MMSV (0113) MMS創投 - MMSV -主板在望!




MMSV -主板在望!2017第二季度(Q2 )业绩有望突破历史新高?
主要业务
  • MMSV是一家设在槟城的高科技自动化系统及机器制造商, (Automation & Machinery),公司的顾客群分别有LED工业,半导体Semiconductor,OEM/ODM
  • 公司LED业务主要用于Smart devices,Automotive 和 general lighting
  • 旗下两间公司分别为
    • Micro Modular System Sdn Bhd – 制造LED和半导体工业自动化系统和机械
    • Evolusys Technologies Sdn Bhd – 负责软件开发
  • 业务遍布-马来西亚,美国,欧洲,澳洲,亚洲等
  • 公司近年来受惠于需求强烈的LED和automotive工业
公司摘要
  1. PE 20
  2. ROE 31%
  3. Average NET Profit margin 26%
  4. Net Cash - Zero Borrowing
  5. Main board catalyst
  6. Double-digit growth
  7. Cold eye one of the 30 largest shareholder  



2014
2015
2016
T4Q
Revenue (‘000)
39,691
31,291
35,584
46,645
Net Profit (‘000)
10,456
8,082
9,520
13,848
EPS
6.41
4.96
5.84
8.5
DPS
1.00
2.00
2.00
2.00
ROE
26.34%
25.83%
23.61%
31.83%
Net Profit Margin
26.34%
25.83%
26.75%
29.69%

主板需求
Track Record Requirement - Profit Test
  • 连续3或5个财政年累积至少RM 20 million的税后盈利(Profit after taxation),并在最近期的财政年取得至少RM 6 million的税后盈利,而且公司盈利需不间断性,期间没有出现亏损。
  • 2014-2016的税后盈利已经超过RM 20 million (FY14: 10,456 + FY 15: 8,082 + FY 16: 9,520 = 28,058)最新财政年(FY16)也取得RM 9 million的后盈利,所以相信MMSV已经符合这个条件。
Sufficiency of Working Capital
  • 需要有足够12个月的流动资金(working capital)
  • 要有正营运现金流 (positive operating cash flow)
  • 不可以有累计亏损(accumulated loss)
  • 从以下财表可以看到公司的Trade Receivables > Trade Payables, 且拥有RM 16m现金。Operating Cash Flow 也是正面的。 而且公司连续三年都保有盈利,所以是没有accumulated loss的。所以working capital 这个条件也符合。

Shareholding Requirement
  • 大众持有率至少25%,和不少于1,000人持有公司股份至少100 units
  • 从以下图表可以看到公司的董事占有47.6%,也就是说大众持有率至少25%的条件已经到达,而且超过1000人持有至少100 units of shares


“We hit the net profit requirement back in 2015. We only need three years cumulative net profit of RM20 million to qualify for a promotion to the Main Board. It is something that we are planning. If all goes well, we might be on the Main Board by the third or fourth quarter,” says chairman and managing director Sia Teik Keat, adding that the final decision lies with the Securities Commission Malaysia.
With a cumulative net profit of RM33.08 million over the past four years, MMSV should not have a hard time securing SC’s approval. (The Edge)
从以上的条件来看,MMSV已经符合升主板。根据The Edge的报道,公司的profit test已经通过了,若果一切顺利的话,MMSV有望在第3或4季度转为主板。但是最终能否转为主板就要看SCM了。所以笔者相信,MMSV今年有极大的可能成功转上主板。
Financial Position Highlight

T4Q
Liquidity Ratio

Current Ratio
3.01
Quick Ratio
2.05


Solvency Ratio

Debt to Equity
0.41
Debt to Asset
0.29
Financial Leverage
1.41


Profitability Ratio

Gross Profit Margin
34%
Net Profit Margin
29.69%
Asset Turnover
0.76
ROE
31%


Valuation

PE
20.84
P/B
6.58
EV/EBIT
18.96


MMSV的Balance Sheet 是很强的,完全没有负债,手握RM 16 million现金。Liquidity ratio 和 solvency ratio 都处于健康良好水平。公司也拥有很高的gross profit margin,net profit margin和ROE。但从P/B和EV/EBIT来看,公司的估值过于偏高。但基于公司业务持续增长且拥有超高的净利,以及转主板催化剂。加上市场上电子股的PE 介于20-30,取中间为25,若是以PE25为标准,股价还是有上涨空间的。在MMSV FY16的年报里,Reserves为RM 25 million,这显示公司是有派红股(Bonus  Shares)的能力。

Q2业绩
从MD的statement大概推算下个季度的业绩,

“MMS Ventures expects test equipment sales to improve by a double-digit percentage in the second quarter, which closes June 30, over the preceding quarter. “So far, we have delivered some 50 units test equipment to our customers in the United States, Japan and other parts of the Asia-Pacific region. “We still have 20 more units to ship out before the end of June. The group will deliver another 30 to 40 test equipments in the second half of the year. “We expect a strong double-digit percentage growth in 2017 over 2016,” added Sia. The selling price of test equipment is around US$100,000 to US$220,000 per unit, and has remained stable for the past two years due to competition.(The Star)

http://www.thestar.com.my/business/business-news/2017/06/05/chip-test-equipment-makers-remain-bullish/

1 Jan – 30 June 2017
  • Test Equipment:  50 units + 20 units = 70 units
  • Selling Price:  USD 100K – USD 220K per unit
  • Average Selling Price: (USD100K + USD220K) /2 = USD160K
  • USD 160K X 4.2 (马币对美金兑换率) X 70 units = RM 47 million
  • RM 39.95m (RM 47 m x 0.85, 给予15%的折扣) – RM 14.9m (2017 Q1 Revenue) = RM 25.05m (比较符合管理层所说的double digit growth)
  • RM 25.05m X 0.26 (Net Profit Margin 26%) = RM 6.5 m
相信MMSV应该会交出RM6 million以上的净利,如果是的话,这将是公司历史上最高的税后盈利。季报将会在这个月出炉,到时就能见真章了。

By: 十里
6/8/17

Note
以上纯属个人分享及意见,并没有买卖建议,
 
 
http://tenmilesinvestment.blogspot.my/2017/08/mmsv.html