斤经济较：Inari出头天

我为investalk慈善组合买的第一支股是inari，

主要是因为它的稳定性、成长性兼具，

稳定性在于它的业绩是符合预期的，

我们看看inari过去每一季业绩，

都是非常稳定的，

从来没有出乎意料过。

成长性近一年来虽然没有当初这么辉煌，

但是也达到50%左右，

比较大的缺点在于，

时常发right issue向股东拿钱，

但是拿了钱，

业绩不错，

这是好事。

最近我发现一个趋势，

Inari的股息是配合它的业绩的，

业绩好股息决不吝啬，

代表inari不是A钱的公司。

昨天inari业绩出来，

虽然没有太大的惊喜，

但是好像我所说的，

符合预期，

Revenue 和profit都达到20+的成长，

同时也公布了dividend，

dividend也是比之前高。

但是这次除了业绩之外，

inari带来其他的惊喜，

那就是Bonus Issue。

inari一向来只发right issue，

这是第一次发bonus issue，

看来股东长久的等待，

终于得到回报了。

母凭着子(INARI)贵的INSAS

1048.《双IN合璧》- 母凭着子(INARI)贵的INSAS，INARI营业额再创高峰，派股息2.1仙!

5月不少公司的业绩都纷纷出炉，大部分我注意的优质股都有不错的表现。昨天INARI出炉的业绩非常亮眼，因此今天股价上涨了7仙，而INSAS也跟着起舞，上涨了3.76%. 这不就印证了母凭子贵的现象了吗？？而且这两家公司占了我投资组合的21%左右，如果它们出什么冬瓜豆腐，我的组合就会大受影响了。就让我们看看INARI 以及INSAS的业绩吧。

INARI由于之前的right issue所致，所以EPS被diluted，最新季度只有5.69cents。不过相比去年同期，net profit 上涨了高达52.5%，真是让人雀跃的业绩。而且Revenue也创下历史新高，2.28亿马币是INARI上市以来最高的营业额。不过q-o-q的盈利却下跌了6%，打破了之前盈利连续上涨12个quarter的惊人纪录。不过事出有因，这是因为新厂P13设立拉低了盈利。不过在接下来的几个季度相信会贡献出不菲的盈利，所以Inari未来的前景是非常让人期待的。

此外，40%的派息政策是我非常欣赏的，今年的股息有望达到8.5仙以上。如此大方派息的科技股其实并不多见，所以我还是会继续长期持有Inari的。话说今年INARI的股价也上涨了40%以上，跑赢了大市好多条街。加上手持每股27.7仙的现金，我对它可说是信心十足阿！我今年的目标价格是RM4.20，大家拭目以待。

INSAS的业绩也刚刚出炉不久，营业额跟上季相比上涨了100%+。不过盈利却下跌了8%左右。

上图两个圈圈是亏损的主因，以下的the edge报导也有详细的解释:

不过假设接下来每个季度的EPS是4cents，全年度的EPS就是16 cents。如果把目标价格设定在PE8，那么目标价格将会是RM1.28。还有30%++的上涨空间。不要忘记INSAS的NTA是1.90，几乎是股价的1倍以上。而且它是net cash的公司，所以我觉得它的前景可期。

INSAS以及INARI双IN合璧，期待它们未来更加出色的表现。共勉之。


Harryt30
21.10p.m.
2015.05.15

Inari Amertron - Connecting dots for greater success

Author: kltrader   |   Publish date: Wed, 9 Jul 09:20

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A growth stock with projected 3-year earnings CAGR of 61%.
Provides exposure to the fast-growing smart devices and fibre-optics markets via its partnership with Avago.
Initiate with BUY; MYR4.20 cum-rights TP (17x CY15 PER) offers 30% upside and backed by 2+% net yield in FY15.

Promising new catalysts and growth prospects

Demand for smart devices, adoption of faster cellular network (i.e. from 3G to LTE) and cloud computing activities are on the rise. International Data Corporation (IDC) expects smartphone shipments to grow to 1.8b units in 2018 (2013: 1b units), representing a 5-year CAGR of 12.3%. Global adoption of LTE/LTEA cellular networks remains low. Shifts to faster cellular networks increase the complication and content of radio frequency (RF) chips in smart devices. Meanwhile, Cisco’s forecasts of a >10x jump in global mobile data traffic to 15.9 exabyte (EB)/month by 2018 will prompt higher usage of fibre-optic components to facilitate faster data transmission.
Against this backdrop, Inari Amertron’s (Inari) growth trajectory is promising, riding on the growth of its strategic partner, Avago, a key OEM to global electronics players (i.e. Apple, Samsung, LG). As one of Avago’s key electronics manufacturing services (EMS) companies, Inari is well-equipped to ride the wave of growth with core competencies in the packaging, manufacturing and testing of RF chips and fibre-optics transceivers. Its operations are well supported by the Government with matching R&D grants and pioneer status.
Risk/reward ratio is compelling, valuations are undemanding at 12.9x CY15 PER with a PEG of just 0.5x. We see potential upside to earnings on the back of (i) a potential uptick in demand for smart devices and (ii) new manufacturing contract awards. We initiate coverage with a BUY and MYR4.20 cum-rights TP (17x CY15 PER).
Source: Maybank Research - 9 Jul 2014

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