Briefing Key Take Away - YBS

YBS principal business involved in high precision mould, high precision metal, plastic components and sub-components assembly. Their product mainly serve to aerospace & security, automotive & transport, telecom & IT, office & home appliances, semiconductor + life science.

The key take away:

- Most of the customers are MNC company with min. 12 - 25 years relationship, some of them are US listed company,

- Manufacturing plant located mainly in Malaysia, Vietnam and India

- EU and US customers has granted YBS is one of the greatest vendor among the competitor in SEA, direct main competitor is from Japan

- New plant has commenced since beginning of January, with additional 17 - 19k capacity added, and this new plant will be fully occupied by year 2022. This expansion mainly service Telecommunication segment (cloud storage instead of handphone).

- YBS now is busy on the backlog execution for the product delivery

- Focus on high margin products, margin will increase from 2 - 3% to 6 - 8%, they are trying to reduce or eliminate the low margin product.

- The recent cost raising such as commodity cost, freight cost, labor cost will not have impact to YBS, as YBS is able to pass down the cost to their client.

- YBS will be benefit from Trade War and Covid. The big Telecommnuication segment players are tend to reduce reliability on China, they have started to move out 30% prodcution from China to SEA region such as MY, VM and THAI, and YBS has their manufacturing plant located in these regions.

- Telecommunication and aerospace customer awarded high margin order range from 8 - 10% to YBS up to 3 years contract.

- YBS is mainly export business, so they will benefit from stronger USD ex-rate.

- Subtantial shareholder - 10% from MOF, 10% from Bumi Funds

- In the middle to explore main market requirements, YBS tend to shift from ACE market to Main market.

Do you think YBS is a good investment with bright business outlook ?@Ryunanda

$YBS / 0025 (YBS INTERNATIONAL BERHAD)


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