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Success still promising better days ahead
2014-10-19 10:57
受到LED领域前景一片光明带动，加上交出更好的业绩表现，其股价上个月开始走高。
KUALA LUMPUR: Success Transformer Corp Bhd (STC) ( Financial Dashboard), a manufacturer of transformers and industrial lighting products, expects net profit and revenue to improve in financial year ending Dec 31, 2014 (FY14) and FY15, driven by its light emitting diode (LED) lighting segment.
For the first six months ended June 30, 2014, STC’s net profit rose 22.7% to RM16.7 million from RM13.61 million, while revenue grew 27.8% to RM189.64 million from RM148.46 million a year ago.
The transformer and industrial lighting segment contributed RM126.12 million or 66.5% to the group’s revenue, while the process equipment segment accounted for the remaining 33.5%.
Its managing director (MD) Tan Ah Ping expects similar contribution from both segments moving forward.
“We have our own research and development team and facilities in [LED] lighting since 2009, and since then our focus is on LED lighting products to cater to the commercial and industrial lighting markets’ needs,” he told The Edge Financial Daily in an email interview.
STC operates a production plant in Sungai Buloh, Selangor, which is running at 60% full capacity.
Tan said the LED lighting market has huge growth potential as more companies move to energy-efficient and eco-friendly sources of lighting.
The group expects contribution from LED lighting to total lighting sales to pick up from 30% currently, possibly overtaking that of its conventional lighting products.
Tan said STC’s one-stop lighting solution to customers — from the design stage to manufacturing and after-sales service — enables it to meet the expected stiff competition from local and foreign players.
“As for the transformer segment, we are expanding to more niche markets such as the information technology-related segment, marine segment and other industries that require our specialties in design consultancy,” he said.
Tan noted that transformers offer higher margins than lighting products as the former is custom-made while the latter is usually produced for the masses.
On July 9, STC’s 60%-owned subsidiary Ningbo Success Zhenye Luminaire LLC (NSZ) incorporated Shenyang Success Zhenye Luminaire LLC, subscribing two 60% in the latter for 300,000 yuan (RM156,000). This will provide NSZ with an opportunity to expand its business in the local market.
Tan deemed the contribution from China to be “significant” within these three years, but declined to give a number.
Thus far, STC has yet to penetrate the China consumer market although eight is the group’s major supplier in components. Nonetheless, it hopes to start selling some of its lighting products to China through NSZ.
For its first half of FY14, the local market contributed 79% to the group’s revenue, while the remaining 21% was derived from overseas sales to Singapore, other parts of Southeast Asia, and the Middle East.
On its process equipment segment, which is represented via its 65.26%-owned subsidiary Seremban Engineering Bhd (SEB) ( Financial Dashboard), Tan said SEB’s order book currently stands at RM90 million, which will keep the company busy for the next 12 months.
In terms of allocation of clientele, the oil and gas portion increased from just 10% last year to 60% this year, with the palm oil industry accounting for 25%.
Tan said the client contribution to SEB revenue varies, depending on the projects taken by the company. “We are [also] working towards tendering for the refinery and petrochemical integrated development project in Johor, but have yet to secure anything,” said SEB managing director Peter Wong.
Tan said STC will continue to seek mergers and acquisitions in related businesses to grow, although nothing has been confirmed.
Tan’s family vehicle Omega Attraction Sdn Bhd is the biggest shareholder of STC, with a 46.26% stake as at April 30 this year, its latest annual report showed. Bloomberg data showed the group has a free float of 30.6% on an issued base of 116.61 million shares.
STC’s share price had been trading below its net tangible asset (NTA) per share of RM2.13 and RM1.89 as at end-2013 and 2012 respectively, according to figures from its annual report. As at June 30, its NTA stood at RM2.25. Based on its closing price of RM1.74 last Friday and annualised FY14 earnings per share of about 28 sen, STC trades at an undemanding price-to-earnings ratio of 6.2 times.
This article first appeared in The Edge Financial Daily, on October 13, 2014.
投标海外工程计划乐观 前风变压器成长迅速
二零一四年十月二十六日 晚上七时十分
股价最近无预料从一年低点1.15令吉，飙高至2.03令吉的前风变压器有限公司（SUCCESS，7207，工业产品组），正投标肯尼亚、新加坡、澳洲和印尼的光二极管（LED）照明计划。
该股于上周五收盘时挂1.86令吉。
这间从事制造变压器与工业照明产品且作风低调的公司，有信心在其良好记录背景下，赢得肯尼亚价值600万至720万令吉的政府合约。
董事经理兼创办人陈玡宾表示：“除了肯尼亚的光二极管照明计划外，我们也投标新加坡、澳洲和印尼政府与私人领域的光二极管计划。”
“在肯尼亚，我对我们赢得这项工程相当乐观，因在过去5年，我们为从内罗华机场至市区的街道供应照明产品。”
这也是陈玡宾认为它不受来自飞利浦和其他业者激烈竞争影响的原因。
飞利浦于2012年与肯尼亚都市道路局合作，以确保首都内罗华的道路装置太阳能光二极管照明设备。这项计划是东非地区的首创。
陈玡宾说，前风变压器的客制化照明方案涵盖设计阶段至制造与售后服务，让它可与本土和海外业者竞争。其于双溪毛糯工厂的产品出口到超过40个国家，包括法国、澳洲、阿联酋、日本、韩国、印度、香港和新加坡。
“许多国家现已转为使用更环保和更节省能源的光二极管照明系统，这项产品将成为我们的一个庞大市场。”
前风变压器是透过旗下逾800个交易商和分销商，出售其变压器与照明产品，涉及高速公路计划和供应商业建筑、购物广场、仓库和工厂的照明。
基于该领域的迅速成长机会，该公司可能需要透过合并与收购扩充，以巩固其未来成长。
于1980年成立该公司的陈玡宾指出：“我们已针对并购与一些团体进行洽商，但目前仍然尚未有定案。由于光二极管市场非常庞大，我们未来将需要更多资金以扩充我们的业务。”
拜光二极管和明朗前景和前风变压器更强稳的财务表现所赐，该股上个月从之前被冷待逐渐转为受到关注，于9月25日冲上令吉的记录高点，惟走势较后回软。
陈玡宾强调，前风变压器董事与该股的不寻常活动无关。
消息称，机构基金已经从公开市场购入前风变压器股票，意味着看好这只被忽略与低估股票的上扬潜质，因后者持续以净有形资产值以下水平交易。
截至6月30日，其净有形资产值企于2.25令吉。基于该股最后挂价1.86令吉，和2014财政年常年化每股收益28仙，前风变压器只有约6倍本益比。该公司于同时期的净盈利从之前的1360万令吉提高到1670万令吉，而收益则增加27.8%至1亿8964万令吉。
陈玡宾预测，该公司2014和2015财政年度的收益与盈利将进一步提高，主要是来自旗下光二极管照明部门。
展望未来，陈玡宾说，前风变压器可能重估其资产与产业，并且派送红股或凭单以作为回馈忠诚股东及提升流通量，惟现阶段尚未对这些企业活动作出决定。
前风变压器是于2005年在大马交易所的第二交易板挂牌，并于2007年转升主要交易板上市。
在2008年9月，它获《福布斯亚洲》杂志评选为13家‘十亿令吉以下最佳公司’之一。
http://www.kwongwah.com.my/news/2014/10/26/81.html
前景带动股价 前风竞标3国LED工程
（吉隆坡18日讯）近期股价大涨的前风（SUCCESS，7207，主板工业产品股），证实在肯尼亚（Kenya）、新加坡、澳洲及印尼竞标LED照明工程。
根据财经周刊《The Edge》报道，前风创办人兼董事经理陈玡傧表示：“基于以往纪录良好，公司有信心能够在肯尼亚获得价值600万至750万令吉的政府合约。”
公司目前竞标着的合约，包括肯尼亚的LED照明工程，新加坡、澳洲和印尼政府和私人领域的LED工程。
针对市场潜能，他指出，很多国家都已转至使用有利生态环境和节省能源的LED照明系统，所以，这对公司而言，是一个相当庞大的市场。
由于该领域拥有很大的发展潜能，所以公司必须通过并购活动扩展业务和加速成长。
“我们正与一些公司洽谈并购活动，但目前还不确定。由于LED市场庞大，所以，我们需要更多资金拓展业务。”
这家低调的大马公司，主要业务是生产变压器和工业照明产品。
股价创新高
同时，更在9月25日冲上2.03令吉的历史新高。
消息人士指，机构基金已在公开市场收购公司股票，因看好股价成长潜能高。http://www.nanyang.com/node/656740?tid=462
