KLSE (MYR): QES (0196)
You're accessing 15 mins delay data. Turn on live stream now to enjoy real-time data!
Last Price
0.65
Today's Change
-0.02 (2.99%)
Day's Change
0.645 - 0.66
Trading Volume
7,826,600
Market Cap
542 Million
NOSH
834 Million
Latest Quarter
31-Mar-2024 [#1]
Announcement Date
20-May-2024
Next Quarter
30-Jun-2024
Est. Ann. Date
22-Aug-2024
Est. Ann. Due Date
29-Aug-2024
QoQ | YoY
-0.32% | -47.33%
Revenue | NP to SH
239,831.000 | 16,214.000
RPS | P/RPS
28.75 Cent | 2.26
EPS | P/E | EY
1.94 Cent | 33.44 | 2.99%
DPS | DY | Payout %
0.50 Cent | 0.77% | 25.72%
NAPS | P/NAPS
0.21 | 3.10
QoQ | YoY
-12.2% | -33.73%
NP Margin | ROE
6.93% | 9.26%
F.Y. | Ann. Date
31-Mar-2024 | 20-May-2024
Latest Audited Result
31-Dec-2023
Announcement Date
30-Apr-2024
Next Audited Result
31-Dec-2024
Est. Ann. Date
30-Apr-2025
Est. Ann. Due Date
29-Jun-2025
Revenue | NP to SH
240,669.000 | 18,468.000
RPS | P/RPS
28.85 Cent | 2.25
EPS | P/E | EY
2.21 Cent | 29.36 | 3.41%
DPS | DY | Payout %
0.50 Cent | 0.77% | 22.58%
NAPS | P/NAPS
0.21 | 3.10
YoY
-30.1%
NP Margin | ROE
7.96% | 10.54%
F.Y. | Ann. Date
31-Dec-2023 | 23-Feb-2024
Revenue | NP to SH
225,668.000 | 10,032.000
RPS | P/RPS
27.05 Cent | 2.40
EPS | P/E | EY
1.20 Cent | 54.05 | 1.85%
DPS | DY | Payout %
-
NAPS | P/NAPS
-
QoQ | YoY
-45.68% | -47.33%
NP Margin | ROE
4.01% | 5.73%
F.Y. | Ann. Date
31-Mar-2024 | 20-May-2024
Trailing 4 Quarters | Trailing 8 Quarters | |||
---|---|---|---|---|
Available Quarters | 4 Quarters | 8 Quarters | ||
Continuous Quarters Of Revenue Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
Total Positive Profit Years | 4 / 4 | 100.00% | 8 / 8 | 100.00% |
Continuous Quarters Of Positive Profit | 4 / 4 | 100.00% | 8 / 8 | 100.00% |
Continuous Quarters Of Profit Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
Continuous Quarters Of Adjusted EPS Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
Total Dividend Years | 1 / 4 | 25.00% | 2 / 8 | 25.00% |
Continuous Quarters Of Dividend | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
Continuous Quarters Of Dividend Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
Continuous Quarters Of Adjusted Dps Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
Average ROE | 2.36% | 3.20% | ||
Average Net Profit Margin | 6.82% | 8.38% |
Last 5 Financial Years | Last 10 Financial Years | |||
---|---|---|---|---|
Available Years | 5 Years | 10 Years | ||
Continuous Quarters Of Revenue Growth | 0 / 5 | 0.00% | 0 / 8 | 0.00% |
Total Positive Profit Years | 5 / 5 | 100.00% | 7 / 8 | 87.50% |
Continuous Quarters Of Positive Profit | 5 / 5 | 100.00% | 7 / 8 | 87.50% |
Continuous Quarters Of Profit Growth | 0 / 5 | 0.00% | 0 / 8 | 0.00% |
Continuous Quarters Of Adjusted EPS Growth | 0 / 5 | 0.00% | 0 / 8 | 0.00% |
Total Dividend Years | 2 / 5 | 40.00% | 2 / 8 | 25.00% |
Continuous Quarters Of Dividend | 1 / 5 | 20.00% | 1 / 8 | 12.50% |
Continuous Quarters Of Dividend Growth | 0 / 5 | 0.00% | 0 / 8 | 0.00% |
Continuous Quarters Of Adjusted Dps Growth | 1 / 5 | 20.00% | 1 / 8 | 12.50% |
Average ROE | 10.50% | 12.36% | ||
Average Net Profit Margin | 6.99% | 6.40% |
T4Q | Annualized | Annual (Unaudited) | Last 10 FY Average | Last 5 FY Average | |
---|---|---|---|---|---|
Revenue | 239,831 | 225,668 | 240,669 | 178,569 | 208,903 |
NP to SH | 16,214 | 10,032 | 18,468 | 13,117 | 15,168 |
Dividend | 4,170 | 16,682 | 4,170 | 938 | 1,501 |
Adjusted EPS | 1.94 | 1.20 | 2.21 | 1.58 | 1.84 |
Adjusted DPS | 0.50 | 2.00 | 0.50 | 0.11 | 0.18 |
NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share
All figures in '000 unless specified.
EPS & DPS's figures in Cent.
LQ QoQ | LQ YoY | CQ YoY | LQ vs Average of T4Q | LQ vs Average of T8Q | |
---|---|---|---|---|---|
Revenue | -9.44% | -1.46% | -1.46% | -5.91% | -8.85% |
NP to Owner | -0.32% | -47.33% | -47.33% | -38.13% | -50.68% |
Dividend | 0.00% | 0.00% | 0.00% | 300.00% | 300.00% |
Adjusted EPS | 0.00% | -47.37% | -47.37% | -38.14% | -50.72% |
Adjusted DPS | 0.00% | 0.00% | 0.00% | 300.00% | 300.00% |
LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year
T4Q vs LFY | T4Q vs AL5FY | T4Q vs AL10FY | AQR vs LFY | AQR vs AL5FY | AQR vs AL10FY | LFY YoY | LFY vs AL5FY | LFY vs AL10FY | |
---|---|---|---|---|---|---|---|---|---|
Revenue | -0.35% | 14.80% | 34.31% | -6.23% | 8.03% | 26.38% | -8.98% | 15.21% | 34.78% |
NP to Owner | -12.20% | 6.89% | 23.61% | -45.68% | -33.86% | -23.52% | -30.10% | 21.75% | 40.79% |
Dividend | 0.00% | 177.78% | 344.44% | 300.00% | 1,011.11% | 1,677.78% | 0.00% | 177.78% | 344.44% |
Adjusted EPS | -12.22% | 5.71% | 22.55% | -45.70% | -34.62% | -24.20% | -30.28% | 20.42% | 39.60% |
Adjusted DPS | 0.00% | 177.78% | 344.44% | 300.00% | 1,011.11% | 1,677.78% | 0.00% | 177.78% | 344.44% |
T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year
buy ! just buy ! for those looking for a quick buck...then this is not a stock for you !
2023-04-05 16:26
The next bull run (circa 2025) may potentially touch RM 4.. now time to continue to top up while it still lesser than RM 1 ....
2023-04-07 11:25
3 consecutive years of profit growth.
Could it be the next Frontkn?
2023-04-25 11:58
Penang promoting more tech investments via Semicon SEA. All exhibition booths already sold out.
2023-05-02 11:24
If based on forward eps 3 x 25 pe , the fair value should be 0.75, now closing 0.58 .
2023-09-10 09:10
technically weak... looks like gonna be lower than 0.440 in 3 - 4 weeks time...
2023-11-01 20:43
Stay away from technology stock for now, and at least for the next half year
2023-11-27 12:28
QES – 企业探访
经过长时间的安排,终于获得宝贵机会前往QES位于Glenmarie的新设施参观。
个人一直都非常欣赏 CEO Mr. Chew的领导能力,而且在处事待人方面也非常友好和亲切。以QES现有的生意模式,我敢大胆的说,未来10年将屹立不倒。
? 在早期90年代成立时,主要从事自动化设备 (ATE) 的分销活动,简短来说就是代理全球知名品牌的产品,并在东南亚市场分销,直到00年代才进军制造活动。在过去30年期间已经累计接近4,000位客户群,而分销品牌超过50个。
? 虽然分销行业的门槛理论上并不高,但是在打好基础后却是一个非常好的护城河。其一,在东南亚6个国家都设有办公室,有充足的人脉资源和网络来分销产品。当品牌方推出新产品时,他们肯定将优先想起QES。其二,由于分销产品多样化,在客户购买某个产品之后,往往可以顺势推销其他应用的产品。
? 值得一提,所谓的“自动化设备”并非局限在半导体行业而已,当中包括其他行业使用的设备,例如种植、采矿、实验、环境等等。有的设备可以检测出金属块的碳含量,有的可以分析出化学成分,有的则可以自动化某个流程,尤其是在全自动实验室内。
? 目前, 半导体行业的营收占比达46%,其次是汽车22%和电子行业17%。虽然其他行业的贡献比例不高,但是却有助于多元化收入来源,以及减少对于某个行业的过度依赖,尤其是在当下的半导体行业周期。
? 旗下产品分为8个系列,其中包括自动化处理系统 (AHS)、自动光学检测 (AOI)、智能制造解决方案 (SMS)、先进计量系统 (AMS) 等等。为了提高价值和定位,偶尔也根据客户的要求,为他们在一些设备上置入自动化的处理系统。
? 在分销设备之后,将为客户提供售后服务,例如保修和替换零件。当卖出的设备数量越多,每年所带来的可持续性收入将越高。一般上,每台设备的保修费用是售价的5-10%。以现有市面上超过7,000台“活跃”设备计算,每年可以带来介于RM50-60m的收入,占全年营收的20-25%。
? 自动光学检测 (AOI) 是半导体行业一个通用的术语,不过产品可以区分为几个等级。AOI的功能是利用机器视觉的技术来检测LED、PCB等等是否符合标准,当中每台机器的“机器视觉“是区别所在,所采用的光学包括Microscope、Lasers、X-Ray、3D等等。值得一提,以AOI闻名的Vitrox主要采用X-Ray和3D的技术。
? 在20-30年前,半导体行业主要以人手的方式,也就是一个一个去检查瑕疵;之后发展至半自动化,也就是操作员在电脑的视像放大下逐个排查;如今的趋势已经是全自动化,也就是由电脑系统自动排查,不需要人手的干涉。
? 除了光学部分,当下AOI最为关键的技术是自动瑕疵排查及分类系统 (ADC),简单来说就是人工智能系统,并非每个同行都掌握这个技术。QES在这方面的研发上足足耗时大约3年,现阶段已有实力与一些外国品牌竞争,例如Onto和Camtek。
? 除了后端工艺之外,也参与半导体前端工艺的晶圆检测设备。经过多年的研发后,如今产品已经成功推出,并处于内部测试阶段,预计在2024年可以寻获首个客户。虽然与美国品牌的设备功能相似度可能仅有70-80%,但是价格却便宜30%左右。目前,来自美国的设备平均售价介于USD0.8-1m,而QES产品的售价仅USD0.5m左右。
? 晶圆检测设备可以是一个非常简单的产品,不过却取决于在晶圆的哪个流程测试。如果是在Wafer Bumping的阶段,则需要3D技术的检测功能。有必要强调,与一些外国大品牌完全处于不同档次的竞争。以KLA为例,他们的机器主要用于检测3nm、7nm等等的晶圆瑕疵,每台售价轻易超过USD20m。
? 值得一提,其分销与制造业务也有相同类别的产品,不过并非是直接重叠的产品,因此与品牌方的产品称不上有直接的利益冲突。举个例子,虽然Nikon也有晶圆检测设备,但是他们的产品并非是全自动化。
? 在半导体前端工艺,除了晶圆检测之外,在不久前已研发出晶圆堆叠设备 (Wafer Stacking),将在2024年交付第1台。虽然同行Penta和MMSV也有相似的产品,但是他们主要采取定制化的模式,相反QES要减少定制化,并专注在标准化的设备。
? 生意的短期亮点在于汽车行业,在上个月获得一些规模相当大的订单,主要来自汽车半导体企业的SiC产能扩充活动,交付期落在2024年。作为参考,大部分全球汽车半导体企业都是其客户,例如Infineon、NXP等等。
? 中国半导体的当下行情依然没有起色,相信将维持至少多2个季度。虽然持续受到美国的打压,但是从另一个角度,却将加快中国达到“自给自足”的速度。
? 华为最新手机Mac 60 Pro采用7nm的芯片,不过问题在于中国没有ASML的光刻机,理论上是没办法生产这类型的芯片,因此或许将迎来新一轮的课题。此外,对于即将推出的iPhone 15是否能推动市场消费抱有质疑。
总结,QES生意的独特优势在于“多元化”,无论是产品、市场或者行业,在行业下行周期之际依然保持稳健的表现。
个人观点,本地规模较小的半导体企业,例如Elsoft、Aemulus、MMSV等等,最大挑战在于缺少高效的营销网络,有别于QES在东南亚市场已经建立成熟的分销网络。每家成功的企业都离不开厉害的销售,而不是厉害的研发。
2023-12-13 23:04
Have to cross 0.55, then 0.65 is the next target. The new contract secured should be able to help QES to have a meaningful growth story in next 1 year
2023-12-20 15:29
TP for QES is 0.35-0.40. Would be a hard year for technology industries locally and abroad.
2024-01-26 11:52
Seemed to have formed an inverted head and shoulder pattern after breaching 0.545. If it can stay above, there is a chance it could continue its upward trajectory.
2 months ago
harisham74
Bullish in sight
2023-03-24 15:47