Keytakeaway from SD.

At first indication that a company couldn't produce financial report is a RED flag.

Stay away from such companies.

2nd red flag started when SD dispute and sued KPMG.

Many red flags before the counter suspended.

It's a rare case to see such event happening to a Bursa listed company

@Gabriel Khoo

QoQ grows becoz of growth from lowbase in previous quarters due to MCO lockdown.

Comparing in 2020 where CU yet to be introduced, revenue and losses widened.

I hope you are aware.

@mh87

It has some aspects of logical.

Mind you that glove stock was rallying in Q1 2020 due to many uncertainties and info on the virus. Healthcare facilities are stockpiling glove to avoid a breakdown in health care system.

Pre-pandemic inventory stockpile is only 1mths-2mths.

In Q1, most global healthcare facility stockpile to 5mths-6mths which cause ASP to rise due to extreme demand and shortfall in supply. It was so extreme, that glove makers started asking for 20%-30% deposit upfront.

Since Q3 2020, the glove rally had peaked. Vaccine makers able to formulate a vaccine and CDC knows the variant and how they spread and SOP & restriction in placed.

It's all a sequence of event which lead to buyer and sellers of glove stocks.

Thus, vaccine is the Achilles heel of glove.

Really don't get it.
With their aggressive expansion of new CU outlets, revenue is worst than before they started new CU stores.

@NatsukoMishima

I have a few colleagues in China that has not gone for any vaccination.

It seems the government is not making it mandatory.

@Philip

In view that next year, interest rates will be rising, will Yinson be vulnerable as it has huge borrowings ?

@pang72

It's special. All it's worker are LOCAL and have lesser issues as local have their own homes and have full benefits of EPF, SOCSO,etc

VS is still struggling with forced labour among foreign workers and may take years to sort it out.


https://focusmalaysia.my/ems-ipo-aurelius-tech-well-aware-of-forced-labour-trap/

@Alantam


Lol, you missed the the word 'Forecast' in your revenue sentence.

Misleading others.

@Alantam

2022 not materialised yet, but you know what the financial statement will report with breakdown by vendors.

Not even companies reporting financila results will breakdown their revenue by contributors.

Lol, really mind blowing.

----------------------------------------------------------------------
Revenue for 2022 from

Chipone = RM600mil
ILI Corp = RM180mil
Foxconn = RM400mil
SMIC and others = RM260mil

Straight enter KLCI with Inari

With ASP price stabilise, now till end 2022 will be price war between the players. The big 4-5 players will normally prevail even if the ASP drops to USD18 per 1000 pieces.

Next year is the year to squeeze out those smaller players or the glove wannabes.

Already happened in 2011, after the famous H1N1 pandemic in 2009, prompted glove makers to expand capacity globally.

Why management is not releasing the 30th june 2021 AR and SIR?

Long overdue.

Considering ATAIMS which is an EMS which had loss 80% of revenue still commands a market cap above 800mil makes Atech looks undervalue.

Food for thought.

@kahhoeng

You may ask these historical comparisons at next tuesday's EGM.

They will answer you.

@kahhoeng

It's in the circular in Bursa Malaysia.

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3218076

In 2017, Notion factory was hit by fire.
In 2021, Notion factory was hit by flood.
In 2025, Notion factory will be hit by ?

Total no of enlarged shares after IPO is 889,804,502.

EPS is 0.013 per quarter.

Read page 9 of prospectus.

https://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=212751&name=EA_DS_ATTACHMENTS

@kahhoeng

Not full lockdown.

Only targeted lockdown of certain industries eg:manufacturing, F&B, etc by operating hours and reduced workforce.

@Ryan83

Lol.
No need to sensationalise this.

I have a relatives and friends staying in US. It's not as bad as what you read in the social media.

Besides that, back in Jan 2020, not much details of the virus.

Now most pharmaceuticals are having the technology to produce vaccine that helps to prevent severe cases. Any efficacy between 50% to 70% is good enough for human body.

https://research.rhbtradesmart.com/view-file/hash/4277151120442098561a7c616a0df2?NO_CACHE=0f27f856b1173166737722bee76b62b4

https://klse.i3investor.com/blogs/hleresearch/2021-11-15-story-h1593842172-Inari_Amertron_Simply_Extraordinary.jsp

https://www.cnbc.com/2020/01/23/broadcom-will-sell-apple-wireless-parts-for-three-years-as-5g-launches.html

@@Xcalibre

They are targeting EV segments as well.

2022 We have commenced the construction of a new manufacturing plant on the vacant land of approximately three (3) acres, adjacent to our existing manufacturing plant. The new single-storey manufacturing plant with the production floor area of 61,909 sq. ft., is expected to be completed by the end of 2021 and ready to commence operation in the first half of 2022. This new manufacturing plant will be used for the expansion of our EMS operations, semiconductor multicomponent modules and the
development of a new product, namely lithium-ion battery pack.

@Xcalibre

That is what their biz was initially early 1990s.

Look at the company timeline achievements and latest QR report.

2019 started with manufacturing services agreement for semiconductor components in the form of a multicomponent integrated circuit (IC) for communications IoT module.

2020-2021 xpand our EMS within the power control segment by securing a contract from a customer in France to manufacture a power module used in marine applications. 2 surface mount technology-SMT lines complete with 4 backend robotic production lines for multicomponent semiconductor module.

2022 We envisage having a total of four (4) production lines dedicated to
semiconductor component manufacturing by the end of 31 January 2022 to
cater for its expected increase in demand from our customer

I just wonder if the company plans to have bonus issue to ensure the counter has liquidity and easier to trade when price are below rm5.

@wallstreetrookie

Please share institutions are you referring to that are dumping tech stocks?

@sailang_now

These cornerstone investors are just adjusting their portfolio based on their mandate. They will be back.

Inari is poised to achieve great revenue and profit growth from 2021-2024 due to the 5G cycle as telco in most countries will be 5G ready next year and 80% of consumers are still holding 4G smartphones.

This 2-3 years so called the great MIGRATION will the year similar when 4G cycle took place between 2011-2014, where the famous iphone sales growth for 4s, 5, 5s, 6, 6s flew off the roof.

@Chachambo

Very much agreed that property and vehicle sectors were not essentials during that period.

Fyi, 75% of the revenue generated are recurring and are non individual.

Likely property and vehicle purchase may not be main contributor as compared to biz loan, OD, for SME industry which is the backbone of the economy.

@Hwai Hooi

Where is your source?

@richardsharing

Agreed.

Planned investment of that quantum takes 2-5 years to materialized.

From factory development approval to fully furnished with equipment and human resource hiring and training.

Look at TSMC plan for Japan, US and Germany. Mass production only possible after 3-4 years after getting approvals.

@HonLee

Intel also does RF and Opto-electronics which Inari is involved in.

If Intel intents to counter TSMC growth and strategy, it needs speed to execute, thus outsourcing some key components to the experts in the industry rather than doing themselves.

Many ATE and OSAT expert here in Msia.

https://www.straitstimes.com/asia/se-asia/intel-to-invest-s97b-in-manufacturing-plant-in-malaysia

@Chachambo

Are you aware that most financial institution like banks and credit company remain open during the MCO?

They are part of essential services.

Besides that, CTOS generate report and receive payment online.

That's why it's named as CTOS digital berhad. Lol.

@sailang_now

Those who sold off great companies in the US 2007/2008 subprime crisis would regret it. Most companies stock price plunge 50% of more during that time.

@teareader818

CECC is the best partner as they have the best experience in building power plant for many years in Vietnam.

Toyo may need to look for others like Sumitomo,POSCO, TATA which have presence in the country.

Local partners like petrovietnam ,Electricity of Vietnam would be alternatives but they are already having many projects on hand.

@MoneyMakers

Ex-date for what item?

Dividend, bonus???

SD can't even make payment for the USD7mil semi-annual coupon payment for its Sukuk.

Of course there are some here hoping the price will shoot over RM2, RM3, Rm5.

That's forward price earnings of more than 80, 120 and 200.

@wallstreetrookie

I believe most IB make a mistake in putting a high PE for CTOS.

They pegged it close to high growth tech startups.

It's only data service company that provide credit details of companies and other valued added biz.

When comparing Q3 with Q2 results, there is almost ZERO growth qoq.

@Abidjan

That is not rumours.

It's already public news.

https://www.gizchina.com/2021/12/11/us-wants-to-ban-chinese-chip-maker-smic/

Likely a slow death for ATA.

The only way turning around is similar to the approach by VS and SKP.

Working together with Hall and improve the ESG compliance in the company.

After receiving thumbs up from Hall as compliance indication only able to look out for business opportunity to plug the gap left by Dyson.

Expected 1-2 years timeframe.

Without experienced project partner in building power plant, this USD3 bil power plant will not move.

Toyo needs the project partner to take more than 50% equity stake in the JV as Toyo doesn't have the funding size and technical know how to build a power plant.

When world largest glove maker Topglove started producing condoms, Karex don't stand a chance in terms of capability to scale and operating margins.

@asml_tsmc

I top up more ASML instead.

It's PE is cheaper than frontken.

WCE has a good asset.

It will do better once completed where all the highways are connected and going through some townships.

Understand it will be somewhere 2024.

@OnTime

In 2017, Inari already got hit this issue.

https://www.industriall-union.org/sites/default/files/uploads/documents/2017/PHILIPPINES/industriall_global_unions_letter_to_inari_amertron_bhd_re_amertron_philippines_05-10-2017.pdf

@OnTime

Inari had been embarking on process automation since 2018.
Spent RM163mil that year itself for automation IR4.0 to reduce manual labour.

In 2020, Inari included capex for 2021 RM100mil for that purpose as well.

That's started since 3 years ago.

Refer to AR2018.
http://www.inariberhad.com/img/AR_FY2018.pdf
http://www.inariberhad.com/img/ir/agm2020/Inari_AR2020.pdf

@nicholas99

Not many countries has tech foundry.

The pride of Msia having one.

Gov under khazanah had given up supporting this loss making company.

Even rejected bids from international firms like Foxconn, X-Fab,etc that offer 2-3 times more than DNEX.

Silterra is the "prized asset" of Msia

Another EMS player.
Hopefully, don't get beaten by forced labour bug on first day of listing.

Working with Hall is the best way to get our of this forced labour issues.

Likely a paid consultant.

There's new appointment of CFO on 2/12 will likely see if there's any more hope in regularisation of the huge debts.

Really a disaster for a company not to be performing when crude oil is above USD70 pbl.