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[转贴] Vitrox 0097 - prajna

Tan KW
Publish date: Mon, 09 May 2016, 02:15 PM
Tan KW
0 470,650
Good.

2016-05-08 

 
经营范围
* Development and production of automated vision inspection system and digital automated vision inspection equipment and modules

经营表现
* 营收和净利呈上升趋势,不过赚幅不稳定
* 流动比和速动比健康
* 库存和应收账款相对净利上升
* roa,roe,roic还不错
* 毛利润率平稳,净利润率相对波动
* 营运开销和折旧相对毛利润稳定
* DUPONT三项指标满意
* 营运资本稳健上升
* 自由现金流不稳定
* 营业现金流不稳定
* 现金循环周期长,不稳定
* 长期以来债务很低
* 董事持股50%
* 基金持股7.7%

CHAIRMAN’S STATEMENT
* 营收减少5.7%(劈头第一句,算老实)
* 主因:需求减少,不过客户接受度增加(安慰而已?)
* 税前利润增加11.4%
* 主因:汇率,有效成本控制
* 税后利润减少9.7%
* 主因:等待Pioneer Status减税(没提到把握多少)
* FY2014营收破新高,FY2015税前利润破新高
* 专注:市场开展活动,建立顾客关系,产品创新
* 展望:继续增长

操作
* 目前股价RM3.58,PE 18.81,DY 0.56
* 年报里面有广告,宣传做到家
* 现金流很不理想,现金循环周期长
* 不推荐
 

http://value-mining.blogspot.my/2016/05/vitrox-0097.html

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Be the first to like this. Showing 1 of 1 comments

Hiu Chee Keong

Agree with. Ot recommended, PE too high, and DIV too low, at the current market conditions, there are others better choice :)

2016-05-09 19:49

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