earnings growth came from an expanded plant capacity and output while net profit margin declined to 6.5% from 7.1% a year ago.
Even so, it is a creditable performance to have earnings growth in the face of record latex prices.
It said some 22% of its total capacity was in the nitrile category and this would double when 11 new production lines were ready by November. It is believed that would raise profit margins as nitrile gloves provide higher margins than natural rubber gloves.
Tanjung Offshore Bhd announced on Friday that its seven vessels were revalued, giving rise to a revaluation surplus of RM95mil. It added the surplus would be incorporated into its financial statements next year.
This is unusual as owners of ships do not usually do this.
Malaysian Bulk Carriers Bhd, for instance, also own ships that it could sell for a large profit but it books the profits only upon a sale of the ships.
But these are unusual times, and the value of offshore vessels have appreciated more than assets on the land. As Tanjung Offshore put it, it would reflect the current values of its vessels.
Pizza Hut operator QSR Brands Bhd and its associated company KFC Holdings Bhd reported firm earnings growth. QSR’s rise of 44% in its net profit for Q2 reflects a trend among consumers towards pizza.
Some of the Q2 results were appetising but the proof of the pudding will be in the third quarter against the backdrop of an economic slowdown.
What’s cooking?
A fairly new term seems to have seeped into our financial lexicon namely, “kitchen sinking.”
This phrase refers to releasing the bad news all at once instead of in stages, and was derived from the idiom everything but the kitchen sink.
Here, analysts use the term for banks although it’s also used for companies in other sectors. This course of action taken by companies also tends to be leaked to analysts or the media a little earlier so that it is explained to avoid a sudden shock to investors.
The term is frequently used in relation to banks because they tend to take large loan loss provisions - which analysts call kitchen sinking - after a change of top management, and such changes became commonplace in the consolidation of banks.
AMMB Holdings Bhd, for instance, reported a pre-tax loss of RM691mil in its fourth quarter ended March 31, 2007 on a more stringent loss provisioning policy upon the entry of Australia and New Zealand Banking Group Ltd as a shareholder. Analysts forewarned of that loss as an act of kitchen sinking.
Likewise, they recently forewarned of kitchen sinking at EON Capital Bhd. True enough, the company announced last week it incurred a pre-tax loss of RM98.9mil in Q2 as it raised its loan loss coverage.
That followed the entry of Primus Pacific Partners as the new single largest shareholder in EON Capital in June.
There were some disappointments in banking results this season although Alliance Financial Group Bhd did not let investors down.
Alliance reported a 31% jump in its net profit to RM124mil for its first quarter ended June 30.
That followed its own kitchen sinking that caused a pre-tax loss of RM327mil for the quarter ended Sept 30, 2005, after Singapore’s Temasek Holdings became a major shareholder.
One reason for kitchen sinking measures is that new management wants to write off all the legacy problems so that they do not become a drag on results under their watch.
In some cases, there would be substantial recoveries of these write-offs which would boost results for the following one or two years.
It’s quite clear that when there is a change of management in a bank, investors can expect there will be kitchen sinking soon after.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/25/business/1875581&sec=business
Thursday, August 21, 2008
Analysts bullish on Success Transformer
KENANGA Research
21-08-2008
KENANGA Research, which has a buy rating and a target price of RM1.43 on Success Transformer Corporation Bhd (STCB), is bullish on the company's prospects going forward saying that it expected demand for STCB's products to remain robust despite the challenging macroeconomic environment.
"Our likes include the management's strong execution track record and capability, rising prospects for its key divisions as well as the undemanding valuation of 5.4 times based on our conservative FY08F," the research house said in a recent note.
Commenting on the company's results for the second quarter ended June 30 2008, Kenanga said that the half-yearly top line of RM91.3 million was 52% of its full-year forecast while the RM11.68 million half-yearly net profits were 59% of the forecast.
It pointed out that the quarter-on-quarter top line was up 14% due to a 19.3% improvement in STCB's traditional transformer and industrial lighting division, while process equipment was up by 6%. Net profits meanwhile jumped 30.3% due to better margins from the process equipment division.
The research housed added that the fifth Seremban factory is on course for completion by year-end, to add an additional 20% fabrication capacity and that the company's Chinese joint venture (JV) is slated to begin production in September.
To recapitulate, STCB has a JV under 60%-owned Ningbo Success Zhenye Luminaire Ltd since May this year to design and manufacture light fixtures and fittings. The JV comes with a 24-month profit guarantee of RMB7 million (RM3.4 million) beginning September.
The JV is expected to enable the company better control over quality, costs and delivery of its upstream lighting products, said SJ Securities Research which has an overweight call on the STCB stock at a fair value of RM1.45.
STCB's 2QFY08 results had exceeded the research house's expectations. It said that STCB's revenue and net profit were 54.6% and 64.6% respectively of its full-year estimates.
"We are again impressed by the management's ability to consistently improve and add value to the company. We therefore reiterate our overweight recommendation on STCB with an unchanged fair value of RM1.45, pegging a forward price-earnings ratio (PER) of 7.6 times."
The research house noted that all segments had performed strongly, concurring with Kenanga Research's view that the performance was commendable despite the challenging economic climate.
However, it pegged a lower forward PER on the stock due to poorer valuations of stocks listed on Bursa, pointing out also that STCB was trading at an undemanding forward PER of 4.7 times.
Success Transformer slipped one sen to close at 89 sen yesterday.
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_e36d8826-cb73c03a-df294000-e7994e57
21-08-2008
KENANGA Research, which has a buy rating and a target price of RM1.43 on Success Transformer Corporation Bhd (STCB), is bullish on the company's prospects going forward saying that it expected demand for STCB's products to remain robust despite the challenging macroeconomic environment.
"Our likes include the management's strong execution track record and capability, rising prospects for its key divisions as well as the undemanding valuation of 5.4 times based on our conservative FY08F," the research house said in a recent note.
Commenting on the company's results for the second quarter ended June 30 2008, Kenanga said that the half-yearly top line of RM91.3 million was 52% of its full-year forecast while the RM11.68 million half-yearly net profits were 59% of the forecast.
It pointed out that the quarter-on-quarter top line was up 14% due to a 19.3% improvement in STCB's traditional transformer and industrial lighting division, while process equipment was up by 6%. Net profits meanwhile jumped 30.3% due to better margins from the process equipment division.
The research housed added that the fifth Seremban factory is on course for completion by year-end, to add an additional 20% fabrication capacity and that the company's Chinese joint venture (JV) is slated to begin production in September.
To recapitulate, STCB has a JV under 60%-owned Ningbo Success Zhenye Luminaire Ltd since May this year to design and manufacture light fixtures and fittings. The JV comes with a 24-month profit guarantee of RMB7 million (RM3.4 million) beginning September.
The JV is expected to enable the company better control over quality, costs and delivery of its upstream lighting products, said SJ Securities Research which has an overweight call on the STCB stock at a fair value of RM1.45.
STCB's 2QFY08 results had exceeded the research house's expectations. It said that STCB's revenue and net profit were 54.6% and 64.6% respectively of its full-year estimates.
"We are again impressed by the management's ability to consistently improve and add value to the company. We therefore reiterate our overweight recommendation on STCB with an unchanged fair value of RM1.45, pegging a forward price-earnings ratio (PER) of 7.6 times."
The research house noted that all segments had performed strongly, concurring with Kenanga Research's view that the performance was commendable despite the challenging economic climate.
However, it pegged a lower forward PER on the stock due to poorer valuations of stocks listed on Bursa, pointing out also that STCB was trading at an undemanding forward PER of 4.7 times.
Success Transformer slipped one sen to close at 89 sen yesterday.
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_e36d8826-cb73c03a-df294000-e7994e57
Tuesday, August 19, 2008
Success Transformers - 1HFY08 Results Review
OSK Investment Research
August 19, 2008
So Far So Good
Success Transformers’ (STC) 1HFY08 net earnings of RM11.7m is in line with our forecast. 1H revenue and earnings grew strongly by 39.6% and 43.9% respectively contributed by strong sales from all divisions. The current quarter also incorporated the full contribution of its newly-acquired 100% subsidiary, Seremban Engineering SB (SESB), which boosted q-o-q revenue and earnings by 14.1% and 29.1% respectively. We expect its China operation to contribute positively in 4Q. There are no changes to our earnings forecast at this juncture and we are maintaining our BUY recommendation with a target price of RM1.57.
Margins slightly lower. 1H EBITDA margin was slightly lower at 20.9% compared with 22.2% previously owing to the nature of SESB’s business, which fetches a slightly lower margin than STC’s core business of manufacturing transformers and industrial lighting. Hence, it pulls down the group’s overall margin.
Tapping Chinese market. STC’s 60:40 JV in China will enable the company to open its marketing network in the country. This JV Co., which mainly manufactures industrial lighting products, will start operation on early September ‘08. As a commitment to this JV, the Chief Executive Officer of the JV Co. - also the owner of the remaining 40% equity interest – has given a total profit guarantee of Rmb7m for a period of 24 months commencing September ’08.
Maintaining forecast. We maintain our FY08 and FY09 earnings forecast at RM22.2m and RM26.8m respectively. The Group’s balance sheet is healthy with net gearing of less than 0.1x.
Maintain BUY. We have rolled over our valuation to FY09 and arrived at a target price of RM1.57 by applying a composite of 7x PER over FY09 EPS of 22.4 sen and 1.5x P/BV. The share is currently tradingat at an undemanding forward PE of 5x and 4.1x for FY08 and FY09 respectively. We maintain our BUY recommendation on STC.
August 19, 2008
So Far So Good
Success Transformers’ (STC) 1HFY08 net earnings of RM11.7m is in line with our forecast. 1H revenue and earnings grew strongly by 39.6% and 43.9% respectively contributed by strong sales from all divisions. The current quarter also incorporated the full contribution of its newly-acquired 100% subsidiary, Seremban Engineering SB (SESB), which boosted q-o-q revenue and earnings by 14.1% and 29.1% respectively. We expect its China operation to contribute positively in 4Q. There are no changes to our earnings forecast at this juncture and we are maintaining our BUY recommendation with a target price of RM1.57.
Margins slightly lower. 1H EBITDA margin was slightly lower at 20.9% compared with 22.2% previously owing to the nature of SESB’s business, which fetches a slightly lower margin than STC’s core business of manufacturing transformers and industrial lighting. Hence, it pulls down the group’s overall margin.
Tapping Chinese market. STC’s 60:40 JV in China will enable the company to open its marketing network in the country. This JV Co., which mainly manufactures industrial lighting products, will start operation on early September ‘08. As a commitment to this JV, the Chief Executive Officer of the JV Co. - also the owner of the remaining 40% equity interest – has given a total profit guarantee of Rmb7m for a period of 24 months commencing September ’08.
Maintaining forecast. We maintain our FY08 and FY09 earnings forecast at RM22.2m and RM26.8m respectively. The Group’s balance sheet is healthy with net gearing of less than 0.1x.
Maintain BUY. We have rolled over our valuation to FY09 and arrived at a target price of RM1.57 by applying a composite of 7x PER over FY09 EPS of 22.4 sen and 1.5x P/BV. The share is currently tradingat at an undemanding forward PE of 5x and 4.1x for FY08 and FY09 respectively. We maintain our BUY recommendation on STC.
Success beats forecast on strong demand
Wednesday August 20, 2008
By SHANNEN WONG
All segments post double-digit growth amid challenges
PETALING JAYA: Success Transformer Corp Bhd’s strong first half results were above expectations, thanks to continuing strong demand for transformers and industrial lighting equipment as well as process equipment, said analysts.
Kenanga Research said in its report yesterday: “For the first half, revenue was 52% of our full year’s forecast, while net profit of RM11.6mil came in at a strong 59%.”
For the second quarter ended June 30, Success Transformer registered a 14.1% increase in revenue against the preceding quarter, with a 19.3% sales increase in its traditional transformer and industrial lighting business and a 6% increase in sales of process equipment.
Meanwhile, net profit jumped 30.3% to RM6.9mil against RM5.8mil in the first quarter due to better margins fetched by the process equipment division at 15.2% compared with 9.8% in the preceding quarter.
According to the research house, the order book of Success Transformer’s process equipment division, currently valued at RM35mil, would keep the company busy for at least six months.
“Based on its past success rate of 20% to 30%, the company should yield an additional RM9mil to RM13mil worth of contracts out of the total RM45mil contracts that the division has tendered for,” it said.
Moreover, the company’s fifth factory in Seremban is on course for completion by year-end. It would give an additional 20% fabrication capacity, Kenanga Research said, adding that the sixth factory was on the drawing board.
“We continue to like the stock because of the management’s strong execution track record and capability,” it said.
Kenanga Research is maintaining a “buy” on the counter with a target price of RM1.43.
Meanwhile, SJ Securities Sdn Bhd has revised its earnings and revenue forecasts to RM23.04mil and RM174.66mil respectively for this financial year ending Dec 31 based on Success Transformer’s strong first half results.
“All segments registered double-digit growth in the second quarter amid the challenging economic environment,” it said.
SJ Securities has also incorporated expected contributions from Success Transformer’s 60:40 joint venture (JV) company with China-based Ninghai Zhenye Luminaries Manufacturing Co Ltd, Ningbo Success Zhenye Luminaire Ltd Liabilities Co.
“The management was positive on the JV company’s future contributions,” it noted.
“We are again impressed by the management’s ability to consistently improve and add value to the company,” SJ Securities said, reiterating its “overweight” call on the counter with a target price of RM1.45.
OSK Research noted that the JV company would contribute positively to the group’s revenue in the fourth quarter when operations began in early September.
The research house is maintaining a “buy” call on the counter with a target price of RM1.57.
Success Transformer fell 1 sen to close at 90 sen yesterday on a thin volume of 191,200 shares.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/20/business/1843448&sec=business
By SHANNEN WONG
All segments post double-digit growth amid challenges
PETALING JAYA: Success Transformer Corp Bhd’s strong first half results were above expectations, thanks to continuing strong demand for transformers and industrial lighting equipment as well as process equipment, said analysts.
Kenanga Research said in its report yesterday: “For the first half, revenue was 52% of our full year’s forecast, while net profit of RM11.6mil came in at a strong 59%.”
For the second quarter ended June 30, Success Transformer registered a 14.1% increase in revenue against the preceding quarter, with a 19.3% sales increase in its traditional transformer and industrial lighting business and a 6% increase in sales of process equipment.
Meanwhile, net profit jumped 30.3% to RM6.9mil against RM5.8mil in the first quarter due to better margins fetched by the process equipment division at 15.2% compared with 9.8% in the preceding quarter.
According to the research house, the order book of Success Transformer’s process equipment division, currently valued at RM35mil, would keep the company busy for at least six months.
“Based on its past success rate of 20% to 30%, the company should yield an additional RM9mil to RM13mil worth of contracts out of the total RM45mil contracts that the division has tendered for,” it said.
Moreover, the company’s fifth factory in Seremban is on course for completion by year-end. It would give an additional 20% fabrication capacity, Kenanga Research said, adding that the sixth factory was on the drawing board.
“We continue to like the stock because of the management’s strong execution track record and capability,” it said.
Kenanga Research is maintaining a “buy” on the counter with a target price of RM1.43.
Meanwhile, SJ Securities Sdn Bhd has revised its earnings and revenue forecasts to RM23.04mil and RM174.66mil respectively for this financial year ending Dec 31 based on Success Transformer’s strong first half results.
“All segments registered double-digit growth in the second quarter amid the challenging economic environment,” it said.
SJ Securities has also incorporated expected contributions from Success Transformer’s 60:40 joint venture (JV) company with China-based Ninghai Zhenye Luminaries Manufacturing Co Ltd, Ningbo Success Zhenye Luminaire Ltd Liabilities Co.
“The management was positive on the JV company’s future contributions,” it noted.
“We are again impressed by the management’s ability to consistently improve and add value to the company,” SJ Securities said, reiterating its “overweight” call on the counter with a target price of RM1.45.
OSK Research noted that the JV company would contribute positively to the group’s revenue in the fourth quarter when operations began in early September.
The research house is maintaining a “buy” call on the counter with a target price of RM1.57.
Success Transformer fell 1 sen to close at 90 sen yesterday on a thin volume of 191,200 shares.
http://biz.thestar.com.my/news/story.asp?file=/2008/8/20/business/1843448&sec=business
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