Food For Thought 反思者
电子代产 系列 第一篇：SALUTE BHD 第二篇 季度亏损
May 24, 2018
续上一篇 "电子代产 系列 第一篇：SALUTE BHD", 今天要Update一下Salute的近況。
不了解Salute這家公司的读者可以参考以下的link：
看回以前写的Salute第一篇，哇，时间过得好快，时隔6个月了，我们看看股价的表现。
6月前写Salute的时候，股价位于RM 1.48，今日0.48的股价，还真吓人。记得6个月前，笔者看好FY 18 Q1的表现所以研究了Salute。可是FY18 Q1的业绩并非如笔者想象的好，也只是普普通通。之后呢，股价就如FY18 Q2和Q3的业绩一样，一路向南。而这礼拜公布的FY18 Q3更惊人，竟然引来了上市以来第一次业绩亏损的季度。笔者看了季度报告后真的无语，也Email了管理层问一问了解了解。出乎意料的是管理层隔天下午马上就回复了笔者，这显示了公司管理层还蛮有责任感的。
我们马上进入正题，看笔者的提问以及管理层的回答。
笔者提问的问题如下：
1st) Why there is nothing much information like "Cost of good sold", "Gross Profit", Other operating expenses" stated in the quarter report? It does not give investor confidence since we unable to get analyze and understand how well company is doing.
Diagram1
2nd) Referring to the picture below, it explains that LBT happens due to the 4 specific expenses, but there is too less info for investor to digest. It is possible for management to give some rough figure for those 4 expenses?
Diagram 2
3rd) I notice this is the 1st loss making quarter for Salute since it is listed and it happens because of the 4 specific expenses stated in diagram 2. It makes investor to worry are those 4 specific expenses one off expenses or it will continue to be spent for next quarter? Does it mean that those 4 specific expenses weight a lot that they might impact the whole company earning performance?
4th) Why management spend all the 4 specific expenses in the quarter ended 31 March 2018? Does management think about these 4 expenses might cause company to be in loss making quarter? Or all 4 expenses are a MUST to be spent in this quarter to make sure operation can be carried on?
5th) From Diagram 2, it stated " Such spending is required to materialize future product launches starting in the second half of calendar year 2018". How confident management is to make sure those spending are well and worth to be spent? Does it mean investor can expect some improvement and growth in the second half of calendar year 2018?
6th) Does management has confidence to bring company backs to profit making quarter for next quarter?
接下来是公司管理层的回复，erm，为了避免引来麻烦，笔者就不把整个Email Copy和Paste或者拍照放出来。笔者翻译成华语与大家分享。
公司管理层的回复
Salutica经营消费电子行业，鉴于我们在全球市场空间内向跨国公司生产和销售产品，因此受到竞争。我们是我们客户制造模型的唯一制造商。因此，我们不会披露所售商品的成本或毛利率（GP），因为这些信息对于我们为他们所做的产品而言是敏感的。
Salutica是一家垂直整合的制造商，能够提供全方位的制造服务 - 涵盖产品设计，开发，制造和测试能力。我们的成功取决于我们跟上最新技术的能力。这一点至关重要，因为我们在一个产品和服务易于频繁引入新技术和增强功能的市场中运营。新产品或增强产品的设计和开发可能是一个耗时且不确定的过程，在这个行业中始终是一个挑战。
我们的研发（R＆D）活动为我们的发展和扩张提供了基础和平台。我们不会在研发活动和内部品牌FOBO中切断支出（花费在Q318大约为100万令吉），因为这些支出对于促进业务增长和为Salutica提供竞争优势是必要的。
以上就是管理层的回复。
笔者在Salute第一篇有写过 “R&D Expenses (Mainly for FOBO)= 5% of Revenue, 蛮高的，可是没有得到Pioneer Status，证明公司的R&D不是很强/不是很有市场/对社会没什么Big Impact”
直接对比之下，其实FY18 Q3 1 million的R&D费用与去年相比并不多，而且反而减少了。或许是FOBO的研发已经完成，因为FOBO已经推出市场，成为Perodua after sales的 accessories part了。
看回笔者的第一篇，Salute的前途要看以下数点：
1)Bluetooth Headset的销量如何
2)Neonode 的科技是否可以被应用在汽车领域，利用Light to detect Motion
3)FOBO的销量
就以这个季度的状况来看，Bluetooth Headset的销量令人担忧。FOBO销量也不会很好因为FOBO并没有被列入为Perodua 汽车的必需品而只是多加的feature，换一句话也叫做可有可无，担心担心。而本来笔者期待的Neonode科技，好像没有任何消息了。
所以呢，首先笔者非常喜欢管理层快速的回复，非常有责任感。但是其实笔者还是不了解到底这个季度为什么会去亏损，毕竟R&D费用并不太高。重复读回笔者的问题和管理层的回复数次，笔者还是觉得有太多未知数，而且笔者看不到管理层的信心。或许，前面的路还很颠簸，当然这些都只是笔者的猜想和感觉。
不知读者们你们可否满意管理层的回复？
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Be the first to like this. Showing 19 of 19 comments
I did call out Perodua on the FOBO and TPMS. But very disappointed that they don’t know on this accessory. Means Marketing and training not good enough. Or may be lack of sales incentive for the sales person. Haha...
2018-05-25 08:47
@valuebuy888 , thanks for your info and would like to hear from you after their AGM, haha
2018-05-25 11:10
其实我们这小股东只能从财报和大股东的访谈中分析这间潜能。两年前，我的朋友告诉我salutica一间稳定发展和成长的公司。我不是一个人云亦云的投资者。我翻查资料，管理层可是一名企业医生，曾经领军几家公司起死回生。新公司最怕管理层诚信问题，和领导能力。老实说，刚刚上市的公司从创业板转战主板可以说势如破竹。我也发现了管理层一直在脱售股票。在高价脱售一批又一批的股票不禁让人担心。公司一直告诉我们airbar的demand 和潜力让我们都对他不离不弃。直到这个季度，我才发现管理层好像不再专注airbar,所以股价从1.50跌到0.48。我本人对管理层的诚信有所保留。公司不可能到现在才知道airbar 的production 停了。投资一千四百万的生产线也不提。expenses和headcount一直赠加，管理层一直神秘的告诉我们前景一流有新顾客可是已经让我们这支持者十分失望。老实说，管理层好像在误导我们。inventory下了那么多，revenue 又没有上，现金也少了很多，是不是有write off,,我们也不知道。R&D 又来告诉商业机密。哈哈，我们真的是非常失望。账目和公司都不透明如何引入新的投资者？
2018-05-26 11:21
当你看看这家公司的股票分量，大股东持在大概70%的股分，其余的都是投资机构都不超过5%。股价不应直线下滑那么利害。我找不到理由只有用坏人的逻辑才能合理化share price movement.
2018-05-26 11:29
“Production line of airbar to be commenced early of 2018 “, the management no come out to explain this.
2018-05-26 11:30
I THINK I SHALL RESPONSIBLE TO GET THE ANSWER WHICH I RAISED HERE. I HAD EMAILED THE MANAGEMENT REGARDING MY DOUBT AND I APPRECIATED THE FAST REPLY FROM THE CFO DURING SUNDAY. HMM... HOW? SHALL I DISCLOSE HERE? MOST OF THE ANSWERS ARE POSTITVE AS EXPECTED LA..
2018-05-28 08:39
THE MANAGEMENT HAD EXPLAIN THAT THE DROP OF INVENTORY IS DUE TO FULFILLMENT OF Q3.
2018-05-28 09:46
THE FOBO WITH PERODUA IS JUST A BEGINNING. THEY ARE LOOKING FOR POSITIVE GROWTH OF IT. BUT CAN'T GIVE ESTIMATION AS IT IS CONSIDERED AS INITIAL STAGE BUT A BIT DIFFERENT WITH MY INDUSTRY WITH ONCE I ASSIGN A DISTRIBUTOR, THE COMMITMENT SHALL BE THERE. MAY BE THE MANAGEMENT REFUSED TO DISCLOSE THE DETAIL.
2018-05-28 09:49
THE AIRBAR PRODUCTION IS CONTINUED BUT CONTRITION IS VERY LITTLE. THE PRODUCTION LINE IS INVESTED FOR FUTURE..... AGAIN IS A FUTURE LIKE R&D, AND I HOPE THE INVESTORS CAN APPRECIATE LA
2018-05-28 09:50
THE DROP OF REVENUE IS DUE TO SEASONAL REASON WHICH I CAN UNDERSTAND JUST DONT KNOW HOW TO JUSTIFY THE Q4 PERFORMANCE AS THE INVENTORY DROPPING SO MUCH. THE MAJOR BUSINESS OF SALUTICA IS ASSEMBLY. IF THEY ARE EXPECTING STRONG Q4, THE INVENTORY SHALL BE PREPARED FOR NEXT Q WHICH IS SUPER BUSY... LOLS
2018-05-28 09:53
@valuebuy888 Thanks for your effort and update.The conclusion for now is to avoid owning this stock until the sky is clearer haha.
2018-05-28 14:06
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valuebuy888
Yes , very disappointed counter. I think this company have drop the neonade airbar business. As the previous few quarter results doesn’t indicate the revenue from it. They did mention ingested RM14million production line for air bar and will be commenced early 2018 but this Quarter result show zero contribution. Means NEONADE BUSINESS CAN BE IGNORED. Now left Bluetooth headset and FOBO. FOBO is now selling at Perodua but not build in in Vehicle. FOBO SALES depend on the PERODUA sales person in almost 1.8k outlets and sales centre. If daily each outlet can sell ONE FOBO pun good enough la as a begging. Just depend on how they market it and remind Malaysian what is important TPMS.
2018-05-25 08:45