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Creative Technology up 20% following partnership with Skyworth
SHARES of Creative Technology : C76 +19.66% closed 19.7 per cent higher on Friday (Sep 22), a day after the group announced a strategic partnership with Chinese electronics company Skyworth.
The counter rose as much as 21.4 per cent to hit S$1.42 in early trade.
It then eased to close at S$1.40, up S$0.23 or 20 per cent, on Friday after 448,350 securities changed hands. This is significantly higher than its average trading volume of 13,756.
No married deals were recorded, ShareInvestor data indicated.
With the tie-up, Creative&rsquo s Super X-Fi (SXFI) Spatial Holographic Audio technology can be used with SXFI-compatible televisions by Skyworth, as well as in its future models.
The company said that the partnership &ldquo opens avenues for future collaboration between Creative and other industry partners&rdquo to bring the SXFI technology to a wider array of consumer electronics and personal computer platforms.
&ldquo Creative is delighted to partner with Skyworth to introduce SXFI Spatial Holographic Audio to both the Chinese and global markets through their latest televisions. With the seamless integration of SXFI Audio&rsquo s generational improvements, customers get to enjoy SXFI easily on all content,&rdquo said Lee Teck Chee, vice-president of technology at Creative.
The Perfect Pair: Creative and xMEMS Labs Partner to Deliver Superior High-Fidelity TWS Earbuds SINGAPORE &ndash 15 August 2023 &ndash
Creative Technology is excited to announce a strategic partnership with xMEMS Labs, the pioneers in solid-state fidelity, bringing in a new era of audio excellence for users worldwide by incorporating xMEMS' cutting-edge micro-electromechanical system (MEMS) solid-state speaker technology into Creative' s True Wireless Stereo (TWS) products. xMEMS technology is a breakthrough in the audio industry, bringing unparalleled sound quality and efficiency to audio devices. Currently, traditional audio devices use conventional drivers to produce sound, which can sometimes result in distortion or loss of audio fidelity. Whereas, with xMEMS' tiny yet powerful hardware, Creative&rsquo s TWS earbuds are set to deliver crystal-clear sound that reproduces every nuance of music and audio content with astounding accuracy. Users will get to enjoy a truly immersive and lifelike audio experience, whether they are listening to their favorite songs, watching movies, or engaging in conference calls. The solid-state, all-silicon MEMS-based drivers also boast exceptional phase consistency (7x better than conventional drivers), offering superior spatial audio experiences with improved detail and separation. Furthermore, with the integration of xMEMS' s compact hardware, users can expect lighter, sleeker, and more ergonomic Creative TWS earbuds that provide better wearability for users on the move. " We are excited to partner with Creative to revolutionize the true wireless audio experience," said Joseph Jiang, CEO and Co-Founder at xMEMS Labs. " By integrating our advanced solidstate MEMS speakers into Creative&rsquo s TWS products, we are confident that users will enjoy an unprecedented level of audio quality and efficiency. Together, we aim to redefine the way people listen to music, communicate, and immerse themselves in audio content." " As an audio company committed to delivering superior sound experiences, Creative is excited to partner with xMEMS Labs to integrate their innovative MEMS technology into our TWS products," said Song Siow Hui, CEO of Creative. " By doing so, we are confident that our TWS products will stand out in the market, delivering exceptional sound quality, comfort, and style to our users." The partnership between Creative and xMEMS Labs marks a significant milestone in the audio industry, raising the bar for True Wireless Stereo audio devices. The first series of Creative TWS products powered by xMEMS technology are expected to hit the market later this year, promising a game-changing experience for audio enthusiasts and casual users alike.
Creative Technology is excited to announce a strategic partnership with xMEMS Labs, the pioneers in solid-state fidelity, bringing in a new era of audio excellence for users worldwide by incorporating xMEMS' cutting-edge micro-electromechanical system (MEMS) solid-state speaker technology into Creative' s True Wireless Stereo (TWS) products. xMEMS technology is a breakthrough in the audio industry, bringing unparalleled sound quality and efficiency to audio devices. Currently, traditional audio devices use conventional drivers to produce sound, which can sometimes result in distortion or loss of audio fidelity. Whereas, with xMEMS' tiny yet powerful hardware, Creative&rsquo s TWS earbuds are set to deliver crystal-clear sound that reproduces every nuance of music and audio content with astounding accuracy. Users will get to enjoy a truly immersive and lifelike audio experience, whether they are listening to their favorite songs, watching movies, or engaging in conference calls. The solid-state, all-silicon MEMS-based drivers also boast exceptional phase consistency (7x better than conventional drivers), offering superior spatial audio experiences with improved detail and separation. Furthermore, with the integration of xMEMS' s compact hardware, users can expect lighter, sleeker, and more ergonomic Creative TWS earbuds that provide better wearability for users on the move. " We are excited to partner with Creative to revolutionize the true wireless audio experience," said Joseph Jiang, CEO and Co-Founder at xMEMS Labs. " By integrating our advanced solidstate MEMS speakers into Creative&rsquo s TWS products, we are confident that users will enjoy an unprecedented level of audio quality and efficiency. Together, we aim to redefine the way people listen to music, communicate, and immerse themselves in audio content." " As an audio company committed to delivering superior sound experiences, Creative is excited to partner with xMEMS Labs to integrate their innovative MEMS technology into our TWS products," said Song Siow Hui, CEO of Creative. " By doing so, we are confident that our TWS products will stand out in the market, delivering exceptional sound quality, comfort, and style to our users." The partnership between Creative and xMEMS Labs marks a significant milestone in the audio industry, raising the bar for True Wireless Stereo audio devices. The first series of Creative TWS products powered by xMEMS technology are expected to hit the market later this year, promising a game-changing experience for audio enthusiasts and casual users alike.
wonder is better performance is expected or huge tech buyers looking at acquiring the company
Joelton ( Date: 15-Feb-2023 09:43) Posted:
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any possibilities of some bigwigs taking over or this is just another not worth looking at by the big techies. And if there has been any strategic business / invention plans, seems nothing heard of since the passing of chairman
Hype is over again?
Creative expects reduced losses for 2HFY2023 following restructuring
Creative Technology C76 0% has reported a loss of US$10.6 million ($14.1 million) for 1HFY2023, reversing from earnings of US$1.24 million recorded in the year earlier.
Revenue in the same period was US$28.2 million, down 17% y-o-y from US$34.2 million.
Besides lower sales, the company incurred higher research and development (R& D) costs.
Creative says that overall business environment remains uncertain with geopolitical tension and inflationary pressure.
&ldquo With these uncertain and difficult business conditions, the market for the group&rsquo s products remains challenging,&rdquo says the company in its earnings commentary.
Creative says that under former chairman and CEO Sim Wong Hoo, a restructuring exercise has resulted in a leaner organisation with a lower cost structure.
Sim, who founded and led the company for four decades, died on Jan 4.
As such, the company is able to &ldquo weather the challenges and adverse external impacts to its business environment.&rdquo
The company&rsquo s management team is also actively setting new strategic directions and developing new capabilities, while &ldquo remaining focused on its core strengths to work towards profitability and sustainable growth of the business.&rdquo
Creative is &ldquo cautiously optimistic&rdquo on its outlook for the second half year of FY2023 with market sentiment and the supply chain environment improving.
With the restructuring, Creative expects revenue to be maintained at current levels but margins to improve and therefore, losses to be reduced.
He got 1 sister
Creative Tech sale, new strategic direction, board refresh could be on the cards
ELECTRONICS company Creative Technology : C76 +1.7% could see some change in direction &ndash or at least a change in ownership &ndash following the death of its founder and sole substantial shareholder Sim Wong Hoo, market watchers said.
TSMP Law Corporation joint managing partner Stefanie Yuen Thio noted speculation in the markets that there could be a sale of Sim&rsquo s stake in the business.
The company&rsquo s shares rose 25 per cent on Thursday (May 5) after Sim&rsquo s death was announced. Sim held 33.1 per cent of Creative, according to the latest annual report.
She added that three of the four remaining directors, who have served for more than nine years, may have to step down soon, as Singapore Exchange Regulation has proposed a hard cap on directorship terms.
Maybank analyst Jarick Seet said the eventual buyer of Sim&rsquo s stake would need to decide whether to take Creative private. The outcome could be a way out for shareholders who have been holding the stock for a long time.
Creative shares closed at S$1.79, up S$0.03 or 1.7 per cent. With a market capitalisation of S$126 million, it trades at 1.2 times book value.
Another option could be for Sim&rsquo s heirs to stay invested and promote or hire a C-suite team to turn the company around.
Seet said Creative&rsquo s financial performance has been &ldquo dismal&rdquo since it sued Apple in 2006 for patent infringement, and that investors may support a new direction for the company.
&ldquo All in all, it&rsquo s a breath of fresh air and potentially much better than what Creative has been delivering in the last few years,&rdquo he said.
Nevertheless, Yuen Thio noted challenges for any newcomer unfamiliar with the business.
&ldquo It will also take time, and the market may have a short attention span,&rdquo she said.
She noted that it is difficult to tell how hands-on the other senior executives of the group are, and how well the new team can fill Sim&rsquo s &ldquo admittedly big shoes&rdquo .
&ldquo Stepping in to run things if you&rsquo re not already involved in the business, with the whole market watching, may be difficult.
&ldquo On the other hand, you may not want to sell the group off because this is the legacy of Singapore&rsquo s first big technopreneur,&rdquo she said, adding that Sim&rsquo s heirs should act quickly, inform the market of their moves and show decisive leadership.
Sim Wong Hoo dies: Creative shares close at 3-month high
SINGAPORE &ndash Creative Technology shares jumped on Thursday after the company announced that its founder Sim Wong Hoo had died.
The stock opened at $1.45, then rose 40 per cent to hit $1.99 &ndash its highest since August 2022 &ndash as at 1.05pm.
It closed 24.82 per cent higher at a three-month high of $1.76 as investors took their profits.
Some 1.26 million units changed hands.
This comes after the home-grown business said in a bourse filing on Thursday morning that Mr Sim, one of Singapore&rsquo s most famous tech entrepreneurs, &ldquo passed away peacefully&rdquo on Wednesday, without giving further details.
He was 67.
Mr Sim founded Creative in 1981, and had led the company since its inception.
Under his leadership, Creative became famous for its Sound Blaster sound cards and digital entertainment products. It became the first Singaporean company to list shares on the Nasdaq in 1992.
Mr Jarick Seet, Maybank Securities&rsquo vice-president of research, said Creative has been trying to look for a new product breakthrough for years but to no avail, affecting its financial performance.
Its losses in the financial year ended June 30, 2022 widened to US$11 million (S$14.8 million), compared with US$7.6 million in the previous year, on the back of lower sales amid shipping disruptions and global shortages of semiconductors.
Mr Seet told The Straits Times: &ldquo The market may see Mr Sim&rsquo s passing as a means of lifting of restrictions for Creative to venture into other fields or products, or seek a new direction.&rdquo
Acknowledging the founder&rsquo s achievements, he added: &ldquo I think Creative will likely have to seek a new CEO with a new vision, and venture into a direction that will seek value and growth for shareholders.&rdquo
Mr Sim is the key controlling shareholder of the company, with a more than 30 per cent stake.
Mr Yeap Jun Rong, market strategist at IG, told CNA that a possible reason for the stock price jump could be due to speculation that his stake could be put up for sale, which could &ldquo lead to the realisation of the actual value for the share price&rdquo .
Creative&rsquo s board has appointed lead independent non-executive director Lee Kheng Nam as the company&rsquo s acting chairman and Mr Ng Kai Wa, Creative&rsquo s co-founder who is now an independent non-executive director, as acting vice-chairman.
It also appointed Mr Song Siow Hui, president of the company&rsquo s Creative Labs business unit, as interim chief executive officer.
The Singapore company had gone to war with Apple over their companies&rsquo portable music players. It sued the iPod maker in 2006 for patent infringements and walked away with a US$100 million settlement.
SPH Brightcove Video
Creative had launched its Nomad MP3 player in 1999, two years before Apple unveiled the iPod. It later also rolled out other music players such as the Nomad Jukebox Zen, which doubled up as a portable storage device for other media like photos and videos.
But its products ultimately lost out as Apple&rsquo s music player gained popularity, although it made a comeback in recent years with Super X-Fi, an audio technology that allows headphone users to experience sound in expansive, three-dimensional detail.
The company said it will give more details about Mr Sim&rsquo s cessation as its chairman and chief executive in a separate announcement.
A consummate entrepreneur, Sim Wong Hoo never U-turned from Creative
I WAS in school when I first encountered the Sound Blaster. I didn&rsquo t know what a sound card was at the time, but my friends who were savvier about computers seemed to think they were getting a good deal at the roadshow that had come to school.
The demonstrations with the computer chess pieces that could speak in audible human voices were literally game-changing. All I&rsquo d heard from my computer until then were monotones crudely strung together to imitate real-world sounds, as if aural impressionism were a thing.
It&rsquo s hard to explain to younger colleagues today how revolutionary and ubiquitous the Sound Blaster was in its heyday how inspiring it was that a Singaporean named Sim Wong Hoo was behind it and how impressive it was that Sim&rsquo s company, Creative Technology : C76 +24.82%, became the first Nasdaq-listed Singapore company.
After all, for all of his past success, Sim has had little to show over the past two decades. Sure, Creative may once have made Sim the 37th wealthiest person in South-east Asia as ranked by Forbes, but it&rsquo s now a loss-making shadow of its grand past that could soon be watch-listed by the Singapore Exchange. Sim may have coined and popularised the term &ldquo no U-turn syndrome&rdquo to lament Singaporeans&rsquo reluctance to act without prior approval, yet the once-poster boy of Singapore entrepreneurship only really has one big hit under his belt.
But those who scoff at Sim&rsquo s track record are missing the point. Sim was the consummate entrepreneur not simply because of his early success, but also because, even in the face of failure, he never stopped building his business.
Sim&rsquo s and Creative&rsquo s fatal mistake was waging war against Apple&rsquo s iPod MP3 player. When I interviewed Sim in 2004 as he prepared to launch the Creative Zen Micro, he laid out an ambitious and costly campaign to push out waves of new products and a flood of marketing. Apple had a market share of about 54 per cent at the time, and Creative was a distant second with a 16.5 per cent share, but Sim was undaunted.
Creative&rsquo s strength was in its audio technology, he explained. Feature for feature, the Zen and Zen Micro seemed on paper to be clearly superior to their Apple counterparts.
But Sim, an engineer at heart, couldn&rsquo t find a way to best Apple&rsquo s design aesthetics and user experience. And just three years after the interview, Apple announced the iPhone &ndash which turned MP3 players irrelevant. If there was ever a case study for how features alone don&rsquo t sell a product, this would be it.
Even after losing the war, Sim never stopped trying. After a period in which Creative seemed preoccupied with pursuing intellectual property claims, the company finally got a breakthrough in 2019 with its Super X-Fi line of audio products that can create &ldquo three-dimensional&rdquo soundscapes. The products won a number of industry awards, and gave the company and its stock a new breath of life. In a statement, Creative interim chief executive Song Siow Hui shared that Sim was engaged and working the night before his death.
The Covid-19 pandemic disrupted supply chains and momentum, but Creative once again had a champion product to headline its resurgence. Getting there would not have happened if Sim had thrown in the towel, or if he had wavered in his conviction that Creative&rsquo s special value to the world was its audio technology.
Sim will not see his company navigate its next chapter, but his enduring steps leave a path for other entrepreneurs to follow.
Creative founder Sim Wong Hoo&rsquo s unexpected death leaves friends, colleagues shocked
Friends voiced their shock at the death of Mr Sim during his wake in Choa Chu Kang.
SINGAPORE - Creative Technology founder Sim Wong Hoo&rsquo s death on Wednesday came as a shock to his friends and employees.
At Mr Sim&rsquo s wake in Choa Chu Kang on Thursday, a secondary school classmate said that he had appeared in good health when she bumped into him on Saturday.
The woman, who gave her name as Ms Lim, said the two of them had also just attended a classmate&rsquo s wake in October.
Another classmate, who wanted to be known only as Ms Chew, said the group of friends from their Bukit Panjang Government High School days would gather during Chinese New Year.
&ldquo He is a modest, humble man. Even though he is very rich, he is very generous with his friends,&rdquo she said.
When The Straits Times visited Creative&rsquo s office earlier in the day, a receptionist said the CEO was seen at work just this week.
Some of the staff had seen him in the office on Tuesday and there was no change in his appearance, she added.
&ldquo I&rsquo m shocked. He is always jogging and exercising,&rdquo said the employee, who did not want to be named. &ldquo I heard he doesn&rsquo t eat junk or outside food he eats quite healthily.&rdquo
Mr Sim had said in interviews that he started running in 2007, and had completed more than 50 marathons, including at least a dozen ultramarathons.
In an interview with ST in 2019, Mr Sim had credited running for clearing his mind and sparking new ideas, while trimming his weight.
Creative had alluded to the sudden nature of Mr Sim&rsquo s death in a bourse filing on Thursday, which announced that the company&rsquo s board has appointed Mr Song Siow Hui, president of the company&rsquo s Creative Labs business unit, as interim chief executive officer.
&ldquo I have known and worked with Mr Sim for over 30 years,&rdquo said Mr Song. &ldquo This is a sad and sudden development and we feel a great loss especially since Mr Sim and I recently had extensive discussions on the future direction of the company.&rdquo
Mr Song said that Creative&rsquo s founder was &ldquo full of fresh vision&rdquo , and even had a long discussion with the engineering team the night before and was scheduled for another meeting the next day.
Creative said Mr Sim &ldquo passed away peacefully&rdquo , without giving further details.
&ldquo The best thing to do now is to ensure the continued smooth running of the company, and also to execute and realise the vision and strategy that Mr Sim had,&rdquo said Mr Song.
Sim Wong Hoo, Singapore&rsquo s pioneering tech titan, dies
SIM Wong Hoo, the founding chairman and chief executive of home-grown electronics company Creative Technology : C76 +24.82%, died on Wednesday (Jan 4).
Sim would have turned 68 this year.
In a statement on Thursday, Creative said he &ldquo passed away peacefully&rdquo and paid tribute to Sim&rsquo s &ldquo immense contributions&rdquo to the company.
&ldquo Mr Sim has played an instrumental role in developing the business and has provided the company with strong leadership and vision,&rdquo Creative said.
Following Sim&rsquo s demise, Song Siow Hui, president of the company&rsquo s Creative Labs business unit, was named interim chief executive.
Creative&rsquo s lead independent non-executive director Lee Kheng Nam has been named acting chairman, while independent non-executive director Ng Kai Wa was appointed acting vice-chairman.
&ldquo I have known and worked with Mr Sim for over 30 years. This is a sad and sudden development and we feel a great loss especially since Mr Sim and I recently had extensive discussions on the future direction of the company,&rdquo said Song.
Song said that the night before Sim&rsquo s passing, the Creative founder had a long discussion with the company&rsquo s engineering team and was scheduled to meet the online sales team the next day.
&ldquo The best thing to do now is to ensure the continued smooth running of the company, and also to execute and realise the vision and strategy that Mr Sim had for the company,&rdquo he added.
Under Sim&rsquo s leadership, Creative became a well-known brand in the personal computer market in the 1990s &ndash particularly for its Sound Blaster sound cards, which became a de facto standard for audio on personal computers.
The company made history in 1991 when it became the first Singaporean company to list in the United States, following a public offering on the Nasdaq. A listing on the Singapore Exchange (SGX) was added in 1994.
Creative delisted from the Nasdaq in 2007.
For his efforts, Sim was named Businessman of the Year twice &ndash first in 1992, then in 1997 &ndash at the Singapore Business Awards, organised by The Business Times and DHL.
He was also known for coining the &ldquo no U-turn syndrome&rdquo analogy, in his 1999 book Chaotic Thoughts from the Old Millennium.
Most recently, Sim oversaw the development and commercialisation of Creative&rsquo s Super X-Fi technology &ndash a novel US$100 million computational audio technology that was 20 years in the making.
In a 2018 interview, Sim had called the technology his &ldquo gift to humanity&rdquo .
After news of Sim&rsquo s passing broke, tributes poured in from those who have known him.
In a Facebook post on Thursday, former foreign minister George Yeo said he was deeply saddened by Sim&rsquo s passing, and paid tribute to Sim.
&ldquo He was always bubbling with ideas. Never left a meeting with him without new inspirations.&rdquo
Yeo was appointed as an independent non-executive director of Creative in 2021.
Remembering Sim as a &ldquo passionate entrepreneur who put Singapore on the global map&rdquo with Creative&rsquo s audio products, SGX chief executive Loh Boon Chye told The Business Times: &ldquo Sim will be remembered for his drive and grit, persevering in what he believed in to the very end.&rdquo
Alan Lee, managing partner of August Consulting, worked with Sim for some 15 years and described the late entrepreneur as &ldquo tireless&rdquo .
Lee added: &ldquo He doesn&rsquo t suffer fools, knows exactly what he wants and goes headlong in delivering what he promises. It was a privilege to have known him and worked with him.&rdquo
Razer co-founder and chief executive Tan Min-Liang noted on Twitter that both the technology industry and Singapore have &ldquo lost a legend&rdquo .
Shares of Creative rose as high as S$2 in intraday trading before ending Thursday (Jan 5) at S$1.76, up 24.82 per cent &ndash their highest close since September.
According to the company&rsquo s most recent annual report, for FY2022 ended June, Sim held 33.1 per cent of Creative. He was also the only substantial shareholder.
The Singapore Code on Take-overs and Mergers requires anyone acquiring 30 per cent or more of the voting rights of a company to extend an offer for all other shares in the company.
most likely he got it " free" , i.e use the director' s fee to pay for the shares :)
vivacious ( Date: 11-Oct-2022 18:25) Posted:
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GY bought 50k at 2.35 last year?
Today lost another 21c....nearer to watch list status.....
honesty ( Date: 11-Oct-2022 17:56) Posted:
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Creative shares closed at $1.66 per share on Oct 10, valuing the company at $124.5 million
no matter how Creative can be creative, shareholders have lost chunk of money. only way out is to advertise loudly to get buyers to acquire and hold high up the head before it is too late.
no matter how Creative can be creative, shareholders have lost chunk of money. only way out is to advertise loudly to get buyers to acquire and hold high up the head before it is too late.
ysh2006 ( Date: 11-Oct-2022 17:18) Posted:
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This company 3 years at the same time make losses report so if share price don't improved , Sgx may be want to let it wear a red hat loh.. (Watch list)
bigdragon966 ( Date: 31-Aug-2022 15:37) Posted:
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Creative Technology announces intent to expand into eldercare, says OEM plans delayed by &rsquo draconian measures&rsquo in China
Creative Technology has announced in its annual report that the company is looking at expanding into other electronics products, such as the Internet-of-Things and elderly care segments.
In its annual report, Creative chairman and CEO Sim Wong Hoo says &ldquo we will be leveraging a revolutionary yet highly affordable visual infra-red sensor from an investee company which we have incubated for several years, to create new and exciting products for various sectors.&rdquo
This is in light of the company&rsquo s losses for FY2022 ended June increasing to an US$11 million ($15.76 million) loss, up from US$8 million in the same period a year ago.
Sim describes FY2022 as an &ldquo extremely difficult and challenging year for Creative.&rdquo Revenue also dropped by 27.3% from US$84 million in FY2021 to US$61 million in FY2022. This has led to the company issuing a notice for three consecutive years of pre-tax losses.
Companies will be included on the SGX Watchlist if records pre-tax losses for the three most recently completed consecutive financial years (based on audited full-year consolidated accounts) and an average daily market capitalisation of less than $40 million over the last six months.
Sim says that Creative&rsquo s business was adversely affected by some major changes in the global economic environment for its 1HFY2022 ended December 2021, as operating results were initially affected by shipping delays, skyrocketing increases in freight costs and the global shortage of semiconductors.
See also: Willas-Array guides that it' ll report a lower net profit of between HK$10.5 mil to HK$17.5 mil for 1HFY2023
This resulted in Creative facing spikes in prices of certain semiconductor components and shortages of certain products.
In the second half year, the company was impacted by &ldquo unexpected global events&rdquo , Sim says.
This included pandemic-related lockdowns in China that added to the ongoing supply chain disruptions, the Russia-Ukraine war, as well as related sanctions.
This contributed to the spike in energy costs and inflation rates, and in turn, affected the business environment in many markets for Creative&rsquo s products.
&ldquo Under these circumstances, the overall market for discretionary products, especially consumer electronics products, was difficult and unpredictable, resulting in a decline in sales,&rdquo he says
In the message, Sim also revealed that Creative&rsquo s Super X-Fi technology, which was planned to be incorporated into OEM technologies, has been delayed by pandemic-related constraints in the past two years. Its sales and design cycles, he says, &ldquo are much longer&rdquo .
Sim says, &ldquo While we had restarted many of the processes in the earlier part of the fiscal year and started to make some progress, this has again been further disrupted by continuing pandemic-related constraints and more draconian measures within China, where these OEM prospects are located.&rdquo
Last year, in his FY2021 message, Sim says that &ldquo we have started to make significant progress,&rdquo revealing that one of the prospects, working with Creative in the final phase, is a well-known consumer electronics maker. &ldquo When this is successful, we expect other manufacturers to follow suit.&rdquo
However, in his outlook for FY2022, he notes that the outlook for the global economy remains highly uncertain with the heightened geopolitical tensions, the on-going Russia-Ukraine war, high energy costs and rising inflation rates.
In addition, the possibility of further pandemic-related lockdowns in China and its potential disruptive impact on the global supply chain has also added to the level of uncertainty for Creative.
&ldquo While Creative continues to work towards re-growing our business and improving our financial performance, there is presently little visibility of achieving this in the near term, given the current challenging market conditions which are expected to continue to have a significant impact on the results for the year,&rdquo Sim writes.
too late to mention this.
creative tech was creative because of the other 2 founders.
creative tech has been in the decline since the departure of the 2 founders in early 90' s.
creative tech was creative because of the other 2 founders.
creative tech has been in the decline since the departure of the 2 founders in early 90' s.
has the mgmt woken up? staying as it is does not help, already poorly performing so poorly in the share price. someone with the knowhow yet young out there needs to take over. staying senior to push will only weaken itself, best stay sideline during the twilight years and let go