【Contel Corp OJ4 交流专区】康特尔 CONTEL CORPORATION LIMITED

臥龍先生

臥龍先生

Reference is made to the announcement by Contel Corporation Limited (the “Company”) on 29 November 2006 (No. 00025).

The Board of Directors of the Company (the “Board”) wishes to announcethat after the completion of its due diligence review, the Company hasdecided to abort the Proposed Acquisition of Dongguan INIT. The MOU hasceased on 27 May 2007.

With the abortion of this acquisition, the Company will continue tosearch for synergistic businesses that are complementary to the Group.

BY ORDER OF THE BOARD
Wang Chengqun
Executive Chairman
21 August 2007

stock_gal

原帖由 shanghai_noodle 于 9-8-2007 09:01 PM 发表




你这种人是什么心态呀?

现在大势跌，那个股没有掉呀?


真是什么心态。。。

烧到了，知道痛了！“现在大势跌，那个股没有掉呀?”难得你还懂这道理！很早我
就说了股市超热，什么难股都会起，什么专家都会出现，什么先股都是gem。阿猫阿
狗都是股神。。。
[

原帖由 stock_gal 于 17-4-2007 08:53 AM 发表
卧龙，
我看你被你的朋友乌倒了。
左看右看都不是什么好股？如何投资？乘现在股市还热，投机还可以。但如果要投机也应该买Top 5 volume啦！那会轮到它！目前股市超热，什么难股都会起，什么专家都会出现。。 ...

怎么啦？现在大跌做不成股神了吧！手上是不是很多伤痕类类的先股呢！

stock_gal

原帖由 臥龍先生 于 10-8-2007 08:51 AM 发表


请问您有什么高见 ?? 可以和我们分享吗?谢谢

如果说它是好股，那就侮辱了所有的投资者了！它的股价已说明一切。Profit margin低
代表不是赚大钱的公司，convertible notes太多了，净利要增长多少EPS才会增长？
行业前景？？？一点抗跌能力都没有、反弹能力更槽。市场不好跟着大跌，市场好
转没升的份！现在的股价就说明了一切，市场好转股价还在低点。或许你会说它PE很
低，所以直的投资。但不要忘了那是以往的PE，convertable notes、行业前景等因
素。。。会把它以后拉的很高。Megan以前PE也是很低吗！忘了吗？！
良药苦口、忠言逆耳，希望你能受教。
其实在这里就有很多高手，比如大师、Ahcoln及Arnofren等等。。。他们在这都很
有知识和经验，你大可向他们请教。
PS ：现在我手上有Armstrong & Cosco，现在的价位都比sub-prime之前高。好股烂
股就看你的功力了！毕竟股价已说明一切。我的意思是不要为了一课不是优质的树
而放弃了整个森林，还有很多比contel更值得收的。

臥龍先生

原帖由 stock_gal 于 26-8-2007 09:57 AM 发表

如果说它是好股，那就侮辱了所有的投资者了！它的股价已说明一切。Profit margin低
代表不是赚大钱的公司，convertible notes太多了，净利要增长多少EPS才会增长？
行业前景？？？一点抗跌能力都没有、反弹 ...

謝謝您的分析...以我有限的分析經驗, 根據我以前學過的基本分析, 它的確是我找到的其中一支好股 (不好意思, 功力不夠), 比起其它很多的公司好多了.   所以我才敢與大家分享.   如果真的侮辱到了任何的投資者, 那我先說聲抱歉了...

它最近的 convertible notes 的確是我沒有預料到的,  而且它也証明了 eps 被影響很多, 幸好的是它的 revenue 有所上升, 所以拉長補短, eps 可以維持. 如果接下來業績不能維持或有所進步那就糟了..

希望您以后能夠多多發表您的意見.  

謝謝

shanghai_noodle

原帖由 stock_gal 于 26-8-2007 09:53 AM 发表

烧到了，知道痛了！“现在大势跌，那个股没有掉呀?”难得你还懂这道理！很早我
就说了股市超热，什么难股都会起，什么专家都会出现，什么先股都是gem。阿猫阿
狗都是股神。。。
[
怎么啦？现在大跌做不成 ...

这个股我0.2进， 倒没有什么事， 它是不是好股，以后就知道了。
现在这里有谁说要作什么股神， 这些都是你自己想出来的。

馬少的哥哥

PE 非常低的一支股，挺有潜能的，而其其业绩也持续而稳定地向上走。
最近开始回弹了一点！

臥龍先生

從最近的 Shares Investment 書里抄出來的...

Over the past few financial years, Mainboard-listed Contel Corporation (Contel) has been able to demostrate healthy top and bottom line growths year after year. Yet based on its current price of $0.195, Contel is trading at a ridiculously cheap historical price earnings ratio (PER) of 3.5 times. So have we found ourselves a potential gem ? let us take a closer look.

Contel is principally engaged in the manufacture and sale of digital media products with ODM and OEM capabilities. Supported by its production facilities located in Dongguan, China, Contel designs and manufactures a wide range of digital media products for large cunsumer electronic retailers and importers in North America, Europe and Asia.

Contel's revenue grew at a compounded annual growth rate  (CAGR) of 37% from FY04's US$95.6m to FY06's US$179m, while its earnings grew at at 15%CAGR from FY04's US$7.6m to FY06's US$10.1m.

In its recent 1H07 results, earnings increased 27.9% as revenue soared 54.7% over the same period in 2006. Contel's Home Digital Entertainment Products segment continued to grow at a marvelous rate of 71.7% and accounted for 55.4% of its turnover in 1H07.

Contels DVD Recorders's sales registered a significant increase in demand sand in May 2007, Contel received its first order from LCD TVs, which made a maiden contribution of USD$3.41m in 1H07. North America and Europe continued to be the largest part of Contel's sales while its sales from Asia, a huge potential market that is developing at a blistering pace, increased 27%.

As part of its margin focuses stretegy, Contel intends to further diversify its cusomter base following the successful addition of new customers such as Polaroid Corporation and DSG International to its portfolio.

Contel has secured total contracts worth US$18.4m from the 2 new customers in May-07. Contel is also actively looking to penetrate into new markets such as Eastern Europe, the Middle East, South Africa, Russia and South America through its existing and new customers. In fact, Contel has already commenced shipment of products to South Africa in 1H07.

Contel has recently made in roads into the Electronic Toys sector with 2 orders worth more than US$10m already secured from Harmonix Music Systems to develop the Rock Band's guitar controllers. The Rock Band will be released on Xbox 360 and Playstation 3 for the year-end holidays. Moving into the Eletronice Toys sector will help Contel to yeild better gross margins. In addition, the upgrade version of Ebible, which will be launched in 2H07, will add to its growth.

Accoding to market researc firm iSuppli, LCD TVs are expected to hit 171.6m units by 2011 while in-stat reported that world wide market demand for Edutainment Toys are expected to hit USD$7.3b by 2011. These are great news to Contel as it intends to add new capacity for the manufacture of LCD TVs and the development of the Electronic Toys business in 1H08. Meanwhile, the phase II development of Contel's 40,000 sqm Dongguan manufacturing plant is progressing according to schedule.

"It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price", Warren Buffett once said. Benjamin Graham, a teacher of Warren Buffett, sets two approaches for selecting stocks. The first approach was focusing on stocks with low PER and the second was buying a company for less than two -thirds of its net asset value. Based on its net asset value per share of $0.218 coupled with its undemanding FY06 P/E of 3.5times, Contel appears to be lying at attractive valuations.

8years

大家好，我从马股来报到。感谢臥龍先生的善意介绍。希望能再接再厉。

不过，此股恒megan有很多一样的地方，我的建议是投资者应该卖出。

最大的问题依然和马股megan一样。公司所有的钱都在tarde & recievable和inventory。如果产品价格一跌就会很惨。这是这行业的风险。这行业是快来快去，投资这股必需有市场好的嗅觉。

不过，从财报看来管理层做的不错，应该可以信任。不过行业 风险依然强，大家应该小心。

臥龍先生

原帖由 8years 于 10-9-2007 03:43 PM 发表
大家好，我从马股来报到。感谢臥龍先生的善意介绍。希望能再接再厉。

不过，此股恒megan有很多一样的地方，我的建议是投资者应该卖出。

最大的问题依然和马股megan一样。公司所有的钱都在tarde & recieva ...

嗨!! 8years, 我也是 megan 的小小股東之一, 現在仍然是 .讀過您在馬股投資論壇里的發表, 讓我獲益良多. 在這里先謝過了 經過了 megan 一役, 我對選股和分析公司這方面學會了多一點點, 希望 Contel 不會是另一支 megan.  

如果公司沒有做假帳的話, 根據它的財報來看, 它比 SGX 里的很多很多公司好多了, 我個人覺得是可以投資的.

祝大家投資順利

[ 本帖最后由 臥龍先生 于 10-9-2007 04:19 PM 编辑 ]

8years

我也认为管理层很不错，应该可以投资。有没有什么网站有华语的资料，看english看到头痛

8years

convertable notes在这股里是什么？？有谁可以解释吗？？

臥龍先生

Contel extends reach to Japan in JV with consumer electronics distributor

-  Contel to partner Tokyo-based CIMA Laboratory in 80:20 JV
  
Contel to leverage on CIMA Group’s wide distribution network in Japan to extend market reach
CIMA Group’s   customers in Japan include major brand name manufacturers and retailers & wholesalers like Best Denki
Increased presence in Asia in line with earnings diversification strategy

Singapore, 26 September 2007 – Contel Corporation Limited (“Contel” or the “Group” or “康特尔有限公司”), a leading ODM/OEM maker of digital media products, announced that it has entered into a joint venture (JV) with CIMA Labs (HK) Ltd (“CIMA Labs”) to setup Contel Japan Inc. (“Contel Japan”). This JV will help extend its market reach to Japan.Contel takes an 80% stake in the JV for ¥40 million (US$0.34 million) with CIMA Labs, which is wholly-owned by Tokyo-based CIMA Laboratory Co., Ltd (“CIMA Group”), taking up the remaining 20%. Contel’s stake is held through Contel Investment Co., Limited, which is 100%-owned by Contel’s wholly-owned Granpex International Limited. The partners intend to use Contel Japan to distribute consumer electronic products in the Japanese market.

Contel Japan has a total issued and paid-up capital of ¥50 million (US$0.43 million). The CIMA Group has an established and wide distribution network in various geographical locations in Japan serving major brand name manufacturers such as Canon, Fujitsu, Konica Minolta, NEC, Panasonic, Ricoh and Toshiba, as well as retailers and wholesalers like Amazon.com Japan, ARO System and the Best Denki group. CIMA Group also distributes consumer electronics products to home appliances centres, supermarkets, local governments and schools. Contel’s Chairman Wang Chengqun: “North America and Europe currently contribute over 90% to our Group revenue and we have been actively exploring opportunities to diversify into the high growth Asian market. Our partnership with the CIMA Group will allow us to tap Japan for our existing and new Electronic Toys and Automotive Electronic products businesses.

“We look forward to leverage on CIMA Group’s diverse and growing customer base to expand our footprint in Japan. Contel Japan is our third overseas outfit after Contel USA and Contel Europe, and we hope to grow this JV into a significant revenue centre in the medium term,” added Mr Wang.

According to Japan’s Ministry of Internal Affairs and Communications, the Japanese consumer electronics market is expected to quadruple to ¥11 trillion (US$95.1 billion) in 2010, from 2004’s estimated ¥2.7 trillion (US$23.3 billion).

Contel presently derives most of its earnings from its Home Digital Entertainment and Mobile Digital Entertainment products but is fast making inroads into the high growth electronic toys sector.

Earlier this year, the Group added brand owner Polaroid Corporation and Europe’s leading retailer DSG International plc to its clientele base. And in July, it secured a deal from leading music videogame developer Harmonix Music Systems as principal manufacturer for the Fender™ Stratocaster™ guitar controller, which is used in the new Rock Band™ music videogame.

臥龍先生

Contel
Making room to grow
- Story: We recently visited Contel’s manufacturing plant in Dongguan, Guangzhou province, China and were impressed with the facilities.

- Point: We believe Contel has more room to grow, and with the new factory space coming up by 2H08, strong growth in revenue is projected from US$250m in FY07 to US$300m in FY08.Demand from the consumer electronics industry is expected to stay firm, as Contel continues to expand its array of offerings and break into new market segments like auto electronics.

- Relevance: We have revised up our earnings forecast slightly by 2.5% to US$11.6m for FY07, on the back of better-thanexpected sales in electronics toys. FY08 earnings are slightly revised down to US$13.8m, in anticipation of higher operating expenses. Valuations, though, are still attractive and we maintain BUY at a revised TP of S$0.26, based on 6x FY08 fully diluted EPS.

Strong 2H07 performance in store. Contel looks all set to achieve record revenues in 2H07, with more than US$30m revenues expected to
come in from the Fender Guitar controllers contract with Harmonix as well as maiden contributions from the sales of E-Bible (expected to be
more than US$10m) and automotive electronics (sales to the secondary market are expected to commence by end’07). This, combined with the seasonally stronger second half for Consumer Electronic plays, should see Contel achieve about US$250m in revenues for FY07, up 40% y-o-y.

Net profit is expected to increase by at least 15% to US$11.6m.

Concerns.
The primary bottleneck at the moment seems to be the availability of LCD panels. The supply-demand mismatch from 1Q07 onwards has resulted in a significant rise in prices and reduced allocations from suppliers. Management is actively pursuing negotiations to secure allocations for FY08. According to iSuppli, the current LCD crunch situation is likely to stabilize next year, as more plants come online. Capacity constraints for Contel should be eased with the commissioning of the new factory building in 2H08.

Buy, TP S$0.26.

We maintain our BUY recommendation on the stock, as we believe that the stock is trading at an undemanding multiple of 4.2x FY07 earnings. Though the company is in a low margin – high volume business, we like the management’s knowledge of the business and their execution capabilities and believe downside risk in the stock is low. Rolling over valuations to next year, we revise our target price to S$0.26, based on 6x FY08 earnings (fully diluted).

臥龍先生

風凝

嗨, 我是新手, 最近看了一下這支股,
目前價位在0.125
P/E Ratio : 2.910
CONTEL'S MOVE INTO ELECTRONIC TOYS HELPS LIFT 2007 NET PROFIT TO US$11.0M

消息都還不錯, 想說是不是可以考慮買進呢?

臥龍先生

Contel Corporation Limited (Contel, the Group or 康特尔有限公司), a leading ODM/OEM of digital media products, achieved revenue of US$300.8 million and gross profit of US$26.1 million for the 15 months financial year ended 31 March 2008 (15M FY08). The Group last reported revenue of US$244.1 million and gross profit of US$23.9 million for the 12 months ended 31 December 2007.

The Group’s largest revenue contributor was the mobile products segment, whose most popular items include portable DVD players, digital photo frames and e-Bibles. The segment chalked up US$156.2 million in sales for the 15-month period, or 52% of total sales. Home products remained a significant contributor, accounting for 32% of sales. However, the electronic toys segment made the most obvious headway – thanks to robust
sales of Rock Band guitar controllers – bringing in the remaining 16% of sales even though it debuted less than eight months ago.

Contel’s Executive Chairman, Mr Wang Chengqun (王成群), said of the brisk sales of their Rock Band guitar controllers: “Due to the success of the Rock Band music videogame which debut in late 2007, we have been overwhelmed with orders for our Rock Band guitar controllers. With the Group’s new manufacturing facility coming on board in mid-2008, our capacity will grow in tandem with our customers’ demand.”

He added: “Through the Rock Band project, Contel has established itself as a reliable supplier in the videogame market with the ability to deliver quality products in large volumes. We are now actively expanding our clientele base in the high-tech electronic toys and videogame segments with the promise of more gaming peripherals to come.”

On the home & mobile products segments, Mr Wang said: “We continue to collaborate very closely with our top-tier customers to develop new products such as the Blu-ray players.”

Contel was among the first few manufacturers in China to obtain various licences needed to produce Blu-ray players and recorders using Sony’s technology. Having secured these licences in 2007, the Group gained an invaluable first-mover advantage and will soon see its first Blu-ray players rolling off the assembly lines as early as October 2008.

With the Blu-ray players soon to make its maiden contribution and the demand for the Rock Band game continuing to be strong. the Group remains optimistic about their outlook for the coming year.

臥龍先生

公司被賣掉了 =.=

The board of directors (the “Board”) of Contel Corporation Limited (the “Company” and together with its subsidiaries, the “Group”) is pleased to announce that the Company has entered into a sale and purchase agreement dated 31 January 2009 (the “Business Disposal Agreement”) to dispose of the entire Business (as defined below) of the Company, for a cash consideration of US$22,500,000 to Good Idea Limited (“GIL”), a private company incorporated in the Cayman Islands (the “Proposed Disposal”). GIL is a wholly-owned subsidiary of Sharpthink Finance Limited (“ST”), a substantial shareholder of the Company.

RATIONALE FOR THE PROPOSED DISPOSAL
The Independent Directors are of the view that the Proposed Disposal could be in the interests of the Company as the outlook of the Business is increasingly challenging in the current economic climate. The Independent Directors understand that the slowdown of consumer spending in Europe and United States of America, which are the main markets for the Company’s products, have and will for the foreseeable future continue to adversely affect the Company’s performance. In addition, the world-wide credit crunch has affected the ability of the Company to obtain the requisite finance to operate efficiently, as trade credit has become increasingly rare and working capital lines difficult to secure. Given the unfavourable business conditions of the industry, the Company may require further financial resources to maintain the sustainability and viability of the business during the current economic crisis. In addition, the proceeds from the Proposed Disposal will be used, amongst other things, as a source of funds for repayment of the early redemption of the Convertible Bonds as set out in (a) the subscription agreement dated 29 June 2007 between the Company and ABN Amro Bank N.V. (London Branch) (“ABN Amro” or the “Bondholder”); (b) the trust deed dated 3 August 2007 between the Company and Citibank, N.A. London; and (c) the agency agreement dated 3 August 2007 between the Company, Citibank, N.A. London, and other agents named therein (collectively, the “Convertible Bonds Contracts”). As announced by the Company on 13 January 2008, ABN Amro has exercised its option to have all of the Convertible Bonds, which are in the aggregate principal amount of US$8,000,000, redeemed on 2 February 2008 (the “Early Redemption”). As the Company does not presently have the financial resources to repay the Convertible Bonds, the Proposed Disposal represents one available basis to request the Bondholder to extend the Early Redemption date or if possible,

臥龍先生

Financial Performance

Sales
Following the onset of the economic downturn in October 2008, consumer sentiment has been
deteriorating and in turn discretionary spending on electronic consumer goods and gaming products
declined significantly. The Group’s lending banks also reduced or stopped providing financing support
and trade facilities to the Group due to the global financial crisis. As a result, the Group’s performance
was adversely impacted and its turnover dropped by 39.84% to US$180.98 million, as compared with
US$300.84 million in the preceding financial period.

Gross loss
During the financial year under review, the unit selling prices of the Group’s products declined while
the unit costs rose, as overall production volume dropped significantly, while fixed production costs
did not fall as much. As a result, the Group incurred a gross loss of US$1.75 million (representing a
gross loss margin of 0.97%) in the financial year, as compared with a gross profit of US$23.88 million
(representing a gross profit margin of 7.94%) in the preceding financial period.

Expenses
In the financial year under review, the Group’s overall expenses increased by US$22.47million or
113.89% mainly due to an increase in administrative expenses of US$24.77 million or 217.90%. The
increase in administrative expenses was mainly attributable to the increases in impairment loss on,
and the write-off of, trade and other accounts receivables which amounted to US$21.40 million, the
increase in impairment loss on prepayment of US$2.42 million; and the increase in allowance for
inventory obsolescence of US$0.97 million.

Net loss
For the financial year ended 31 March 2009, the Group incurred a net loss of US$45.89 million.

臥龍先生

The overall net asset value of the Group decreased from US$62.38 million as at 31 March 2008 to
US$18.06 million as at 31 March 2009. This is mainly due to the decreases in trade and other
receivables, inventory and other current assets (comprised mainly of prepayments made to suppliers),
offset by repayment of bank borrowings during the financial year. During the year, the convertible
bonds were redeemed and the outstanding amount was converted into bank loans.
Trade and other receivables, inventory and other current assets (comprised mainly of prepayments
made to suppliers) decreased mainly due to impairment losses in view of the deteriorating economic
conditions which adversely affected the financial health of the Group’s existing customers and
suppliers.

As at 31 March 2009, the current ratio of the Group was 0.89 times (31 March 2008: 1.50 times)