GESHEN (7197) 巨盛 - 浅谈 GESHEN
GE-SHEN CORPORATION
BERHAD (精密塑料制造商)
Core Business
Engineering Services (设计模具)-Design
for manufacturability, Computer aided design, Computer aided manufacturing,
Mould flow analysis
Tool Fabrication (模具加工)-CNC
milling, Electric discharge machining, Wire electric discharge machining,
Polishing, Grinding
Injection Moulding (注塑成型)-Thermal
cycling, Multistage hydraulic core pull moulds, Over moulding, Control room moulding,
High precision moulding
Secondary Processes (二次处理)-
Spray Painting, Screen printing, Induction bonding, Ultrasonic welding, Heat
staking
Sales Flowchart
01 Order 订单
02 Tooling Design 模具设计
03 Discussion 讨论
04 Tool Making &
Testing模具制作与测试
05 Injection modelling 注塑建模
06 QA Inspection 检验
07 Secondary Process 二次处理
08 Assembly 大会
09 Final Product 最终产品
Example: Automotive
parts, Consumer electronics parts, Medical products
Management
Shareholding of Pelita
Niagamas Sdn. Bhd in Ge-Shen had increased from 14.31% to 52.67%, on 11 August
2015 take-over the company. After that reduce the number of share to maintain
the listing status of Ge-Shen.
Mr. Chan Choong Kong was
appointed to the Board on 23 April 2015 as an Executive Director. On 9
September 2015, he was appointed as Joint Managing Director and was
subsequently redesignated Managing Director on 29 February 2016
Financial Highlights
|
|
2012
RM’000
|
2013
RM’000
|
2014
RM’000
|
2015
RM’000
|
2016
RM’000
|
|
Revenue
|
89,603
|
80,384
|
85,000
|
137,441
|
185,523
|
|
Net Profit
|
1,781
|
2,197
|
2,544
|
12,692
|
15,157
|
|
Profit Margin
|
2%
|
2.7%
|
3%
|
9.2%
|
8.17%
|
|
Dividend Yield
|
-
|
-
|
-
|
-
|
-
|
Quarterly Report Analysis
-Revenue increase of 44% compared
to the corresponding quarter last year
-Higher revenue due to
acquired Polyplas Sdn. Bhd. and increase in sales volume from certain existing
customers and new customers.
- Trade receivables 1 times compared 2015
- Non-Current Liabilities increased 4 times compared
2015
- Current Liabilities
increased 1 times compared 2015
- (Cash + Trade receivables) <
Current Liabilities
Segmental Information
Business Prospect
-Proposed establishment
and implementation of an Employees’ Share Option Scheme (“ESOS”) for the
eligible employees and eligible Executive Directors of Ge-Shen and its
subsidiaries. It is cost to the Group and dilution to existing shareholders
-Contracts being
negotiated in Ringgit terms.
-Fareast imported
wage-inflation and financing cost may be increased
-Having acquired land and
buildings in our subsidiaries in Ge-Shen Plastic Sdn Bhd in Johor, Malaysia and
Ge-Shen Vietnam Co. Ltd in Hai Phuong, Vietnam (which were both completed in
4Q2016). After completion of manufacture facilities will be implemented to
generate revenues.
-RM44.5 million to
deployed for capital expenditure (CAPEX) to increase its manufacturing capacity
and capabilities
History
-May 2015, acquisition of
75% equity interest in Polyplas Sdn. Bhd. for a total consideration of
RM33,756,253. (47% is funded by internal fund and 53% proceeds from issuance of
the Redeemable Convertible Preference Shares)
- May 2015, disposal of the loss making subsidiaries
-September 2016, acquired
the remaining 25% equity interest in Polyplas Sdn. Bhd.
-September 2016, acquired
70% equity interest in Demand Options Sdn. Bhd, remaining 30% will acquired after
3 year. Helping Tool Fabrication (模具加工) and reach Singapore market.
- October 2016, acquisition of a double storey detached warehouse for
a consideration of RM9.5 million from TNLOGIS, reduce rental cost.
Disadvantages
-Facing seasonality
-High gearing (debt)
-May face shortage of
fund
-low profit margin
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新的两间产房有助于提升盈利，收购发展导致债务过高。
Current Price 1.98
Target Price 2.30 (not
include the two new land in Malaysia and Vietnam)
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GESHEN (7197) 巨盛 - 浅谈 GESHEN
http://atzerinvest.blogspot.my/2017/04/geshen.html
