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[转贴] OPENSYS 0040 - prajna

Tan KW
Publish date: Sat, 21 May 2016, 01:20 PM
Tan KW
0 470,266
Good.

2016-05-21 

 
经营范围
* provide solutions to the financial services industry in the areas of self-service machines and universal delivery systems and IT services such as systems integration, project management, software development, support services and training;
* develop, assemble, manufacture, sell, import, export, let out, hire, lease, finance, install, alter, maintain, service, repairor otherwise deal in all kinds of computers, self-service machines, software application solutions and provision of related services.

经营表现
* 营收窄幅波动,FY2015猛烈上升。净利呈上升趋势
* 流动比和速动比健康
* 应收账款和库存相对净利下滑
* roa,roe,roic还行,呈上升趋势
* 毛利润率下滑至历史低点,净利润率上升至历史高点
* 营运开支和折旧相对毛利润稳定
* Dupont三项指标健康,资产周转率上升
* 营运资本稳健上升
* 自由现金流充沛
* 营业现金流产品
* 现金循环周期普通
* 杠杆使用还受控制
* 董事持股25%
* 基金持股0%

Chairman’s Statement
* 现金循环机结合存款机与提款机,效率提升,会是未来趋势
* 某些银行分行将一台存款机与一台提款机换成一台现金循环机,不影响效率
* 推行三年,是现金循环机的领头供应商
* 提供自助服务柜台,协助消费者付账单、充值预付卡和缴交保费
* 扮演支票存款机的龙头,产品有效率
* 营收和PBT分别增长60%和41%
* 主因:现金循环机销量增加,自助服务柜台交易增加
* PBT按照马币汇率走
* 部分银行打算将存款机与提款机替换成现金循环机
* 现金循环机市占率只有6%,市场还很大
* 虽然支票付款征收手续费,但是支票的交易还是相对网络银行有益处,市场看好
* 新的总部今年完工,2013年以RM7.8 million购入 
(内容简单明了,可见有用心)

操作
* 目前股价RM0.275,PE 10.54,DY 3.20
* 产品具有粘滞性,长期性,高转换成本
* 产品需求不会激烈波动
* 现金循环机的市场看好
* 唯一问题:效率提升导致机器减少,那么会影响收入吗?
* 现金流强劲,不过现金循环周期不怎样
* 营运表现还不错,平平稳稳
* 根据DCF模型推算,推荐买进价RM0.17
http://value-mining.blogspot.my/2016/05/opensys-0040.html

 

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2 people like this. Showing 3 of 3 comments

shortinvestor77

PRICE IS NOW 0.305. How could you downgrade it to o.17. Nonsense.
根据DCF模型推算,推荐买进价RM0.17

2016-05-21 21:31

Wing Destiny

Laughy stupid DCF???

2016-05-22 17:26

kentg03

0.17? how to buy

2016-05-26 19:06

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