DOCSLIB.ORG

YHI International Ltd NON RATED the World Is Its Market

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
YHI International Ltd NON RATED the World Is Its Market Eyes on the Ground Auto Parts│Singapore│September 14, 2018 Shariah Compliant Singapore YHI International Ltd NON RATED The world is its market Current price: S$0.41 ■ YHI is a global distributor of automotive and industrial products. The Yokohama brand Consensus Tgt Price: N/A of tyres was its major revenue contributor in FY17. Up/downside: N/A ■ YHI also has an alloy wheel manufacturing business. ■ YHI has restructured its alloy wheel manufacturing business but this business Reuters: YHII.SI continues to face pressure from high raw material cost and possible tariff impact. Bloomberg: YHI SP ■ YHI trades at a historical FY17 P/BV of 0.48x against ROE of 3.52%. Its net gearing Market cap: US$87.56m at end-FY17 was 0.12x. S$119.8m Average daily turnover: US$0.02m Company background YHI International Limited (YHI) is a global distributor of automotive and industrial S$0.03m products, and a trusted brand name in alloy wheels manufacturing as an Original Design Current shares o/s: 292.3m Manufacturer (ODM). Listed on the Mainboard of the Singapore Exchange on 3 Jul 2003, Free float: 36.0% YHI’s international presence spans 100 countries through 33 subsidiaries and one associated company located in Asia Pacific, North America and Europe. At present, YHI Price Close Relative to FSSTI (RHS) serves more than 5,000 customers globally. 0.500 114.0 Distribution business 0.450 107.8 YHI distributes tyres, alloy wheels, automotive and industrial batteries, as well as golf and 0.400 101.5 utility buggies. The key tyre brand carried is Yokohama (5101 JP, Not Rated). The group 0.350 95.3 also has its own tyre brand, Neuton Tyres. In FY17, the distribution business accounted 0.300 89.0 3 for 73% of revenue, 80% of operating profit and generated an operating profit margin of 2 3.0%. By geography, ASEAN accounted for 43% of FY17 distribution revenue. 1 Vol m Vol Manufacturing business Sep-17 Dec-17 Mar-18 Jun-18 In FY17, manufacturing accounted for 27% of revenue, 20% of operating profit and Source: Bloomberg generated an operating profit margin of 2.0%, YHI incurred losses in its manufacturing Price performance 1M 3M 12M business in China due to restructuring costs as it ceased operations in Shanghai in FY17. Absolute (%) -4.7 1.2 6.5 YHI currently has three alloy wheels manufacturing plants located in Suzhou (China), Taoyuan (Taiwan) and Malacca (Malaysia), with a total production capacity of 2.6m units Relative (%) 0 9.9 9.7 p.a. YHI also has its own proprietary alloy wheel brand, Advanti Racing. Major shareholders % held Management’s comments on 2H18 outlook YHI Holdings Pte Ltd 43.8 For the manufacturing business, YHI has guided that it expects margin erosion in 2H18 Tay Tiang Guan 15.4 due to the high aluminium prices globally. In addition, the company thinks the possible Tay Tian Hoe 4.8 tariffs announced by the US could negatively affect the wheel manufacturing business in China. As for the distribution business, YHI expects the intense competition in tyre prices This Eyes On the Ground report represents a to continue in view of the low rubber prices and the prevailing overcapacity in the tyre preliminary assessment of the subject market globally. YHI has also guided that it will continue to execute its “3R” reduction company, and does not represent initiation into policy to reduce inventory, reduce account receivables and reduce operating costs. CGS-CIMB's coverage universe. It does not carry investment ratings and CGS-CIMB does Historical valuations not commit to regular updates on an ongoing YHI trades at a historical FY17 P/E of 13.7x, P/BV of 0.48x (ROE: 3.52%) and dividend basis. yield of 3.7%. Although YHI does not have a formal dividend policy, the company has Insert paid dividends in the last five years. As at end-FY17, its net gearing was 0.12x. Financial Summary Dec-13A Dec-14A Dec-15A Dec-16A Dec-17A (S$, m) Revenue 508.9 511.2 499.2 465.6 442.9 EBITDA 39.2 36.4 34.5 26.0 30.8 EBITDA margins 7.7% 7.1% 6.9% 5.6% 7.0% Analyst(s) Pretax profit 16.4 14.9 14.5 8.4 15.2 Net profit 8.8 7.0 8.3 3.7 8.8 EPS (S$) 0.0302 0.0240 0.0282 0.0126 0.0299 EPS growth na -20.5% 17.5% -55.3% 137.3% P/E (x) 13.6 17.1 14.5 32.5 13.7 DPS (S$) 0.0136 0.0120 0.0142 0.0064 0.0150 Dividend yield (%) 3.32% 2.93% 3.46% 1.56% 3.66% William TNG, CFA P/BV (x) 0.48 0.48 0.49 0.49 0.48 T (65) 6210 8676 E [email protected] ROE 3.54% 2.79% 3.35% 1.52% 3.52% Net gearing (x) 0.31 0.29 0.29 0.18 0.12 SOURCES: CGS-CIMB RESEARCH, COMPANY REPORTS IMPORTANT DISCLOSURES, INCLUDING ANY REQUIRED RESEARCH CERTIFICATIONS, ARE PROVIDED AT THE END OF THIS REPORT. IF THIS REPORT IS DISTRIBUTED IN Powered by the THE UNITED STATES IT IS DISTRIBUTED BY CIMB SECURITIES (USA), INC. AND IS CONSIDERED THIRD-PARTY AFFILIATED RESEARCH. EFA Platform Auto Parts│Singapore YHI International Ltd│September 14, 2018 Figure 1: YHI’s product suite (as of 15 Mar 2018) SOURCES: CGS-CIMB RESEARCH, COMPANY REPORTS SOURCES: CGS-CIMB RESEARCH, COMPANY REPORTS Figure 2: Manufacturing presence (as of 15 Mar 2018) SOURCES: CGS-CIMB RESEARCH, COMPANY REPORTS 2 \ Auto Parts│Singapore YHI International Ltd│September 14, 2018 DISCLAIMER The content of this report (including the views and opinions expressed therein, and the information comprised therein) has been prepared by and belongs to CGS-CIMB or CIMB Investment Bank Berhad (“CIMB”), as the case may be. Reports relating to a specific geographical area are produced and distributed by the corresponding CGS-CIMB entity as listed in the table below. Reports relating to Malaysia are produced and distributed by CIMB. This report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. By accepting this report, the recipient hereof represents and warrants that he is entitled to receive such report in accordance with the restrictions set forth below and agrees to be bound by the limitations contained herein (including the “Restrictions on Distributions” set out below). Any failure to comply with these limitations may constitute a violation of law. This publication is being supplied to you strictly on the basis that it will remain confidential. No part of this report may be (i) copied, photocopied, duplicated, stored or reproduced in any form by any means or (ii) redistributed or passed on, directly or indirectly, to any other person in whole or in part, for any purpose without the prior written consent of CGS-CIMB or CIMB, as the case may be. The information contained in this research report is prepared from data believed to be correct and reliable at the time of issue of this report. CGS- CIMB or CIMB, as the case may be, may or may not issue regular reports on the subject matter of this report at any frequency and may cease to do so or change the periodicity of reports at any time. Neither CGS-CIMB nor CIMB has an obligation to update this report in the event of a material change to the information contained in this report. Neither CGS-CIMB nor CIMB accepts any, obligation to (i) check or ensure that the contents of this report remain current, reliable or relevant, (ii) ensure that the content of this report constitutes all the information a prospective investor may require, (iii) ensure the adequacy, accuracy, completeness, reliability or fairness of any views, opinions and information, and accordingly, CGS-CIMB and CIMB, their respective affiliates and related persons including China Galaxy International Financial Holdings Limited (“CGIFHL”) and CIMB Group Sdn. Bhd. (“CIMBG”) and their respective related corporations (and their respective directors, associates, connected persons and/or employees) shall not be liable in any manner whatsoever for any consequences (including but not limited to any direct, indirect or consequential losses, loss of profits and damages) of any reliance thereon or usage thereof. In particular, CGS-CIMB and CIMB disclaim all responsibility and liability for the views and opinions set out in this report. Unless otherwise specified, this report is based upon sources which CGS-CIMB or CIMB, as the case may be, considers to be reasonable. Such sources will, unless otherwise specified, for market data, be market data and prices available from the main stock exchange or market where the relevant security is listed, or, where appropriate, any other market. Information on the accounts and business of company(ies) will generally be based on published statements of the company(ies), information disseminated by regulatory information services, other publicly available information and information resulting from our research. Whilst every effort is made to ensure that statements of facts made in this report are accurate, all estimates, projections, forecasts, expressions of opinion and other subjective judgments contained in this report are based on assumptions considered to be reasonable as of the date of the document in which they are contained and must not be construed as a representation that the matters referred to therein will occur.
Load more

Recommended publications
  • YHI International Posts S$120.4M Revenue for Its First Quarter Ended 31 March 2013
    YHI International Limited MEDIA RELEASE For Immediate Release YHI International posts S$120.4m revenue for its first quarter ended 31 March 2013 “We will focus our efforts on expanding both our distribution and manufacturing businesses and implement stringent cost control measures to maximise our operation efficiency. We believe that such steps will help us move ahead together as a team to build up our businesses as an established distributor of high-quality automotive and industrial products and a reliable manufacturer of alloy,” said Group Managing Director Richard Tay Singapore, 15 May 2013 – MAINBOARD-LISTED YHI International Limited (YHI or the Group) (友发国际有限公司) today announced its results for first quarter ended 31 March 2013, posting S$120.4 million and net profit attributable to equity holders of the company (net profit) of S$1.5 million. In the corresponding quarter last year, revenue was S$137.9 million and net profit was S$5.5 million. Due to the continued weakness in the global economy, the Group saw lower demand for its products in both distribution and manufacturing segments, resulting in lower revenue and net profit for the period under review. The Group's distribution segment, which accounted for 75.8 per cent of the total revenue, registered a revenue of S$91.3 million. Its manufacturing segment, which accounted for the remaining 24.2 per cent of the total revenue, saw S$29.1 million in revenue. Page 1 of 6 YHI INTERNATIONAL LIMITED For the quarter under review, gross profit was S$26.0 million as compared to S$31.0 million a year ago.
    [Show full text]
  • Page 1 of 1 MISCELLANEOUS 25/10
    MISCELLANEOUS Page 1 of 1 Print this page Miscellaneous * Asterisks denote mandatory information Name of Announcer * YHI INTERNATIONAL LIMITED Company Registration No. 200007455H Announcement submitted on behalf of YHI INTERNATIONAL LIMITED Announcement is submitted with YHI INTERNATIONAL LIMITED respect to * Announcement is submitted by * Tay Tian Hoe Richard Designation * Executive Chairman and Group Managing Director Date & Time of Broadcast 25-Oct-2011 17:51:23 Announcement No. 00093 >> Announcement Details The details of the announcement start here ... Announcement Title * YHI INTERNATIONAL SIGNS THREE CONTRACTS TO BROADEN ITS BUSINESS OFFERINGS IN CHINA Description Please see attached. Attachments YHIChinaBusinessBoarden.pdf Total size = 128K (2048K size limit recommended) Close Window https://www1.sgxnet.sgx.com/sgxnet/LCAnncSubmission.nsf/vwprint/1947F0893418 ... 25/10/2011 YHI International Limited YHI International signs three contracts to broaden its business offerings in China Agreements to supply Advanti alloy wheels in Michelin China’s TyrePlus retail stores, and distribute Nitto tyres and FIAMM batteries in China will add breadth and depth to YHI’s existing presence Singapore, 25 October 2011 – MAINBOARD-LISTED YHI International Limited (YHI ) (友发国际有限公司) announced today that it has recently signed three contracts with three separate partners in order to broaden its business offerings and strengthen its supply and distribution networks in China. The first is an agreement for YHI to be a product supplier of Advanti alloy wheels to Michelin China’s TyrePlus chain stores; second with Japan-based Toyo Tire & Rubber Co. (Toyo Tires), Ltd to distribute Nitto brand of tyres; and a third with Italy- based FIAMM Group to distribute FIAMM brand of batteries - all in China.
    [Show full text]
  • 友发国际（YHI International） S$0.375 @18/11/05 ING S 与横滨（Yokohama）再组合资? 目标价: S$0.60 工业
    企业近况 2005 年 11 月 21 日 RE 表现超越大市 保留 APO 友发国际（YHI International） S$0.375 @18/11/05 ING S 与横滨（Yokohama）再组合资? 目标价: S$0.60 工业 YHI SP / YHII.SI Calin Toh +65 6210-8604 – [email protected] MICA (P) 021/09/2005 • 与横滨（Yokohama）再另组合资。友发国际与横滨橡胶（Yokohama Rubber Co (YRC)正商讨 06 年 4 月在上海成立轮胎销售合资的事宜。如 果一切顺利，友发国际将代理横滨轮胎（轿车，轻型卡车，卡车，巴士 等）在中国的所有轮胎产品。目前，友发国际只负责在中国代理横滨橡 胶的载客汽车轮胎。这新合资可加速友发在中国的盈利增长。 • 干扰是非循环性质的。根据管理层的解释，制造业务的 05 第三季营收之 所以比去年同期下滑 12%，是因为上海工厂停机超过 10 天的缘故。技术 故障 05 年 8 月时已经解决。友发将增产以应付内部销售目标，并相信这 偶然一次的事件将不会影响未来的生产。 • 调降预估数字但保留表现超越大市评价。我们将 05 财年盈利预估削减 10%以反映 05 年 9 个月比预期疲弱的业绩。我们 06-07 财年的预估数字 也削减 1-2%。我们的新目标价为 0.60 新元(之前 0.73 新元)，与 06 历 年的 10 倍本益比挂钩(之前为 05-06 历年综合 14 倍)，与同业的 7-11 倍 并齐。股价还有 60%的上升空间，我们保留表现超越大市的评价。 财务概况 截至12月财年 2003 2004 2005估 2006估 2007估 营收(百万新元) 220.7 291.3 34 3.2 4 30.2 472.1 折旧摊销息税前盈利(百万新元) 24.4 32.5 3 7.6 5 2.8 59.2 折旧摊销息税前利润(%) 11. 0 11.1 1 1.0 1 2.3 12.5 税前盈利(百万新元) 19 . 2 26.3 3 0.1 4 4.3 50.6 净利(百万新元) 14 . 6 20.3 2 3.0 3 4.9 39.5 每股盈利(分) 3.7 4.2 4 .2 6 .0 6.8 每股盈利增长(%) +9% +14% -0% +43% +13% 本益比(倍) 10 . 3 9.0 9 .0 6 .3 5.6 每股股息总额(分) 0.6 0.6 0 .7 0 .8 1.0 股息收益(%) 1.
    [Show full text]
  • Enhancing Resilience
    DRIVING GROWTH, ENHANCING RESILIENCE SUSTAINABILITY REPORT 2020 2 YHI INTERNATIONAL LIMITED Sustainability Report 2020 CONTENTS 3 Chairman’s Message 4 About This Report 5 About YHI International Limited 8 Our Sustainability Efforts And Reporting Approach 11 Material Environmental Topics 16 Material Social Topics 20 Material Governance Topics 21 GRI Standards Content Index YHI INTERNATIONAL LIMITED Sustainability Report 2020 3 CHAIRMAN’S MESSAGE DEAR STAKEHOLDERS, On behalf of the Board and management of YHI International Limited (“YHI” or the “Group”), I present our fourth annual sustainability report (the “report”). This report compiles our sustainability strategy and initiatives as we continue to evolve and improve on our sustainability journey. At YHI, we aim to create a positive impact on the environment and the community by paying close attention to the issues that are material to our stakeholders. In recent years, there has been an increase in social awareness towards waste issues and the need to conserve resources. At YHI, we are aware that our manufacturing operations generate waste, and we endeavour to reduce our contribution to waste through reduced use of raw materials and recycling more waste. Through our Kaizen initiatives, our various subsidiaries constantly challenge themselves and innovate to find new ways of reducing wastage and improving operational efficiency. At YHI, the Board oversees the Group’s sustainability performance, practices and initiatives and its compliance with SGX guidelines on corporate governance and sustainability reporting. It has played a key role in determining and re-evaluating the material environmental, social and governance factors examined in this report, and considers sustainability an important part of our strategy formulation.
    [Show full text]
  • N08 No Announcement Details
    ANNUAL REPORTS AND RELATED DOCUMENTS:: Issuer & Securities Issuer/ Manager NEW TOYO INTERNATIONAL HOLDINGS LTD Securities NEW TOYO INT HLDGS LTD - SG1E32850828 - N08 Stapled Security No Announcement Details Announcement Title Annual Reports and Related Documents Date &Time of Broadcast 12-May-2021 07:46:53 Status New Report Type Annual Report Announcement Reference SG210512OTHR45A9 Submitted By (Co./ Ind. Name) Lee Wei Hsiung Designation Company Secretary Description (Please provide a detailed description of the event in the box below - Refer to the Online help for the format) Please refer to the following attachments: (1) Annual Report 2020; (2) Circular to Shareholders dated 12 May 2021; and (2) Constitution. Additional Details Period Ended 31/12/2020 Attachments NTIH_Annual Report 2020.pdf NTIH_Circular to Shareholders.pdf NTIH_Constitution.pdf Total size =10661K MB STRENGTHENING CORE CAPABILITIES ANNUAL REPORT 2020 COVER RATIONALE Strengthening Core Capabilities The cover features a minimalist pattern of interwoven papers to represent the idea of the Group strengthening their core capabilities and enhancing their overall operations which will enable them to respond to future developments STRENGTHENING CORE CAPABILITIES demanded by the industry. ANNUAL REPORT 2020 INTRODUCTION Founded in 1975, New Toyo is one of the largest producers of specialty packaging materials in the Asia Pacific Region today. Our operations are strategically located in Singapore, Malaysia, Vietnam, Dubai and China to serve both multinational corporations and local customers. For over 40 years, we have built and continue to build a business which is focused on improving and perfecting the quality of our products and meeting our customers’ needs. Today with numerous applications for packaging materials, we are constantly upgrading our capabilities to stay abreast of the latest changes and improving productivity to stay competitive.
    [Show full text]
  • Download the PDF File
    友发国际有限公司 YHI INTERNATIONAL LIMITED Listed on the mainboard of the Singapore Exchange Company Registration Number 200007455H CONTENT 02 CORPORATE PROFILE 04 OUR PRODUCTS 06 MANUFACTURING CAPABILITIES 08 FIVE-YEAR FINANCIAL HIGHLIGHTS 09 FIVE-YEAR FINANCIAL SUMMARY 10 CHAIRMAN’S MESSAGE 18 BUSINESS REVIEW 22 FINANCIAL REVIEW 24 CORPORATE MILESTONES 28 BOARD OF DIRECTORS 30 SENIOR MANAGEMENT TEAM 32 HEADS OF SUBSIDIARIES 34 CORPORATE STRUCTURE 36 GLOBAL PRESENCE 38 CORPORATE INFORMATION 39 CORPORATE GOVERNANCE 60 FINANCIAL REPORT 142 STATISTICS OF SHAREHOLDINGS 144 ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 01 OUR MISSION To be a recognised global distributor of high To position our company effectively by quality automotive and industrial products, continuously providing our customers with and a familiar and trusted brand name in quality products and distinctive customer alloy wheels manufacturing as an Original services so as to build strong customer Design Manufacturer. relationships. To provide growth and opportunities for our To be committed to quality, professional employees and to consistently generate and personnel management, sound stable returns to our shareholders. business practices and teamwork. YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 02 CORPORATE PROFILE YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 03 CORPORATE PROFILE YHI’s International presence spans across over 100 countries through its 32 subsidiaries and 2 associated companies located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, energy solutions, buggy & utilities vehicles and other industrial products to more than 5,000 customers globally. YHI International Limited is a leading global distributor of high-quality automotive and industrial products, and a trusted brand name in alloy wheels manufacturing as an Original Design Manufacturer (ODM).
    [Show full text]
  • Keeping the Message Consistent
    Tire Business Special Report TGI broadening It’s been a quiet year Brands at a TireBrandsReport 10 Cosmo portfolio 10 for branding 12-13 glance listing Directory of private brand marketers 14-16 Import brand marketers 17-20 Flag-associate brand marketers 21-22 May 13, 2019 $79 per year, $4 per copy www.tirebusiness.com Keeping the message consistent Conti unveils four products at Gold Trip, but message to dealers remains same By Don Detore we have been doing it a long time,” said Chris [email protected] Charity, vice president of sales, noting that CABO SAN LUCAS, Mexico he, Mr. Rof er and Bill Caldwell, vice presi- Sure, there was the requisite new prod- dent of sales and marketing, have all been in ucts — four to be exact — as well as re- their respective positions for a decade-plus. views of the latest dealer program and “It’s very different from other compa- marketing initiatives, but leaders of Con- nies, but it works for us,” Mr. Charity said. tinental Tire the Americas L.L.C. had one “We found ways to grow, and we face big overwhelming message during the recent challenges every year, but we keep it fresh dealer meeting: Consistency. and nd solutions moving forward.” Coming off one of the most disruptive In fact, it was Mr. Caldwell’s initial greet- years in the tire industry, during which ing to dealers — when he told them that Con- four of its competitors made a push to con- ti will continue to focus on producing a quali- trol the distribution market, Conti wanted ty product and partner with distributors “who to make one thing clear to the record 375 support our brands and support dealers who dealers — including 62 rst-timers — who want to sell our brands the right way” — that quali ed for the 15th annual Gold Trip.
    [Show full text]
  • Issuer: YHI International Limited Security: YHI International Limited
    Issuer: YHI International Limited Security: YHI International Limited Meeting details: Date: 26 April 2018 Time: 9.30 a.m. Venue: 2 Pandan Road, Singapore 609254 Company Description YHI International Limited, an investment holding company, distributes automotive and industrial products in Singapore, Malaysia, China, Hong Kong, Taiwan, Australia, New Zealand, and internationally. It operates through Manufacturing and Distribution segments. The company distributes automotive products, including tires and alloy wheels; industrial power products comprising automotive and rechargeable batteries for commercial and industrial use, as well as golf and utility buggies; and other industrial power products, such as solar panels, chargers, and UPS products. It also designs, develops, manufactures, markets, and distributes alloy wheels. In addition, the company engages in the provision of logistics services. YHI International Limited distributes tires under the name of Yokohama, Nitto, Nankang, Nexen, Pirelli, Archilles, and Neuton Tyres brand names; alloy wheels under the Enkei, OZ, Konig, Breyton, and Advanti Racing brand names; and industrial power products under the Hitachi, Trojan, CSB, Benning, Crown, Vision, FIAMM, Jinko Solar, and Neuton Power brand names. The company was founded in 1948 and is headquartered in Singapore. YHI International Limited is a subsidiary of YHI Holdings Pte Ltd. (Source: http://www.sgx.com/wps/portal/sgxweb/home/company_disclosure/stockfacts?code=BPF) Q1. Since 2016, the group focused its attention on the final prong of its 3R (reduce inventory, reduce account receivables, reduce operating costs) strategy. In 2017, the group made deep cuts by reducing its operating costs, right-sizing businesses to align operations with sales, and eliminating non-profit-making assets like the factory in Shanghai.
    [Show full text]
  • Directors and Senior Management
    THIS DOCUMENT IS IN DRAFT FORM, INCOMPLETE AND SUBJECT TO CHANGE AND THE INFORMATION MUST BE READ IN CONJUNCTION WITH THE SECTION HEADED “WARNING” ON THE COVER OF THIS DOCUMENT. DIRECTORS AND SENIOR MANAGEMENT DIRECTORS A1A-41(1) The Board of Directors comprises eight Directors, including four executive Directors, one non-executive Director and three independent non-executive Directors. The following table sets out certain information relating to the Directors: Date of Date of Joining Appointment Name Age Position our Group as a Director Major Responsibilities Zhang Yong (Note) 47 Chairman and Founder July 14, 2015 Overseeing the management and executive Director strategic development of our Group Shu Ping (Note) 48 Non-executive Founder July 14, 2015 Supervising the management Director and strategic development of our Group Shi Yonghong 48 Executive Director Founder July 14, 2015 Participating in and supervising (施永宏) the management and strategic development of our Group Shao Zhidong 42 Executive Director April 1, 2010 January 17, 2018 Technology innovation and (邵志東) development of our Group Tong Xiaofeng 44 Executive Director June 3, 2014 January 17, 2018 Financial and investment (佟曉峰) management and supervision of our Group Chua Sin Bin 70 Independent May 2, 2018 May 2, 2018 Supervising and providing non-executive independent judgement to our Director Board Hee Theng Fong 63 Independent May 2, 2018 May 2, 2018 Supervising and providing non-executive independent judgement to our Director Board Qi Daqing 54 Independent May 2, 2018 May 2, 2018 Supervising and providing (齊大慶) non-executive independent judgement to our Director Board Note: Ms. Shu is the spouse of Mr.
    [Show full text]
  • YHI International Delivers Net Profit of S$7Million on Revenue of S$511Million for FY2014
    YHI International Limited MEDIA RELEASE For Immediate Release YHI International Delivers Net Profit Of S$7million On Revenue Of S$511million For FY2014 Highlights: . Gross profit margin increased to 22.2% . Net asset value per share at 42.99 cents . Dividend of 0.60 cents per share Singapore, 25 February 2015 – Mainboard-listed YHI International Limited (“YHI” or “the Group”) (友发国际有限公司) has reported revenue of S$511.2 million and net profit after tax attributable to shareholders of S$7.0 million for the full year ended 31 December 2014 (FY2014). Full-year revenue was lifted by higher sales from the Manufacturing business, though this was partially offset by lower sales in the Distribution business. The Manufacturing business, accounting for 29.0% of total revenue, recorded a 7.9% increase in revenue to S$148.4 million in FY2014 while the Distribution business, accounting for 71.0% of total revenue, saw a 2.3% drop in revenue to S$362.8 million as lower sales in North East Asia, ASEAN and other countries offset higher sales in the Oceania region. Gross profit increased by 1.6% to S$113.6 million in FY2014 with gross profit margin up 0.2% to 22.2% on improved margins from both the Distribution and Manufacturing segments. However, net profit after tax attributable to shareholders decreased by 20.4% to S$7.0 million in FY2014 on higher distribution and administrative expenses and higher taxes. Page 1 of 4 YHI INTERNATIONAL LIMITED Executive Chairman and Group Managing Director, Mr Richard Tay (郑 添 和), said: “Notwithstanding the challenging operating environment, the Group has delivered a stable revenue performance and remains committed to dividend payout to reward our loyal shareholders.
    [Show full text]
  • Download the PDF File
    CONTENTS 03 CORPORATE PROFILE 30 SENIOR MANAGEMENT TEAM 04 OUR PRODUCTS 32 HEADS OF SUBSIDIARIES 06 MANUFACTURING CAPABILITIES 34 CORPORATE STRUCTURE 08 FIVE-YEAR FINANCIAL HIGHLIGHTS 36 GLOBAL PRESENCE 09 FIVE-YEAR FINANCIAL SUMMARY 38 CORPORATE INFORMATION 10 Chairman’s message 39 CORPORATE GOVERNANCE 18 BUSINESS REVIEW 58 FINANCIAL REPORT 22 FINANCIAL REVIEW 136 STATISTICS OF SHAREHOLDINGS NOTICE OF ANNUAL GENERAL 24 CORPORATE MILESTONES 138 MEETING 28 BOARD OF DIRECTORS PROXY FORM YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 01 OUR MISSION To be a recognised global distributor of high quality automotive and industrial products, and a familiar and trusted brand name in alloy wheels manufacturing as an Original Design Manufacturer. To position our company effectively by continuously providing our customers with quality products and distinctive customer services so as to build strong customer relationships. To provide growth and opportunities for our employees and to consistently generate stable returns to our shareholders. To be committed to quality, professional and personnel management, sound business practices and teamwork. ASCENDING THE PEAK Going the distance in tandem YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 03 CORPORATE PROFILE Yhi’s international presence spans across over 100 countries through its 33 subsidiaries and 1 associated company located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, automotive and industrial batteries, as well as golf and utility buggies to more than 5,000 customers globally. YHI International Limited is a leading global distributor YHI currently has three alloy wheels manufacturing of high-quality automotive and industrial products, and a plants located in Suzhou in China, Taoyuan in Taiwan trusted brand name in alloy wheels manufacturing as an and Malacca in Malaysia, with a current total production Original Design Manufacturer (ODM).
    [Show full text]
  • Flooring It Stamford Tyres Corp
    Thursday 26 February 2004 Initiation of coverage Stamford Tyres Corp Buy Flooring it The prospects for Stamford Tyres are bright, in our view, as it is positioned in the world's fastest-growing auto region. We expect This research report has been prepared for general circulation. It is circulated for information only. The earnings to accelerate going forward through deeper market opinions expressed herein do not have regard to the specific investment objectives, or financial situation of any specific person who may read this report. penetration and greater operational efficiencies. Buy. Permit No. MITA (P) 280/05/2003 Automobiles & Parts Key forecasts Singapore FY02A FY03A FY04F FY05F FY06F Revenue (S$m) 120.1 163.0 186.2 219.4 259.0 Price EBITDA (S$m) 11.8 15.4 19.7 25.8 32.8 S$0.69 Reported Net Profit (S$m) 2.76 8.18 11.4 15.1 19.3 Target price Normalised Net Profit (S$m) 2.76 8.18 11.4 15.1 19.3 S$1.05 Normalised EPS (S$) 0.02 0.05 0.06 0.08 0.10 Dividend Per Share (S$) 0.01 0.01 0.01 0.02 0.02 Market capitalisation Dividend Yield (%) 1.12 1.12 1.80 2.20 2.82 S$137.24m (US$80.97m) Normalised PE (x) 37.8 13.0 11.1 9.08 7.10 Avg (12mth) daily volume EV/EBITDA (x) 14.9 10.7 8.05 6.10 4.68 S$1.48m (US$0.86m) Price/Book Value (x) 2.44 2.16 2.19 1.84 1.52 Reuters ROIC (%) 5.63 12.9 17.7 20.4 22.4 STAS.SI Source: Company data, ABN AMRO estimates year to Apr, fully diluted Bloomberg STC SP Solid prospects in Asian tyre industry Price performance (1M) (3M) (12M) Asia's tyre industry has significantly outpaced the growth rates in developed Price (S$) 0.7 0.5 0.2 countries.
    [Show full text]