inari

• 

  余光成 inari 的估值为rm 3.09 ,现在己近反应价值,未来的上升还待净利是否可再成长.
  但insas 才rm 1.31的价位,明显是低估了,我估计完全反应内部价值最少有rm 2.00 .因此还可继续上車,
  未来会是丰衣足食的.安心吧.
  insas 持有34%在inari berhad,看来会持续反应insas的价值.
  Inari Amertron Bhd - Not Too Late, Still Has Legs TP = RM 3.09
  Share price continued to gain bullishly accompanied by financial results which consistently exceed expectations thanks to effective management executions coupled with favorable semiconductor outlook. We continue to like this firm and believe that there is more room to grow.
  RF business is poised to propel further due to:
  1. Positive semiconductor outlook (~5-10% growth).
  2. Smart communication devices remains as the main application growth driver for the overall industry.
  3. Higher demand for Avago’s RF ICs.
  4. Asset-light adoption by global players.
  Although Amertron’s products are relatively more mature relative to RF ICs, OIDA believes that this segment’s steady growth will be supported on the back of strong demand creating a potential market size of ~USD1.2tr by 2017.
  Acquisition of Amertron is synergistic and complementary, as proven by past two quarters’ results where Inari’s top and bottom line saw major improvements. Besides, this also allows Inari to have access to expertise in fibre optics which is crucial for its ISK’s development.
  By leveraging on Agilent well-established T&M market and its role as electronics and electrical industry lead partner for ETP, CEEDTec is expected to grow rapidly with exposure to international market.
  ISK’s contributions is expected to rise thanks to:
  1. Insatiable demand for data as user usage behavior migrates from voice coupled with introduction of more online services.
  2. Copper transition to fibre as the latter offers high bandwidth allowing huge data to be carried more efficiently.
  Catalysts
  Wireless communications / mobility / IoT (M2M) / LTE
  Business diversifications into optoelectronics and T&M
  Favorable FOREX
  Continuous effective operational strategy.
  Risks
  Single major client risk (Avago) / high dependency
  FOREX risks
  Patent disputes
  Resources / labour shortage.
  Rating
  BUY, TP: RM3.09
  Positives - Synergy from acquisition, 40% dividend payout at reasonable yield, listing transfer to Bursa Main Board.
  Negatives – innovation stalemate in telecommunication.
  Valuation
  We value the stock with a fair value of RM3.09 based on 15.1x CY15 P/E multiple, average P/E multiple of its Malaysian and US-based peers (see Figure #13).
  Source: Hong Leong Investment Bank Research - 2 Apr 2014
  
  1）老板湯国基 thong kok khee 与thong kok yoon共持有54.38%在insas berhad(m&a investments internasi0nal limited为thong所属).是时候释放公司的价值了.
  2)这兩張是位置在taman bukit indah,skudai,johor bahru的m&a证行,这证行持有许多insas的股票,也从职员口中获取,有很多客户在收集insas的票,
  看来大家对公司信心满满,未来丰衣足食呀,哈哈.
  

  

  4月3日下午 6:22 · 赞