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| Miyoshi Precision |
(Post 1 of 296) 07/26/2000.12:21:00 |
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Miyoshi Precison said it has received in-principle approval to list on the main board of the Singapore Exchange. United Overseas Bank Ltd is the underwriter and placement agent for the IPO, it said. Miyoshi Precision manufactures components for hard disk drives and other electronics equipment such as CD players, fax machines and printers, with existing plants in Singapore and Malaysia and a new one to open in the Philippines. The company booked pretax profit of 9.2 mln sgd on sales of 44.3 mln sgd in the year to August 1999. Key clients include Fujitsu, Hitachi, IBM, Matsushita and Sony. AFX NEWS |
| (Post 2 of 296) 08/04/2000.13:21:00 |
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Hi Friends, First time into this folder, have some investment experience. Want to know how this Miyoshi will perform? |
| (Post 3 of 296) 08/06/2000.18:00:00 |
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Annaru, so how will Miyoshi perform? |
| (Post 4 of 296) 08/08/2000.13:55:00 |
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Rocky, Just I want to know how this guy is going to perform? If any one know about this company. Today just I had sold the placement shares of Reed at .295 cents. Do you applied for any of these? invested... |
| (Post 5 of 296) 08/14/2000.10:26:00 |
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This counter is small in issue size, low pricing as PE is low. In present market sentiment, it is not difficult for syndicates to accelerate the price. At the end of the day, it is still the participation of retailers that determines the performance of this counter. |
| (Post 6 of 296) 08/14/2000.21:18:00 |
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Anyone has any idea on when it will be listed? Need to plan. |
| (Post 7 of 296) 08/15/2000.10:07:00 |
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The soft launch is next week. So, probably the week after next is the listing. |
| (Post 8 of 296) 08/18/2000.15:01:00 |
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Heard that the placement is out. Price is at 0.265. any comment.. |
| (Post 9 of 296) 08/18/2000.15:07:00 |
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Very good. My company's placement was over-subscribed.  |
| (Post 10 of 296) 08/18/2000.15:25:00 |
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which securities firm you from |
| (Post 11 of 296) 08/18/2000.15:53:00 |
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Secret. |
| (Post 12 of 296) 08/18/2000.15:56:00 |
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I have been alloted only 3 lots |
| (Post 13 of 296) 08/18/2000.15:58:00 |
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out of how many lots subscribed? |
| (Post 14 of 296) 08/18/2000.16:02:00 |
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how to get 3 lot |
| (Post 15 of 296) 08/18/2000.16:30:00 |
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The placement over my broking house is pretty lukewarm, think there's just too many shares, >70 mil !! Heard from friends from peoms that the placement has been opened for 2 week already, closed only today....then if it's true, isn't it pretty poorly received by investing cirle? |
| (Post 16 of 296) 08/18/2000.16:47:00 |
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I did not take up the placement shares for this IPO. Adios :) |
| (Post 17 of 296) 08/18/2000.17:05:00 |
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Guyyysss.... golden rule no.1 in IPO investing... don buy anything underwritten by UOB ASIA |
| (Post 18 of 296) 08/18/2000.17:07:00 |
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Blackend, Myself asked 5 lots from my remsr. But got only 3 lots. came to know this morning. Not through POEMS... |
| (Post 19 of 296) 08/18/2000.17:34:00 |
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First day gain for IPO: New Wave Technologies - 74.58 % Sunlight - 30.77 % Both IPO was handled by UOB Asia Ltd |
| (Post 20 of 296) 08/19/2000.08:55:00 |
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The placement has been fully taken up, some of my friends apply 10, and got 5  . |
| (Post 21 of 296) 08/19/2000.10:45:00 |
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I was offered placement sometime ago with indicative price of 0.28-0.31. I applied for 3 lots through my remiser. yesterday, I was offered placement by another broker and the price is 0.265. I checked back with my remiser and he told me I was given 3 lots and the price is indeed 0.265. I think UOB Asia is being careful after the EWOS case. With the price lower than the indicative price, I think this share will at least warrant a STAG. |
| (Post 22 of 296) 08/20/2000.00:15:00 |
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Diablo dont be a wet blanket i already apply for 10lots i already miss cytech (still holding 8 lots) this time must earn back also Nylect Tech 50 lots |
| (Post 23 of 296) 08/20/2000.00:17:00 |
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this share looks good enuff for a stag at .265 |
| (Post 24 of 296) 08/21/2000.09:46:00 |
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I also did not take up placement share. |
| (Post 25 of 296) 08/22/2000.11:13:00 |
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my target $0.35 limited downside i like this company for its profit |
| (Post 26 of 296) 08/22/2000.18:18:00 |
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Heard that the IPO will be offer to the public tomorrow. Miyoshi is a direct competitor to Seksun and I am sure they will price themselves competitively (cheaper) than Seksun. Seksun vital stats PER: 11.14 Price/NTA: 1.34 Net dividend yield 1.54% |
| (Post 27 of 296) 08/22/2000.20:43:00 |
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1-2 weeks ago, I applied for 30 lots through my broker. Today I was offered 20 lots but I accepted only 10 lots ! |
| (Post 28 of 296) 08/23/2000.10:54:00 |
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This just in... IPO launched. 70.7 million shares @ 26.5 cts. |
| (Post 29 of 296) 08/23/2000.12:04:00 |
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Guys did you know that there is a reserve of shares for employee at $0.25. Many of my friends apply without knowing this fact Correct me if I am wrong |
| (Post 30 of 296) 08/23/2000.12:49:00 |
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Miyoshi launches IPO of 70.69 mln shares at 0.265 sgd each SINGAPORE (AFX-ASIA) - Miyoshi Precision Ltd said it has launched an initial public offering of 70.69 mln new and vendor shares at 0.265 sgd each. The offer is comprised of 42.414 mln new shares and 28.276 mln vendor shares, of which 7.069 mln shares form the retail tranche, 58.821 mln are placement shares and 4.80 mln are shares reserved for business associates and employees. The reserved shares are being sold at a discounted price of 0.25 sgd each. Of the net proceeds of 10.60 mln sgd from the issue of new shares, 8.0 mln sgd will be used for acquisition of plant and machinery, while the balance of 2.60 mln sgd will be used as working capital. The IPO, which is being handled by UOB Asia Ltd, closes on Aug 30 and trading on the main board of the Singapore Exchange is expected to commence on Sept 1. Miyoshi, a precision engineering service provider for the diskdrive and consumer electronics industries, achieved a net profit of 7.034 mln sgd on sales of 44.337 mln sgd in the year to Aug 1999, against a net profit of 4. 177 mln sgd on sales of 26.269 mln the previous year. The company said it expects net profit to fall to 5.60 mln sgd on sales of 47.60 mln sgd in the current year to August. For the the first half to February, the company achieved a net profit of 2.50 mln sgd on sales of 21.60 mln. The company's major customers include IBM Corp unit IBM Fujisawa, which contributed 56.80 pct of revenues in the six months to Feb 2000. Two other IBM units accounted for 19.0 pct of first half revenues. |
| (Post 31 of 296) 08/23/2000.19:46:00 |
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Absolute price can 'tikam tikam' but won't bet on any 'bagger' because of size of issue. Won't be like eWOS that I am very sure. Ciao ciao |
| (Post 32 of 296) 08/23/2000.22:18:00 |
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based on PE of 12.0 for companies in precision engineering, the fair price for this counter is around $0.33. have fun and always trade within your means. |
| (Post 33 of 296) 08/23/2000.22:37:00 |
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another counter worth a stag...but kindda concerned over the relative large float...'tikam tikam' in my opinion. cheers!  |
| (Post 34 of 296) 08/23/2000.23:12:00 |
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70 million shares is not large comapring to jadason or any other eletronic counters !!! just look at their customers and their records !! this share is comparable to seksun precision so cheers supporters |
| (Post 35 of 296) 08/24/2000.02:15:00 |
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Miyoshi says earnings fall in yr to Aug due to delays in product launch SINGAPORE (AFX-ASIA) - Miyoshi Precision Ltd said its net profit and sales are expected to decline in the year to August because of delays in the launch of new products by one of its major customers. "The main reason for the lower net profit this year is that the launch of one of our major customer's products is still pending," Miyoshi executive director Tan Kay Guan told a news conference. In its IPO prospectus, the company said it expects a decline in net profit to 5.6 mln sgd on sales of 47.6 mln sgd in the year to August from a net profit of 7.034 mln sgd on sales of 44.337 mln sgd a year earlier. Tan added that the major customer's product launch has been delayed due to the shortage of component parts not supplied by Miyoshi. He declined to name the customer. Miyoshi produces precision components for the hard diskdrive sector and other consumer electronics industries. Its major customers in the hard disk segment are IBM, Matsushita and Fujitsu. Sales to the hard diskdrive industry accounted for 82.90 pct of total revenues in the year to August 1999, with sales to the consumer electronics sector accounting for the rest of total sales. Tan said the company is also likely to incur 300,000 sgd in foreign exchange losses in the year to August because the stronger yen had pushed raw material costs higher. Miyoshi executive director Karen Gan said the new manufacturing facilities set up in the Philipines and Malaysia should boost Miyoshi's capacity by about 30 pct, enabling the company to fulfill its healthy orderbook for the year to August 2001. |
| (Post 36 of 296) 08/25/2000.13:25:00 |
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Hi Eka! Can try buying this one for stag? The price looks cheap, but too large float - so please advise on whether to subscribe? Thanks! |
| (Post 37 of 296) 08/25/2000.13:58:00 |
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Hi Johnny1974 There are many Gurus in SI, and I would advise to seek opinions openly ... *hehehe* ... you have asked the wrong one for such comments, for I do not subscribe to any IPO's. ( Nothing new nor earth shaking ...*yawNs*) |
| (Post 38 of 296) 08/25/2000.22:01:00 |
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ASW's Take on the Stock: Subscribe With the recent fiasco in the local IPO market alerting investors to the potential risks in investing in IPOs, participation in IPOs has cooled off somewhat. While this is understandably due to the large number of public offerings that have come or are coming onto the market this year, there are gems that will turn up from time to time and we believe Miyoshi might just be one of them. Although there are some reservations about companies heavily involved in the resurgent but volatile hard disk drive (HDD) industry, Miyoshi is more than just one of many contract manufacturers out there. Besides offering a whole suite of services as a one-stop precision engineering service provider, Miyoshi's philosophy to engage its customers very early in the development process has certainly paid dividends as sales from repeat customers contributed some 91.7% of the group's revenue in 1999. In addition, the quality of its customers, which include giants like IBM, Fujitsu and recently, Hitachi, speaks volumes of the high level of confidence these companies have in Miyoshi's products. While the group's mainstay customers are from the HDD industry, Miyoshi has also been quite successful in winning customers in the consumer electronics industry, customers like Sony and Matsushita. Even though business from these consumer electronics companies constitute a small percentage of total turnover at the moment, we believe that this percentage is set to increase once its Malaysian plant kicks in. We also see this as a right move as Malaysia is where most of the consumer electronics companies have shifted to in recent years. But the group is not sacrificing its HDD business to increase its consumer electronics business. On the contrary, its new plant in Philippines looks set to increase its output capability of its HDD business. In addition, the management revealed that they have plans to move into box built assembly there, which carries a significantly higher gross profit margin. With that said, Miyoshi is not without any risks. The hiccup in its projected earnings for this year due to lower sales to a major customer arising from a delay in its customer's new product is a good example of how dependent it is to its few major customers. Nevertheless, this is a common and real risk faced by all contract manufacturers globally. In any case, we do not believe that Miyoshi's dependence on the HDD industry is really a risk. Rather, we would tend to agree with research reports from Insight and Disk/Trend that the HDD industry is still growing and has the potential to hit US$50.3 billion in sales by 2002. The demand for HDD is expected to be boosted by "intelligent appliances", which would not only incorporate a microprocessor, but will also possess a HDD to store and process data. Last but not least, the advent of the Internet with its graphically rich content has increased the demand for storage drastically. This is especially so in the servers that power the Internet portals and despite competition from tape storage devices, HDD is still the preferred choice of storage media due to its high access speed and reliability. And no analysis is complete without a look at the financial snapshot of the company. Despite the expected slide in earnings for FY2000, the growth in the company has certainly been very healthy with a CAGR of 53.11% in turnover since 1997 and a CAGR of 61.38% in gross profit since 1997. In addition, we believe that the valuation of the company with a historical PE of 9.04x and a prospective PE of 11.3x is also not demanding. It is certainly quite comparable to two of its competitors, Amtek Engineering with a historical and prospective PE of some 13x, and Seksun Precision with a historical and prosective PE of some 12x. And the last factor going in Miyoshi's favor would be the relatively small size of the public offer as well as the low absolute price of the shares at S$0.265 apiece. While these ingredients normally lend themselves to a stag call, we are relatively bullish on its medium- to long-term prospects and hence, we believe a subscribe call is more relevant. Use of Proceeds The issue is expected to raise some S$10.6 million in net proceeds for the company, out of which, approximately S$8 million will be used to acquire plant and machinery while the remaining S$2.6 million will be set aside as working capital. Review of Financial Performance FY1999 vs FY1998 Turnover increased by S$18 million, or 69%, to S$44.3 million from S$26.3 million in 1998. This came about due to an increase of nearly S$17.9 million in sales from the hard disk drive (HDD) segment, which made up nearly 83% of the group's total turnover, arising from increased orders from the IBM group and Fujitsu. For the HDD segment, net profit before tax increased by S$1.7 million, or 34%, to S$6.8 million from S$5.1 million in 1998. This increase was lower than the 95% increase in turnover, which grew from S$18.9 million in 1998 to S$36.8 million, as the group had to incur a higher cost of production arising from the usage of the more expensive brass over stainless steel as well as from the competitive price pressure on HDD components. For the consumer electronics and other segment, net profit before tax increased by S$1.7 million, or 227%, to S$2.4 million from just S$0.7 million in 1998 although turnover only increased marginally from S$7.4 million in 1998 to S$7.6 million. The huge increase stemmed from a combination of lower cost of production arising from lower material costs as well as the ability to keep operating expenses unchanged. Unaudited six months ended 30 February 2000 Turnover for first six months of FY2000 came up to S$21.6 million with the HDD segment contributing S$18.5 million, making up 85.6% of the total revenue, while the consumer electronics and other segments contributed S$3.1 million. HDD customers, IBM and Fujitsu, accounted for 75.8% and 7.7% of the group's turnover respectively while for non-HDD customers, Matsushita and Mitsubishi were the major customers with 7% and 0.2% of total sales respectively. Profit before tax came up to S$3.6 million while profit after tax stood at S$2.5 million. Net margin came off slightly to 11.7% from the 15.7% achieved for the whole of 1999 and this was mainly due to the appreciation of the Japanese yen, which increased the cost of raw material purchased from Japan. Profit forecast Barring any unforeseen circumstances and assuming that there are no material changes to the company's operating environment, the management expects to record a turnover of S$47.6 million, an increase of S$3.3 million from 1999. However, this increase, which arose from a procurement contract with an existing customer, is not expected to have a material impact on its bottom line. Without the inclusion of the procurement contract, the group's turnover is expected to be unchanged from last year. The management explained that the group lost some business in February to April from one of its major customers due to a delay in the launch of a new product by this customer. Fortunately, sales to this customer has not only recovered in May but has also increased slightly. In any case, the management believes that it should have no problem in achieving the projected turnover as it has achieved S$37 million for the first 10 months of FY2000 and based on the confirmed orders in hand, to make S$11 million in the last two months is not expected to be an issue. Meanwhile, the management expects its profit before tax to decline slightly by 17.5% to S$7.6 million and its profit after tax to decline by 20.1% to S$5.6 million. This is due to the lower sales to non-HDD customers, lower overall gross margin due to price competition and unfavorable foreign exchange movements. Competition The group believes that a few key players and several other smaller outfits characterize the metal stamping industry in Singapore but these companies serve diverse market segments and are differentiated by their scale of production and production capabilities to meet the demanding needs of major MNCs that they serve. Nevertheless, the management believes that Amtek Engineering Ltd and Seksun Precision Engineering Limited are its major competitors. Competitive Advantages 1. Established core competence as a reliable metal stamping specialist 2. Integrated services as a one-stop service provider 3. Commitment to quality and delivery 4. Advanced technologies through continued investment in modern machinery 5. Established customer relationships with large MNCs 6. Strong leadership and dedicated management Risk factors faced by the company 1. Dependence on major customers, especially the IBM group 2. Need to keep abreast of rapid technology changes 3. Dependence on the hard disk drive industry 4. Foreign exchange exposure in terms of receipt and payables 5. Reliance on key personnel 6. Cost of raw materials 7. Shortage of skilled labour 8. Competition from its parent, Miyoshi Industry Co (MIC) 9. Dependence on certain services from MIC About Miyoshi Precision Limited Started out as a fully owned subsidiary of Miyoshi Industries of Japan in 1987, Miyoshi has expanded its core businesses to include the design and fabrication of precision tools and dies, as well as the manufacture and assembly of stamped precision metal components, for the storage industry as well as the audio-visual consumer electronics industries. Some examples of Miyoshi's end products include top covers, disk clamps and voice coil motors plates for HDD, parts for mini-component systems, cassette mechanisms, CD players, facsimile machines, and computer printers. In addition, Miyoshi provides value-added services such as metal surface treatment, which includes degreasing and aqueous cleaning. As a testimony of its high quality, cost-effective, and integrated services offered by Miyoshi, it now counts amongst its major customers, well-known global players such as Fujitsu, Hitachi, IBM, Matsushita (Panasonic) and Sony. As a matter of fact, Miyoshi has even managed to achieve a "ship-to-stock" status with IBM Singapore where quality control checks are entrusted to Miyoshi and components are shipped directly to the assembly plant. At the moment, the company has about 20 press machines with the ability to churn out nearly 74 million units of HDD and consumer electronics components. Presently, the production is operating at nearly 80% to 90% of that capacity, running on two eight-hour shifts, although some projects may require an additional third shift. Miyoshi has also set up a subsidiary in Malaysia with a start-up capital of MYR900,000 to look into consumer electronics. This is a natural progression as a lot of consumer electronics manufacturers have move their operations to Malaysia. In addition, Miyoshi has also set up three subsidiaries in the Philippines, along with a new S$5-million plant, to support the HDD makers that have shifted their operations to the Philippines. Manufacturing activities is expected to commence within the next few months. This article was filed 24 August, 2000 06:26 PM |
| (Post 39 of 296) 08/26/2000.02:06:00 |
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got 10 lots from placement pass 2 lots to my colleague to lower risk after knowing that their earning will drop but my colleague seems quite confident with this share saying that they have customer like fujitsu & IBM |
| (Post 40 of 296) 08/26/2000.11:59:00 |
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i think with such a low PE for tech stock, this is a bargain. |
| (Post 41 of 296) 08/26/2000.20:01:00 |
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I think sure 'solid solid' one. Botak soh, why didn't call me. I would love to have 2 lots from you also and give a kiss to you botak head. hehehe! Sorry lah nothing better to do but klkk. Happy happy huh? |
| (Post 42 of 296) 08/28/2000.09:54:00 |
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netresearch-asia recommends avoid. why?==== Harddisk sector. Even if rise, at most 2/3 cents - 1cent broker fee. Unless can get placement but must sell within first 30min. |
| (Post 43 of 296) 08/28/2000.10:52:00 |
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Disagree..notwithstanding the fact that it is in hard disk drive sector. hdd is still a very essential product and even within that sector, companies can do well. Just look at their net margins, not comparable to the others! Margins even better than the CMs. PE is not high given its quality of earnings. |
| (Post 44 of 296) 08/28/2000.19:32:00 |
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apply for 200 lots ... alamak... only get 7 lots !!!! wish i can get more . |
| (Post 45 of 296) 08/28/2000.19:35:00 |
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netresearch recommend newwave--> avoid jadason---> avoid •••• !!! up and up they went all the way what !!! |
| (Post 46 of 296) 08/28/2000.22:48:00 |
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Not only Netresearch call for avoid, Poems also call neutral on this one and they actually offer me placement shares on Miyoshi 2 weeks ago! Wallstraits also gave unfavourable call. The only one to sing the praise of this counter so far is ASW! Only chance of going up is syndicate play but don't forget the listing will be on the same day as Boardroom.com. From VB's track record of their placement IPO, somehow they will have a way to achieve substantial gain on the sameday! |
| (Post 47 of 296) 08/28/2000.23:52:00 |
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Do not believe all these 'analysts' view..remember what they said on New Wave Tech -- AVOID!! and look at it on the 1st day!! also rememeber Reed! everyone was so negative, but its doing even better than we thought possible! thus, buy into the stock only if you BELIEVE in it, not because someone else DOES NOT BELIEVE in it! form your OWN opinion!..look at cytech, everyone said "grey market $1.10!".."sure shoot!"..."believe in fundamentals!"...the wallstraits.com(wisely sage wasnt too wise this time! 3 red chillis sommore!) and what happened? its floundering right now! I think that this share is pretty well priced..compare with seksun..quite decent P/E ratio too...hence at least can STAG it...i hope to get some via ATM application!! looking at .35-.40 closing ..with high at .40 |
| (Post 48 of 296) 08/29/2000.10:03:00 |
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Good fundamental, solid customer base, low PE, small issue size and most importantly, its trading starts fresh without any IPO issues for the past week. So, go for it cause it seems to have the right timing. |
| (Post 49 of 296) 08/29/2000.10:31:00 |
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only manage to get 4 lots thro' placement **sign**  |
| (Post 50 of 296) 08/29/2000.15:57:00 |
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With regards to ASW's bullish call on Miyoshi, we had the opportunity to visit their plant, get a real insight into their business etc, before we made that call. And believe me, the hard disk is definitely not passe and if anything, more intelligent devices will incorporate a hard disk in one way or another. A good example of this new application is Creative's Nomad Jukebox, which comes with a 6GB hard disk. In fact, Sony has also launched a new video camera with a hard disk demonstrates that the hard disk industry is re-inventing itself. We are also bullish on their Philippines' prospect, especially if they move into the higher margin "box build" assembly for the hard disk makers there. In any case, the small issue size does lend itself to a "stag" opportunity but we believe in the longer-term prospects so a "subscribe" call is more relevant. Carey |
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