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Chasen
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gregtan123
Supreme |
08-Nov-2020 12:55
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Chase ChasenThe colour of Asia' s green shootsIt is too early to talk of a sustained Asian recovery, but companies that adapt and innovate are clearly set to be first off the starting block.Intrigued by Chasen Holdings' recent announcement to the Singapore Exchange that it had won $21 million worth of projects thanks to what it described as " an improvement in the regional economy" , I went to see its management last week to learn more about its story. Based in Jurong, Chasen, whose core business is the specialist relocation of high-value equipment used in electronics manufacturing and third-party logistics, is one of those small and medium-sized operations that have powered the East Asian economic miracle. Amid the worst health crisis in living memory that devastated already-slowing economies, the robustness of the manufacturing sectors related to semi-conductors, solar panels and thin film transistor LCDs in Singapore, Malaysia and China has thrown up new business opportunities for the group, led by chairman Eric Ng, chief executive Justin Low and executive director Eddie Siah. More interestingly, in its 3PL - or third-party logistics - segment, Chasen is taking advantage of opportunities arising from improving road networks in Asia as well as enhanced security systems and vehicle-tracking mechanisms. These detect within seconds if one of its vehicles has gone off the designated route and thus reduces the threat of truck hijackings - the scourge of long-distance transporters. So Chasen can now safely truck cargo all the way from Singapore to Shanghai, the vehicles threading a route up the Isthmus of Kra and making a broad turn to the right to cross through Cambodia, Laos and Vietnam to enter China. Secure seals introduced by Customs authorities that only they can open help trucks pass checkpoints with relative ease, without the need to open cargo for inspection frequently. The result is that goods that once used to move by air and sea are increasingly going from factory to factory by the land route. Logistics firms like Chasen are adjusting in other ways as well if once they preferred full container loads, today they are happy to accept partial loads or, in industry parlance, loose container loads. https://www.straitstimes.com/opinion/the-colour-of-asias-green-shoots |
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hmmhmm
Elite |
07-Nov-2020 00:39
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Enjoy.... | ||||
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hmmhmm
Elite |
07-Nov-2020 00:38
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Hmm...if BBs come....anything is possible.... | ||||
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gregtan123
Supreme |
06-Nov-2020 23:01
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First bro SQ got JSS like siao, lose 3.5 Billion. Revenue for Specialist Relocation increased as projects in China resumed after initial lockdowns and business disruptions. Demand for the semi-conductor, solar panel and TFT LCDs sectors remains robust amid the COVID-19 pandemic. Projects in Singapore and Malaysia have resumed, and the Group expects to see a steady pace of growth for the segment. The 3PL business segment captured significant customer demand, mainly due to the Group&rsquo s ability to leverage on the COVID-19-related restrictions placed on air and sea freight. Customers are turning to cross-border land freight as an alternative, resulting in increased demand for warehousing and transportation activities. On 25 September 2020, shareholders approved the acquisition of a warehouse in Penang, Malaysia, positioning the Group&rsquo s 3PL segment to capture strong growth in warehousing demand with current assets operating at above 90% occupancy rate. The new warehouse is revenueaccretive and acquisition is expected to be completed in early 2021. The Group will continue to look out for strategic acquisitions in key locations to increase its 3PL capacity. The disruptions to the Singapore construction segment &ndash which is gradually reopening &ndash have affected T& E revenue. In July 2020, Chasen announced that Hup Lian Engineering, the Group&rsquo s T& E subsidiary, had secured a S$5 million project to fabricate and install aluminium frame structures for solar panels to be installed on the roofs of public housing flats in Singapore. Fully diluted earnings per share increased to 0.28 Singapore cent in 1HFY2021 from 0.09 Singapore cent in 1HFY2020 while net asset value per share grew 14.2 Singapore cents as at 30 September 2020 from 13.9 Singapore cents as at 31 March 2020. The outlook for Chasen for 2HFY2021 and the whole of FY2021 will be supported by (i) gradual commencement of new contracts secured subsequent to the end of FY2020 for Specialist Relocation and T& E (ii) contributions of the newly acquired warehouse in Penang and continuing demand for cross-border land freight services from Southeast Asia to East Asia under the 3PL segment and (iii) business recovery from the impact of COVID-19.
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hmmhmm
Elite |
06-Nov-2020 22:12
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Hmm....bottom line improved 217%... Mainly contributed from " other operating income" .....?? " other operating income" increased mainly due to Goverment Jobs Support Scheme (JSS) grant.... Maybe....see how was the kongsi perfomance..... w/o JSS?? |
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gregtan123
Supreme |
06-Nov-2020 15:47
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No BB play or interest i guess.
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jervis43
Member |
06-Nov-2020 15:41
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I also dun understand why this gem is not moving.... Anyway just continue holding to it and hope for the best
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gregtan123
Supreme |
06-Nov-2020 14:58
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Interesting movements, and Great Results. Next week will see 6 cents. ADD. | ||||
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gregtan123
Supreme |
06-Nov-2020 09:32
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realise this is a GEM lei. NAV: 0.142 SGD EPS: 0.28 CENTS not SGD Forward Looking Statement at the End Global economies are still grappling with the COVID-19 pandemic with caseloads still rising without the benefit of a vaccine. Renewed lockdowns across Europe paint a grim picture to the zone&rsquo s recovery while rising infections in the USA and the US Presidential election in November 2020 have heightened uncertainties. Major developed markets and their final demands are important drivers for the global economy. Asia, in which most of the Group&rsquo s businesses are based, has largely brought the pandemic under control for now. This is a big positive for the Group. The Group&rsquo s first half-year performance ended September 2020 was better than expected due to gradual easing of restrictions in various countries&rsquo and resumption of plans. The geographical and business diversifications of the Group provided competitive strength and balance despite the very difficult operating environment. This is augmented by local Government&rsquo s grants and assistance. But these supports will and are being tapered off in the forward period as publicly announced. The Group&rsquo s 3PL business of targeted commercial focus in cross-border land freight and transportation services on top of more traditional core logistics services like warehousing has been instrumental in growing the top and bottom lines for the Group. It is noteworthy that 3PL continues to add new customers that also operate across the same geographical coverage of this business segment. The acquisition of a warehouse approved in the EGM on 25 September 2020 in the Bayan Lepas Industrial Area, Penang (Kawasan Perindustrian Bayan Lepas), and expected to be completed in early 2021, is revenue accretive and positions the Group&rsquo s 3PL segment to capture strong growth in warehousing demand. The Group&rsquo s existing warehouse is currently running at a 90% occupancy rate. Furthermore, the Group is on the lookout for strategic acquisitions in key locations to add to existing capacity to capture this fast-growing market segment. The Group&rsquo s success in the acquisition of new customers operating in key markets that are aligned to major structural growth themes such as solar, semi-conductor, 5G, healthcare and IoT devices is another positive. The Group will leverage this opportunity in the quarters to come to explore future pathways for revenue growth and profitability for all three business segments. With an established presence in the PRC where the PRC is a key R& D and production centre in line with global structural growth themes, the Group intends to re-focus its effort to strengthen its current operations and grow its market presence further. |
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St.Maximus
Supreme |
06-Nov-2020 08:45
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If chasen issue dividend i would be surprised. Cash is king now for companies. Those dun have siow liao lah | ||||
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jervis43
Member |
06-Nov-2020 08:33
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But funny thing is Chasen din issue any dividend this year... Maybe to keep more cash for any contingency during these pandemic period.
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St.Maximus
Supreme |
06-Nov-2020 06:06
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It won' t be quiet for long if you shout like this jervis... ...
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jervis43
Member |
06-Nov-2020 00:18
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This share has been quiet for too long!! Hope the recent financial release with Net Profit increase by 217% can push it forward!! | ||||
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Joelton
Supreme |
14-Sep-2020 08:59
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Chasen capitalises on emerging trends
Its 3PL segment receives a boost amid the pandemic as air cargo crunch fuels demand for cross-border land freight.
EVEN as Covid-19 fuels economic headwinds, Chasen Holdings is capitalising on emerging trends to drum up business for certain business segments.
Its third party logistics (3PL) segment, for instance, has seen a spike in revenue during the pandemic owing to the crunch in the air cargo market, which in turn has fuelled demand for cross-border land freight. The latter is cheaper than transporting cargo by air and faster than the sea route.
Passenger planes typically carry cargo in their bellyhold and the dearth of air travel has forced airlines to ground aircraft, taking a significant portion of capacity out of the market. This has also caused a spike in air freight rates.
With its regional subsidiaries, Chasen is able to transport freight by land from Singapore all the way up to China, and can charge a premium to account for the return trip. Chairman Eric Ng told The Business Times in an interview: " We' ve picked up business (that) previously we were not able to do, and there is more business to be done."
In June, its 3PL operations in Malaysia saw revenue about double to RM6.2 million (S$2 million), before rising further in July to RM7 million. Chief executive officer Justin Low said Chasen is seeing more requests for quotations for long-term cross border freight. So while rates for land freight may normalise once the pandemic subsides, Mr Low expects to see an increased volume of business vis-a-vis pre-Covid days.
As a result of the shift towards 3PL, there has also been a bump in demand for warehouses. Chasen is planning to expand its warehouse in Penang by 128,000 square feet as well as add 22 trucks to its fleet in Malaysia, Thailand and Vietnam by end-2021.
For Chasen, its specialist relocation services - where it uses specialised tools, equipment and vehicles to relocate high-value equipment and machinery used in manufacturing - and its technical & engineering (T& E) businesses account for about 80 per cent of revenue. 3PL contributes the rest.
Shifting supply chains post-Covid and amid US-China trade tensions are also benefiting its 3PL and specialised relocation businesses. " In China, we are in the market that caters to local demand. (That) demand is still there," said Mr Ng. At the same time, it has subsidiaries in Vietnam and the US which can pick up business from companies either relocating their supply chain out of China or back to the US.
But it hasn' t been all smooth sailing during the pandemic. Its specialist relocation services customers in markets such as China faced project delays due to border closures, which in turn affected Chasen. " When projects are pushed back. . .we have to keep the workforce (there). We need them to be ready to work, and the skillsets must be there," said Mr Ng. This means not only a delay in revenue, but Chasen would also incur higher costs. However, business momentum has started to pick up again in China, especially with border controls for travel to and from countries such as Japan and Korea starting to ease. This allows engineers of manufacturers from such markets to enter China once again and install equipment in the factories of Chasen' s Chinese clients.
At the same time, the company is branching out into a new area of business - providing cleaning and maintenance services for critical components of machines used in the thin film transistor (TFT) LCD industry. Chasen has a facility in Chuzhou, Anhui province as a starting point to embark on this fledgling business.
" Over the next few years, we expect this business to grow, but it' s going to be a very capital-intensive business," Mr Ng added.
Over in India however, where its specialist relocation arm incorporated a company late last year, business has been hampered by the widespread pandemic and ongoing lockdown. " India is a new market to us," said Mr Ng. " The manufacturers are now focusing on the Indian domestic market so they have to set up a factory (there) to be more competitive when they sell their TV sets in India."
Meanwhile, its T& E segment was - and continues to be - impacted by the circuit breaker in Singapore and the slow ramp-up in construction activities. Its T& E business comprises construction-related businesses such as metal fabrication in Singapore, contract manufacturing in Singapore and China as well as engineering support services to semi-conductor manufacturers in Singapore. Border closures have also complicated matters, with some of its Malaysian workers stuck across the border.
" The construction sector in Singapore is among the last to restart site operations post-circuit breaker due to the large number of foreign workers involved. There is also some confusion as to the regulations on safe distancing at site and restrictions on the movements of foreign workers from site to site," said Mr Ng, referring to sites where Chasen operates as a sub-contractor. As such, its T& E revenue is still a trickle compared to pre-Covid levels.
With potential projects on the decline, Chasen' s T& E business is reducing headcount - mainly foreign workers - as a cost cutting measure. As a group, it is also trying to contain costs in other ways, such as via a bigger variable component in wages that would trim salaries should revenues fall in the event of contingencies such as project delays.
However, Mr Low expects Chasen as a group could eventually add to its staff strength once the Covid dust has settled if it needs to support business opportunities in other areas of operations, such as logistics.
In the first financial quarter ended June 30, 2020, Chasen managed to eke out a profit of S$257,000 despite the challenging environment, albeit down from S$282,000 a year ago. This came on the back of new business from its 3PL segment, while government grants across its markets also helped prop up its performance for the quarter. As a matter of financial prudence, it also took provisions for doubtful debts in FY20, namely for customers hit badly by the pandemic.
" We took a sharp knife," said Mr Ng. " Anything that stirred, (we) chopped its head." For now, it is reasonably optimistic that it will not have to take further provisions.
Meanwhile, in July, it announced that it had bagged S$21 million in new projects, largely from its specialist relocation business. Of the new business, S$16 million came from relocation projects for manufacturing companies based in Singapore, China and Malaysia.
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jervis43
Member |
11-Sep-2020 09:29
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No news ler... still quiet...
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MNMT1986
Member |
11-Sep-2020 09:04
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Today how any news can go up? | ||||
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MNMT1986
Member |
10-Sep-2020 15:34
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Not much movement
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fighting
Master |
10-Sep-2020 09:49
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0.061 wall too thick | ||||
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smallsgshare
Senior |
10-Sep-2020 09:10
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Looks not optimistic | ||||
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smallsgshare
Senior |
09-Sep-2020 22:04
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Hope so. I have some at 0.06.
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