【JCY 5161 交流专区】JCY国际

ck2

请问各位大大高手对这间公司即将在25日上市有何高见，买的过吗？

超笨无比

PE20,我没兴趣.....

168007

还有关于他的介绍吗?
有点兴趣~

yccheok

科技股，没兴趣。

ck2

[quote]还有关于他的介绍吗?
有点兴趣~
168007 发表于 2-2-2010 06:46 PM [/quot

IPO第二，第一是MAXIS

劈地小宅男

没什么在行。。

劈地小宅男

有没有他的网站让我们去看公司的资料？？ 谢谢大家~

维森特

我倒觉得买的过。。年净利2亿到3亿，拿50%做股息也有1亿5千万分，平均分给6亿股的话，10%的年回酬不成问题咯。。

eileenkerk

什么公司，上市价多少？没听过，还有没有更加多的资料？

merickc2

要择时辰上市的公司好极也有限。

超笨无比

我倒觉得买的过。。年净利2亿到3亿，拿50%做股息也有1亿5千万分，平均分给6亿股的话，10%的年回酬不成问题咯 ...
维森特 发表于 4-2-2010 11:04 AM

好像不止6亿股,是16亿吧

toyo18

听说是做硬碟的，市场占有率蛮大的！
申请到开市第一天就卖咯，赚个10-20%应该没问题吧！

yewchang

http://www.btimes.com.my/Current ... /Article/index_html

JCY expects up to 50pc dividend payout

Malaysian hard disk drive component maker JCY International Ltd expects to pay annual dividends of up to 50 per cent of profits, the company said on Tuesday.

“The company’s board of directors intend to adopt a progressive dividend policy,” it said at the launch of its initial public offering prospectus.

JCY’s selling shareholder YKY Investments Ltd is hoping to raise as much as RM1.2 billion (US$350.9 million) from its offer of 530.2 million shares at an indicative price of between RM1.60 and RM2.20 each.

The listing, Southeast Asia’s largest tech sector IPO after Singapore’s Chartered Semiconductor’s offering in 2000, comes as markets across Asia are hit by concerns over China’s monetary tightening policy.



Shares of coal miner SouthGobi Energy Resources Ltd and Russia’s UC RUSAL traded at double digit percentages below their offer prices in their Hong Kong debut last week, hit partly by poor timing.

But JCY’s senior company officials expect their IPO to perform well on debut given its strong financial position and the sector in which it operates in.

“As far as fund managers are concerned, they are happy with us and we believe we will do well,” said James Wong, JCY’s director of finance.

UBS and CIMB are handling the IPO.

More than 80 per cent of JCY’s revenue are from Western Digital Corp, the world’s second-largest maker of hard-disk drives, and the balance from Seagate Technology.

The company is in the pre-qualifying stage of producing base plates for Japan’s Hitachi and South Korea’s Samsung Electronics and expects to start supplying them by mid-2010.

JCY plans to spend RM182 million for capital expenditure in its fiscal year to September 2010, which will raise production capacity by 30 per cent.

The hard-disk drive industry was hit hard by the global economic downturn in late 2008 but demand has returned with the fall in personal computer (PC) prices, said industry researcher TRENDFOCUS Inc, which expects PC demand to grow 10-15 per cent annually through 2012.

JCY’s IPO comes after Malaysian telephone company Maxis raised US$3.3 billion in Southeast Asia’s biggest IPO last year. -- Reuters

yewchang

http://www.theedgemalaysia.com/i ... ing-catalysts-.html

Notion VTec's rerating catalysts

SHARES of precision component producer Notion VTec (RM2.96) had rallied strongly in recent months — rising from a low of 80 sen in early April 2009 to a high of RM3.52 in mid-January 2010 before easing to about RM3 due to profit-taking activities and the current market downturn.

The rally vindicates our positive view on the company, which we have long liked it for its strong earnings growth, excellent track record, high margins and return on equity — and very attractive valuations.

Nonetheless, it was a series of recent events that have raised investor interest further in the stock and the broader hard-disk drive (HDD) sector. The first major catalyst was Notion's private placement exercise, which raised expectations of a strategic foreign investor. This was confirmed by the entry of camera giant Nikon Corp Ltd of Japan in January 2010.

The second was the imminent listing of its larger competitor JCY International, expected in 1Q10. This has raised awareness for the HDD component sector as JCY's planned IPO will be the local bourse's second largest IPO in six years, after the relisting of Maxis. JCY reportedly plans to raise up to US$350 million (or about RM1.2 billion), with pricing to be finalised in February 2010.  

The indicative pricing for JCY's IPO was reportedly around 10-14 times forward earnings, as compared to our current estimated P/E for Notion (post stock price rally) of 8.6 and 6.6 times for FY September 2010-2011. Note that its valuations were far lower before the rally began. At current prices, Notion's shares remain undervalued and could see another rerating when JCY lists.  

JCY is one of the world's largest HDD components manufacturers, with operations in Malaysia, Thailand and China. It reportedly had revenue of RM1.76 billion and net profit of RM207 million for the financial year ended 30 Sept 2009.

Nikon's entry
In October 2009, Notion had proposed a private placement exercise of up to 10% of its share capital, with proceeds to be utilised to fund its Thailand expansion.

Nikon Corp Ltd emerged as a substantial shareholder in mid-January 2010 when it took up all the 13.84 million shares issued under the exercise, giving it a 9.1% stake in Notion. The shares were placed out for RM2.44 per share, raising a total of RM33.8 million.

Nikon's entry will likely see Nikon steering more of its component orders to Notion. One item we understand that is being considered is the mount, which is presently manufactured in Japan at relatively higher costs.

We understand Nikon currently contributes about RM8 million-RM10 million in monthly sales for Notion. With these new orders, the company hopes to increase these sales by about 30%-50% in FY11. In 4QFY09, 44% of Notion's sales were derived from camera components, and solely from Nikon.

Proceeds of the private placement exercise will fund Notion's Thailand expansion, which will cater primarily for Nikon. The company had earlier acquired a five-acre plot of land with a 23,000-sq ft factory in Ayutthaya, just outside Bangkok for RM5.05 million. The new plant is expected to be operational in 1Q2010 and the company will increase capacity by 200,000 sq ft.

The Thai operations will enjoy an eight-year tax exemption, which augurs well for Notion's overall effective tax rate. Over time, we would not discount the possibility of the camera operations being moved entirely to Thailand, freeing up the Klang plants for HDD orders, as Notion is receiving strong orders from Samsung for 2.5-inch HDD components.  

Key growth catalysts for Notion
Notion will see strong growth over the next few years driven by its aggressive expansion programme, especially in Thailand, and a widening of its product range, customers and markets. The key catalysts are:

1) Thailand expansion. Notion will be able to cater more for its biggest client, Nikon Thailand and later, to other multinationals as the country also hosts a large concentration of HDD and auto companies. The plant will enjoy tax exemption, lowering effective group tax rates.

2) Increased HDD orders and new products. Notion has secured orders from a new customer, Samsung, for production of the 2.5-inch form factor HDD. This opens up a new market base, as Notion presently focuses on the 3.5-inch form factor. The smaller form factor is used for smaller, mobile consumer electronic devices, such as laptops, where demand is growing rapidly.

We understand trial runs started in December 2009, with monthly production being ramped up from sales of RM600,000 to a targeted RM6 million by June 2010. HDD demand has also been resilient, even during the worst period in Notion's 2QFY09. Demand is being driven by the need for increased storage for the increasing use of web-based applications.

3) Over the longer term, Notion is also going into production of more complete components to offer HDD multinationals a more integrated and value-added service and improve on margins.

In total, Notion will spend about RM100 million on capex in the next two-three years, in Malaysia and Thailand. This will be easily funded by the private placement and strong operating cashflows. Its two plants in Klang are currently operating at full capacity, and the company is planning to acquire further space nearby to cope with rising demand, especially Samsung.

Forecasts raised, valuations attractive
We are raising our FY2010-2011 net profit forecast by 6% and 15%, respectively. We expect Notion's net profit to grow a robust 48% to RM53.2 million in FY10 and a further 30% to RM68.9 million in FY11, with earnings per share of 34.4 sen and 44.6 sen, respectively.

Despite the stock's rally, Notion's valuations remain very attractive, especially relative to its strong growth prospects. At RM2.96, its shares are priced at just 8.6 and 6.6 times for FY2010-2011 earnings. With the impending listing of JCY, there will also be a new industry pricing benchmark, while more opportunities are likely to emerge from the Nikon strategic tie-up.

Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.

yewchang

我倒觉得买的过。年净利2亿到3亿，拿50%做股息也有1亿5千万分，
平均分给6亿股的话，10%的年回酬不成问题咯.
维森特 发表于 4-2-2010 11:04 AM

上市价 RM1.8 ~ RM2.2.
股息真的派息 RM0.5，那么年回酬将会是 25%。

yewchang

PE20,我没兴趣.....
超笨无比 发表于 2-2-2010 05:20 PM

JCY國際2月25日上市‧新股售1.6至2.2令吉 2010-01-28 19:07

（吉隆坡）硬碟大廠JCY國際（JCY）預計在2月25日於馬股上市，首次公開募股（IPO）將籌措12億令吉，新股售價介於1令吉60仙至2令吉20仙。
公司大股東YKY投資將獻售5億3020萬股股票，相等於25.9%股權；JCY國際的上市案，將是馬股6年來第二大上市計劃，僅次於去年杪重返馬股的明訊（MAXIS，6012，主板貿服組）。
根據這間公司的《投資條款清單》顯示，根據2010年盈利，本益比為9至12.5倍。
JCY國際計劃發售4億7000零3萬股予機構投資者，其餘則發售給零售投資者。
瑞士銀行和聯昌集團（CIMB,1023,主板金融組）是發股主理銀行。

yewchang

其实 JCY 国际只是一间代工厂，
严格来说不能说是科技股。
应该是制造业。

there7888

发售越多起的机会就越少。

超笨无比

上市价 RM1.8 ~ RM2.2.
股息真的派息 RM0.5，那么年回酬将会是 25%。
yewchang 发表于 4-2-2010 09:29 PM

有50仙派息我切,看清楚是50%,它们答应给50%
而且它说的PER 9-12.5X是forecast今年的,根据去年的PER是20X

yewchang

它说的PER 9-12.5X是forecast今年的,根据去年的PER是20X超笨无比 发表于 4-2-2010 10:33 PM

你在哪里看到的去年 PE 20x?