Micro-Mechanics (Holdings)

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(26-09-2017, 10:25 PM)chialc88 Wrote: 研究主管 Amazing Paul Chew - Head of Research POEMS.COM.SG

This is what he did:
a) 22 Sept 2017 - released a rated report for MMH (paid)
    link

2) 25 Sept 2017 - conducted a webinar.
    pdf: link

    

I think he might not read valuebuddies as he still missed out on the 3 big questions.

He is a little bit confused:
1. at the beginning of the video, he highlighted the investment merit which is the key for the 3rd questions.
2. however, in his presentation, it's clear that he is still waiting for the merit to pend out.  either he had not done the segment analysis and zoom into the customers or he had missed out the significant transformation which had already happened.

Ok, give him 2 credits:
7 mins  & again 12 mins - he had correctly identified something unique about MMH
 (and this is exactly the reason why mm caught my attentions during my dental appointments. an impossible feat for high tech precision industry. mm is using equipments that's already 10-20 years old to make products for its customer. imagine these old machine which fully writeoff and operate by normal/old workers. no problem at all. technology is matured for mm.).

39mins, during a Q&A, he answers brilliant on MMH competitor...
... MMH do not have competitor.
...... MMH is the sole supplier for it's customers.
(that's the reason why mm can have 50% GPM operating in China).

Hi Chialc88,

Do see MM as a cyclical stock? 

To me, semicon industry is more & more becoming a consuming item. I observed that during downturn, people still continue to upgrade their smart phone.

setan

Reminds me of Unisteel actually. High ROE, great balance sheet, managed to carve out a moat in a niche area in a cyclical industry. Eventually buy out by KKR, which then sold it to SFS:

http://www.reuters.com/article/unisteel/...7620080417
http://media.kkr.com/media/media_release...eid=338833
http://media.kkr.com/media/media_release...eid=338833

I guess for such well managed companies with a competitive edge, the question is not whether any parties interested to buy but whether management is interested in selling...

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Micro-Mechanics and Applied Materials work very closely. Do take a look at Applied Materials, I believe they have raised their guidance.