Posted by kentrade888 > 2017-11-30 15:40 | Report Abuse

KGB (0151) 科艺集团 - 中国的崛起，只是KGB的开始？
Kelington Group Berhad (KGB)
科艺集团（KGB）陈立于2000年，主要业务来自高纯度气体化学（UHP）供应系统的建造及设计工作。高纯度气体又是电子及半导体工业和医疗必需品。2009年在马股创业板上市，并在2012凭着杰出的表现，转为主板上市。UHP传输系统，是帮助 “高科技领域” 管理高危及有害原料的系统，藉此保障安全性和生产回酬。客户有谁呢？在广乏应用于微型電子设备制造领域的晶圓（wafer）、太陽能電板、液晶荧幕、触式屏幕等高科技产品的生产过程中，UHP传输系統是非常重要的一環。因为UHP delivery systems 涉及了hazardous gases and chemicals （比如: flammable, toxic, corrosive or asphyxia），顾客通常都会找Track record非常好的公司来帮他们设计并建造此系统。


自2002年首次进军海外至今，KGB成功在新加坡、中國和台灣打下业务基础，服務种类和領域也逐渐多元化，涉及到油气及天然气，医疗和食品。这也确保了公司不会依赖单一领域。這樣的发展趋势提升了该公司争取新订单的机会。如果大家看一看KGB的客户群，全部都是重量级公司，尤其是可以获得台积电（TSMC）的青睐，真的不简单！过后公司也迈进了其他业务，比如为土建和架构工程提供机电工程服务和工业气体供应。
像KGB这样的企业，业务表現往往会根根据经济或领域週期波动。尽管多数科技行业在过去数年一直低迷，但是KGB除了在2013年及2015业绩略逊色外，其余財政年业绩和订单一直都相對稳定，反映出该公司杰出的執行和竞争能力。但是为什么在2012年至2015年公司的GROSS PROFIT MARGIN一直下跌？ 这是因为公司为了把自己的公司名字擦亮来巩固公司在市场上的地位，不惜压缩自己的盈利率来争取订单。加上科技领域或半导体领域的下跌周期，导致公司盈利率大幅下降。而且公司眼光也放得远，进军在台湾和新加坡这营运环境竞争激烈的市场，大家必须知道台湾和新加坡业者当时在半导体上是姣姣者，市场庞大，所以我认为公司是选对地方而攻入的。

再来为什么KGB会被这些大公司相中？因为KGB 供应的是一站式服务。从设计，建设到维修通通包完。这样可以省下那些厂家必须找不同的SUPPLIER来帮它们设立工厂，所以KGB绝对是有优势的！


在此笔者也简单介绍这个UHP delivery system ，可以分成3个阶段：

首先就是Base build也就是建设整个工厂的基本排气和输气系统，算是“Backbone “ of UHP delivery system；
再来就是Hook-up，Hook-up就是把管道安装好到那些需要特别气体的Process Tools上，也称作Last-mile delivery system；
最后就是Maintenance，也就是我们所说的 Technical support.
那么有些投资者就会好奇这个生意是可以长久的吗?如果市场上全部的UHP delivering system都建好了，不是没有生意做了？这件事大家大可放心，因为像KGB这样的公司是绝对会受惠 的！大家可以看到科技这门生意就是要不断的进步及进化，才能打败对手。尤其是Wafer Fabrication的市场，每个厂家都在争自己的奈米技术越来越强，多么精简化。加上现在消费市场对无限通讯和电话市场的依赖，导致制造商大笔扩增产能来应付这庞大的市场。这里也送上在网上所搜寻到英文版的解释：
Industry benefiting from shorter tech life cycles, which necessitate reinvestments in key sectors like wafer fabrication (planting circuit) and FPD fabrication (glass substrates). Rapid changes in manufacturing technologies and unabated demand for innovative consumer electronics, i.e. widespread use and continuous innovation of wireless and portable communication devices, and increased demand in LCD TV continue to render more projects for the Group.
介绍完公司的背景后，现在来说一说为什么我对这间公司的前景感到有兴趣，为什么这间公司上涨了那么多还要看呢? 这边就依依像大家解答！
想必大家都看到很多半导体股票比如PENTA,VITROX,UNISEM,INARI及MPI的股价都纷纷上升。这就是因为半导体和电子产品领域销售在去年开始已经强势复苏！相关价值链自然将会同步受惠，简单来说就是现在半导体就在上升周期！投资者现在冲破头都想从这些半导体公司中得到一份羹。KGB也会因此受惠，未来我们会看到KGB获得更多订单！最重要的是中国想要在半导体的领域挂旗，每间半导体公司都纷纷扩充，势必取得地位来打败长久以来被台湾和美国的半导体公司！已经在中国扎根的KGB 会不会因此受惠呢？

Image result for made in china 2025

也在公司的Presentation Slide里面，我们可以看到公司也在竞标着来自GLOBAL FOUNDRIES在中国设立工厂的项目:
http://www.gochengdu.cn/news/business/global-foundries-to-build-production-facility-in-chengdu-a4362.html





公司业务多元化后，新合约应该会大幅度增加。而且近期公司所买入的新公司 HITI ENGINEERING 的来头可不小，HITI的全部客户都是非常有名的半导体制造商！HITI的业务主要为高科技领域公司设立冷却设备，输管链接及制造无尘实验室 (Cleanroom), 这又在进一步的帮助公司完成一条龙服务，让客户省掉寻找其他厂家来设立工厂的麻烦！

此外，KGB也正积极开拓海外市场，在早前进军菲律宾和印尼后，目前开始探索越南和缅甸市场。开拓海外市场是科艺集在2016财年的策略，老板希望海外业务对营业额的贡献，能够从现有50%提高至超过60%。老板也透露现在会着重于提升GROSS PROFIT MARGIN，至少超过12%及PROFIT AFTER TAX不少过5%！

就是公司在去年成立的新业务，Ace Gases Marketing Sdn Bhd，这项业务是建设并提供工业气体给相关公司。这新业务又再一次辅助了KGB现有的生意模式，在这里可以看到老板想要一口气拿完一间高科技工厂所需要配件的全部事项包括建设，设立，提供，检验，维修及等等好让那些客户依赖它，KGB的野心及服务真的让人赞叹。



就在今年4月，KGB获得了一项合约，为Hanwha Q Cells位于雪兰莪州赛城的厂房内建立一个氮气制造机。Hanwha Q Cells是全球最大的太阳能电池和模块制造商之一，并在制造过程中使用氮气。Hanwha Q Cells将在10年内支付约2000万令吉，作为定期设施费用。这是该集团首个工业气体供应合约，并将为集团带来稳定和经常收入来源。相较于以往只是个单纯以项目为主（project-based）的承包商，这导致KGB现在的净利能见度会更加清晰。
如果大家仔细阅读，KGB在2015开始面对IMPAIRMENT LOSS 的亏损，这也是因为在2015年ACCOUNTING TREATMENT有所改变，导致公司必须纳入这些亏损。现在公司现在有2个LAWSUIT CASES。一个是来自TAIWAN’S HUI NENG MECHANICAL & ELECTRICAL ENGINEERING CO 及 AUSTRALIAN MARINE TECHNOLOGY PTY LTD。赔偿金如下：


如果公司成功赢得这2项诉讼，我们保守估计公司可以在FY2017，至少获得不少过RM 4 MILLION的REVERSAL/WRITE BACK OF IMPAIRMENT LOSS或者是 ADD BACK INCOME，也就是这笔账目会换算成盈利！不要忘记公司有25% 的DIVIDEND POLICY，股民可以从中受惠！但是这里就不得不说公司在选择客户上没有好好筛选，大小通吃，希望公司可以在这上面好好检讨。如果大家还不是很清楚此项目，可参考来自欧阳锋的影片来更加了解一些会计陷阱,
ECS 第四季度点评 - 24.4.2017 （魔鬼藏在细节里），点击以下链接：
https://www.youtube.com/watch?v=5mI7lwXFAcc&t=8s

如果大家留意这间公司的历史，公司很照顾自己的SHAREHOLDER。为什么那么说呢？因为当公司赚钱时，就会好不吝啬的派发红股！当年公司因为盈利大增，就 在2012年5月9日建议按1送1比例派发红股。但是才过不到2年的时间也就是2014年3月19日，公司又再次建议進行3个普通股送1紅股1凭单。你说这间公司大不大方，照不照顾自己的股东？

根据财报，公司的RESERVE已经大过公司的SHARE CAPITAL 一倍，加上公司是净现金公司，那么有没有机会在这2017 丰收年在奖励股东呢？我们拭目以待！

最后一个也是BONUS的事物，笔者在以前的新闻中发现KGB在前几年投资在石油与天然气，并在2015年6月3日，与Petro Allied International DMCEST签署一份合作协议，铺路进入世界最大的原油生产中枢。KGB与PAI的联营，将在阿联酋迪拜成立一家公司，并获容许投标中东的石油与天然气工程。老板也在报章透露，尽管原油价格疲软，石油输出国组织（OPEC）并没有计划减少生产。活动并没有放缓，而且商机也继续存在。但是在这之后公司就没有报导及跟新此消息，所以笔者会在来临的AGM 和管理层认证，过后再UPDATE 给大家知道。
技术分析：

最后根据最新年报，公司在近2年破纪录，是公司上市以来收过最多订单的一年！今年2017，如果大家仔细追踪，才5个月公司就不断拿到新的PROJECT!

此列表是更新到2017年3月29日的总订单，现在公司的最新的OUTSTANDING ORDER BOOK 已经来到 RM 239.3 MILLION! 那么KGB是否能再创高峰呢？ 以管理层的实力及半导体行业复苏，我相信今年公司的业绩会破新高，大家就拭目以待吧！
此文章纯属分享，没有任何买卖建议。
笔者:
张无忌
LIFEVEST

KGB (0151) 科艺集团 - 中国的崛起，只是KGB的开始？
http://life1nvest.blogspot.my/2017/05/kgb.html

Posted by kentrade888 > 2017-11-30 16:26 | Report Abuse

Kelington to invest up to RM60mil in gas plant
TheStarTue, Nov 21, 2017 - 1 week ago

In a separate press release, Kelington chief exective officer Raymond Gan (pic) said that the new venture marks the group’s objective to have a strong long-term recurring revenue stream.
In a separate press release, Kelington chief exective officer Raymond Gan (pic) said that the new venture marks the group’s objective to have a strong long-term recurring revenue stream.

PETALING JAYA: Engineering services company Kelington Group Bhd plans to invest up to RM60mil to build a carbon dioxide gas purification plant, following a supply agreement which was inked between its subsidiary and Petroliam Nasional Bhd (Petronas).

Its maiden foray into the business of industrial gases is expected to yield nearly RM1bil in revenue over the lifespan of the gas purification plant.

The group expected to finance the development of the gas plant via a combination of internally generated funds and borrowings.

Kelington’s 94%-owned subsidiary, Ace Gases Sdn Bhd, will be purchasing over 50,000 tonnes of carbon dioxide waste gas per year from Petronas’s gas processing plant in Kerteh, Terengganu.

The carbon dioxide waste gas would be purified to produce liquid carbon dioxide to be sold to the end users, said Kelington in a filing with Bursa Malaysia.

The supply agreement between Ace Gases and Petronas will be effective for 15 years, commencing in 2019.

“The purchase of carbon dioxide waste gas will be funded through internally generated funds.

“The supply agreement is not expected to contribute to the earnings and net assets of Kelington Group for the financial years ending Dec 31, 2017 and Dec 31, 2018.

However, it is expected to contribute positively to the earnings and net assets per share of Kelington Group for the financial year ending Dec 31, 2019,” stated the engineering services company.

In a separate press release, Kelington chief exective officer Raymond Gan (pic) said that the new venture marks the group’s objective to have a strong long-term recurring revenue stream.

“This is our first major investment in our new industrial gas business and we will continue to expand our production manufacturing capacity of other types of gases, in addition to liquid carbon dioxide, at a suitable timing in the future.

“The new venture complements our existing project-based business model of providing engineering services which are usually completed within six to 12 months.

“In the coming years, demand for liquid carbon dioxide is expected to grow further on the back of rising demand in the food and beverages industry as well as the upcoming roll-out of large infrastructure and construction projects,” said Gan.



View Original Article

Posted by Wong Kah Seng > 2017-11-30 17:56 | Report Abuse

Many changes in director's interest as they dispose many shares. How would that affect stock prices though?

Posted by danchong > 2017-12-04 11:39 | Report Abuse

I believe the majority shareholders sold 3mil to institutional funds recently. This is a good sign as more institutional investors are interested in the company.

Posted by bobby159753 > 2017-12-05 17:57 | Report Abuse

Pump and dump

Posted by Primelife > 2017-12-08 14:40 | Report Abuse

waste time

Posted by trinitynoob > 2017-12-08 14:58 | Report Abuse

i think today will close at 0.8

Posted by bobby159753 > 2017-12-08 15:10 | Report Abuse

Yes . Pumping now

Posted by trinitynoob > 2017-12-08 17:23 | Report Abuse

u pump? bobby?

Posted by Knownfact > 2017-12-08 20:30 | Report Abuse

Please dump now bobby

Posted by trinitynoob > 2017-12-11 22:19 | Report Abuse

can it go back to 0.9? looks like a strong support at 0.795

Posted by billionn > 2017-12-14 23:44 | Report Abuse

Yeah dump now run for your life lor

Posted by billionn > 2017-12-19 00:50 | Report Abuse

Seilor trending down next TP0. 70

Posted by trinitynoob > 2017-12-19 17:05 | Report Abuse

.78 is good, next support is at .75

Posted by theoracle > 2018-01-02 16:42 | Report Abuse

0.9 coming

Posted by danchong > 2018-01-03 11:04 | Report Abuse

Hi trinitynoob! how do you read the stock now?

Posted by cindy_gal > 2018-01-07 01:24 | Report Abuse

Seems like possible above rm1

Posted by tan damien > 2018-01-08 12:31 | Report Abuse

still cannot pass 0.88. Many attempts. If break buy more.

Posted by tan damien > 2018-01-08 17:00 | Report Abuse

added. 2moro can break 0.90 to move to RM1+.

Posted by lazycat > 2018-01-08 20:37 | Report Abuse

in soviet malaysia, kgb is still going strong

Posted by Force > 2018-01-09 09:12 | Report Abuse

Where got so easy to break 0.9... so many ppl q to sell... don't chase now wait drop then buy

Posted by trinitynoob > 2018-01-09 09:23 | Report Abuse

We are still looking at a support lvl of 0.795, and resistant lvl of 0.9. I expect the last quarter to make 2 cents. to make EPS in the range of 5.4-6 P/E of 18 you are looking at .95-1.08

Posted by tan damien > 2018-01-09 09:54 | Report Abuse

waiting

Posted by Force > 2018-01-09 15:06 | Report Abuse

Like I say won't so easy fly

Posted by Force > 2018-01-09 15:07 | Report Abuse

Can wait harga murah lagi

Posted by 順發游 > 2018-01-11 12:13 | Report Abuse

why this one dropped so much? 3 days keep seeing ppl selling it. but i cannot find any news and I dont understand it drop for what?

Posted by 順發游 > 2018-01-11 12:14 | Report Abuse

any news?

Posted by billionn > 2018-01-11 20:00 | Report Abuse

Quarter result no eye c lor

Posted by Force > 2018-01-13 08:53 | Report Abuse

We can buy cheap

Posted by Ayoyo > 2018-01-15 08:47 | Report Abuse

There was an article in the edge daily today.. Some interview with the ceo who guided that 2017 profit will improve by 30% and 2018 by another 30%...a niche company with a niche product and fast turnarounds.. Looks good

Posted by bullbullbully > 2018-01-21 09:52 | Report Abuse

will go down further to 0.62 then will rebound..

Posted by SuperPanda > 2018-01-22 01:30 | Report Abuse

im in. buy wa 0.36 keep until FY19

Posted by AhKim > 2018-01-22 18:05 | Report Abuse

nice kgb

Posted by AhKim > 2018-01-22 18:06 | Report Abuse

rebound at ema50

Posted by scholar > 2018-01-22 23:09 | Report Abuse

good to see you here SuperPanda. there must be something you see in this stock

Posted by Dakewlest > 2018-01-23 08:34 | Report Abuse

Worth to buy?

Posted by AhKim > 2018-01-23 21:34 | Report Abuse

tp1.00

Posted by Jibaihosehliao > 2018-01-24 11:59 | Report Abuse

Further to the Company’s announcement made on 18 January 2018, the Board of Directors of the Company wishes to inform that Biocon shall pay to KTSB a sum of RM3,500,000 as the settlement sum.

This announcement is dated 23 January 2018.

Posted by bobby159753 > 2018-01-28 11:14 | Report Abuse

How much they loss for bio con ??? Anymore projects that will lost big ? Will bio con appeal ? Us will tax heavily for solar panel , kelington claim secure Han wah solar nitrogen 20 contract ? Big risk now. Investment go to drain ?

Posted by SuperPanda > 2018-01-31 11:16 | Report Abuse

This stock definitely hve prospect but expect move up at slow pace. Industrial gas is stable market used for Beverage, Semicon and Steel Fabrication. Analyst forecast 20-30% improve in FY18 have basis. Next qtr said to be better.

Like WA but vol very low. Good for low capital entry but long term holder.

Rsistance 0.875
Support 0.79
MACD above 0
MA50 0.83

Posted by Mohd Fahmi Bin Jaes > 2018-01-31 11:17 | Report Abuse

Down

Posted by SuperPanda > 2018-01-31 17:57 | Report Abuse

Yes

Posted by SuperPanda > 2018-01-31 17:57 | Report Abuse

Entry below 0.8

Posted by scholar > 2018-02-01 10:16 | Report Abuse

for wa, the exe price is 0.5 but I don't und the ratio 1:1 with 10 sen each share means. Can help ?

Posted by SuperPanda > 2018-02-02 19:49 | Report Abuse

Current WA Price = 0.37
Exercise Price = 0.50
Ratio = 1 : 1

Ratio 1:1, means every 1 warrant entitle 1 mother share. Need to pay conversion price 0.50 for every warrant converted.

If you buy WA at 0.37 + convert cost 0.5 = 0.87

Mother share now at 0.83. Upon conversion your mother share will be -4 cents from mrket price. This called out of money.

You need to earn money at WA before convert. I nver convert WA but will sell for profit when WA up, unless you want to earn dividen or vote in egm. WA not entitle div and right to vote.

Posted by SuperPanda > 2018-02-05 21:17 | Report Abuse

Waiting below 0.8 continue

Posted by Force > 2018-02-06 06:46 | Report Abuse

Can buy cheap le...

Posted by Force > 2018-02-06 06:50 | Report Abuse

Just a fear rebound then no chance le

Posted by SuperPanda > 2018-02-06 10:34 | Report Abuse

Below 0.8 buy and hold.

Posted by SuperPanda > 2018-02-06 10:34 | Report Abuse

Easily 10%-20% profit after qtr rpt out in 2 wks