Posted by jm3525 > 2014-06-24 20:08 | Report Abuse

btchoopg.. why u think cant go rm 2.00..

Posted by wannabeinvestor > 2014-06-25 11:50 | Report Abuse

why this counter cant move up?

Posted by steveooikp > 2014-06-25 16:36 | Report Abuse

hopefully ex-date will drop to 1.25 ....

Posted by sasword > 2014-07-02 15:08 | Report Abuse

overestimate this stock ady...

Posted by Nihar Mynihar > 2014-07-03 09:24 | Report Abuse

Bahaya bila banyak create new share tapi net profit tak ada peningkatan... management kena waspada....

Posted by L. C. Chong > 2014-07-08 00:34 | Report Abuse

UCHITEC analysis - http://lcchong.wordpress.com/2014/07/08/uchitec-fundamental-analysis-8-jul-2014/

Posted by Alex Lim > 2014-08-07 18:21 | Report Abuse

what happen.....???

Posted by Alex Lim > 2014-08-19 18:11 | Report Abuse

1H net profit 20.614 million (increased 21.34%)

Posted by TalkEastTalkWest > 2014-08-19 20:20 | Report Abuse

Alex Lim,
where did you get the report ?

Posted by wannabeinvestor > 2014-08-19 23:33 | Report Abuse

http://www.theedgemalaysia.com/business-news/303482-stocks-to-watch-airasia-x-takaso-resources-ideal-sun-city-matrix-concepts-th-plantations-and-uchi-technologies.html

Posted by Hotrod > 2014-08-20 14:33 | Report Abuse

why this semiconductor stock no fly ?

Posted by L. C. Chong > 2014-08-26 23:29 | Report Abuse

UCHITEC analysis - https://lcchong.wordpress.com/2014/08/26/uchitec-fundamental-analysis-26-aug-2014/

Posted by Cheng Yeow Ng > 2014-09-11 10:48 | Report Abuse

Uchitec
https://www.facebook.com/HollandStock

Posted by my101home > 2014-09-11 15:36 | Report Abuse

what happening today for Uchitech?

Posted by khchong78 > 2014-09-11 16:02 | Report Abuse

宇琦科技对多数投资者来说应该不陌生. 这家以咖啡机电子模组而闻名的公司曾经在 2001 – 2007 其间经历一段高成长. 公司产品主要是出口至欧洲市场, 占营业额超过 90%. 然而, 2009年的净利却大跌，主要是受到2010年1月1日欧洲将执行绿色产品条规所影响，因为来自这方面的订单延误。而后来的持续低迷就是希腊破产事件拖累了整个欧洲的经济。(图1)

欣慰的是, 公司通过本身的研发, 迅速的在 2010 年从泥沼中回弹, 让业务回归平稳. 而且, 对于即将在 2015 开始实行的欧盟绿化规格, 宇琦科技也已经针对这方面做好准备, 其下的产品已经符合这方面的规格. 只是另人感到遗憾的是, 宇琦科技的咖啡模组业绩似乎遇到了瓶颈, 2010 年过后就不再成长. 未来是否一样? 详细的分析, 在下一篇再解说. 这一篇主要是介绍宇琦科技的 “稳”.

熟悉宇琦科技的朋友, 对该公司的基本应该不陌生. 除了营业额下跌到目前保持平稳之外, 宇琦科技各方面的基础都非常的强稳. (图2)

1. 在电子领域中, 可以持续保持非常高净利率. 这说明了公司拥有很强的竞争优势令其对手不容易复制.

2. 低税率, 其原因是公司拥有很好的研发团队, 开发的新产品能符合免税奖掖.

3. 公司处于净现金, 而且不曾出现亏损

4. 高派息率 (接近 100%), 高 ROE, 高现金流; 唯一缺欠的东风是高成长! 但这不代表宇琦科技不再成长 – 下回分析!

这里值得留意的是, 宇琦科技在 2013 派发 10 仙的股息. 以目前的股价计算, DY 等于 7%. 这样的高股息, 在目前的股市当中, 应该是买少见少了. 那么, 宇琦科技是否能够维持 2013 的派息? 看以上的财务报表, 大概就一清二楚了. 如果 2H 的业绩保持 1H 的表现, 在强稳的现金流支撑下, 如果管理层派得比 2013 少, 就实在说不过去了. 7% 的 DY 已经高过 FD 将近一倍.

除了财务方面控制得宜之外, 最另我们感到骄傲的是公司对各方面的成本控制都做得非常好, 是一家管理非常优秀的企业.
首先, 我们来看 Material Cost (图3):

宇琦科技把公司的成本控制到很好，原料成本近几年都控管在30% 的业绩。而去年2月开始运作的Uchitecture相信会把这一块的比例再推向另一个阶级。

其次, 员工福利

员工福利同时也是赚多给多，赚少给少。平均6年都是保持在30%左右。愿意与股东分享盈利的同时, 也是肯给于员工分享的管理层。

第三, 董事费 (图5):

宇琦科技算是我们看过这么多家上市公司以来, 最奇葩的一家. 当我们研究宇琦科技过往多年的年报时, 竟然发现有如此一家上市公司的大股东/老板/管理层, 愿意与公司业绩共进退! 2007 年, 算是公司业绩最好的一年. 当年公司总共付出董事费约 RM2.6百万. 到了去年, 宇琦科技只付出 RM1.5百万, 整整少了一百万! 试问有哪家上市公司那么 “慷慨” ? 而且, 对于一家每年赚 4 千万净利的公司, 董事费只不过占了 3.75%, 多数的净利却平分给所有的大小股东. 这样的企业, 想弹, 也弹不出口吧?

Posted by oopstikus > 2014-09-12 14:14 | Report Abuse

Collect some at 1.42 :)

Posted by Alex Lim > 2014-09-12 20:18 | Report Abuse

one day show?

Posted by keyin > 2014-09-14 22:00 | Report Abuse

Any tp

Posted by khchong78 > 2014-09-15 14:38 | Report Abuse

UCHITEC - 公司成长面面观

曾经在一位前辈的分享缉里读过这样的经验 – 当公司把赚来的钱都当成股息派回给股东, 这也可以算是成长的一种, 就是股东成长, 公司没有成长. UCHI 目前就是处于这样的一个处境. 我们再来探讨以下的财务报表 (图一):

公司要派息, 除了要有盈利, 更重要的就是现金流. 从另一个角度来说, 强稳现金流其实比每股盈利来得重要. 图一显示, UCHI 在 2011-2013 其间大量投资. 相信这和它过后在 2013 成功取得免税优惠是有关系的. 在 2011-2013, 可以看得到公司的净利比现金流高, 原因就是 CAPEX. 但公司还是派出接近 100% 的净利当股息, 这就功归于公司强稳的现金储备.

那么 2014 后又会是什么样的一个情景呢?

从图表中, 我们清楚看到, 公司上半年的 CAPEX 已经大幅度的减少, 或者可以说是零. 这会不会和 GTRONIC 很相似? UCHI 前几年花了钱, 提升了设备和科技而得到了 5 年免税. 简单的说, 后面几年就应该是等待丰收的时刻了. 单单今年的前 2 个季度, 公司的现金流就已经逼近 2013 全年的现金流. 而且, 现金流入其实比净利还高! 为什么? 答案在于折旧! 2011-2013 总共花了大约 6 千万的 CAPEX, 换算起来, 就是过后的几年都会有每年 6 百万的折旧! 当现金流 > 净利时, 代表公司的财务会越来越稳, 即使派出 100% 净利当股息, 公司的内部现金还是会增加! 又或者说, 公司也有能力派比 EPS 还高的股息! 所以, 我们预计公司将至少维持派发相当高的股息, 帮股东成长. 这是第一点.

第二点: 税务率

公司在文告中有提到, 旗下的 OPTO 业务已经获得 5 年免税优惠. 这代表, 如果公司的产品能移向这方面发展, 那么它将获得这优惠, 从而提高净利率. 我们看看公司的产品分布 (图二):
从这里很明显看的出, 在 2013 公司的产品已经决大部分移向免税优惠的领域发展. 所以, 可以预计 2014 应该会有接近 100% 的产品都是符合免税的规格. 也就是说, 我们可以预计公司在 2014 和往后的几年, 不难维持高赚幅, 甚至应该要增加才对.

第三点: 欧盟绿化规格

公司有提到, 在欧盟绿化规格里，由2015年1月开始, 电器需要装置0.5W, 15分钟静止就会自动切电的功能。而Uchi已经成功在这个领域成为pioneer。这对95%业绩在欧洲的Uchi会是一个很大的利器。而公司在最近的 AGM 里, 也再次向小股东证实这样的信息:

Q1 : It was stated in the Managing Director’s statements that “the Group’s revenue
did not experience any substantial growth compared to the year before”.
What was the reason for the Company to record flat revenue and what are the
measures taken to improve the revenue growth?

A1 : For the year ended December 31, 2013, the Group’s revenue did not experience
any substantial growth compared to the year before mainly due to uncertainty
in the global economic climate, which consequently affected our customers’
sales demand.

Uchitec is an Original Design Manufacturer. Providing innovative solutions is
our value to customers. We believe R&D is our reason of existence and shall
remain focus on our R&D’s innovation to provide customers with:
- fit solutions that will enable our customers to be the first to launch new
products with new features; and

- better cost efficient and equal performance/better performance solutions. This
is crucial because we believe during economic downturn, companies will
actively look for cost efficient solutions in a way to moderate the increasing
operating cost.

In line with the above principles, our R&D is developing inverter technology to
further improve the energy efficiency and wake up time of products. This is
required to comply with a new directive taking effect from January 1, 2015,
which requires household machine to be shut off within 15 minutes after their
last operation. We will extend the application of inverter technology to other
products line and from there, we anticipate a boost in revenue in 2015/2016.

在 net profit margin 有5 年免税的护航下, 只要公司的 revenue 能够成长, 那么就可以很肯定净利的成长几乎是稳如泰山了.

第四点: BIOTECH 的贡献

其实 BIOTECH 产品一直以来都有在 UCHI 的组合里, 只是之前的贡献不高, 所以公司并没有特别把它分割出来. 但随着公司在欧洲的 2 个主要客户在 2012 开始对公司这系列产品越来越具信心, 而在 2013-14 大约贡献了 25% 的营业额, 所以公司才开始把它分割出来, 更详细的交代. 公司表示将致力提高 BIOTECH 的营业额, 以期在接下来 3年能够贡献 50% 的总业绩. 更难能可贵的是, BIOTECH 的净利比目前的咖啡模组来得高! (图三)

以上 4 点, 都是对 UCHI 未来几年的利好. 当然, 在乐观的同时, 我们也对 UCHI 保持谨慎的看待. UCHI 的业绩多数是以美元计算. 所以, 美元/马币的汇率就有可能影响公司的净利. 这是一把双刃刀, 也不到我们控制.

除了汇率, 另外 2 点最有可能威胁 UCHI 未来成长的就是欧洲的经济和咖啡机的需求. 尤其是咖啡机的需求已经好几年不见成长. 这方面占了 UCHI 目前 75% 的营业额.

欧洲经济, 这个我们也只能走步看步. 但是, 最近欧洲已经开始作出刺激经济的动作, 包括投入 1 兆美元的 QE, 这是否会对 UCHI 带来正面的影响?

至于咖啡机的需求, 我们看见了最近 VS 因得到庞大咖啡机组装和约而业绩大反弹 (http://biz.sinchew.com.my/node/98938?tid=45) . 那么, UCHI 的客户是否也受惠于咖啡机的需求成长?

总的来说, 我们看到 UCHI 目前是处于比较正面的趋势而买入. 在股息稳定的情况下, 以 RM1.40 的成本价, 应该处于进可攻, 退可守的格局.

Posted by Amit Khindriya > 2014-10-02 09:33 | Report Abuse

Knn what u say?

Posted by kkteng70 > 2014-10-08 21:44 | Report Abuse

what ever is it but still dropping

Posted by sengkee > 2014-10-08 21:52 | Report Abuse

So blur

Posted by matrix6050 > 2014-10-09 21:01 | Report Abuse

love the dividend yield and future growth

Posted by i3i2i1 > 2014-10-10 10:12 | Report Abuse

chart looks good

Posted by Alex Lim > 2014-10-16 18:33 | Report Abuse

uchitec also cannot tahan now

Posted by tslces > 2014-10-19 22:03 | Report Abuse

The par value per share is 20 cts only, is it correct?

Posted by Amit Khindriya > 2014-11-11 23:06 | Report Abuse

Time to buy.....big news coming

Posted by no_idea > 2014-11-13 18:42 | Report Abuse

Holding tight aslo ..

Posted by keyin > 2014-11-13 23:19 | Report Abuse

Why hold tight? Any tp?

Posted by Sapphire > 2014-11-16 22:26 | Report Abuse

hold tight tight until it become rm1

Posted by Alex Lim > 2014-11-17 16:16 | Report Abuse

24.11.14 Q result

Posted by caspio > 2014-11-18 17:42 | Report Abuse

Alex lim how do u know is 24 nov

Posted by Alex Lim > 2014-11-21 20:53 | Report Abuse

Caspio, i checked from CIMB Daybreak report

Posted by caspio > 2014-11-22 22:43 | Report Abuse

thanks bro alex lim

Posted by caspio > 2014-11-24 20:28 | Report Abuse

5 sen interim divvy

Posted by caspio > 2014-11-25 17:11 | Report Abuse

i don't know y this stock doesn't move much, but i earned more than 12% just by holding and trading this stock this year.

Posted by L. C. Chong > 2014-11-27 21:01 | Report Abuse

UCHITEC analysis - http://lcchong.wordpress.com/2014/11/27/uchitec-fundamental-analysis-27-nov-2014/

Posted by kennynam > 2014-12-07 22:39 | Report Abuse

Haven't declare year end dividend

Posted by Alex Lim > 2014-12-08 14:27 | Report Abuse

coming soon. By this week....maybe this coming Friday 12.12.14

Posted by kenrixx > 2014-12-09 00:34 | Report Abuse

SUMMARY OF KEY FINANCIAL INFORMATION
30/09/2014 - proposed 5cents dividends

Posted by caspio > 2014-12-12 20:22 | Report Abuse

just announced today. ex-date 29 dec. so late, it's gonna be 2015 happy new year.

Posted by Alex Lim > 2014-12-19 17:02 | Report Abuse

good show

Posted by caspio > 2014-12-20 23:54 | Report Abuse

Wow uchi good performance again towards ex date as usual. I wonder who is buying

Posted by christ1234 > 2014-12-22 13:57 | Report Abuse

Go go go Uchitec, break 1.50 soon. Depreciation in USD is beneficial for the company + 5c dividends ex 29/12

Posted by christ1234 > 2014-12-22 14:15 | Report Abuse

caspio, my friend work in sell side says there is rumours mondrian investment is accumulating in the view to hold 5%.

Posted by christ1234 > 2014-12-22 14:16 | Report Abuse

http://www.mondrian.com/ Assets Under Management (as of September 30, 2014) $67 billion, no wonder it rises this few days.

Posted by Sapphire > 2014-12-22 16:50 | Report Abuse

div div div....i love u ...gogogo....

Posted by christ1234 > 2014-12-22 17:23 | Report Abuse

almost all time high, thank you mondrian investment for pushing. depreciation in MYR makes the share price looks attractive to long term foreign investors. Good move, Mondrian.

Posted by caspio > 2014-12-22 17:24 | Report Abuse

Adoi. But this stock better diam diam cos i plan to accumulate more my whole life :) big funds come in will push it become expensive like wellcal

Posted by KingPro > 2014-12-22 17:38 | Report Abuse

how buy volune very huge