Posted by 8dragon > 2023-11-24 09:11 | Report Abuse

Qtr record heavy loses, share will drop below 0.40 ....

Posted by 8dragon > 2023-11-27 12:28 | Report Abuse

Stay away from technology stock for now, and at least for the next half year

Posted by kokchengkai > 2023-12-13 23:04 | Report Abuse

QES – 企业探访

经过长时间的安排，终于获得宝贵机会前往QES位于Glenmarie的新设施参观。

个人一直都非常欣赏 CEO Mr. Chew的领导能力，而且在处事待人方面也非常友好和亲切。以QES现有的生意模式，我敢大胆的说，未来10年将屹立不倒。

? 在早期90年代成立时，主要从事自动化设备 (ATE) 的分销活动，简短来说就是代理全球知名品牌的产品，并在东南亚市场分销，直到00年代才进军制造活动。在过去30年期间已经累计接近4,000位客户群，而分销品牌超过50个。

? 虽然分销行业的门槛理论上并不高，但是在打好基础后却是一个非常好的护城河。其一，在东南亚6个国家都设有办公室，有充足的人脉资源和网络来分销产品。当品牌方推出新产品时，他们肯定将优先想起QES。其二，由于分销产品多样化，在客户购买某个产品之后，往往可以顺势推销其他应用的产品。

? 值得一提，所谓的“自动化设备”并非局限在半导体行业而已，当中包括其他行业使用的设备，例如种植、采矿、实验、环境等等。有的设备可以检测出金属块的碳含量，有的可以分析出化学成分，有的则可以自动化某个流程，尤其是在全自动实验室内。

? 目前， 半导体行业的营收占比达46%，其次是汽车22%和电子行业17%。虽然其他行业的贡献比例不高，但是却有助于多元化收入来源，以及减少对于某个行业的过度依赖，尤其是在当下的半导体行业周期。

? 旗下产品分为8个系列，其中包括自动化处理系统 (AHS)、自动光学检测 (AOI)、智能制造解决方案 (SMS)、先进计量系统 (AMS) 等等。为了提高价值和定位，偶尔也根据客户的要求，为他们在一些设备上置入自动化的处理系统。

? 在分销设备之后，将为客户提供售后服务，例如保修和替换零件。当卖出的设备数量越多，每年所带来的可持续性收入将越高。一般上，每台设备的保修费用是售价的5-10%。以现有市面上超过7,000台“活跃”设备计算，每年可以带来介于RM50-60m的收入，占全年营收的20-25%。

? 自动光学检测 (AOI) 是半导体行业一个通用的术语，不过产品可以区分为几个等级。AOI的功能是利用机器视觉的技术来检测LED、PCB等等是否符合标准，当中每台机器的“机器视觉“是区别所在，所采用的光学包括Microscope、Lasers、X-Ray、3D等等。值得一提，以AOI闻名的Vitrox主要采用X-Ray和3D的技术。

? 在20-30年前，半导体行业主要以人手的方式，也就是一个一个去检查瑕疵；之后发展至半自动化，也就是操作员在电脑的视像放大下逐个排查；如今的趋势已经是全自动化，也就是由电脑系统自动排查，不需要人手的干涉。

? 除了光学部分，当下AOI最为关键的技术是自动瑕疵排查及分类系统 (ADC)，简单来说就是人工智能系统，并非每个同行都掌握这个技术。QES在这方面的研发上足足耗时大约3年，现阶段已有实力与一些外国品牌竞争，例如Onto和Camtek。

? 除了后端工艺之外，也参与半导体前端工艺的晶圆检测设备。经过多年的研发后，如今产品已经成功推出，并处于内部测试阶段，预计在2024年可以寻获首个客户。虽然与美国品牌的设备功能相似度可能仅有70-80%，但是价格却便宜30%左右。目前，来自美国的设备平均售价介于USD0.8-1m，而QES产品的售价仅USD0.5m左右。

? 晶圆检测设备可以是一个非常简单的产品，不过却取决于在晶圆的哪个流程测试。如果是在Wafer Bumping的阶段，则需要3D技术的检测功能。有必要强调，与一些外国大品牌完全处于不同档次的竞争。以KLA为例，他们的机器主要用于检测3nm、7nm等等的晶圆瑕疵，每台售价轻易超过USD20m。

? 值得一提，其分销与制造业务也有相同类别的产品，不过并非是直接重叠的产品，因此与品牌方的产品称不上有直接的利益冲突。举个例子，虽然Nikon也有晶圆检测设备，但是他们的产品并非是全自动化。

? 在半导体前端工艺，除了晶圆检测之外，在不久前已研发出晶圆堆叠设备 (Wafer Stacking)，将在2024年交付第1台。虽然同行Penta和MMSV也有相似的产品，但是他们主要采取定制化的模式，相反QES要减少定制化，并专注在标准化的设备。

? 生意的短期亮点在于汽车行业，在上个月获得一些规模相当大的订单，主要来自汽车半导体企业的SiC产能扩充活动，交付期落在2024年。作为参考，大部分全球汽车半导体企业都是其客户，例如Infineon、NXP等等。

? 中国半导体的当下行情依然没有起色，相信将维持至少多2个季度。虽然持续受到美国的打压，但是从另一个角度，却将加快中国达到“自给自足”的速度。

? 华为最新手机Mac 60 Pro采用7nm的芯片，不过问题在于中国没有ASML的光刻机，理论上是没办法生产这类型的芯片，因此或许将迎来新一轮的课题。此外，对于即将推出的iPhone 15是否能推动市场消费抱有质疑。

总结，QES生意的独特优势在于“多元化”，无论是产品、市场或者行业，在行业下行周期之际依然保持稳健的表现。

个人观点，本地规模较小的半导体企业，例如Elsoft、Aemulus、MMSV等等，最大挑战在于缺少高效的营销网络，有别于QES在东南亚市场已经建立成熟的分销网络。每家成功的企业都离不开厉害的销售，而不是厉害的研发。

Posted by 8dragon > 2023-12-18 10:58 | Report Abuse

There's no surprise in the qtr result. TP is 0.55.

Posted by YiStock > 2023-12-20 15:29 | Report Abuse

Have to cross 0.55, then 0.65 is the next target. The new contract secured should be able to help QES to have a meaningful growth story in next 1 year

Posted by YiStock > 2024-01-04 16:48 | Report Abuse

To challenge 0.55

Posted by 8dragon > 2024-01-05 15:28 | Report Abuse

屹立不倒的公司,股价却这么烂..

Posted by 8dragon > 2024-01-10 11:21 | Report Abuse

目标价0.35...

Posted by 8dragon > 2024-01-10 16:11 | Report Abuse

Yea, non performing stock used to be press champion to con investors....

Posted by dchin472 > 2024-01-17 13:58 | Report Abuse

boss suddenly no update alrd lousy

Posted by 8dragon > 2024-01-17 19:11 | Report Abuse

Better buy AEMULUS...TP 50 cents

Posted by 8dragon > 2024-01-26 11:52 | Report Abuse

TP for QES is 0.35-0.40. Would be a hard year for technology industries locally and abroad.

Posted by Gen2 > 2024-01-27 15:24 | Report Abuse

@kokchengkai
高科技企业最重要的就是研发，要不然QES的老板也不会要求产品制造份额超过30%。看看台积电和ASML他们是不愁销售的。

Posted by ysyap84 > 2024-02-08 15:11 | Report Abuse

Reversal trend spotted. Expected heading to north....

Posted by Michael Kwok > 2024-02-08 15:54 |

Post removed.Why?

Posted by ysyap84 > 2024-02-13 18:05 | Report Abuse

Be patient, it is coming....

Posted by seekingsuan > 2024-02-16 10:57 | Report Abuse

28-2-2024业绩報告，qes 目标72角

Posted by remus17 > 2024-02-16 13:52 | Report Abuse

what makes you say so, 72 cts?

Posted by remus17 > 2024-02-22 15:04 | Report Abuse

qes move pass 1 mth high, 52.5 now, good result ?

Posted by wilsonchan87 > 2024-02-26 12:47 | Report Abuse

faster sell. manufacturing section is loss

Posted by MACD > 2024-02-26 15:28 | Report Abuse

gap down ?

Posted by kokchengkai > 2024-03-06 17:23 | Report Abuse

market sentimental is no good but qes curi curi up ..sumthing is brewing

Posted by stockraiders > 2024-03-07 07:46 | Report Abuse

Seemed to have formed an inverted head and shoulder pattern after breaching 0.545. If it can stay above, there is a chance it could continue its upward trajectory.

Posted by acnca84 > 2024-03-21 16:02 | Report Abuse

😎

Posted by ronnie2u > 2024-03-22 10:39 | Report Abuse

broke 54.5 sen looking for uptrend.... come come don't miss the boat

Posted by Avantador > 2024-03-22 15:31 | Report Abuse

60s traded .....

Posted by CalvinK > 2024-03-26 11:06 | Report Abuse

It will come by any chance above 70 cents coming months

Posted by ronnie2u > 2024-03-29 10:58 | Report Abuse

70 sen coming soon..don't miss the boat

Posted by Avantador > 2024-04-02 15:22 | Report Abuse

63.5s traded
70s coming !

Posted by kokchengkai > 2024-04-03 15:51 | Report Abuse

11,11,11,11,11,11,11,11,11 who play this game hidden code ..hahahaha

Posted by Paktua Second > 2024-04-03 16:32 | Report Abuse

Code to dump the stock lah. Never see before eh?

Posted by kokchengkai > 2024-04-03 16:57 | Report Abuse

profit taking eve hari raya

Posted by Tango123 > 2024-06-05 16:35 | Report Abuse

QES already hit 0.715 & looking strong. RHB said QES poised for a technical breakout with TP1 at 0.75 and TP2 at 0.80. Watchout for the breakout! Good luck

Posted by Tango123 > 2024-06-11 13:05 | Report Abuse

TP1 0.75 hit after 3 trading days. Fasten seat belt for TP2 0.80. Happy investing.

Posted by cheoky > 2024-07-03 22:46 | Report Abuse

new plant commencing?

Posted by Henryjohny > 2024-07-10 11:40 | Report Abuse

mmm...

Posted by seekingsuan > 2024-07-10 14:17 | Report Abuse

矽光子

Posted by Kenneth91 > 2024-07-12 12:01 | Report Abuse

QES is another dark horse to watch!

Posted by seekingsuan > 2024-07-13 13:32 | Report Abuse

未来战士科技矽光子

Posted by rabbit07 > 2024-07-19 11:10 | Report Abuse

QES forms a double top? need a rejection on the trendline @0.720, looking at market depth, quite not favorable to closed above 0.730 for today session

Posted by CHS23 > 2024-07-19 16:37 | Report Abuse

sell.....run.....

Posted by stockraiders > 2024-07-26 08:58 | Report Abuse

Now trending at the bottom channel and as long as it hold its ground, there is a chance of rebound and resume its upward trajectory.

Posted by flowerbirds427 > 1 month ago | Report Abuse

https://idashelteringla.com/en-US/forums/general-discussion/18768402-dea1-ef11-95f5-000d3a31f983

Posted by flowerbirds427 > 1 month ago | Report Abuse

https://idashelteringla.com/en-US/forums/general-discussion/18768402-dea1-ef11-95f5-000d3a31f983

Posted by mf > 4 weeks ago | Report Abuse

14m ago
Dozens of projectiles fired into Israel from Lebanon, army says

Posted by fruitcake > 2 weeks ago | Report Abuse

https://www.thestar.com.my/business/business-news/2024/11/25/dicey-days-for-chip-makers

Posted by fruitcake > 2 weeks ago | Report Abuse

someone can really BS their way

Posted by fruitcake > 2 weeks ago | Report Abuse

i don't mind 50sen today. please donate

Posted by pampers > 2 weeks ago | Report Abuse

Mmsv, penta , jftech fly today, Qes should have some spill over effect

Posted by Bernard85 > 1 week ago | Report Abuse

It will break 60 sen sooner or later 🙂