自2004年成立以来，M-Mode Berhad（M-Mode）主要从事development and distribution of mobile value-added contents and its related services which include digital applications, mobile games, video contents, SMS/MMS and mobile payment platforms。公司的产品通过与通讯运营商(Mobile Operator)的合作提供subscription 收费和一次性购买模式。而以前公司最大的顾客合作伙伴就是Celcom。
以上的业务都归于"Contents & Value Added Services" segment,提供以下的服务：
Mobile Web Games Distribution
Video Contents Distribution
Mobile Paper Publishing
Mobile Payment – TPAY
公司的recent achievements and recognition有:
- Forbes Asia's 200 Best Under A Billion (2012)
- BrandFinance® Malaysia Top 100 (2012 & 2014)
- The International Business Times (IBT1000 ): Ranked at 63th World’s Fastest Growing Companies For Year 2011.
- StarBiz : The 4th Top Gainers Among All Public Listed Companies In Malaysia For Year 2011.
从下图可以看到公司的Profit margin从2013年的 15.9%跌至2014年的10.2%，因为公司的Pioneer status 在14 August 2013 expired了。(若读者们仔细观察上图，公司在FY13 Q3之前的profit margin都高达20%以上。)自此公司再也拿不到pioneer status，公司的profit margin就缩水了。
2013 年 Pioneer status 在14 August 2013 expired
2014 年 - 公司的股价在第2个季度公布前冲到历史新高，之后的股价与业绩同步一路下滑。 - 4个季度的prospects： The Group is expecting to face a more competitive market within Technology, Media and Telecommunications ("TMT") industry.
2015 年 - 2015 was a challenging year for mobile telecommunication industry as mobile value added industry continued to come under pressure from the increasing uptake of over-the-top (OTT) applications (指的是网上的应用软件), combined with more intense competition among existing players - The Group had launched ‘Gamesterz’, a mobile social games publishing platform for native games and application via Apple App Store and Google Play Store and ‘Novelplus’, a mobile social reading platform. - 4个季度的prospects：2015 is a challenging year in mobile industry. The group will continue to focus on its transformation strategy in responding to the changes in the eco-systems which includes of innovative measures to current business and expanding to the product life-cycle to Smartphone switchers, extending partnership networks for product diversity as well as building Talents.
从Annual Report 2015，我们可以看到以下公司推出的产品：
笔者去过Play store search这两个Gamesterz 和 Momoko 软件，可是已经找不到了，所以相信这两个软件应该是已经下柜，不再存在了。
NovelPlus 这个application是用来阅读digital documents的，2015年时在Play Store和Apple app store排名ranking不低。至今，NovelPlus 还是存在于市场上的。值得一提的就是这个NovelPlus的application只有将近500k 的下载次数，这次数可不高。 话说，On 22 November 2016, 公司把NovelPlus Sdn 以RM1,540,000 卖给了Leopard Venture Sdn. Bhd. (“LVSB”)。这个share disposal 于20 January 2017 完成。所以这个Novel Plus不再为公司带来盈利贡献。
4.FY 2016 & 2017 年
According to an article by PwCon 2017 telecommunication trends, players such asWhatsApp, WeChat, and Apple’s iMessage already represent more than 80 percent of all messaging traffic, and Skype alone accounts for more than a third of all international voice traffic minutes. As a result, many telecom carriers are facing significant decreases in their basic communication service revenues: drop-offs of as much as 30 percent in SMS messaging, 20 percent in international voice, and 15 percent in roaming.
M-Mode 预测到持续投资digital application capacity的风险高因为投资回报缓慢。 因此，公司把 non-profitable digital application 抛售了以降低成本。
公司避免太过依赖单一顾客，积极扩充和增强 products distribution platforms 以便可以 Mobile operators合作于外国市场。今年其中一个新的合同就是与Axiata Group, the parent company of Celcom 合作，扩大Mmode在亚洲地区与全国其他移动运营商(Mobile Operators) 的联系。
FY 2017, Mmode "Contents & Value Added Services" segment 的Vision和Mission 是： Plans to boost our digital content and application offerings and services by developing engaging, educational, entertaining and trending contents, adoption of cloud technology that are available globally.
为打破对单一行业的依赖，本集团决定投资建筑业，以创造另一收入来源，并防止过度依赖单一收入来源。该集团在19 April 2017，通过E＆J Builders Sdn Bhd 进入property construction sector因为移动内容 (Digital Contents & Value Added Services")行业已经越来越饱和。 E&J 是一个 任何类型的建筑工程的总承包商 (general contractors)。
于May 26, 2017，E&J Builders Sdn Bhd has entered into an agreement with Rexallent Construction Sdn Bhd to form an exclusive joint venture (JV) business relationship for the sole purpose of undertaking the remaining construction of the H2O mixed development in Ara Damansara, Selangor, for RM180 million. http://www.malaysiastock.biz/Blog/BlogArticle.aspx?tid=8097
笔者只把两个重点列出在下面： How will the contract sum of RM180 million be shared between EJBSB and RCSB？ Reply: E&J Builders Sdn Bhd (“EJBSB”), a wholly-owned subsidiary of the Company and Rexallent Construction Sdn Bhd (“RCSB”) hereby agree that any and all profit and loss arising from the Project, specifically, all revenue and expenses in connection with the Project, commencing from the Cut-Off Date shall be shared by the Parties equally. 所以就是说，这个180 million project只会给Mmode带来90 million的revenue。
Details of the key management of the new business: Reply: Ong Chee Koen, age 61, he graduated from the Federal Institute of Technology with Diploma of Civil Engineering. In 1998, he started his property and construction business primarily focusing on Ecobuild (M) Sdn Bhd. In 20 March 2017, he joined M-MODE as an Executive Director and is currently in charge of all business development, contract negotiation and management work for EJBSB. He has been involved in the construction industry since 1978 and has accumulated approximately 39 years of experience in the construction industry.
2017年，公司朝向的direction就是成为 digital content and application provider and property contractor of choice with a stellar range of high quality offerings and services which are highly sought after by consumers.
FY 2018 8 June 2018, M-Mode Bhd 第三次得到 Titijaya PMC Sdn Bhd的project。Mmode得到 RM260.57 million contract to build a 25-storey mixed commercial development at Jalan Tun Fuad Stephens in Kota Kinabalu, Sabah. The project is expected to be completed within three years by May 6, 2021.The project is expected to contribute positively to the group's earnings and net assets for the financial year ending May 31, 2019 http://www.theedgemarkets.com/article/mmode-bags-rm26057m-job-mixed-commercial-project-sabah
从以上这些消息，我们知道Mmode与 Titijaya PMC Sdn Bhd有很密切的合作关系，毕竟目前两年内，Mmode已经从Titijaya 获得了3次project，总数额将近RM356 million。
其实呢，On March 20, M-Mode 已经宣布命任 60岁的 civil engineer Ong Chee Koen 为 executive director了。Mr. Ong Chee Koen has more than 38 years of experience in both public and private companies with a solid track record in the construction industry. With Mr. Ong on board, the Group has been strategising and implementing certain plans with the overall objectives to turnaround our financial position. As a result M-Mode decided to tap this opportunity and Mr. Ong’s experience and network and venture into the construction business through the establishment of E&J.
接下来的是非常重要，重点的！！！ 2018 年6月22 日，也就是昨天，又有Direct business transaction了。而经过这次的Direct business transaction后，founder Lim Thean Keong再也没有任何的股份，可以说是退出江湖。Mmode以后就是Ong Chee Koen的主场秀了! Ong Chee Koen是以Ecobuilt (M) Sdn Bhd 和E&J Venture Sdn Bhd 的名义购买了14.155%的股份。
FY18 YTD，3个季度后，"Construction" 和 "Content & Value Added Services" segment 各自占了 86% 和 14%的total revenue，而占 53.5% 和 46.5% 的 total profit。
笔者现在是不太了解具体"Content & Value Added Services" segment实际上是有什么service和产品，笔者之后问了管理层后再与大家分享。可是这个segment，FY18 Q1贡献 0.98 million profit, FY18 Q2 贡献1.06 million profit 而 FY18 Q3贡献 0.8 million profit。乍看之下，是蛮稳定的，我们可以保守估计这个segment每个季度可以贡献 0.8 至 1 million的profit。
而Construction Segment, 不难计算。目前E&J Venture只有得到 Titijaya PMC Sdn Bhd 3个project：
May 26, 2017, H2O mixed development in Ara Damansara, Selangor RM180 million. 这个project只会贡献 RM 90 million给Mmode。这个project估计 Dec 2018 完成。
NOVEMBER 2, 2017, earthworks & ancillary sitework for6.6 million. (Project expected to contribute positively to earnings of Co for FY ending 31 May 2018)
8 June 2018, M-Mode Bhd 第三次得到 Titijaya PMC Sdn Bhd RM260.57 million 的project。The project is expected to be completed within three years by May 6, 2021.The project is expected to contribute positively to the group's earnings and net assets for the financial year ending May 31, 2019