QES GROUP BERHAD

KLSE (MYR): QES (0196)

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Last Price

0.54

Today's Change

+0.03 (5.88%)

Day's Change

0.51 - 0.545

Trading Volume

3,208,700


9 people like this.

7,326 comment(s). Last comment by fruitcake 2 days ago

8dragon

2,221 posts

Posted by 8dragon > 2023-11-24 09:11 | Report Abuse

Qtr record heavy loses, share will drop below 0.40 ....

8dragon

2,221 posts

Posted by 8dragon > 2023-11-27 12:28 | Report Abuse

Stay away from technology stock for now, and at least for the next half year

Posted by kokchengkai > 2023-12-13 23:04 | Report Abuse

QES – 企业探访

经过长时间的安排,终于获得宝贵机会前往QES位于Glenmarie的新设施参观。

个人一直都非常欣赏 CEO Mr. Chew的领导能力,而且在处事待人方面也非常友好和亲切。以QES现有的生意模式,我敢大胆的说,未来10年将屹立不倒。

? 在早期90年代成立时,主要从事自动化设备 (ATE) 的分销活动,简短来说就是代理全球知名品牌的产品,并在东南亚市场分销,直到00年代才进军制造活动。在过去30年期间已经累计接近4,000位客户群,而分销品牌超过50个。

? 虽然分销行业的门槛理论上并不高,但是在打好基础后却是一个非常好的护城河。其一,在东南亚6个国家都设有办公室,有充足的人脉资源和网络来分销产品。当品牌方推出新产品时,他们肯定将优先想起QES。其二,由于分销产品多样化,在客户购买某个产品之后,往往可以顺势推销其他应用的产品。

? 值得一提,所谓的“自动化设备”并非局限在半导体行业而已,当中包括其他行业使用的设备,例如种植、采矿、实验、环境等等。有的设备可以检测出金属块的碳含量,有的可以分析出化学成分,有的则可以自动化某个流程,尤其是在全自动实验室内。

? 目前, 半导体行业的营收占比达46%,其次是汽车22%和电子行业17%。虽然其他行业的贡献比例不高,但是却有助于多元化收入来源,以及减少对于某个行业的过度依赖,尤其是在当下的半导体行业周期。

? 旗下产品分为8个系列,其中包括自动化处理系统 (AHS)、自动光学检测 (AOI)、智能制造解决方案 (SMS)、先进计量系统 (AMS) 等等。为了提高价值和定位,偶尔也根据客户的要求,为他们在一些设备上置入自动化的处理系统。

? 在分销设备之后,将为客户提供售后服务,例如保修和替换零件。当卖出的设备数量越多,每年所带来的可持续性收入将越高。一般上,每台设备的保修费用是售价的5-10%。以现有市面上超过7,000台“活跃”设备计算,每年可以带来介于RM50-60m的收入,占全年营收的20-25%。

? 自动光学检测 (AOI) 是半导体行业一个通用的术语,不过产品可以区分为几个等级。AOI的功能是利用机器视觉的技术来检测LED、PCB等等是否符合标准,当中每台机器的“机器视觉“是区别所在,所采用的光学包括Microscope、Lasers、X-Ray、3D等等。值得一提,以AOI闻名的Vitrox主要采用X-Ray和3D的技术。

? 在20-30年前,半导体行业主要以人手的方式,也就是一个一个去检查瑕疵;之后发展至半自动化,也就是操作员在电脑的视像放大下逐个排查;如今的趋势已经是全自动化,也就是由电脑系统自动排查,不需要人手的干涉。

? 除了光学部分,当下AOI最为关键的技术是自动瑕疵排查及分类系统 (ADC),简单来说就是人工智能系统,并非每个同行都掌握这个技术。QES在这方面的研发上足足耗时大约3年,现阶段已有实力与一些外国品牌竞争,例如Onto和Camtek。

? 除了后端工艺之外,也参与半导体前端工艺的晶圆检测设备。经过多年的研发后,如今产品已经成功推出,并处于内部测试阶段,预计在2024年可以寻获首个客户。虽然与美国品牌的设备功能相似度可能仅有70-80%,但是价格却便宜30%左右。目前,来自美国的设备平均售价介于USD0.8-1m,而QES产品的售价仅USD0.5m左右。

? 晶圆检测设备可以是一个非常简单的产品,不过却取决于在晶圆的哪个流程测试。如果是在Wafer Bumping的阶段,则需要3D技术的检测功能。有必要强调,与一些外国大品牌完全处于不同档次的竞争。以KLA为例,他们的机器主要用于检测3nm、7nm等等的晶圆瑕疵,每台售价轻易超过USD20m。

? 值得一提,其分销与制造业务也有相同类别的产品,不过并非是直接重叠的产品,因此与品牌方的产品称不上有直接的利益冲突。举个例子,虽然Nikon也有晶圆检测设备,但是他们的产品并非是全自动化。

? 在半导体前端工艺,除了晶圆检测之外,在不久前已研发出晶圆堆叠设备 (Wafer Stacking),将在2024年交付第1台。虽然同行Penta和MMSV也有相似的产品,但是他们主要采取定制化的模式,相反QES要减少定制化,并专注在标准化的设备。

? 生意的短期亮点在于汽车行业,在上个月获得一些规模相当大的订单,主要来自汽车半导体企业的SiC产能扩充活动,交付期落在2024年。作为参考,大部分全球汽车半导体企业都是其客户,例如Infineon、NXP等等。

? 中国半导体的当下行情依然没有起色,相信将维持至少多2个季度。虽然持续受到美国的打压,但是从另一个角度,却将加快中国达到“自给自足”的速度。

? 华为最新手机Mac 60 Pro采用7nm的芯片,不过问题在于中国没有ASML的光刻机,理论上是没办法生产这类型的芯片,因此或许将迎来新一轮的课题。此外,对于即将推出的iPhone 15是否能推动市场消费抱有质疑。

总结,QES生意的独特优势在于“多元化”,无论是产品、市场或者行业,在行业下行周期之际依然保持稳健的表现。

个人观点,本地规模较小的半导体企业,例如Elsoft、Aemulus、MMSV等等,最大挑战在于缺少高效的营销网络,有别于QES在东南亚市场已经建立成熟的分销网络。每家成功的企业都离不开厉害的销售,而不是厉害的研发。

8dragon

2,221 posts

Posted by 8dragon > 2023-12-18 10:58 | Report Abuse

There's no surprise in the qtr result. TP is 0.55.

YiStock

1,984 posts

Posted by YiStock > 2023-12-20 15:29 | Report Abuse

Have to cross 0.55, then 0.65 is the next target. The new contract secured should be able to help QES to have a meaningful growth story in next 1 year

YiStock

1,984 posts

Posted by YiStock > 2024-01-04 16:48 | Report Abuse

To challenge 0.55

8dragon

2,221 posts

Posted by 8dragon > 2024-01-05 15:28 | Report Abuse

屹立不倒的公司,股价却这么烂..

8dragon

2,221 posts

Posted by 8dragon > 2024-01-10 11:21 | Report Abuse

目标价0.35...

8dragon

2,221 posts

Posted by 8dragon > 2024-01-10 16:11 | Report Abuse

Yea, non performing stock used to be press champion to con investors....

dchin472

326 posts

Posted by dchin472 > 2024-01-17 13:58 | Report Abuse

boss suddenly no update alrd lousy

8dragon

2,221 posts

Posted by 8dragon > 2024-01-17 19:11 | Report Abuse

Better buy AEMULUS...TP 50 cents

8dragon

2,221 posts

Posted by 8dragon > 2024-01-26 11:52 | Report Abuse

TP for QES is 0.35-0.40. Would be a hard year for technology industries locally and abroad.

Gen2

253 posts

Posted by Gen2 > 2024-01-27 15:24 | Report Abuse

@kokchengkai
高科技企业最重要的就是研发,要不然QES的老板也不会要求产品制造份额超过30%。看看台积电和ASML他们是不愁销售的。

ysyap84

170 posts

Posted by ysyap84 > 2024-02-08 15:11 | Report Abuse

Reversal trend spotted. Expected heading to north....

Michael Kwok

6,452 posts

Posted by Michael Kwok > 2024-02-08 15:54 |

Post removed.Why?

ysyap84

170 posts

Posted by ysyap84 > 2024-02-13 18:05 | Report Abuse

Be patient, it is coming....

Posted by seekingsuan > 2024-02-16 10:57 | Report Abuse

28-2-2024业绩報告,qes 目标72角

remus17

113 posts

Posted by remus17 > 2024-02-16 13:52 | Report Abuse

what makes you say so, 72 cts?

remus17

113 posts

Posted by remus17 > 2024-02-22 15:04 | Report Abuse

qes move pass 1 mth high, 52.5 now, good result ?

Posted by wilsonchan87 > 2024-02-26 12:47 | Report Abuse

faster sell. manufacturing section is loss

MACD

116 posts

Posted by MACD > 2024-02-26 15:28 | Report Abuse

gap down ?

Posted by kokchengkai > 2024-03-06 17:23 | Report Abuse

market sentimental is no good but qes curi curi up ..sumthing is brewing

Posted by stockraiders > 2024-03-07 07:46 | Report Abuse

Seemed to have formed an inverted head and shoulder pattern after breaching 0.545. If it can stay above, there is a chance it could continue its upward trajectory.

acnca84

125 posts

Posted by acnca84 > 2024-03-21 16:02 | Report Abuse

😎

ronnie2u

667 posts

Posted by ronnie2u > 2024-03-22 10:39 | Report Abuse

broke 54.5 sen looking for uptrend.... come come don't miss the boat

Avantador

201 posts

Posted by Avantador > 2024-03-22 15:31 | Report Abuse

60s traded .....

CalvinK

132 posts

Posted by CalvinK > 2024-03-26 11:06 | Report Abuse

It will come by any chance above 70 cents coming months

ronnie2u

667 posts

Posted by ronnie2u > 2024-03-29 10:58 | Report Abuse

70 sen coming soon..don't miss the boat

Avantador

201 posts

Posted by Avantador > 2024-04-02 15:22 | Report Abuse

63.5s traded
70s coming !

Posted by kokchengkai > 2024-04-03 15:51 | Report Abuse

11,11,11,11,11,11,11,11,11 who play this game hidden code ..hahahaha

Posted by Paktua Second > 2024-04-03 16:32 | Report Abuse

Code to dump the stock lah. Never see before eh?

Posted by kokchengkai > 2024-04-03 16:57 | Report Abuse

profit taking eve hari raya

Tango123

61 posts

Posted by Tango123 > 2024-06-05 16:35 | Report Abuse

QES already hit 0.715 & looking strong. RHB said QES poised for a technical breakout with TP1 at 0.75 and TP2 at 0.80. Watchout for the breakout! Good luck

Tango123

61 posts

Posted by Tango123 > 2024-06-11 13:05 | Report Abuse

TP1 0.75 hit after 3 trading days. Fasten seat belt for TP2 0.80. Happy investing.

cheoky

2,823 posts

Posted by cheoky > 2024-07-03 22:46 | Report Abuse

new plant commencing?

Henryjohny

915 posts

Posted by Henryjohny > 2024-07-10 11:40 | Report Abuse

mmm...

Posted by seekingsuan > 2024-07-10 14:17 | Report Abuse

矽光子

Kenneth91

11 posts

Posted by Kenneth91 > 2024-07-12 12:01 | Report Abuse

QES is another dark horse to watch!

Posted by seekingsuan > 2024-07-13 13:32 | Report Abuse

未来战士科技矽光子

Posted by rabbit07 > 2024-07-19 11:10 | Report Abuse

QES forms a double top? need a rejection on the trendline @0.720, looking at market depth, quite not favorable to closed above 0.730 for today session

CHS23

575 posts

Posted by CHS23 > 2024-07-19 16:37 | Report Abuse

sell.....run.....

Posted by stockraiders > 2024-07-26 08:58 | Report Abuse

Now trending at the bottom channel and as long as it hold its ground, there is a chance of rebound and resume its upward trajectory.

fruitcake

887 posts

Posted by fruitcake > 1 week ago | Report Abuse

https://theedgemalaysia.com/node/733311. QES is too small to be on the spotlight !!. someone mentioned SELL...RUN😂🤣

fruitcake

887 posts

Posted by fruitcake > 1 week ago | Report Abuse

spot on, bulleyes. BAD QR😂😂

fruitcake

887 posts

Posted by fruitcake > 1 week ago | Report Abuse

hopefully will sink to bottom bottom😂

fruitcake

887 posts

Posted by fruitcake > 1 week ago | Report Abuse

RUN🏃🏃

mf

29,212 posts

Posted by mf > 1 week ago | Report Abuse

14m ago
Dozens of projectiles fired into Israel from Lebanon, army says

fruitcake

887 posts

Posted by fruitcake > 2 days ago | Report Abuse

below all MA LINES. quite s.h.i.t.t.y price & what? months to recover😂

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