Ok, hope you guys appreciate this. Had to go thru all 6 years of annual reports. Bleh.

Capital structure history of Uchi Tech

With focus on the two big guys Ed and Ted Kao (Just to see if these guys are abusing it)

2001
During the financial year, the issued and paid-up ordinary share capital of the Company was increased from

RM40,000,000 to RM44,146,000 by way of:

(a) a bonus issue of 4,000,000 new ordinary shares of RM1 each through capitalisation of RM4,000,000 from the retained profit account on the basis of one new ordinary share of RM1 each for every ten existing ordinary shares of RM1 each held; and

(b) issues of 146,000 new ordinary shares of RM1 each for cash pursuant to the Employees’ Share Option

Scheme (ESOS) of the Company at an exercise price of RM5.24 per ordinary share.

to RM64,446,600 by way of:

(a) a bonus issue of 17,847,600 new ordinary shares of RM1 each through capitalisation of RM17,847,600 from the share premium account on the basis of two new ordinary shares of RM1 each for every five existing ordinary shares of
RM1 each held; and

(b) issues of 2,453,000 new ordinary shares of RM1 each for cash pursuant to the Employees’ Share Option Scheme (ESOS) of the Company at exercise prices ranging from RM3.69 to RM6.72 per ordinary share.

                         Balance b4   Granted   Exercised   Balance of 31.12.2003
Ted Kao                350,000     140,000     (196,000)     294,000
Ed Kao                 350,000     140,000     (193,000)     297,000


2003
During the financial year, the issued and paid-up ordinary share capital of the Company was increased from RM64,446,600 to RM72,455,560 by way of:

(a) a bonus issue of 6,500,960 new ordinary shares of RM1 each through capitalisation of RM 6,500,960 from the share premium account on the basis of one new ordinary shares of RM1 each for every ten existing ordinary shares of
RM1 each held; and

(b) issues of 1,508,000 new ordinary shares of RM1 each for cash pursuant to the Employees’ Share Option Scheme (ESOS) of the Company at exercise prices ranging from RM3.36 to RM8.61 per ordinary share.

The resultant premium arising from the shares issued pursuant to the ESOS of RM5,132,100 was credited to the share premium account.

ESOS by Ed and Ted
                         Balance b4   Granted   Exercised   Balance of 31.12.2003
Ted Kao             294,000         29,400   (107,000)   216,400
Ed Kao              297,000         29,700   (106,000)   220,700

2004
During the financial year, the issued and paid-up ordinary share capital of the Company was increased from RM72,455,560 divided into 72,455,560 ordinary shares of RM1 each to RM73,362,760 divided into 366,813,800 ordinary shares of RM0.20 each by way of:

a. issues of 107,000 new ordinary shares of RM1 each for cash pursuant to the Employeesʼ Share Option Scheme (ESOS) of the Company at exercise prices ranging from RM3.36 to RM9.02 per ordinary share;

b. subdivision of 72,562,560 ordinary shares of RM1 each into 362,812,800 new ordinary shares of RM0.20 each on the basis of five (5) new ordinary shares of RM0.20 each for every one (1) existing ordinary share of RM1 each held as
approved in an Extraordinary General Meeting held on April 9, 2004; and

Hmmm ...

Last edited on Sun Oct 21st, 2007 17:33 by sinch

• 3Q results. 9MFY07 results came in below our expectations and market consensus, and accounted for 62% of our full-year earnings estimate. Flattish 9MFY07 turnover of RM118.3m (+2.3% yoy) was mainly due to: 1) strengthening of RM against US$. Nevertheless, 9MFY07 EBIT margins declined 3.7%-pts yoy to 48.2% mainly due to lower contribution from higher-margin fully-automated coffee modules (FACM).
• Weaker US$ has detrimental impact on medium-term earnings. Although Uchi’s longer-term earnings remains intact, we believe recent rate cut by US Fed implies potential weakening of the US$ against RM ahead. We estimate that a 1% depreciation of the US$ against RM would reduce Uchi’s earnings by 1.7%.
• Forecasts cut. Hence, we have cut our FY07-09 earnings forecast by 10.6- 13.6% to reflect: 1) weakening of the US$ against RM; and 2) slower-thanexpected demand for its FACM. Further out, we believe earnings visibility remains good given: 1) rising demand for high-end FACM in Europe and US; 2) the company’s expansion into China which will help reduce operating cost; and 3) contribution from high-value products (i.e electronic pipettes and centrifuge) in the pipeline.
• Dividend play. Uchi announced an interim gross dividend of 13.7 sen which includes a normal 6 sen/share tax-exempt dividend and 4 sen special taxexempt dividend. We believe Uchi remains a dividend play, with one of the highest dividend yields on offer in our universe and the market (i.e. FY07-09 gross dividend yield of 10.2-11.5%). We therefore maintain our Outperform call with our revised fair value of RM4.42/share (trimmed from RM5.01 previously) based on 16x FY08 EPS.