math_of_money
Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Memtech International
22-11-2016, 11:21 AM,
Post: #101
RE: Memtech International
Much improved 3Q results (posted two weeks ago), although the year to date still dragged down by 2Q. A little recent bounce as a result.

http://infopub.sgx.com/FileOpen/Memtech2...eID=428749

Also recently recommended by CIMB Securities, based on report in the Edge.

Memtech used to get reasonable coverage in VB, but seems to have dipped below the horizon since the profit warning earlier in the year (before 2Q).

Find Reply
22-11-2016, 01:37 PM,
Post: #102
RE: Memtech International
(22-11-2016, 11:21 AM)Dosser Wrote: Much improved 3Q results (posted two weeks ago), although the year to date still dragged down by 2Q. A little recent bounce as a result.

http://infopub.sgx.com/FileOpen/Memtech2...eID=428749

Also recently recommended by CIMB Securities, based on report in the Edge.

Memtech used to get reasonable coverage in VB, but seems to have dipped below the horizon since the profit warning earlier in the year (before 2Q).

Previously had a good run with this one but cashed out when it went above NAV after turnaround from loss making.

[Notwithstanding the improved performance, the overall market conditions in China remained weak in 3Q2016 as reflected in the stagnant GDP growth of 6.7% and declining imports and exports. The Group expects these conditions to persist for the rest of 2016.]

It interesting mgt. feels the GDP 6.7% is stagnant. LOL that number would be impressive in most developed nation economies.

In any case, it seems the business environment over there is not that good at the moment and will probably not be improving as exports decline so there is quite some macro risk with the sector memtech is operating in.
"I love Taiwan"

Find Reply
09-01-2017, 03:17 PM, (This post was last modified: 09-01-2017, 03:47 PM by BlueKelah.)
Post: #103
RE: Memtech International
Selling some factories and land for profit. one time gain to EPS of SGD3.3c and cash pile will increase by SGD8.1m. NAV will be SGD $1.15 by then.

The Board of Directors of Memtech International Ltd. (the “Company”) and together with its
subsidiaries, the “Group”) wishes to announce that the Group’s wholly owned subsidiary, Huzhou
Memtech Electronic Industry Co., Ltd (the “Vendor”), has, on 29 December 2016, entered into a sale
and purchase agreement (the “Agreement”) with Zhejiang Add Auto-Parts Co., Ltd (the “Purchaser”)
for the sale of two pieces of its land located at No. 328 Guangyuan Road (“Asset A”) and No.181
Chuangye Avenue (“Asset B”) respectively, in Huzhou City, the People’s Republic of China
(collectively, the “Assets”) as described below for an aggregate cash consideration of RMB 41,000,000
(inclusive of value-added taxes on land and property) upon the terms and conditions of the Agreement
(the “Disposal”).

thinly traded and unloved again, tempted to accumulate before 4q results out, but STI is up up up, no chance...
"I love Taiwan"

Find Reply
09-01-2017, 05:00 PM, (This post was last modified: 09-01-2017, 05:02 PM by hh488.)
Post: #104
RE: Memtech International
(22-11-2016, 01:37 PM)BlueKelah Wrote: Previously had a good run with this one but cashed out when it went above NAV after turnaround from loss making.

[Notwithstanding the improved performance, the overall market conditions in China remained weak in 3Q2016 as reflected in the stagnant GDP growth of 6.7% and declining imports and exports. The Group expects these conditions to persist for the rest of 2016.]

It interesting mgt. feels the GDP 6.7% is stagnant. LOL that number would be impressive in most developed nation economies.

In any case, it seems the business environment over there is not that good at the moment and will probably not be improving as exports decline so there is quite some macro risk with the sector memtech is operating in.

Hi BlueKelah

I thought Memtech price all the while below NAV?  When did it hit NAV & above?

Current NAV is abt USD 77 cts if not wrong?  Thanks.

Find Reply
09-01-2017, 06:38 PM,
Post: #105
RE: Memtech International
(09-01-2017, 05:00 PM)hh488 Wrote:
(22-11-2016, 01:37 PM)BlueKelah Wrote: Previously had a good run with this one but cashed out when it went above NAV after turnaround from loss making.

[Notwithstanding the improved performance, the overall market conditions in China remained weak in 3Q2016 as reflected in the stagnant GDP growth of 6.7% and declining imports and exports. The Group expects these conditions to persist for the rest of 2016.]

It interesting mgt. feels the GDP 6.7% is stagnant. LOL that number would be impressive in most developed nation economies.

In any case, it seems the business environment over there is not that good at the moment and will probably not be improving as exports decline so there is quite some macro risk with the sector memtech is operating in.

Hi BlueKelah

I thought Memtech price all the while below NAV?  When did it hit NAV & above?

Current NAV is abt USD 77 cts if not wrong?  Thanks.

sorry type wrongly, this one i remember bought at  around 10c level, it was stuck there for a long time with few hundred lots blocking at 10c whilst i suspect someone was collecting. then it suddenly chiong to 14c+ so I decided to take profit.

Most of my stock usually I wait till NAV to sell but this was one of the exception so confused myself, sometimes type too fast.

yup NAV now is USD 77c  and should hit 80c next quarter. I didn;t follow much after selling but seems like they got the contract to make those expensive Dr. Dre BEATs headphones from apple and according to some analyst report last year some production halt or something and resumed recently so profit gone back up. They are also making some plastic parts for Tesla i think. So this year could be very busy ramping up production. 

Current valuation looks okish, net cash after the sale will be up to 40% net cash to Mcap. Only issue is i think previously they announced div payout is 30% and EPS so far this year is still not much  due to previous negative quarter so they might only do 2c, FY EPS 2016 probably only around 5-6c. The profit from the sale is also going back to cash pile and "working capital" purposes as co. has announced and will not be reflected in this quarterly anyways.

At 63c thats not a very attractive div for me, and we wont know if they would suddenly have another negative quarter or dip in earnings again this year.
"I love Taiwan"

Find Reply
24-02-2017, 01:24 PM, (This post was last modified: 24-02-2017, 05:16 PM by BlueKelah.)
Post: #106
RE: Memtech International
fY results out, EPs USD2.9 for the quarter with jump in top line, but admin costs drag on profit.

Small SGD2.5c div as EPs for the year USD4.5c only due to previously poor 1q and 2q.

-v and collecting-

Sent from my MotoG3 using Tapatalk
"I love Taiwan"

Find Reply
19-03-2017, 11:40 PM,
Post: #107
RE: Memtech International
It could be a very interesting company that maybe not well understood by investors

Find Reply
10-04-2017, 02:15 AM, (This post was last modified: 10-04-2017, 02:18 AM by GenS70.)
Post: #108
RE: Memtech International
Salient points of Memtech's investment merits:

1. Lowest PB at 0.6x when its peers like Fischer, Fuyu, Sunningdale & Hi-P are trading above or near NAV

2. Net cash per share of $0.18 with an additional $0.05 coming in from the sale of a property; net cash make up of 33% of its market cap with a dividend yield of 3.5%

3. Historical Ex-cash PE estimated at 6-7x with a potential of a better valuation in 2017 given that 2016 is significantly impacted by the delay in Beats program

4. Market is skeptical because of its earning volatility, however, when viewed in the context of how it recovered from the keypad crisis due to smart phones and this is only 4 years since the height of the keypad crisis, I would say that Memtech is a very resilient company with very dynamic management

Read for better understanding: http://www.straitstimes.com/business/com...-sit-still

5. Memtech is very research & development (R&D) focussed. In its IPO prospectus in 2004, R&D is very much emphasized and in every annual report since IPO, the head of R&D is listed as a key management staff. We do not see this in its peers' annual reports.

In 2015 annual report in Key Management section:

Dr. Han Hui Sheng is the Director of our R&D Institute. He is responsible for overseeing the Group’s research
and development of new materials and technologies. Dr. Han has had more than 20 years of working experience
in material research and manufacturing since he graduated with a Bachelor’s degree from South China University
of Technology in 1985. He was awarded a PhD degree in Chemistry from Institute of Chemistry, the Chinese
Academy of Sciences. After two years of post-doctoral research on polymer materials at the National University of
Singapore, Dr. Han worked as QC Manager and Principal Engineer respectively in two Singapore companies. Dr.
Han joined us in May 2010. Dr. Han was named as an Innovative and Entrepreneurial Talent of Jiangsu Province (
江苏省“双创人才”) (2011) and a Jianghai Elite of Nantong City(南通市“江海英才”) (2012).

6. Given its expertise in keypads, Memtech has developed unique strengths in both plastic and rubber. It works with a mix of materials, for example, integrating silicone rubber and plastic or metal into a single product. I believe it is this edge that helps Memtech qualified as a supplier of automotive components within two years, quicker than the usual timeframe of three to five years. This compares very well with its peer, some of which has to resort to inorganic growth to grow their automotive business

Dated 10 April 2017 when share price is $0.705

Find Reply
18-04-2017, 02:31 PM,
Post: #109
RE: Memtech International
Almost forgot that I am vested in this stock until alerted by price alert I set at 74.5 cents. Even thought only vested with small amount but the dividend was good. Price hit the low of 55 cents during my holding period but just chose to leave it aside as I felt the company could turn around which it appears to have now.

Find Reply
27-05-2017, 11:55 PM,
Post: #110
Photo  RE: Memtech International
   

Find Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)
Valuebuddies.com | Return to Top | | Lite (Archive) Mode | RSS Syndication | CONTACT US: nas......@valuebuddies.com |