Company background
Wellcall Holdings Berhad (“Wellcal”) is a global and the largest industrial rubber hose manufacturer in Malaysia. It is an investment holding company, engages in the manufacture, sale, and export of industrial rubber hose and related products. Its products are used in various application markets, such as air and water, welding and gas, oil and fuel, automobile, ship building, and food and beverage markets. The company primarily serves customers who are in the business of distributing rubber hose to original equipment manufacturers and manufacturers. It markets its products in Malaysia, the Middle East, Europe, the United States, Canada, Australia, New Zealand, Asia, Africa, and South America. The company was founded in 1996 and is based in Ipoh, Malaysia.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Wellcall Holdings Bhd specialises in the manufacture of industrial rubber hoses and is now the largest exporter of rubber hoses and tubes in Malaysia. It started operations at its sole plant in Kinta, Perak, back in 1996. It was listed on the Second Board of Bursa Malaysia in July 2006 and was subsequently transferred to the Main Board in March last year.
The company continued to register sales growth and even expanded production during the 1997/98 Asian financial crisis as the devaluation of the ringgit improved the competitiveness of its products. However, the company is not immune to a slowdown in economic activity, which may lengthen the replacement cycle for its products.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
WellCall 成立于 1996 年，是一间专门生产橡胶喉 (Rubber hose) 的公司，刚开始时主要生产三种产品:
1。air and water hose,
2。oil hose
3。welding hose
到了 2002 年，公司开始注重于发展，也同时研究了三种新的产品，就是
4。food and beverage hose
5。chemical hose
6。steam hose
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
Founded in 1996, Wellcall is a maker of wide range of industrial rubber hoses that cater to various applications markets such as industrial and construction site, automobile, petroleum, oil and gas, sea/land transportation, food and beverage, shipyard etc.
(NTAsian discovery fund June.2009)
(Press release Aug.2015 - FY2015)
Business operation
Industrial hoses wear out quickly due to their heavy usage and typically have short lifespans, lasting around one week to nine months, before they need to be replaced. The replacement market contributes about 80% to 90% of Wellcall’s sales.
The market for industrial hoses is mature and achieving a meagre growth of 4% to 5% a year. However, Wellcall has been able to buck the trend, achieving an impressive compound annual growth rate of 33% and 25% in revenue and net income respectively from 2006 to 2008. Its low-cost base has allowed it to be more aggressive in pricing and in turn capture market share from inefficient producers. Some have desperately resorted to dumping recently but despite lower prices, Wellcall is still able to maintain positive margins.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
Its products are sold mainly to distributors and end customers from a diverse range of industries, comprising air and water, oil and fuel, welding and gas, automobile, shipbuilding and food and beverage. Its customer base is wide geographically, with Asia accounting for 25% of its sales last year, followed by the Middle East (22%), Europe (21%), North America (15%), Australia/New Zealand (8%), South America (6%) and Africa (3%). Malaysia only accounts for 6.3% of sales.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
Production lines
The company uses two different processes to manufacture the rubber hoses. The extrusion
method is used to produce hoses with a diameter of less than two inches. In this process,
unvulcanised rubber is forced through a die to form hoses of the desired shape and size. As for hoses exceeding two inches in diameter, these are made by wrapping rubber sheets around a mandrel (solid cylinder made of metal).
At present, Wellcall has 32 mandrel and 16 extrusion lines. It operates on two shifts daily but could improve capacity utilisation by implementing three shifts per day.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
“Wellcall is seeing an upturn in orders, probably because of signs of recovery in the global
economy. It is operating at full capacity with a downsized workforce that the group may expandwhen business picks up further."
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #3 Aug.2009
该公司透露，管理层预见明年(2010)会逐渐复苏，公司目前的员工人数虽减少，但产能仍达“全满”情况。
http://www.nanyang.com/node/229345?tid=461Cached April.2009 - FY2009
In the third quarter under review, the Company achieved revenue of RM37.9 million compared to RM39.7 million in the corresponding quarter of FY2014. Profit before tax rose 16% year-on-year (‘y-o-y’) to RM11.2 million in the period, whilst net profit was 15% higher at RM8.5 million
For the nine months of FY2015, Wellcall reported revenue of RM119.8 million, delivering 10% y-o-y growth. Profit before tax in the nine-month period surged 32% to RM37.1 million, and whilst net profit jumped 31% to RM28.4 million.
The Board of Directors has also declared a third interim single-tier dividend of 2.3 sen per share, which adds up to a total single-tier dividend of 6.9 sen per share for the 9-month period in FY2015. Wellcall declared and paid total single tier dividend of 8.3 sen per share in FY2014, which translated to a dividend payout ratio of 93.5%.
Cost/Pricing
Similar to rubber glove manufacturers, Wellcall’s location in a natural rubber-producing region and proximity to petrochemical plants (source for synthetic rubber) enable it to enjoy logistical benefits in procuring raw materials. It also enjoys lower labour and land costs owing to the location of its plant in Perak.
One of Wellcall’s biggest advantages is that it can invest cheaply in new equipment, unlike most of its peers. Wellcall has its own proprietary design and fabricates its own mandrel production lines, with a payback period of two to three years. The machines are semi-automated, reducing labour requirements from four operators to one, and are able to generate a higher output of 14 to 18 hoses per shift (eight hoses per day before). Although the technology in use is superior to what is available in the market, the cost of fabrication is only about a quarter of the cost of buying a machine from third parties.
With lower investment requirements, Wellcall is able to achieve a high asset turnover, which is one of the main factors that contribute to its ability to achieve high returns on equity (25.2% and 24.3% for FY2007 and FY2008 respectively).
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
The group was also expected to invest in production automation and research to improve its productivity in line with its plan to decrease dependence on manual labour.
http://www.thestar.com.my/Business/Business-News/2013/05/16/Wellcall-Q2-earnings-down-105-to-RM493m-in-Q2/?style=biz May.2013 - FY2013
Both natural rubber and synthetic rubber makes up c.70% of Wellcall’s raw material cost. Prices of standard Malaysian rubber have fallen off its peak in 2011 to RM7.50/kg now. As 92% of Wellcall’s revenue comes from exports mainly quoted in USD, the recent weakening of MYR against the USD bodes well for its earnings upsides. Ceteris paribus, a 1% depreciation of MYR against USD will lead to an average 1% increase in net profit. Currently, MYR has weakened by 5% against the USD YTD.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Chew says the current overproduction of natural rubber, Wellcall’s main raw material, from Cambodia and Vietnam looks set to last for seven years.
“For instance, prices of EPDM (one of the highest range of synthetic rubber that Wellcall purchase) before this were stuck at US$4,000 (RM12,640) per tonne for a long time because there was a limited number of suppliers. It has dropped to US$2,800 (RM8,848) per tonne the last time I checked. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
Standard Malaysian Rubber 20 has tumbled 33% over the past year to RM5.20 per kg, Bloomberg data shows. The commodity averaged RM6.44 per kg during the period.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
SMR 20 price tumbled more than 35% to average RM5.20/kg compared to past years and this will further enhance the profit margin and it will not before long to see the price will surge in relation to the increasing profit.
http://www.lgm.gov.my/RightImpactBlowUpEN.aspx
Rubber price chart http://www3.lgm.gov.my/mre/YearlyAvg.aspx
The company will not hold stock for more than 2.5 month, and usually hold it only for one month. It is using natural hedge for its stock, and 40% of it is imported.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
Management
Wellcall’s managing director, Huang Sha, has more than 30 years of experience under his belt and has gone through two major recessions.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
Wellcall 的灵魂人物是 Huang Sha，一位入籍马来西亚的台湾人，拥有超过 30 年的橡胶喉生产经验，2002 年新增的三种产品也是他的杰作。Huang Sha 目前担任 Wellcall 的 MD，负责企业的发展方向和研发产品。
Leong hon Chong 属于董事，拥有良好的会计经验，目前负责销售部门。
Chew Chee Chek 最年轻，也同样拥有会计经验，唯一不同的就是他曾经做过关于投资银行的事务，就是负责收购，上市，重组债务，发放附加股，红股等等的经验。
三位老板各有所长，不过我还是觉得重点在 Huang Sha 身上。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
拉昔胡申投资研究指出，纬钜集团的新旧订单，都同时面对增长缓慢的问题，公司也预计今年内的需求会继续趋软，北美客户的需求也仍然疲弱。
http://www.nanyang.com/node/229345?tid=461Cached April.2009 - FY2009
该公司在2010财政年的净盈利成长了9.4%，从一年前的1334万令吉，增加9.4%至1460万令吉，而收益则由之前的7902万令吉扬升22.2%至9656万令吉。不过，2010年末季的净盈利却从一年前的445万令吉减少20.9%，至仅352万令吉。
周子杰说：“这是一个循环。公司的盈利胥视它如何管理原料价格和成长。” 他续称，公司的原料囤货将根据市场因素而调整。
(Feb.2011 - FY2011)
Chew mentioned that Wellcall does not hold stock of its products because production is based on a job order basis. This prevents overcapacity and price dumping.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
“The beauty of our business is that we don’t need to expand every year. Wellcall is a slow turtle,” quips Chew.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
Over the past five years it has returned almost 100% of its earnings to shareholders, with payouts exceeding 100% in some years. This strategy is deliberate. “If we have no other use for the cash, we will share the windfall with shareholders,” says Chew.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug2014 - FY2014
Wellcall Holdings Bhd ( Financial Dashboard) executive director cum substantial shareholder Chew Chee Chek has resigned from the company effective Feb 27, 2015 due to personal health reasons.Based on latest shareholding changes, Chew owns a 6.51% direct stake and an 0.17% indirect stake in Wellcall.
http://www.theedgemarkets.com/my/article/wellcall-substantial-shareholder-chew-resigns-board Mar.2015 - FY2015
Customers
Wellcall 90% 以上的客户都在外国，反而马来西亚的业务只是占了非常小的比率。当初成立公司时，也是针对美国，加拿大，和欧洲市场。过后才慢慢伸延到其他国家，目前 Wellcall 的业务遍布 60 多个国家，可是说是国际企业。以 2008 年的数据看到，Wellcall 最大的市场有欧洲，中东，亚洲和美国 (顺次序排列)。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
其出口市場90%為歐美與中東，在50國中有130名客戶。
http://search.sinchew.com.my/node/651818 Nov.2010 - FY2011
It has always been our strategy to focus on high-value products. We also provide a one-stop procurement for our customers to mix their products in one container.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
With 90% of its revenue derived from foreign markets, Wellcall exports to more than 60 countries. For the nine months ended June 30 2011, 23.4% of sales were from Asia, followed by the Middle East (19.9%), Europe (16.3%), USA/Canada (14.9%), Australia/New Zealand (9.6%), South America (12.3%) and Africa (3.6%). Malaysia only contributed 8.3% of sales. Chew said Wellcall is expanding its customer base in places such as Africa, Russia and Latin America.
Industrial hoses last from five weeks to eight months before they are replaced. Because of this, 85% to 90% of Wellcall’s sales come from the replacement market, said Chew. Because of the continuous demand for hoses in new and old machinery, one could say Wellcall enjoys a “compounding” demand for its products in the future.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
He said Wellcall should continue to see strong demand from multinational companies, particularly in Europe and North America, which outsource the production of their products to the company. "Wellcall is expecting the global outsourcing trend to continue as it has established a track record of being a reputable original equipment manufacturer," he said.
http://www.theedgemarkets.com/my/article/bullish-wellcall-expansion-mode-0 June.2012 - FY2012
In terms of clientele, Chew said the company, which also manufacturers synthetic rubber hoses, is focusing on industrial hoses for the oil and gas sector which command higher gross profit margins of 30% to 40%. The Ipoh-based hose manufacturer also produces hoses for users in the mining, automobile, and food and beverage industries.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
本地胶管制造商纬钜集团（WELLCAL，7231，主板工业产品股），计划将产能提升70%，以应付未来激增的美国新订单。纬钜集团执行董事周子杰接受《The Edge》访问时表示，公司的扩展大计将在近期定案，新增的70%产能将为北美及南美洲的顾客服务，其余产能则应付现有的顾客订单。“这些顾客的大批订单，可能需要较高的物流成本。” 他说，公司已进入美国市场，不过，经过3个星期的美国市场行销考察后，发现必须采取不同的策略应对美国市场需求。“我们必须大量生产迎合（美国）市场需求。”
截至9月30日（2012财年），美国订单占该公司总销量的15.63%或3020万令吉，相较2011财年的1840万令吉，增幅接近两倍。南美洲在去年为公司带来1690万令吉的订单，相较前年扬升19.64%。
http://www.nanyang.com/node/563185 Sept.2013 - FY2013
Its products are exported to 60 countries across all continents, mostly to foreign distributors, which in turn supply to original equipment manufacturers. In its previous financial year ended Sept 30, 2013 (FY13), exports made up 91% of the group’s turnover, with the bulk of it shipped to Asia. Domestic sales accounted for only 9%.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
“Most of our exports previously went to the United States, Europe and the Middle East, but Asia is now our largest market, Wellcall also export to China,” Chew quips.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009 Aug.2014 - FY2014
He believes sales of hoses related to the mining and oil and gas industries will continue to be robust, citing the need for hoses following an agreement between China and Russia that will see the latter sell piped gas to China.
Wellcall’s own performance has rebounded since the second half of FY13, helped by the economic recovery in the United States and Europe, plunging raw material prices and a stronger US dollar.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
http://starstockmalaysia.blogspot.co.uk/2015/01/wellcal-well-you-can-call-it-stock.html
Shale / unconventional mining for oil & gas is a new customer field for the company. Oil & Gas account for 20% of the company revenue. Although the oil price is falling down and some driller is shutting off their operation, but midsize and large oil field is still profitable with some expanding their mining area, thus not all O&G is affected. One of the promising area for new customer is Australia where Shale mining cost is substantially lower.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
Competitors
Financial highlights
Borrowings
WELLCALL wishes to announce that Wellcall Hose (M) Sdn. Bhd., a wholly owned subsidiary of WELLCALL has accepted the following financing facilities granted by HSBC Amanah Malaysia Berhad for the following purpose:-
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1098893 Dec.2014 - FY2015
There are two term loan for the factory plant as the company opted for a 50:50 internal & external funding. One term loan is USD 3.3 million, another is RM 10 million.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
Shareholdings
WellCall 最大股东是 LIFEWISE ALLIANCE SDN. BHD.，拥有 31.75% 的股份。我推测这间公司是由三个股东形成，大家拥有相同的股份。
1。Huang Sha (53)
2。Leong Hon Chong (63)
3。Chew Chee Chek (38)
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
A London based asset management company Mondrian Investment Partners Ltd with its growth story and attractive dividend yield. It has its stake in the industrial rubber hose manufacturer and exporter by about 62% in less than two months. Between Aug 2 and Sept 19 2013, it bought 5.02 million shares to raise its shareholding to almost 10%.
Other funds include iCapital.biz holds 320000 shares in the company.
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=13 #245 Nov.2013 - FY2014
It counts London-based Mondrian Investment Partners Ltd and a number of institutional funds as shareholders. Mondrian is its second-largest shareholder with a 9.83% stake, filings show. They were probably attracted by Wellcall’s generous dividends.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug2014 - FY2014
另一方面，該公司管理層強調，由於擁有4050萬令吉現金，而且零債務，所以該公司將繼續派發現金予股東。此外，管理層透露，若今年末季沒出現巨幅的資本開銷，該公司將在現財政年提高派息率，以回饋股東。該公司過往的派息率是介於52.5至64.3%。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #2
It is also worth noting that Wellcall has been generous in declaring dividends. Based on its
share price of 85 sen, CIMB says the company’s gross dividend yield is attractive at 10.7%
compared with 3.9% for the rubber glove makers listed on Bursa Malaysia.
http://www.theedgemarkets.com/my/article/wellcall-sees-recovery-orders April.2009 - FY2009
分析师预测，假定纬钜集团没有在2011财政年着手大规模扩充，该公司将把现财政年全部净收益拨作股息。联昌投资银行高级分析师指出：“我预测2011年将达100%股息派发率。”
周子杰称，在2010财政年，该公司已拨出1460万令吉净盈利中的约98%作为股息，基于1亿3183万已发行股票基础，这相等于每股现金11仙。以公司截至1月31日止闭市价1.20令吉为例，上述派发率可转换为9%周息率。
(Feb.2011 - FY2011)
Over the past five years it has returned almost 100% of its earnings to shareholders, with payouts exceeding 100% in some years. This strategy is deliberate. “If we have no other use for the cash, we will share the windfall with shareholders,” says Chew.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug2014 - FY2014
Corporate exercise
纬钜集团原本是第二板上市公司，过后它进行以2送1比例派送红股，在完成派发红股之后，该公司的股本已从的8千530万股增至1亿2千800万股，每股面值50仙的普通股，并成功转至主板交易。
http://www.nanyang.com/sidelines/sidelines_articleDetail.asp?type=D&ID=177265&sID=9&cID=33 Aug.2010 - FY2010
纬钜集团拟把每股面值50仙的1股普通股，拆为每股面值20仙的2.5股，以扩大投资者群和提升股票流动量。截至11月25日，集团缴足股本为6633万3007.5令吉，包含1亿3266万6015股。完成股票分拆后，集团缴足股本是6633万3007.5令吉，包含3亿3166万5037.5股。
http://www.nanyang.com/node/581466?tid=702. Nov.2013 - FY2014
Bear case
Bull case
News/Growth
由於緯鉅集團（WELLCAL，7231，主板工業股）的訂單數量自3月開始呈緩慢提升的跡象，該公司管理層預測今年下半年的需求將維持疲軟，也意味著該公司在明年才能逐步復甦。緯鉅集團管理層向拉昔胡申研究分析員透露，其新舊客戶的訂單數量緩慢提升。這是因為該公司一些國內外競爭者結束營業，及該公司激進的市場行銷及定價策略。該公司管理層預計，來自北美的需求繼續走弱，所以預料該公司在明年才能逐步復甦。
分析員稱，緯鉅集團已在原料價格走低中獲益。天然膠價（SMR20）已從1年前下跌約31%，至每公斤6.60令吉。再者，該公司截至6月杪，手握4050萬令吉現金，所以能以更廉宜的價格囤原料庫存。同時，該公司以現金買進庫存的舉動讓它進一步節省或享有折扣。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #2
He said the market for industrial hoses has a growth of 4% to 5% a year. The outlook for the rubber hose industry is still positive with original equipment manufacturers (OEM) continuing to outsource their requirements.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
该公司也探讨通过收购位于其在霹雳州的现有厂房附近的地段来扩大其产能，及安置更多的自动化机械来改善生产效率。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=5 #83 March.2012 - FY2012
纬钜集团（Wellcal，7231，主板工业产品股）以463万4480令吉，在霹雳近打收购了一块占地8.16英亩的有期地契工业地。纬钜集团今日向马交所报备，配合收购有关土地，独资子公司Wellcall Hose（马）私人有限公司已和卖家傅锦伟（译音）签署买卖协议。纬锯集团指出，公司目前在怡保拿乞的工厂土地以全面兴建，已没有进一步扩展的空间。“本集团可使用新收购的土地来兴建新厂房，以迎合预计进一步增加的工业橡胶管（rubber hose）需求，以及未来的业务增长。”集团预计，这收购计划会在今年下半年完成，而且不会影响它截至2012年9月30日止的股本、盈利、净资产和负债水平。
http://www.nanyang.com/node/453882 June.2012 - FY2012
緯鉅積極購地擴展，並計劃透過融資支付款項，令人大感意外，若確定進行融資，該公司將有能力維持派息。該公司日前宣布以460萬令吉或相當于每平方呎13令吉，購置怡保一塊面積達8.2英畝用地。
購地消息並不讓人意外，因為該公司管理層在2、3年前就已有擴充計劃，新廠房建設資本開銷預計需要3000萬令吉，若計劃進展順利，新生產線將在2013年底完工。
緯鉅計劃在2013財年融資1200萬至1500萬令吉，這項計劃讓人意外，因為自06年掛牌至今，公司並未有人和融資計劃，截至3月底，緯鉅手上現金達3900萬令吉。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=6 #102 June.2012 - FY2012
The research institute said moving forward Wellcall would focus more on expanding and tailoring its products for the O&G segment as it fetches higher profit margins of 30-40 per cent.
It said the company was expected to finalise a land acquisition for a new factory in Lahat, Perak soon, which was part of its capacity expansion plan to boost future earnings.
http://www.bernama.com/bernama/v8/bu/ Aug.2013
緯鉅集團（WELLCAL，7231，主板工業產品組）第三廠計劃延遲，資本開銷料增至4千500萬令吉以上，預計首期工程將在2015年6月竣工。該公司執行董事周子傑在股東大會及特大會後表示，第三廠計劃延遲，主要是收購土地時機剛好遇上大選因素、地段轉換程序及賣家融資而延遲，導致去年11月才完成收購。他說，目前還在計算建設第三廠的開銷，以獲得董事成員認可，因事隔一年，各方面成本上揚，預計設廠資本開銷將比早前預測的還要高，從3千800萬增至4千500萬令吉以上。“首期工程設有16條生產線，預計打樁工程於今年5至6月開始，2015年6月可嘗試運作，料增加40%至50%產能，其餘產能將納入第二期工程。”去年該公司原本預定第三廠房將在2015年首季竣工，以迎合未來5年市場需求。
http://biz.sinchew.com.my/node/90714?tid=6 Feb.2014 - FY2014
Its impressive earnings growth track record aside, Wellcall’s share price has tumbled from its peak of RM2.25 in February 2007 to a low of 79 sen. Nonetheless, CIMB Research believes that Wellcall’s current share price of around 90 sen has already factored in most of the negative news.
“The worst is probably reflected in Wellcall’s share price. Ex-cash, the stock is trading at only 4.5 times price-earnings ratio,” CIMB comments
According to the research outfit, Wellcall’s management has actually seen the current demand situation improve since the slowdown it experienced in September last year, when the company began to feel the full impact of the global economic crisis.
“Since March, customers have placed new orders probably because they have run down their inventories. Although the orders are small, they could pick up over the next few months on signs of a recovery in the global economy,” says CIMB in a note.
http://www.theedgemarkets.com/my/article/wellcall-sees-recovery-orders April.2009 - FY2009
Wellcall Holdings Berhad (“Wellcal”) is a global and the largest industrial rubber hose manufacturer in Malaysia. It is an investment holding company, engages in the manufacture, sale, and export of industrial rubber hose and related products. Its products are used in various application markets, such as air and water, welding and gas, oil and fuel, automobile, ship building, and food and beverage markets. The company primarily serves customers who are in the business of distributing rubber hose to original equipment manufacturers and manufacturers. It markets its products in Malaysia, the Middle East, Europe, the United States, Canada, Australia, New Zealand, Asia, Africa, and South America. The company was founded in 1996 and is based in Ipoh, Malaysia.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Wellcall Holdings Bhd specialises in the manufacture of industrial rubber hoses and is now the largest exporter of rubber hoses and tubes in Malaysia. It started operations at its sole plant in Kinta, Perak, back in 1996. It was listed on the Second Board of Bursa Malaysia in July 2006 and was subsequently transferred to the Main Board in March last year.
The company continued to register sales growth and even expanded production during the 1997/98 Asian financial crisis as the devaluation of the ringgit improved the competitiveness of its products. However, the company is not immune to a slowdown in economic activity, which may lengthen the replacement cycle for its products.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
WellCall 成立于 1996 年，是一间专门生产橡胶喉 (Rubber hose) 的公司，刚开始时主要生产三种产品:
1。air and water hose,
2。oil hose
3。welding hose
到了 2002 年，公司开始注重于发展，也同时研究了三种新的产品，就是
4。food and beverage hose
5。chemical hose
6。steam hose
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
Founded in 1996, Wellcall is a maker of wide range of industrial rubber hoses that cater to various applications markets such as industrial and construction site, automobile, petroleum, oil and gas, sea/land transportation, food and beverage, shipyard etc.
(NTAsian discovery fund June.2009)
Huang added, “We are also truly honoured with the recognition bestowed on Wellcall as the “Largest Exporter of Dry Rubber Products” by the Malaysian Rubber Export Promotion Council (‘MREPC’). This is yet another milestone for Wellcall in our growing success in contributing to Malaysia’s rubber product exporting markets in recent years.”
(Press release Aug.2015 - FY2015)
Business operation
Industrial hoses wear out quickly due to their heavy usage and typically have short lifespans, lasting around one week to nine months, before they need to be replaced. The replacement market contributes about 80% to 90% of Wellcall’s sales.
The market for industrial hoses is mature and achieving a meagre growth of 4% to 5% a year. However, Wellcall has been able to buck the trend, achieving an impressive compound annual growth rate of 33% and 25% in revenue and net income respectively from 2006 to 2008. Its low-cost base has allowed it to be more aggressive in pricing and in turn capture market share from inefficient producers. Some have desperately resorted to dumping recently but despite lower prices, Wellcall is still able to maintain positive margins.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
Its products are sold mainly to distributors and end customers from a diverse range of industries, comprising air and water, oil and fuel, welding and gas, automobile, shipbuilding and food and beverage. Its customer base is wide geographically, with Asia accounting for 25% of its sales last year, followed by the Middle East (22%), Europe (21%), North America (15%), Australia/New Zealand (8%), South America (6%) and Africa (3%). Malaysia only accounts for 6.3% of sales.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
(NTAsian discovery fund June.2009)
The company currently has a workforce of 350 staff with in-house R&D. Wellcall can produce the extruded type of hoses from the smallest bore size of 3/16" to the largest 2" including larger bore sizes for mandrel hoses.
(NTAsian discovery fund June.2009)
According to the research house, industrial hoses, on average, last about six to seven months. “Even if a customer does not acquire new machinery, industrial hoses used in existing machinery still need to be replaced on a regular basis,” it says.
Under the circumstances, the replacement market would serve as a buffer for Wellcall even
though there is a slowdown in new industrial activity.
Under the circumstances, the replacement market would serve as a buffer for Wellcall even
though there is a slowdown in new industrial activity.
http://www.theedgemarkets.com/my/article/wellcall-sees-recovery-orders April.2009 - FY2009
目前纬钜集团是国内最大的工业橡胶软管生产商，有关产品主要是供建筑、汽车与工业用途。该公司超过95％的营收是来自海外市场，出口到全球超过60个国家，可说是一家出口导向的公司。
由于市场对于纬钜集团的两项产品——橡胶软管、挤压型塑胶产品的需求殷切，导致该公司无法跟上订单的速度，滞后期平均达到3至4个月。为了解决订单滞后的问题，纬钜集团在2006年开始采用半自动橡胶软管生产线，除了把滞后期缩短到1至2个月，也提高了产品品质。由于胶管产品平均可用周期只有短短的1个星期至9个月，因此，其产品偏短的“生命周期”，自然会创造庞大的替换市场。所以，就算客户没有没有购买新机械，纬钜集团的订单还是源源不绝，这每年都为该公司的营收提供有力支撑。此外，由于市况不佳或导致同业停止营业，这使到纬钜集团有机会提高市占率，因为它拥有谨慎的管理层及强大的财务能力。
管理层透露，制造营运部的新兴工业地位已在6月到期，目前正寻求展延。因此，兴业研究表示，假设公司无法获得新兴工业地位展延，将下调2010财政年淨利预测7%至1460万。
http://www.nanyang.com/sidelines/sidelines_articleDetail.asp?type=D&ID=177265&sID=9&cID=33 Aug.2010 - FY2010
Wellcall’s products are sold to distributors and end customers in major application markets. These include the air and water hose, welding and gas, oil and fuel, automobile, ship building, and the food and beverage (F&B) markets.
Unlike rubber glove companies that cater for the mass market, Wellcall produces more for the niche markets, especially in the oil and gas (O&G) sector. “Wellcall’s products are tailor-made and meant for the niche segment. So it is easier to pass cost increases to customers,” Chew said. “One reason we are able to sustain a high margin is that not many are able to produce hoses for the O&G sector,” Chew said.
Wellcall has been focusing on high-value products in the F&B, O&G and mining sectors, riding on the commodity trend and increased mining activities in gold, iron and oil, he elaborated.“It has always been our strategy to focus on high-value products. In addition, we provide a one-stop procurement for our customers to mix their products in one container,” he said.
Chew said the specialised high value products in these sectors also have higher profit margins, and Wellcall will continue to focus its research and development (R&D) in these sectors.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
工业塑胶管生产商--纬钜集团（Wellcal，7231，工业产品组）冀推动旗下油气业务，以迎合该领域的成长需求，并藉此获得更佳的赚幅。纬钜集团执行董事周子杰表示，油气业盈利赚幅介于20至40%之间。他在纬钜集团于昨日举办的股东年度大会上说：“油气业是一个有利可图的领域。产品定价较为简易，因它必须迎合高企的需求水平。”油气业塑胶管生产业务目前大约占纬钜集团年度营业额的30%。
该集团也涉足其余5项主要的应用市场，即空气与水源、焊接与气体、汽车、造船和饮食业。空气与水源塑胶管生产业务是纬钜集团第二大贡献者，盈利赚幅介于18至22%。基于其高使用率的缘故，工业塑胶管一般上寿命较短，仅维持1周至9个月，因此它们需要经常更换。纬钜集团主要进行出口导向活动，在全球60个国家拥有业务。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=5 #83 March.2012 - FY2012
While Wellcall produces hoses for other large contract manufacturers in the original equipment manufacturer market, the company is also expanding its global reach at the expense of smaller foreign rivals which do not have the means to compete in a more challenging landscape.
“We are confident as we are operating in a replacement market,” Chew told The Edge Financial Daily.
As such, Chew said there is a need for Wellcall to increase output otherwise the company would be at risk of losing potential orders, especially since it has used up about 80% of its existing production capacity.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
The company manufactures two types of rubber hoses: mandrel and extrusion. Mandrel is the higher margin product. The company will focus on manufacturing mandrel hoses for three uses: air and water, welding and gas, and oil and fuel industries.
Wellcall’s products are sold to distributors and end customers in major application markets. These include the air and water hose, welding and gas, oil and fuel, automobile, ship building, and the food and beverage (F&B) markets.
Unlike rubber glove companies that cater for the mass market, Wellcall produces more for the niche markets, especially in the oil and gas (O&G) sector. “Wellcall’s products are tailor-made and meant for the niche segment. So it is easier to pass cost increases to customers,” Chew said. “One reason we are able to sustain a high margin is that not many are able to produce hoses for the O&G sector,” Chew said.
Wellcall has been focusing on high-value products in the F&B, O&G and mining sectors, riding on the commodity trend and increased mining activities in gold, iron and oil, he elaborated.“It has always been our strategy to focus on high-value products. In addition, we provide a one-stop procurement for our customers to mix their products in one container,” he said.
Chew said the specialised high value products in these sectors also have higher profit margins, and Wellcall will continue to focus its research and development (R&D) in these sectors.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
工业塑胶管生产商--纬钜集团（Wellcal，7231，工业产品组）冀推动旗下油气业务，以迎合该领域的成长需求，并藉此获得更佳的赚幅。纬钜集团执行董事周子杰表示，油气业盈利赚幅介于20至40%之间。他在纬钜集团于昨日举办的股东年度大会上说：“油气业是一个有利可图的领域。产品定价较为简易，因它必须迎合高企的需求水平。”油气业塑胶管生产业务目前大约占纬钜集团年度营业额的30%。
该集团也涉足其余5项主要的应用市场，即空气与水源、焊接与气体、汽车、造船和饮食业。空气与水源塑胶管生产业务是纬钜集团第二大贡献者，盈利赚幅介于18至22%。基于其高使用率的缘故，工业塑胶管一般上寿命较短，仅维持1周至9个月，因此它们需要经常更换。纬钜集团主要进行出口导向活动，在全球60个国家拥有业务。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=5 #83 March.2012 - FY2012
While Wellcall produces hoses for other large contract manufacturers in the original equipment manufacturer market, the company is also expanding its global reach at the expense of smaller foreign rivals which do not have the means to compete in a more challenging landscape.
“We are confident as we are operating in a replacement market,” Chew told The Edge Financial Daily.
As such, Chew said there is a need for Wellcall to increase output otherwise the company would be at risk of losing potential orders, especially since it has used up about 80% of its existing production capacity.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
The company manufactures two types of rubber hoses: mandrel and extrusion. Mandrel is the higher margin product. The company will focus on manufacturing mandrel hoses for three uses: air and water, welding and gas, and oil and fuel industries.
http://www.theedgemarkets.com/my/article/wellcall’s-expansion-meet-five-year-demand-growth Oct.2013 - FY2014
Its main market is the rubber hose replacement market. Currently (Nov 2013), air and waste hoses contribute most to its revenue (43%), followed by gas and welding (20%) and oil and gas (31%).
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=13 #245 Nov.2013 - FY2014
Its main market is the rubber hose replacement market. Currently (Nov 2013), air and waste hoses contribute most to its revenue (43%), followed by gas and welding (20%) and oil and gas (31%).
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=13 #245 Nov.2013 - FY2014
It makes rubber hoses for six major applications, namely air and water, oil and fuel, welding and gas, shipbuilding, automobile, and food and beverage.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
Wellcall sells two types of hoses: mandrel and extrusion. The latter are smaller-sized with a diameter of 5cm and below. Mandrel hoses are more lucrative for the group, The gross profit margins ranging from 20% to 70% for its products and depending on product specification and geographical area., Chew says.
Even so, Wellcall does not plan to discontinue its extrusion lines as it is one of the few manufacturers in the world that allows clients to mix and match hoses in a single order, a niche service that has earned it a steady following.
While the global industrial hose market grows at a seemingly modest pace of 4%-5% a year, Wellcall is expanding to satisfy demand in Asia, and after production at its existing plants peaked in recent years. Factory 2 is running on full capacity at 85%-90% since May, the first time it has done so since Wellcall was listed, says Chew. The mandrel lines at Factory 2 operate 24 hours a day.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
Wellcall is cash-rich because it insists on a 50% cash deposit upfront for all purchase orders, and up to 100% cash in riskier markets.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
The product breakdown is a rough estimate. These top 3
contributor normally contribute 80% of the revenue.
1) Air & water 40%
2) Oil & Gas 25%
3) Gas & Welding 15%
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
Incorporated
in 1996, Wellcall Holdings Berhad (“Wellcall” or “the Company”) is the largest
manufacturer of low and medium pressure industrial rubber hoses in Malaysia.
The Company is engaged in the business of manufacturing mandrel and extrusion
rubber hoses, catering to various application markets such as air & water,
oil & gas, welding, automobile, ship building and food & beverages.
Wellcall exports 90% of its products, covering more than 70 countries in
Europe, the United States, Canada, Asia, Middle East, South America, Australia,
New Zealand and Africa.
With the
commissioning of the new plant, Wellcall currently operates at three (3) plants
located in Ipoh, Perak. The first plant is used for the production of Extrusion
hoses, with total monthly capacity averaging 1.8 million LMS. The second plant
is used for the production of Mandrel hoses, with total monthly capacity
averaging 185,000 LMS. The third plant, which commenced its final stage of
trial run in August 2015, targeting an initial monthly capacity of 94,000 LMS
in Mandrel / Spiral hoses.
Wellcall is
led by an experienced management team with over 35 years of industry knowledge.
Its operations are accredited by independent third party organisations for
product quality assurance and recognitions such as SGS, Lloyd’s Register,
Flinders Cook, SIRIM QAS International, and Malaysia Rubber Board - testament
to the quality and reliability of Wellcall’s product range.
(Press release Aug.2015 - FY2015)
Production lines
The company uses two different processes to manufacture the rubber hoses. The extrusion
method is used to produce hoses with a diameter of less than two inches. In this process,
unvulcanised rubber is forced through a die to form hoses of the desired shape and size. As for hoses exceeding two inches in diameter, these are made by wrapping rubber sheets around a mandrel (solid cylinder made of metal).
At present, Wellcall has 32 mandrel and 16 extrusion lines. It operates on two shifts daily but could improve capacity utilisation by implementing three shifts per day.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
“Wellcall is seeing an upturn in orders, probably because of signs of recovery in the global
economy. It is operating at full capacity with a downsized workforce that the group may expandwhen business picks up further."
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #3 Aug.2009
该公司透露，管理层预见明年(2010)会逐渐复苏，公司目前的员工人数虽减少，但产能仍达“全满”情况。
http://www.nanyang.com/node/229345?tid=461Cached April.2009 - FY2009
由于市场对于纬钜集团的两项产品——橡胶软管、挤压型塑胶产品的需求殷切，导致该公司无法跟上订单的速度，滞后期平均达到3至4个月。为了解决订单滞后的问题，纬钜集团在2006年开始采用半自动橡胶软管生产线，除了把滞后期缩短到1至2个月，也提高了产品品质。
http://www.nanyang.com/sidelines/sidelines_articleDetail.asp?type=D&ID=177265&sID=9&cID=33 Aug.2010 - FY2010
“若其工厂使用率达到危机前的约90%，纬钜集团产能的扩充相当合。其现有使用率约为80%。” 基于现有使用趋势，周子杰相信该公司将会在今年下半年考虑扩充其产能。他补充，公司仍评估扩充地点。 纬钜集团在一幅11.6英亩地产拥有2间工厂，常年生产产能2万2000公吨工业树胶管。
(Feb.2011 - FY2011)
To counter the effects of rising raw material costs and the strengthening ringgit, Chew said that apart from pricing up its products, Wellcall has improved efficiency by transforming its manufacturing process.
“Wellcall has been improving its efficiency in the manufacturing process by converting older manual machines to semi-automated ones. This exercise is an ongoing programme to cut labour costs,” he said, adding that in certain divisions, Wellcall has managed to reduce the workforce by up to 40%.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
Wellcall also has the advantage of investing in new equipment cheaply, he said. “We save up to about eight times in cost compared to our peers, as we have our own proprietary design and we fabricate our own mandrel production lines. Our return on equity is just two to three years,” he said.
The high cost of equipment in this industry also acts as a barrier to entry which means Wellcall has no significant competitors in Malaysia.
With its current production utilisation reaching 80%, Chew said Wellcall is looking for suitable land near its present location in Ipoh for expansion. With a workforce of 400 on a 5ha factory plot, Chew said Wellcall’s operations are not labour intensive, but capital intensive.
Wellcall uses two methods to manufacture its hoses. The extrusion method is used to produce hoses with a diameter of less than 6cm. For hoses exceeding 6cm in diameter, the mandrel method is used. Wellcall currently has 22 extrusion lines and 32 mandrel lines.
The production lines have an output capacity of up to 30,000 tonnes of rubber hoses a year if run on three shifts a day, and up to 22,000 tonnes on two shifts.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
WELLCALL HOLDINGS BHD, the country's largest exporter and producer of industrial rubber hoses, expects to increase its production capacity by 40% and profit margins to improve when its new factory is built, according to executive director Alex Chew.
He said the factory will be built on a 3.3ha site 1km away from its existing factories in Kinta, Perak. On Wednesday, Wellcall entered into a sale and purchase agreement to acquire the land for about RM4.6 million.
"Our production utilisation rate is currently around 80%. The new factory will allow Wellcall to meet the rising demand for its products," Chew told The Edge Financial Daily.
According to Chew, CONSTRUCTION of the new factory is expected to start at the end of the year and completed by 3Q13. Commercial production is expected to start end-2013, he added. The factory will house production lines for its mandrel hoses, which command higher margins than the extrusion hoses, said Chew.
Wellcall plans to allocate about RM25 million in capital expenditure to cover the cost of the land, factory building and machinery, he said. "We are looking at taking a term loan to fund the factory and land amounting to about RM13 million," said Chew. The term loan will mark Wellcall's first borrowing since its listing in 2006. As at end-March, Wellcall had cash reserves of RM39.4 million.
When asked how the loan would affect Wellcall's dividends, Chew said: "Wellcall hopes to continue paying dividends at its existing payout ratio and will definitely continue to maintain its minimum payout of at least 50% of net profit." Wellcall paid dividends of 12 sen, representing 103% of its net profit, for FY11.
http://www.theedgemarkets.com/my/article/bullish-wellcall-expansion-mode-0 June.2012 - FY2012
As such, Chew said there is a need for Wellcall to increase output otherwise the company would be at risk of losing potential orders, especially since it has used up about 80% of its existing production capacity.
Wellcall’s expansion plan is divided into two phases. The first phase will raise the company’s annual capacity to 42,000 tonnes by end-2013 from the existing 30,000 tonnes a year
“The second stage will depend on our utilisation rate,” Chew said. Timing is crucial when growing its rubber hose output as the manufacturer does not want to flood the market with too much supply, which would not bode well for prices.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
In June, Wellcall acquired a vacant 3.3ha plot of leasehold industrial land in Perak’s Kinta enclave for RM4.63 million cash.
The capacity expansion is crucial as Wellcall’s existing facilities nearby have no room for more production space, the company said.
Wellcall is expected to take up a US dollar loan facility to finance its production capacity expansion which is estimated to cost between RM25 million and RM45 million. Chew said Wellcall wants to capitalise on still-cheap access to US dollar funding, which also serves as a “natural hedge” to the manufacturer’s export-oriented business, which is conducted in the greenback. “We are looking at US dollar or ringgit-based bank borrowings,” Chew said.
Taking on debt is pivotal to conserve the company’s cash reserves for dividend payments to shareholders. Debt-free Wellcall had cash of RM39.42 million as at March 31 this year, its latest balance sheet shows. Chew said the company has a dividend policy of rewarding shareholders with at least half of its annual net profit.He said the US dollar loan is the company’s first debt facility since its listing on Bursa Malaysia in July 2006.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
该公司目前正等待州政府机构批准，计划在未来数月购下怡保一块8.63英亩的99年租借地契地段，该土地有0.5英亩地段为填土地。他说，新厂房将分两阶段进行，预计在2014年中设立，届时有助公司产能提升60%至70%。“首阶段工程将建设基本基础设施，在完工后，公司产能可增加至少40%，由目前的3万3000公吨增至4万6000公吨，在获得更多订单及第一期产能达至顶限后，我们将进行第2期发展工程，到时产能可再增加20%至30%，或相当于1万公吨。”他形容这个4至5年一次扩展计划为“具有意义的扩充计划”，新厂房将设有先进精密机械，用作芯棒胶管生产。
http://www.nanyang.com/node/563185 Sept.2013 - FY2013
The company runs on a Just-in-time (JIT) production model which minimizes results in a very lean model, In fact, as at FY12, average trade receivables is stood at 14 days vs its peers of 43- 61 days.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Managmenet indicated that its land acquisition for the new factory should be concluded in few months time. Upon expansion, the group’s overall production capacity is projected to increase by 70% (from the current 33,000 tonnes to 56,100 tonnes p.a.) within 3 years time.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Wellcall Holdings Bhd says its third factory, slated for completion in the first quarter (1Q) of 2015 will meet the market demand for its products over the next five years. “We are currently in the process of finalising the factory layout and machinery,” said executive director Alex Chew Chee Chek during his session at the iCapital.biz Bhd Investor Day 2013 last Saturday.
The new factory will be built on a tract measuring about 3.3ha located 1km away from its current factory site in Lahat, Perak. The company has also reclaimed land in the past few months to expand the total land area to approximately 3.5ha.
“This expansion is expected to increase the capacity of only the mandrel hose section ... by 100% in two stages and up to 70% of the total manufacturing capacity,” said Chew, adding that the company’s expansion has always been demand driven.“Every time we expand, it is a meaningful expansion. We don’t want to end up with excess capacity that will put pressure on our pricing.”
Wellcall’s last expansion was in 2006, when its capacity more than doubled.
The company is looking at capital expenditure (capex) ranging from RM35 million to RM38 million in two stages for the third factory. The bulk of the capex will be used in the first stage to invest in more sophisticated machines, mandrel machines with different specifications, targeting the North American mass market which the company intends to penetrate.
The expansion will see the company gear up, with 50% of the capex funded by short-term borrowings.
http://www.theedgemarkets.com/my/article/wellcall’s-expansion-meet-five-year-demand-growth Oct.2013 - FY2014
联昌国际投行分析员指出，该公司之前建议购地建新厂的交易已经在本月完成。包括机器在內，分析员估计其资本开销总额將达3000万令吉。「一旦扩充计划在2014年杪完成，该公司的心轴树胶管（mandrel hose）產能將增加50%，至每年3万8000公吨。与挤压树胶管（extrusion hoses）相比，心轴树胶管提供较高的盈利赚幅。」分析员也表示，瑋鉅集团的树胶管需求已经在2013財政年下半年开始增加，这与先进国的经济復甦跡象一致。
http://cnews.cari.com.my/news.php?id=493648 Nov.2013 - FY2014
During the Lehman brother crisis started in late 2008, Wellcall experienced some of its clients, spooked by the global financial meltdown, cancelled 50% of their orders overnight in November 2008. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
“It was then that Wellcall realised it could no longer rely on manual labour and embarked on an overhaul of its processes,” Chew says.
Today the group operates on a fraction of the manpower it used to employ. In the past, four people managed one line for Mandrel Production Line, producing eight hoses per shift. Its semi-automated mandrel production lines, mostly by a single worker, outputs 22 to 26 hoses per shift for average diameter industrial hose of three (3) to six (6) inches.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
Wellcall spent RM4mil instead of RM32mil on its 32 mandrel production lines excluding other secondary equipment and supporting machineries in Factory 2, Chew explains.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
“We saved money by hiring a retired mechanical engineer to design and refurbish a semi-automated mandrel line. “It was a risk for us as this was our longest line at 60m. The South Korean firm would have done it for a much pricier RM1mil per line.” All this forms part of Wellcall’s stringent “cost down, value up” philosophy, according to Chew.
Although the total cost for Factory 3 has yet to be finalised, Wellcall is setting aside some RM41mil-RM45mil, inclusive of land acquisition, Chew points out.
The firm plans to secure an Islamic term loan of between RM18mil-RM20mil with a five-year tenure. It is also targeting to be syariah-compliant come the end of the year, when the Securities Commission updates its list of syariah-compliant stocks. It is aiming to keep the payback period for Factory 3 within three years. For comparison, Wellcall recouped its investment for Factory 2 in one year and eight months, Chew says.
Factory 3 will feature some 18 mandrel production lines at Stage I, but the final decision on the spiral line will be made once the group has weighed all the risks.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009 Aug.2014 - FY2014
The third factory is under building, ready to be commission by July 2015. It will take few months to see the result. It cost roughly RM40+ million to build the factory.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
News
膠管產品外銷70多個國家、每月產能約140個貨櫃的主要板上市公司緯鉅（WELLCAL，7231，主要板工業），在霹靂州彭卡蘭工業區舉行第3廠落成啟用典禮，持續提高產能並擴大市場。
該公司董事經理黃沙透露，隨著啟用第3間工廠，將可滿足龐大訂單的需求，新廠朝向現代化、自動化生產，落實質量同步提升的目標，也可望為傳統產業開啟全新的生產管理模式。
緯鉅于25日（週六）由主席拿督黃炳火、董事經理黃沙及董事陳江盛等人主持落成啟用儀式，由于恰逢創業20周年、上市10年，加上第3廠啟用「三喜臨門」，特于25日晚間在怡保舉行盛大慶祝晚宴，霹靂州行政議員拿督馬漢順及駐馬台北經濟文化辦事處公使程祥雲等貴賓亦蒞臨致賀。
3QFY2015 (FY-end-Sept2015)“若其工厂使用率达到危机前的约90%，纬钜集团产能的扩充相当合。其现有使用率约为80%。” 基于现有使用趋势，周子杰相信该公司将会在今年下半年考虑扩充其产能。他补充，公司仍评估扩充地点。 纬钜集团在一幅11.6英亩地产拥有2间工厂，常年生产产能2万2000公吨工业树胶管。
(Feb.2011 - FY2011)
To counter the effects of rising raw material costs and the strengthening ringgit, Chew said that apart from pricing up its products, Wellcall has improved efficiency by transforming its manufacturing process.
“Wellcall has been improving its efficiency in the manufacturing process by converting older manual machines to semi-automated ones. This exercise is an ongoing programme to cut labour costs,” he said, adding that in certain divisions, Wellcall has managed to reduce the workforce by up to 40%.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
Wellcall also has the advantage of investing in new equipment cheaply, he said. “We save up to about eight times in cost compared to our peers, as we have our own proprietary design and we fabricate our own mandrel production lines. Our return on equity is just two to three years,” he said.
The high cost of equipment in this industry also acts as a barrier to entry which means Wellcall has no significant competitors in Malaysia.
With its current production utilisation reaching 80%, Chew said Wellcall is looking for suitable land near its present location in Ipoh for expansion. With a workforce of 400 on a 5ha factory plot, Chew said Wellcall’s operations are not labour intensive, but capital intensive.
Wellcall uses two methods to manufacture its hoses. The extrusion method is used to produce hoses with a diameter of less than 6cm. For hoses exceeding 6cm in diameter, the mandrel method is used. Wellcall currently has 22 extrusion lines and 32 mandrel lines.
The production lines have an output capacity of up to 30,000 tonnes of rubber hoses a year if run on three shifts a day, and up to 22,000 tonnes on two shifts.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
WELLCALL HOLDINGS BHD, the country's largest exporter and producer of industrial rubber hoses, expects to increase its production capacity by 40% and profit margins to improve when its new factory is built, according to executive director Alex Chew.
He said the factory will be built on a 3.3ha site 1km away from its existing factories in Kinta, Perak. On Wednesday, Wellcall entered into a sale and purchase agreement to acquire the land for about RM4.6 million.
"Our production utilisation rate is currently around 80%. The new factory will allow Wellcall to meet the rising demand for its products," Chew told The Edge Financial Daily.
According to Chew, CONSTRUCTION of the new factory is expected to start at the end of the year and completed by 3Q13. Commercial production is expected to start end-2013, he added. The factory will house production lines for its mandrel hoses, which command higher margins than the extrusion hoses, said Chew.
Wellcall plans to allocate about RM25 million in capital expenditure to cover the cost of the land, factory building and machinery, he said. "We are looking at taking a term loan to fund the factory and land amounting to about RM13 million," said Chew. The term loan will mark Wellcall's first borrowing since its listing in 2006. As at end-March, Wellcall had cash reserves of RM39.4 million.
When asked how the loan would affect Wellcall's dividends, Chew said: "Wellcall hopes to continue paying dividends at its existing payout ratio and will definitely continue to maintain its minimum payout of at least 50% of net profit." Wellcall paid dividends of 12 sen, representing 103% of its net profit, for FY11.
http://www.theedgemarkets.com/my/article/bullish-wellcall-expansion-mode-0 June.2012 - FY2012
As such, Chew said there is a need for Wellcall to increase output otherwise the company would be at risk of losing potential orders, especially since it has used up about 80% of its existing production capacity.
Wellcall’s expansion plan is divided into two phases. The first phase will raise the company’s annual capacity to 42,000 tonnes by end-2013 from the existing 30,000 tonnes a year
“The second stage will depend on our utilisation rate,” Chew said. Timing is crucial when growing its rubber hose output as the manufacturer does not want to flood the market with too much supply, which would not bode well for prices.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
In June, Wellcall acquired a vacant 3.3ha plot of leasehold industrial land in Perak’s Kinta enclave for RM4.63 million cash.
The capacity expansion is crucial as Wellcall’s existing facilities nearby have no room for more production space, the company said.
Wellcall is expected to take up a US dollar loan facility to finance its production capacity expansion which is estimated to cost between RM25 million and RM45 million. Chew said Wellcall wants to capitalise on still-cheap access to US dollar funding, which also serves as a “natural hedge” to the manufacturer’s export-oriented business, which is conducted in the greenback. “We are looking at US dollar or ringgit-based bank borrowings,” Chew said.
Taking on debt is pivotal to conserve the company’s cash reserves for dividend payments to shareholders. Debt-free Wellcall had cash of RM39.42 million as at March 31 this year, its latest balance sheet shows. Chew said the company has a dividend policy of rewarding shareholders with at least half of its annual net profit.He said the US dollar loan is the company’s first debt facility since its listing on Bursa Malaysia in July 2006.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
该公司目前正等待州政府机构批准，计划在未来数月购下怡保一块8.63英亩的99年租借地契地段，该土地有0.5英亩地段为填土地。他说，新厂房将分两阶段进行，预计在2014年中设立，届时有助公司产能提升60%至70%。“首阶段工程将建设基本基础设施，在完工后，公司产能可增加至少40%，由目前的3万3000公吨增至4万6000公吨，在获得更多订单及第一期产能达至顶限后，我们将进行第2期发展工程，到时产能可再增加20%至30%，或相当于1万公吨。”他形容这个4至5年一次扩展计划为“具有意义的扩充计划”，新厂房将设有先进精密机械，用作芯棒胶管生产。
http://www.nanyang.com/node/563185 Sept.2013 - FY2013
The company runs on a Just-in-time (JIT) production model which minimizes results in a very lean model, In fact, as at FY12, average trade receivables is stood at 14 days vs its peers of 43- 61 days.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Managmenet indicated that its land acquisition for the new factory should be concluded in few months time. Upon expansion, the group’s overall production capacity is projected to increase by 70% (from the current 33,000 tonnes to 56,100 tonnes p.a.) within 3 years time.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Wellcall Holdings Bhd says its third factory, slated for completion in the first quarter (1Q) of 2015 will meet the market demand for its products over the next five years. “We are currently in the process of finalising the factory layout and machinery,” said executive director Alex Chew Chee Chek during his session at the iCapital.biz Bhd Investor Day 2013 last Saturday.
The new factory will be built on a tract measuring about 3.3ha located 1km away from its current factory site in Lahat, Perak. The company has also reclaimed land in the past few months to expand the total land area to approximately 3.5ha.
“This expansion is expected to increase the capacity of only the mandrel hose section ... by 100% in two stages and up to 70% of the total manufacturing capacity,” said Chew, adding that the company’s expansion has always been demand driven.“Every time we expand, it is a meaningful expansion. We don’t want to end up with excess capacity that will put pressure on our pricing.”
Wellcall’s last expansion was in 2006, when its capacity more than doubled.
The company is looking at capital expenditure (capex) ranging from RM35 million to RM38 million in two stages for the third factory. The bulk of the capex will be used in the first stage to invest in more sophisticated machines, mandrel machines with different specifications, targeting the North American mass market which the company intends to penetrate.
The expansion will see the company gear up, with 50% of the capex funded by short-term borrowings.
http://www.theedgemarkets.com/my/article/wellcall’s-expansion-meet-five-year-demand-growth Oct.2013 - FY2014
联昌国际投行分析员指出，该公司之前建议购地建新厂的交易已经在本月完成。包括机器在內，分析员估计其资本开销总额將达3000万令吉。「一旦扩充计划在2014年杪完成，该公司的心轴树胶管（mandrel hose）產能將增加50%，至每年3万8000公吨。与挤压树胶管（extrusion hoses）相比，心轴树胶管提供较高的盈利赚幅。」分析员也表示，瑋鉅集团的树胶管需求已经在2013財政年下半年开始增加，这与先进国的经济復甦跡象一致。
http://cnews.cari.com.my/news.php?id=493648 Nov.2013 - FY2014
During the Lehman brother crisis started in late 2008, Wellcall experienced some of its clients, spooked by the global financial meltdown, cancelled 50% of their orders overnight in November 2008. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
“It was then that Wellcall realised it could no longer rely on manual labour and embarked on an overhaul of its processes,” Chew says.
Today the group operates on a fraction of the manpower it used to employ. In the past, four people managed one line for Mandrel Production Line, producing eight hoses per shift. Its semi-automated mandrel production lines, mostly by a single worker, outputs 22 to 26 hoses per shift for average diameter industrial hose of three (3) to six (6) inches.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
Wellcall spent RM4mil instead of RM32mil on its 32 mandrel production lines excluding other secondary equipment and supporting machineries in Factory 2, Chew explains.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
“We saved money by hiring a retired mechanical engineer to design and refurbish a semi-automated mandrel line. “It was a risk for us as this was our longest line at 60m. The South Korean firm would have done it for a much pricier RM1mil per line.” All this forms part of Wellcall’s stringent “cost down, value up” philosophy, according to Chew.
If it decides to go ahead with the spiral line, the group might explore on acquiring a refurbished an old line, which should cost less than the price of a new machine, he adds.
Its land cost is also one of the lowest in the industry at RM5.20 per sq ft for factory 1 and 2 but after averaging land cost for its factory 3 and taking into account of its leasehold period of 99 years, it is average at RM6.20 per sq ft
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009 Aug.2014 - FY2014Although the total cost for Factory 3 has yet to be finalised, Wellcall is setting aside some RM41mil-RM45mil, inclusive of land acquisition, Chew points out.
The firm plans to secure an Islamic term loan of between RM18mil-RM20mil with a five-year tenure. It is also targeting to be syariah-compliant come the end of the year, when the Securities Commission updates its list of syariah-compliant stocks. It is aiming to keep the payback period for Factory 3 within three years. For comparison, Wellcall recouped its investment for Factory 2 in one year and eight months, Chew says.
Factory 3 will feature some 18 mandrel production lines at Stage I, but the final decision on the spiral line will be made once the group has weighed all the risks.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009 Aug.2014 - FY2014
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=20 #390
The third factory is under building, ready to be commission by July 2015. It will take few months to see the result. It cost roughly RM40+ million to build the factory.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
The additional capacity, which is expected to commence
production in July/August, will underpin future growth. Phase 1 and 2 will
boost total installed capacity by 70% to 56,100 tonnes from the existing 33,000
tonnes, including the doubling of capacity for mandrel hose, Wellcall’s core product.
News
膠管產品外銷70多個國家、每月產能約140個貨櫃的主要板上市公司緯鉅（WELLCAL，7231，主要板工業），在霹靂州彭卡蘭工業區舉行第3廠落成啟用典禮，持續提高產能並擴大市場。
該公司董事經理黃沙透露，隨著啟用第3間工廠，將可滿足龐大訂單的需求，新廠朝向現代化、自動化生產，落實質量同步提升的目標，也可望為傳統產業開啟全新的生產管理模式。
緯鉅于25日（週六）由主席拿督黃炳火、董事經理黃沙及董事陳江盛等人主持落成啟用儀式，由于恰逢創業20周年、上市10年，加上第3廠啟用「三喜臨門」，特于25日晚間在怡保舉行盛大慶祝晚宴，霹靂州行政議員拿督馬漢順及駐馬台北經濟文化辦事處公使程祥雲等貴賓亦蒞臨致賀。
黃沙20年前自台灣到怡保設廠，憑藉生產技術和行銷能力，並結合大馬環境和資源優勢，成功打造膠管王國。他強調，20年挑戰重重，緯鉅都一一克服，特別要感謝董事會、投資者、客戶和政府機構的支持與信任。今日設立新工廠，更是他決心把傳統“黑手工業”，帶到現代自動化，即從“黑”走到“白”的理想實踐。黃炳火認為，緯鉅的成功關鍵因素包括擁有來自台灣的生產技術和團隊、選擇馬來西亞作為生產基地及善用資源力，及強化管理、生產系統化、自動化，把公司帶到了另一個層級。
http://www.chinapress.com.my/node/641098 July.2015 - FY2015In the third quarter under review, the Company achieved revenue of RM37.9 million compared to RM39.7 million in the corresponding quarter of FY2014. Profit before tax rose 16% year-on-year (‘y-o-y’) to RM11.2 million in the period, whilst net profit was 15% higher at RM8.5 million
For the nine months of FY2015, Wellcall reported revenue of RM119.8 million, delivering 10% y-o-y growth. Profit before tax in the nine-month period surged 32% to RM37.1 million, and whilst net profit jumped 31% to RM28.4 million.
The Board of Directors has also declared a third interim single-tier dividend of 2.3 sen per share, which adds up to a total single-tier dividend of 6.9 sen per share for the 9-month period in FY2015. Wellcall declared and paid total single tier dividend of 8.3 sen per share in FY2014, which translated to a dividend payout ratio of 93.5%.
The Company’s operating cash flows remain strong, and balance sheet healthy with a net cash
position of RM25.4 million as at 30th June 2015.
Huang Sha, Managing Director of Wellcall, commented, “We are satisfied with the Company’s
financial performance. The stronger results were attributable to steady global demand
growth for our industrial hoses, with exports driving 89% of our reported 9-month revenue.
Key regions including US/Canada, Asia, Middle East and Europe accounted for 76% of export
revenue in that period. Operations also benefited from improved production efficiencies, as
well as from the stronger US dollar given the substantial export sales.”
(Press release Aug.2015 - FY2015)
“We are also
pleased to inform that Wellcall’s third production plant has been successfully
commissioned. The plant will be utilised both for compound mixing of raw
materials, as well as expansion of our production lines. This is indeed an
important milestone for the company.”
Wellcall’s
new plant includes 7 new Mandrel hose production lines and 1 new Spiral hose
production line. These are
expected to raise monthly production capacity of Mandrel hoses in terms of
linear metre per shift (‘LMS’) from currently 185,000 LMS to 279,000 LMS of
Mandrel/Spiral hoses. Two
Banbury compounding machines have also been installed into the new plant for
compound mixing of raw materials. These machines will allow Wellcall to bring
back compounding works which are currently outsourced, and in doing so,
enable better control over quality of materials and cost savings.
There is still room for further expansion in the new plant,
which Wellcall is only expected to plan for in the near future. Near term, the
Company will continue to extend its reach to existing and new markets to drive
growth. There will also be greater emphasis on R&D to innovate new products
and enhance product quality to strengthen its offerings in its already diverse
application markets.
August.2015
(Press release Aug.2015 - FY2015)
Cost/Pricing
Similar to rubber glove manufacturers, Wellcall’s location in a natural rubber-producing region and proximity to petrochemical plants (source for synthetic rubber) enable it to enjoy logistical benefits in procuring raw materials. It also enjoys lower labour and land costs owing to the location of its plant in Perak.
The price of smoked Malaysian rubber (SMR) 10 rose from RM6 per kg in January 2007 to peak at RM10.50 in July last year. Selling prices thus had to be raised to compensate for the higher raw material costs. The bubble also encouraged Wellcall’s distributors to stock up in anticipation of even higher prices, leading to above-normal demand in mid-2008.
demand to normalcy once distributors finish destocking. One of Wellcall’s biggest advantages is that it can invest cheaply in new equipment, unlike most of its peers. Wellcall has its own proprietary design and fabricates its own mandrel production lines, with a payback period of two to three years. The machines are semi-automated, reducing labour requirements from four operators to one, and are able to generate a higher output of 14 to 18 hoses per shift (eight hoses per day before). Although the technology in use is superior to what is available in the market, the cost of fabrication is only about a quarter of the cost of buying a machine from third parties.
With lower investment requirements, Wellcall is able to achieve a high asset turnover, which is one of the main factors that contribute to its ability to achieve high returns on equity (25.2% and 24.3% for FY2007 and FY2008 respectively).
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
Rubber accounts for more than 50% of the production costs. Also, falling commodities prices may put pressure on average selling prices and cut demand of rubber hoses as a result.
(NTAsian discovery fund June.2009)
Wellcall has the flexibility to switch between natural rubber and synthetic rubber, giving it room to minimise its raw material costs. It is one of only seven companies in the world of its size with such flexibility.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
The company has been enjoying a decent net profit margin of about 15% in the past two years, even as prices of raw materials, namely natural rubber and synthetic rubber, were on the rise. To a large extent, it has managed to pass on the increment in cost to its clients.
http://www.theedgemarkets.com/my/article/wellcall-sees-recovery-orders April.2009 - FY2009
分析员也说：“天然橡胶价格之前滑落至每公斤6.60令吉，或相等于一年前的31.3％，纬钜集团也因此受惠。此外，该公司强劲的4050万令吉现金状况，也促使它能抓紧目前的好时机，从中买入价格偏低的原料。”
http://www.nanyang.com/node/229345?tid=461Cached April.2009 - FY2009
自从创立以来，该公司便保持至少三个月的原料库存，使到该公司有能力延后将成本转嫁给客户。这项延后转嫁的能力，使到客户有更好的心理准备，以接受公司产品涨价的事实。实。http://www.nanyang.com/sidelines/sidelines_articleDetail.asp?type=D&ID=177265&sID=9&cID=33 Aug.2010 - FY2010
“Factoring in the 2-3 months lag in raw material cost pass-through, we cut our FY11 EPS projection by 9% but we maintain our FY11 DPS and FY12-13 EPS,” it said.
http://www.theedgemalaysia.com/business/191334-cimb-research-maintains-neutral-on-wellcall.html Aug.2011 - FY2011
He added that the increase in raw material prices gave Wellcall room to raise selling prices.
“Wellcall actually favours the upward increase in raw material prices, but it has to be a gradual and not a drastic increase. As long as we have a reasonable leeway to communicate with our customers, we are able to pass down the cost,” Chew said.
To buffer against volatitile raw material prices, Wellcall purchases its materials in bulk. Chew said Wellcall has in stock one month’s worth of natural rubber and two to three months of synthetic rubber. Wellcall also has the flexibility to switch between natural and synthetic rubber, giving it room to minimise raw material costs, he said.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
Chew mentioned that Wellcall does not hold stock of its products because production is based on a job order basis. This prevents overcapacity and price dumping.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
Rubber, which accounts for about 70% of Wellcall's costs, has been trending downwards since peaking in 2011. The price of standard Malaysian rubber (SMR) 10 has come down from a peak of RM16.75 per kg in February 2011 to average around RM9.09 per kg this month.
The appreciation of the US dollar is favourable for Wellcall, as close to 98% of its sales are transacted in the greenback. From a low of RM2.90 in 2011, the US dollar has risen to about RM3.18 now.
http://www.theedgemarkets.com/my/article/bullish-wellcall-expansion-mode-0 June.2012 - FY2012
Declining natural rubber prices and the strengthening US dollar are essentially tailwinds for Wellcall, which exports 94% of its products in US dollar terms.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
Wellcall uses standard Malaysian rubber (SMR) 20 and 5 sheets as the raw material for its products. Over the last six months, prices of SMR 20 rubber sheets declined 34% to RM7.51 a kg as at Aug 16 from a high of RM11.41 on March 28, according to Bloomberg data. SMR 5 prices have fallen by a similar amount to RM7.67 a kg from RM11.59 during the period. Natural rubber prices have dropped as a weaker outlook for the global automotive sector triggers anticipation of less rubber demand for tyre production. Meanwhile, the ringgit had weakened to 3.128 against the US dollar compared with 2.963 seen in September 2011.
In line with cheaper natural rubber, Chew said Wellcall hopes to pass down the lower raw material cost to its customers to secure more business in the future.
Chew said natural rubber hoses make up 60% and synthetic 40% of Wellcall’s output.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012“Factoring in the 2-3 months lag in raw material cost pass-through, we cut our FY11 EPS projection by 9% but we maintain our FY11 DPS and FY12-13 EPS,” it said.
http://www.theedgemalaysia.com/business/191334-cimb-research-maintains-neutral-on-wellcall.html Aug.2011 - FY2011
He added that the increase in raw material prices gave Wellcall room to raise selling prices.
“Wellcall actually favours the upward increase in raw material prices, but it has to be a gradual and not a drastic increase. As long as we have a reasonable leeway to communicate with our customers, we are able to pass down the cost,” Chew said.
Like other manufacturers, Wellcall has been facing rising raw
material costs, in particular synthetic rubber and standard Malaysian rubber
(SMR). The price of SMR 10 has been on the rise from around RM9.50 per kg in
January 2010, peaking at RM16.70 per kg in February 2011. This month, it
averaged around RM13.65 per kg.
The stronger ringgit is another headwind as 98% of Wellcall’s
transactions are done in US dollars, but it also reduces the cost of imported
synthetic rubber and chemicals, Chew said.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011To buffer against volatitile raw material prices, Wellcall purchases its materials in bulk. Chew said Wellcall has in stock one month’s worth of natural rubber and two to three months of synthetic rubber. Wellcall also has the flexibility to switch between natural and synthetic rubber, giving it room to minimise raw material costs, he said.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
Chew mentioned that Wellcall does not hold stock of its products because production is based on a job order basis. This prevents overcapacity and price dumping.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
Rubber, which accounts for about 70% of Wellcall's costs, has been trending downwards since peaking in 2011. The price of standard Malaysian rubber (SMR) 10 has come down from a peak of RM16.75 per kg in February 2011 to average around RM9.09 per kg this month.
The appreciation of the US dollar is favourable for Wellcall, as close to 98% of its sales are transacted in the greenback. From a low of RM2.90 in 2011, the US dollar has risen to about RM3.18 now.
http://www.theedgemarkets.com/my/article/bullish-wellcall-expansion-mode-0 June.2012 - FY2012
Declining natural rubber prices and the strengthening US dollar are essentially tailwinds for Wellcall, which exports 94% of its products in US dollar terms.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
Wellcall uses standard Malaysian rubber (SMR) 20 and 5 sheets as the raw material for its products. Over the last six months, prices of SMR 20 rubber sheets declined 34% to RM7.51 a kg as at Aug 16 from a high of RM11.41 on March 28, according to Bloomberg data. SMR 5 prices have fallen by a similar amount to RM7.67 a kg from RM11.59 during the period. Natural rubber prices have dropped as a weaker outlook for the global automotive sector triggers anticipation of less rubber demand for tyre production. Meanwhile, the ringgit had weakened to 3.128 against the US dollar compared with 2.963 seen in September 2011.
In line with cheaper natural rubber, Chew said Wellcall hopes to pass down the lower raw material cost to its customers to secure more business in the future.
Chew said natural rubber hoses make up 60% and synthetic 40% of Wellcall’s output.
The group was also expected to invest in production automation and research to improve its productivity in line with its plan to decrease dependence on manual labour.
http://www.thestar.com.my/Business/Business-News/2013/05/16/Wellcall-Q2-earnings-down-105-to-RM493m-in-Q2/?style=biz May.2013 - FY2013
Both natural rubber and synthetic rubber makes up c.70% of Wellcall’s raw material cost. Prices of standard Malaysian rubber have fallen off its peak in 2011 to RM7.50/kg now. As 92% of Wellcall’s revenue comes from exports mainly quoted in USD, the recent weakening of MYR against the USD bodes well for its earnings upsides. Ceteris paribus, a 1% depreciation of MYR against USD will lead to an average 1% increase in net profit. Currently, MYR has weakened by 5% against the USD YTD.
http://klse.i3investor.com/blogs/kenangaresearch/38303.jsp Oct.2013 - FY2014
Chew says the current overproduction of natural rubber, Wellcall’s main raw material, from Cambodia and Vietnam looks set to last for seven years.
“For instance, prices of EPDM (one of the highest range of synthetic rubber that Wellcall purchase) before this were stuck at US$4,000 (RM12,640) per tonne for a long time because there was a limited number of suppliers. It has dropped to US$2,800 (RM8,848) per tonne the last time I checked. http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009
Standard Malaysian Rubber 20 has tumbled 33% over the past year to RM5.20 per kg, Bloomberg data shows. The commodity averaged RM6.44 per kg during the period.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
SMR 20 price tumbled more than 35% to average RM5.20/kg compared to past years and this will further enhance the profit margin and it will not before long to see the price will surge in relation to the increasing profit.
Rubber price chart http://www3.lgm.gov.my/mre/YearlyAvg.aspx
The company will not hold stock for more than 2.5 month, and usually hold it only for one month. It is using natural hedge for its stock, and 40% of it is imported.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
Management
Wellcall’s managing director, Huang Sha, has more than 30 years of experience under his belt and has gone through two major recessions.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
Leong hon Chong 属于董事，拥有良好的会计经验，目前负责销售部门。
Chew Chee Chek 最年轻，也同样拥有会计经验，唯一不同的就是他曾经做过关于投资银行的事务，就是负责收购，上市，重组债务，发放附加股，红股等等的经验。
三位老板各有所长，不过我还是觉得重点在 Huang Sha 身上。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
拉昔胡申投资研究指出，纬钜集团的新旧订单，都同时面对增长缓慢的问题，公司也预计今年内的需求会继续趋软，北美客户的需求也仍然疲弱。
http://www.nanyang.com/node/229345?tid=461Cached April.2009 - FY2009
该公司在2010财政年的净盈利成长了9.4%，从一年前的1334万令吉，增加9.4%至1460万令吉，而收益则由之前的7902万令吉扬升22.2%至9656万令吉。不过，2010年末季的净盈利却从一年前的445万令吉减少20.9%，至仅352万令吉。
周子杰说：“这是一个循环。公司的盈利胥视它如何管理原料价格和成长。” 他续称，公司的原料囤货将根据市场因素而调整。
(Feb.2011 - FY2011)
Chew mentioned that Wellcall does not hold stock of its products because production is based on a job order basis. This prevents overcapacity and price dumping.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
“The beauty of our business is that we don’t need to expand every year. Wellcall is a slow turtle,” quips Chew.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
Over the past five years it has returned almost 100% of its earnings to shareholders, with payouts exceeding 100% in some years. This strategy is deliberate. “If we have no other use for the cash, we will share the windfall with shareholders,” says Chew.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug2014 - FY2014
Wellcall Holdings Bhd ( Financial Dashboard) executive director cum substantial shareholder Chew Chee Chek has resigned from the company effective Feb 27, 2015 due to personal health reasons.Based on latest shareholding changes, Chew owns a 6.51% direct stake and an 0.17% indirect stake in Wellcall.
http://www.theedgemarkets.com/my/article/wellcall-substantial-shareholder-chew-resigns-board Mar.2015 - FY2015
纬钜集团（WELLCAL，7231，主板工业产品股）执行董事周子杰辞职后，脱售公司625万股，或1.88%股权，不再是公司大股东。根据文告，周子杰是在本月3日脱售这批股权。本周一，纬钜集团宣布，今年44岁的周子杰以个人健康为由辞去执行董事的职务，并已于2月27日生效。
http://www.nanyang.com/node/685121?tid=462 March.2015 - FY2015
Customers
Wellcall 90% 以上的客户都在外国，反而马来西亚的业务只是占了非常小的比率。当初成立公司时，也是针对美国，加拿大，和欧洲市场。过后才慢慢伸延到其他国家，目前 Wellcall 的业务遍布 60 多个国家，可是说是国际企业。以 2008 年的数据看到，Wellcall 最大的市场有欧洲，中东，亚洲和美国 (顺次序排列)。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
其出口市場90%為歐美與中東，在50國中有130名客戶。
http://search.sinchew.com.my/node/651818 Nov.2010 - FY2011
It has always been our strategy to focus on high-value products. We also provide a one-stop procurement for our customers to mix their products in one container.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
With 90% of its revenue derived from foreign markets, Wellcall exports to more than 60 countries. For the nine months ended June 30 2011, 23.4% of sales were from Asia, followed by the Middle East (19.9%), Europe (16.3%), USA/Canada (14.9%), Australia/New Zealand (9.6%), South America (12.3%) and Africa (3.6%). Malaysia only contributed 8.3% of sales. Chew said Wellcall is expanding its customer base in places such as Africa, Russia and Latin America.
Industrial hoses last from five weeks to eight months before they are replaced. Because of this, 85% to 90% of Wellcall’s sales come from the replacement market, said Chew. Because of the continuous demand for hoses in new and old machinery, one could say Wellcall enjoys a “compounding” demand for its products in the future.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
He said Wellcall should continue to see strong demand from multinational companies, particularly in Europe and North America, which outsource the production of their products to the company. "Wellcall is expecting the global outsourcing trend to continue as it has established a track record of being a reputable original equipment manufacturer," he said.
http://www.theedgemarkets.com/my/article/bullish-wellcall-expansion-mode-0 June.2012 - FY2012
In terms of clientele, Chew said the company, which also manufacturers synthetic rubber hoses, is focusing on industrial hoses for the oil and gas sector which command higher gross profit margins of 30% to 40%. The Ipoh-based hose manufacturer also produces hoses for users in the mining, automobile, and food and beverage industries.
https://sg.finance.yahoo.com/news/wellcall-believes-expansion-timely-014142460.html Aug.2012 - FY2012
本地胶管制造商纬钜集团（WELLCAL，7231，主板工业产品股），计划将产能提升70%，以应付未来激增的美国新订单。纬钜集团执行董事周子杰接受《The Edge》访问时表示，公司的扩展大计将在近期定案，新增的70%产能将为北美及南美洲的顾客服务，其余产能则应付现有的顾客订单。“这些顾客的大批订单，可能需要较高的物流成本。” 他说，公司已进入美国市场，不过，经过3个星期的美国市场行销考察后，发现必须采取不同的策略应对美国市场需求。“我们必须大量生产迎合（美国）市场需求。”
截至9月30日（2012财年），美国订单占该公司总销量的15.63%或3020万令吉，相较2011财年的1840万令吉，增幅接近两倍。南美洲在去年为公司带来1690万令吉的订单，相较前年扬升19.64%。
http://www.nanyang.com/node/563185 Sept.2013 - FY2013
Its products are exported to 60 countries across all continents, mostly to foreign distributors, which in turn supply to original equipment manufacturers. In its previous financial year ended Sept 30, 2013 (FY13), exports made up 91% of the group’s turnover, with the bulk of it shipped to Asia. Domestic sales accounted for only 9%.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
“Most of our exports previously went to the United States, Europe and the Middle East, but Asia is now our largest market, Wellcall also export to China,” Chew quips.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009 Aug.2014 - FY2014
He believes sales of hoses related to the mining and oil and gas industries will continue to be robust, citing the need for hoses following an agreement between China and Russia that will see the latter sell piped gas to China.
Wellcall’s own performance has rebounded since the second half of FY13, helped by the economic recovery in the United States and Europe, plunging raw material prices and a stronger US dollar.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug.2014 - FY2014
Shale / unconventional mining for oil & gas is a new customer field for the company. Oil & Gas account for 20% of the company revenue. Although the oil price is falling down and some driller is shutting off their operation, but midsize and large oil field is still profitable with some expanding their mining area, thus not all O&G is affected. One of the promising area for new customer is Australia where Shale mining cost is substantially lower.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
Competitors
With its prudent management and strong balance sheet, the economic crisis has opened the window for the company to gain a larger slice of the pie. Most of its competitors had geared up heavily before the crisis and are now reeling as a result, with some on the brink of collapse. Wellcall’s latest quarterly results (1QFY2009) however showed a 24.8% quarter-on-quarter decline in revenue and only a slight 3.6% y-o-y increase. Net profit fell 27.8% q-o-q and 7.7% y-o-y to RM3.6 million due to an inventory writedown. Its results were impacted not only by the severity of the current crisis but also by a fall in commodity prices, which resulted in lower inventory values.
http://www.theedgemarkets.com/my/article/small-cap-corner-wellcall’s-prospects-remain-good-0 April.2009 - FY2009
Also, CIMB observes that a number of foreign and local hose makers, some of which are
Wellcall’s rivals, have shut down in the past few months due to the sharp contraction in demand in 4Q2008. While this paints a bleak picture for the industry, Wellcall, which has financial muscle, will face less competition in securing new customers.
Wellcall’s rivals, have shut down in the past few months due to the sharp contraction in demand in 4Q2008. While this paints a bleak picture for the industry, Wellcall, which has financial muscle, will face less competition in securing new customers.
http://www.theedgemarkets.com/my/article/wellcall-sees-recovery-orders April.2009 - FY2009
Financial highlights
Borrowings
WELLCALL wishes to announce that Wellcall Hose (M) Sdn. Bhd., a wholly owned subsidiary of WELLCALL has accepted the following financing facilities granted by HSBC Amanah Malaysia Berhad for the following purpose:-
| No. | Facility | Amount | Purpose |
| 1. | Commodity Murabahah Financing - i - 1 | RM10,000,000.00 | To part finance construction of a factory building over HS(D) 212117, PT 22551, Mukim Sungai Terap, Daerah Kinta, Perak. |
| 2. | Commodity Murabahah Financing - i - 2 | USD3,000,000.00 | To part finance purchase of machineries for business use. |
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1098893 Dec.2014 - FY2015
There are two term loan for the factory plant as the company opted for a 50:50 internal & external funding. One term loan is USD 3.3 million, another is RM 10 million.
无聊人AGM http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=24 #468
该公司的第三座厂的第一阶段，将在4月建竣并投入运作，总投资额约4000万令吉。投资的资金来源，有一半靠公司的内部资金，另一半靠回教金融借贷。周子杰指出：“由于我们公司的信誉良好，可以拿到优惠的3.5%利率。”
http://www.nanyang.com/node/683855 Feb.2015 - FY2015
Shareholdings
WellCall 最大股东是 LIFEWISE ALLIANCE SDN. BHD.，拥有 31.75% 的股份。我推测这间公司是由三个股东形成，大家拥有相同的股份。
1。Huang Sha (53)
2。Leong Hon Chong (63)
3。Chew Chee Chek (38)
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #1
A London based asset management company Mondrian Investment Partners Ltd with its growth story and attractive dividend yield. It has its stake in the industrial rubber hose manufacturer and exporter by about 62% in less than two months. Between Aug 2 and Sept 19 2013, it bought 5.02 million shares to raise its shareholding to almost 10%.
Other funds include iCapital.biz holds 320000 shares in the company.
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=13 #245 Nov.2013 - FY2014
It counts London-based Mondrian Investment Partners Ltd and a number of institutional funds as shareholders. Mondrian is its second-largest shareholder with a 9.83% stake, filings show. They were probably attracted by Wellcall’s generous dividends.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug2014 - FY2014
Mondrian Fund have accumulated wellcall's shares through open market to 10% stakes
WELLCALL board of directors has granted the right to allocate 1000 lot of WellCal share to PUBLIC MUTUAL at RM2 each
http://starstockmalaysia.blogspot.co.uk/2015/01/wellcal-well-you-can-call-it-stock.html
Wellcall Holdings Bhd ( Financial Dashboard) saw 6.25 million shares, representing a 1.88% interest, traded off-market today, subsequent to the announcement of Chew Chee Chek’s resignation yesterday (Monday, March 2). According to Bloomberg data, the transaction was done in a single block at RM2 a share, at almost 2% discount from the closing price of RM2.04 today. The deal was valued at RM12.5 million.
http://www.theedgemarkets.com/my/article/wellcall-sees-188-stake-cross-market-following-chew’s-resignation?type=Markets Mar.2015 - FY2015
DividendWellcall Holdings Bhd ( Financial Dashboard) saw 6.25 million shares, representing a 1.88% interest, traded off-market today, subsequent to the announcement of Chew Chee Chek’s resignation yesterday (Monday, March 2). According to Bloomberg data, the transaction was done in a single block at RM2 a share, at almost 2% discount from the closing price of RM2.04 today. The deal was valued at RM12.5 million.
http://www.theedgemarkets.com/my/article/wellcall-sees-188-stake-cross-market-following-chew’s-resignation?type=Markets Mar.2015 - FY2015
另一方面，該公司管理層強調，由於擁有4050萬令吉現金，而且零債務，所以該公司將繼續派發現金予股東。此外，管理層透露，若今年末季沒出現巨幅的資本開銷，該公司將在現財政年提高派息率，以回饋股東。該公司過往的派息率是介於52.5至64.3%。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #2
It is also worth noting that Wellcall has been generous in declaring dividends. Based on its
share price of 85 sen, CIMB says the company’s gross dividend yield is attractive at 10.7%
compared with 3.9% for the rubber glove makers listed on Bursa Malaysia.
http://www.theedgemarkets.com/my/article/wellcall-sees-recovery-orders April.2009 - FY2009
分析师预测，假定纬钜集团没有在2011财政年着手大规模扩充，该公司将把现财政年全部净收益拨作股息。联昌投资银行高级分析师指出：“我预测2011年将达100%股息派发率。”
周子杰称，在2010财政年，该公司已拨出1460万令吉净盈利中的约98%作为股息，基于1亿3183万已发行股票基础，这相等于每股现金11仙。以公司截至1月31日止闭市价1.20令吉为例，上述派发率可转换为9%周息率。
(Feb.2011 - FY2011)
Over the past five years it has returned almost 100% of its earnings to shareholders, with payouts exceeding 100% in some years. This strategy is deliberate. “If we have no other use for the cash, we will share the windfall with shareholders,” says Chew.
http://www.thestar.com.my/Business/Business-News/2014/08/23/Wellcall-expansion-on-track-It-plans-to-boost-capacity-by-70-with-third-factory/?style=biz Aug2014 - FY2014
Corporate exercise
纬钜集团原本是第二板上市公司，过后它进行以2送1比例派送红股，在完成派发红股之后，该公司的股本已从的8千530万股增至1亿2千800万股，每股面值50仙的普通股，并成功转至主板交易。
http://www.nanyang.com/sidelines/sidelines_articleDetail.asp?type=D&ID=177265&sID=9&cID=33 Aug.2010 - FY2010
纬钜集团拟把每股面值50仙的1股普通股，拆为每股面值20仙的2.5股，以扩大投资者群和提升股票流动量。截至11月25日，集团缴足股本为6633万3007.5令吉，包含1亿3266万6015股。完成股票分拆后，集团缴足股本是6633万3007.5令吉，包含3亿3166万5037.5股。
http://www.nanyang.com/node/581466?tid=702. Nov.2013 - FY2014
Bear case
Bull case
News/Growth
由於緯鉅集團（WELLCAL，7231，主板工業股）的訂單數量自3月開始呈緩慢提升的跡象，該公司管理層預測今年下半年的需求將維持疲軟，也意味著該公司在明年才能逐步復甦。緯鉅集團管理層向拉昔胡申研究分析員透露，其新舊客戶的訂單數量緩慢提升。這是因為該公司一些國內外競爭者結束營業，及該公司激進的市場行銷及定價策略。該公司管理層預計，來自北美的需求繼續走弱，所以預料該公司在明年才能逐步復甦。
分析員稱，緯鉅集團已在原料價格走低中獲益。天然膠價（SMR20）已從1年前下跌約31%，至每公斤6.60令吉。再者，該公司截至6月杪，手握4050萬令吉現金，所以能以更廉宜的價格囤原料庫存。同時，該公司以現金買進庫存的舉動讓它進一步節省或享有折扣。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&highlight=wellcall #2
He said the market for industrial hoses has a growth of 4% to 5% a year. The outlook for the rubber hose industry is still positive with original equipment manufacturers (OEM) continuing to outsource their requirements.
http://www.theedgemarkets.com/my/article/wellcall-viable-option-rubber-gloves-0 Aug.2011 - FY2011
该公司也探讨通过收购位于其在霹雳州的现有厂房附近的地段来扩大其产能，及安置更多的自动化机械来改善生产效率。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=5 #83 March.2012 - FY2012
纬钜集团（Wellcal，7231，主板工业产品股）以463万4480令吉，在霹雳近打收购了一块占地8.16英亩的有期地契工业地。纬钜集团今日向马交所报备，配合收购有关土地，独资子公司Wellcall Hose（马）私人有限公司已和卖家傅锦伟（译音）签署买卖协议。纬锯集团指出，公司目前在怡保拿乞的工厂土地以全面兴建，已没有进一步扩展的空间。“本集团可使用新收购的土地来兴建新厂房，以迎合预计进一步增加的工业橡胶管（rubber hose）需求，以及未来的业务增长。”集团预计，这收购计划会在今年下半年完成，而且不会影响它截至2012年9月30日止的股本、盈利、净资产和负债水平。
http://www.nanyang.com/node/453882 June.2012 - FY2012
緯鉅積極購地擴展，並計劃透過融資支付款項，令人大感意外，若確定進行融資，該公司將有能力維持派息。該公司日前宣布以460萬令吉或相當于每平方呎13令吉，購置怡保一塊面積達8.2英畝用地。
購地消息並不讓人意外，因為該公司管理層在2、3年前就已有擴充計劃，新廠房建設資本開銷預計需要3000萬令吉，若計劃進展順利，新生產線將在2013年底完工。
緯鉅計劃在2013財年融資1200萬至1500萬令吉，這項計劃讓人意外，因為自06年掛牌至今，公司並未有人和融資計劃，截至3月底，緯鉅手上現金達3900萬令吉。
http://www.investalks.com/forum/forum.php?mod=viewthread&tid=1383&extra=&highlight=wellcall&page=6 #102 June.2012 - FY2012
The research institute said moving forward Wellcall would focus more on expanding and tailoring its products for the O&G segment as it fetches higher profit margins of 30-40 per cent.
It said the company was expected to finalise a land acquisition for a new factory in Lahat, Perak soon, which was part of its capacity expansion plan to boost future earnings.
http://www.bernama.com/bernama/v8/bu/ Aug.2013
緯鉅集團（WELLCAL，7231，主板工業產品組）第三廠計劃延遲，資本開銷料增至4千500萬令吉以上，預計首期工程將在2015年6月竣工。該公司執行董事周子傑在股東大會及特大會後表示，第三廠計劃延遲，主要是收購土地時機剛好遇上大選因素、地段轉換程序及賣家融資而延遲，導致去年11月才完成收購。他說，目前還在計算建設第三廠的開銷，以獲得董事成員認可，因事隔一年，各方面成本上揚，預計設廠資本開銷將比早前預測的還要高，從3千800萬增至4千500萬令吉以上。“首期工程設有16條生產線，預計打樁工程於今年5至6月開始，2015年6月可嘗試運作，料增加40%至50%產能，其餘產能將納入第二期工程。”去年該公司原本預定第三廠房將在2015年首季竣工，以迎合未來5年市場需求。
http://biz.sinchew.com.my/node/90714?tid=6 Feb.2014 - FY2014
纬钜集团（WELLCAL，7231，主板工业产品股）首半财年营业额按年涨11%，受惠于原料成本下降，净利上涨41%。中东、欧洲、澳洲和纽西兰市场的销量增加，但美国和南美市场销售则下跌。
公司市场的主要原料为SMR20和人造橡胶。SMR20平均价在次季按季跌10%至每公斤6.70令吉。
http://www.nanyang.com/node/622369?tid=709 May.2014 - FY2014
AFTER a one-year delay caused by land issues, industrial hose manufacturer Wellcall Holdings Bhd’s third factory, its largest investment to-date, is going full steam ahead.
Piling works had commenced in end-June, putting phase 1 of Factory 3 on track for commissioning by April next year, the group’s co-founder and executive director Alex Chew Chee Chek tells StarBizWeek.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/1114009 Aug.2014 - FY2014
执行董事周子杰今天在股东大会后向媒体指出：“目前，我们的橡胶管年产量约3万5000吨，若第三座厂投入运作，年产量可提高至约4万5000吨。”该公司的第三座厂的第一阶段，将在4月建竣并投入运作，总投资额约4000万令吉。投资的资金来源，有一半靠公司的内部资金，另一半靠回教金融借贷。周子杰指出：“由于我们公司的信誉良好，可以拿到优惠的3.5%利率。”
董事经理黄沙的儿子总经理黄凯麟则说：“我们以前购买原料需要给10%销售税，消费税后只需要给6%，可节省4%，尽管节省不显著。”
http://www.nanyang.com/node/683855 Feb.2015 - FY2015
Share priceAFTER a one-year delay caused by land issues, industrial hose manufacturer Wellcall Holdings Bhd’s third factory, its largest investment to-date, is going full steam ahead.
Piling works had commenced in end-June, putting phase 1 of Factory 3 on track for commissioning by April next year, the group’s co-founder and executive director Alex Chew Chee Chek tells StarBizWeek.
The new facility, located about 1km from Wellcall’s existing
factories in Ipoh, is expected to increase its mandrel hose production, the
firm’s core product, by at least 100%. Phase 1 and 2 of Factory 3
will boost its total installed capacity by 70% from 33,000 tonnes to 56,100
tonnes.
执行董事周子杰今天在股东大会后向媒体指出：“目前，我们的橡胶管年产量约3万5000吨，若第三座厂投入运作，年产量可提高至约4万5000吨。”该公司的第三座厂的第一阶段，将在4月建竣并投入运作，总投资额约4000万令吉。投资的资金来源，有一半靠公司的内部资金，另一半靠回教金融借贷。周子杰指出：“由于我们公司的信誉良好，可以拿到优惠的3.5%利率。”
董事经理黄沙的儿子总经理黄凯麟则说：“我们以前购买原料需要给10%销售税，消费税后只需要给6%，可节省4%，尽管节省不显著。”
http://www.nanyang.com/node/683855 Feb.2015 - FY2015
Its impressive earnings growth track record aside, Wellcall’s share price has tumbled from its peak of RM2.25 in February 2007 to a low of 79 sen. Nonetheless, CIMB Research believes that Wellcall’s current share price of around 90 sen has already factored in most of the negative news.
“The worst is probably reflected in Wellcall’s share price. Ex-cash, the stock is trading at only 4.5 times price-earnings ratio,” CIMB comments
According to the research outfit, Wellcall’s management has actually seen the current demand situation improve since the slowdown it experienced in September last year, when the company began to feel the full impact of the global economic crisis.
“Since March, customers have placed new orders probably because they have run down their inventories. Although the orders are small, they could pick up over the next few months on signs of a recovery in the global economy,” says CIMB in a note.
http://www.theedgemarkets.com/my/article/wellcall-sees-recovery-orders April.2009 - FY2009
Financial highlights
The
company has maintained a debt-free balance sheet since FY2006. As at end-March,
Wellcall has marginal borrowings of RM2.3 million and net cash of RM34 million,
down from RM41 million at end-FY2014. The decrease in cash is due, primarily, to its new
factory, which is located about 1km from existing factories.
