INTCERA -optical communications passive components(GEM) - 500 Beiträge pro Seite

[panik]

http://www.intcera.com

Corporate Profile

Intcera High Tech Group Limited (Intcera or the Company) was incorporated on 1st September 1999 and was listed in Hong Kong in July 2000. The Company and its subsidiaries (the Group) is principally engaged in the manufacture and sale of optical communications passive components. Its principal products are ceramic blanks and ferrules. Ferrules are a key and indispensable component of fiber optic connectors that are widely used in telecommunication systems, data transmission networks, local area networks and cable television networks. The Group is one of the nine main manufacturers in the world and the only manufacturer in Taiwan who is capable of producing ceramic blanks and ferrules from ceramic powder.

The Group has its production base in Taiwan, with current production capacity of 1.3 million ceramic blanks and 1.1 million ceramic ferrules per month. The Taiwan plant has been awarded ISO 9002 certification in June 1999. The Group is currently setting up plant and operations in Shenzhen in the PRC. The new plant is due to commence production in June 2001.

[panik]

[panik]

Ein älterer Artikel:






Firma aus Taiwan will an den GEM

Intcera High Tech Group, ein Hersteller von fiberoptischen Komponenten, will 81 Mio. Aktien an der Technologiebörse "Growth Enterprise Market" in Hongkong platzieren. Bei einem Preis von 1,78 HK$ pro Aktie, sollen 132 Mio HK$ in die Kassen gespühlt werden.

Das eigentlich taiwanesische Unternehmen hat sich den Hongkonger Aktienmarkt ausgesucht, da man sich erhofft hier mit dem hochspezialisierten Geschäftsfeld mehr Börseninteresse zu erhalten als an der Börse in Taiwan. Das IPO ist am 7. Juli. (fs)

© Emerging Markets Research, 27.06.00
http://www.em-research.de

[matthiasch]

Wieviel traust du der Fummel zu?

[panik]

January 2001

Clipping synopsis on Intcera in January 2001

Date
Publication
Content

8 Jan
Oriental Daily
Intcera is the sole manufacturer specialising in the production of ceramic ferrules over the world. Due to the worldwide shortage of ceramic ferrules, Intcera expects their market share will be increased to 20% in two years.

10 Jan
A Daily
Intcera to invest HK$429 million for the development of a plant in the PRC this year and next year


Apple Daily News
Intcera to invest USD35 to 40 million to build 4 production lines in the PRC, 2 more lines to be established by the end of this year


HK Commercial Daily
Intcera to invest USD35 million to establish a plant in the PRC


HK Economic Times
Intcera to invest HK$270 million to build 4 production lines in the PRC and there is no funding pressure


HK Globe
Intcera to invest HK$270 million to develop production lines in the PRC


Ming Pao Daily
Mr. Koh, CEO of Intcera, expected that by the end of this year, the monthly production volume of ceramic blanks and ferrules will be raised from 1.1 million pieces to 4.1 million pieces


Oriental Daily
Intcera narrows down the loss; expects breakeven


Sing Pao Daily
Intcera has 150 million worth of orders on hand, expects breakeven within short period


Sing Tao Daily
Intcera to establish a plant in Shenzhen Longhua, plant areas 160,000 sq. ft., 1,000 staff to be employed


SCMP
Intcera setting up plant in Shenzhen to boost output


The Sun
Mr. Koh, CEO of Intcera, said 150 million worth of orders have been obtained this year, increase tremendously compared with last year, which is less than 3.8 million

29 Jan
Sing Tao Daily
CEO Interview:

Intcera expects prosperous business growth, HK$160 million worth of orders in hand, expects turnover will grow 2 to 3 times in the coming years

[panik]

March 2001

Clipping synopsis on Intcera in March 2001

Date
Publication
Content

1 March
HK Economic Journal
CEO Interview:

In the past year, the price of ceramic ferrules has increased 20%, from US$1 to US$1.2 each, the demand of ferrules substantially exceeds supply.

The competitive edge of Intcera over the Japanese competitors is the production process of Intcera has been highly computerized rather than heavily depended on labor.

The monthly production capacity of the new plant in Shenzhen is expected to reach 0.7 million pieces in May, 2001 and will further increase to 3 million pieces at the end of 2001.

The turnover of Intcera increased from HK$200,000 in 1999 to HK$1.2 million in 3rd quarter of 2000.

20 March
HK Economic Journal
Intcera announces 2000 Annual Results, turnover increased 180 times, reached HK$37 million; Taiwan operations broke-even in the first quarter in 2001


HK Economic Times
Intcera turnover increased 42% in the 4th quarter in 2000, reached HK$17.3 million against the 3rd quarter of HK$12.18 million


Ming Pao Daily
Intcera is building a new facility in Shenzhen and expects to increase the monthly production capacity to 3 million ferrules. Ferrules are now trading at US$1.2, the price may go up 10% in 2001.


Sing Pao Daily
Intcera will increase its monthly production capacity to 3 million ferrules and invest about 5% to 6% of its turnover for research and development.


Sing Tao Daily
Intcera will spend US$32 to 35 million to establish a new facility in the PRC. Currently, Intcera¡¦s gearing ratio is less than 30%


Ta Kung Pao
Intera announced 2000 Annual Results, turnover increased 180 times

21 March
HK Economic Times
Market commentary suggested to hold the share of Intcera


Oriental Daily News
Although the recorded loss of Intcera enlarged in the 2000 Annual Results, the expected rapid growth in profit in the next two years enhances investment confidence towards the company

31 March
HK Daily News
Intcera was recommended by CLSA and Sun Hung Kai Securities. The research reports stated that the Group¡¦s turnover increased 180 times, and the net loss was much less than expected as the production efficiency and capacity increased. Leveraging the experience from Taiwan facility, the efficiency of the PRC production line would reach a higher level. Although the worldwide spending on technology is decreasing, it would not affect much on the Group, as the broadband transmission revolution would bring strong demand in optical fiber. The prospective P/E ratio of the Group is only 5 times.

[panik]

April 2001

Clipping synopsis on Intcera in April 2001

Date
Publication
Content

2 April
HK Economic Journal
Intcera aggressively raised its production capacity to meet market demand. The Group¡¦s turnover reached HK$37 million last year. The Group started R&D on miniaturised ferrules, which will achieve higher profit margins, and the production is expected to be commenced this year. The Taiwan facility broke-even in the first quarter of 2001. The Shenzhen plant will commence production in June 2001, and is expected to reach its break-even point soon. The increased production capacity and the lower labor cost in the PRC enhance its competitive edges for the development of the PRC market.

21 April
Oriental Daily News
Intcera rose over 17% in a single trading day, despite of market drop, closed at HK$1.14. Investors have positive prospects towards Intcera and reports of recommendation were expected to be released by prominent security firms.

24 April
HK Economic Journal
Intcera expected the 1st production line of the Shenzhen plant will commence production in mid-May, which is one month earlier than as planned. The 2nd production line will start operation in July this year. Currently, the gearing was about 20%, and will increase due to borrowings for business expansion in the PRC. Cash on hand is HK$100 million.


Oriental Daily News
Intcera¡¦s order on hand surged to over HK$160 million this year, rocketed 3.32 times as compared to the turnover of HK$37 million last year. The Shenzhen plant will commence production in mid-May. The 2nd production line will commence production in July or August. Hence, the monthly production capacity of ferrule would reach 3 to 4 million pieces.


HK Commercial Daily
Intcera would invest HK$460 million for the Shenzhen production facilities. Gross profit margin of ferrules was about 30%. The Group will be break even if 1.5 million ferrules were sold every month. The Shenzhen plant will commence operation in May and currently there are 300 staff members.


Sing Tao Daily
Intcera¡¦s Taiwan plant began to record profit this year. The Shenzhen plant will commence production in mid-May.


Sing Pao Daily ¡V Stock commentary
Sun Hung Kai Investment recommended to buy Intcera at HK$1.16 as order on hand reached its production capacity in the whole year. Expected turnover would be doubled in the next two years. The 12-month target price is HK$2.95.


HK Economic Times ¡V Stock commentary
Sun Hung Kai Investment recommended to buy Intcera at HK$1.16. Speculators should set the stop loss position at 13% of the bid price. Expected turnover would be doubled in the next two years. The 12-month target price is HK$2.95.


Oriental Daily News ¡V Stock commentary
There are a lot of bid orders on Intcera. Intcera commenced commercial production and expected to break even this year. The Group has entered into a high growth period. Industry players estimated that Intcera¡¦s profit was expected to reach 8-digit next year. Profit will further increase in 2002. Many fund managers are positive about the Group¡¦s prospect.

[panik]

Main Building

Production






Ferrule



Machines

[panik]

¡ö Mr. KOH, Mike, Tat Lee
¡ö Chairman and CEO of Intcera
is the Chairman and CEO of Intcera. He joined the company in February 1998. Mr. Koh is responsible for overseeing the general management and formulating the strategic plans of the company. In addition, he is in charge of product development and sales and marketing strategy. Mr. Koh possesses more than ten years of experience in the telecommunication industry and has worked at Bell South and AT&T in the US and was promoted to technical director before he left AT&T. In addition, Mr. Koh was the vice president of First Pacific Company Limited, a listed company in Hong Kong, in which he was primarily responsible for telecommunication business. During his tenure at First Pacific, Mr. Koh founded Tuntex Telecom in Taiwan and assumed the post of President. Mr. Koh holds a double master degree in electrical engineering and industrial engineering from Columbia University in the US.

[panik]

Hallo matthiasch
Ehrlich gesagt beobachte ich schon länger diese Aktie,gefällt mir.
Ich denke zum Einstieg für mich zu früh,weil ich glaube das die Aktienmärte noch nicht das Tief gesehen haben.
Habe aber vor mir speckulativ Intcera zu kaufen,als längerfristige Anlage.
Das Problem das so gut wie kein Handel in Deutschland stattfindet,noch unbekannt.
Gruß panik

[panik]

HIGHLIGHTS (UNAUDITED)
•Turnover increased by HK$19,935,000 for the six months ended 30 June,2001
representing approximately a 264%increase to the corresponding six-month period
ended 30 June,2000.
•The production capacity of the Taiwan plant has been increased to 1.4 million blanks
per month,as compared with 1.3 million blanks per month at the end of 2000.
•The first line in the China plant has commenced operations in June,2001,as
planned.
•The research and development of miniature ceramic ferrules (or small form factor
ferrules)has been completed and the new product are now in trial run stage.
•However,turnover is expected to decline due to uncertain market conditions and
demand for ceramic ferrules.CONSOLIDATED INCOME STATEMENT
The Board of Directors (the “Board ”)of Intcera High Tech Group Limited (the “Company ”)is
pleased to announce the unaudited consolidated results of the Company and its subsidiaries
(the “Group ”)for the three months and six months ended 30 June,2001,together with the
comparative unaudited figures for the corresponding periods in 2000 as follows:
Three months Six months
ended 30 June ended 30 June
2001 2000 2001 2000
Notes HK$’000 HK$’000 HK$’000 HK$’000
Turnover 2 10,062 4,624 27,461 7,526
Cost of sales (7,139)(5,099)(21,829)(8,414)
Gross profit/(loss)2,923 (475)5,632 (888)
Other revenues 2 1,464 995 3,345 1,675
Selling and distribution expenses (271)(172)(501)(389)
Administrative expenses (10,854)(8,462)(21,563)(16,596)
Other operating expenses (3,602)(1,424)(4,554)(3,467)
Operating loss (10,340)(9,538)(17,641)(19,665)
Finance costs (1,746)(877)(3,209)(1,583)
Loss before taxation (12,086)(10,415)(20,850)(21,248)
Taxation 3 ––––
Loss after taxation (12,086)(10,415)(20,850)(21,248)
Minority interests –22 –45
Loss attributable to shareholders (12,086)(10,393)(20,850)(21,203)
Basic loss per share (in cents)4 (3.01)(3.24)(5.19)(6.61)

[panik]

4
2.Revenue and turnover
Three months Six months
ended 30 June ended 30 June
2001 2000 2001 2000
HK$’000 HK$’000 HK$’000 HK$’000
Turnover
Sales of goods,net of discounts,
returns and business tax 10,062 4,624 27,461 7,526
Other revenues
Interest income 1,414 189 3,293 494
Other income 50 806 52 1,181
1,464 995 3,345 1,675
Total revenues 11,526 5,619 30,806 9,201

3.Taxation
No provision for Hong Kong profits tax has been made in the accounts as the Group had no
assessable profit in Hong Kong for the six months ended 30 June,2001 and six months ended 30
June,2000.
The Taiwan subsidiary was granted a tax holiday since commencing operation from 1 November,1999
in which the profit from sales of its products are exempted from Taiwan income tax for the first five
years since making profit.
No recognition of the potential deferred taxation asset relating to tax losses has been made as the
recoverability of this potential deferred taxation asset is uncertain.
4.Loss per share
The calculation of the Group ’s basic loss per share for the three months and six months ended 30
June 2001 is based on the Group ’s loss attributable to the shareholders of HK$12,086,000 and
HK$20,850,000 (2000:HK$10,393,000 and HK$21,203,000)and a total of 401,724,875 shares
outstanding (2000:320,724,875 shares)during the respective period.
In calculating the number of shares in the respective periods of last year,a total of 320,724,875 shares
issued on the establishment of the Company and on the reorganisation of the Group is deemed to
have been in issue since 1 January,2000.
No diluted loss per share has been presented because the exercise of the outstanding potential
ordinary shares would have anti-dilutive effect for the period and prior periods.
INTERIM DIVIDEND
The Board does not recommend the payment of an interim dividend for the six months ended
30 June 2001 (2000:Nil).

[panik]

6
BUSINESS REVIEW AND PROSPECTS
Financial review
For the six months ended 30 June 2001,the Group reported a turnover of HK$27,461,000,up
264%compared to the same period in 2000.The increase in turnover reflects the fact that the
Group was still in start-up phase in 2000 and production was significantly lower than in the
first half of 2001.The Group ’s net loss attributable to shareholders for the first six months
ended 30 June,2001 was HK$20,850,000,representing approximately 2%lower a
compared with the corresponding period in 2000.
In the second quarter of 2001,the Group recorded a turnover of HK$10,062,000,up
approximately 118%compared to the same period in 2000 but down 42%from the first
quarter of 2001.The Group recorded a gross profit of HK$2,923,000 in the second quarter of
2001,which represents a gross profit margin of 29%which was improved from a gross loss
margin of 10%in the second quarter of 2000 and a gross profit margin of 16%in the first
quarter of 2001.The loss attributable to the shareholders of the Group for the three months
ended 30 June 2001 was HK$12,086,000,a 16%increase over the HK$10,393,000 net loss
recorded in the second quarter of 2000 and an increase of 38%from the HK$8,764,000
recorded in the first quarter of 2001.
Business review
The lacklustre result for the second quarter of 2001 was caused primarily by a harp
slowdown in demand for ferrules from end customers in the latter part of the quarter,resulting
in some order cancellations.The Group believes that the main cause of the slowdown is an
inventory correction caused by a much slower demand for fiber optic products especially in
the United States.In addition,the China facility continued to incur start-up costs for the
majority of the period while production volumes remained low.However,commercial
production did commence in June as previously planned.Unfortunately,the outlook for demand for ferrules is still uncertain.Our customers have little
visibility as to on-going demand for their products and therefore find it difficult to give the
Group any assurance as to the size of potential orders over the next few quarters.Whilst the
Directors remain firmly of the opinion that the market for ferrules will pick up strongly once the
current inventory correction is resolved,it is difficult to forecast when this correction process
will be completed.Having said that,there have been encouraging signs as to longer term
opportunities both in the US,where the Group is currently negotiating a number of multi-year
contracts,as well as in China where the Group recently announced a Letter of Intent with a
petrochemical producing and selling company whose shares are listed on the Shenzhen
Stock Exchange for a possible joint venture plant for producing and selling ceramic ferrules in
China.In addition,the Group had a gross free cash position of HK$56 million as at the end of
June and a net cash position of HK$13 million.
Research and Development
The Group has begun production of the miniature (or “small form factor ”)ceramic ferrule.
Market research indicates to the Group that small form factor ferrules will be the next
generation optic components.While shipments to customers so far have been for testing
purposes,the Group believes that this product will become the dominant product in the
ferrule market over the next few years.As the Group already has the expertise and
experience to produce small form factor ferrule,it is well placed to benefit from any increase
in demand.
Production
The Taiwan facility produced 3.1 million blanks in the second quarter of 2001,down from 3.4
million in the first quarter of 2001.The Taiwan facility also produced 1.8 million ferrules in the
second quarter,down from 2.1 million in the previous quarter.The slowdown reflected the
increasingly severe market conditions as well as certain corrections in production process.
The Group anticipates that production will be lower in the third quarter of this year,reflecting
the predicted lack of demand.

[panik]

8
China Plant
The first line,with a monthly design capability of 750,000 ceramic ferrules,commenced
operations in June 2001.The majority of production in June was for testing purposes.
Ferrules produced by the facility have been sent to customers for testing to ensure they meet
the customers ’ product specifications.However,given the slow market conditions,the Group
anticipates that the production on the China line will ramp-up far more slowly than the Group
had previously planned.
The planned installation of the second line,also with a monthly design capability of 750,000
ceramic ferrules,has also been delayed.The initial plan was for the line to be installed and to
commence commercial production in August 2001.The Group has delayed temporarily the
purchasing of the machinery and will only proceed with such large scale installation if the
demand situation resolves itself.
Nevertheless,management remains impressed with the facility and the skill set of the workers
hired.Initial tests of various manufacturing processes have demonstrated positive results at
least in-line with those measured by the Taiwanese facility.
Sales and Marketing
Sales in the second quarter of 2001 amounted to HK$10,062,000,an increase of 118%over
the sales for the comparable quarter in 2000.However,sales fell by 42%compared to the
first quarter of 2001 caused by sales order cancellations and re-negotiation of contracts.Due
to the weakness in demand and further depreciation in the Taiwan dollar to US dollar
exchange rate,the average price per ferrule sold fell to US$1.04 per piece from US$1.15 in
the first quarter.The Group anticipates that sale price per ferrule in the third quarter will be in
the range of US$1.00 to US$1.20.
Due to uncertainty over the demand for ferrules from the Group ’s end customers,the order
backlog no longer provides realistic estimates as to the potential sales for the remainder of
the year.Therefore,the Group cannot provide guidance on this metric until the Group has
more confidence in the order situation.Restructuring
Due to the slowdown in demand and the cut in the target production volumes for the third
quarter,the Group is actively pursuing cost savings.These include a reduction in taff
numbers as well as an increasing focus in trimming other costs.Management estimate that
this cost reduction program should reduce costs of the Taiwanese facility by 15%to 20%.
There are currently no plans to cut costs at the Chinese facility given that the cost base in
China is considerably lower than that of the Taiwanese plant.

[panik]

9
PROSPECTS
The downturn in the market for ceramic ferrules was much sharper than the Group expected.
Given the continuing turbulence in the telecommunications hardware market,the Group
believes that the results for the coming quarter will be poor.In addition,companies involved in
the fiber optic field in the United States have reported that there is little visibility in the
demand situation for the remainder of the year.
Nevertheless,the Group remains convinced that the demand for ceramic ferrules will return
and perhaps more rapidly than for a number of other components in the fiber optic market.
The Group ’s confidence is buoyed by a number of announcements from US service providers
which have announced that fiber will be rolled out much closer to the end customer if not
actually into the home.This will increase the level of connectivity multifold and hence boost
the demand for fiber optic connectors.In addition,some of the contracts being negotiated in
the United States for 2002 are not dependent on the telecommunications market and
therefore the Group anticipates that the approval procedure for these orders may not be the
subject of the cancellations that the Group experienced in the second quarter.
Finally,on behalf of the Board,I thank our shareholders for their belief and continued support
in the Group and all staff for their incessant hard work.
Koh Tat Lee,Mike
Chairman and Chief Executive Officer
Hong Kong,13 August,200110
COMPARISON OF BUSINESS PROGRESS
The following is a summary of the actual business progress in comparison with the business
objectives set out in the prospectus of the Company dated 27 June,2000 (“Prospectus ”):
Business objectives for the 6 months
ending 30 June,2001 as set out in the
Prospectus
Research and development
Complete the research and development for
the production of miniature ceramic ferrules
Continue search for new types of ceramic
powder mixtures from different suppliers
Improve the yield rates of APC ferrules
produced in the Group ’s production facilities
in Taiwan
Production facilities
Complete the installation of additional
machinery and equipment for the production
and complete the sample production of
miniature ceramic ferrules in the Group ’
production facilities in Taiwan
Increase the production capacity of the
Group ’s production facilities in Taiwan with
respect to the production of ceramic blanks
Complete the construction of the Group ’
new production facilities in the PRC
Actual business progress for the 6 months
ended 30 June,2001
The research and development of miniature
ceramic ferrules has completed and these
ferrules are now in trial run stage
Samples from new powder uppliers have
been tested although further modifications
are required
Yield rate improvements have been made
with yields in excess of 70%
A miniature ceramic ferrule production line
has been installed in the Taiwan facility and
now in trial run stage
The production capacity of the Taiwan facility
has been increased to 1.4 million blanks per
month from 1.3 million blanks per month at
the end of 2000
The PRC production facilities were completed
in March 2001

[panik]

11
Business objectives for the 6 months
ending 30 June,2001 as set out in the
Prospectus
Complete the installation of machinery and
equipment in the new production facilities in
the PRC with an initial planned production
capacity of 380,000 ceramic ferrules per
month
Commence commercial production in the
Group ’s PRC production facilities
Sales and marketing
Search for a suitable distributor in North
America
Participate in professional trade shows and
conferences such as Optical Fibre
Communication Conference
Obtain purchase orders for the Group ’
newly launched miniature ceramic ferrules
Continue to advertise the Group ’s products
on selective e-commerce websites and
publications related to the fibre optic industry
Visit existing and potential customers and
understand their requirements so as to
secure more contracts with them
Actual business progress for the 6 months
ended 30 June,2001
The installation of machinery and equipment
in the new production facilities in the PRC
has been completed with a design production
capacity of 750,000 ceramic ferrules per
month instead
Commercial production commenced in the
Group ’s PRC facility in June 2001
The search is still ongoing
Attended the Optical Fiber Conference in
Anaheim,United States in March 2001,
where there were keen interests in the
Group ’s products.The sales team is following
up on this lead
Testing of the new miniature ceramic ferrules
is being performed by a number of potential
customers
The Group continues to advertise on selective
websites and in industry publications
The Group realigned customer ervice
strategies and added manpower to focus on
customer visits and consultations12
USE OF PROCEEDS
The Group raised approximately HK$144 million through the placing of shares upon listing of
the Company.After deducting expenses related to listing,net proceeds amounted to
approximately HK$128 million.
During the period from 7 July,2000 (date of listing)to 30 June,2001,the Group has applied
approximately HK$30 million for the purchases of production machinery and establishment of
the Group ’s China plant,HK$6 million for research and development,and HK$5 million for the
expansion of the Group ’s Taiwan production facility.
The remaining net proceeds are employed as working capital and deposited with licensed
banks in Hong Kong.
DIRECTORS ’ INTERESTS IN AND RIGHTS TO SECURITIES
(a)As at 30 June,2001,according to the register required to be kept under Section 29 of the
Securities (Disclosure of Interests)Ordinance (“SDI Ordinance ”),the interests of directors
of the Company and their associates in shares of the Company were as follows:
Number of ordinary shares held
PersonalFamil y Corporate Other Total
Name of Director Interest Interest Interest Interest Interest
Mr.Tung Tai Yung 20,225,000 –104,506,625 –124,731,625
(Note 1)
Mr.Koh Tat Lee 3,000,000 3,275,000 ––6,275,000
(Note 2)
Mr.Shih Wen Hao 3,183,000 –––3,183,000
Mr.King Chun Kong,Karl 5,500,000 –––5,500,000