TenMiles - Simple Investing
VIS业绩报捷 ，股价今年飙升260%
VIS自FY16 Q3和Q4业绩报捷后，今年Q1和Q2也交出亮眼的成绩单。股价至今年起涨幅于260%！接下来的季度业绩，公司是否还能带来惊喜？
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公司简介 （Company Brief）
-
VIS从事自动化测试设备的制造，为半导体组件和测试提供设备解决方案
-
成立于2003年，总部位于马六甲Ayer keroh
-
产品包括
-
Tray Scanning with tape and reel systems
-
Tray-tape and reel inspection system
-
Rotary gravity feed electrical test
-
Vision Inspection
-
Taping System
-
产品销售于马来西亚，Southeast Asia ，North Asia & US
财报摘要 （Financial Highlight）
|
Price |
1.24 |
|
PE |
19.64 |
|
Shares |
110,695,000 |
|
Mkt Cap |
137 m |
|
|
2013 |
2014 |
2015 |
2016 |
17T4Q |
|
Revenue ('000) |
3,623 |
16,116 |
9,434 |
27,468 |
34,623 |
|
EBIT ('000) |
(2,453) |
1,251 |
(716) |
5,466 |
8,332 |
|
Net Profit ('000) |
(2,395) |
1,241 |
(664) |
4,292 |
6,988 |
|
EPS |
-2.39 |
1.24 |
-0.60 |
3.88 |
6.32 |
|
DPS |
N/A |
N/A |
N/A |
N/A |
N/A |
|
Net Profit Margin |
-66.11% |
7.70% |
-7.04% |
15.63% |
20.18% |
|
ROE |
-14.72% |
7.09% |
-3.42% |
18.10% |
26.84% |
|
Cash and Bank Balances ('000) |
2,209 |
3,873 |
5,219 |
10,566 |
7,471 |
|
Total Borrowings ('000) |
368 |
2,519 |
832 |
2,825 |
2,936 |
-
VIS的Revenue从2013年至2015都处在不稳定的状况。2014年出现暴增后，在2015年Revenue又开始下跌。2013和2015年公司都在亏钱。直到2016财政年，公司的Revenue，net profit 和 profit margin大大增高。
-
2016的财年的收入和盈利也是VIS做过最后好的业绩。
|
|
2016 Q1 |
2016 Q2 |
2016 Q3 |
2016 Q4 |
2017 Q1 |
2017 Q2 |
|
Revenue ('000) |
4,214 |
3,441 |
8,071 |
11,741 |
6,048 |
8,763 |
|
EBIT ('000) |
256 |
(7) |
1,988 |
3,284 |
1,098 |
1,962 |
|
Net Profit ('000) |
241 |
(66) |
1,974 |
2,147 |
1,122 |
1,745 |
|
EPS |
0.22 |
-0.06 |
1.78 |
1.94 |
1.02 |
1.58 |
|
Net Profit Margin |
5.72% |
-1.92% |
24.46% |
18.29% |
18.55% |
19.91% |
-
2016 Q1 & Q2, 公司的业务都表现平平，在16Q2也出现亏损。但从16Q3开始，公司业务开始发酵，连续两个季度都出现高增长。到了17Q1 和 Q2, 公司的业绩依然保持着，net profit margin介于18%左右。
-
Annual Report
2016 Q3 Quarter Report
-
Quarter Report
-
可以从公司的季报和年报了解到，基于电子和半导体工业的增长，而且美国，亚洲区域估计将会拥有最高的成长空间。这正是公司产品主要的销售的国家以及区域。加上公司将会推出新产品，对2017年的展望是非常乐观的。
Chart
-
自从VIS 16Q2交出漂亮的成绩单后，股价开始直线上涨。今年年头股价为0.355最高价去到1.28，那么股价涨幅相等于260% ！
财务状况 （Financial Position）
|
|
T4Q |
|
Liquidity Ratio |
|
|
Current Ratio |
2.49 |
|
Quick Ratio |
1.33 |
|
|
|
|
Solvency Ratio |
|
|
Debt to Equity |
0.43 |
|
Debt to Asset |
0.30 |
|
Financial Leverage |
1.43 |
|
|
|
|
Profitability Ratio |
|
|
GP Margin |
62.41% |
|
NP Margin |
20.18% |
|
Asset Turnover |
0.88 |
-
公司的Liquidity ratio 和 Solvency Ratio属于良好水平，现金也多过borrowings属于net cash company。
-
在赚幅方面，公司的gross profit margin是 62%而net profit margin为20%，这是非常不错的profit margin，而且资产回报率也是很高的，
FY17 Q3 & Q4 业绩展望
-
2017年电子及半导体行业交都交出漂亮的成绩单，据Gatner和SEMI研究，半导体行业在2017年的Capital Spending和 Equipment Spending 估计会有双位数的增长
-
在大环境的利好因数下，笔者相信VIS在来临的Q3&Q4都会交出不俗的业绩。
Worldwide Semiconductor Capital Spending and Equipment Spending Forecast, 2016-2020
(Millions of Dollars)
|
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
Semiconductor Capital Spending |
70,568.9 |
77,794.5 |
77,443.5 |
71,814.8 |
73,239.5 |
|
Growth (%) |
9.1 |
10.2 |
-0.5 |
-7.3 |
2.0 |
|
Wafer Fab Equipment, Including Wafer-Level Packaging |
37,033.1 |
43,661.0 |
43,690.4 |
40,515.8 |
41,342.7 |
|
Growth (%) |
11.4 |
17.9 |
0.1 |
-7.3 |
2.0 |
|
Other Semiconductor Capital Spending |
33,535.8 |
34,133.5 |
33,753.2 |
31,299.0 |
31,896.8 |
|
Growth (%) |
6.8 |
1.8 |
-1.1 |
-7.2 |
1.9 |
Source: Gartner (July 2017)
By: 十里
16/8/17
Note
以上纯属个人分享及意见，并没有买卖建议。
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Discussions
2 people like this. Showing 9 of 9 comments
the cheapest semicon stock was supposed to be penta...but today penta fly past PE20 d....so vis also follow abit...when it dropped around 108 many still hesitate!
2017-08-16 22:45
nevertheless, investor is cautioned that vis share price is sustained by earning power. So the quarterly result will have material impact toward its share price movement.
2017-08-16 22:45
Venfx, thank you for your good words
Alex foo, very good observation. has been rectified. Thank you
2017-08-17 08:01
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
VenFx
The author Tenmiles,
分析的够全面加透彻 , 厉害 !
2017-08-16 21:08