【Amtek M1P 交流专区】安特工程 AMTEK ENGINEERING LTD

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公司官网：http://www.amtek.com.sg/index.html

Name of Announcer *	AMTEK ENGINEERING LTD
Company Registration No.	198003886K
Announcement submitted on behalf of	AMTEK ENGINEERING LTD
Announcement is submitted with respect to *	AMTEK ENGINEERING LTD
Announcement is submitted by *	Tan San-Ju
Designation *	Company Secretary
Date & Time of Broadcast	23-Aug-2013 17:10:15
Announcement No.	00054

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	Please see attached.

Attachments

AEL_SGXAnnFY2013_Q4_23Aug2013.pdf AEL_News_Release_FY13_23Aug2013.pdf AEL_4Q_FY2013_PresentationSlides_23Aug2013.pdf

For the Financial Period Ended *	30-06-2013
Description	The results announcement for the full year 2013 attached (file name: AEL_SGXAnnFY2013_Q4_23Aug2013.pdf) to Announcement No. 00054 released on 23 August 2013 was incorrect. The correct results announcement is attached.

Attachments

Amtek_SGXAnnFY2013_Q4_FINAL_23Aug2013.pdf

Dividend Value	Payment Type	Dividend Type	Financial Year End	Dividend Number	Tax Exemption Clause
SGD 0.02 Per 1 Ordinary share	Tax Exempted (1-tier)	Final	30/06/2013	NA	One-tier tax-exempt dividend

Record Date *	05/11/2013
Record Time *	17:00
Date Paid/Payable (if applicable)	20/11/2013

Footnotes

Notice is hereby given that, subject to shareholders approval of the payment of dividend at the Annual General Meeting scheduled for 30 October 2013, the Share Transfer Books and the Register of Members of the Company will be closed on 6 November 2013. Duly completed registrable transfers received by the Companys Registrar, Boardroom Corporate & Advisory Services Pte. Ltd. at 50 Raffles Place #32-01 Singapore Land Tower, Singapore 048623, up to 5.00 p.m. on 5 November 2013 will be registered for the dividend. In respect of ordinary shares in securities account with The Central Depository (Pte) Limited (CDP), the dividend will be paid by the Company to CDP which will, in turn, distribute the dividend to holders of the securities accounts. The dividend, if approved by shareholders at the Annual General Meeting scheduled for 30 October 2013, will be paid on 20 November 2013.

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Tesla supplier Amtek spurs sales with takeovers
Source: Bloomberg   |   Publish date: Mon, 10 Mar 08:31  
http://www.theedgesingapore.com/the-daily-edge/business/47519-tesla-supplier-amtek-spurs-sales-with-takeovers-.html

Amtek Engineering, the Singapore-based maker of Apple Inc. iPhone chargers and auto parts for Tesla Motors Inc., plans to double sales to US$2 billion in five to seven years through acquisitions.

The company, which last week announced it’s paying about US$210 million ($266 million) for US precision-tool maker Interplex Industries Inc., expects automotive products to fuel that growth, Chief Executive Officer Daniel Yeong said. Auto companies will contribute 40% of revenue in the next two to three years, up from 18% now, he said.

Amtek will seek out more acquisitions to add to its line of customers, which already includes Dell Inc. and Royal Philips Electronics NV. The Interplex purchase will help Amtek’s sales exceed US$1 billion and offer scale to win more contracts with plants in new markets including the US, Mexico and India.

“After you cross the psychological barrier of US$1 billion, the next US$1 billion is going to be easier,” Yeong, 55, said in an interview in Singapore on March 6. “In manufacturing, nobody’s going to put all their eggs in one small basket. They’d rather put all their eggs in one big basket.”

In contrast to Amtek, which makes larger components, Interplex manufactures miniature parts for the automotive, industrial and electrical industries, as well as for mobile and medical devices. The College Point, New York-based company’s customers also include Apple, as well as auto-part makers Continental AG and Denso Corp.

The acquisition is “good for them because it extends their service offerings,” said Loke Chunying, an analyst at UOB Kay Hian Pte who recommends buying the stock. “They’re given an immediate entry into Mexico and India, which are among the largest markets in the world right now.”

Digesting Deal

Amtek, whose shareholders include Standard Chartered Plc’s private-equity unit and Yeong, said future growth will also come from increased sales from its key businesses. The next major acquisition is expected after three years, he said.

“The first three years will be digesting, working to make sure that the two companies work well together,” he said, adding that Interplex “checks about 80% of my boxes.”

Amtek will probably fund the acquisition through bonds and loans, he said, ruling out a share sale because it would dilute existing investors. The borrowings will boost debt to 130% of equity, up from 30% now, Chief Financial Officer Sheila Ng said in the same interview.

The move into the automotive industry will further cut the reliance on hard-disk drives, which was Amtek’s biggest business. Sales to the data storage device industry have fallen to 12% of revenue from as much as 30%, she said.

Shrinking Drives

The shrinking disk-drive market, which faces competition from mobile devices such as tablets, has dragged revenue and profit lower for two years. A rebound is likely in the next two years, according to data compiled by Bloomberg.

Unlike the electronics industry’s two-year product cycle, automotive contracts typically cover seven to 12 years of supply needs, the company said.
The stock has risen 9% over the last year, compared with a 2% decline in the Singapore benchmark Straits Times Index.

Amtek may set up new plants in Brazil in a few years, drawing on Interplex’s experience in Mexico, Yeong said. The Interplex deal will give Amtek five factories in the U.S., one in Mexico and two in India.

Mexico, which sent fewer than a quarter of a million vehicles across its northern border in 1990, is poised to surpass Japan this year as the No. 2 auto exporter to the US, consultant IHS Automotive estimated. The automotive industry has grown so large that it generates more foreign exchange than oil or money sent home by Mexicans living abroad.

“The combined Americas including Latin America is one of the most important continents I’m tackling, which I have zero presence in today,” Yeong said.

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安特工程收购怡得乐实业，为经济复苏做好准备
企业摘要 | 2014年04月04日
文 : 陈挚文（译：麦美莹）
http://www.sharesinv.com/zh/articles/45920/

自从公司对外公布了巨大的并购行动后，安特工程的股价飙升了超过20%，意味着投资者对这只股重拾信心，它在去年大部分时间是在0.45元至0.49元的窄幅内交易。这与分析师的预测相符，他们预期公司的盈利将会在今年回升。这样看来，2014年对安特工程来说应会是一个好年头。

很多人都觉得制造业是一个很沉闷的行业，但这不可以一概而论。事实上，安特工程(Amtek Engineering，以下简称安特)所制造的产品与我们的日常生活息息相关，因为你可以在大型的家庭电器如洗衣机，或者是小如电动牙刷及甚至是智能手机中也能够找得到。

这些消费产品已经是现代生活不可或缺的一部分，而它们的重要性往往很容易被我们忽略。为提高生活质素，商家们不断把这些必需品革新及改进，因此安特的业务一点也不乏味，而由于现代科技日新月异，它的产品在业内炙手可热。

不久前，公司的业务可说是更上一层楼。为了扩大地域版图，它收购了怡得乐实业(Interplex Industries，以下简称怡得乐)。在最近与《股市资讯》的会谈中，公司与我们分享了其最新的并购行动有什么吸引之处及对公司带来的协同作用。

并购增长
安特在3月4日公布，它将会以2亿美元收购精密模具制造商怡得乐，后者专门为需要个别定制的互连及电子包装应用程序，设计及制造微型精密工程方案。简单来说，怡得乐生产及装配可以为设备导电的元件。

怡得乐所制造的产品包括机电整合模块(mechatronic modules)、定制与柔性电路连接器(custom and flex circuit connectors)、精密医疗元件(precision medical components)、兼容与压配元件(compliant and press-fit components)及卷对卷蚀刻(reel-to-reel etching)，而其客户来自不同行业，包括汽车、工业/电气、移动设备及医疗原设备制造商(OEM)。

当被问及怡得乐有什么吸引之处时，安特透露：“当我们两年前一开始考虑这个并购建议时，我们便觉得怡得乐符合了我们许多先决条件。那时候，我们意识到安特的客户来自全球不同角落，但有些地区的客户我们无法提供服务。”

安特补充：“怡得乐的交易让我们可以接触到三大市场，包括印度、美国及墨西哥，以至部分欧洲地区，我们在这些地区拥有客户，但它们未能够获得我们的服务。”

安特进一步解释，如果公司选择了全新投资策略(greenfield investment)，而不是并购增长，那么我们将需要较长时间才可以有利可图，因为新公司通常需要两至三年的孕育期，而同时安特的盈利也会受到蚕食。此外，全新投资策略需要按部就班执行，但怡得乐的交易一次过带来了8个厂房。

并购融资
怡得乐的交易将通过债券来融资。安特在3月11日宣布，在2013年5月10日成立的5亿元多货币中期债券计划下，它已成功发行2亿元的6.9%半年期固定利率债券，到期日为2019年。这些债券在首三年后可以赎回，而如果没有赎回，这些债券在最后两年的利率为8.9%。

这些债券获得逾5倍的超额认购，吸引到来自超过60个富裕私人银行户口及机构投资者的热烈追捧。
新贷款将令安特的长期负债股本比从0.136倍提高至1.077倍，后者是基于公司截至2013年12月31日的资产负债表来估算。

协同效益
在合并后，安特升级为世界大型精密工程公司，环球的销售额达到10亿美元，难怪这项交易备受看好。 怡得乐是专门生产小型精密部件，而安特则生产较大型元件，它们的合并带来高度的相辅相成作用，并让合并后的公司可以提供更多综合生产能力及更多全面性的工程产品方案。此外，这项合并也提供很多的交叉销售商机。

很重要的一点是，双方之间可以利用彼此的专长及能力。怡得乐拥有不少蓝筹客户，长期以来与许多一级及二级OEM客户合作。此外，怡得乐的品牌拥有50年悠久历史，是一个值得信赖的品牌。它在环球市场拥有举足轻重的地位，包括美国，因此，它可以帮助安特打开新市场及迎来新的客户网络。



大华继显(UOB Kay-Hian)指出，在营运上，这项收购可以帮助安特减轻对正在式微的大容量储存市场的依赖，并增加在比较乐观的汽车市场的参与，后者拥有较佳的毛利及较强劲的竞争优势。值得注意的是，来自汽车领域的收入将会在收购后的安特扩大收入中提高10个百分点至25%，而来自大容量储存领域的收入只占扩大收入的8%。

虽然看起来好像商机无限，但安特对公司的增长策略保持审慎，因为安特及怡得乐需要时间来释放地域上的协同作用，以至实现潜在的交叉销售商机来提高营业额。

当被问及公司会否担忧出现整合风险时，公司表示每一项业务决定都会存在着文化风险。安特认为：“关键是在应对这些改变时，我们所持的态度。我们希望在调整两家公司时，能够以释放对双方有利的协同效益及利用双方最有效的操作为大前提。”

安特指出，在接下来的两年，怡得乐的管理层将不会出现重大的改变，而安特将会协助它符合有关的上市条例及委任重要人选来协助双方能互相分享及学习彼此的长处。

盈利回升
事实上，安特在业内的下跌周期中，盈利连续两年呈现跌幅，它似乎有望在收入及盈利方面，在今年恢复升势。安特的股东在1H14似乎从公司盈利的强劲回升中获益不少(因为以去年的低基底作比较)。截至3月31日，安特的股价比过去12个月上升了25.5%。

1H14的盈利年比跳升17.1%至1,390万美元，由于有效的成本管理帮助毛利升高。收入也增加，因为1H14的销售额微升5.3%至3亿3,420万美元，主要是因为大部分部门的贡献提高，但却受到终端市场对大容量储存及部分家庭电器的需求减少而抵消。

大华继显在2014年3月6日的一份报告指出：“安特的盈利很可能会继续回升，因为它在FY13的模具销售创下新纪录。虽然伺服器市场的前景依然疲弱，但向云端计算的结构性转移及个人电脑更新周期可能会对部分伺服器的近期需求带来支持。环球经济复苏也会对一些周期性行业(如汽车业)的需求带来支撑。”

大华继显给予安特“买入”评级，基于它可以从美国经济复苏中受惠。怡得乐与安特相似之处是，它也为一些周期性行业提供服务，如汽车业，并在市场上建立其强大的网络，包括美国市场。在完成收购怡得乐后，安特更加能够从环球经济复苏中受惠，后者主要是由美国带动。

展望未来，大华继显指出三个可以令安特改善盈利的因素： 1) 怡得乐及安特的内在增长，由于它们可以从环球经济复苏中受惠; 2) 两个业务的整合所带来的协同效益; 及3) 利率开支逐渐减少，由于安特把用来收购怡得乐的债务减低。