【AIM 0122 交流专区】先进资讯

tan81

另外一家mesdaq 公司的分享。希望借助你们的金睛火眼。
谢谢分享。

http://tan81.blogspot.com/

[ 本帖最后由 Mr.Business 于 23-2-2008 11:47 AM 编辑 ]

tan81

http://tan81.blogspot.com/

2007年12月13日 星期四
Advance Information Marketing (0122)

AIM is listed in Mesdaq since 2005. Its EPS on 2006 was 6.22 sen. Current financial year EPS is expected achieving 5 sen. http://www.aim-net.com.my/index.html

AIM core business is doing customer loyalty program. It is a marketing company that provide business solution to entreprise, for running customer loyalty program. CFY, it is expanding its business to china via a new subsidiary.

Attracting point in AIM is not the business nature (since it is a new company, need time to prove its moat or entry barrier). Actually, AIM is facing a decreasing in their profit margin. 2006, its ROE is 25%,but 2007 drops to 19%.

Actually, i think its buying price is attractive. according to peter lynch selection, i classified AIM under 资产富裕型. Or we also can say its buying price give us a margin of safety. Its current NTA is RM0.27 , compare to current share price is RM0.32. It has RM1 million long term debts, compare to its cash of RM20million++. So, it is a net cash company. divide by 155miilion issued share, its net cash per share is RM0.13. Means, actual price is less than RM0.20. it is a great discount.

I bought AIM for a few times, now already accumulated 11,500 units with average price of RM0.32. Refer to its EPS 5 sen this year, PE is just around 6.3 and this is not include the discount of net cash in hand.

On 11/12/07, it just announced that interim dividend of 10%,tax exempted, pay at 26/12/07. refer to RM0.32, this dividend is equal to 3.3%. So, current financial year, its dividend is expected more that 5% at least.

with EPS of 5 sen, its return rate is 0.05/0.32= 17.5%, which is extremely high. from my own calculation, if AIM able to maintain ROE of at least 15% for next 5 years, buying AIM with RM0.32, i will enjoy 20% compound interest grow with its share.

For my opinion, AIM is greatly undervalued. Its business maybe competative, maybe not. It is still new and has to be studied. But, the investment is valuable with its high dividend yield and high cash in hand. Actual buying price that is lower than NTA, also offer investors a great margin of safety. If AIM grow well, then this is extra benefits to investors.

http://tan81.blogspot.com/

[ 本帖最后由 tan81 于 23-2-2008 12:09 AM 编辑 ]

tan81

The AIM Group is a regional BPO (Business Process Outsourcing) solution provider offering a broad spectrum of loyalty management services from consultation, technology infrastructure and technical support to procurement and logistics for companies aiming to build and nurture a life long relationship with their customers.

As the total BPO solution provider in loyalty management services, our all-round expertise encompasses a wide variety of industries. In today's competitive business climate, that experience transforms into know-how and is a powerful tool to our clients. It enables us to provide strategic direction and consultancy to our client on how best to tailor, implement and manage a loyalty program effectively to meet the intended objectives. In addition, through outsourcing, our clients can depend on our expertise and they are able to focus on their core business competency.

On the technology front, AIM is a software research and development specialist, focusing primarily in the development of enterprise marketing management solutions in the loyalty management scene. Through years of R & D efforts, AIM designed and developed the sophisticated enterprise marketing management solution called AIMS™ (Advance Information Marketing System).

As the backbone of the group’s business proposition, AIMS™ integrates with our 5 service components namely Business Intelligence, Integrated Marketing Services, Contact Centre Management, Procurement & Fulfillment, and Technology Infrastructure to equip the companies with right marketing tools. This would enable them to develop a better understanding of their customer, become more customer centric and develop a more compelling and marketing strategy throughout the customer cycle at one single touch point.

In June 2004, AIM was accredited the MSC status, thus further strengthening AIM’s role as a significant contributor towards the Malaysian Government’s initiative in building up the knowledge domain of ICT (“Information, Communication and Technology”) in Malaysia.
           
           
         
AIM Group Corporate Structure

tan81

http://www.aim-net.com.my/product.htm
Success Story

"We have a broad range of target markets, and this covers vertical markets such as tele-communications, banking and finance, manufacturing and retail such as hypermarket scenarios," says Nyang Koon Seng, chief executive officer of AIM. He explains that to address the market more effectively, AIM has set up Customer Loyalty Solutions Sdn Bhd and since the inception 16 months ago. the company has hit a turnover of RM7 million. "We've had a fantastic start to our commercial ventures, and we hope to hit a turnover of more than RM10 million by 2005," he says. Presently, AIM has 12 clients, including banks and finance instutions, and FMCG (fast moving consumer goods) clients such as F&N and Salem. "With our current progress, we want to position this company in the top 10 and hope to expect double-digit growth figures in the next two year," says Nyang.

tan81

COPY FROM ORACLE WEBSITE

Advance Information Marketing Berhad          
                   
          Partner Summary          
          The AIM Group is a regional BPO (Business Process Outsourcing) solution provider offering a broad spectrum of loyalty management services from consultation, technology infrastructure and technical support to procurement and logistics for companies aiming to build and nurture a life long relationship with their customers.        
                   
          Partner Profile          
          The AIM Group is a regional BPO (Business Process Outsourcing) solution provider offering a broad spectrum of loyalty management services from consultation, technology infrastructure and technical support to procurement and logistics for companies aiming to build and nurture a life long relationship with their customers. As the total BPO solution provider in loyalty management services, our all-round expertise encompasses a wide variety of industries. In today's competitive business climate, that experience transforms into know-how and is a powerful tool to our clients. It enables us to provide strategic direction and consultancy to our client on how best to tailor, implement and manage a loyalty program effectively to meet the intended objectives. In addition, through outsourcing, our clients can depend on our expertise and they are able to focus on their core business competency. On the technology front, AIM is a software research and development specialist, focusing primarily in the development of enterprise marketing management solutions in the loyalty management scene. Through years of R & D efforts, AIM designed and developed the sophisticated enterprise marketing management solution called AIMS™ (Advance Information Marketing System). As the backbone of the group’s business proposition, AIMS™ integrates with our 5 service components namely Business Intelligence, Integrated Marketing Services, Contact Centre Management, Procurement & Fulfillment, and Technology Infrastructure to equip the companies with right marketing tools. This would enable them to develop a better understanding of their customer, become more customer centric and develop a more compelling and marketing strategy throughout the customer cycle at one single touch point.        
                   
          Partner Information          
         
Partner Category/Type:         Independent Software Vendor (ISV)
         
         
Sell to Small and Medium Business (SMB)?:         No
         
         
Partner Membership Level:         Partner Level
         
         
Partner Membership Location:         Malaysia
         
         
Main Office (HQ) Location:         Malaysia
         
  Public or Private Company:         Public
Year Company Founded:         2003
         
  Number of Employees:         < 100

goodluck88

tan兄好像偏爱mesdaq板块?????

湖俊

本小利大，是投资的好选项吧。

tan81

原帖由 goodluck88 于 22-2-2008 11:53 PM 发表
tan兄好像偏爱mesdaq板块?????

是有原因的。暂时保密。
之前回复Invest KLSE说，如果有一天我反巴菲特，请他不要惊讶。
看来那一天，差不多要来了。

湖俊

原帖由 tan81 于 23-2-2008 00:07 发表


是有原因的。暂时保密。
之前回复Invest KLSE说，如果有一天我反巴菲特，请他不要惊讶。
看来那一天，差不多要来了。

很深奥。。究竟什么意思？

tan81

不用紧。那是我们两个人的对话。

tan81

没有意见吗？ 看来要等到这支股的价钱大起，才会有人感兴趣。也许那时才分享和讨论，才是比较好的时机。

Mr.Business

原帖由 tan81 于 23-2-2008 01:23 PM 发表
没有意见吗？ 看来要等到这支股的价钱大起，才会有人感兴趣。也许那时才分享和讨论，才是比较好的时机。

我觉得AIM的业务 (Business Process Outsourcing) 是为了支持其他企业，没多大pricing power。Customer Loyalty program又不象很受我国公司重视，经济不景气时第一个被砍budget的就可能是她。

总结：
不觉得AIM的生意模式会很吸引我。

tan81

谢谢你的意见。你看得很准。也感激你会支持而回应。
事实上，AIM的利润率正在下滑。从20多巴仙，下滑到18% 了。
它的Pricing Power的确有问题。
再一次谢谢分享。

Mr.Business

在市场上有这么多企业，每个企业的生意模式都不一样。

1. 主要客户占大量revenue的企业不好，因为太过依靠主要客户。

2. Support其他企业的非主要业务的企业不好，因为没多大pricing power，而且发展空间有限。

我还是比较喜欢用Other people's Money的企业，例如银行和保险公司。关于水 (water treatment...etc) 的公司也不错，因为水是重要的资源。

tan81

谢谢你分享你的投资理念。最近还看着一本书，叫长尾理论。向你推荐这本书。我也还没看完。现在的企业，因为经济形势不一样了，谁可以抓到长尾的市场，才可以称王。书中有举出例子，Ａｍａｚｏｎ和Ｇｏｏｇｌｅ是经典的例子。作者还认为这项理论会越来越普及在各个行业中。

看到会做长尾市场的企业，会是强劲成长的。

tan81

http://www.klse.com.my/website/b ... uncements/index.jsp

可以请人代劳吗？ 东邪兄好像近来都不在。忙着选举了

tan81

就如逾期，盈利比2006年萎缩了一点，不过比我想象的还好。
2007年的EPS是5.18。2006年是6.67。
盈利萎缩的主要原因是Profit Margin从 20.9%下到16.2%
面对成本扩张的因素。以目前的RM0.29来计算，本益比是5.6倍。
ROE从25.1%下降到18.5% 。
不过，公司依然维持净现金流入的情况。
今年的净现金流入，减少到一百万马币，原因是动用了8百万来投资。
AIM的季度报告没有解释，需要等待年度报告。
2006年的现金是26Million，2007年的现金是22Million。
2007年的全年派息是2。5 Sen，免税。
长期债务依然维持在1Million。
以RM0.29 买入一股AIM，等于享有RM0.14的现金。
以RM0。15投资在每年有RM0.05 EPS的生意上，代表着33%的回报或3倍的ＰＥ。
ＤＹ是8．3％。

[ 本帖最后由 tan81 于 28-2-2008 07:47 PM 编辑 ]

tan81

http://www.klse.com.my/website/b ... uncements/index.jsp

最新的研究报告。

wenhong10

那这只跟YGL比呢？两个都是MESDAQ的～想听大大的意见下～

tan81

跟YGL比，比什么？ 比本益比？ 当然是YGL “高人一等  ”。