【INARI 0166 交流专区】益纳利

icy97

益纳利全年净利料再创新高

财经 2014年8月18日
（吉隆坡18日讯）益纳利美昌（INARI，0166，主板科技股）即將在本月尾公佈2014財政年末季和全年业绩，分析员预计该公司在多个利好因素的加持下，全年净利料再创新高。

益纳利美昌將在本月26日公佈2014財政年第4季业绩（截至6月30日止），营业额和净利料按年走高，主要由3大利好因素所支撑，包括射频芯片（RadioFrequency）需求走高、菲律宾和中国营运的赚幅好转、以及Ceedtec公司作出正面贡献。

艾芬投行分析员表示，益纳利美昌2014財政年的净利料再创新高，核心净利或按年飆涨119%，至1亿零80万令吉。

除此之外，管理层指公司赚幅已提高至6%到8%，好於去年中旬的4%。

该分析员补充，「整体来说，我们认为益纳利美昌2014財政年全年业绩將符合预期，同时成为半导体领域里，获利能力最强的公司。」益纳利美昌之前建议以8配1比例发附加股，预计可集资1亿3320万令吉。

由於射频芯片的生產线已全面启用，该公司正计划从附加股所筹得的资金当中，拨出6000万至8000万令吉来提升其生產力。

分析员对此表示，从以往辉煌的发展史来看，益纳利美昌有能力在短期內再次落实发展计划。

不过，他指出，该公司的派息率预计將低于之前的40%。因此，他將2014財政年派息率预测从40%，下调至28%。

无论如何，该公司今年首9个月已派每股5仙股息，高於去年同期的每股4.5仙。

另一方面，益纳利美早前和檳城发展局（PDC）签下一项买卖协议，以800万令吉收购一块位於北海峇都加湾的地皮。

马银行金英投行分析员表示，益纳利美昌以每平方呎36令吉买下这一块地皮是合理的。

「我们对此抱持正面看法，但新工厂的建筑工程要等到2016年才开始，短期內不会作出任何净利贡献。」

艾芬投行和马银行金英投行均维持益纳利美昌的「买进」评级，同时也分別维持4.26令吉和4.20令吉的目標价。【东方网财经】


券商買進心頭好．光纖電纜業務 益納利美昌最新催化劑
財經股市19 Aug 2014 20:54
http://www.chinapress.com.my/node/553233

券商：馬銀行投銀
目標價：4.20令吉

icy97

INARI AMERTRON BERHAD

Type	Announcement
Subject	OTHERS
Description	INARI AMERTRON BERHAD (“INARI” OR “THE COMPANY”) - SUBSCRIPTION OF SHARES IN HEKTAR HARUMAN SDN BHD
The Board of Directors of Inari Amertron Berhad (“Inari” or “the Company”) wishes to announce that the Company has on 26 August 2014 entered into a Subscription Agreement with Dato’ Goh Eng Hoe and Mr Goh Eng Shit for the subscription of 399,900 new ordinary shares of RM1.00 each in Hektar Haruman Sdn Bhd (“Hektar”) at an issue price of RM1 per share for a total subscription price of RM399,900 (“Share Subscription”). Upon completion of the Share Subscription, Hektar will become a 99.975% owned subsidiary of Inari. Please refer to the attachment for the full text of the announcement. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1721505

Attachments Bursa - Hektar annoucement (draft .pdf

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30/06/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/06/2014	30/06/2013	30/06/2014	30/06/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	223,884	67,661	793,655	241,140
2	Profit/(loss) before tax	31,439	13,537	107,235	43,289
3	Profit/(loss) for the period	31,006	12,768	102,453	41,243
4	Profit/(loss) attributable to ordinary equity holders of the parent	30,845	13,116	101,274	42,014
5	Basic earnings/(loss) per share (Subunit)	6.23	3.69	21.42	11.19
6	Proposed/Declared dividend per share (Subunit)	1.80	1.00	6.80	4.50
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.5042		0.3565

Type	Announcement
Subject	OTHERS
Description	Inari Amertron Berhad ("Inari" or "the Company") - Interim Dividend for the financial year ended 30 June 2014
The Board of Directors of Inari is pleased to declare a fourth interim single tier dividend of 1.80 sen per ordinary share of RM0.10 each in respect of the financial year ended 30 June 2014. The entitlement and payment date of the dividend will be announced at a later date. This announcement is dated 26 August 2014.

icy97

具盈利動力‧益納利美昌展望不俗

2014-08-29 17:11      
（吉隆坡29日訊）益納利美昌（INARI,0166,主板科技組）2014財政年第四季表現符合預期，分析員預期該公司的營業額及淨利將繼續增長，普遍看好其前景。

該公司第四季核心淨利按年倍增至3千100萬令吉，全年更飆漲141%，衝上1億零100萬令吉，歸功於美昌（Amertron）業務完成整合、科技業務轉強等。

分析員認為，益納利美昌的成長主要是因為其主要客戶安華高科技公司（Avago）對其公司產品需求增加，以及擁有51%股份的Ceedtec替安捷倫（Agilent）把設計原型轉為量產而帶來的正面貢獻。

受惠電子產品需求走高

益納利美昌在檳城的巴都加灣工業區收購了佔地5.5英畝的廠房，繼續發展其光纖部門，馬銀行研究指出，新廠產能超過該公司其餘4家廠房的總和，發展潛能可觀。

思科（CISCO）預計，2018年時全球的移動數據用量將增加10倍至每月15.9艾字節（Exabyte），因此光纖的需求增加將令益納利美昌從中獲益。

另一方面，肯納格研究也認為市場對平板電腦及手機的需求會使益納利美昌的射頻（Radio Frequency）業務持續走強，光電業務也因更好的成本管理而會更佳營業額。



（星洲日報／財經‧報道：陳林德）

icy97

Type	Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID	NS-140827-39209
Subject	Subscription of shares in Hektar Haruman Sdn Bhd
Description	Inari Amertron Berhad ("Inari" or "the Company") - Subscription of shares in Hektar Haruman Sdn Bhd
Query Letter Contents	We refer to your announcement dated 26 August 2014 in respect of the above captioned matter. In this connection, kindly furnish Bursa Securities with the following additional information for public release :- 1. The salient features of the Subscription Agreement 2. The details of the total liabilities amounting to RM25.5 million: how they arose, the names of the creditors together with the information on the terms of repayment. 3. The existing use of the Factory. If currently let out, the details of therentals and the rental income per month. 4. The age of the Factory. 5. Whether any valuation was carried out on the leasehold land and Factory. If so, the name of the independent registered valuer, date and method of valuation and quantification of the market value. 6. The breakdown of the sources of funding of the total liabilities to be assumed, between internally generated funds and bank borrowings. 7. The effects of the Subscription on the gearing of the Inari Amertron Berhad Group. 8. The prospects of Hektar. 9. The risks in relation to the Subscirption including risk factors of Hektar. 10. The estimate cost of adoption, modification, upgrading and enhancement of the Factory ("Renovation"), including the source(s) of fundings and breakdown. 11. The expected commencement and completion date of the Renovation. 12. The estimated timeframe to complete the Subscription.
We refer to our announcement dated 26 August 2014 in relation to the subscription of shares in Hektar Haruman Sdn Bhd and Bursa Securities's letter dated 27 August 2014 which was received on 28 August 2014. The Board of Directors of Inari is pleased to furnish the additional information in the attachment herein. This announcement is dated 29 August 2014. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1726085

Attachments Bursa - Inari Reply_29082014.pdf

icy97

icy97 发表于 27-8-2014 11:09 PM

Type	Announcement
Subject	OTHERS
Description	INARI AMERTRON BERHAD (“INARI” OR “THE COMPANY”) - SUBSCRIPTION OF SHARES IN HEKTAR HARUMAN SDN BHD
We refer to our announcements dated 26 August 2014 and 29 August 2014 in relation to the subscription of 399,900 new ordinary shares of RM1.00 each in Hektar Haruman Sdn Bhd (“the Subscription”). The Board of Directors of Inari wishes to announce that the Subscription has been completed on 9 September 2014 and Hektar Haruman Sdn Bhd is now a 99.975% owned subsidiary of Inari. This announcement is dated 9 September 2014.

icy97

EX-date	13/10/2014
Entitlement date	15/10/2014
Entitlement time	04:00:00 PM
Entitlement subject	Interim Dividend
Entitlement description	Fourth Interim Single Tier Dividend of 1.80 sen per ordinary share of RM0.10 each
Period of interest payment	to
Financial Year End	30/06/2014
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Megapolitan Management Services Sdn Bhd No. 45-5 The Boulevard Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Tel : 03-2284 8311
Payment date	13/11/2014
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	15/10/2014
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.018

kellersim1984

各位大大，怎么看这只股？

icy97

益納利美昌 附加股定價每股RM1.50

企業財經22 Oct 2014 23:44
（吉隆坡22日訊）益納利美昌（INARI，0166，主要板科技）早前建議發行8882萬5648股附加股，如今每股發行價定在1.50令吉。

益納利美昌向馬證交所報備，早前建議發行的附加股價格定在1.50令吉，理論除權價2.33令吉折扣35.62%。同時，配合附加股計劃所發行的8882萬5648單位憑單，行使價定為2令吉。

該公司指出，附加股發行價定在1.50令吉，主要是依據公司歷史股價波動，以及公司過去5天加權平均股價（WAMP）計算，即2.43令吉。

至于憑單的行使價則是依據過去5天加權平均股價2.43令吉，以及理論除權價2.33令吉計算。

益納利美昌在早前的文告指出，附加股的發行是為了滿足資本支出的需求，以及加強公司現金流，以便能適時擴大公司製造業務，支撐無線網絡通訊領域產品迅速成長的需求。

在這項附加股計劃下，該公司將以每8股配1附加股發行8882萬5648股，及配送1憑單，送出8882萬5648單位憑單。【中国报财经】

Type	Announcement
Subject	NEW ISSUE OF SECURITIES (CHAPTER 6 OF LISTING REQUIREMENTS) FUND RAISING
Description	INARI AMERTRON BERHAD (“INARI” OR THE “COMPANY”) •        PROPOSED RIGHTS ISSUE WITH WARRANTS
(All abbreviations used in this announcement are defined in the announcement dated 4 July 2014) We refer to the announcements dated 4 July 2014 and 3 October 2014 in relation to the Proposed Rights Issue with Warrants. M&A Securities on behalf of the Board wishes to announce that the issue price for the Rights Shares has been fixed at RM1.50 per Rights Share and the exercise price for the Warrants has been fixed at RM2.00 per Warrant. The issue price for the Rights Shares at RM1.50 per Rights Share was determined by the Board after taking into consideration the following: (a)        the historical share price movement of Inari Shares; (b)       the five (5)-day volume weighted average market price ("5D-WAMP") of Inari Shares up to 20 October 2014 of RM2.43, being the market day immediately preceding the price fixing date on 21 October 2014; and (c)        the par value of Inari Shares of RM0.10 each. The issue price of RM1.50 per Rights Share represents a discount of 35.62% from the theoretical ex-rights price of Inari Shares of RM2.33, calculated based on the 5D-WAMP up to and including 20 October 2014 of RM2.43, being the market day immediately preceding the price fixing date on 21 October 2014. The exercise price of the Warrants has been fixed at RM2.00 per Warrant after taking into consideration the following: (i)         the 5D-WAMP of Inari Shares up to 20 October 2014 of RM2.43, being the market day immediately preceding the price fixing date on 21 October 2014; (ii)        the theoretical ex-rights price of Inari Shares of RM2.33 calculated based on the 5D-WAMP up to 20 October 2014; and (iii)       the par value of Inari Shares of RM0.10 each. The exercise price of the Warrants of RM2.00 per Warrant represents a discount of 17.70% and 14.16% to the 5D-WAMP of Inari Shares up to 20 October 2014 of RM2.43 and the theoretical ex-rights price of Inari Shares of RM2.33, respectively. This announcement is dated 21 October 2014.

icy97

益纳利看好射频芯片前景

财经 2014年11月11日
（吉隆坡11日讯）儘管半导体领域成长有放缓跡象，益纳利美昌（INARI，0166，主板科技股）仍看好射频芯片（Radio Frequency）前景，並会扩大射频芯片和光电与光纤（Fibre Optics）部门。

益纳利美昌副主席陈成俊在今天出席该公司召开的股东特大后，向媒体指出，虽然目前整个半导体领域较之前的高速成长有稍微放缓的现象，但他对公司前景仍保持正面看法，而且公司欲在2016年达到10亿令吉营业额的目標不变。

该公司2014財政年（结帐日6月30日）全年营业额为7亿9366万令吉。

针对公司的併购计划，他表示，在去年收购美昌环球（Amertron Global）后，管理层短期內没有任何併购目標，但不排除会针对半导体领域进行收购或合併活动。

新厂明年启用

另外，益纳利美昌首席执行员罗健聪指出，目前公司的產能已接近全勤，生產射频芯片的新厂將在明年2月开始启用，预计在18个月內全面投入使用。

在全球智能手机需求量不断增加带动下，射频芯片部门预计可在未来贡献公司50%的营业额，目前公司最大的业务是来自光电部门。

他举例，不少手机製造商都面对货源短缺的问题，包括中国的手机製造商。目前，益纳利美昌最大客户为供应光电元件的Avago公司，贡献了该公司75%的营业额。

他补充说，在令吉今年不断贬值的情况下，这个比例预计还会增加，但管理层暂时没有多元化公司顾客群的打算。

光电光纤需求增

此外，他预计在越来越普遍的云端科技和数据膨胀的带领下，光电与光纤的需求將在2016-2017年开始大幅增加，为光电与光纤部门带来强大的成长动力。

益纳利美昌今天召开股东特大，通过配售附加股集资最少1亿1107万令吉，作为增加產能和扩充用途。该公司股价今天上涨5仙或1.67%，至3.04令吉。【东方网财经】

icy97

擴充設施‧料續領先同儕‧益納利盈利或有驚喜

014-11-14 17:20      
（吉隆坡14日訊）益納利美昌（INARI,0166,主板科技組）與旗下大客戶安華高科技（Avago）同步擴充設施，艾芬黃氏研究認為盈利驚喜或尾隨而至，看好益納利盈利表現將繼續領先半導體同儕。

不過，艾芬黃氏坦言在無線電頻率（RF）部門產能使用率幾乎爆滿之際，短期盈利成長或暫時放緩，因此預測益納利2015財政年上半年業績表現平緩，包括將在本月杪公佈的首季業績。

比較之下，艾芬黃氏相對看好益納利的2015年下半年業績，因投資2千600萬令吉的P13廠房設施將在明年首季正式投產，相信有助刺激下半年業績表現。

有鑑於此，艾芬黃氏直言不擔心8配1附加股計劃可能稀釋益納利每股盈利。

艾芬黃氏指出，由於業務擴張計劃來得合時，加上是Avago無線業務部門的最大承包商，益納利料崛起成Avago擴張業務的主要贏家，2015財政年業績可能藏有驚喜。

“短期而言，我們認為益納利盈利將保持在現有水平，直到2015財政年第二季以後，才會在P13廠房投產的帶動下重新轉強，且屆時該公司將可擺脫產能限制的糾纏，因新廠面積達16萬平方呎，遠勝目前位於檳島的10萬5千平方呎總面積。”

有鑑於此，艾芬黃氏重申益納利“買進”評級不變，目標價訂在3令吉80仙（附加股除權後將調低至3令吉38仙），相等於2015財政年16倍預估本益比。（星洲日報／財經‧報道：李三宇）

icy97

SUMMARY OF KEY FINANCIAL INFORMATION 30/09/2014

		INDIVIDUAL PERIOD		CUMULATIVE PERIOD
		CURRENT YEAR QUARTER	PRECEDING YEAR CORRESPONDING QUARTER	CURRENT YEAR TO DATE	PRECEDING YEAR CORRESPONDING PERIOD
		30/09/2014	30/09/2013	30/09/2014	30/09/2013
		$$'000	$$'000	$$'000	$$'000

1	Revenue	221,883	191,339	221,883	191,339
2	Profit/(loss) before tax	33,948	22,066	33,948	22,066
3	Profit/(loss) for the period	33,606	20,874	33,606	20,874
4	Profit/(loss) attributable to ordinary equity holders of the parent	33,756	21,034	33,756	21,034
5	Basic earnings/(loss) per share (Subunit)	6.00	4.69	6.00	4.69
6	Proposed/Declared dividend per share (Subunit)	2.20	1.50	2.20	1.50
		AS AT END OF CURRENT QUARTER		AS AT PRECEDING FINANCIAL YEAR END
7	Net assets per share attributable to ordinary equity holders of the parent ($$)	0.5286		0.5003

icy97

Type	Announcement
Subject	OTHERS
Description	Inari Amertron Berhad ("Inari" or "the Company") - Interim Dividend for the financial year ending 30 June 2015
The Board of Directors of Inari is pleased to declare a first interim single tier dividend of 1.80 sen and a special dividend of 0.40 sen per ordinary share of RM0.10 each in respect of the financial year ending 30 June 2015. The entitlement and payment date of the dividend will be announced at a later date. This announcement is dated 25 November 2014.

icy97

券商買進心頭好．淨利連續10季增長 益納利美昌獲利前景佳

財經股市26 Nov 2014 20:44

券商：馬銀行投銀
目標價：4.20令吉

益納利美昌（INARI，0166，主要板科技）創下連續10季淨利增長的不敗紀錄，隨著新廠房本財年第3季投產，獲利可加速前進，並在不斷增長的智能裝置市場分一杯羹。

由于市場推出新智能手機的需求越來越高，該公司新廠房明年2月投產后，無線電頻率（Radio Frequency）部門將會有額外80台至90台測試處理器（test handlers）供使用，可應付更大規模訂單。

此外，益納利美昌也會是美元兌令吉走強后的受惠者，超過90%營業額以美元計價，以目前1美元兌3.35令吉價位，比預期兌3.25令吉高3%，若全年保持此走勢，獲利具7%升值空間，短期獲利前景將受科技趨勢帶動。

目前該公司本財年已進入第3季，相信在市場推出新裝置的需求高于預期推動下，公司為客戶Avago提高產能可推動獲利成長。

另外，該公司持股51%子公司Ceedtec亦為國際品牌Agilent大量生產設計原型、光纖電纜（fibre optics）配件規模擴大、美昌營運在成本效率及整體規模提升后賺幅改善，亦是第3季錄得更佳表現的發展。

我們給予的4.20令吉目標價仍帶附加股，股價約有46%升值空間，附加股明年1月除權。

截至週三（26日）閉市，益納利美昌跌2仙至2.86令吉，成交量486萬6100股。【中国报财经】

icy97

EX-date	10/12/2014
Entitlement date	12/12/2014
Entitlement time	04:00:00 PM
Entitlement subject	First Interim Dividend
Entitlement description	First Interim Single Tier Dividend of 1.8 sen per ordinary shares of RM0.10 each
Period of interest payment	to
Financial Year End	30/06/2015
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Megapolitan Management Services Sdn Bhd No. 45-5 The Boulevard Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Tel No. 03-2284 4311
Payment date	02/01/2015
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	12/12/2014
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.018

icy97

EX-date	10/12/2014
Entitlement date	12/12/2014
Entitlement time	04:00:00 PM
Entitlement subject	Special Dividend
Entitlement description	Special Single Tier Dividend of 0.40 sen per ordinary share of RM0.10 each
Period of interest payment	to
Financial Year End	30/06/2015
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Megapolitan Management Services Sdn Bhd No. 45-5 The Boulevard, Mid Valley City Lingkaran Syed Putra 59200 Kuala Lumpur Tel : 03-2284 8311
Payment date	02/01/2015
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	12/12/2014
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)
Entitlement indicator	Currency
Currency	Malaysian Ringgit (MYR)
Entitlement in Currency	0.004

icy97

股海宝藏：4大支柱撑益纳利美昌

股海宝藏 财经周刊 投资观点  2014-12-01 14:09
益纳利美昌（INARI，0166，主板科技股），是于2011年7月上市。

支柱1：综合后勤服务

益纳利美昌主要是为全球著名的通讯科技公司，提供综合后勤服务，核心服务主要是提供半导体包装服务，及射频集成电路最后测试以及失败分析。

它的装配以及加工线，位于槟城自由贸易区的4座工厂，产能使用率平均达85至90%的高水平，主要客户为Avago。

通过与Avago强稳的长期商业关系（2010年5月延长至2016年8月），进一步延长料没问题。

借助Avago的强劲成长，益纳利美昌有能力将本身的净利，从2007财政年的仅50万令吉，剧增至2016财政年的1.75亿令吉。

支柱2:光电

在多元化方面，益纳利美昌通过在2013年6月收购美昌（Amertron）的举动，在领域建立了立足点。

其核心服务是光电元件制造、测试和组装，及整合电路塑料包装组装，主要产品包括用在数据中心、航空、国防、工业自动化和汽车业的二极管、二极管屏幕、光学感应器、红外线感应器、光电耦合器。

目前业务集中在菲律宾和中国，AVAGO和OSRAM是主要客户。

支柱3：电子测试产品

益纳利美昌持股51%的CEEDTec，是一家身处电子业的原装设计生产商和研发公司，涉足电子测试和测量产品设计，发展以及制造的利基市场。

主要产品包括了汽车业应用方面的自动化测试器材，以及实验室和制造测试方面的精密台式电源，主要客户是AGILENT。

支柱4：光纤

在100%持股的子公司Inari South Keytech（简称ISK）推动下，这项业务的运作位于柔佛州的依斯干达区，接近位于新加坡的主要客户AVAGO。

鉴于智能器材用户的数量逐日增加，以及云端计算活动增长的趋势，分析员看好ISK可受惠，因为（a）在无线射频领域中的成功伙伴关系；（b）厂房靠近AVAGO位于新加坡的有线通讯业务；（c）对数据方面的庞大需求量，加上如游戏、流动式视频，电子商务等更多线上服务，使全球网络交通大幅增长；（d）由铜物质转为光纤的改变，因后者提供更高的宽频，容许庞大数据更为有效地传送。

智能设备推动成长

半导体的需求与综合器材制造商，诸如苹果和三星所生产的电子器材，如智能手机和平板电脑的需求紧密联系。

在智能器材的需求量自其推介后出现放缓之际，我们继续看好传统手机转向智能手机，以及从个人电脑/手提电脑转向平板电脑/手机平板电脑的需求量转变，因这更能迎合消费者时尚。

为了维持轻资产商业模式和继续改善生产成本，诸如AVAGO等原装配备制造商专注在设计，并逐步将本身的生产活动，外包给位于较低成本区域（即亚太区）的电子制造服务公司（诸如益纳利美昌）。

智能器材的强劲需求量，与消费者对更复杂互联网相关应用程序的需求量增势，借此强化本身的时尚生活（意即社交网络、全球定位系统、流动式视频，文件共享）的情况有关联。

新流动标准的推介，容许在较低延缓的情况下，落实较快的数据宽频运作，迎合智能器材快速成长，并以数据为导向的功能。我们继续看好3G/LTE/LTE-A，特别是在新兴市场。

下半年业绩更强劲

2015财政年首季核心净利为3400万令吉（按季增4%，按年增63%），基本上符合分析员预期，此外，新安置的生产线在2015年2月投产后，估计下半年可交出更为强劲的业绩。

整体来说，益纳利美昌2015财年下半年和2016财年盈利料更好，因为：

1.旗下为AVAGO所进行的无线射频业务增产，迎合新智能器材推介后需求量超越预期的情况。

2.持股51%的CEEDtec，为AGILENT将本身的设计原型转向大量生产。

3.独资子公司ISK所带来的贡献更显著，因光纤元件的生产活动趋向活跃和全方位。

4.在更佳经济规模和成本效益下，盈利的赚幅将出现改善。

5.也是美元兑令吉走强趋势的受惠者之一，因超过90%的营业额是以美元计价，相对于销货成本仅70%。

2016财政年本益比为10.9倍，估值依然相当诱人（同业为12至13倍），使之成为智能手机和平板电脑成长趋势的优秀代表股项，而2014至2016财政年的盈利年均复增料可达33%。



备注：*2014至2016每股盈利年均复增料达33%。

备注：
1.目标价格：4.20令吉（马银行投银）；3.82令吉（兴业研究）；3.80令吉（艾芬黄氏）：RM3.41（丰隆投银）。
2.益纳利美昌每8股可认购1附加股，售价订在每股1.50令吉，以及送1免费凭单（转换价为2.00令吉）。
3.益纳利美昌宣布派发1.8仙的中期股息和0.4仙的特别股息，除权日为12月10日。

免责声明
本文分析仅供参考，并非推荐购买或脱售。投资前请咨询专业金融师。

慧眼

【南洋网财经】

icy97

EX-date	20/01/2015
Entitlement date	22/01/2015
Entitlement time	05:00:00 PM
Entitlement subject	Rights Issue
Entitlement description	RENOUNCEABLE RIGHTS ISSUE OF UP TO 88,825,648 NEW ORDINARY SHARES OF RM0.10 EACH IN INARI AMERTRON BERHAD (“INARI”) (“RIGHTS SHARES”) TOGETHER WITH UP TO 88,825,648 FREE DETACHABLE WARRANTS (“WARRANTS”) ON THE BASIS OF ONE (1) RIGHTS SHARE TOGETHER WITH ONE (1) WARRANT FOR EVERY EIGHT (8) EXISTING ORDINARY SHARES OF RM0.10 IN INARI HELD AT 5.00 P.M. ON 22 JANUARY 2015 AT AN ISSUE PRICE OF RM1.50 PER RIGHTS SHARE PAYABLE IN FULL UPON ACCEPTANCE
Period of interest payment	to
Financial Year End
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Special Share Registrar Boardroom Corporate Services (KL) Sdn. Bhd. (3775-X) Lot 6.05, Level 6, KPMG Tower 8 First Avenue, Bandar Utama 47800 Petaling Jaya Selangor Darul Ehsan Tel: 603-7720 1188 Fax: 603-7720 1111
Payment date
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	22/01/2015
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)	88825648
Entitlement indicator	Ratio
Ratio	1 : 8
Rights Issues/Offer Price	1.5

Despatch Date	26/01/2015
Date for commencement of trading of the rights	23/01/2015
Date for despatch of abridged prospectus and subscription forms	26/01/2015
Date for cessation of trading of the rights	30/01/2015
Date for announcement of final subscription result and basis of allotment of excess Rights Securities	16/02/2015
Listing date of the Rights Securities	26/02/2015

Last date and time for	Date	Time
Sale of provisional allotment of rights	29/01/2015	at	05:00:00 PM
Transfer of provisional allotment of rights	05/02/2015	at	04:00:00 PM
Acceptance and payment	10/02/2015	at	05:00:00 PM
Excess share application and payment	10/02/2015	at	05:00:00 PM

icy97

EX-date	20/01/2015
Entitlement date	22/01/2015
Entitlement time	05:00:00 PM
Entitlement subject	Others
Entitlement description	UP TO 4,860,731 ADDITIONAL WARRANTS 2013/2018 ARISING FROM ADJUSTMENT TO THE NUMBER OF OUTSTANDING WARRANTS 2013/2018 OF INARI AMERTRON BERHAD HELD AT 5.00 P.M. ON 22 JANUARY 2015 PURSUANT TO THE RIGHTS ISSUE WITH WARRANTS
Period of interest payment	to
Financial Year End
Share transfer book & register of members will be	to closed from (both dates inclusive) for the purpose of determining the entitlements
Registrar's name ,address, telephone no	Special Share Registrar Boardroom Corporate Services (KL) Sdn. Bhd. (3775-X) Lot 6.05, Level 6, KPMG Tower 8 First Avenue, Bandar Utama 47800 Petaling Jaya Selangor Darul Ehsan Tel: 603-7720 1188 Fax: 603-7720 1111
Payment date
a.Securities transferred into the Depositor's Securities Account before 4:00 pm in respect of transfers	22/01/2015
b.Securities deposited into the Depositor's Securities Account before 12:30 pm in respect of securities exempted from mandatory deposit
c. Securities bought on the Exchange on a cum entitlement basis according to the Rules of the Exchange.
Number of new shares/securities issued (units) (If applicable)	4860731
Entitlement indicator	Ratio
Ratio	62 : 1000
Rights Issues/Offer Price	0

Remarks :

Approval from Bursa Malaysia Securities Berhad for the adjustment of Warrants 2013/2018 was obtained on 2 October 2014. Shareholders' approval for the Rights Issue with Warrants was obtained on 11 November 2014. The additional Warrants 2013/2018 shall be allotted to entitled warrantholders of Inari whose name appear on the Record of Depositors of Inari on 22 January 2015 on the basis of 6.273 additional Warrants 2013/2018 for every 100 Warrants 2013/2018 held. Existing holders of Warrants 2013/2018 who wish to be entitled to the Rights Shares under the Rights Issue with Warrants are required to submit the warrants exercise form to the Share Registrar, Megapolitan Management Services Sdn Bhd, No. 45-5, The Boulevard, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur (Tel no.: 03-2284 8311) not later than 5.00 p.m. on 13 January 2015. This announcement is dated 2 January 2015.

---

Announcement Info

Company Name	INARI AMERTRON BERHAD
Stock Name	INARI-WA
Date Announced	2 Jan 2015
Category	Entitlements (Notice of Book Closure)
Reference No	OS-141229-69746

icy97

新厂提早完工　射频芯片增加　益纳利净利前景受看好

财经  2015年01月19日
（吉隆坡19日讯）隨著益纳利美昌（INARI，0166，主板科技股）位于檳城的P13工厂比预期中更早完工，整体射频芯片將进一步增加，分析员因而看好该公司2015至2017財政年的净利前景。

艾芬黄氏资本分析员在上个月中旬受邀参观益纳利美昌的P13工厂，这是一家位于檳城及总面积为16万平方呎的工厂，之前是由一家名为Marvel Tech的科技公司来营运。

分析员对此表示，益纳利美昌目前正承包一项晶圆加工外包合约，该合约不止將推高其价值链，同时也提高其业务和价值链的关联性，尤其是其主要客户Avago公司。

同时，该分析员说，管理层指该项晶圆项目可能占公司营业额的逾10%和提高其赚幅，因该项目涉及较高附加价值的服务。此外，该公司的新工厂料在今年第3季额外安装150部测试器，其测试器生產力將从目前的522部进一步提高。

他也进一步指出，整体来说，他相信益纳利美昌生產的射频芯片（Radio Frequency Chips），市场需求將由4个因素来支撑，包括：一，全球长期演进技术（LTE）的发展；二，每部电子仪器的射频芯片数量將增加；三，新款芯片的面市；四，低端至中端电子仪器生產商更多地採用射频芯片。

另外，分析员称，「我们將益纳利美昌2015至2017財政年財政年的每股净利（EPS）预测分別上修2.4%、10.6%和7.1%，以反映其射频芯片业务，即使该公司的股本因凭单转换成股票，而从之前的6亿1340万股，增至6亿2300万股。」

他补充，按目前的净利水平计算，益纳利美昌2015至2017財政年的净利预测被上调4.0%、12.5%和8.7%。

艾芬黄氏资本维持益纳利美昌的「买进」评级，目標价从3.80令吉调高至4.07令吉。

分析员强调，他持续看好益纳利美昌，因该公司是本区域顶尖的射频芯片测试公司，同时，拥有实力不俗的技术专才、成本效率，及从其客户Avago给予的外包项目中受惠。

益纳利美昌今天闭市时收报2.87令吉，全天下跌3仙或1.03%，成交量为397万零900股。【东方网财经】