2015年5月31日星期日

0093 SOLUTN

最近,马来西亚的政治风险一波未平,一波又起。这使得股市一直被外资抛售了连续几天,同时股市连续泻了几天,从星期一的1767.38跌到现在的1735.93,足足跌了1.81%。所以上星期都没什么看股市,一直专注在寻找潜力股和做功课。

不多说了,先说主题。这次又来一间冷眼加码的公司了,而且这次的码也加得蛮大的哦,差0.24%就跃升为公司的主要股东了。另外公司的主要股东是Mr.Lim Yong Hew(这位是SOLUTN的创始人)和Mr.Lim Hai Guan(这位是执行董事),这两位是公司的两大股东而第三大股东就是冷眼了。。。这是冷眼目前这几月手上增持和减持的公司:


                                                               (图片摘自这里

然后这是前几天开始做的功课:


  • SOLUTION ENGINEERING HOLDINGS (0093, SOLUTN) belong to category of Ace Market.
  • Growth rate on EPS from year 2013 to 2014 has a massive record of 364%.
  • Revenue also has a high growth rate of 183% from year 2013 to 2014. This is due to the completion of project.
  • Total asset and total liability has growth rate of 42% and 214% respectively from year 2013 to 2014.
  • Cash has a CAGR of 26% from year 2010 to 2014. Healthy cash company.
  • ROE for year 2014 has a favorable result.
  • PE in year 2014 around the edge of 10, worth to invest in this stock.
  • DY also around the fixed deposit rate of bank, which is 4.76% in year 2014.
  • From those data above, year 2013 to 2014 is a biggest turning point for SOLUTN.
  • Fong Siling, 冷眼 become the 3rd biggest shareholder in year 2015 and he holding near 5% or 9,660,000 of total share outstanding. I am first time c his largest holding of quantity in company.
  • Fong Siling may trust the future view of SOLUTN due to the largest of shareholding.
  • My valuation on SOLUTN is giving the price of 0.54, which having the potential upside of 74%.
  • CY, Cash Yield in year 2014 is attractive.
  • SOLUTN principally in the business of designing and development of equipment for biolubricant project and for engineering education and research and provision of training and curriculum content development.
  • Approximately 20% of SOLUTN’s sales is exported and quoted in USD.
  • Recent completed project in year 2014 under state water operator SAINS (Syarikat Air Negeri Sembilan Sdn Bhd (SAINS), has opened a door for SOLUTN to other state water operators.
  • The Group operates predominantly in Malaysia.
  • SOLUTN established credible reputation in both the domestic and international markets.
  • SOLUTN also mentioned that they are confident for the result in biggest investment in the automotive lubricants business by move to bigger factory to tap into growing lubricants market.  
  • Segmental report on category of sale and geographical location is not provided in annual report.
  • Annual General Meeting (AGM) on date 16/6/2015. Proposed of share buyback and ESOS.
  • SOLUTN mentioned that has potential contract on pipeline and prospect achieved better financial result in end of year 2015.
  • Q1''2015 showed that revenue and net profit is increased of 121% and 182% for Q1''2015 and Q1''2014 respectively.
  • This impressive result is due to the improvement in revenue and profit was attributable to higher sales, better profit margin, better project cost control and management and favorable forex.
最后功课完毕。如有不恰之处请见谅 ^_^

本文只供参考。共勉之。

3 条评论:

  1. 写得很好啊~哈哈,我本来也是要做这家公司的功课的,拖拖一下到现在还难产。这家公司的董事在quarterly results的prospect那栏还蛮诚实的,如果预测业绩不好,他们会说公司会努力维持业绩,如果预测业绩好,他们会说预测业绩好,q1 2015的业绩比同期好,而且prospect那栏也写到预测今年业绩会更好。个人觉得有三点要注意的,第一是它的ESOS,可以去到share capital的30%,一般上市公司的ESOS最多去到share capital 的15%而已,去到share capital的30%,会稀释我们existing股东的权利,第二是我比较担心的,公司这几年来都说要透过merger and acquisition来扩大自己的market share,一般上acquirer通常都会给较高的premium,而我最担心的是它去收购亏钱的公司,就好像smrt收购megb一样,smrt是我投资股票其中一个最惨痛的历史,一公布收购亏钱的megb,股票就插水这样跌。最后一点这股毕竟是仙股/炒股,以前有过在3天从0.325跌到0.13的经验。虽然是冷眼重仓,但还是要小心,因为冷眼几时卖我们不知道,以前冷眼介绍的amedia也试过风光,但最后还是跌到没有价钱。个人小小看法而已:)

    ksay1ttl

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    1. 真的不好意思,现在才看到你的信息。首先非常感谢你的称赞 ^_^ 赞同所提出的三点,ESOS的增加也会冲淡EPS然后让PE变高了。ksay1ttl看到许多我看不到的东西,感谢受教了 ^_^

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