|
| |
Change in Audit CommitteeNo Audit Committee update available for this company.
  PresidentRotiCanai  Group chief executive officer CH Ong told StarBiz that despite the Covid-19 outbreak, the orders from customers have not contracted. “The shipment for 2019 was around RM45mil.The market value of the product has increased because these are higher value orders which generate better margins, ” he said.  GEORGE TOWN: FoundPac Group Bhd is on target to ship out test sockets, stiffeners and laser stencils with an approximate market value of RM50mil to semiconductor test equipment customers in the United States, Europe and China for the financial year ending June 30,2020. Group chief executive officer CH Ong told StarBiz that despite the Covid-19 outbreak, the orders from customers have not contracted. “The shipment for 2019 was around RM45mil.The market value of the product has increased because these are higher value orders which generate better margins, ” he said. Ong added that the group had already shipped out about RM27mil worth of orders for the first half of the 2020 fiscal year. “Based on enquiries and the purchase orders received so far, we are confident of shipping another RM23mil worth of orders before June, ” he said. Once the movement control order (MCO) is lifted, Ong said there would be a need to establish an alternative supply chain as the group could not rely on just the local supply chain alone to deliver. “We are now using only those subcontractors familiar to us. “The problem is that with the MCO some of them will have problems with delivery. “We have to find overseas subcontractors, ” he said, adding that the group would continue working hand in hand with customers in design and development activities. If there is any need for new investments, the group will invest accordingly to fulfill the commitments of new projects, ” said Ong. On the group’s recent investment into a production line to manufacture critical automotive parts, Ong said it wanted to start manufacturing in the second half of 2020. “Because of the virus outbreak, we still have not been able to obtain the IATF certification. “So we now have to wait till 2021 to start production. “We will be pursuing the IATF certification after the MCO is removed, ” he said. Ong said the global demand for automobiles would flatten because of the virus outbreak. “This is why we need to focus on producing precision parts for a niche market in the automotive sector. “Another area we are considering is the safety feature of autonomous vehicles, as there will be a rising demand for the precision parts that go into the safety feature of autonomous cars. “FoundPac has vast experience in manufacturing precision machining parts, ” he added. According to Ong, the group is financially well-positioned to venture into new business projects, as the group had a net cash position of RM45mil as of Dec 31,2019. A recent IHS Markit report released in March forecast that the global auto industry is expected to witness an unprecedented and almost instant stalling of demand in 2020, with global auto sales forecast to plummet more than 12% from 2019 to 78.8 million units, according to the latest IHS Markit forecasts. 15/05/2020 7:00 PM PresidentRotiCanai Semiconductor industry that is benefited from 5G and also the counters that being MENTIONED (not BUY CALL) by Peter Lim from Equity Tracker. 1)Telcom segment (fixed line player) - Timedotcom and TM 2)Companies that produce test socket for chips - JFTECH, FPGROUP 3)ATE segment - didnt mentioned 4)Companies that produce metal to build tower (fabrication) - didnt mentioned 5)Companies that build 5G metal structure - Rohas, Mestron 6)Chips maker that related to telco equipment (not relate to handset) He also mentioned that EMS player is not benefited at all from the value chain. 20/05/2020 1:05 PM PresidentRotiCanai Touching upper channel resistance, just released it at 0.805. Thanks fpgroup for nasi lemak 20/05/2020 3:40 PM Newbie318 Yaa don't miss this counter now. Its fundamentals definately very good,as the company involved in 5G development. 22/05/2020 9:22 AM achlee61 very strong support at 0.75 sen. kiasutrader chart indicates the stock is bullish and targets the first resistance at 1.00. Hope his right. 22/05/2020 11:13 PM wutohpakhang resistance 1 = RM1 and resistance 2 = RM1.20. Choose either one confirm huat huat laaaaaaaaa 27/05/2020 6:10 PM  mwong3 My TA reading on FPG https://klse.i3investor.com/blogs/KLSETA/2020-05-27-story-h1507865503-FPG_5277_Gap_Close_Bullish_Momentum_Take_Place_My_Target_0_890_0_930_1_.jsp 27/05/2020 10:35 PM ELTcap https://klse.i3investor.com/blogs/2020toppicks/2020-05-27-story-h1507865473-JERASIA_Current_Stock_Price_discounted_85_from_NTA_RM1_89_Penny_Theme_i.jsp 27/05/2020 10:45 PM  | |
