获20亿Dyson合约普遍看好‧星光资源依赖单一大客户

获20亿Dyson合约普遍看好‧星光资源依赖单一大客户
（吉隆坡18日讯）星光资源（SKPRES，7155，主板工业产品组）获英国Dyson颁发电子消费产品制造合约，总值高达20亿令吉，合约期限为期4年，每年价值5亿令吉，主要替代之前取消的合约。

由于大马雇用外劳政策改变，去年5月获Dyson公司颁发每年4亿令吉吸尘机合约将不再继续；另外，每年生产价值6亿令吉的无线吸尘机合约（为期5年）则保持不变。

分析

星光资源虽获新合约，但也失去一些合约，惟新合约的价值让分析员普遍看好，唯隐忧是过于依赖单一大客户。

肯纳格研究相当看好上述合约，星光资源拥有Dyson旗下吹风机（Supersonic）的独家制造商，Dyson未来可能会颁发更多合约予星光资源，因Dyson打算继续进行扩展。

安联星展研究认为过于依赖单一客户是隐忧，星光资源2016财政年，55%的营业额由Dyson贡献，并预期2017财政年比例将走高至72%。若Dyson终止合约，届时星光资源净利将受到影响。有鉴于此，星光资源期望来自非Dyson贡献的营业额可取得成长，并设下8%成长的目标。

安联星展补充，星光资源在柔佛士乃的工厂空间使用率为25%，余下75%为空置地段，相信星光资源将会提升使用率，以攫取更多合约。

净现金公司

尽管星光资源过去不断进行扩展计划，但该公司仍保持净现金地位，安联星展认为，2017至2019财政年，星光资源仍可以保持净现金地位。

达证券认为，星光资源虽然可从上述合约受惠，但外劳冻结，可能会导致盈利受损，因此下调2017至2019财政年的净利预测。

大众研究则表示，一旦所有产品生产线全面使用，星光资源未来净利仍有成长空间，本益比介于10至12倍，加上强劲资产负债表，是该公司值得看好的优势。

Holistic View of SKP Resources with Fundamental Analysis & iVolume Spread Analysis (iVSAChart)

Background and Core Business

SKP Resources Bhd was listed on Bursa Malaysia in 2000 and is categorised under the Miscellaneous Manufacturing industry. It belongs to the Industrial Product, FBM Small Cap and FBM Emas Indices. SKP Resources Bhd is an integrated plastic manufacturer, with 3 wholly owned subsidiaries: SKP (Syarikat Sin Kwang Plastic Industries Sdn Bhd), GHI (Goodhart Industries Sdn Bhd) and GHL (Goodhart Land Sdn Bhd). They also own 63% of another subsidiary known as GHT (Goodhart Technology Sdn Bhd). They are based in Batu Pahat, Johor.
Essentially, all the subsidiaries work synergistically from design and fabrication of high precision plastic molds to the manufacturing of plastic parts and components, sub-assembly and other secondary processes. Each subsidiary specialises in the manufacturing of distinct products for different clients. These parts are finally used as casings of media players, printers/scanners, video game console peripherals and also TV cabinets.
SKP Resources proudly lists their clients (both direct and indirect) from MNCs such as Apple, Fujitsu, Sharp, Pioneer, Dyson, HP, Flextronics, Microsoft and Sony.
The FY ended on 31st March 2016 and they are in their 1^st quarter for FY 2017. The next quarterly results should be due sometime in August 2016. Market capitalisation stands at around RM1.4 billion.

Financial Brief and Ratios (Historical)

SKP Resources (7155.KL)	FY 2016
Revenue (RM’000)	1,051,027
Net Earnings (RM’000)	82,145
Net Profit Margin (%)	7.82
EPS (RM)	0.070
PE Ratio (PER)	17.52
Dividend Yield (%)	1.58
ROE (%)	23.40
Cash Ratio	0.216
Current Ratio	1.834
Total Debt to Equity Ratio	0.158

SKP Resources had seen stellar growth in their revenue for the past 5 years, with the highest turnover recorded in FY 2016.  This translated into a profit of RM 82 million for its shareholders last year, while profit margin increased only slightly from 6.8% to 7.8% y-o-y. This is due to the increase in cost of revenue, reported at a figure of RM 902 million.
Although the PE ratio is not low, it has reduced over the years from the 40s to less than 20 today. ROE is relatively on the low end. No dividends were declared for FY2016. It is worth mentioning that the company had managed to reduce their current liabilities by nearly half from RM 410 million to RM 200 million during FY 2016.
In terms of cash flow, it has recorded its highest operating cash flow in 2015 at around RM 221 million, at the same time using up to RM 149 million for investing activities in the same year. In line with the increase in cost of revenue during FY2016, do take cautionary note that operating cash flow has turned negative to -RM 37 million from RM 221 million just a year ago. Similarly, Free Cash Flow has turned negative to -RM 70 million for FY 2016.

iVolume Spread Analysis (iVSA) & comments based on iVSAChart software – SKP Resources

·      Above is SKP Resources weekly chart showing price & volume action for the last 6 months

·      Prices were ranging sideways with some Signs of Strength (green arrows) seen around pivot lows

·      Although the bulls had their chance, there were unsuccessful attempts to break beyond RM 1.40 level

·      Instead its’ prices drifted lower after the Sign of Weakness (red arrow) appeared in May 2016 culminating in breaking of support level around RM 1.23 in June 2016

·      Strong hands emerged when prices hit around the level RM 1.14 to RM 1.12 and the down move has temporarily ceased

·      For a sustainable new uptrend, not only do we need to see prices reacting favorably to the Signs of Strength (green arrow) that have appeared in July 2016 but also bullish attempts to rally and break above the RM 1.40 level

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