Posted by BuLLRam > 2015-10-23 15:48 | Report Abuse

Chong is a big fan of KC & the sunshine band mahhh...

Posted by Alpha Trader > 2015-10-23 15:51 | Report Abuse

Buy more, gonna shoot up after some consolidation, RM3.20

Posted by erkongseng > 2015-10-23 16:54 | Report Abuse

浅谈success 前風變壓器---
--近期股价爆发与放量开始于13-10-2015,个人有一些看法,之前股价長期低估,
拥有65%的子公司 seb 5163 这几年亏损是其中原因,随着近期seb恢复了净利,
对success下来的稳定净利可加分.
--公司过去10年都是净利,虽然业务增长慢,但是资本增值低,因此是时候反应实在价值了,
nta=rm2.17 .
--公司业务前景良好,想信老板是为了扩大业务,筹备资金,因此近期把价位推进合理水平,
下来会分拆股票并派送warrant,以吸引投资者进入.
--至于SUCCESS Q3,Q4的业绩将会向好,公司近半产品出口,也受惠于美元的上升.
供参考,进出自负.
http://kongsenger.blogspot.my/

Posted by Alpha Trader > 2015-10-24 10:14 | Report Abuse

http://www.thestar.com.my/Business/Business-News/2015/10/24/Success-to-record-consistent-performance/?style=biz

Posted by Lucas Chan > 2015-10-24 11:47 | Report Abuse

wow success, one of my customer...why i didnt notice!!!

Posted by Lucas Chan > 2015-10-24 12:08 | Report Abuse

1.33 to 2.1....50%....

Posted by Lucas Chan > 2015-10-24 12:10 | Report Abuse

success may go up tp2.8x, c u guys on next monday!! i ready to jump in the boat!!

Posted by erkongseng > 2015-10-24 16:03 | Report Abuse

lucas ,你可以谈谈tp=rm2.80 是如何来的?,success生意好吗?thanks.

Posted by erkongseng > 2015-10-24 16:31 | Report Abuse

Saturday, 24 October 2015
Success to record ‘consistent’ performance
YVONNE TAN








SUCCESS Transformer Corp Bhd which has been hogging the gainers’ list this week hopes to start reaping some profit from its 65%-controlled unit, Seremban Engineering Bhd (SEB), from financial year ending Dec 31, 2016 (FY16) onwards even as the latter continues to reel from the effects of a cost over-run from one of its Sabah-based projects at the moment.

As for the current FY15, Success, which makes electrical products like LED lighting, transformers and automative battery chargers for various industries, is expecting to turn in a “consistent” financial performance – at best – amid the gloomy economic environment which has an effect on the demand for its products, its general manager (finance) Wong Wai Hung says.

“We remain conservative, looking also at how most global economies are slowing down in growth,” Wong, who was recently appointed as an executive director at SEB, adds.

Notably, about 60% of Success’ products are sold in the local market, while the remaining 40% are marketed abroad.

The company first bought into SEB, a smallish local machinery and equipment fabricator, in end-2006, paying almost RM15mil for a 60% stake in that firm.

Consequently it bought up the remaining shares it did not own in the company for RM21.78mil in 2008 but later slashed its holdings to 65% after SEB went public in 2010.

According to Wong, since Success bought over SEB, the company had been contributing an average of 20%-30% to Success’ total group profits until last year when cost over-runs from SEB’s Sabah Ammonia Urea also known as the Samur project, and higher finance costs as a result of higher borrowings put a huge dent in SEB’s earnings.

“The effects of the cost over-runs should be diluted by next year,” Wong says.

Attracting a fair bit of attention of late, the normally low-profile Success stock has seen its trading volume jump several folds in the past one week with its price currently trading at a record high of RM2.07.

This week alone, the stock has added some 23%.

Notably, at its current price it is already trading close to its net tangible assets of RM2.16 per share.

Repeat orders

On its side, Wong says Success’ orders are not contract-based nor are they locked in via any agreements like many of those which are in the manufacturing industry.

“However, we bank on repeat orders from our customers which have been with us for a long time to keep sales steady,” Wong says.

Last year, Success, which was established in 1980, saw sales amount to some RM371.5mil, with net profit coming in at RM24.4mil, giving it a profit margin of 6.5%.

A total of 4 sen was paid out in dividends to shareholders in FY14, amounting to a yield of 2.4%.

Up to the six months ended June 30, Success’ net profit stood at RM14.7mil on sales of RM195.3mil compared with a higher net profit of RM16.7mil but lower revenue of RM189.6mil for the same period, a year earlier.

Success, whose market capitalisation stands at some RM239mil sells its products via more than 1,000 distributors nationwide and also has several overseas subsidiaries including in Singapore, Kenya and Australia through which it conducts its global business.

To enhance the company’s efficiency levels and overall profit margins, Wong notes that some of its overseas units may undergo some form of restructuring soon.

“For those which are not doing that well, we may streamline them for better efficiency.”

Balance-sheet wise, Success has property, plant and equipment worth RM138.9mil, cash and bank balances of RM34.9mil with total borrowings standing at RM120.8mil.

Its receivables are relatively high at RM123mil, according to its latest figures released to Bursa Malaysia.

In recent filings to the stock exchange, a slew of boardroom changes were announced at Success including the cessation of a couple of SEB directors as shareholders of the company.

On Wednesday, it said it had appointed Tan Chung Chiah as executive alternate director. Tan is the daughter of the company’s managing director Tan Ah Bah @ Tan Ah Ping.

Wong says Success does not have any plans for major corporate exercises at this stage and is merely focusing on business as usual in these trying times.

In the company’s latest annual report, Success told its shareholders that “the group will continue through the challenges but with meticulous efforts to expand and to seek new business opportunities and operations.”

Posted by vegebotak > 2015-10-24 19:16 | Report Abuse

If follow what the press wrote , izzit better to pick SEB rather then SUCCESS? As success aldy shoot up so much in recent weeks.

Posted by DreamPredator > 2015-10-24 19:39 | Report Abuse

How much can transform investor's money, this one

Posted by erkongseng > 2015-10-24 19:44 | Report Abuse

大部份价值在success 里,seb 净利不穩定,油气业逢低潮,success 业务10年都取得净利就是铁证.

Posted by Lucas Chan > 2015-10-24 19:50 | Report Abuse

hi erkongseng success生意好啊recently！ the recent qr which is the best in these few years profit return, and we can see that, the company share holder are keep buying, which is a prove to make sure success is really successful...!!

Posted by alphajack > 2015-10-24 20:38 | Report Abuse

3 ringgit comingggggg

Posted by Lucas Chan > 2015-10-24 20:52 | Report Abuse

wow, alphajack long time no see you jor, how are you recently?

Posted by erkongseng > 2015-10-25 07:37 | Report Abuse

lucas chan brother,多谢你的说明，我会继续持有至到success rm2.50 ,haha.

Posted by sangharimau > 2015-10-25 08:08 | Report Abuse

SEB next?

Posted by DreamPredator > 2015-10-25 08:42 | Report Abuse

How fast can transform my money

Posted by rongzhou > 2015-10-25 12:48 | Report Abuse

After the star recommend this share, i quite worry the sell in news comming.

Posted by vegebotak > 2015-10-25 14:40 | Report Abuse

Switch to SEB lo

Posted by tradeview > 2015-10-25 16:13 | Report Abuse

FA solid. Concern on free cashflow is valid. However, the uptrend momentum still intact. I foresee greater push upwards in the coming week. Short term TP 2.20.

Posted by erkongseng > 2015-10-26 08:42 | Report Abuse

有声有色:收购芙蓉工程受看好 前风料延续高速成长
2007/07/25 17:50:13
●南洋商报

一家企业发展到一定阶段之后，便会面对业务上的瓶颈，进而限制了它的发展潜能，因此在这个时候，有关企业就必须寻求业务突破，比如并购新的业务，以将业务转型并延续以往高速成长表现。 环顾上市公司当中，笔者便发现一家公司正在朝向这方向前进，它就是前风（Success，7207，主板工业产品股），它在发现原有的核心业务，即生产和经销工程配备，在成长方面放缓下来之后，便毅然决定收购一家盈利增长前景良好的公司--芙蓉工程私人有限公司（Seremban Engineering Sdn Bhd）。

3倍“超值”购芙蓉工程
它是在今年3月完成以本益比3倍的“超值”价值收购芙蓉工程公司的60%股权，后者盈利表现持续标青，前风变压器除了分享盈利增长，也将从销售芙蓉工程的产品中受惠。 此外，前风也有机会从芙蓉工程的系列工业用途产品，参与新的业务，其中包括种植，石油与天然气和生物柴油领域生产储藏槽等。 其实，在2007财政年首季，前风的净利增长34.2%，部份的贡献是来自芙蓉工程。因此，预料芙蓉工程将会2007财政年和2008财政年分别为前风贡献20%和30%的净利。

这意味着在收购芙蓉工程之后，前风已经摆脱了核心业务成长的瓶颈，而成功转型至前途备受看好的领域，特别是现正在蓬勃发展的石油与天然气领域。 今年3月转至主板交易的前风原本已经是表现良好的公司，它拥有25年生产和经销工程配备的经验，产品包括电压器、工业照灯和金属冲压板。

产能仍有提升空间
前风产能仍有提升空间，三大核心业务的产能介于50%至70%，预料可轻易解决短期内的需求上升。该公司的主要客户包括跨国和本地上市公司。 此外，该公司在2006财政年的出口收入原本仅占营业额的9%，但是2007年首季却突然增至25%，预料全年将达25%至30%，到了2008财政年则会提升至30%至35%。 前风虽也是一家慷慨派息回馈股东的中小资本公司，2007财政处已经派发2.5%的免税中期股息，全年股息料达4%，约等于3.9%的周息率。 根据2007和2008财政年的本益比计算，前风未来12个的合理价格应该1.50令吉，如果加上3.9%的周息率，约带来56%的投资回酬率！

Posted by erkongseng > 2015-10-26 08:58 | Report Abuse

2009-10-24 15:26 寒江兄几年前的功课分享,谢谢他的功课.-


本帖最后由 寒江 于 2015-10-3 06:58 编辑



其实,我对这家公司并没有很深入的了解. 只不过, 看到它健康的资产负债表, 成长而稳健的业绩感兴趣.
它的系列产品也不难理解. 有兴趣的朋友就到它的网站看看就能了解了.

上图是公司 5 年来的业绩简报.
从以上的表, 可以看出公司的盈利每年都在稳健的高成长. (>20%)
这是其一.
第二, 公司除了本地业务, 也积极开拓外国市场. 业绩也表现出色. 这除了可以减少本地需求的依赖, 也有更大的市场成长空间.

一场经济风暴, 打倒很多公司. 也把很多公司的业绩重创.
这只金刚, 却表现突出. 虽然前两个季度的业绩有点倒退, 但还是维持强稳的盈利.
Q2 的业绩随着经济的复苏, 它也突破了历来的高盈利. 进而把公司上半年的业绩再推向成长. 难能可贵的在艰苦的营业环境下, 依然成长 11%. 随着下半年经济趋向复苏, 相信公司要交上成长的业绩并不难, 至少也能保持稳健的盈利.

再看看公司整体的资产负债表:
1. 近乎零负债
2. 现金强稳
3. 库存减少 - 代表需求提高
4. 净利润率保持良好

从以上几个方面看来, 公司的营业额在面对经济循环, 还是能保有一定的竞争力. 就如其董事在 2008 年报里的文告 :
"our products are very resilient to economy downturn".

另外, 加分点:
1. 公司已经建议把其下的 SEB 上市. 由此来看, 老板至少有一股雄心壮志. (详情再以下分解)
2. 载至 Q2-09 的业绩, STC 的保留盈余已经足够发送 1-1 红股. 如果这个名字非常 china-man 的 cina apek 当真有那股雄心壮志, 我觉得发送红股的可能非常高. 虽然红股对股东并没有实际的利益, 但却会引起市场对公司的有利评估, 进而提高估值.

隐忧: 应收账款!
从 BALANCE SHEET 看, 这应收账款竟然高达 66,517. 比一个季度的总营业额还要高. 也就是说, 公司的账期超过 3 个月!
于是, 我打了电话去 STC 确认.
接电话的 MR WANG/WONG, 很坦白说, "是的. 公司给予的账期介于 90-150 天不等. 原因是和公司来往的多数是 DEALER. 而, 这些 DEALER 多数都和公司来往了很多年. Q2 的 AR 比较高是因为 SEB 的关系. 不过, 由于和客户长远的伙伴关系, 到目前为止, 公司在这方面并没有面对很大的问题. 而且公司也已经为这 AR 报备. 所以, 这 AR 是可控制的."




以一间成长 >20% 的公司, 资产负债表稳健, 股价却是出奇的底.
RM1.30, 这相等于 2009 年度化的 PE 大约为 6 倍! 这简直是难以置信的被低估!
而且, 公司的盈利是非常可预见的. 事实证明, 即使是经济风暴其间, 公司还是保持非常稳健的盈利. 那么, 要这样的公司亏钱, 似乎不太可能.
公司赚钱的本领也很强, ROE > 20%!
虽然公司的派息率不高, 但也无可厚非. 保留的盈利都很好的运用在公司的成长.

更令人兴奋的莫过于 STC 即将把其下的 SEB 上市.
SEB 和 AFFCOM 另外还结成 JV, 专著在成长蓬勃的 O&G.
从 SEB 的 PROFORMA INCOME STATEMENT 来看, 这也是一间拥有很好成长的公司.



我用 STC 在网站公布的资料, 粗略计算如下:

如果, STC 把 SEB 的 IPO 定价在 PE 6, 那么 SEB 将贡献每股 45 仙于 STC.
上市后, STC 依然持有 65% 的 SEB, 盈利短期会被稀化, 但却可以从 SEB 上市得到一笔不错的收入.
另外, STC 也保留 10% SEB 股权于现有的 STC 股东认购.
我觉得, 这批 10% 给股东的价格, 应该会比 IPO 发售价来得底, 毕竟要照顾一下现有的 STC 股东嘛.
如果经济复苏前景乐观, SEB 上市计划应该是在明年 Q1.
那么, 那段时间上市时间如果理想, 以 SEB 稳健的盈利表现, 要迎来投资者的青睐, 应该不难预测上市会带来溢价.

所以, RM1.30 的 STC 当然值得买进.
毕竟, 上扬的机会大于下跌的空间.

Posted by littleduck > 2015-10-26 09:24 | Report Abuse

flush into toilet time!

Posted by alphajack > 2015-10-26 11:24 |

Post removed.Why?

Posted by misterzikk > 2015-10-26 15:06 | Report Abuse

Buy some more! More! Moaarrrrr

Posted by AndK > 2015-10-27 11:04 | Report Abuse

Focus all goes to SEB..

Posted by Alpha Trader > 2015-10-27 13:09 | Report Abuse

SEB is up, wait what? success will be up a well!

Posted by erkongseng > 2015-10-27 15:05 | Report Abuse

success拥有65%的子公司 seb 5163,今天神勇大升 28sen,報rm0.74
看来公司有好消息公布了,rm2.05 加倉.

Posted by Lim Xiong Jun > 2015-10-27 16:59 | Report Abuse

Success is so strong.
I sold too early at RM1.86 =(

Posted by Icon8888 > 2015-10-27 17:09 | Report Abuse

I have not sold a single share = )

Posted by alphajack > 2015-10-27 17:59 | Report Abuse

who go and delete my comment. i say rdy 2.50 soon, tomororrow minimum 2.25

SEB up damn a lot today, tomorrow SEB may breach 80c, SUCCESS has 65% of SEB, do the math la

No brainer SUCCESS should up at least 10% more. 2.25 first, then 2.50 next

huat ahhhhhhhhhhhhhhhhhhhhhh

Posted by Lucas Chan > 2015-10-27 18:41 | Report Abuse

lol, alphajack u r so funny here, whocan go delete ur comment here?? dont makeme laugh lar!!!

Posted by Lucas Chan > 2015-10-27 18:42 | Report Abuse

as i said, im already join success yesterday, hold tight to tp2.8 bah!!

Posted by Icon8888 > 2015-10-27 19:07 | Report Abuse

TP 2.8

Posted by erkongseng > 2015-10-27 19:16 | Report Abuse

Tp rm2.80,good comments, eps=28 sen,pe=8 ,stock price=rm2.80 ,haha, good stock.

Posted by erkongseng > 2015-10-27 19:16 | Report Abuse

Pe=10

Posted by GODinvest > 2015-10-27 19:37 | Report Abuse

pe 20

Posted by MoneyInTheAir > 2015-10-27 19:51 | Report Abuse

seb unware of the uma.success drop 2mr?

Posted by Alpha Trader > 2015-10-27 20:00 | Report Abuse

Why drop? Don't be silly, RM2.80? too conservative, wait until you see the latest number only you judge ok

Posted by Lucas Chan > 2015-10-27 20:37 | Report Abuse

wow, alpha trader what is ur tp for success???

Posted by turbochart > 2015-10-27 23:52 | Report Abuse

Sold all at 2.1 ..yohyoh!!

Posted by Icon8888 > 2015-10-28 10:26 | Report Abuse

I dumb dumb hold

TP 2.80 to 3.20

Posted by erkongseng > 2015-10-28 11:19 | Report Abuse

Good future,buy more.

Posted by GODinvest > 2015-10-28 12:58 | Report Abuse

PE30

Posted by hkhk > 2015-10-28 13:52 | Report Abuse

http://www.bursamalaysia.com/market/listed-companies/company-announcements/4904185

Posted by erkongseng > 2015-10-28 17:54 | Report Abuse

Success is strong support at 2.10 ,be happy,no worry, see a bright Q3 profit at November .

Posted by alphajack > 2015-10-28 18:33 | Report Abuse

Disappointing, no deal !

If not can run to 2.30-2.40 !

See you back in 2 ringgit success !

Posted by woulong > 2015-10-28 19:57 | Report Abuse

虽说期望已落空，好事还在下星期中

Posted by erkongseng > 2015-10-28 20:30 | Report Abuse

Woulong,可说明何好事吗？