華碩在台灣推出 ZenFone 2 系列新機種：Selfie、Laser、與 Deluxe

作者： ANDY YANG  15 小時前 0

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今天發表的三台機器，就是華碩在 Computex 上發表一系列新機，可以說是「ZenFone 2.5 代」。這個系列以採用 Qualcomm 處理器，並配備鐳射對焦的 ZenFone Laser 為核心，並且有像是 ZenFone Max 和 ZenFone Selfie 這樣強化特定功能的版本。可惜的是，ZenFone Max 在台灣是不見蹤影，只有 ZenFone Selfie 及 ZenFone Laser 的 5.5 吋和 Laser 的 5 吋版。同時，原本採用 Atom 處理器的 4GB 記憶體版 ZenFone 2 在換了背板（上圖）之後繼續以 ZenFone 2 Deluxe 之名閃亮登場。繼續閱讀裡有各機器的詳細介紹喔～

 

ZENFONE SELFIE

做為「自拍手機」，ZenFone Selfie 的重點自然是放在前置相機上。前置相機模組與後面的主相機一樣都是 1,300 萬畫素，但因為功用不同，規格上也有一點點不一樣 -- 後相機的光圈有 f/2.0，方便在燈光昏暗的餐廳拍美食；而前相機光圈只有 f/2.2，但視角增加到了 88 度，讓自拍更容易。

外型上，ZenFone Selfie 與 ZenFone 2 Deluxe 之間的關係是顯而易見的 -- 雖然因為多了自拍相機的關係，ZenFone Selfie 比 ZenFone 2 要長一點點，但基本的螢幕大小和配置（5.5 吋 Full HD）都相同。Selfie 採用的是 Qualcomm Snapdragon 615 處理器、有 3GB 的 RAM、16/32 GB 內建儲存空間、並且可以再插 microSD 卡擴充。

Asus ZenFone Selfie

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Selfie 共有純真白、甜美粉、清新藍三種色彩、32GB 版定價 NT$7,990，16GB 版 NT$6,990。

ZENFONE 2 LASER

ZenFone 2 Laser 是新的「中階」ZenFone 手機，主要的分別是以 Qualcomm 處理器取代了之前的 Intel 處理器，並且增加了鐳射對焦相機。雖然都名為 Laser，其實是有兩隻完全不同的機器的：ZE550KL 為 5.5 吋的機種，面板解析度為 720p，並採用 Snapdragon 615 處理器；而 ZE500KL 則是 5 吋的 720p 面板，並使用 Snapdragon 410 處理器。兩台機器皆為 2GB 的 RAM 和 16GB 的內建儲存空間，並且可以再插 microSD 擴充。

兩個版本的 ZenFone 2 Laser 皆有傲世黑、冷冽白和嗆辣紅三色選擇，ZE550KL 定價 NT$5,990，ZE500KL 則是 NT$4,990。

Asus ZenFone 2 Laser

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ZENFONE 2 DELUXE

最後，是之前的 4GB 版 Atom 處理器 ZenFone 2，換上水晶質感外殼後重出江湖的「ZenFone 2 Deluxe」。除了換了背殼，並且多了 64GB 儲存空間的版本之外，我們好像沒有找到有什麼特別不同之處，但至少改了名字之後，要指定購買會容易很多吧。可惜的是，在巴西發表的 256GB 容量 Deluxe 特別版（和特別設計的背殼）卻不見蹤影。ZenFone 2 Deluxe 在台灣推出有晶鑽藍和璀璨白兩種色彩，32GB 版的價格沒變，依然為 NT$8,990；而 64GB 版則是貴一點，NT$9,990。

ZENPOWER PRO

在手機之外，華碩今天還順便發表了 ZenPower 系列的新成員 ZenPower Pro。ZenPower Pro 有 10050mAh 的容量、雙 USB 輸出、並且其中一個 USB 孔支援 Qualcomm 快充 2.0。比較特別的，大概是它還內建了一個小 LED 燈，可以在緊急的時候當手電筒用。ZenPower Pro 定價 NT$799。

Insider Asia’s Stock Of The Day: WELLCAL (28/08/2015)

Author: Tan KW   |   Publish date: Fri, 28 Aug 2015, 10:01 AM 

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Insider Asia’s Stock Of The Day: WELLCAL (28/08/2015)

REDTONE INTERNATIONAL BHD

Quick update

1) LTE devices on Maxis' network continued to increase at a good pace, with 2.037mil LTE devices in 2Q15, up 26% from 1Q15. 

Figure 1: Compiled Maxis data from 1Q14-2Q15

Source: Maxis quarterly results presentations. ^1&2 are my own calculations/assumptions.

¹ Taking the blended (post- & pre-paid) smartphone penetration rate (%) × the number of mobile subscribers. I’m assuming ‘smartphone penetration rate’ means the percent of Maxis mobile subscribers using smartphones.
² LTE devices could be other than smartphones devices, e.g. tablets. But I imagine the bulk of LTE devices should be dominated by smartphones.

2) Something I missed out in my previous post was that the teleradiology service in Indonesia had started in Pertamedika Sentul City Hospital (http://www.pertamedikasentul.co.id/en). Last month, Indonesian daily The Jakarta Post highlighted how the hospital's teleradiology technology helped a patient escape amputation (link to news at bottom).

3) Redtone shares have been on a downtrend since the takeover offer at 80sen closed on 22 May 2015. Redtone's 4Q15 results, which should be announced at the end of the month, could catalyze the stock (assuming results beats expectations).

References:

"Maxis Berhad 2nd Quarter 2015 results presentation," Maxis Berhad, July 15, 2015, https://www.maxis.com.my/content/dam/maxis/en/about-maxis/investors/financial-results/pdf/2nd-quarter-2015/2Q15_IR_Deck.pdf

"TelkomSigma Gandeng Perusahaan Malaysia Garap Teleradiology," Republika Online, May 16, 2015, http://www.republika.co.id/berita/ekonomi/korporasi/15/05/16/nofhih-telkomsigma-gandeng-perusahaan-malaysia-garap-teleradiology

"REDtone dan Telkomsigma Implementasikan Solusi Teleradiologi," Marketeers, May 18, 2015,http://marketeers.com/article/redtone-dan-telkomsigma-implementasikan-solusi-teleradiologi.html

"Putting it briefly: Fadli recuperates after heavy serious crash," The Jakarta Post, June 20, 2015, http://m.thejakartapost.com/news/2015/06/20/putting-it-briefly-fadli-recuperates-after-heavy-serious-crash.html

MIECO CHIPBOARD BHD

Mieco - Particleboard pioneer finally turning around?

Particleboard pioneer finally turning around?

In the fibreboard and particleboard space, Evergreen and Heveaboard may be names that come to mind as both companies are currently being promoted by at least one research house; both have also performed well along with Malaysian furniture companies.

But investors could now be starting to take a closer look at Mieco Chipboard after its 2Q15 results (see figure 1) was released last Friday, 21 Aug 2015. 

Figure 1: Mieco’s 2Q15 year-on-year and quarter-on-quarter results comparison

Source: Mieco quaterly reports

Profit margin expansion was notable. Mieco attributed the improved performance to:

1. Better selling prices
2. More value added sales
3. Favourable raw material costs (particularly for glue and raw wood – two major raw materials)
4. Improved plant operations 

These are in line with what Hevea and Evergreen has been saying, except Mieco didn’t mention it had directly benefited from the USD strengthening. It seems Mieco’s sales are more domestic oriented: “The Group targets to grow its domestic export-oriented market with the strengthening of the US dollar.” 

Another factor for margins improving were declining finance costs, a positive trend I see continuing as Mieco deleverages (see figure 2).

Figure 2: Mieco’s debt levels, 2Q13-2Q15
Source: Mieco quarterly reports

But note that Mieco also has about RM50m (RM45.8m + RM4.1m) due to its immediate holding company.

Peer valuation comparison

Figure 3: Evergreen snapshot

Source: CIMB estimates/forecast, company annual & quarterly reports

Figure 4: Heveaboard snapshot

Source: CIMB estimates/forecast, company annual & quarterly reports

Figure 5: Mieco snapshot

Source: Company annual & quarterly reports

Based on CIMB’s estimates/forecast (which are used in the figures above) and last Friday’s closing prices, Evergreen is trading at a forward FY16 P/E of 8.2x, while Hevea at 8.1x (fully diluted basis).

For Mieco, I couldn’t find any profit guidance from management in news or company reports, so there are no clues as to what FY16 net profit could arrive at. We don’t know what the plant utilisation rates are and how many shifts the lines are on, the order trend, if it will now emphasize on export sales, product mix, etc.

But let’s just make a simple earnings assumption to see what upside potential the stock has.

If we annualize Mieco’s 2Q15 net profit of RM6.735m, we get RM26.94m or EPS of 12.83 sen. Based on last Friday’s closing price of RM0.835, this would value Mieco’s stock at a P/E of 6.5x, which is below the 8.1-8.2x forward P/E Evergreen and Hevea is currently trading at.

If Mieco gets rerated to Evergreen's and Hevea's current forward P/E of about 8x, then Mieco could trade at RM1.03, an upside of 23%. 

From a P/BV standpoint, Evergreen and Hevea are both trading above 1x P/BV, whereas Mieco is trading at 0.62x P/BV (based on its book value per share of RM1.35 as at end-Jun 15).

Is Mieco’s 2Q15 earnings level sustainable? Evergreen’s and Hevea’s earnings are projected to grow by 43% and 18% respectively from FY15-16, so I believe given the overall pickup in demand in the sector, it is not unreasonable to assume that Mieco can sustain its 2Q15 earnings levels.

Some might have noticed that Mieco’s effective tax rate is lower than the statutory income tax rate of 25%.

“The Group’s effective tax rate for the current quarter and the year under review were lower than statutory tax rate mainly due to utilisation of previously unrecognised deferred tax assets.”

Mieco could continue to enjoy low tax rates for some time. According to a write-up by i Capital on Mieco, the company’s factory at Kechau Tui, Kuala Lipis has 100% Investment Tax Allowances which could be used to set off statutory income tax. Mieco’s 2014 annual report shows RM432.7m of unutilised investment tax allowance. i Capitalalso mentioned that Mieco's manufacturing subsidiary is tax-exempted for 10 years from 2005, with extension for another 5 years.

Ready capacity

After selling the land and buildings where its Semambu plant was located in 2014, Mieco is now relocating the Semambu plant to its Gebeng plant. Mieco's rationale for the disposal:

“The disposal was initiated and undertaken with a view of optimising operational efficiency and integrating the Semambu and Gebeng plant operations for longer term cost savings; a key part of our efforts to improve cost efficiencies and strengthen our bottom line. Whilst this was not an easy decision to make, we are confident that we have made the right one, and that the disposal of this asset will benefit MIECO over the longer term.”

The combined capacity of the Semambu and Gebeng plants is 300,000 cubic meters per annum.

Mieco in its 2Q15 financial notes said that the ground work for the Semambu plant's relocation had already started.

Mieco’s other plant is in Kechau Tui, Kuala Lipis. This RM400m “state-of-the-art technology” plant has one of the single largest particleboard production lines in Asia-Pacific with a capacity of 640,000 cu m per annum.

As a benchmark, Hevea’s particleboard manufacturing lines have an annual capacity of 525,000 cu m (but a CIMB report said only the 2nd line with a capacity of 405,000 cu m is used to manufacture particleboards, while the 1st line with a capacity of 120,000 cu m is used to produce packaging material). Revenue from Hevea’s particleboard segment was about RM181m in FY14.

Mieco’s Kechau Tui plant isn’t running at full capacity. This means it has ready capacity to pick up any rise in demand. New capacity will also be ready once the relocation of the Semambu plant to Gebeng is done. 

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“…we continue to expect local particleboard demand to be driven by stronger furniture exports. This, coupled with the expected increase in production output arising from plant efficiency, is expected to spur the growth of Group revenue in 2015.”
– Mieco Annual Report 2014

SUCCESS TRANSFORMER CORP BHD

Success Transformer - Profits shine through

Author: equitydiary   |   Publish date: Fri, 28 Aug 2015, 07:43 AM 

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Link to offical blog: www.equitydiary.blogspot.com

Profits shine through

By the looks of things, profits of Success Transformer Corp (STC) being clouded by its subsidiary has come to an end.

With promising 2Q15 results, this low P/E stock of decent quality looks like it’s on its way for a rerating.

Based on yesterday’s closing price of RM1.38 and an annualized 2Q15 EPS of 40.64 sen, the stock is trading at a prospective P/E of just 3.4x. If we apply a P/E of 6x to that annualized EPS, it would give the stock a value of RM2.44, or an upside of 77% to its last traded price.

To recap, STC’s 65% owned subsidiary, Seremban Engineering Bhd (SEB) posted heavy losses in 4Q14 and 1Q15 due to cost overruns of the Sabah Ammonia Urea project (which is more than 90% complete now). This clouded STC’s transformer and lighting profits as they were consolidated with SEB’s (see Figures 1, 2 and 3, highlighted in red).

Based on SEB’s 2Q15 report, it appears like the cost overruns had mostly been provided for in 1Q15 and will no longer be seen in SEB’s future financials.

Figure 1: SEB quarterly P&L

Source: Company quarterly reports

Figure 2: STC quarterly P&L

Source: Company quarterly reports

Figure 3: STC quaterly segmental profit

Source: Company quarterly reports. Note: Segmental profits here are approximations as the company does not provide profit breakdown by segment in quarterly reports.

^A Derived by subtracting ^B from ^C

^B Operating profit/loss taken from SEB’s income statement.

^C Operating profit/loss taken from STC’s income statement.

The latest 2Q15 results show SEB’s profit levels to be back in the normal range (albeit lower due to a drop in sales), and as a result, STC’s transformer and lighting segment's profits are now shining through again.

The transformer and lighting segment showed decent margin expansion vs. in most recent quarters; revenue grew about 3% yoy while operating profit climbed 13%.

For the process equipment segment, sales dipped 32%, but this didn’t affect STC’s overall profits much. Even if we stripped out or assume zero profits for this segment, STC’s net profit would have still been around RM10.5m or 9 sen EPS in 2Q15.

There have been some articles on STC’s business outlook especially on its LED lighting and I’m quite convinced. Could 2Q15 be a precursor to STC’s continuing growth?

Figure 4: STC’s segmental results, 2010-2014

Source: Company annual reports.

Figure 5: STC’s transformer, lighting and related products revenue, 2010-2014

Figure 6: STC’s process equipment revenue, 2010-2014

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“Currently we are actively exporting our lighting range to more than 40 countries, tapping the global market.”

– STC Annual Report 2014

Link to offical blog: www.equitydiary.blogspot.com