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| PCA Technology |
(Post 1 of 493) 08/01/2001.16:58:43 |
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Manufacturer of MP3 players and Jukeboxes receives approval for Main Board listing on SGX-ST
Singapore, 31 July 2001 – PCA Technology Limited (“PCA” or “the Company”), the contract manufacturer of Nomad MP3 players and Jukeboxes as well as SoundBlaster sound cards and Live! Drive Bays for Creative Technology Ltd, has received in principle approval from the Singapore Exchange Securities Trading Limited (“SGX-ST”) for a listing on its Main Board. The Company is a niche player in the contract manufacturing industry providing PCB Assembly (“PCBA”), prototyping and testing, Box-Build Assembly and After-Sales Services to major international IT and multimedia corporations like Hewlett Packard, Creative Technology, Innomedia Pte Ltd and many others. PCA was established in 1990 to provide PCBA re-working and upgrading services. Over the last 11 years, PCA has developed the capabilities of providing comprehensive electronic manufacturing services on both turnkey and consignment basis. At present, the Company has a production capacity comprising 8 Surface Mount Technology (“SMT”) lines, 8 Pin-Through-Hole (“PTH”) lines and 8 Mechanical Assembly lines. The manufacturing facilities of PCA are located in Singapore and Malaysia. The Singapore plant in Loyang Industrial Estate occupies an area of 60,000 sq feet employing 275 employees while the two Malaysian plants in Johor Bahru and Malacca sit on land areas of 70,000 sq feet and 10,000 sq feet respectively and employ a work force of more than 600 employees. Targeted to complete in the last quarter of 2001, the second phase of the Johor Bahru plant will add another 220,000 sq feet of manufacturing space. A two-time award recipient of the Enterprise 50 Award in 1999 and 2000, PCA believes that the listing on the SGX-ST will enhance its image and profile in sourcing for new customers. The proceeds that PCA will raise from its initial public offering will be used to finance its planned expansion in Malaysia as well as working capital and/or strategic investments when opportunity arises. As part of its business strategy, PCA aims to maintain its competitive edge by providing complete and advanced manufacturing services, strengthening its operations in the region and increasing its range of products and offering. |
| (Post 2 of 493) 08/01/2001.18:45:14 |
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A firm so reliant on Creative for business. Wonder if its a subsidiary of Creative.
Quote.... PCA Technology Limited (“PCA” or “the Company”), the contract manufacturer of Nomad MP3 players and Jukeboxes as well as SoundBlaster sound cards and Live! Drive Bays for Creative Technology Ltd, |
| (Post 3 of 493) 08/01/2001.19:03:33 |
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No Vested Interest!!!
I will post only one message here!!! Prefer to park my money on some other good Stock that is under valuation. Example : DBS,Chart,Willas-array,Cytech,SMT,and many many... Don't think there will be big upside from this PCA counter. |
| (Post 4 of 493) 08/01/2001.21:53:21 |
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Veryhappy, no surprise here...yes, Creative has a 12.8% stake.
Read the company profile...... http://lycosasia.shareinvestor.com/ir/sg/ipo/pca/ Repost here... CTI II Limited, a wholly-owned subsidiary of Creative Technology, has recently joined our Group on 15 August 2000 as a strategic investor, acquiring a shareholding of approximately 12.8% in our Company. |
| (Post 5 of 493) 08/03/2001.23:59:54 |
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this contract manufacturer appears to be a decent candidate. it shareholding structure is simply and its biz is focused. it is a pure ems provider. had a peep at the red herring. funds raised would be used for expansion of capacity and working capital. mfg plants located here and in malaysia. major customer is HP FarEast, HP (S) and Creative. may be concern to some people but don't forget that JIT also started with Motorola as maj customer. Creative took stake in the company after engaging it as its contract manufacturer after 8 yrs of biz dealing.
with SMT being in lime light, PCA could catch attention as well. heard that it may be priced at about 7x PE. SMT and PCA are likely to be Omni Ind and JIT of tomorrows. in 2-3 years time, they should grow as big as Omni and JIT and their share px should be above $1. buying now is the right time as the biz cycle is at its trough. |
| (Post 6 of 493) 08/05/2001.23:31:21 |
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I like this stock...will try and procure some placement. |
| (Post 7 of 493) 08/06/2001.13:22:45 |
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NEW IPO Alert!
PCA TECHNOLOGY launches IPO today! Closing on 14 August 2001 The Group is mainly engaged in the provision of electronics manufacturing services for original equipment manufacturers in the Multimedia, computer peripherals, computer networking and Internet industries. The principal activities can be grouped mainly into 3 business groups as follows:- - Printed Circuit Board Assembly The range of products under this principal activity includes, amongst others, sound cards, graphic accelerator cards, DVD interface cards, printer sensor cards and PCMCIA cards. - Box-Build Assembly The Box-Build products include, amongst others, MP3 jukeboxes, MP3 players, Live! Drive Bays, IP telephony products and CD-ROM drives. - Other services The other services include product sub-assembly, whereby the company assemble a module within a finished product, and after-sales services. They are contracted by their customers as a regional service centre for their products. Useful links: 1. Download prospectus here 2. Company profile 3. Strengths |
| (Post 8 of 493) 08/06/2001.15:28:37 |
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ALLCOM...ALL COMA
STAR TECH....STAR TECH LOST IN SPACE >>>RUMORS DIRECTORS SELLING |
| (Post 9 of 493) 08/06/2001.21:00:40 |
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how is this ipo?howz the subscription rate for the placement shares? |
| (Post 10 of 493) 08/06/2001.21:17:35 |
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Hi
FYI I applied for 100 lots placement and just been notified today allotted only 10 lots. So placement is fully or over subscribed. |
| (Post 11 of 493) 08/06/2001.22:20:51 |
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Placement fully-placed. Heard its overwhelming!
Expect the chng kay for this stock to be from the bigwigs in UOB KayHian & OUB Sec... currently looking through the profile and those links above. Hope I can find some good reasons why I shld keep my allotment when trading starts. |
| (Post 12 of 493) 08/07/2001.17:46:39 |
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PCA offers 49,300,000 shares at $0.22 per share SINGAPORE, 6 August 2001 – PCA Technology Limited (“PCA” or “the Company”) launches its initial public offering (“IPO”) today. The IPO will offer 49,300,000 million shares to the market at a price of $0.22. Of this amount 47,300,000 million shares are placement shares and the remaining 2,000,000 shares are offered to the public. The offer price of $0.22 represents a historical P/E of 6.59 times. PCA is a contract manufacturer serving the electronics and IT industry. The Company offers a wide range of services including SMT assembly, prototyping and testing, box-build assembly and after-sales services to its customers. The Company serves renowned names like Creative Technology, Hewlett Packard and Flextronics. Products manufactured and assembled by PCA include SoundBlaster sound cards, Nomad MP3 players and Jukeboxes for Creative Technology and printer sensor cards for Hewlett Packard. The Company also subcontracts for major contract manufacturers. PCA has maintained a steady growth in its business, as evidenced by the CAGR of 51% in the Company’s turnover from 1999 to 2001. On the back of a $151m turnover in the financial year ended 28 February 2001, the Company posted an after tax profit of $4.9m, representing an increase of 40% over the $3.5m reported in the previous financial year. Operating with a healthy cash flow, PCA has a low gearing ratio of 0.23 times as at 30 June 2001. Commenting on the Company’s competitive edge, its CEO, Mr Y S Ng says, “PCA is a niche market player in the industry. We compete on the basis of our ability to be flexible and to respond very quickly to our customers’ needs. The recent consolidation in the electronics and IT industry has created new business opportunities for PCA. We have the capability to serve the direct manufacturing and assembly needs of our customers as well as the needs of the large contract manufacturers.” The manufacturing facilities of PCA are located in Singapore and Malaysia. The funds raised from the IPO will be used partly to finance the Company’s expansion plan in Malaysia as well as for working capital and/or strategic acquisition. The Company is expanding its facilities in Johor Bahru, Malaysia, by building a second plant adjacent to the existing 70,000 sq ft factory on the same plot of land spanning 212,300 sq ft. When the Phase II expansion is completed by the last quarter of 2001, the Johor Bahru plant will have a total built up area of 290,000 sq ft. The Group also has a plant in Malacca, which was set up in 1994. Like other companies in the electronics and IT industry, PCA is also affected by the recent downturn in the industry. Notwithstanding this, the management of PCA remains positive about their business prospects over the medium and long term and is confident that PCA will be able to benefit from the increasing outsourcing trend by OEMs. According to an industry report (Source: Electronic Trend Publications, Inc. dd Oct 2000), the electronic manufacturing services industry revenue is seen to grow at a CAGR of about 29% from 1999 to 2004. The IPO will close on 14 August 2001 at 12:00 noon. UOB Asia Limited is the Lead Manager for this Issue. |
| (Post 13 of 493) 08/07/2001.21:42:46 |
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Launching IPO at a time when Creative is posting dismal profits is very brave. Anyway, they are riding heavily on HP & Creative's business, ie. if anything happened to either of their main customers, wonder how they can cope? Am interested to know how the mgt is tackling this problem of overreliance on a few key customers. They will always say they will get more customers and they are in negotiations with other strategic clients as well. Question is what is the game plan? |
| (Post 14 of 493) 08/07/2001.22:03:28 |
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And by the way, the placement tranche was very well received... fully taken up before they launched. In fact, placement tranche many times over subscribed. |
| (Post 15 of 493) 08/08/2001.15:00:09 |
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hi
any grey market? interested in buying? |
| (Post 16 of 493) 08/08/2001.23:59:37 |
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Personally, I think this is a good counter though bulk of their turnover (50%++) from creative & HP. If nothing goes wrong, I think it should be a good hit. Any comments for experts? |
| (Post 17 of 493) 08/10/2001.09:49:46 |
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hi chickenrice
how many times oversubscribed is the placement tranch? do u have vested interest? Regards |
| (Post 18 of 493) 08/11/2001.23:00:52 |
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Hi All,
PCA News on Tv a minute ago. Total : 49M shares Public : 2M What does that mean? |
| (Post 19 of 493) 08/12/2001.00:55:42 |
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According to Wallstraits, PCA Technology is heavily dependent on their key customers which include Hewlett Packard Far East, Hewlett Packard Singapore and its other contract manufacturers and Creative Technology, which collectively account for 97% of the Group business, in the order 30%, 29% and 38%. As you know, Creative already announced their expected poor results and are expecting much lower sales this year. I think this would hit hard on PCA as well. Juz a personal opinion and not discouraging anyone to buy. |
| (Post 20 of 493) 08/12/2001.15:23:27 |
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IPO Closing ALERT!
PCA Technology IPO closing on Tuesday! Subscription price: S$0.22 per share Closing on 14 August 2001 / 12 noon Download prospectus here! About PCA Technology : The Group is mainly engaged in the provision of electronics manufacturing services for original equipment manufacturers in the Multimedia, computer peripherals, computer networking and Internet industries. The principal activities can be grouped mainly into 3 business groups as follows:- - Printed Circuit Board Assembly The range of products under this principal activity includes, amongst others, sound cards, graphic accelerator cards, DVD interface cards, printer sensor cards and PCMCIA cards. - Box-Build Assembly The Box-Build products include, amongst others, MP3 jukeboxes, MP3 players, Live! Drive Bays, IP telephony products and CD-ROM drives. - Other services The other services include product sub-assembly, whereby the company assemble a module within a finished product, and after-sales services. They are contracted by their customers as a regional service centre for their products. Useful links: 1. Prospectus Summary 2. Company profile 3. Company financials |
| (Post 21 of 493) 08/12/2001.18:40:42 |
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any grey mkt px? |
| (Post 22 of 493) 08/12/2001.18:50:29 |
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Hi Benyeong
Just to share my opinion here. You are right that Creative is one of the 2 major customers of PCA. As Creative's recent financial was very unimpressive with a huge loss which have an impact on PCA. I think, PCA still attractive with the price of 22 cents and a low PE than the market average. I don't expect to make huge quick-money on day one. But, I do see good for short term when the market picking up, probably in 6 to 12 months times. Anyone would like to share opinions here? |
| (Post 23 of 493) 08/12/2001.18:54:13 |
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Hi BenYeong,
Forgot to mention that I think PCA should be able to stay above 22 cents on day one. I don't think high but expects atleast 25 cents. By the way, analyst of UOB Kay Hian thinks PCA could hit 35 cents. Not an inducement to buy. Just merely my personal opinion. |
| (Post 24 of 493) 08/12/2001.21:23:26 |
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For company to grow, what it takes is "just a few good man". See todat ST? So is the few good man in PCA?
The NTA is 14 cents, selling for 22 cents. If they wait a 1-2 years. maybe their NTA is more than 22 cents. Anyone hot any hints can try this or not? |
| (Post 25 of 493) 08/12/2001.23:31:08 |
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Hi Ahbear
I agree with you that the stock would be an attractive investment if you are looking at 6 mths to a year, especially when sales should start picking up for Creative. But at the moment, I think it will suffer a similar debut like Startech, Allcom n JK Yaming. The most it will go up by 1 or 2 cents. It may be attractive to buy if it goes down by a few cents off IPO price. |
| (Post 26 of 493) 08/13/2001.01:23:15 |
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Just read the reseach report by UOB-Kain Hian. but, bear in mind that the manager for this issue is UOB Asia. It forecasted that the net profit for FY2002 will actually drop from $4.9m in FY2001 to $4.0m!!!!
Accordingly, the forward FY2002 PER for PCA at the IPO price is in fact 9.8 times!!!!! For 9.8 times PER, I think there are other better stocks to buy in the market.... Apply with care..... With 49.3 million shares....look at how Allcom and JK Yaming had performed.....Allcom offered 46m shares and JK Yaming offered 52m shares.... Bear in mind that market is still weak  |
| (Post 27 of 493) 08/13/2001.07:46:09 |
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I have had dealings with PCA Tech and I am not so sure about its potential |
| (Post 28 of 493) 08/13/2001.09:25:03 |
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Keep clear of PCA IPO.No meat left.Main customer is Creative and creative profit is dropping like a rock.How can PCA perform.This IPO is just to suck our money. |
| (Post 29 of 493) 08/13/2001.11:03:25 |
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Research reproduced with permission from Netresearch.
Already fairly valued even considering the healthy financials Synopsis : Very poor utilisation rates in the last few months is getting a bounce from Creative’s new soundcard platform, but this is unlikely to be sustainable. Capacity expansion will also bite into earnings. At best a Stag. PCA Technology (PCA) is a relatively small contract manufacturer with major customers Creative Technology and Hewlett Packard. For Creative Technology, PCA makes almost all of Creative’s MP3 players and Nomad Jukeboxes (complete box build) and some of the Creative’s soundcards. For Hewlett-Packard, PCA makes mainly sensor cards for printers, and also repair work for a wide variety of products. PCA is highly dependent on two customers – Creative makes up about 40% of sales (note PCA has a February fiscal year-end), with Hewlett Packard making up almost all the remaining 60% (directly as well as through other EMS players). Other customers, all very small, include Innomedia, Sony, Seagate, Kenwood and Mabuchi. Although lower in percentage terms, we believe Creative accounts for a larger portion PCA’s earnings, compared to HP, as the work for HP is simpler. PCA has capacity of 1.3b ‘placements’ per year (which are the number of components mounted on PCBs) through its 3 plants in Singapore, Tampoi and Melaka. Another plant is under construction in Tampoi, which in three years is expected to double the number of ‘placements’. This plant, which will be structurally complete in 2-3 months, seems to us (with the benefit of hindsight) very unfortunate as it will exacerbate the declines in earnings already seen, because of the increased depreciation once it’s completed. Utilisation rates likely to trend lower In fiscal Q1, management reports that turnover fell 46% yoy while earnings fell 31% yoy. The implied higher margins was due to a better mix, as Creative substantially exited the CD-ROM and graphics markets. Loading was almost full in FY2/01, but in fiscal Q1 FY2/02 fell to 40-50%. This did not improve in fiscal Q2 FY2/02 until late July, when a large order from Creative came in, pushing up utilisation rates to about 85%. This order is expected to last till late Aug. So we had about 5 months of very poor utilisation. We do not expect the high utilisation rates to be maintained going by caution in Creative’s guidance for its next fiscal year (ended June). The only reason for better performance by PCA is if Creative substantially increases its outsourcing of soundcards, at the expense of its own in-house manufacturing. This strategic direction has been hinted at by PCA’s management and Creative’s CEO Sim Wong Hoo, but is still just talk at the moment, so we are not factoring that into our assumptions. Use of proceeds Of the net S$9.5m raised, S$2.5m will be used to finance the new Tampoi plant, S$4.0 for new machinery and equipment, and the balance S$3.0 for working capital. Investment view PCA is net cash after the IPO, and has been free cashflow positive in two out of the last three fiscal years. This is better than many of the recent IPOs that we have seen. At the offer price of S$0.22 PCA is being offered at a historical 6.59 FY2/01 earnings (S$4.928m or 3.34 cents per share). Since, we all know that historical earnings have absolutely no bearing on valuation, we should base our view on forward earnings. We estimate earnings declining 50% in FY2/02 to S$2.5m (fully diluted EPS of 1.25 cents) as utilisation rates fall back once the inventory building for Creative new soundcard ends. Creative is also getting very cautious on the MP3 player and Jukebox markets. We expect price pressures to worsen as customers try to boost their own profitability. Furthermore, the new Tampoi plant is going to start biting off bits of the bottom line once it starts depreciating. On our estimate, PCA is being offered at 17.6x fully diluted FY2/01 earnings. Assuming a 20% rise in profits for FY2/03, and discounting that back at 12%, gives a ‘normalised’ PE ratio of 16.4x, which is fairly valued, taking into consideration it’s healthy balance sheet and good cashflow generating capabilities. We currently see no upside in the stock. Any upside is possible only if Creative substantially increases its outsourcing of soundcards to PCA which we would not be counting on, for the moment. At best a STAG. |
| (Post 30 of 493) 08/13/2001.11:11:06 |
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Avoid
DMG said |
| (Post 31 of 493) 08/13/2001.13:31:50 |
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quite a huge share issue considering a bear market. |
| (Post 32 of 493) 08/14/2001.08:31:13 |
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i think that with the low price like that , the price should go up since the boss won't let the price go down, as Creative got 13% of the share so they sure will support the company. So i think whether seel or not sell in short term is good buy especially long term investment since all pcba company share all hit 1 and above |
| (Post 33 of 493) 08/14/2001.09:39:10 |
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I have a brief writeup on PCA, giving comparative studies vis-a-vis its competitors which are listed in its propectus. It looks a safer bet when viewed in this context although there are downside risk from stags who have shown to have a habit of scrambling to get out at 8:30 am. This queing up gave away their positions to big boys who read their moves as signs of weakness. JK Yangming is a good lesson for stags. Please read the review with care and apply at own risk.
The report is at my web site http://www.geocities.com/tankerzzz Regards Tanker |
| (Post 34 of 493) 08/14/2001.16:13:32 |
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hi all
PCA sure chiong if it is listed today..........all tech stks running like crazy........went to tikum at atm.....hope to make some kopi money......  |
| (Post 35 of 493) 08/14/2001.16:16:34 |
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er...i doubt...uob undertaker...opps...i mean underwriter  |
| (Post 36 of 493) 08/14/2001.18:54:46 |
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14.6 times over-subscribed ... Hmm ... |
| (Post 37 of 493) 08/14/2001.19:11:32 |
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only $2m for public placement ... |
| (Post 38 of 493) 08/14/2001.21:45:58 |
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SINGAPORE, 14 August 2001 – Upon the closing of its initial public offer at noon today, the public tranche of the shares of PCA Technology Limited (“PCA” or “the Company”) were over subscribed by 14.3 times. “We are very encouraged by the strong interest shown in our shares and the results we see today. Despite the weak sentiments in the stock market, both the placements and the public tranche have been well received in the market. We are confident that with all the support of our shareholders, PCA Technology is in a good position to grow our business to meet demands in the electronic and IT industry when it recovers.” Says, Mr Y.S. Ng, Chief Executive Officer of PCA Technology Limited. The shares of PCA will commence trading on the main board of the Singapore Exchange from 16 August 2001. The Initial Public Offering consists of approximately 49.3 million shares into the public of which 44.8 million were placement shares, approx. 2.0 million were offered to the public and the balance were shares made available to employees and business associates of the Company. About PCA Technology Limited Established in 1990, PCA Technology Limited is an electronic contract manufacturer providing a full range of OEM services to major IT companies like Creative Technology Limited and Hewlett Packard as well as other major contract manufacturers in Singapore and Malaysia. The Company has three plants located in Singapore and Malaysia with a production capacity of 8 SMT lines and 8 PTH lines. PCA employs a work force of more than 900 employees in Singapore and Malaysia. |
| (Post 39 of 493) 08/15/2001.08:52:17 |
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PCA Technology IPO retail tranche 14.60 times subscribed
Source : AFX 14/08/2001 18:32 SINGAPORE (AFX-ASIA) - PCA Technology said the retail tranche of its initial public offering was 14.60 times subscribed. The company, which is partly owned by Creative Technology, sold 49.30 mln shares at 0.22 sgd via the IPO. The IPO comprised a retail tranche of 2.0 mln shares and a placement tranche of 47.30 mln shares. The placement tranche also included 2.465 mln shares reserved for employees and business associates. PCA Technology will start trading on Thursday. |
| (Post 40 of 493) 08/15/2001.11:56:17 |
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Hi everyone
What do u guys think? Can buy on first day or not? Any grey market price? Thanks |
| (Post 41 of 493) 08/15/2001.23:48:09 |
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Notice that UOB Asia always dont make announcement of their balloting ratio on hte MASNET, really wonder why???? 
If any other Managers in town can and will make MASNET announcements on the balloting ratios, why UOB Asia must be so special??? Can investors sue them for not making that announcement??? but, on second thought, they are in fact VERY special with that WELL KNOWN EWOS and Hua Kok deals.... |
| (Post 42 of 493) 08/16/2001.00:17:47 |
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This is the cheapest IPO this year at 22c ....definitely can hit at least $0.30 on debut.
In fact, UOB-Kayhian broker house analysts forecast price target = $0.35 |
| (Post 43 of 493) 08/16/2001.00:22:04 |
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you think uob-kayhian will say avoid when uob asia is the manager and uob-kayhian is the placement agent???
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| (Post 44 of 493) 08/16/2001.00:42:01 |
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OK then, since you so sure,put your foot where your mouth is....
why dun U short 100 lots @ $0.22 at 8:30am ? I'll be waiting to queue and win big. Or are U just no-action-talk-only?Must be badly burnt by JK YAMING rite??? |
| (Post 45 of 493) 08/16/2001.08:28:17 |
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What a lousy day to make its debut! Good PE but not so bright future earning. I wish GOOD-LUCK to those who are holding PCA shares. |
| (Post 46 of 493) 08/16/2001.08:51:35 |
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i think it can hit 25 to 27 cents and then arrow-down to 22 cents before any sign of moving up. any comments? |
| (Post 47 of 493) 08/16/2001.09:28:15 |
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Those short better cover. The tide has changed. |
| (Post 48 of 493) 08/16/2001.09:34:54 |
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yes, it's moving up now... expect to hit 25! wish me luck! |
| (Post 49 of 493) 08/16/2001.09:42:17 |
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Shorts at work here. Price may rise. |
| (Post 50 of 493) 08/16/2001.09:47:34 |
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agreed! |
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