We initiate coverage on SKP Resources (SKPRES) with a BUY recommendation, valuing the stock at RM0.54 based on 9.0x CY13 EPS, in line with the plastic industry average. The integrated plastic manufacturer has evolved into a leading local „one-stop solution centre‟ catering to a broad global clientele. We like the company‟s strong balance sheet and earnings growth, as well as appealing valuation. This is backed by a dividend yield of 7.0% for FY13 and 8.6% for FY14.
Sticky with global winners. We initiate coverage on SKPRES with a BUY and FV of RM0.54. This locally-based integrated plastic manufacturer is currently ramping up capacity, which should boost sales and earnings CAGRs of 25% and 23.8% respectively for FY12-14, underpinned by more orders from existing clients. We believe that its „one-stop solution‟ concept should drive long-term earnings.
Outsourcing by MNCs fuels growth. We expect the growing trend in outsourcing among multinational corporations (MNCs) to fuel SKPRES‟s growth moving forward. The company‟s success in securing outsourcing contracts is supported mainly by its ability to meet clients‟ stringent quality requirements, just-in-time supply of materials and cost controls. We expect more substantial orders from its existing clients, especially Dyson, for which the outlook is robust, propelled by the latter‟s aggressive expansion plan and resilient growth in the markets it is in.
Alluring dividend yield of >7%. Armed with its strong coffers (zero borrowings and net cash of 8 sen per share as of end-June 2012), the company has consistently paid dividends. We believe there is potential for the group to enhance its dividend payout in view of its financial capability. Management has a policy of paying out 50% of its profits as dividend going forward, which will translate into lucrative dividend yields of 7.0% for FY13 and 8.6% for FY14, based on our earnings estimates.
RM0.54 FV represents 47.9% upside potential. We apply a 9.0x CY13 PE to SKPRES‟ earnings, which is in line with the industry average. Our FV does not include the potential dilution effect of its warrants, which are trading at a 49.3% premium to the exercise price. This means that warrant holders are unlikely to convert the warrants at this point of time. Nonetheless, assuming that all the warrants are converted into ordinary shares, our FV would be diluted to RM0.42.
Sticky with global winners. We initiate coverage on SKPRES with a BUY and FV of RM0.54. This locally-based integrated plastic manufacturer is currently ramping up capacity, which should boost sales and earnings CAGRs of 25% and 23.8% respectively for FY12-14, underpinned by more orders from existing clients. We believe that its „one-stop solution‟ concept should drive long-term earnings.
Outsourcing by MNCs fuels growth. We expect the growing trend in outsourcing among multinational corporations (MNCs) to fuel SKPRES‟s growth moving forward. The company‟s success in securing outsourcing contracts is supported mainly by its ability to meet clients‟ stringent quality requirements, just-in-time supply of materials and cost controls. We expect more substantial orders from its existing clients, especially Dyson, for which the outlook is robust, propelled by the latter‟s aggressive expansion plan and resilient growth in the markets it is in.
Alluring dividend yield of >7%. Armed with its strong coffers (zero borrowings and net cash of 8 sen per share as of end-June 2012), the company has consistently paid dividends. We believe there is potential for the group to enhance its dividend payout in view of its financial capability. Management has a policy of paying out 50% of its profits as dividend going forward, which will translate into lucrative dividend yields of 7.0% for FY13 and 8.6% for FY14, based on our earnings estimates.
RM0.54 FV represents 47.9% upside potential. We apply a 9.0x CY13 PE to SKPRES‟ earnings, which is in line with the industry average. Our FV does not include the potential dilution effect of its warrants, which are trading at a 49.3% premium to the exercise price. This means that warrant holders are unlikely to convert the warrants at this point of time. Nonetheless, assuming that all the warrants are converted into ordinary shares, our FV would be diluted to RM0.42.
INVESTMENT THESIS
Benefiting from outsourcing by MNCs. The growing trend in outsourcing by MNCs is expected to fuel SKPRES‟ growth moving forward. The company‟s ability to secure outsourcing contracts is mainly due to its ability to meet customers‟ strict quality requirements and timely delivery at competitive cost. Some of its notable clients are Dyson, Fujitsu, Pioneer, Sharp, Sony and Panasonic.
Riding on Dyson‟s expansion. While Dyson has been a loyal customer since 2002, the milestone in 2009 was the move by SKPRES to go up the value chain by migrating to a full-assembly manufacturer from sub-assembling. This contributed to its strong revenue CAGR of 33.4% from FY09-12. In addition, the company was appointed as one of Dyson‟s tier 1 manufacturers in Malaysia in 2010. We see more substantial orders from Dyson in the future, buoyed by the company‟s plans to launch in China in November this year. Elsewhere, we believe that SKPRES had recently secured another contract to manufacture a new product line for Dyson (this was announced in the press but management has yet to confirm the contract). This contract, if factored in, may push up our FY13/14 estimates.
Rising orders from existing customers, new customers to mitigate concentration risk. While the company‟s customer concentration risk (>55% of SKPRES‟ revenue was contributed by Dyson alone in FY12 as shown in Figure 4) is of concern, we understand that management has been in talks with potential customers for potential co-operative efforts. Management has guided that this is not a straight forward process as the qualifying period could take some time but once the company is appointed, it would be difficult for the client to switch suppliers in view of the stringent due diligence involved. Management hopes to maintain Dyson‟s revenue contribution at about 50%-55% of total revenue by growing its business with other customers.
Upcoming plant to beef up production capacity by 40%. Management intends to spend RM30m in the next two years to buy land, construct a new plant and install new machinery to increase its manufacturing capacity by some 40%. This is to cater for the new contract it secured recently from an existing client. The new plant is expected to be completed in 2H13. We have not factored in any potential earnings growth from this plant for FY13 and FY14 as we anticipate that it will only start production towards end-1Q14. We are of the view that if the growth momentum of its clients is sustainable, SKPRES should continue to register double digit earnings growth in FY15.
FINANCIAL HIGHLIGHTS
Off to a good start in FY13. SKPRES‟ 1QFY13 revenue and net profit soared 106.9% y-o-y and 116.9% y-o-y respectively. Compared to its 4QFY12 results, this implies that the company‟s revenue and earnings are not one-off as the group made RM12.0m in 4QFY12 on the back of revenue of RM127.6m. We anticipate that its 2QFY13 results will be similar to 1QFY13 as management has guided that its orders from customers are still strong.
Positive outlook. We are projecting for 2-year earnings CAGR of 23.7% from FY12-14f on sales CAGR of 25.0% for SKPRES. The strong double-digit growth is mainly attributable to i) Dyson‟s expansion into China, which will boost orders, and ii) a higher utilization rate for its manufacturing facility (currently at 75%). Management has guided that its orders are stable
Positive outlook. We are projecting for 2-year earnings CAGR of 23.7% from FY12-14f on sales CAGR of 25.0% for SKPRES. The strong double-digit growth is mainly attributable to i) Dyson‟s expansion into China, which will boost orders, and ii) a higher utilization rate for its manufacturing facility (currently at 75%). Management has guided that its orders are stable
Margin slide to stabilize. We expect SKPRES‟ blended gross margin and net margin to stabilize in the next three years at 16.5%-17.0% and 8.5%-9.0% respectively. The company will be able to maintain margins at these levels, backed by its cost-plus model as the group reviews its average selling prices (ASPs) with its clients on a monthly basis.
Working capital management intact. We expect the company‟s cash conversion cycle to shorten slightly over time, largely driven by shorter receivable turnover days. As SKPRES‟ customers are mostly leading international brands, we expect its default risk to be low.
Healthy balance sheet, positive free cash flow since FY08. SKPRES‟ retained earnings stood at RM101.9m as at 1QFY13 while cash and bank balances totaled RM71.6m. The company has no borrowings. In view of its strong net cash position in 1QFY13, we believe that the group would be able to fund its expansion plans without borrowing. The group intends to spend some RM30m over the two years to expand its production facility to cater for a new product line from an existing customer.
Attractive dividend yield of >7%. Armed with its strong coffers (zero borrowings and net cash per share of 8 sen per share as at end-June 2012), the company has consistently paid out dividends and has been raising its dividend in the past 2 financial years. We see potential for the group to increase its dividend payout policy given its financial capability. Management has set a policy of paying of 50% of its profits as dividend, which will translate into a lucrative dividend yield of 7.0% for FY13 and 8.6% in FY14, based on our earnings estimates.
Attractive dividend yield of >7%. Armed with its strong coffers (zero borrowings and net cash per share of 8 sen per share as at end-June 2012), the company has consistently paid out dividends and has been raising its dividend in the past 2 financial years. We see potential for the group to increase its dividend payout policy given its financial capability. Management has set a policy of paying of 50% of its profits as dividend, which will translate into a lucrative dividend yield of 7.0% for FY13 and 8.6% in FY14, based on our earnings estimates.
VALUATION AND RECOMMENDATION
Undertaking bonus and warrants issue to enhance liquidity. In June this year, SKPRES carried out a bonus issue involving the issuance of 300m new ordinary shares on the basis of one bonus share for every two existing ordinary shares, as well as issued 180m warrants the following month. These warrants, which expire in 27 June 2017, have an exercise price of RM0.45. The company currently has 900m shares outstanding.
RM0.54 FV. We arrive at a FV of RM0.54 based on PE valuation. We have assigned a target multiple of 9.0x CY13 PE, which is in line with the industry average (benchmarked against VS Industries, Haitian International, Scientex and GW Plastic). We find the stock undervalued and deserves to trade at a premium to its historical average PE of 6.0x due to its: i) strong earnings growth prospects, ii) strong PEG compared to its peers, iii) generous dividend payout offering a yield of 7.0% for FY13 and 8.6% for FY14, and iv) superior ROE compared to its peers.
RM0.54 FV. We arrive at a FV of RM0.54 based on PE valuation. We have assigned a target multiple of 9.0x CY13 PE, which is in line with the industry average (benchmarked against VS Industries, Haitian International, Scientex and GW Plastic). We find the stock undervalued and deserves to trade at a premium to its historical average PE of 6.0x due to its: i) strong earnings growth prospects, ii) strong PEG compared to its peers, iii) generous dividend payout offering a yield of 7.0% for FY13 and 8.6% for FY14, and iv) superior ROE compared to its peers.
FV excludes dilution effect of warrants. Our FV does not include the potential dilution arising from its warrants, which are trading at a 49.3% premium to the exercise price. Hence it is unlikely that warrantholders will convert the warrants anytime soon. Nonetheless, assuming that all the warrants are converted into ordinary shares, our FV would be diluted to RM0.42.
WHERE WE HAVE CONCERNS
Generic risks related to business concentration on specific clients. Given that the top customer Dyson alone contribute to some 55% of the group‟s FY12 revenue, the company‟s earnings could be adversely affected, if any of its key customers decide to award contracts to other manufacturers. Nonetheless, management is currently signing up new customers to reduce the dependency on one key customer.
Macro uncertainty. Consumer spending could recover at a slower-than-expected pace in light of global macro uncertainty, and negatively impact its key customer‟s (Dyson) growth. In a press interview recently, Dyson‟s management said it remains positive on its business as its sales remain resilient in Europe despite the financial crisis in that region and even enjoyed strong growth in recession-hit Spain. Also, Dyson is launching its products in China in November and so we expect SKPRES to benefit from its key customer‟s expansion into that country.
Competition. SKPRES faces most competition from local and Singapore manufacturers especially from Singapore-based Meiban group and Malaysia-based V.S Industry. Both are also contract manufacturers for Dyson but for other products. That said, the company‟s ability to meet its clients‟ stringent requirements in quality standards, just-in-time supply of materials and cost controls has enabled it to earn the trust and respect of major companies. Coupled with its strong balance sheet, SKPRES could easily expand its production capacity to cater for its client‟s orders.
Macro uncertainty. Consumer spending could recover at a slower-than-expected pace in light of global macro uncertainty, and negatively impact its key customer‟s (Dyson) growth. In a press interview recently, Dyson‟s management said it remains positive on its business as its sales remain resilient in Europe despite the financial crisis in that region and even enjoyed strong growth in recession-hit Spain. Also, Dyson is launching its products in China in November and so we expect SKPRES to benefit from its key customer‟s expansion into that country.
Competition. SKPRES faces most competition from local and Singapore manufacturers especially from Singapore-based Meiban group and Malaysia-based V.S Industry. Both are also contract manufacturers for Dyson but for other products. That said, the company‟s ability to meet its clients‟ stringent requirements in quality standards, just-in-time supply of materials and cost controls has enabled it to earn the trust and respect of major companies. Coupled with its strong balance sheet, SKPRES could easily expand its production capacity to cater for its client‟s orders.
Dependence key management personnel. SKPRES is mainly led by the Dato‟ Gan Kim Huat and his family members and their expertise and business strategies were essential for the company‟s growth and development. Hence, the company‟s future prospects could be adversely impacted if they are no longer with the company although there is a strong management team currently in place.
Consistency of product quality. While most MNCs outsource their production to contract manufacturers for cost minimization and convenience, quality remains a key concern. Hence SKPRES will need to continuously invest in skilled employees and quality control processes to ensure that the quality of its products remain compliant.
Technology advancement. SKPRES will need to ensure that its technology remains competitive at all times to retain the high barriers of entry for its competitors. Currently, the company employs a diverse pool of experienced professionals from various engineering disciplines who are capable of providing all-in-one in-house full service engineering consultation to cater for its client‟s individual specifications and requirements.
Consistency of product quality. While most MNCs outsource their production to contract manufacturers for cost minimization and convenience, quality remains a key concern. Hence SKPRES will need to continuously invest in skilled employees and quality control processes to ensure that the quality of its products remain compliant.
Technology advancement. SKPRES will need to ensure that its technology remains competitive at all times to retain the high barriers of entry for its competitors. Currently, the company employs a diverse pool of experienced professionals from various engineering disciplines who are capable of providing all-in-one in-house full service engineering consultation to cater for its client‟s individual specifications and requirements.
APPENDICES
A BRIEF BACKGROUND
SKPRES at a glance. Listed in 2003, SKPRES is an integrated plastic manufacturer that is principally involved in the manufacturing of plastic parts and components, contract manufacturing, precision mould making, the subassembly of electronic and electrical equipment and other secondary processes. With over three decades of experience in the electrical and electronic industry, SKPRES has since evolved into a leading plastic manufacturer and is recognized as a leading „one-stop solution centre‟ that caters to a broad clientele globally.
SKPRES at a glance. Listed in 2003, SKPRES is an integrated plastic manufacturer that is principally involved in the manufacturing of plastic parts and components, contract manufacturing, precision mould making, the subassembly of electronic and electrical equipment and other secondary processes. With over three decades of experience in the electrical and electronic industry, SKPRES has since evolved into a leading plastic manufacturer and is recognized as a leading „one-stop solution centre‟ that caters to a broad clientele globally.
Wide variety of product offerings. SKPRES produces and provides a wide range of products and services to its customers and its products. Some examples of its product offerings are as shown in Figures 4-11. Besides producing these products, SKPRES diversified into downstream services in 2009 by providing assembly facilities as part of its „one-stop solution centre‟ concept while offering full service engineering consultation and support from the earliest stages of conceptual product design. We understand that LCD TVs and the vacuum cleaner are the key contributors to SKPRES‟s revenue.
More about its production facilities. SKPRES has four manufacturing operations strategically located in Johor – three in Batu Pahat and one in Johor Bahru, totaling approximately 655,840 square feet (as of March 2012). The plants‟ strategic locations, near the Senai Airport, Port of Tanjung Pelepas in Gelang Patah and Johor Port in Pasir Gudang and Singapore (Changi Airport and Port of Singapore Authority in Tanjung Pagar), provide the group with the ease of exporting its products. It will be commencing its marketing and engineering support centres in Singapore by 4Q12. We understand that the group‟s current utilization rate for its plants stands at some 75%.
Multiple awards in hand. SKPRES is fully committed to deliver products and services of world class standards and quality. Its untiring continuous commitment to constantly upgrade, keeping abreast with the technological advancement has achieved the ISO 9002 status in 1997.
Multiple awards in hand. SKPRES is fully committed to deliver products and services of world class standards and quality. Its untiring continuous commitment to constantly upgrade, keeping abreast with the technological advancement has achieved the ISO 9002 status in 1997.
More about its production process. The production process is a quality-intensive one, and SKPRES markets itself as a one-stop solution centre. Once a client hands over a product drawing, SKPRES takes care of everything from prototyping to the production of the final product. The first step is to design the tooling, which is the part which manufactures the plastic component itself. Then the plastic components are prototyped and adjustments are made depending on the results. When the tooling and prototyping are complete, plastic injection takes place – the process by which a machine injects liquid resin into the mould. Once the resin cools down, it solidifies into a plastic component part which is spray-painted and has logos added on.
DYSON IN A NUTSHELL
The Dyson story. Dyson was founded by Sir James Dyson and is a UK-based company that designs and manufactures vacuum cleaners, hand dryers, bladeless fans and heaters. It is the world‟s leading company in the vacuum cleaner industry commanding about 23% in the global vacuum cleaners market and exports its machines to more than 45 countries. The uniqueness of Dyson‟s vacuum cleaner lies with its “Root Cyclone” technology that uses powerful centrifugal forces to separate dust from the air. In 2002, Dyson transferred its vacuum cleaner production to Malaysia and a year later, its washing machine production. Today, Dyson is a leader in most of the markets it is present in especially UK (>40% market share), US (>27% market share) and Japan (>10% market share behind Panasonic and Hitachi).
The Dyson story. Dyson was founded by Sir James Dyson and is a UK-based company that designs and manufactures vacuum cleaners, hand dryers, bladeless fans and heaters. It is the world‟s leading company in the vacuum cleaner industry commanding about 23% in the global vacuum cleaners market and exports its machines to more than 45 countries. The uniqueness of Dyson‟s vacuum cleaner lies with its “Root Cyclone” technology that uses powerful centrifugal forces to separate dust from the air. In 2002, Dyson transferred its vacuum cleaner production to Malaysia and a year later, its washing machine production. Today, Dyson is a leader in most of the markets it is present in especially UK (>40% market share), US (>27% market share) and Japan (>10% market share behind Panasonic and Hitachi).
Recorded a bumper year in 2011. Resilient growth in developed markets helped Dyson reach an annual turnover of GBP1bn (RM5bn) for the first time in 2011. As Dyson‟s products are targeted to the high-end market and not the price-sensitive market, sales are expected to remain resilient despite the global macro uncertainty, benefiting SKPRES‟s order flow.
On a hiring spree. As innovation has always been the cornerstone of the firm‟s success, Dyson shows no sign of slowing down its recruiting activities. The company intends to hire 200 engineers of which 150 will be young graduates. We view this as a testament to the company‟s mission to continue growing its business via innovation.
Expanding to China in Nov 2012. Dyson is planning to launch its products officially in China in Nov 2012, tapping on the rich market segment in the country. We opine that the company‟s products would do very well in the country as consumers in China are able to afford its products which cost between USD300-USD500 on average.
On a hiring spree. As innovation has always been the cornerstone of the firm‟s success, Dyson shows no sign of slowing down its recruiting activities. The company intends to hire 200 engineers of which 150 will be young graduates. We view this as a testament to the company‟s mission to continue growing its business via innovation.
Expanding to China in Nov 2012. Dyson is planning to launch its products officially in China in Nov 2012, tapping on the rich market segment in the country. We opine that the company‟s products would do very well in the country as consumers in China are able to afford its products which cost between USD300-USD500 on average.
SKPRES‟S DIRECTORS‟ PROFILE
Dato‟ Gan Kim Huat. Dato' Gan Kim Huat, a Malaysian, aged 65, is the Executive Chairman and Managing Director of SKPRES. He was appointed to the Board on 3 Dec 2002. Dato‟ Gan has over 30 years of experience in plastics injection moulding and is a well-known entrepreneur in the local plastics industry due to his wide knowledge of plastics manufacturing and network of contacts in the industry. Dato' Gan has also cultivated excellent relationships with the customers of the Group. He is also an Executive Chairman of Tecnic Group, a company involved in the manufacturing of plastic parts for
households and automobile industry. Dato' Gan is the father of Mr. Gan Poh San and Ms. Gan Poh Ling, the Executive Directors of SKPRES.
Gan Poh San. Mr. Gan Poh San, a Malaysian, aged 37, was appointed as an Executive Director of
SKPRES on 3 Dec 2002. Mr. Gan received his Bachelor of Arts (Honours) majoring in Accounting and
Finance from Staffordshire University and further obtained his MSc in Finance from Imperial College
(Management School), United Kingdom in 1998. In 1998, he joined Syarikat Sin Kwang Plastic
Industries, a wholly-owned subsidiary of SKPRES, as a management trainee and was subsequently sent
to Kai Japanese School and Nissei Plastics School in Japan to study Japanese language and plastic
engineering respectively. His proficiency in speaking Japanese language enables him to communicate
easily with the Group's Japanese customers. Mr. Gan is also an Executive Director of Tecnic Group. He
is the son of Dato' Gan and the brother of Ms. Gan Poh Ling.
Gan Poh Ling. Ms. Gan Poh Ling, a Malaysian, aged 38, was appointed as a Non-Independent Non-Executive Director of SKPRES on 31 Dec 2004. She was re-designated as an Executive Director on 28 Nov 2006. Ms. Gan holds a Bachelor of Arts Degree (Honours) in Business Administration from South Bank University, London, UK and further graduated with a Master of Science in Information Management and Finance from the University of Westminister, London, UK. She started her career with an IT company, Lexcom Networks in London as Marketing Executive from 2002 to 2004. Ms. Gan is the daughter of Dato' Gan and the sister of Mr. Gan Poh San.
Chia Choong Kim. Mr. Chia Choong Kim, a Singaporean, aged 64, was appointed as Executive Director of SKPRES on 3 Dec 2002. Mr. Chia graduated from the Singapore Polytechnic with a Diploma in Rubber and Plastics Technology in 1969. He was a Chemist with Malaysia Rubber Product Singapore Pte Ltd from 1972 to 1975 prior to joining Asahi Electronic Singapore. He was sent to Japan Nissei Plastics Injection Machine Plant in Sakaki-Machi, Nagano Prefecture for training in thermoplastic injection moulding for both commodity and engineering plastic parts. In 1990, he was promoted to General Manager of Asahi Electronic Singapore. He joined Syarikat Sin Kwang Plastic Industries in 1995 as the General Manager to oversee its overall operations. His specialty in plastics injection moulding parts and proficiency in Japanese language has strengthened the Group's relationship with the Japanese multi-national corporations.
Koh Chin Koon. Mr. Koh Chin Koon, a Malaysian, aged 42, was appointed as an Independent Non-Executive Director of SKPRES on 4 Mar 2005. Mr. Koh completed his Bachelor Degree in University of Malaya in year 1995. He was employed by Arthur Andersen & Co as a Tax Assistant after he completed his Bachelor Degree and promoted as a Tax Experience Senior during the employment. He left Arthur Andersen & Co and joined Chin & Co as a Tax Manager in Feb 2001. After having obtained a wide range of experience from his past employment involved in advising clients from private and public listed companies as well as quasi government organizations, he set up Koh & Siow Management Services in May 2001. Mr. Koh is also a Director of BP Plastics Holding.
Koh Song Heng. Mr. Koh Song Heng, a Malaysian, aged 55, was appointed as a Non-Independent Non-Executive Director of SKPRES on 29 Feb 2008. He was re-designated as an Independent Non-Executive Director on 2 Jul 2012. Mr. Koh graduated with a Bachelor of Art Degree with Honours, majoring in Law & Economic disciplines in Modern Studies in 1982. He has over 22 years of experience in management and administration of Local and Export Products development.
Dato‟ Gan Kim Huat. Dato' Gan Kim Huat, a Malaysian, aged 65, is the Executive Chairman and Managing Director of SKPRES. He was appointed to the Board on 3 Dec 2002. Dato‟ Gan has over 30 years of experience in plastics injection moulding and is a well-known entrepreneur in the local plastics industry due to his wide knowledge of plastics manufacturing and network of contacts in the industry. Dato' Gan has also cultivated excellent relationships with the customers of the Group. He is also an Executive Chairman of Tecnic Group, a company involved in the manufacturing of plastic parts for
households and automobile industry. Dato' Gan is the father of Mr. Gan Poh San and Ms. Gan Poh Ling, the Executive Directors of SKPRES.
Gan Poh San. Mr. Gan Poh San, a Malaysian, aged 37, was appointed as an Executive Director of
SKPRES on 3 Dec 2002. Mr. Gan received his Bachelor of Arts (Honours) majoring in Accounting and
Finance from Staffordshire University and further obtained his MSc in Finance from Imperial College
(Management School), United Kingdom in 1998. In 1998, he joined Syarikat Sin Kwang Plastic
Industries, a wholly-owned subsidiary of SKPRES, as a management trainee and was subsequently sent
to Kai Japanese School and Nissei Plastics School in Japan to study Japanese language and plastic
engineering respectively. His proficiency in speaking Japanese language enables him to communicate
easily with the Group's Japanese customers. Mr. Gan is also an Executive Director of Tecnic Group. He
is the son of Dato' Gan and the brother of Ms. Gan Poh Ling.
Gan Poh Ling. Ms. Gan Poh Ling, a Malaysian, aged 38, was appointed as a Non-Independent Non-Executive Director of SKPRES on 31 Dec 2004. She was re-designated as an Executive Director on 28 Nov 2006. Ms. Gan holds a Bachelor of Arts Degree (Honours) in Business Administration from South Bank University, London, UK and further graduated with a Master of Science in Information Management and Finance from the University of Westminister, London, UK. She started her career with an IT company, Lexcom Networks in London as Marketing Executive from 2002 to 2004. Ms. Gan is the daughter of Dato' Gan and the sister of Mr. Gan Poh San.
Chia Choong Kim. Mr. Chia Choong Kim, a Singaporean, aged 64, was appointed as Executive Director of SKPRES on 3 Dec 2002. Mr. Chia graduated from the Singapore Polytechnic with a Diploma in Rubber and Plastics Technology in 1969. He was a Chemist with Malaysia Rubber Product Singapore Pte Ltd from 1972 to 1975 prior to joining Asahi Electronic Singapore. He was sent to Japan Nissei Plastics Injection Machine Plant in Sakaki-Machi, Nagano Prefecture for training in thermoplastic injection moulding for both commodity and engineering plastic parts. In 1990, he was promoted to General Manager of Asahi Electronic Singapore. He joined Syarikat Sin Kwang Plastic Industries in 1995 as the General Manager to oversee its overall operations. His specialty in plastics injection moulding parts and proficiency in Japanese language has strengthened the Group's relationship with the Japanese multi-national corporations.
Koh Chin Koon. Mr. Koh Chin Koon, a Malaysian, aged 42, was appointed as an Independent Non-Executive Director of SKPRES on 4 Mar 2005. Mr. Koh completed his Bachelor Degree in University of Malaya in year 1995. He was employed by Arthur Andersen & Co as a Tax Assistant after he completed his Bachelor Degree and promoted as a Tax Experience Senior during the employment. He left Arthur Andersen & Co and joined Chin & Co as a Tax Manager in Feb 2001. After having obtained a wide range of experience from his past employment involved in advising clients from private and public listed companies as well as quasi government organizations, he set up Koh & Siow Management Services in May 2001. Mr. Koh is also a Director of BP Plastics Holding.
Koh Song Heng. Mr. Koh Song Heng, a Malaysian, aged 55, was appointed as a Non-Independent Non-Executive Director of SKPRES on 29 Feb 2008. He was re-designated as an Independent Non-Executive Director on 2 Jul 2012. Mr. Koh graduated with a Bachelor of Art Degree with Honours, majoring in Law & Economic disciplines in Modern Studies in 1982. He has over 22 years of experience in management and administration of Local and Export Products development.
Chew Teck Cheng. Mr. Chew Teck Cheng, a Malaysian, aged 56, was appointed as an Independent Non-Executive Director of SKPRES on 30 Nov 2007. Mr. Chew graduated with a Diploma in Commerce (Financial Studies) from Tunku Abdul Rahman College. He is an associate member of the Association of Chartered Certified Accountants in 1983 and a member of the Malaysian Institute of Accountants (Chartered Accountant) in 1984. He is also a fellow member of the Association of Chartered Certified Accountants since 1988. He has been practising as a Chartered Accountant and approved company auditor since 1986 under Messrs. T. C. Chew & Co.
Source: OSK
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