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(Post 1 of 54) 08/18/2004.11:48:21 |
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Corporate Profile
Memtech and its subsidiaries (the “Group”) produces high-end silicone rubber, plastic and silicone rubber plastic hybrid keypads primarily for the mobile phone and automotive industries and offers a one-stop solution, beginning from the initial stage of engineering design and mould fabrication to the manufacture and assembly of the components to meet the changing needs of its customers. Integrated Service Provider of Keypads With its capabilities to offer one-stop solution to its customers, the Group is able to react promptly to the customers’ demands with highly customised products. Through this, it is able to cut down its customers’ time-to-market and costs of managing multiple suppliers. Ability to Keep Abreast with Technological Innovations and Advances “Our ability to keep up with technology is critical in this fast evolving industry. That is why we are committed to upgrade our manufacturing capabilities continuously, invest in new equipment, improve our processes and quality of our products and services, while maintaining our cost-competitiveness in meeting our customers’ increasingly sophisticated needs. Through these, we are able to ensure that our precision mould-making technologies meet our customers’ stringent standards for precision engineering and texture finishing,” commented Mr Chuang. Strategic Location of Manufacturing Facilities in the PRC The Group’s two manufacturing facilities are strategically located in the major mobile phone manufacturing hubs in the PRC, namely, the Pearl River Delta (Dongguan, Shenzhen and Guangzhou) and the Yangtze River Delta (Shanghai, Suzhou and Hangzhou). By locating close to its customers, the Group is able to respond quickly to its customers and lower its transportation costs. It is also able to leverage on the established supporting industries in the hub, thereby benefiting through cost and operational efficiencies. Reputable Customer Base and Established Customer Relationships Said Mr Chuang: “We have been able to gain a group of established customers through our ability to meet their requirements and delivering quality products and services. Today, we are proud to say that our customer base includes major mobile phone manufacturers in the PRC, such as UT-Starcom Telecom Co., Ltd, Ningbo Bird Co., Ltd, TCL Corporation, Legend Group Limited, ZTE Corporation and Dbtel Incorporation. We also count European mobile phone manufacturers such as Sagem S.A. and automotive parts manufacturer, Lepold Kostal GmbH & Co. KG as our customers.” Financials The Group achieved a 660% increase in revenue from S$9.0 million in FY2001 to S$68.7 million in FY2003, whilst its net profit increased more than 15 times from S$1.3 million to S$21.0 million over the same period. |
| (Post 2 of 54) 08/26/2004.00:15:01 |
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August 24, 2004
MEMTECH, gkgoh put new rating BUY with target price $0.63 - Expansion programme on track. Memtech is upgrading its existing Nantong plant to add 20% capacity this year. It is also setting up a new factory in Huzhou (Zhejiang province) with an expected annual capacity of 12m units by 2005. Of the S$63m IPO proceeds, S$10m has been allocated for the upgrading of the Nantong plant and another S$10m for the new plant in Huzhou. Management believes that total capex of S$20m will be sufficient to boost its production capacity by 50% yoy by end-2005. Memtech's current production capacity is estimated at 125m keypads/year. This is set to rise to 145m by end-2004 and further to 200m by end-2005. Utilisation remains high at 80-90% on average despite the aggressive expansion of the past two years. - Targeting MNC customers. Memtech is aggressively negotiating with several MNC mobile phone manufacturers, including leading players such as Motorola and Samsung. Memtech's increasing economies of scale have pitted it well against these MNCs' current suppliers, some of whom are based in Korea. Memtech is set to capture market share from these competitors on the back of lower production costs in the PRC and increasing economies of scale. - Memtech's recent qualification by Nokia testifies to its success in securing MNC customers and capturing more market share. Revenue contributions from Nokia are expected to kick in on a full scale in FY05. As a result of Memtech's diversification to MNC customers, debtor days can be expected to improve from the 130 days currently, as credit terms for MNC customers are typically lower at 30-60 days. Despite its 130 debtor days, Memtech continues to generate positive cash flow (e.g. positive cash flow of S$8.5m in 1H04). Memtech aims to achieve at least a 5050 revenue split between PRC and MNC customers eventually. - Strong maiden interim results. Memtech's net profit rose 160% yoy to S$15m on the back of a 140% rise in revenue to S$53m in 1H04. The growth was driven by increasing orders from existing customers and new customers secured in 2003 such as Lenovo and TCL. Both Lenovo and TCL contributed about 10% of sales in 1H04. Gross margins climbed to 46% from 44% in 1H03. - Management guided for stronger 2H. Memtech's sales moderated in recent months due to the seasonal factor and weak business sentiment precipitated by the Chinese government's measures to cool the economy. Some PRC phone manufacturers are also facing temporary inventory issues. However, Memtech expects the growth momentum to resume in 4Q when it begins to benefit from orders from several new customers, such as Philip China. Current order book is unchanged at one month of orders, while visibility from customers remains at two months. Despite the spike in oil prices, Memtech has not experienced any significant increase in raw material costs. Management has guided for a stronger 2H04 vs. 2H03 (when net profit was S$15.4m on sales of S$46.6m). - Recommend Buy; target price S$0.63. We estimate that Memtech can post net profit of S$17.5m (+14% yoy) in 2H04, translating into 54% yoy profit growth for FY04. Net profit CAGR is estimated at 41% for FY04-06 on the back of positive industry growth, increasing market share and aggressive expansion. Among its peers on the SGX with market caps of above S$300m, Memtech stands out with the highest net margins and ROE. We believe Memtech should trade at a premium to Fu Yu. We have pegged our target price at 10x FY05 P/E, a discount to Hi-P which has a higher EPS CAGR. Our target price of S$0.63 implies 36% upside. Buy. |
| (Post 3 of 54) 09/08/2004.10:09:18 |
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Kaze,  |
| (Post 4 of 54) 09/08/2004.10:12:42 |
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Toady kor kor,
Don't wink to me leh, what do you mean?  |
| (Post 5 of 54) 09/16/2004.17:00:19 |
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days of Memtech still trading below 50c are numbered...  |
| (Post 6 of 54) 09/16/2004.17:46:40 |
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But what is the number? One, ten, one hundred or one thousand?  |
| (Post 7 of 54) 09/16/2004.18:00:07 |
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| (Post 8 of 54) 09/17/2004.10:41:03 |
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Finally, come out to play. |
| (Post 9 of 54) 09/17/2004.10:45:59 |
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days numbered === berry kan cheong !, chiong ahh ! |
| (Post 10 of 54) 09/17/2004.14:16:36 |
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Kateks, pls dont hide, u gonna die shiok shiok. |
| (Post 11 of 54) 09/22/2004.11:30:12 |
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Hi Toady
UT starcom share price corrected from US$40 to US$13 for the past few month , be careful |
| (Post 12 of 54) 09/26/2004.22:58:51 |
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By KELIVE
22 Sep 9:38AM : MemTech - Steady... Set... Go ! ć Attractive valuations ć Consistent insider purchases ć Technical action: 1) Close above $0.50 tests $0.535 2) If $0.535 clears, next technical level is $0.565 |
| (Post 13 of 54) 10/10/2004.21:42:08 |
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they are bringing analysts and fund managers to CHina next week...time to revisit this stock |
| (Post 14 of 54) 10/10/2004.21:58:05 |
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Spicker, Thanks, appreciate.  |
| (Post 15 of 54) 10/11/2004.07:10:42 |
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13-15 oct plant visit in dongguan.....a very patient stock to invest....  |
| (Post 16 of 54) 10/11/2004.21:55:22 |
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a total of seven stockbroking houses are going for the trip |
| (Post 17 of 54) 10/15/2004.19:56:19 |
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from price action oviously analyst not impressed after visit   stuck in range 46-52 |
| (Post 18 of 54) 10/18/2004.15:49:19 |
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looks like somebody cabut otherwise volume wont b tis big!! wot happen to the analyst who went there??
price speaks for itself  |
| (Post 19 of 54) 10/18/2004.16:07:21 |
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selldown on high volume BADDDDD |
| (Post 20 of 54) 10/18/2004.17:13:38 |
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 habis ini!!!! agaknya pakar pakar yang menjumpai mereka tidak berapa 'impress'... |
| (Post 21 of 54) 10/18/2004.17:55:19 |
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  |
| (Post 22 of 54) 10/19/2004.22:20:19 |
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no smoke without fire....sell rebounds!!!  |
| (Post 23 of 54) 10/19/2004.22:28:21 |
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 Kawan
Enjoy your running comments
 |
| (Post 24 of 54) 11/09/2004.18:54:15 |
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MEMTECH INTERNATIONAL LTD
Incorporation of a Subsidiary Pls view announcement here. |
| (Post 25 of 54) 11/13/2004.11:30:41 |
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MEMTECH INTERNATIONAL LTD
Third Quarter * Financial Statement And Dividend Announcement Pls view announcement here. |
| (Post 26 of 54) 11/16/2004.11:33:07 |
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| (Post 27 of 54) 12/09/2004.15:27:08 |
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38 cents...enough already? |
| (Post 28 of 54) 12/10/2004.18:23:20 |
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MEMTECH INTERNATIONAL LTD
INCORPORATION OF A SUBSIDIARY Please view announcement here. |
| (Post 29 of 54) 12/15/2004.18:01:12 |
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Nice rebound from 38....low of the year? |
| (Post 30 of 54) 01/02/2005.17:52:53 |
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MEMTECH INTERNATIONAL LTD
Increase in Share Capital and Investment in Subsidiary Pls view announcement here. |
| (Post 31 of 54) 01/07/2005.10:49:34 |
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right on trendline resistance. can it clear 0.405-0.41... |
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| (Post 32 of 54) 01/07/2005.10:52:05 |
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massive sellers to clear..who will do it? |
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| (Post 33 of 54) 01/10/2005.20:59:56 |
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MEMTECH INTERNATIONAL LTD
Increase in Share Capital and Investment in Subsidiary Pls view announcement here. |
| (Post 34 of 54) 01/10/2005.21:03:18 |
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MEMTECH INTERNATIONAL LTD
INCREASE IN SHARE CAPITAL AND INVESTMENT IN SUBSIDIARY Pls view announcement here. |
| (Post 35 of 54) 01/10/2005.21:16:58 |
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MEMTECH INTERNATIONAL LTD
Report of Persons Occupying Managerial Positions Who Are Related To A Director, CEO or Substantial Shareholder Pls view announcement here. |
| (Post 36 of 54) 01/11/2005.14:22:53 |
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I think this stock does not have the support. Better sell and start buying others like OSIM. |
| (Post 37 of 54) 02/02/2005.13:02:14 |
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08:44 Malaysia's MEMS Tech sees higher demand or infrared cameras - report |
| (Post 38 of 54) 02/05/2005.04:58:50 |
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MEMTECH INTERNATIONAL LTD
Increase In Share Capital And Investment In Subsidiary Please view announcement here. |
| (Post 39 of 54) 02/27/2005.12:26:43 |
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MEMTECH INTERNATIONAL LTD
[FULL YEAR FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT] Pls view announcement here. |
| (Post 40 of 54) 03/01/2005.13:31:16 |
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Dear Investors,
The Full Year Financial Statement 2004 has been updated. Please click here to view. Regards. |
| (Post 41 of 54) 03/07/2005.14:58:04 |
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MEMTECH INTERNATIONAL LTD
[ANNOUNCEMENT OF APPOINTMENT OF EXECUTIVE DIRECTOR] Pls view announcement here. |
| (Post 42 of 54) 03/07/2005.14:59:33 |
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MEMTECH INTERNATIONAL LTD
[MISCELLANEOUS :: RESIGNATION AND APPOINTMENT OF DIRECTORS] Pls view announcement here. |
| (Post 43 of 54) 03/11/2005.20:09:31 |
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MEMTECH INTERNATIONAL LTD
[MISCELLANEOUS :: CORRIGENDUM TO ANNOUCEMENT] Pls view announcement here. |
| (Post 44 of 54) 03/11/2005.20:26:35 |
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MEMTECH INTERNATIONAL LTD
[MISCELLANEOUS :: CORRIGENDUM TO DIRECTOR/SUBSTANTIAL SHAREHOLDER'S INTEREST IN THE COMPANY'S SHARES] Pls view announcment here. |
| (Post 45 of 54) 03/11/2005.21:47:54 |
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tHIS ONE BEEN A SILENT KILLER TO ITS INVESTORS. OCBC priced it wrong! |
| (Post 46 of 54) 04/13/2005.12:40:47 |
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Please view announcement here. |
| (Post 47 of 54) 04/28/2005.20:43:52 |
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Please view announcement here. |
| (Post 48 of 54) 04/30/2005.14:36:53 |
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Please view announcement here. |
| (Post 49 of 54) 05/03/2005.11:51:34 |
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Dear Investors,
We have updated the following sections for Memtech. Thank you all for your attention. Regards. |
| (Post 50 of 54) 05/13/2005.09:41:09 |
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Please view announcement here. |
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