Global Testing

Hi all,

I bought 3000 share of Global Testing not long ago but due to the Share Consolidation

Stock Name AYN 100Qty SGD 1.53
Stock Name AYP 50Qty SGD 0.00

Can some one explain ? Is my share worth only $1.53 per share or i need to purchase another 50Qty to make it 200Qty ?
I using standard Charted to trade

Yes, global testing went thru share consolidation of 20 into 1, so 3000/20 = 150.
AYN is the new stock name with lot size of 100 share. $1.53 is the closed price.
There is a temporary counter of unit share which means you can buy or sell share less than 100 shares. But the stock name should be AYO and the closed price for today should be $1.015.

Hope this helps.

(26-05-2015, 09:36 PM)previous Wrote: Hi all,

I bought 3000 share of Global Testing not long ago but due to the Share Consolidation

Stock Name AYN 100Qty SGD 1.53
Stock Name AYP 50Qty SGD 0.00

Can some one explain ? Is my share worth only $1.53 per share or i need to purchase another 50Qty to make it 200Qty ?
I using standard Charted to trade

Isnt the main ticker AYN and the closing price for 27 May at S$1.32? How was $1.015 derived?

(27-05-2015, 10:39 PM)newyorkcityboy Wrote: Isnt the main ticker AYN and the closing price for 27 May at S$1.32? How was $1.015 derived?

There is an odd lot counter (AYO) with 1 unit share.

This is a terrible business. Even though the testers have depreciated it cannot generate a lot of profit. You must not forget that at the heart of all the systems is a computer. The computers are subjected to obsolescence. So they need to continually invest in new capex in order to bring in more business. There is no IP on top of it so no competitive advantage. Definitely stay away or you might as well punt on 4d to give you better odds.

(28-05-2015, 03:03 PM)Tune Wrote: This is a terrible business. Even though the testers have depreciated it cannot generate a lot of profit. You must not forget that at the heart of all the systems is a computer. The computers are subjected to obsolescence. So they need to continually invest in new capex in order to bring in more business. There is no IP on top of it so no competitive advantage. Definitely stay away or you might as well punt on 4d to give you better odds.

This article was published slightly more than one year ago and it talked about free testers with software subscription................

(not vested)

SEMICON West Preview: Test
Test sector changes with maturing IC industry, including free testers with software subscription, payment by PayPal, design standards for board-level security.

JUNE 19TH, 2014 - BY: PAULA DOE
http://semiengineering.com/semicon-west-preview-test/

Business is good for vendors of test and inspection/metrology equipment

By Jeff Dorsch, Contributing Editor

http://electroiq.com/blog/2015/07/busine...equipment/

(not vested)

I recently reviewed Global Testing Q3FY15 results - http://infopub.sgx.com/FileOpen/GTCL_3Q1...eID=378138

Revenue -17.3% qoq. On a 9 month comparison, revenue is down 10.5%. I expect FY15 revenue to be around USD 33M against USD38M in 2014, a fall of 13%. I am guessing this is due to one of its customer, Marvell performing badly this year. OCF and FCF are likely to be in the range of USD15-16M and USD9-10M respectively

On the other hand, TSMC, another major customer of Global Testing, is still doing ok and is most likely going to be Apple's exclusive manufacturer for the A10 chip in the iPhone7 - http://www.gsmarena.com/hsbc_says_tsmc_w...-15304.php

Similar testing companies in Taiwan(King Yuan and Giga Solution Tech) are trading at 3.4x OCF. Using 3.4x OCF as a guide, Global Testing should trade closer to at a market cap of SGD 71M or ~$2.00/share. 

I am hoping for a dividend to be declared when FY15 results are released in Feb 2016.

(vested)

This is a highly illiquid counter with only about 35.4 m shares outstanding after the recent shares consolidation exercise.
 
The Group seemed to have paid little or no income tax on its profit yet, even though it has been profitable. What doesn’t seem clear to me is how much of unutilised tax losses and capital allowance that the Group still has available for offsetting against future profits?  

_________________________________________________________________________________________________________________________________________

The Company has generated substantial FCF over the past few years and repurchased a large chunk of its share float. I believe one of the rationale behind the recent corporate restructuring was to eliminate the accumulated losses hence enabling it to pay a dividend. It is likely this will be as high yielding as UMS assuming no sharp changes in revenue or capex.

(Not Vested)