这个research里有以下的这段话: According to MAA, cumulative vehicles sales for the period Jan-Jun 2018 has improved to 289.7k units (+1.9% YoY) on strong Jun month sales (+28.3% YoY), attributed to the first month of the tax holiday period. With the tax holiday in place, aggressive year-end sales campaigns as well as introduction of new models (Figure #2) in 2H18, we believe overall TIV to catch up in 2H18. We maintain our 2018 TIV assumption of 588.1k units (+2.0% YoY). We maintain NEUTRAL on the sector. The benefits from the expected spike in car sales in Jun-Aug period (during 0% GST) will be partly offset by the sales downturn in Sep-Dec period (implementation of 10% SST) as well as weakened RM/USD outlook.
Pecca的外劳员工必须经过in-house training以确保外劳员工拥有需要的skillset以确保maximize production yield和minimising wastage。必须注意的是，Pecca若一旦遭遇外劳员工短缺，Pecca就会遭遇delay交货给顾客这个缺点。从公司的网站里可以看到公司有在买更多机器automate一些process，可是就目前而言，公司的存活还是极度依赖外劳的。
根据以上的Automotive leather (Leather Hides)资料，Leather Hides的价格短期下滑，对Pecca的total cost of sales绝对有帮组，因为Automotive leather (Leather Hides)占 Pecca total cost of sales 60至65%!!
Forex fluctuation Impact: 了解了公司的Cost analysis和Geographical Segment后，我们可以知道公司Export只有将近20%，但是Cost Of Materials却大部分以USD计算。所以呢，USD走强对Pecca来说不是一件好事。
接下来我们看看近期的季度报告： FY18 Q2的重点: - Lower Profit and revenue was further compounded by the end-of-life of a customer’s high volume model before introduction of the replacement model in mid-November.
FY18 Q3的重点: - Higher levy cost for foreign workers, higher overtime and higher maintenance cost - Despite the relatively weak sentiment surrounding the automotive market, the Board remains optimistic of the Group’s performance going forward in view of encouraging sales number from the current replacement model of a popular car make (不懂这边指的是不是新款的Myvi呢？).