VITROX: Q1FY13 - 不达标的业绩？ （Unfavourable Result?）

Source: http://www.bursamalaysia.com/market/listed-companies/company-announcements/1296177

之前都没打算写每季的报告分析，毕竟现在到2015年的目标还有一段很长的时间。但是看了昨天的Q1业绩，真的有点失望。之前我预测至少有EPS=1sen以上。看了这样的业绩，预测接下来的短期时间，股价很大可能没什么作为了。虽然比起去年Q1FY12的业绩好，但是还是达不到我个人的标准。

Initially, I don't plan to write every single quarter result analysis as the company target is based on year 2015. Due to Q1 result, the figure is a bit disappointed me. Basically, I estimate it can at least hit eps=1sen or above. With this kind of result, I don't expect the share price to continue its impressive trend in short term. By compare its Q-Q result, it looks better. But still failed my own expectation.

先让我们看以下资料：
1. 过去三年里（2010-2012），公司总共投资了24mil来增产。
2. 管理层曾经透露增产的活动暂时已经足够了。但是，看了Q1FY13的资料，原来在这季也有动用了1.1mil来增产。扣了这个费用，其实这季的业绩，大概有0.5sen的EPS。

Let's have a look on below details:
1. From the past 3 years (2010-2012), company had invested 24mil for expansion purpose.
2. According to management, the expansion activity is enough. But, when we look into Q1FY13 details, actually there is another 1.1mil used for expansion activity. If neglect this figure, this Q should get about eps=0.5sen.

Cash Flow from Investing Activities

3. 以过去几年的业绩，每一年其中一个季的业绩都有一个低潮。
4. 在2012Q1和2013Q1的低潮中，公司的运作费用都是高过营业量。超高的运作费用，主要都是来自突然高涨的存货。最近这季既然多了7.3mil的存货。看到了这个变化，可以联想到的原因有三个，（一）是为了接下来的供应而囤货（二）是因为顾客推迟订单（三）是因为顾客取消订单。

3. From the past few years record, there will be a bad quarter for each year.
4. Refer to 2012Q1 and 2013Q1, its high operating cost is the main contributor for the bad result. Basically, this high operating cost is generated from the sudden spike in inventory level. This latest quarter, its inventory has increased about 7.3mil. By looking on this change, I was thinking of 3 reasons, (1) to supply for the coming quarter order (2) order push out by customer (3) customer cancelled order.

Correlation Indicators

5. 管理层在Q1FY13的季报里，讲到接下来的业绩会有变更好。所以，存货高涨的最大原因应该是（一）与（二）。都是属于利好。

5. Management expect a better result in coming quarters. So, the increased inventory most probably is due to reason (1) and (2). Both are positive effect to company.

Q1FY13 Quarterly Report's Prospect

Source: http://announcements.bursamalaysia.com/EDMS/edmswebh.nsf/all/A909E3EC2BD1212C48257B84005D8692/$File/ViTrox%20-Q12013.pdf (Page 7)

注意：
1. 存货高涨7.3mil是在2010-2013年里的最高水平。其次是Q3FY12，增加5.3mil。接下来的Q4FY12交出来一个漂亮的业绩（也是营业量的历史新高，33.67mil）。
2. 存货相等于产品大部分的成本。如果（大概预测）产品卖出后的盈利是10%，那么7.3mil的成本将能带来**8.1mil的营业量。（**更改）

这是个危机，还是个机会？

如果你在最近买入【伟特机构】，那你是为了短期赚取盈利而买，还是为了买公司在2015年的未来？

以下是我个人的建议与策略：
》短期 - 我的建议是卖掉你手上的票。因为我预测短期股价很难有更高的上升空间。（除了有预想不到的利好公布）
》长期 - 暂时守着你手上的票。如果股价跌到60+sen或更低，可以慢慢加码。

也许大家可以看到经济不大好，但是暂时我还看不到差到像2008年风暴那样的情况。所以，我对公司未来的成长，个人的200mil目标，还是继续看好。

你手上的一票，由你自己决定。买卖自负。

ATTN：
1. Inventory increased by 7.3mil by this quarter and it is the highest level since year 2010-2013. It follow by Q3FY12, which increased about 5.3mil. As a result, the Q4FY12 came with a great result, which is the highest quarter revenue at 33.67mil.
2. Inventory equal to most of the product cost. If (just a simple estimation) the PAT margin is 10%, then the extra 7.3mil inventory will contribute of 8.1mil in revenue.

Is this result a disaster or an opportunity?

If you just bought in VITROX recently, you should think about whether you get in for short term trading or for the company 2015's target.

Below is my suggestion on the investment strategy:
> Short term - sell off your share because I expect the share price hardly to further impressive you unless there is any unexpected good news from company.
> Long term - hold your share and top up slowly if share price drop to 60sen+ or below.

Most of the people may not see good on the current economy. But it still better than the 2008 crisis situation. Thus, I still looking good on the company to achieve the 200mil revenue (personal target).

[0097] VITROX

【伟特机构】

公司的生意模型，我就不多讲了。毕竟前一个新闻贴，也讲得满详细了。那就让我直接进入重点吧！

生意上的重点：
1）公司打算在2015年内，要把营业量从现在不到0.9亿提高到5亿。
- 管理层透露，以公司现有的设备，看好能在2015年里，以自然成长的需求下，把营业量提高到3-3.5亿。
- 所以，这个方案要达标就必须通过并购活动来达成。
2）工人薪金的趋势，未来会慢慢提高。最低薪金，是一个势在必行的事实。科技的发达，令到电子产品也变得越来越复杂和细小。各行各业都要达到高产量，又要有高素质的产品，单单依靠人手是相当难去应付。所以，我看好未来拥有更多自动化概念的产品将会产生。
- 是不是夕阳企业这个问题，就由你去思考了。
3）廠房方面，偉特機構在檳城工廠地點已完成增設新廠房，去年開始投運，廠房面積比之前大4倍，料可增加100%產能，最高每個月可從原本的30台增至60台機器產能。
- 注：要完全反射这个效应，条件是要有很好的销售成绩。但是，这个利好已经可以克服2010年供不应求的问题！
4）公司积极地在各地扩充销售管道。
- 增加销售量，又能打响公司的品牌。
5）15%資金研發新產品
- 做生意（尤其是科技业），原步跑是大忌！新产品能陆续推出，就能够维持和增加市场上占有率的一杯羹。

基本数字的重点：
》 2012年的EPS=8.8。以今天的收市价，82sen。PE=9.3，感觉上属于一般。
》 用保守的方式去预测，只要公司能达到2亿的营业量，就代表公司的业绩会达到一倍多的增长。
》 接下来，公司的除税后溢利（PAT）将会继续降低。所以，营业量 vs EPS就不能以一对一去算。

》保守算法：
a）如果2014/15年只能够达到2亿的营业量。
b）如果除税后溢利从2012年的23%下降到15%。
c）除税后盈利 =（200mil x 15%）= 30mil
d）总共股数 = 232,500,000
e）EPS = 30mil / 232.5mil = RM0.129
f）PE = 82sen / 12.9sen = 6.36
g）比如股息有3.5sen，DY= 3.5sen/82sen = 4.27%

》如果，到时市场给公司的PE=10，股价= 10 x 0.129 = RM1.29。
（这个算法，只是单单以【2亿的营业量】和【15%的除税后溢利】来算。给予一间拥有好未来的世界级公司，PE=10一点都高估！）

》这样的保守的预测，能够看到很不错的交易条件。你，觉得这道投资值得“博”吗？

添加资料：

A）营业量 = 3亿 》 EPS = （300mil x 15%）/ 232.5mil = RM0.1935 》 PE = 10，股价 = RM1.94
B）营业量 = 4亿 》 EPS = （400mil x 15%）/ 232.5mil = RM0.2581 》 PE = 10，股价 = RM2.58
C）营业量 = 5亿 》 EPS = （500mil x 15%）/ 232.5mil = RM0.3226 》 PE = 10，股价 = RM3.23


D）营业量 = 2亿 》 EPS = （200mil x 18%）/ 232.5mil = RM0.1548 》 PE = 10，股价 = RM1.55
E）营业量 = 3亿 》 EPS = （300mil x 18%）/ 232.5mil = RM0.2322 》 PE = 10，股价 = RM2.32
F）营业量 = 4亿 》 EPS = （400mil x 18%）/ 232.5mil = RM0.3097 》 PE = 10，股价 = RM3.10


其他有联系的重点：
1）几位股东，66sen-68sen在公开市场里抛售股票。同样的，60sen-61sen之间也有场外交易抛售股票。
2）以上的股东交易信息，就能知道股价继续下跌的空间已经没什么可能了！（P/S：这就是所谓的低风险之一的条件！）
。。。这些交易，尤其是以折扣价卖出的原因，还是让大家自己去思考思考吧！

【VITROX】


The previous post has explained the company business quite well. Thus, I will straight to the key points explained why it is a good investment.

Business Key Points:
1）Company planned to hit the revenue from current ~90mil to 500mil in year 2015.
- According to the company, the organic growth can help them to hit up to 300-350mil in year 2015.
- Thus, the additional revenue need to be top up thru M&A activity.
2）Under high nation income plan by government, employee salary will goes up slowly. Minimum salary also is the must implement program in coming near future. The blooming technology has lead to more complicated product design and product size also getting smaller. Companies would like to have high capacity production  to generate more income and also expect for good quality & more reliable product to avoid unnecessary cost penalty. Thus, market will slowly divert the trend from human dependant job to automation technology.
- So, is this a sunset business? Let you to think about it.
3）The plant expansion has been completed since last year. The size is 4 times larger than previous and this will able to push the production capacity by 100% increment. By translate to productivity, it is up from 30 units production to 60 units product per month.
- ATTN: In order to reflect this effect, company must come with great order from customers. Anyhow, this expansion has eliminated the concern of unable to support greater demand from customer which happened during year 2010.
4）Aggressively to explore more market through sales and marketing.
- This will open opportunity for more revenue as well as promoting the company brand.
5）15% CAPEX is located for new product invention
- To stay on to technology world, company must always make new products. This is the correct path to capture the market share greater and more effective.

FA Key Points:
》 2012's EPS = 8.8. Today closing price = RM0.82. Thus, PE = 9.3. It seem nothing special.
》 To be conservative. Let's assume company only can hit 200mil revenue. Basically, this translate to more than 100% grow on revenue.
》 In future, company PAT will get lower actually. So, revenue vs eps will not go up parallel as per current situation.

》Calculation (be conservative)
a）If 2014/15 only generate 200mil revenue.
b）If PAT margin drop from 2012's 23% to 15%。
c）PAT =（200mil x 15%）= 30mil
d）NOS = 232,500,000
e）EPS = 30mil / 232.5mil = RM0.129
f） PE = 82sen / 12.9sen = 6.36
g）If dividend is 3.5sen, DY = 3.5sen/82sen = 4.27%


》If market appreciate the company by giving PE=10. Stock Price = 10 x 0.129 = RM1.29。
( This calculation is purely based on 200mil revenue and PAT = 15%. Also, rated a world class company with PE=10 is quite reasonable.)

》According to this conservation estimation, it seem like an attractive investment opportunity. So, do you think it is worth to invest?


Add On：

A) Revenue =300mill 》 EPS =(300mil x 15%) / 232.5mil =RM0.1935 》 PE =10, Stock Price =RM1.94
B) Revenue =400mill 》 EPS =(400mil x 15%) / 232.5mil =RM0.2581 》 PE =10, Stock Price =RM2.58
C) Revenue =500mill 》 EPS =(500mil x 15%) / 232.5mil =RM0.3226 》 PE =10, Stock Price =RM3.23

D) Revenue =200mill 》 EPS =(200mil x 18%) / 232.5mil =RM0.1548 》 PE =10, Stock Price =RM1.55
E) Revenue =300mill 》 EPS =(300mil x 18%) / 232.5mil =RM0.2322 》 PE =10, Stock Price =RM2.32
F) Revenue =400mill 》 EPS =(400mil x 18%) / 232.5mil =RM0.3097 》 PE =10, Stock Price =RM3.10



Other Key Points:
1) Recently, few directors disposed share through open market (66-68sen) and also off market (60-61sen).
2) Based on this activity, roughly know that the room for share price to be further downside is already limited. Thus, the risk to catch falling knife is very low.
...why directors would like to dispose the share at discounted price through off market? I will let you to think about it!

VITROX: 5-5-5的来源（The original source of 5-5-5）

最近，我冒着电子业低潮的风险而从新买入我投资生涯里的第一个开翻股【伟特科技，0097】。这是为何它一直都会在我研究和追踪的范围里。伟特科技，是一间世界级的大马科技业公司。不如大家先看看以下的新闻，然后自行思考。迟点我才写一些分析来讲解我看好的重点。

Recently, I against the electronic sector downturn risk to buy in Vitrox, 0097. Actually, it is the first company that gave me a 100% profit from the invested capital. This is the reason why it is always appear in my investment radar. Basically, it is a world-class local technology company established by Malaysians. Let's have a look on below news and make your own judgement from it. I will share my thinking in later post.

Creating the right environment at Vitrox

Karamjit SinghApr 26, 2013

CEO wants to create a world-class technology company, takes lesson from Grove but not Welch
Opts instead to create a happy working environment where staff are happy to give their 100%

CHU Jenn Weng (pix), founder and chief executive officer of Vitrox Corporation Bhd, is one of that rare breed who have successfully made the transition from engineer to entrepreneur.

He grew his machine 'vision inspection' start-up to a listed company with 170 engineers (five of whom are in the United States) which last year earned RM89 million in revenue with profits at RM21.5 million.
[RM1 = US$0.32}

He has also shown himself to be a risk-taker and to be somewhat paranoid – the Andy Grove-type paranoia that the former Intel Corp chairman made famous as a management maxim in his book Only the Paranoid Survive.

Chu exhibited this trait in 2007, a year of then record sales and profits which saw Vitrox embarking on a transformation program thereafter. He says this was because he realized then that his company was very dependant on the cyclical semiconductor sector, and worse, on one or two customers within that space, for its revenues.

“We entered other market segments downstream to play in other parts of the value chain,” he says, explaining that Vitrox moved from providing inspection at the semiconductor component level to providing inspection solutions at the PCB (printed circuit board) and PCB assembly levels.

“As digital devices become more complex, these PCBs have become more complex too, going from 20 layers in 2003 to around 60 layers today. But we have the inspection solutions for these products,” he says.

Moving downstream has certainly paid off for Vitrox, but another move he made, a risky one, was to prove even more fruitful.

While 2007 was a great year, the recession hit in 2008 with 2009 an even worse year. The multinationals in Penang responded swiftly by cutting headcount to keep their operations as lean as possible. “But I felt this was the best time to hire good people,” says Chu.
As fate would have it, one multinational was shutting down its R&D unit involved in inspection. Chu wasted no time in meeting them and hiring the entire team. The headcount in Vitrox's R&D team at the time went up by 20% while he sunk in 30% of revenue into research, compared to the usual 10%.

He made that call because he felt the recession was going to be temporary, while Vitrox planned to be around forever. Despite the increased investments in R&D, Virtox still made a small profit in 2009.

The markets not only started recovering in 2010, a year that also saw a bull market for the semiconductor players. Those servicing them, such as Vitrox, benefited too. But Vitrox had the added advantage of having a larger inspection team and there was a void in the market in Penang after the job-cutting the year before. “We filled the void,” says Chu.

This was especially true for 'Advanced Optical Inspection' and 'Advanced X-Ray Inspection,' two new areas Vitrox got into in 2010 which helped power the company to record profits in 2011. Chu has even gone on to publicly state that Vitrox is aiming to be the best in the world when it comes to Advanced X-Ray Inspection.

The 555 strategy

His desire to create a Malaysian multinational was inspired by a visit to the famed garage in Silicon Valley where the founders of Hewlett-Packard launched their company. Chu recalls thinking to himself, “Why can’t Malaysians build a world-class technology company?”

Today, he is on his way to building that company, especially with his '555 strategy' which calls for RM500 million in revenue in 2015 with 500 staff, mainly engineers. Beyond these numbers is the multiplier effect where he will be creating an ecosystem of small and medium enterprises to serve his needs, and estimates that he could create, directly or indirectly, 10,000 jobs.

He has already become one of the key homegrown players in the Electronic and Electrical (E&E) ecosystem up north.

“It is a tough target to achieve but I know it will be a very fulfilling journey,” says Chu of the revenue target. The company did a growth trajectory and estimated it could hit RM300 million by 2015 on organic growth. He feels the RM500 million can be achieved if he partners with a larger player or embarks on mergers and acquisitions.

He also initially tried General Electric legend Jack Welch’s famous theory of easing out the bottom 10% of the company annually, but around 2008 he gave that up and decided it was more important to create a happy work environment instead of one that was filled with stress.

“I feel you can only create a sustainable culture if the environment is such that everyone wants to come to work,” he says in an acknowledgment of how the needs of Gen Y need to be factored into the corporate culture that entrepreneurs like him are trying to create, later showing this writer around the common areas at his company, emphasizing the spaciousness, newly-renovated game room and yoga class going on.

It must be working because he proudly shows the Prime Minister’s Excellence Award Vitrox won late last year in the manufacturing category, beating the likes of Intel.

ViTrox looks to M&A to grow revenue
KUALA LUMPUR (May 2, 2013): ViTrox Corp Bhd, the country's largest solution provider of automated vision inspection systems and equipment, wants to acquire companies whose businesses complement its existing portfolio as it aims to be a RM500 million company by 2015.

"We have an internal target called 5-5-5, under which by 2015 we plan to reach a revenue of RM500 million and employ 500 people," its president and CEO Chu Jenn Weng said, noting that organic growth won't be enough to turn such an ambitious plan into reality and thus, it'll have to look to an merger and acquisition (M&A).

"Based on our three existing business units, we may not be able to achieve the targets because the maximum (potential) revenue that we can generate would be RM350 million," Chu told SunBizin an interview held on the sidelines of the Aquilas-MIRA Investor Relations Day themed "Tracking the Northern Lights" recently.

The Penang-based group reported a revenue of RM88.85 million in the last financial year ended Dec 31, 2012 (FY12) and currently has 246 staff.

"We are still in talks (with possible M&A targets), both overseas and local. We want to find companies that can help us improve our existing product offerings to our customers after the M&A.

"While it's not easy to identify suitable acquisitions, there are companies (out there) which we believe can add value to our business," he added.

Chu also said the group currently sits in a net cash position of RM30 million and sees no immediate plans to turn to the capital markets to raise cash.

ViTrox's business is divided into three segments: machine vision system (MVS), automated board inspection (ABI) and electronics communication system (ECS). The group's products are used by companies in the semiconductor, automotive, telecommunication and electronic packaging industries to detect defects that occur during the manufacturing process.

ViTrox senior vice-president Steven Siaw Kok Tong said the group expects to better its revenue growth in FY13, driven by an aggressive expansion into new markets, new products and an anticipated rising demand for its MVS-Tray and ABI products. Its revenue was 12% higher at RM88.85 million last year from RM79.2 million in FY11.

In terms of net profit, it aims to achieve a low double-digit growth in FY13. Last year, its net profit declined by 8% to RM20.47 million from RM22.23 million a year ago amid a soft global semiconductor industry.

"Our capital expenditure for this year will be minimal as we had spent a large part of it (totalling RM20 million) in FY11 and FY12 doubling our manufacturing floor in Penang to 60,000 sq ft from 30,000 sq ft previously. So we have spent enough in terms of infrastructure," said Siaw.

Chu said this year, the group will launch 10 new products across its three business segments.

"Three new products will come from the ABI segment, five from the MVS segment and and two from the ECS segment that will help us continue our growth," he added.

The ABI segment currently accounts for about 60% of ViTrox's total revenue, while MVS takes about 37% and ECS 5%.

Siaw said contribution from the EMS segment is small because the global EMS market remains soft.

"Right now, almost everyone (EMS players) is taking a wait-and-see approach. But once they see a positive outlook and start to expand, then we (ViTrox) will see a significant growth in sales. We are just waiting for that trigger," said Siaw, adding that already eight of the top 10 EMS providers in the world are ViTrox's customers.

Chu also said this year, the group will go aggressive with its marketing and sales to acquire more customers through its direct sales force as well as its worldwide channel partners.

"Over the years, we have spending much time on research and development and now is the time to focus on marketing and sales. We will be increasing our sales personnel from 19 currently as well as our channel partners to 20 from 14 now.

"We see the areas of growth coming from China, Southeast Asia, South America, the US and South Korea," he added.

ViTrox is co-founded in 2000 by Chu, Siaw and its executive director and senior vice-president Yeoh Shih Hoong, who have a combined 65% stake in the group.

ViTrox shares were unchanged at 66 sen on Tuesday.

偉特自動化檢測系統
投資致富  2013-04-29 13:46

生活離不開科技，是現代人的最佳寫照。手機、電腦、相機、家電、汽車等大大小小的電子產品，已成為我們生活里不可或缺的重要元素。假設這些由許多精密零件組成的電子產品，無法正常發揮功效，經常出現故障、當機、壽命期短等問題，是多麼令人不愉快的使用經驗啊！

這多數是因為廠商檢視程序不夠精確所形成的品質問題，尤其是目前的電子科技趨向精密細小發展，單靠肉眼是無法一一檢視更微小的瑕疵。因此需要更快速及準確度更高的檢視儀器的補助，代替人力檢視並減低組裝零件缺陷。

從視像檢視系統（Vision System）起家的偉特機構（VITROX，0097，主板科技組），是我國視像檢視系統技術的佼佼者，已在半導體領域奠定領先地位，除了生產視像檢視系統機器，6年前更開始積極研發自動光學檢測系統（AOI），生產更精準快速的光學檢測機器、X-射線檢測系統及相關產品。

該公司主席兼首席執行員朱振榮接受《投資致富》訪問時指出，不只我國，中國也面對最低薪金制問題，許多電子代工（EMS）廠商為了簡化人力成本，最理想的方法就是把檢測系統自動化，大量取代勞工。

“現在的電子產品零件檢測量大且迅速，單是一支智能手機，已有整千個內部電子零件，如果只靠肉眼很難在短時間內做到，也不保證不會出錯，而使用自動視像檢視系統機器，每秒檢測速度達15至20個零件，準確度達5毫米，可有效提高產能，又不必面對管理人力或人為出錯等課題，因此看好該市場龐大潛能。＂

同樣的，中國實施最低薪金制，讓許多電子科技廠商流向勞工成本比中國更低的南美洲或東南亞市場。為此，該公司今年的海外目標市場將專注於這些新興成長區域。

墨西哥勞工成本比中國更低

“因最低薪金制的關係，目前墨西哥勞工成本比中國更低，而且地理位置更接近美國，至於東南亞市場，預見越南、菲律賓也將逐漸崛起。＂

從2000年開始生產攝像鏡頭及幫客戶組裝在生產線後端，到後來自行設計系統及生產機器，視像檢視系統機器至2012年止，總共貢獻約30%的營業額。

至於3年前研發的自動電板檢測（ABI）產品，包括自動化光學及X光檢測機器，至今已達成熟階段，即使是新產品，由於檢測速度較快，顧客接受度高，推高2010年營業額暴增382%，至8千744萬令吉，2012年客戶也比2011年翻倍增長。

他以“在草場上也能檢視到不見了一隻腳的螞蟻＂來形容自動電板檢測機器的高解析度及細微精準度，尤其是X光檢測系統機器，對電子通訊及電腦網絡設備製造商透視檢測產品相當重要。

產品獲國際認同

“全球資訊科技消費預測顯示，2013年資訊科技消費將達約3.8兆美元（約11.6兆令吉），加上全球將升級3G技術至4G，設備方面的需求也將隨之走高，進而帶動電子產品檢測的需求。＂

目前，該公司的自動X光檢測系統為全球最快，可檢測最多的產品，並已贏得許多國際級獎項，獲得國際權威機構的認可。

他透露，目前全球10大電子代工廠商之中，已有八家使用其產品，僅剩兩家電子代工廠商，其中一家已在產品評估階段，有很大可能成功獲取這個大客戶。

放眼2015年營業額達5億

現階段，偉特機構正積極開發新市場及多元化其產品種類，朱振榮更表示，將積極向“555＂邁進，即放眼在2015年達到5億令吉營業額及500名員工的長遠目標。

目前，偉特機構員工人數為250人，預計2013年營業額將達3億500萬令吉，不排除將通過併購（M&A）活動來達到以上目標。至於將與甚麼方式展開收購，他表示換股或向銀行貸款都有其可能性。

“公司現在持有4千萬令吉現金，相信可以找到條件符合，又能享有皆同及補助效應的公司來拓展市場分額，探索新技術。＂

他表示，在獲得全球10大電子代工廠商客戶認同後，在2013至2015年期間，將持續增加產品銷售隊伍，以拓展及滲透產品至其他較小型市場，包括南美洲及亞洲，預計2013年分銷代理目標為18個、市場銷售人員19人，市場拓展開銷佔營業額的5%左右。

2012年，該公司分銷代理及市場銷售人員各14個，今年專注的市場包括中國、台灣、韓國、美洲、泰國、大馬、菲律賓、越南及新加坡。

除此之外，每年亦將從營業額撥出12至15%資金，投資研發（R&D）新產品，規定每年將有10個新產品面市，以拓展未來營業額基礎，致力達成“555＂長遠目標。

15%資金研發新產品

“雖然這些新產品需要約2至3年時間才可顯著貢獻業績，但這是公司必須完成的目標，唯有維持這種推出速度，我們才可在競爭中保持領先地位。＂

廠房方面，偉特機構在檳城工廠地點已完成增設新廠房，去年開始投運，廠房面積比之前大4倍，料可增加100%產能，最高每個月可從原本的30台增至60台機器產能。

對於2013年業績展望，他給予“謹慎樂觀＂的評語，認為在整體經濟環境欠佳的狀況之下，公司產品可以藉其價格優勢及優異表現，順利推廣至目標客戶群，取得雙位數營業額成長率。（星洲日報／投資致富‧企業故事）

注意：最近的市场很热。必须自量而为来做买卖。买卖自负！

P/S: Recent market is very hot. Make sure you have a good position before make any purchase. Trade at your own risk!

5-5-5

做个记录：

我要朝着5-5-5的目标出发。限期是在2015年。

1. 五位数的主动月薪。
2. 五百千的投资资本。
3. 五百万的基金业绩。

第二个“五”，会有点困难去达成。也许我可以通过合资与并购的方式来完成。（改次才解析）

Make a record:

I would like to set a target called 5-5-5, which by 2015 I plan to reach:
1. Five figure of month active income
2. Five hundred thousand of investment capital
3. Five million sales in mutual fund

For 2nd 5, it seem to be very challenging to hit the target by 2015. Maybe I can hit it with M&A method. (Explain in future)

How the Stock Market Works

A simple cartoon explain how the stock market works.