Question & Answer (Refer to questions raised by Minority Shareholder Watchdog
Group (MSWG) letter dated May 16, 2014)
Strategic and Financial Matters
Q1 : It was stated in the Managing Director’s statements that “the Group’s revenue
did not experience any substantial growth compared to the year before”.
What was the reason for the Company to record flat revenue and what are the
measures taken to improve the revenue growth?
A1 : For the year ended December 31, 2013, the Group’s revenue did not experience
any substantial growth compared to the year before mainly due to uncertainty
in the global economic climate, which consequently affected our customers’
sales demand.
Uchitec is an Original Design Manufacturer. Providing innovative solutions is
our value to customers. We believe R&D is our reason of existence and shall
remain focus on our R&D’s innovation to provide customers with:
- fit solutions that will enable our customers to be the first to launch new
products with new features; and
- better cost efficient and equal performance/better performance solutions. This
is crucial because we believe during economic downturn, companies will
actively look for cost efficient solutions in a way to moderate the increasing
operating cost.
In line with the above principles, our R&D is developing inverter technology to
further improve the energy efficiency and wake up time of products. This is
required to comply with a new directive taking effect from January 1, 2015,
which requires household machine to be shut off within 15 minutes after their
last operation. We will extend the application of inverter technology to other
products line and from there, we anticipate a boost in revenue in 2015/2016.
In addition, we have expanded our R&D product lines that are scheduled to be
launched in 2014/2015. The new products are currently in its initial stage of
basic research and development. Bonded by the Confidentiality Clause in our
Agreement with the customers, we are restricted to disclose any information at
this moment to any third parties until the projects are launched. The Board is
aware of its responsibility to ensure informative, timely and accurate disclosure
of material information concerning the Company to the public and shall make
necessary announcement when necessary.
Our achievements so far testify our technical strength and we always endeavor
to exploit our resources towards creating innovative value in order to grow our
business. However, global economy condition being one of the determinative
factors of revenue growth, is not under our control. Therefore, to our best
knowledge in consideration of the volatile economic climate, at this moment, we
anticipate revenue growth for the year ending 2014 is likely to remain flat and
operating profit margin shall be squeezed by a lower single digit percentage.
Nevertheless, the Group is confident that we will remain profitable and
maintain a strong balance sheet.
Q2 : The Chairman highlighted in the statement that 7% of the Group’s revenue was
allocated for R&D activities. He also stated that “R&D is a key determinant in
the success of the business. As such, we are dedicated to keep supporting and
enhancing our existing product lines even as we continue to develop new
innovations and offer cutting-edge products”.
Moving forward, would there be an increase in the amount spent on R&D
activities?
A2 : For the year ending December 31, 2014, the 7% of the Group’s revenue
allocated is sufficient to fund our R&D projects and to execute our R&D
enhancement plan.
Moving forward, budget for R&D activities for the following year shall be
allocated in the third quarter of the current year according to the R&D strategy
and projects on hand.
Q3 : What was the reason for the increase in inventories for finished goods from
RM954,330 in 2012 to RM3.1million in 2013?
A3 : Finished goods increased from RM954,330 as of December 31, 2012 to
RM3,060,559 as of December 31, 2013 mainly due to delay in liner’s schedule
that caused approximately RM2.0 million of finished goods were only made it to
ship on board in the first calendar week of 2014.
Q4 : What was the reason for the increase in trade receivables that were outstanding
between 31 to 60 days from RM187,798 to RM1.9million in 2013 and what
efforts have been taken to collect these receivables amount?
A4 : Trade receivable amounted RM1,934,184 that were outstanding as of
December 31, 2013 between 31 to 60 days arose mainly due to shipment
accumulated in November 2013 as requested by customers. The said amount
has been fully collected in February 2014.
The Company closely monitors the status of Accounts Receivable in our
monthly Performance Measure Meeting and statements are sent to the
customers every week to follow up on remittance inward from customers.
Uchitec has not suffered from any bad debts written off since incorporation and
the number of day receivable from customers has been improving from 51 days
in 2009 to 25 days in 2013.
| Financial Year | 2009 | 2010 | 2011 | 2012 | 2013 |
| No. of Day Receivable (days) | 51 | 22 | 33 | 39 | 25 |
As of to date, trade receivable outstanding as of December 31, 2013 amounted
RM6,499,121 has been fully collected.
Q5 : We noted that there was an advisor fee paid to a former director totaling
RM56,000. What was the nature of the advisory services rendered by this
former director?
A5 : As mentioned in Note 10 of the Financial Statements (page 70 of the Annual
Report 2013), this advisory fee was paid to a former Director, Mr. Ng Hai Suan
@ Ooi Hoay Seng who retired on May 28, 2013. Mr. Ooi who was then the
Chairman of the Audit Committee expressed his intention not to seek re-election
at the Fifteenth Annual General Meeting on May 28, 2013. Mr. Charlie Ong
Chye Lee assumed the Chairmanship of the Audit Committee upon Mr. Ooi’s
retirement and Mr. Chia Tong Saik, a qualified accountant who was appointed
an Independent Non-Executive Director on January 2, 2013 eventually took
over as Chairman on August 23, 2013. To provide continuity, the Company
retained Mr. Ooi as advisor for 1 year, such a service to end on May 31, 2014.
Corporate Governance Matter
Q6 : We would like to encourage the Board to publish the Minutes or the Summary
of Minutes of the AGM on the Company’s website to be in line with the spirit
of transparency and good Corporate Governance practices based on the ASEAN
CG Scorecard which is being used to assess level of CG standards of PLCs in
Malaysia by MSWG.
A6 : We appreciate your proposal and the Board of Directors will consider to
publish the Minutes or Summary of Minutes of the AGM on the Company’s
website to further enhance the spirit of transparency and good Corporate
Governance practices.
我不能告诉你会不会起，会不会跌，因为我没有预知未来的能力。我只能告诉你，这家公司的特点如下：
净资产( NTA ) 是 50仙，
今年的每股盈利持平（保持去年的盈利水平），
股息政策70% （每10仙盈利，至少7仙成为股息），
利润率40% ～ 50% （每一元的营业额，40～50仙转为盈利）
股东回酬率约 20% ，
低债务，
现金流稳定（这几年稳定在3千～4千万左右）。
如果以1.45 的股价买进一家股息大约 12 sen（预测2014年的股息），你的周息率（对比银行利息的算法）是8.2% （银行的是 4% ，多一倍。好，不好？ ）
这家公司自2008年后，生意不断下坡，盈利不断减低（没有亏损），股价自高峰下滑，然后波动不大。
公司是提供客户创意、服务、革新的技术（以减低成本、增加效率）的产品（产品可以参考前面的帖子）作为主轴。
每年固定根据营业额，投入7% 的研发费。
去年二月，最新一期的厂房已经启动。
获得为期5年的免税特点。
买不买，看你的，旁人无法提供你太多的意见。
买股，简单来讲，是低买，然后高卖。能否做得到，看你的了。
投资，是一门艺术。
宇琦新产品锁定欧买家
财经新闻 财经 2014-06-03 11:32
http://www.nanyang.com/node/625610?tid=462
（乔治市2日讯）宇琦科技（UCHITEC，7100，主板工业产品股）耗资约1500万令吉，发展新变频技术和实验设备，锁定欧洲买家。
《星报》引述集团执行董事高德培谈话指，欧洲买家将可在明年获得实验设备。
“我们发展着一批可用于实验设备的全新变频技术，可比传统实验设备更有效地优化耗电量。”
他指出，实验设备业务应该可从明年起，为集团贡献营业额。
同时，该公司将把变频技术延伸至其他产品线。
派息6仙
高德培透露，宇琦科技将拨出约7%营业额，作为今年的研发成本。
对于去年的应收账款增至190万令吉，高德培说，这主要是去年11月出口累积所致。
他补充称：“我们已在今年2月收回这笔款项。”
宇琦科技为2013财年派发每股6仙终期免税股息，并于7月24日过账。
截至3月杪首季，该集团净赚1015万8000令吉，较上财年同期的845万7000令吉，按年上扬20.1%。
惟现财年首季营业额按年降低5%，至2305万6000令吉，上财年同期报2426万9000令吉。
（乔治市2日讯）宇琦科技（UCHITEC，7100，主板工业产品股）耗资约1500万令吉，发展新变频技术和实验设备，锁定欧洲买家。
《星报》引述集团执行董事高德培谈话指，欧洲买家将可在明年获得实验设备。
“我们发展着一批可用于实验设备的全新变频技术，可比传统实验设备更有效地优化耗电量。”
他指出，实验设备业务应该可从明年起，为集团贡献营业额。
同时，该公司将把变频技术延伸至其他产品线。
派息6仙
高德培透露，宇琦科技将拨出约7%营业额，作为今年的研发成本。
对于去年的应收账款增至190万令吉，高德培说，这主要是去年11月出口累积所致。
他补充称：“我们已在今年2月收回这笔款项。”
宇琦科技为2013财年派发每股6仙终期免税股息，并于7月24日过账。
截至3月杪首季，该集团净赚1015万8000令吉，较上财年同期的845万7000令吉，按年上扬20.1%。
惟现财年首季营业额按年降低5%，至2305万6000令吉，上财年同期报2426万9000令吉。http://www.nanyang.com/node/625610?tid=462
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