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hopeful7703
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25-Oct-2021 10:29
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EuroSports Global SCORPIO Electric, the electric vehicle brand of Catalist-listed luxury car distributor EuroSports Global, has launched pre-orders for its electric motorcycle, called the X1. The motorcycle is targeted to hit a top speed of 105 kph and has a projected range of 200 km on each full charge. It retails at US$9,800. Delivery of the bikes is targeted around late 2022 and early 2023. https://links.sgx.com/FileOpen/Press%20Release_%20Scorpio%20Electric%20Launches%20Pre-Orders_221021.ashx?App=Announcement& FileID=687800 |
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jer_goh77
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13-Sep-2021 11:28
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PhillipTan
Supreme |
02-Sep-2021 02:48
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Son of ex-EuroSports Global CEO takes up deputy CEO role in subsidiaryLuxury car distributor EuroSports Global announced on Wednesday evening that Joshua Goh Yi Shun, the son of its former chief executive, will take up the role of deputy CEO and director of EuroSports Technologies.EuroSports Technologies a subsidiary of the company and an electric motorcycle maker. The elder Goh, Melvin Goh Kim San, has been suspended from his duties amid an investigation by the Commercial Affairs Department (CAD). He was also executive chairman and director of the company, but had " voluntarily agreed" to step down, EuroSports Global said in an earlier announcement. When Mr Melvin Goh stepped down, his brother - deputy chief executive Andy Goh Kim Hup - had then taken over as the interim executive chairman and chief executive. The company also disclosed last month that Mr Melvin Goh was at the CAD on Aug 4 for an investigation under the Securities and Futures Act (Cap 289), which governs the regulation of activities and institutions in the securities and derivatives industry. EuroSports had been served with an order by the CAD and the Monetary Authority of Singapore (MAS) under Section 20 of the Criminal Procedure Code (Cap 68, 2012 Revised Edition), which requires the company to produce certain documents which the authorities need for the purpose of their investigation. The group said on Wednesday that it has furnished the documents and the investigations are still ongoing. Mr Joshua Goh has also been appointed director of the company' s subsidiaries, including EuroSports Auto, EuroAutomobile, Prosper Auto and deLaCour Asia Pacific. He will assist with the overall operations of EuroSports Technologies and the subsidiaries. The company said that the board, having considered his qualifications, experience and skills and the recommendation of the nominating committee, approved his promotion from executive CEO to deputy CEO and director of EuroSports Technologies as of Sept 1. Shares of EuroSports Global ended Wednesday at 20 Singapore cents, down 0.5 cent or 2.4 per cent. |
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Thi654321ABCDEF
Master |
09-Aug-2021 15:46
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now days many stocks under CAD investigation.
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Joelton
Supreme |
09-Aug-2021 13:33
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EuroSports Global CEO Melvin Goh was ordered to surrender passport in CAD probe
EuroSports said on Friday night its response was inaccurate and should read that Mr Melvin Goh " was asked to surrender his passport" under the Criminal Procedure Code.
SINGAPORE - Luxury car distributor EuroSports Global said its executive chairman and chief executive Melvin Goh was told to surrender his passport amid an investigation by the Commercial Affairs Department (CAD), correcting the company' s earlier report.
The correction came in response on Friday night (Aug 6) to queries from the Singapore Exchange (SGX).
EuroSports on Thursday night had said Mr Goh " voluntarily surrendered" his passport to CAD.
Upon query by SGX, it first said Mr Goh " was verbally asked to surrender his passport and he willingly did so" , and that " he did not surrender his passport under any order by the authorities or the court" .
EuroSports later said on Friday night its response was inaccurate and should read that Mr Goh " was asked to surrender his passport" under the Criminal Procedure Code.
It called the error " regrettable" , adding that Mr Goh apologises for it.
Mr Goh is being investigated under the Securities and Futures Act. The Straits Times understands that the probe revolves around a deal four years ago to acquire shares in SS Ventures, the Hong Kong firm behind taxi-hailing app Flytaxi.
EuroSports' shares rallied following the announcement, but the proposed acquisition did not materialise, with a memorandum of understanding lapsing after August 2017.
SGX also queried EuroSports' nominating committee (NC) on whether Mr Goh is suitable to remain as company director and executive officer.
The firm responded that Mr Goh - who voluntarily agreed to a suspension of his duties as executive chairman, CEO and director - remains as such in name only. His younger brother, deputy CEO Andy Goh Kim Hup, has taken over as interim executive chairman and CEO until further notice.
" The NC is of the view that since Mr Goh will not be exercising any executive functions during his suspension, the current mitigating measures are sufficient for the time being. In the event there is any material change, the NC will review the status of Mr Goh," it added.
In response to the same query by SGX, the company' s sponsor, CIMB Bank Singapore, also noted that the investigation is ongoing and to date no charge has been issued on Mr Goh.
" There is nothing to suggest to the sponsor that Mr Goh is not suitable to remain as a director and executive officer of the company with suspended executive powers," it said.
The sponsor added it may have to revise its assessment in the event that there are any developments in the investigation.
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Joelton
Supreme |
21-Dec-2020 09:23
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EuroSports Global revs up for electric growth
It has been working on an electric motorcycle under its electric vehicle brand Scorpio Electric for nearly three years.
THE future is electric for EuroSports Global, even as it continues to focus on its luxury car business in Singapore.
Known for the Lamborghini, Alfa Romeo and Touring Superleggera brands it distributes here, the Catalist-listed group has been working on an electric motorcycle under its electric vehicle (EV) brand Scorpio Electric for nearly three years.
Scorpio Electric is parked under the group' s technology arm EuroSports Technology, which was formed in end-2017. EuroSports Technology in November raised US$6.3 million to develop prototypes and pre-production builds of the motorcycle, as well as to complete its local assembly plant and headquarters at Teban Gardens.
Chief executive Melvin Goh is certain that an EV-only future is on the horizon, as major brands vow to reduce or eliminate their fossil fuel vehicle models, and countries including the United Kingdom and Denmark aim to ban new diesel and petrol car sales in 2030.
" Most of the big brands are talking about not making gasoline or diesel engines anymore," Mr Goh said. " Minimum, they have to be hybrid. That tells us we' re going away from dirty gasoline. It gives us a window to build a brand."
Scorpio Electric is working on its second motorcycle prototype now, and Mr Goh estimates that the prototype should be close to production-ready and good to use for quality and durability tests by June 2021. This deadline could shift, however, due to unforeseen developments brought on by the pandemic.
Meanwhile, the company' s luxury car business has been on the up in recent years and could emerge from 2020 in fairly good shape.
Although sales took a hit in the initial months of the pandemic, Mr Goh said the overall impact for FY2021 ending March could be smaller than expected.
EuroSports Global' s overall numbers have improved in recent years. It had reported net losses of S$3.9 million in FY2018 but managed to narrow its losses to S$178,000 in FY2019. For FY2020, the group posted a S$2.3 million profit.
Shares of EuroSports Global hit a 52-week low of S$0.11 in April. They have since recovered to close at S$0.17 on Friday, down 5.6 per cent this year.
Steady demand for luxury cars
" If you asked me (how things were) in March or April, I' d say, ' We' re in trouble.' We didn' t know what was happening. There was a lockdown. The first thing that comes to mind is, everybody is in trouble, who' s going to spend money on cars?" Mr Goh said.
" But it turned out it wasn' t as bad as I first anticipated. The Singapore economy is very resilient, and maybe this didn' t affect the people who can afford such cars. Also, they' re not travelling, so they can' t spend money anywhere else. Maybe that' s the reason why they are spending on big-ticket items."
It certainly helps that EuroSports Global has managed to bring down some of the costs of purchasing a luxury car, following a price jump shortly after the group listed in 2014.
At that time, the Singapore government introduced an Additional Registration Fee (ARF) that raised luxury car prices by S$250,000 to S$450,000 per car. EuroSports Global' s business dived 65-70 per cent in 2015 when the tax took effect, and the company struggled to turn a profit until 2019.
The turnaround was partly achieved by bringing down the cost of insurance and freight, which yielded a more competitive price to mitigate the ARF' s impact.
As time passed, customers have also adjusted to the price hike, Mr Goh said. " After a couple of years, people forget. Anyway, you can' t do anything about it. This is the price, and it' s not just Lamborghini. Because it' s a tax structure, everybody is affected."
He believes the luxury car distribution arm will remain strong, continuing to win and keep business by cultivating strong relationships with new and existing customers.
Vehicles of the future
EuroSports Global will be actively looking for new dealerships to expand in Singapore and the region, but with a new focus on EV brands. Mr Goh noted that the Singapore government' s plans to deploy up to 28,000 EV charging points in public carparks by 2030 affirm the EV' s place in the the country' s future.
Although infrastructure for motorcycles has not been explicitly mentioned as part of these plans, Mr Goh is confident that such infrastructure will develop in due time.
" Imagine 120 years ago, when Henry Ford made his first car. If he was worried about where his customers were going to get petrol from, he wouldn' t start," Mr Goh said.
" Electricity is everywhere. I don' t have a clear indication of what the government is going to do, but if it is encouraging electric vehicles, are they going to say no motorcycles on the road? It' s impossible."
Even if motorcycles are left out of the picture in Singapore, overseas markets in the region and further afield, such as Europe, will offer more than enough demand to sustain the business.
Said Mr Goh: " Singapore is a very small market, with only 8,000 to 10,000 new motorcycles a year. Indonesia, you have 6.5 million. Vietnam, you have three million. Can Indonesia go without motorcycles?"
He picked motorcycles for EuroSports Global' s EV plans instead of cars because the latter would be too costly an investment. EuroSports Technology' s recent fundraising success has led to more calls from potential investors, relieving Mr Goh' s worries about the business being too dependent on the parent company.
" One part of my concern is taken off the table. With this US$6.3 million, we' ll be able to show the final prototype or even be close to production by the middle or third quarter of next year, and have a business case with appointed dealers or some pre-sales. I think we will have no problem raising the rest of the money for rolling out the business to the world."
Scorpio Electric is aiming for a premium market positioning to start, and will eventually expand to a premium-mass market since the premium market alone may not provide the volumes needed.
" We won' t compete with (other brands) on prices. Depending on which segment, we could be 20-40 per cent more expensive than the competitors," Mr Goh said.
The pandemic is now the biggest question mark over how quickly these plans can proceed, as Scorpio Electric has been unable to visit overseas suppliers and potential partners to discuss details and strike deals.
" Don' t be surprised if you speak to me a year from today, and I say it' s still the same," he warned. " If we can' t travel, it' s a huge problem."
Mr Goh is cautiously optimistic about how much difference the upcoming vaccines will make, noting that there could still be complications when the vaccines are administered outside a lab.
For now EuroSports Global will press on as best it can, but play it safe amid the uncertainty.
" If I' m a pilot now, I would say let' s fly a bit lower, let' s go a bit slower in case there' s a mountain in front," Mr Goh said. " Without a radar, we' ve got to be careful and look at shorter forecasts, on a six-month basis rather than one to three years."
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edwinjup
Supreme |
13-Oct-2014 07:44
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Profit warning....trade with care
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yingli
Veteran |
08-Sep-2014 19:45
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Repost.... I have no position in Eurosport liao.....just to remind potential speculators how much is this thing worth nia.... goodluck......
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height00
Veteran |
07-Aug-2014 08:08
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Any reversal up today?
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height00
Veteran |
06-Aug-2014 10:54
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Any comment should sell or hold? Thanks
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jwong016
Senior |
06-Aug-2014 10:40
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of course, but dont forget the barriers of entry for sgx such as possibly govt intervention and restrictions, high start up costs etc, and coca cola which has one of the highest goodwills listed in its assets. Eurosports global... ummm.. just a new showroom? lol. |
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height00
Veteran |
06-Aug-2014 10:29
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Day by Day keep dropping so this Edward basically is nothing
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unique6
Member |
04-Aug-2014 20:17
Yells: "Good time no bad stocks. Bad times no good stock? " |
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Yup, it' s basically the franchise plus the customer relationship. They do have 12c of cash though, so it' s say 30c minus 12c cash = 18c for the franchise for car and watch. So we need to assess the risk of losing the lambo and alfa franchise. Given that Singapore is the top market for Lambos in the world on a per capita basis, and i believe the only market in the world in 2011 (or 2010) where lambos sell in greater numbers than Ferraris (in all other markets Ferraris sell 3x more cause its 10% cheaper and high production numbers). though Ferraris sell in greater numbers now, the proportion is still one of the highest in the world today and will rise with the new Huracan model to be launched next month. i think Lambo Italy is very impressed with Eurosports. It' s like paying 7x book for SGX the tangible is just some computers and a building. Or coca-cola, the bottling etc all sub out, it' s the distribution channels and the secret formula in the vault.
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height00
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31-Jul-2014 18:08
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So I should cut?
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jwong016
Senior |
31-Jul-2014 18:02
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u do realise that other than the building which is their showroom and are selling, they dont have many tangible assets, right? Essentially you are buying the rights to a business that sells lambos. What if they lose the rights some day? |
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height00
Veteran |
31-Jul-2014 17:52
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Why share sudden drop?
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height00
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31-Jul-2014 13:39
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Suspect fake sell q
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height00
Veteran |
31-Jul-2014 09:49
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Hi No price on how much Lee bought from open market
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unique6
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31-Jul-2014 09:46
Yells: "Good time no bad stocks. Bad times no good stock? " |
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New substantial shareholder Edward Lee Ewe Ming collecting?
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height00
Veteran |
31-Jul-2014 09:29
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Top Volume without any movement
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