约在两周前（1月16日），大马交易所通过更换新标志为自身企业形象完成了“改头换面”的过程。尔后，大马交易所在刚过的周五迎来了今年首家挂牌上市的公司KJTS集团。甫上市，该公司就以85.2%的溢价收在当日最高价位，为憧憬通过参与首发股的投资者提供了另类的“红包行情”，取得了开门红。专注于制造电线和电缆的全能科技集团（Master Tec Group）
将是今年第二家在大马交易所上市的公司。哪些优势将造就全能科技集团为马股“充电”是投资者关注的问题。
从宏观角度来看，大马政府在2023年9月1日所推出的《2030年新工业大蓝图》(NIMP 2030)为制造业发展提供了良好铺陈。根据马来西亚工业发展局的资料显示，《2030年新工业大蓝图》有望每年提升国内生产总值(GDP)达6.5%或在2030年到来之际贡献大马经济成长5875亿令吉。
众所周知，如果要大力发展工业，强化国内电网设施是重中之重。同时，政府也为可更新能源路线图制定了明确的目标，即可更新能源在2025年达到31%；2035年和2050年分别达到40%和50%。电流已经渗透到了我们的日常生活中，从智能家电到工业自动化，电缆制造商的产品贯穿在各个维度。电缆就像是现代社会的血管系统，为信息、能源和数据的流动提供了可靠的通道，成为生产、交流和娱乐的支撑。无论是高楼大厦还是住宅小区，电缆和电线的存在已经成为不可或缺的元素。
参照国家能源转型路线图（NETR），政府计划推动的旗舰项目涵盖了太阳能园区、混合水浮太阳能光伏、住宅太阳能发电、电动汽车充电站、公共交通电气化以及用于电动铁轨的太阳能光伏装置。随著人们对用电的需求不断提升，作为电线和电缆制造商的全能科技集团也将随之受惠。我在上一篇题为《可再生能源和数据中心带来的机遇》的专栏文章中所讨论有参与可再生能源和数据中心的MN控股也是全能科技集团的客户之一。
另一边厢，积极加强国内电网设施的国能也是全能科技集团的主要客户，这一点也印证了该公司在电线和电缆行业的实力毋庸置疑。须知，能获得国能所颁发的合约是一种品质的高门槛认可。因此，专注于制造电线和电缆的全能科技集团可谓站在了风口上，集天时、地利和人和于一身。
另外，全能科技集团所生产的电线和电缆的原料以铜和铝为主。根据该公司的招股书，两种不同原料制造的总产能可达每年9500吨。值得注意的是，从2020年至2022年间，该公司所生产的铝芯电线和电缆占比有显著的提升。不同的原料除了意味著不同的导电能力，也代表不同的成本。
原料成本
按原料成本而言，铝的价格约为铜的三分之一。凭借著对行业的洞察和敏锐，全能科技集团是国内率先生产铝芯电线和电缆的公司，也因此在行业中取得了先行者优势。回看当时，以铝作为电线和电缆的原料是一项创新的做法，如果没有先做好市场调查而冒然生产，将面临没有订单的风险。显然，全能科技集团在采取上述策略后的销售业绩给了投资者强而有力的回应。在财务表现上，该公司欣然取得了双成长，即销售额和净利同时成长。双成长主要归功于有效的生产定位，节约了成本之馀，也获取了更多的订单。
在这不断发展的社会里，电缆生产商不仅仅是技术的创新者，更是生活品质的守护者。如今的生活，绝对不可以少了电流，而电缆和电线制造商正是这股电流背后的基础建设者，为我们创造了一个更加便利、更加舒适的现代社会。其实，不管是可更新能源还是不可更新能源都离不开电线和电缆的应用。优良的品质和东南亚各国扩大电网的政策将为全能科技集团提供更多的成长契机。
作为今年的首发股之一，全能科技集团的稳健成长，将是公司能否长期为投资者带来超越上市初期的红包行情关键指标。个人认为，KJTS集团、MN控股和全能科技集团这三家公司，通过电力的融合，为提振马股这条巨龙注入了新活力。
无论如何，个人的投资决策都须基于了解自身可承担的风险和充分的研究与专业咨询，本文仅为信息分享而非投资建议。
郑荣信《两大优势推动全能科技为马股“充电”》英文版： Master Tec Group - Strive To Power Up Everyone's Life
About two weeks ago (January 16th), Bursa Malaysia completed its corporate rebranding process by unveiling a new logo. Subsequently, last Friday saw the listing of KJTS Group, the first company to go public in Malaysia this year. Upon listing, the company closed at a 85.2% premium, offering investors who participated in the IPO an alternative "red packet" opportunity, making a strong debut. As a company that focuses on manufacturing wires and cables, Master Tec Group is the second company to be listed on Bursa Malaysia this year. Investors are keen to know what competitive advantages will contribute to Master Tec Group's success in the Malaysian stock market.
From a macro perspective, the Malaysian government's introduction of the "2030 New Industrial Master Plan" (NIMP 2030) on September 1, 2023, provides a favorable backdrop for the development of the manufacturing industry. According to data from the Malaysian Industrial Development Authority, the "2030 New Industrial Master Plan" is expected to contribute to an annual increase of 6.5% in the country's Gross Domestic Product (GDP) or contribute RM587.5 billion to Malaysia's economic growth by 2030.
It is well known that strengthening domestic electrical grid infrastructure is crucial for robust industrial development. Simultaneously, the government has set clear goals for the renewable energy roadmap, aiming for installed capacity of 31% by 2025, 40% by 2035, and 50% by 2050. Electricity has permeated our daily lives, from smart appliances to industrial automation, and cable manufacturers' products thread through various dimensions. Cables act like the circulatory system of modern society, providing a reliable conduit for the flow of information, energy, and data, supporting production, communication, and entertainment. Whether in high-rise buildings or residential areas, the presence of cables and wires has become an indispensable element.
Referring to the National Energy Transition Roadmap (NETR), flagship projects planned by the government include solar parks, floating solar photovoltaics, residential solar power generation, electric vehicle charging stations, electrification of public transportation, and solar photovoltaic installations for electrified railroads. As demand for electricity continues to rise, Master Tec Group, as a manufacturer of wires and cables, stands to benefit. In my previous column titled "Opportunities Unleashed by Energy and Data" , I discussed MN Holdings, a participant in renewable energy and data centers and a customer of Master Tec Group.
On the other hand, Tenaga Nasional (TNB), actively enhancing domestic electrical grid infrastructure, is a major customer of Master Tec Group, confirming the company's strength in the wires and cables industry. It is worth noting that obtaining contracts from TNB is a recognition of high-quality standards. Therefore, focusing on the manufacturing of wires and cables, Master Tec Group is positioned at a favorable juncture, combining timing, location, and people.
Furthermore, the raw materials for the wires and cables produced by Master Tec Group are primarily copper and aluminum. According to the company's prospectus, the total annual production capacity using these two different materials can reach 9,500 tonnes. Notably, from 2020 to 2022, the proportion of aluminum-core wires and cables produced by the company has significantly increased. Different raw materials not only imply different conductivity but also represent different costs.
Effective cost control in raw materials
In terms of material cost, the price of aluminum is approximately one-third that of copper. With foresight and acumen in the industry, Master Tec Group is the first company in the country to produce aluminum-cored wires and cables, gaining the first mover advantage in the industry. In hindsight, using aluminum as the raw material for wires and cables was an innovative practice, and without proper market research, there would have been a risk of producing without orders. Clearly, Master Tec Group's sales performance in response to the adopted strategy has provided investors with a robust response. In terms of financial performance, the company has achieved double growth, with both sales and profit after tax increasing. The double growth is mainly attributed to effective product mix, cost savings, and higher demands.
In this ever-evolving society, cable manufacturers are not only innovators in technology but also guardians of quality of life. Today's life cannot do without electricity, and cable and wire manufacturers are the infrastructure builders behind this current, creating a more convenient and comfortable modern society for us. In fact, whether it is renewable energy or non-renewable energy, the application of cables and wires is indispensable. Excellent quality and the policies of expanding power grids in Southeast Asian countries will provide Master Tec Group with more growth opportunities.
As one of this year's IPOs, the steady growth of Master Tec Group will be a key indicator of whether the company can bring long-term "red packet" to investors beyond the initial public offering. Personally, I believe that KJTS Group, MN Holdings, and Master Tec Group, these three companies, through the integration of electrical power, have injected new vitality into the giant dragon of Bursa Malaysia.
In any case, individual investment decisions must be based on an understanding of one's risk tolerance and thorough research, coupled with professional advice. This article is intended for information sharing rather than investment advice.
