5162 ECS

总感觉今天的股市有点静悄悄的，是不是熊和牛在打架争上位呢？大众一定都希望熊永远都输在牛的脚底下，当然我也不例外 ^_^ 哈哈。。不多说了，先POST个这星期的功课，那就是以上大题目了。这间公司是间科技股，昨天碰巧是30仙股息的Ex-Date。公司习惯一年派2次息，预计下一次派息的时间就是11月了。另外ECS从2010至现在股价的复合年均增长率（CAGR）是大概13%，也就是说一番只需要大概5.5年哦，听起来好像很不错，不过需要确保公司未来有很多发展的空间。需要更了解“番”的意思请参考复利这连接。另外以下是大马ECS的老大和朋友：

然后以下是跟ECS有来往的公司（当中蛮多世界级的公司）：

再然后以下就是功课了：

• From year 2013 to 2014, revenue has an impressive growth of 20%. Net profit has a growth of 9%.

• Profit margin is very little due to RM1 of revenue just realize the net profit of RM0.02.

• PE and DY are worth to invest. Ignore the PE, ROE and DY in Q1''2015 because that just quarterly data.  

• Presently PE, DY and ROE are around 8.78, 3.30% and 14.55% respectively.         

• CY, Cash Yield is dropping from year 2012 to 2014. Latest CY is 2014 is 5% which higher than the fixed deposit rate of bank.               

• Free cash flow of ECS is reducing in yearly.          

• ECS is a company which zero borrowing and low non-current asset.        

• ECS dint own any land and building.        

• Larger cash and healthy net cash enable ECS undertake any business expansion in future.           

• Those directors are respectable because they are just concentrating the growth on firm. Fact may see through they did not help to hold or push the stock price. Transaction of directors to ECS was stopped after year 2012.            

• ICT Distribution segment expanded 32.1% year-on-year and this is boosted by the steady sales of notebooks and PCs, coupled with smartphone distribution portfolio.  
• Revenue in ICT shot 248% is due to re-classification of extended warranties from the Enterprise Systems segment in FY2014 and this make the Enterprise System segment decline of 8.9%. 

• Dividend payout is sustained around 36%+ in year 2013 and 2014.            

• ECS appointed by Microsoft to distribute Lumia 930, Lumia 830, Lumia 735 and Lumia 535 in Feb 2015.     

• ECS was selected by Xiaomi to be distributer of Xiaomi MiPad tablets in March 2015. Xiaomi is the 3rd largest smartphone distributor in world.       

• My valuation model is giving ECS with fair price of 1.60 and Kenanga given the target price of 1.76. 

• Government’s continued support for the ICT industry as reflected in Budget 2015 is anticipated to encourage this growth.               

• ECS is targeting to enlarge the smartphone distribution portfolio in year 2015.   

• New enhanced B2B platform is reintroduced by ECS in Q1''2015.               

• ECS has 4 subsidiary companies which are ECS ASTAR, ECS PERICOMP, ECS KU and ECS KUSH.     

• ECS is purchasing RM694million of office equipment during year 2014; this may be due to the expansion of business.     

• Fong Siling was sold his 100,000 shares within one year and left 700,000 shares in year 2015.  

最后公司最新的Q1''2015交出了不错成绩，跟Q1''2014比的话，Revenue上升了46.2%然后Profit Before Tax (PBT)上升了90.4%。公司预计会在Q2''2015推出新的手机及其他平叛电脑产品，同时也对公司在2015年的表现有信心。

最后功课完毕。如有不恰之处请见谅 ^_^

本文只供参考。共勉之。