HONG KONG, 9 April 2018 – Computime Group Limited (“Computime” or the “Company”; stock code: 0320) is very pleased to announce that its Smart Comfort System, under its SALUS brand, successfully distinguished itself against intense competition and garnered the Gold Award in the Smart Living Category of the Hong Kong Information and Communications Technology Awards (“HKICT Awards”) 2018. This prestigious award recognizes Computime for developing and commercializing a solution with technological innovation and creativity, high level of functionality and market potential, and an easy yet powerful way to enable a smart way of living. The award presentation ceremony was held on 29 March, 2018.
The HKICT Awards is an annual highlight for the Hong Kong ICT industry and aims at recognizing and promoting outstanding ICT inventions and applications, thereby encouraging innovation and excellence among Hong Kong’s technology-driven enterprises. The award, now in its 12th year, is steered by the Office of the Government Chief Information Officer, the Government of the Hong Kong Special Administrative Region.
Computime’s Smart Comfort System is a first-to-market Internet-of-Things (“IoT”) solution that focuses on home comfort. Sold in Europe and North America under the brand name SALUS, it is compatible with all major heating/cooling systems, ensuring the home is always at a comfortable temperature and reducing energy consumption by heating specific rooms only when necessary. The Smart Comfort System is also flexible to add other smart home devices such as sensors and smart plugs. Through the cloud-based distributed rules engine, homeowners can manage their homes intelligently by creating rules that automate how home devices work with each other. Complete with an intuitive app and voice control, the Smart Comfort System gives homeowners a warm, secure, and energy-efficient home, and most importantly, a peace of mind.
The judging process of the HKICT Awards was rigorous. Having gone through two rounds of presentation to the judging panel consisting of ICT industry veterans, Computime’s Smart Comfort System was assessed based on five criteria: innovation and creativity, functionality, market potential and performance, benefits and impact, and quality. The Smart Comfort System proved to be an innovative, reliable and practical solution that effectively addresses the fast growing smart home market, and stood out as the Gold winner from various competitors in the Smart Living (Smart Home) category.
Dr. King Owyang, Executive Director and CEO of Computime, said, “We take great pride in receiving this prestigious industry honor as it acknowledges Computime’s ongoing efforts in developing smart technologies that enhance everyday life. Computime has come a long way since its beginnings in electronic manufacturing services, and this award is a testament to our determination in transforming ourselves into a technology-driven company. We are pleased to contribute to the overall competitiveness of Hong Kong’s ICT industry, and we will continue to strive for better and more advanced solutions.”
Dr. Ha Wai Leung, Executive Vice President of Technologies of Computime, added, “As a Hong Kong home grown company, it is very encouraging to receive this accolade from the HKSAR government. The Smart Comfort System is a collaborative effort of our strong and capable R&D team, and we are thrilled to be able to bring and promote Hong Kong-developed technologies overseas. Looking ahead, we will continue to strengthen our R&D pipeline to advance our technological capabilities to the next level.”
Computime Group Limited Executive Director and CEO Dr. King Owyang (middle),
together with SALUS VP – Global Connected Services Scott Hublou (left),
receive the Hong Kong ICT Awards 2018: Smart Living Gold Award.
Computime’s Smart Comfort System, marketed under the brand name “SALUS”,
is a first-to-market IoT solution that focuses on home comfort.
Computime’s Smart Comfort System stood out as the Gold winner from various competitors
in the Smart Living (Smart Home) category of the Hong Kong ICT Awards 2018.
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HONG KONG, 22 February 2018 – Computime Group Limited (“Computime” or the “Company”; stock code: 0320), today announced that it has made a strategic decision to gradually scale down its brand distribution division in order to focus on further strengthening its core capabilities in electronic controls and wireless technologies to capture opportunities in the thriving Internet-of-Things (“IoT”) market. The Company believes that this enhanced resource allocation will greatly improve its profitability as well as sharpen its competitive edge in the smart home sector for years to come.
The brand distribution team was formed approximately 4 years ago to explore the E-commerce market potential of promoting and selling child safety-related branded products from Europe and USA into China. Given the strong and lucrative growth opportunities for smart home products in recent years, the Company made the strategic decision to increase focus and investments into this core area, and to de-emphasize other non-core activities.
In line with this strategic decision, Computime today announced that Mr. Dennis Au will be leaving his position as Deputy Chief Executive Officer of the Company to pursue other opportunities, effective 28 February 2018. Mr. Au has, however, agreed to remain as a non-executive director of the Company. For the past 4 years, Mr. Au has been responsible for overseeing the brand distribution division, and will now focus on providing his advice and counsel to the Company as a member of the Board of Directors.
Dr. King Owyang, Executive Director and CEO of Computime, commented, “I would like to thank Dennis for all of the effort and commitment he has put into Computime over the past 4 years as Deputy CEO. As Computime continues to transition into a technology driven company, and given the strong performance and vast market opportunities of smart home products, we concluded that focusing on IoT capabilities best aligns with the Company’s strategic direction. The resources released from the brand distribution division will be used to ramp up our R&D initiatives, supporting us in further expanding business opportunities and driving innovations for our smart home products. I am confident that this move will drive sustainable long term growth for the Company as well as maximize value for our shareholders.”
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HONG KONG, 8 February 2018 – Computime Group Limited (“Computime” or the “Company”; stock code: 0320), continues to enhance its leadership in the underfloor heating control market with the launch of its unique product innovation, the Auto Balancing Actuator (“ABA”). The ABA, marketed under the SALUS trademark, is a patent pending product powered by innovative technology to tackle the problems associated with conventional actuators, thereby improving home comfort and heating efficiency. SALUS is Computime’s own line of proprietary thermostatic controls, home automation and sensor products sold in Europe and North America.
In a standard underfloor heating system, hydronic balancing is a very difficult and laborious process, requiring installers hours of manual calibration work to achieve uniform heating throughout the home. The new ABA completely automates this process, making system balancing a simple and quick operation. Meanwhile, with a correctly balanced system, homeowners enjoy constant temperature in all areas of the home, while the underfloor heating suppliers will receive less service calls and complaints.
In addition, the ABA consumes only 0.5W compared to the 2-3W power usage of conventional actuators, providing homeowners with substantial power savings. With a very short response time of typically 30 seconds, the ABA is also able to heat up rooms significantly faster than conventional actuators that require 3 or more minutes to open or close. These benefits make the ABA a tremendously attractive product for both installers and homeowners alike.
Dr. King Owyang, Executive Director and CEO of Computime, commented, “We are very excited about the recent launch of the ABA in Europe as part of our SALUS portfolio. At Computime, we are committed to providing innovative, reliable and powerful solutions that enhance the lives of our customers. The ABA is the latest example of our commitment, offering a technologically advanced yet competitively priced solution to a long-standing issue in the underfloor heating sector. We are confident that this industry leading product will be positively received by the customers and open up sizeable market opportunities for us which were previously untapped. The ABA is one of the fruits of our R&D initiatives, and we will continue to invest in R&D to deliver more cutting-edge solutions to customers and create value for our shareholders.”
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HONG KONG, 12 December 2017 – Computime Group Limited (“Computime” or the “Company”; stock code: 0320), recently beat out a large group of listed competitors to win the Bloomberg Businessweek/Chinese Edition: Listed Enterprises of the Year 2017 award. Separately, the Company also successfully passed a set of stringent criteria and stood out from strong competition to garner the Economic Digest Hong Kong Outstanding Enterprises 2017 Award. Both awards are a testament to Computime’s tremendous developments over the past few years, and highlight the Company’s increasing recognition in both the capital market and the financial community in Hong Kong.
Bloomberg Businessweek/Chinese Edition is one of the most influential financial publications in Asia, and its Listed Enterprises of the Year 2017 award looks to identify listed enterprises with the most outstanding business performance and sustainable development. Computime was chosen for this award for its strong accomplishments, excellent financial performance and strategic development trajectory.
Similarly, the Economic Digest is one of the most authoritative financial publications in Hong Kong, and the Outstanding Enterprises 2017 Award commands a strict selection process that identifies enterprises with excellent business growth, high level of corporate governance, popularity among shareholders and so on. Computime was selected as one of the 21 outstanding enterprises for 2017 based on these stringent criteria.
These two awards are a clear acknowledgement of Computime’s success in its transition from a traditional manufacturer into a value-added technology-driven company. Over the past few years, Computime has focused on investing in research and development initiatives while growing its technological and manufacturing capabilities as part of its strategic focus to provide high-value design and manufacturing solutions. Computime now offers a broad portfolio of solutions to multinational clients from around the globe, and has become one of the market leaders in the design and manufacturing of IoT and home automation products. The Company also continues to expand its own proprietary line of smart home products through its SALUS brand in both the North America and European Union markets.
Dr. King Owyang, CEO and Executive Director of Computime, commented, “We are pleased to have been recognised by the distinguished judges on both panels of the Bloomberg Businessweek and Economic Digest awards for our excellent performance in 2017. In recent years, we have reinvented ourselves as a company, and this transformation has produced notable results. We are confident that we will be able to continue building on our positive performance, and we are well-positioned to capture the growing trend of the IoT market. With a forward-looking vision, we will continue to invest in and grow our technological capabilities to stay ahead of the curve. We would like to thank all of our shareholders and partners for their continued support over the years, and we look forward to generating additional shareholder value in the years to come.”
Dr. King Owyang, CEO and Executive Director of Computime Group Limited, receives the Bloomberg Businessweek/Chinese Edition: Listed Enterprises of the Year 2017 award.
Dr. King Owyang (fourth from right), CEO and Executive Director of Computime Group Limited, together with other company representatives, photographed at the award presentation ceremony of the Economic Digest Hong Kong Outstanding Enterprises 2017 Award.
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About Computime Group Limited
Computime is a global technology and manufacturing company headquartered in Hong Kong, with 12 offices in strategic locations around the world. Over the past 40 years, Computime has worked with global brands to produce design and manufacturing solutions, as well as developing innovative products under its own brand name. Offering much more than standard manufacturing services, Computime has established a broad portfolio of solutions, including bespoke IP and sophisticated R&D to accelerate time-to-market. Computime also designs and manufactures industry-leading connected products under its SALUS brand. Computime has positioned itself at the forefront of technology, and is emerging as a market leader in the design and manufacturing of IoT and home automation products.
For further enquiries, please contact:
Computime Group Limited
Carey Kwan
Director – Investor Relations
Phone: 852-2260 0455
Email: careykwan@computime.com
Christensen China Limited
Brian Hon
Phone: 852-2117 0861
Mobile: 852-6114 3457
Email: bhon@christensenir.com
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Our Executive Director and CEO, Dr King Owyang, was recently profiled in The CEO Magazine, where he shared his background and upbringing, as well as his passion for technology, his thoughts on leadership, and his insights on building successful businesses. You can read the article in its entirety by following the links below:
Original link: http://www.theceomagazine.com/business/dr-king-owyang/
To view PDF version, click here.
HONG KONG, 23 November 2017 – Computime Group Limited (“Computime” or the “Company”; stock code: 0320), today announced its unaudited condensed consolidated results for the half year ended 30 September 2017 (“1H FY2018”).
Financial Highlights:
Six months ended 30 September 2017
Revenue was HK$1,911.8 million, an increase of 12.0% from HK$1,707.6 million in the half year ended 30 September 2016 (“1H FY2017”)
Net Profit was HK$53.6 million, an increase of 27.5% from HK$42.1 million in 1H FY2017
Gross Margin was 14.6%, compared to 13.7% in 1H FY2017
Earnings Per Share were HK$6.41 cents, compared to HK$5.04 cents in 1H FY2017
Computime continued to record strong growth momentum in the first half of fiscal 2018, as revenue increased to HK$1,911.8 million, while net profit rose to HK$53.6 million. Gross profit margin also improved, rising to 14.6% in 1H FY2018.
The Company maintained a healthy cash and cash equivalents balance at the amount of HK$754.4 million, compared to HK$771.9 million as of the end of the financial year ended 31 March 2017.
Net profit rose to HK$53.6 million, up 27.5% from HK$42.1 million in 1H FY2017. Basic earnings per share rose to HK$6.41 cents, up 27.2% from HK$5.04 cents in 1H FY2017.
Segment Results
During the first half of fiscal 2018, the Company continued to grow its higher margin businesses, with Commercial and Industrial Controls (CIC) recording revenue of HK$383.3 million, up 45.3% year-over-year, and Building and Home Controls (“BHC”) with revenue of HK$779.1 million, an increase of 25.4%. Revenue from the Appliance Controls (APC) segment dropped 8.9% to HK$749.3 million.
Within the BHC segment is Computime’s own line of heating control products and new Internet of Things (“IoT”) suite of smart devices. Marketed under the brand name SALUS, this business recorded healthy growth during 1H FY2018 when compared to 1H FY2017 in all European territories with the exception of the United Kingdom (“UK”) due to Brexit concerns. Despite this setback in the UK, the SALUS business as a whole was able to match last year’s sales in local currency terms during 1H FY2018.
Outlook
In the second half of fiscal year 2018, Computime expects the demand for its products and services to remain strong, driven by orders from both existing and new customers. The Company expects to commence shipments to a new EMS (Electronic Manufacturing Services) customer in the consumer products sector in the second half, while orders from an existing customer in the mobile point-of-sale (mPOS) sector is expected to progressively ramp up. In addition, Computime expects sales of SALUS in this fiscal year will increase on a year-on-year basis with new product launches including the Auto Balancing Actuator (ABA), new market initiatives in the UK, and sales ramp up in North America in the second half.
Dr. King Owyang, CEO and Executive Director of Computime, commented, “We continued to build on our strong growth momentum in the first half of fiscal 2018, driven by a better mix of higher margin businesses. While EMS continues to be the backbone of the Company, Computime has continued to transition from a traditional manufacturer into a value-added technology driven company, and as part of this, we have made a conscious effort to grow our more profitable segments, while being more selective in engaging lower margin businesses. This, alongside our ongoing cost control and operational efficiency improvements, have contributed to our tangible improvement in profitability.
During 1H FY2018, we took advantage of our strong results to make further investments for long term growth. We purchased two new SMT (surface-mount technology) lines to upgrade our manufacturing capabilities, invested in further growing our sales and marketing capabilities in the EU and North American markets for our SALUS brand, and increased research and development (“R&D”) spending.
We remain committed to growing our higher-margin businesses alongside our SALUS brand, and we are on track to deliver solid growth for the full fiscal year. We will continue to seize various opportunities in both the EMS and IoT markets to achieve sustainable, long-term growth.”
Mr. Matthew Au, CFO of Computime, added, “We are pleased to have recorded another solid performance for 1H FY2018. Both revenue and net profit achieved positive year-on-year growth of 12.0% and 27.5% respectively to HK$1,911.8 million and HK$53.6 million in 1H FY2018. Our better mix of higher margin businesses and cost reduction initiatives allowed us to achieve an improved gross margin of 14.6%, compared to 13.7% in 1H FY2017.
Our cash flow remained strong despite continuing investments into our business. Our net working capital cycle improved from 69 days in the first half of last year to 60 days this year. Our cash position remains healthy, with cash and cash equivalents of HK$754.4 million as at the end of 1H FY2018.”
About Computime Group Limited
Computime is a global technology and manufacturing company headquartered in Hong Kong, with 12 offices in strategic locations around the world. Over the past 40 years, Computime has worked with global brands to produce design and manufacturing solutions, as well as developing innovative products under its own brand name. Offering much more than standard manufacturing services, Computime has established a broad portfolio of solutions, including bespoke IP and sophisticated R&D to accelerate time-to-market. Computime also designs and manufactures industry-leading connected products under its SALUS brand. Computime has positioned itself at the forefront of technology, and is emerging as a market leader in the design and manufacturing of IoT and home automation products.
For further enquiries, please contact:
Computime Group Limited
Investor Relations Department
Email: ir@computime.com
Christensen China Limited
Brian Hon
Phone: 852-2117 0861
Mobile: 852-6114 3457
Email: bhon@christensenir.com
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HONG KONG, 29 June 2017 – Computime Group Limited (“Computime” or the “Company”; stock code: 0320), today announced its audited consolidated results for the year ended 31 March 2017 (“FY2017”).
Professor Chuan Tang, Ph.D., Senior Industrial Liaison Officer at MIT’s Industrial Liaison Program, visited Computime headquarters in Hong Kong on February 17, 2016 to discuss ways in which both parties can deepen their cooperation in the development and application of new technologies. Computime is an active member in MIT’s Industrial Liaison Program which allows it to recruit students to support projects and exchange ideas with professors on R&D development strategies. Computime regularly attends MIT campus recruitment fairs and is currently creating a Summer 2017 internship program for MIT postgraduate students to gain practical working experience in Hong Kong and China.
Computime opened a new R&D and Product Development office in Hong Kong’s Science Park in January 2017, as part of its business expansion and technology development strategy. Located in Shatin, the Science Park was established to drive the development of innovative technologically in Hong Kong. Computime’s software engineers are uniquely positioned to flourish in this environment. By opening a new office in the Science Park, Computime is demonstrating its commitment to strengthening its position in the high-tech industry and providing its engineers with an environment conducive to the development of innovative and technologically advanced products and solutions.
Computime has been honoured by Electrolux with the Supplier Innovation: Care Award, recognising outstanding contributions to product innovation and collaborative development.