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KLSE : NOTION       NOTION VTEC BHD
Last Price Avg Target Price   Upside/Downside Price Call
0.415 0.45     +0.035 (8.43%)
* Average Target Price, Price Call and Upside/Downside are derived from Price Targets in the past 6 months.
** Price Targets are adjusted for Bonus Issue, Shares Split & Shares Consolidation (where applicable).
Date Open Price Target Price Upside/Downside Price Call Source News
22/06/2015 0.375 0.43 +0.055 (14.67%) HOLD KENANGA Price Target News
15/05/2015 0.38 0.43 +0.05 (13.16%) HOLD KENANGA Price Target News
26/02/2015 0.43 0.46 +0.03 (6.98%) HOLD KENANGA Price Target News
24/02/2015 0.44 0.45 +0.01 (2.27%) HOLD RHB-OSK Price Target News
28/01/2015 0.45 0.45 0.00 (0.00%) HOLD RHB-OSK Price Target News


Price Target Research Article/News (past 6 months)
22/06/2015  KENANGA Notion VTec - Asset Light Operating Model
15/05/2015  KENANGA Notion VTec - Below Expectations
26/02/2015  KENANGA Notion VTec - Within House Expectation
24/02/2015  RHB-OSK Notion - Ceasing Coverage
28/01/2015  RHB-OSK Notion - Lacking Re-Rating Catalysts For Now



  6 people like this.
 
bsngpg Thks the above two gentlemen again.
24/07/2015 17:42
bsngpg It has been almost 10 years I trusted this stupid group of management and am still stupidly trusting them with my size able amount of hard earned money. How many 10 years do we have? Thus I think I deserve some privilege to grumble here, do you think so?
24/07/2015 17:46
Johnnys bsngpg, you also buy this poor losing $$ company.....

I cut early early ago.
24/07/2015 17:54
bsngpg I thought I have spotted a great potential small cap company and putting in a lot of money many years ago. I naively keep it for very long term till today. And I am losing big like hell. There is no way for me to recover anymore unless it behaves like DSonic one day and I still naively keep it for another 10 years.
24/07/2015 21:49
anonymousinvestor Hi Val-Elta, I wonder if u do some studies on their products' raw material cost. And if u do, u mind to share? I always wonder how's their margin being affected as metals' prices are dropping sharply over the year. I suppose it's a good thing, but wondering is there any material or significant effect.
25/07/2015 15:02
Val-Elta Can't really say much on their raw material cost. Their financial/annual reports don't really break down their cost of sales. Like for example, in the 2nd Q vs 1st Q results, there was a significant increase in Cost Of Sales.

1st Q revenue 58.2mil
Cost of sales 43.4mil

2nd Q revenue 64mil
Cost of Sales 53.8mil

Q over Q comparison, it seems nonsense right? COS increased by 10m when revenue only increased by 6m

Digging further in, if you review Cash Flow.. we can see a 7.4m Purchase of Property, plant and equipment...
Seems like the 7.4m is included into the Cost of Sales figure as well.

If need to guestimate.
I would say out of the 53m cost of sales, material cost should be about 40-50% of it? YOY metals dropped abt 20%.. so assuming notion can benefit from this, that translate to about 4 million gain per Q.
20% of 20million raw material costs.

But as I was from manufacturing previously, some vendors have a very tight control on their supplier's margin, even going into knowing exactly how much each BOM costs, and they will negotiate and give x% of profit to their suppliers... if this is the case, material movement cost wont effect Notion. Which I don't think is the case, since I remember reading Notion used to hedge on aluminium as well..
26/07/2015 17:46
anonymousinvestor Thanks Val-Elta. U looked into every detail =)

I was wondering behind their operation, are they really enjoying the cheaper metal price to find out whether the decreasing metal price trend is favorable to them. After considering the factors, I believe they should be moderately enjoying the cheaper metal price and it should be favorable to them.

HOWEVER, it doesn't matter and it's neglect-able for now, as long as Notion can't improve the efficiency of their operation to satisfy their customers requests. As currently their customers product requests' are stringent and I believe it increases the cost of sales (u can look into AR, which was highlighted in the chairman statements). I don't rule out the possibility that this is the reason behind the higher cost of sales. But you are possibly right. I also have thought of it as u, and hope that's part of the reasons. Wink wink ;) But overall, looks like issues from the customers are limiting their margin.

Jz saying, if Notion manage to improve the efficiency, I believe the profit will be better with higher margin. Though I think it's not easy.
26/07/2015 19:33
Val-Elta Yeah, lets hope so.
Quality issues is internal, and I'm quite surprised if they didn't solve it faster, since it's something under their control... Either buy better machines, replace the QA manager, change supplier if the issue is from supplier material side.

Eagerly awaiting next Q's results over the next 2 weeks... :)
26/07/2015 21:13
Johnnys problem is the demand of camera and hard disk is drop every quarter.
26/07/2015 21:16
Val-Elta Hi Johnnys.. HDD increased QoQ by a lot. You really should at least read the Quarterly results :P

1st Q 2014, HDD revenue RM19.2mil, 2nd Q 2015 RM31.7mil > 50% gain le.

Some positives in HDD (Win 10, enterprise HDD sales, Seagate new plant in png) so expect the trend to continue.
SLR.. Think it has bottomed out? And will be flat sales. (doubt it will get worse)
Automotive (This is growth market in 2 ways, by itself the brake industry will grow, due to safety regulations etc. 2ndly.. TRW is a ~20billion USD sales company per annum, if Notion can do good job, and grow their TRW account..... plenty of job for 100% machine utilization loh.. just need to execute properly.)
28/07/2015 14:37


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