Founded over 35 years in Hong Kong, Elec & Eltek International Company Limited (E&E) was listed on the SGX Mainboard on 5 September 1994. Its principal business activities include manufacturing and distribution of high-density double-sided and multi-layer printed circuit boards (PCBs). It has 22 offices worldwide and 17 plants in Asia (1 in Hong Kong, 2 in Thailand and 14 in China) with total annual production capacity of over 56 million square feet.
PCBs are used in the production of wide variety of electronics products, ranging from consumer products such as toys, electronic games and audio visual equipment, to more sophisticated products such as mobile phones, PDAs, computers, and networking and telecommunications devices. Other products in which PCBs are used include automotive components and advance medical equipment.
Parent Company - Kingboard
PCBs are used in the production of wide variety of electronics products, ranging from consumer products such as toys, electronic games and audio visual equipment, to more sophisticated products such as mobile phones, PDAs, computers, and networking and telecommunications devices. Other products in which PCBs are used include automotive components and advance medical equipment.
Parent Company - Kingboard
E&E was acquired by Kingboard Chemical Holdings Limited (Kingboard) in 2004 and has became the largest PCB enterprise in China. Kingboard is a leading vertically-integrated electronics materials manufacturer and one of the world's largest laminate producer (Laminate are used in the production of PCBs). With Kingboard's other PCB companies (Techwise Circuits Company Limited and Jiangmen Glory Faith P.C.B Co., Ltd.), the Group was ranked one of world's top PCB players in terms of sales revenue in 2006. (See table below)
Products and Services
Products and Services
High density interconnect (HDI)
Microvia
Backplanes
High-end servers
PCBs (up to 40 layers)
Quick-Turn Around (QTA) (custom-designed PCBs that are delivered in shorter term than usual production lead-time)
Customers
Sectors:
- Computer and computer peripherals
- Communicatin/networking
- Consumer electronics
- Automotive
Major customers in FY2006:
Others include:
- Jabil Circuit
- Minebea
- Celestica
- Jabil Circuit
- Minebea
- Celestica
- Simens
- InFocus
- Mitac
- NEC
- Samsung
- Alcatel
- Hitachi
- Sony
- Johnson Control
- Ericsson
Comparables
Environmental Management System
This last part may not be relevant for investment analysis but it adds some positive affirmation to my personal investment decision in the company. =)
All of E&E's plant operates under a common environmental management system (EMS) framework that is believed to provide the most consistent and effective way to protect the environment and pursue continuous environmental improvements in its global operations.
Quoting from its website:
"In contributing to sustainable development at all levels of society, we have developed a balanced business strategy that meets environmental protection, economic and social needs. We are sponsoring local communities to support habitat conservation. Elec & Eltek realizes that one company alone cannot do much for the environment. It is our hope, however, that we can still environmental consciousness in others and that our efforts will have a multiplier effect throughout the community."
Source:
E&E website: http://www.eleceltek.com/sub_index.htm
Kingboard website: http://www.kingboard.com/kbeng/index.asp
DBS Vickers Report dated 27 March 2007 by Don See
CIMB Report dated 25 August 2006 by Jonathan Ng
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