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ECS something brewing ???
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guoyanyunyan
Elite |
23-Nov-2013 20:53
Yells: "uncertainty always exist" |
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OCBC Securities recommend buy ECS around end Aug when it was $0.485 with a FV of $0.560. Friday reached a high of $0.585. They got it right this time, clap clap clap. No idea how often they make good recommendation though. |
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Octavia
Elite |
19-Nov-2013 16:45
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OCBC maintains Buy with TP $0.585. Note that ECS Holdings (ECS) reported a 4.5% YoY increase in its 3Q13 PATMI to S$8.7m on the back of a 11.4% jump in revenue to S$999.3m. After adjusting for forex and other exceptional items, we estimate that core earnings would have increased 4.7% YoY from $8.7m to $9.1m. This was in-line with expectations. Looking ahead, expect ECS to benefit from new product launches by major IT vendors in which it has established a strong working relationship with, such as Apple and Lenovo. | ||||
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guoyanyunyan
Elite |
28-Aug-2013 08:34
Yells: "uncertainty always exist" |
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Technology Sector: Slightly improved sentiment By Andy Wong (OCBC) Under our tech sector coverage, Venture Corp (VMS) reported earnings which were in-line with our expectations for the recently concluded 2QCY13 results season. However, core PATMI for ECS Holdings missed due to weaker-than-estimated gross margin. Encouragingly, a number of companies which we spoke to highlighted an improvement in sentiment amongst their key customers, which is in-line with the expected uptick in the global economy. However, we maintain NEUTRAL on the tech sector, as we believe that the economic recovery remains fragile. ECS [BUY FV: S$0.56] is still our preferred pick within the sector given its cheap valuations (FY14F PER of 5.0x and P/NTA of 0.5x). 2QCY13 results roundup
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guoyanyunyan
Elite |
17-Jul-2013 16:45
Yells: "uncertainty always exist" |
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Technology Sector: PC slump continues (OCBC)The worldwide shipment of PCs remained sluggish, falling 10.9% YoY to 76.0m units in 2Q13, according to research firm Gartner Inc. This was the fifth consecutive quarter of YoY decline. Besides the cannibalisation of PCs by mobile devices, we believe that the still uncertain macroeconomic backdrop has also played an inherent role in causing the sluggish demand for PCs. Just last week, the IMF trimmed its global economic growth forecasts for both 2013 and 2014. Although Singapore’s 2Q13 GDP growth managed to exceed the street’s expectations, we remain cautious on the downside risks on the tech sector given heightened concerns over China’s economy and persistent weakness in the eurozone area. Hence, we maintain NEUTRAL on the sector. We replace Venture Corp [HOLD FV: S$7.37] with ECS [BUY FV: S$0.57] as our top pick in the sector following our downgrade of the former after its weak 1Q13 results. PC sales dip 11% YoY in 2Q13 Lenovo rises to summit According to research firm Gartner Inc., worldwide shipment of PCs continued its sluggish momentum, slipping 10.9% YoY to 76.0m units in 2Q13. This represented the fifth consecutive quarter of YoY decline. In terms of PC vendors, Lenovo continued its market share gains, contributing 16.7% of total shipments (1Q13: 14.7%), thus catapulting it to the number one position. We see ECS Holdings as a likely beneficiary of this trend, as it counts on Lenovo as one of its major IT principals, distributing a wide spectrum of the latter’s product lines. As an example, ECS recently signed an agreement with Lenovo to distribute its smartphones in Malaysia and Thailand. Lingering concerns over macro environment Besides the cannibalisation of PCs by mobile devices, we believe that the still uncertain macroeconomic backdrop has also played an inherent role in causing the sluggish demand for PCs. Just last week, the IMF trimmed its global economic growth forecasts by 0.2ppt for both 2013 and 2014 to 3.1% and 3.8%, respectively. Singapore’s 2Q13 GDP surprises on the upside Notwithstanding the weaker global macro outlook, Singapore’s GDP still grew 15.2% on a QoQ seasonally adjusted annualised basis (advance estimate) in 2Q13, compared to 1.8% in 1Q13, and also beat the street’s 8.1% median estimate (based on a Bloomberg survey). This growth was partly attributed to a recovery in output of the electronics cluster. However, we remain cautious on the downside risks on the tech sector given heightened concerns over China’s economy and persistent weakness in the eurozone area. Replace Venture with ECS as our top pick In light of the uncertain and volatile macro outlook, we prefer to retain our NEUTRAL rating on the cyclical tech sector. Although some of the tech companies we track have new programmes which are expected to be ramped up in 2H13, we believe the possibility of delays or reduction in orders places a dampener to the earnings visibility of these companies. We replace Venture Corp [HOLD FV: S$7.37] with ECS [BUY FV: S$0.57] as our top pick in the sector following our downgrade of the former after its weak 1Q13 results. For ECS, we like its cheap valuations, with the stock trading at FY13F 5.1x PER and 0.5x P/NTA. ...Last Done: $0.495... |
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sgnewbie
Master |
17-Aug-2012 09:39
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http://sgxreports.blogspot.sg/2012/08/ecs-holding.html | ||||
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sgnewbie
Master |
16-Aug-2012 15:07
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http://sgxreports.blogspot.sg/2012/08/ecs-holdings.html | ||||
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sgnewbie
Master |
18-May-2012 10:32
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http://sgxreports.blogspot.com/2012/05/ecs-holdings.html |
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sgnewbie
Master |
29-Feb-2012 16:29
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OCBC on ECS http://sg-shares.blogspot.com/2012/02/ecs-holdings.html  |
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epliew
Supreme |
29-Dec-2010 12:57
Yells: "no worries be happy !" |
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wow apple!!!!!!!!!!!!!!!!!
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bsiong
Supreme |
29-Dec-2010 09:16
Yells: "The Greatest Wealth is Health" |
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ECS Holdings, which recently clinched nation-wide distribution rights for Apple ' s iPad and iPhone in China , hopes to raise gross proceeds of around $50 million from the listing of its Taiwan Depository Receipts. The firm is in the process of submitting documents to Taiwan ' s regulator and aims to make its debut on the Taiwan Stock Exchange in the first half of 2011, group CEO Narong Intanate told Reuters in an interview. The cash will be used to expand its business in the region as ECS, which is currently the fourth-largest distributor of IT products in China by revenue, aims to move up to the top three by the end of next year, he said. /sgxmasnet/ |
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bsiong
Supreme |
28-Dec-2010 18:44
Yells: "The Greatest Wealth is Health" |
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susan66
Master |
28-Dec-2010 11:09
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Why halt? Good news coming? | ||||
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SGG_SGG
Master |
17-Dec-2010 10:44
Yells: "karma karma karma chameleon" |
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Watching second attempt now... hopefully can break. | ||||
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des_khor
Supreme |
15-Dec-2010 12:22
Yells: "Tell me who is the God or MFT from this forum??" |
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SELL !0.725 can't break and pull back now !! | ||||
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des_khor
Supreme |
15-Dec-2010 10:33
Yells: "Tell me who is the God or MFT from this forum??" |
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BUY ! | ||||
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des_khor
Supreme |
14-Dec-2010 16:35
Yells: "Tell me who is the God or MFT from this forum??" |
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BUY! | ||||
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des_khor
Supreme |
14-Dec-2010 11:57
Yells: "Tell me who is the God or MFT from this forum??" |
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buy , sell or hold ? | ||||
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des_khor
Supreme |
08-Dec-2010 12:14
Yells: "Tell me who is the God or MFT from this forum??" |
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Sure not ?? TP above a dollar ?? | ||||
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bsiong
Supreme |
18-Nov-2010 10:45
Yells: "The Greatest Wealth is Health" |
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ECS Holdings (ECS SP; S$0.615; Buy) – TP: S$1.22 – ECS enjoyed a 30% yoy jump in profit in 3Q10 due to stronger gross margins despite flat yoy revenue (including contributions from Malaysia operations). We raise TP to S$1.22. /CIMB |
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SGG_SGG
Master |
04-Nov-2010 10:43
Yells: "karma karma karma chameleon" |
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Any news on ECS? Sudden jump.. |
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