Went to Ulicorp site last Sunday to check on the new factory, apparently the project has stopped.
Seeing the current QR, I'm able to understand why the expansion has stopped.
Although profit is high, but revenue is lower, which translate to reduced order book.
If management proceeds with the expansion , there will be over capacity.
My take is, the will be no growth for short to mid term.
Good thing is dividend is consistent.

如何从财务数据“侧面印证”数据中心订单的爆满？

高毛利率（46.7%）： 普通常规住宅或道路项目的电缆架竞争激烈，利润率较低；而数据中心对规格要求极高（要求高承重、防火、强耐腐蚀性及特定定制）。ULICORP 能够维持超过 40% 的高毛利润率，正是因为高利润的数据中心产品占比极高。

极短的应收账款周期： 数据中心项目资金到位快、工程进度紧迫，使得 ULICORP 的周转天数和现金流非常健康（现金储备达 RM 1.55 亿）。

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