Written by Loong Tse Min
Monday, 12 July 2010 11:08
KUALA LUMPUR: Success Transformer Corp Bhd (STC) aims to focus on organic growth in its expansion in East Africa and Oceania as it sets up subsidiaries in the two regions.
Last month, STC which manufactures low-voltage transformers, industrial lightings and process equipment, announced the incorporation of a 51%-owned joint-venture company Nikkon Success Kenya Ltd in Kenya. The month before, it set up a wholly-owned subsidiary, SE Oceania Pty Ltd, in Australia.
“Basically, the group will stay focused to continue its organic growth and both (subsidiaries) will provide us the opportunity to expand our business and market distribution to the East Africa and Oceania markets for our manufactured products,” said Who Way Cheang, STC’s executive director.
Nikkon Success Kenya will be the vehicle for expansion for all of East Africa and not just in Kenya, he said.
Initially, STC will introduce its lighting and electrical products to Kenya.
“We will export our electrical components to Kenya including lighting and electrical fixtures, street lighting and all lighting-related products,” said Woh.
Analysts have reported that the group’s management sees huge potential in the African market.
“Geographical expansion into new markets including Oceania and Africa will provide growth impetus for its transformer and lighting divisions. Based on guidance, management sees huge latent potential from Africa in terms of sales and profitability,” said the latest Kenanga Research report on the company dated May 25.
Kenanga has a buy call on STC with a 12-month target price of RM1.55.
“We have a positive outlook (on the African market). Currently, it is too early to estimate annual growth,” Woh said in his email reply to questions from The Edge Financial Daily.
As for targeted market share, Woh said: “We reserve our comment in this early stage regarding the market share.” He added that the company did not consider Africa a volatile and risky market.
STC planned to grow its overseas markets “by applying new production technology to achieve cost improvement and to launch more products”.
The company’s strategy for growth in Oceania would be to expand distribution channels for its manufactured products through its wholly owned Australian subsidiary. The same strategy would be applied to the African market through its Kenyan joint venture, said Woh.
The company successfully listed its 65%-subsidiary Seremban Engineering Bhd (SEB), on May 10. Among the items manufactured by SEB are unfired pressure vessels, heat exchangers, tanks and silos.
For its first quarter ended March 31, 2010, SEB posted a net loss after minority interest of RM266,000 on the back of RM6.35 million in revenue compared to a net profit after minority interest of RM2.28 million in the same period a year earlier on revenue of RM18 million.
SEB attributed the loss to lower sales recognised in the quarter.
Woh said SEB’s financial performance would improve from the third quarter “with completion and deliveries of secured job orders in the coming quarters”.
Meanwhile, STC has been buying back shares since the start of this year, bringing the cumulative net outstanding treasury shares to 6.45 million as at July 8. In comparison, as at Jan 26 this year, the company held 360,400 shares in treasury.
On the rationale for STC’s share buyback, Woh said: “The share buyback allows us a few options. However, plans are not finalised yet.”
As to whether the company intended to make a bonus issue in the future, he said: “Possible.”
STC shares ended unchanged at RM1.20 last Friday on thin volume of 20,500 shares, while SEB shares inched up 0.5 sen or 0.75% to 67 sen on volume of 36,700 shares.
This article appeared in The Edge Financial Daily, July 12, 2010.
Showing posts with label Success. Show all posts
Showing posts with label Success. Show all posts
Sunday, July 11, 2010
Wednesday, October 7, 2009
STC unit to offer 19.9m shares in IPO
Written by Financial Daily
Wednesday, 07 October 2009 10:37
KUALA LUMPUR: Success Transformer Corporation Bhd’s (STC) subsidiary Seremban Engineering Bhd (SEB) will undertake a public issue of 19.93 million new shares, representing 24.91% of its enlarged paid-up capital pursuant to its proposed listing on the Main Market.
In a statement yesterday, STC said it had submitted the applications to the relevant authorities to seek their approvals for the proposed flotation exercise involving an enlarged paid-up capital of RM40 million comprising 80 million shares of 50 sen each.
It said of the IPO shares, a total of 9.93 million, or 12.41% of the enlarged paid-up capital, would be reserved for bumiputera investors approved by the Ministry of International Trade and Industry by way of private placement.
SEB group’s eligible directors and employees, and persons who have contributed to the success of the group will be offered 3.5 million shares, while another 6.5 million shares will be offered to the public. STC said the issue price would be determined later after getting the approvals from the relevant authorities for the proposed listing.
Simultaneous with the proposed public issue, STC itself will make a restricted offer for sale of 8.07 million shares, representing 10.09% of SEB’s enlarged paid-up capital.
Of these, eight million shares will be reserved for STC shareholders on the basis of one SEB share for every 15 shares of 50 sen each held in STC, while 72,000 shares will be reserved for bumiputera investors approved by the ministry.
Prior to the IPO, SEB proposed a bonus issue of 58.07 million shares of 50 sen each on the basis of about 2,904 bonus shares for every 100 existing shares.
STC said the proceeds from the public issue would be used for the purchase of property, plant and equipment, for repayment of borrowings, as working capital and to defray expenses. It expects the listing exercise to be completed by the first quarter of next year.
RHB Investment Bank has been appointed as the principal adviser, managing underwriter and placement agent for the proposed flotation.
SEB group is involved in the fabrication of process equipment such as unfired pressure vessels, non-pressurised tanks and heat exchangers; metal structures such as plant fabrication and installation, steel structures, piping and ducting systems and other products and services; and the provision of maintenance and shutdown services.
For the six months to June 30, 2009, SEB group posted an unaudited net profit of RM4.52 million on the back of revenue totalling RM36 million. It posted an audited net profit of RM7.88 million and revenue of RM62 million in FY08.
Wednesday, 07 October 2009 10:37
KUALA LUMPUR: Success Transformer Corporation Bhd’s (STC) subsidiary Seremban Engineering Bhd (SEB) will undertake a public issue of 19.93 million new shares, representing 24.91% of its enlarged paid-up capital pursuant to its proposed listing on the Main Market.
In a statement yesterday, STC said it had submitted the applications to the relevant authorities to seek their approvals for the proposed flotation exercise involving an enlarged paid-up capital of RM40 million comprising 80 million shares of 50 sen each.
It said of the IPO shares, a total of 9.93 million, or 12.41% of the enlarged paid-up capital, would be reserved for bumiputera investors approved by the Ministry of International Trade and Industry by way of private placement.
SEB group’s eligible directors and employees, and persons who have contributed to the success of the group will be offered 3.5 million shares, while another 6.5 million shares will be offered to the public. STC said the issue price would be determined later after getting the approvals from the relevant authorities for the proposed listing.
Simultaneous with the proposed public issue, STC itself will make a restricted offer for sale of 8.07 million shares, representing 10.09% of SEB’s enlarged paid-up capital.
Of these, eight million shares will be reserved for STC shareholders on the basis of one SEB share for every 15 shares of 50 sen each held in STC, while 72,000 shares will be reserved for bumiputera investors approved by the ministry.
Prior to the IPO, SEB proposed a bonus issue of 58.07 million shares of 50 sen each on the basis of about 2,904 bonus shares for every 100 existing shares.
STC said the proceeds from the public issue would be used for the purchase of property, plant and equipment, for repayment of borrowings, as working capital and to defray expenses. It expects the listing exercise to be completed by the first quarter of next year.
RHB Investment Bank has been appointed as the principal adviser, managing underwriter and placement agent for the proposed flotation.
SEB group is involved in the fabrication of process equipment such as unfired pressure vessels, non-pressurised tanks and heat exchangers; metal structures such as plant fabrication and installation, steel structures, piping and ducting systems and other products and services; and the provision of maintenance and shutdown services.
For the six months to June 30, 2009, SEB group posted an unaudited net profit of RM4.52 million on the back of revenue totalling RM36 million. It posted an audited net profit of RM7.88 million and revenue of RM62 million in FY08.
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
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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