2015年6月23日星期二

0113 MMSV

这里有没有人看中 Light-Emitting Diode,也就是 LED 在本地马来西亚和美国未来的市场呢?因为MMS VENTURE BHD (MMSV) 目前主攻研发的活动,目的是要提高 LED 的生产量。除此之外,最近的美元走势会带动和利益于出口为主的股票,同时MMSV 的营业额里有33%是出口去美国的,所以在 MMSV 在货币方面占了不少好处。另外,美国在未来的今年里升息的机会很大,一旦升息后,美元会因很多的投资资金全部跑去美国而让美元变强。不多说了,再说就会变一堆经济学了,以下是对 MMSV 的功课:


Data Analysis  
  • EPS's CAGR from year 2010 to 2015 has a good result with 125%, this is due to the massive record in year 2013 and 2014.               
  • Average EPS growth rate within 5 years has a negative result, year 2012's record made this.      
  • Average free cash flow yield, CY is 2%, less than bank fixed deposit rate.              
  • Net loss incurred in year 2012 is due to the last quarter. Operating expense has a huge amount with RM 3,658,401; this is portion of 89% in total operating expense in specific year.           
  • Director explains increase of operating expense in year 2012 mainly due to the impairment of inventories.         
  • Gross profit and net profit margin is maintained above 27% and 20%, both have a decent result.              
  • Rocket on net profit's growth rate in year 2013 and 2014, there recorded 264% and 108% respectively.  
  • Year 2014, there are lot of jump records which are total asset, total liabilities, trade receivable, trade payable and cash. All around 100% in increased rate. 
  • Net cash is around RM15 million, total borrowing of MMSV is very low. 
  • NTA is low. ROE in year 2014 has a good record with 33%. 22% of pass result in year 2013 also attractive.
  • PE and DY consider at acceptable level with 11.55 at current price and 3.81% previous record respectively.           
  • Result in year 2012 made average CY become not attractive but CY in year 2013 and 2014 is attractive, both have record higher than 10%.             
  • Stock price has a CAGR with 37% from year 2010 to 2014.             
  • Net trade recorded negative in year 2014 and latest quarter result. This case need to observe closely on future quarterly report.
  • Higher trade payable may reflect company cannot pay off the short term obligation. Low trade receivable reflect company difficult to collect the money from their debtors.

Annual Repot 2014 Analysis        
  • Listed in Ace market with Technology sector.     
  • MMSV's principal activities are manufacture of automated systems & machinery and development of software.              
  • MMSV will focus at R&D activities primary gearing them towards growing market niche of high-power LED production. 
  • MMSV also look forward to the challenges with "excitement and enthusiasm".
  • Profit before tax shoot up 109% mainly due to increase in revenue (+48.8%) and operating income (+105.2%) and decreased in other operating expense (-58.6%).
  • Unrealized foreign exchange gain recorded RM 443,900, improved 7.5 times compared previous year. This is due to weaken currency of RM to US dollar.      
  • There are increased in inventories with amount RM 3.5 million.
  • Inventories included raw materials (23%) and work in progress (77%), both recorded -18% and +180% respectively compared previous year.


  • Revenue in Malaysia and America improved 79% and 45% respectively.
  • Domestic revenue is seizing 46% and others 54% is exported to foreign country.
  • Goh Kim Hock, Non-Independent Non-Executive Director and Tan Hock Hin, Independent Non-Executive Director both are doing lot of transaction during year 2015.             
  • Nowaday, Mr.Goh is reducing his shareholding to 15.08% in latest 2 months. He is the largest shareholder too. 
  • A substantial shareholder, Sim Goay Hoon (No position in MMSV and wife of Mr.Goh) is same transaction with Mr.Goh which disposed 1,199,000 shares in latest 2 months.       

  • First time MMSV buy back its shares in current month, reason maybe is management thinks the stock prices is undervalued or save the fall condition of substantial shareholder keep selling shares.
  • Kenanga and RHB-OSK giving the target price of 0.78 and 0.89 respectively.         
  • Personal view on MMSV is market of LED manufacturing industry in Malaysia and America is limited because the biggest market for LED is China and Taiwan.
  • Strength in US dollar against RM will lend a hand to MMSV for growing faster in EPS.      

Q1''2015 Analysis             
  • MMSV made other investment with amount of RM 500,000 and its value up to RM 505,918.       
  • Cash is increased RM 531,267 or 12% within three months.          
  • Revenue and net profit increased RM 2.6 million or 53% and RM 0.9 million or 115% respectively compared with Q1''2014.               
  • Unrealized forex gain with RM378k due to weaken on RM.         
  • Disposal of property, plant and equipment (PPE) valued RM 144,722 with gained RM 2,607.        
  • America replaced the Malaysia as the top revenue customer.    
  • MMSV move the target customer on Malaysia and America. Previosly Q1''2014, MMSV just gt three customer who is Malaysia, America and Asia; Asia is the top revenue customers before. 
  • By comparing Q1''2015 and Q1''2014, revenue in Malaysia and America increased 94% and 210% respectively.    
  • The higher revenue was mainly due to higher volume of machines sold as a result of good demand from both the LED industry and smart phones/ devices industry.   
  • Favourable forex gain resulted from the strengthening of US Dollar against Ringgit Malaysia during current quarter also is one of the contributer on the higher revenue.  
  • Board is optimistic on the prospect of the MMSV in year 2015.   

本文只供参考。共勉之。

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