ECS, 成立于1985 年。于2010年4月在马来西亚股票交易所上市。目前旗下拥有四家子公司，且在槟城，新山，关丹，哥打京那巴鲁和古晋设有五个销售办事处，以为马来西亚的客户提供服务。
目前，该公司与全球40多个ICT行业的品牌的经销商签有分销协议。专门分销享誉国际的IT产品及有关配件，包括notebooks,
personal computers (“PCs”), smartphones, smartwatches, tablets, printers,
software, network and communication infrastructure, servers, and enterprise
software.
基本上ECS的业务如下：
I。 ICT Distribution：销售IT硬体产品
(现阶段大部分的买家还是实体店面分销商 （B2B）, 然而公司已和几个网络平台有如 Lazada合作，以开阔B2C市场。)
II。Enterprise Systems：销售IT软件
(现阶段大部分的买家是企业)
III。 ICT Services：提供ICT服务 (现阶段大部分的买家是企业)
公司前景
ECS立志成为大马在ICT领域的领头羊。公司将会在保持市场份额的同时，专注于几个关键领域，即电子竞技市场
(e-sport)，电子商务，互联网的相关产品 （ICT Distribution)，并进一步加强企业解决方案和服务 （Enterprise Systems）。
欲求更多信息，请浏览公司网站：< https://www.ecsm.com.my/>
背景
ECS（5162）是总部位于新加坡的佳杰科技股份有限公司 （ECS
Holdings Limited）之联营公司。截至3月31日2018，佳杰科技股份持有大马ECS的41.5%股权
有关佳杰科技股份有限公司 （ECS
Holdings Limited）
2001年在新加坡主板上市。2007年8月，香港上市公司伟仕控股收购佳杰科技，佳杰科技仍于新加坡保持独立上市及独立运营。该公司具有多年的ICT电子产品分销服务经验。凭借强大的渠道增值服务能力、成熟的运作模式、强势的国际化背景，已经成为亚太地区ICT电子产品分销及增值服务行业的领导者。目前，佳杰科技在中国、泰国、马来西亚、菲律宾、印度尼西亚等地设有分支机构。
欲求更多信息，请浏览公司网站：< http://www.ecs.com.sg/>
有关伟仕控股有限公司 （VSTECS
Holdings Ltd.）
伟仕控股有限公司成立于1991年，总部设于香港，2002年在香港联交所主板上市。伟仕控股是亚太区前三大IT产品分销商之一，服务网络密布中国、新加坡、马来西亚、泰国、印尼、菲律宾、缅甸、老挝、柬埔寨9个国家。伟仕佳杰是Apple、IBM，HP、Dell、Huawei、Microsoft、Lenovo、Intel、Oracle等140多家世界500强企业在亚太区重要的合作伙伴。销售的产品包括云计算、移动互联、系统设备、软件与服务、家用游戏、虚拟现实/增强现实、无人机、物联应用、基础网络、整机外设、信息安全、配件共计12大品类。
欲求更多信息，请浏览公司网站：< http://www.ecschina.com/cn/aboutUs/aboutUs.html>
公司管理层：
1．Non-Independent Non-Executive Chairman: FOO SEN CHIN, 70
Foo是大马ECS的联合创始人，在ICT行业活跃了30多年。于2018年，他被委任为非独立非执行董事主席。在之前为ECS
董事会执行主席。他是ECS
ICT Berhad的主要持股人之一 （12%）。
2．Executive Director/Chief Executive Officer：SOONG
JAN HSUNG, 54
Soong于2015年被委任为CEO。28年前就加入了ECS，从底层做起，历经奋斗，才有今日的地位。 绝非纸上谈兵之人。
SWOT Analysis
Strengths
-无借贷，是个纯现金公司
-经验丰富的管理层，30年
-稳健的公司表现，波动不大
-产品品牌种类多样且热门
-业务处于趋势所在，跟上时代的脚步
-至上市到现在，公司一贯维持派息最少30%的作风。
Weakness
- ECS 所经营的生意模式面临的风险是库存过时以及买家的信用违约。当受益于公司严格的库存控制和信贷控制政策，库存过时以及坏账都在承受范围内。
-公司的主要业务仍在ICT distribution (销售硬体)，该业务的GP%
普偏偏底。
Opportunities
-2018年的财政预算案为ICT indutry 提供了许多激励措施，譬如：工业革命4.0，数码的经济时代，以及扩展宽带的基础设施 （Broadband Infrastructure）.
-此外，2017年11月推出的数字自由贸易区（“DFTZ”）将有助于刺激电子商务 （e-commerce）。
-除了现有的B2B 生意模式，ECS将会通过在线合作伙伴分销公司的产品，在“B2C”平台分一杯羹。
-如果公司的主要业务可慢慢转型成 Enterprise System (销售软体)，受益于该业务的高GP%
，那么公司未来的盈利将会提升。
Threat
-进口商的身份，进口产品价格随美元波动。 简单地说，马币的贬值，不利于公司。
-10% 的汇率波动将会带来约RM1m的利润波动 （也可看为是一个机会）
额外顾虑
该公司的主要管理层的薪资及至佣金，约占2017年Net
Profit 的25%，笔者不禁自问，会不会太高呢？还是处于合理的范围呢？
By~凡
期待你的like ，comment or share，这会是对我莫大的鼓励。
投资路上不寂寞 ^^
By~凡
Hello, thanks for nice write up. Recently i am discussing ECS IT with friends so maybe we can discuss together and share my view too.
ReplyDeleteECS IT business model mainly distributing ICT product (comprise above 90% of both revenue and earnings) and enterprise service however due to contribution from latter segment is too tiny so we may want to focus on their ICT distribution sector.
From positive side, i agree with you that ECS does consist some strength like -
1. very strong (and conservative) balance sheet. net cash and no debt which may imply that company may sustain for upcoming economy crisis, if any. But that also mean mgmt capital allocation capability is on less favor side.
2. long and well established business, and proven track records for many years. it has established wide distribution channel and good relationship with enterprise customer and principles. also back by it parents company listed in HKX.
3. fair dividend payout probably able to sustain in coming years.
Now, here're some less positive view of ECS IT ...
1. It main segment - IT product (mainly hardware) distribution business is being disrupted by several forces-
a. Corporate infra spending are in trend migrating to cloud and managed based solution. The support fact are ECS Enterprise system(which mainly supplying hardware to re-seller/corporate customer) segment top/bottom line are deteriorating plus Amazon/Microsoft cloud business have been growing tremendously. I spoke to friend working in AWS there are still more than 95% of market share yet migrating to cloud based. When more corporate outsource its IT infrastructure to cloud, that also means IT capex will be cut substantially so less business to IT distributor player like ECS.
b. online shopping trend is already proven in US and China disrupt many offline retailer and reducing need to have distributor for customer to buying products. ECS is in highly competitive industry and barely no moat (which supported by fact of tiny margin, and has to compete with other local/worldwide distributor). In oversea like China and US, principle company like HP and Asus often setup own flagship store in tmall and JD.com, which offer even better price value to end user and further depress need of distributor and reseller which only selling hardware. I don't see any reason why Malaysia wouldn't follow this trend ...
I did quite check how ECS utilize online platform distributing its product, so far i only seen they setup relatively small foot print in lazada selling HP products with no price advantage.
There are few more minor issue I don't like ECS IT but I think you already cover like above average director/mgmt remuneration package, lack of outstanding capital allocation capability (which proof by declining ROE past few years), etc.
Some may argue ECS is strong fundamental company (at least from balance sheet side) with low valuation of PE7 and 5% dividend yield. Based on past records ECS has been trading between average PE range of 6 - 9, since year of 2010 to 2018. Base on such fact it seems that 7.5 PE is relatively fair value for ECS.
It just personal view and might consist some bias, feel free comment.
Cheers.