Qingmei Group Holdings

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#18
Visit to the AGM today

Had been to the AGM held today at the Raffles City Convention Centre. It seems that CEO Mr. Su Qingyuan is not very comfortable speaking in English and so the floor was held by Mr. Tan Siok Sing (Lead Independent Director).

Had three queries for management. Am providing the same along with management responses:

1. Expected dividend payment for year ended 30 June 2011.
Reply: There is no fixed policy regarding dividends and management would not like to make any advance pronouncements on the same.

2. Why did the major shareholder sell a 3.6% stake at just S$0.1685 (PE of less than 2 times).
Reply: This is a personal decision of the major stakeholder and the board does not have any say in the same.

3. Financial outlook for FY ending Jun 2012 considering the present economic climate in China.
Reply: The business environment in China right now is quiet on the defensive. Qingmei has put on hold its plans to increase capacity to 84 million soles. They will continue with current capacity of 65 million soles and will purchase equipment for an increase to 84 million soles once capacity utilization is more than 90%. Currently capacity utilization is around 80%. However the good point is that is that it takes a very short lead time (a couple of months) to get the equipment up and running once management feels that the need has crystallized.

Question from one of the attendees at the AGM:

1. Why are gross margins for Qingmei much higher than their competitors.

Qingmei is an ODM (Original Design Manufacturer) as compared to an OEM (Original Equipment Manufacturer). This gives them a much stronger and a more value added relationship with their customers along with a better gross margin.

Most importantly from my one-to-one with Mr. Tan Siok Sing was the assurance that the Audit Committee (AC) has taken all pains to make sure that Qingmei does not turn out to be a fraud case like numerous other S-Chips. I had a similar assurance from Mr. Pek Yew Chai (Independent Director & Audit Committee member), who is a former CEO of Singapore Computer Systems (SCS). These clarifications offer a certain degree of assurance to minority shareholders like myself that we are not being taken for a ride.

I would really appreciate if any other members who had been to the AGM can pen down their thoughts as well.

"You are right not because the world agrees or disagrees with you, rather you are right because your facts & reasoning are right."
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Messages In This Thread
Qingmei Group Holdings - by AAA - 14-02-2011, 09:48 AM
RE: Qingmei - by Nick - 14-02-2011, 09:54 AM
RE: Qingmei Group Holdings Limited - by D123 - 14-02-2011, 11:00 AM
RE: Qingmei Group Holdings Limited - by Wee~ - 14-02-2011, 06:42 PM
RE: Qingmei Group Holdings Limited - by freedom - 27-05-2011, 07:10 AM
RE: Qingmei Group Holdings Limited - by Nick - 27-05-2011, 04:12 PM
RE: Qingmei Group Holdings Limited - by cyborg - 28-05-2011, 01:22 PM
RE: Qingmei Group Holdings Limited - by Drizzt - 29-05-2011, 08:50 AM
RE: Qingmei Group Holdings Limited - by Musicwhiz - 29-05-2011, 09:07 AM
RE: Qingmei Group Holdings Limited - by dydx - 29-05-2011, 08:11 PM
RE: Qingmei Group Holdings Limited - by D123 - 07-10-2011, 05:18 PM
RE: Qingmei Group Holdings Limited - by d.o.g. - 08-10-2011, 01:27 AM
RE: Qingmei Group Holdings Limited - by weijian - 09-10-2011, 01:55 PM
RE: Qingmei Group Holdings Limited - by sgmystique - 31-10-2011, 04:14 PM
RE: Qingmei Group Holdings Limited - by weijian - 01-11-2011, 12:55 AM
RE: Qingmei Group Holdings Limited - by d.o.g. - 31-10-2011, 09:37 PM
RE: Qingmei Group Holdings Limited - by Big Toe - 31-10-2011, 11:40 PM
RE: Qingmei Group Holdings Limited - by momoeagle - 01-11-2011, 05:06 PM
RE: Qingmei Group Holdings Limited - by d.o.g. - 01-11-2011, 06:48 PM
RE: Qingmei Group Holdings Limited - by D123 - 02-11-2011, 01:05 AM
RE: Qingmei Group Holdings Limited - by d.o.g. - 02-11-2011, 11:31 AM
RE: Qingmei Group Holdings Limited - by Big Toe - 05-11-2011, 10:46 AM
RE: Qingmei Group Holdings Limited - by jackphang - 10-11-2011, 09:22 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 02-12-2011, 06:43 PM
RE: Qingmei Group Holdings Limited - by dzwm87 - 22-12-2011, 05:55 PM
RE: Qingmei Group Holdings Limited - by weijian - 22-12-2011, 07:01 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 17-02-2012, 05:59 PM
RE: Qingmei Group Holdings Limited - by d.o.g. - 18-02-2012, 02:23 PM
RE: Qingmei Group Holdings Limited - by cosmic - 22-04-2012, 06:46 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 22-04-2012, 07:34 PM
RE: Qingmei Group Holdings Limited - by KopiKat - 22-04-2012, 07:53 PM
RE: Qingmei Group Holdings Limited - by cosmic - 26-04-2012, 06:58 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 30-04-2012, 04:23 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 02-05-2012, 01:57 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 02-05-2012, 07:03 PM
RE: Qingmei Group Holdings Limited - by dydx - 02-05-2012, 07:22 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 03-05-2012, 11:31 AM
RE: Qingmei Group Holdings Limited - by cosmic - 03-05-2012, 07:36 PM
RE: Qingmei Group Holdings Limited - by brattzz - 03-05-2012, 01:55 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 08-05-2012, 01:53 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 08-05-2012, 02:39 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 08-05-2012, 04:35 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 08-05-2012, 05:18 PM
RE: Qingmei Group Holdings Limited - by cosmic - 09-05-2012, 12:02 PM
RE: Qingmei Group Holdings Limited - by Salty - 09-05-2012, 09:45 AM
RE: Qingmei Group Holdings Limited - by weijian - 10-05-2012, 08:36 AM
RE: Qingmei Group Holdings Limited - by Some-one - 10-05-2012, 07:07 PM
RE: Qingmei Group Holdings Limited - by Some-one - 12-05-2012, 07:18 PM
RE: Qingmei Group Holdings Limited - by Some-one - 13-05-2012, 09:48 AM
RE: Qingmei Group Holdings Limited - by sgpunter - 10-05-2012, 12:29 PM
RE: Qingmei Group Holdings Limited - by d.o.g. - 10-05-2012, 01:23 PM
RE: Qingmei Group Holdings Limited - by Musicwhiz - 12-05-2012, 05:56 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 12-05-2012, 11:11 PM
RE: Qingmei Group Holdings Limited - by Musicwhiz - 12-05-2012, 11:43 PM
RE: Qingmei Group Holdings Limited - by dzwm87 - 13-05-2012, 08:31 AM
RE: Qingmei Group Holdings Limited - by sgpunter - 13-05-2012, 03:57 PM
RE: Qingmei Group Holdings Limited - by d.o.g. - 13-05-2012, 06:37 PM
RE: Qingmei Group Holdings Limited - by brattzz - 14-05-2012, 10:46 AM
Conference call with CFO - by sgmystique - 16-05-2012, 04:08 PM
RE: Conference call with CFO - by Stockerman - 03-06-2012, 08:52 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 16-05-2012, 05:18 PM
RE: Qingmei Group Holdings Limited - by dzwm87 - 17-05-2012, 02:30 PM
RE: Qingmei Group Holdings Limited - by freedom - 18-05-2012, 11:03 AM
RE: Qingmei Group Holdings Limited - by d.o.g. - 18-05-2012, 06:05 PM
RE: Qingmei Group Holdings Limited - by sgpunter - 29-05-2012, 01:16 PM
RE: Qingmei Group Holdings Limited - by Hotelking - 11-08-2012, 09:56 PM
RE: Qingmei Group Holdings Limited - by freedom - 03-06-2012, 09:43 AM
RE: Qingmei Group Holdings Limited - by d.o.g. - 03-06-2012, 02:56 PM
RE: Qingmei Group Holdings Limited - by CY09 - 14-08-2012, 10:17 AM
RE: Qingmei Group Holdings Limited - by d.o.g. - 28-08-2012, 07:44 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 05-09-2012, 05:43 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 05-09-2012, 06:50 PM
RE: Qingmei Group Holdings Limited - by ken - 05-09-2012, 06:58 PM
Qingmei Group Holdings Limited - by godjira1 - 05-09-2012, 08:04 PM
RE: Qingmei Group Holdings Limited - by dzwm87 - 10-09-2012, 11:03 PM
RE: Qingmei Group Holdings Limited - by CY09 - 05-11-2012, 10:27 PM
RE: Qingmei Group Holdings Limited - by jovialger - 06-11-2012, 05:17 PM
RE: Qingmei Group Holdings Limited - by Gaudente - 24-03-2013, 01:33 PM
RE: Qingmei Group Holdings Limited - by Gaudente - 24-03-2013, 01:46 PM
RE: Qingmei Group Holdings Limited - by Louhan - 13-11-2012, 02:54 PM
RE: Qingmei Group Holdings Limited - by jovialger - 15-11-2012, 11:28 PM
RE: Qingmei Group Holdings Limited - by jovialger - 16-11-2012, 10:10 AM
RE: Qingmei Group Holdings Limited - by money - 16-11-2012, 10:44 AM
RE: Qingmei Group Holdings Limited - by jovialger - 16-11-2012, 06:35 PM
RE: Qingmei Group Holdings Limited - by egghead - 21-12-2012, 06:11 PM
RE: Qingmei Group Holdings Limited - by brattzz - 08-01-2013, 04:27 PM
RE: Qingmei Group Holdings Limited - by d.o.g. - 08-01-2013, 10:14 PM
RE: Qingmei Group Holdings Limited - by Nick - 07-06-2013, 05:45 PM
RE: Qingmei Group Holdings Limited - by cyclone - 08-06-2013, 01:20 PM
RE: Qingmei Group Holdings Limited - by CY09 - 08-06-2013, 02:10 PM
RE: Qingmei Group Holdings Limited - by cyclone - 08-06-2013, 03:04 PM
RE: Qingmei Group Holdings Limited - by freedom - 08-06-2013, 03:17 PM
RE: Qingmei Group Holdings Limited - by yeokiwi - 08-06-2013, 03:42 PM
RE: Qingmei Group Holdings Limited - by CY09 - 08-06-2013, 03:55 PM
RE: Qingmei Group Holdings - by Retired@52 - 31-05-2014, 08:11 PM
RE: Qingmei Group Holdings - by greengiraffe - 31-05-2014, 08:55 PM
RE: Qingmei Group Holdings - by corydorus - 01-06-2014, 12:25 PM
RE: Qingmei Group Holdings - by cywong76 - 02-06-2014, 01:54 PM
RE: Qingmei Group Holdings - by safetyfirst - 31-05-2014, 08:58 PM
RE: Qingmei Group Holdings - by CY09 - 01-06-2014, 04:05 AM
RE: Qingmei Group Holdings - by yewkim - 01-06-2014, 12:07 PM
RE: Qingmei Group Holdings - by d.o.g. - 01-06-2014, 12:26 PM
RE: Qingmei Group Holdings - by sgpunter - 14-11-2014, 06:16 PM
RE: Qingmei Group Holdings - by amperex - 14-11-2014, 06:58 PM
RE: Qingmei Group Holdings - by CY09 - 14-11-2014, 07:36 PM
RE: Qingmei Group Holdings - by Jack31 - 14-11-2014, 09:25 PM
RE: Qingmei Group Holdings - by sgpunter - 22-07-2015, 05:14 PM
RE: Qingmei Group Holdings - by sgpunter - 17-08-2015, 06:08 PM
RE: Qingmei Group Holdings - by Valuebuddies2016 - 03-02-2016, 11:14 PM

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