07-08-2017, 07:59 PM
2Q2017 Results (Released on 07-Aug-2017)
Group Revenue (SGD Million)
1Q2014 = 12.802 (= 17% of FY2014 Revenue)
2Q2014 = 18.278 (= 24% of FY2014 Revenue)
3Q2014 = 19.229 (= 26% of FY2014 Revenue)
4Q2014 = 24.957 (= 33% of FY2014 Revenue)
(FY2014 = 75.226)
1Q2015 = 13.507 (= 13% of FY2015 Revenue)
2Q2015 = 21.029 (= 21% of FY2015 Revenue)
3Q2015 = 26.191 (= 26% of FY2015 Revenue)
4Q2015 = 40.945 (= 40% of FY2015 Revenue)
(FY2015 = 101.672)
1Q2016 = 35.226 (= 18% 0f FY2016 Revenue)
2Q2016 = 51.568 (= 26% 0f FY2016 Revenue) ; (1H2016=86.794)
3Q2016 = 52.253 (= 26% 0f FY2016 Revenue)
4Q2016 = 61.817 (= 30% 0f FY2016 Revenue)
(FY2016 = 200.784)
1Q2017 = 44.744
2Q2017 = 55.283 => + 7.2% vs 2Q2016
1H2017 =100.027 => +15.2% vs 1H2016 => new 1H record
2 x 1H2017 Revenue ~ FY2016 Revenue
GPM / NPM
1Q2014 = 74.0% / 0.9%
2Q2014 = 69.8% / 4.1%
3Q2014 = 75.5% / 5.8%
4Q2014 = 77.1% / 8.2%
(FY2014 = 74.4% / 5.4%)
1Q2015 = 74.9% / 1.8%
2Q2015 = 75.8% /10.0%
3Q2015 = 77.1% /15.4%
4Q2015 = 74.8% / 9.1%
(FY2015 = 75.6% / 9.9%)
1Q2016 = 75.5% /16.9%
2Q2016 = 74.8% /14.3%
3Q2016 = 71.6% /17.1%
4Q2016 = 71.9% / 19.9%
(FY2017 = 73.2% / 17.2%)
1Q2017 = 70.9% / 21.7%
2Q2017 = 70.8% / 21.6% ( - 4.0 pp / +7.3 pp )
1H2017 = 70.9% / 21.7% ( - 4.2 pp / +6.3 pp)
GPM dipped but still managed to stay above the 70% mark.
NPM improved driven by higher mix of Export sales to China.
NPAT / EPS
1Q2014 = 0.121 m / 0.06 cent
2Q2014 = 0.758 m / 0.34 cent
3Q2014 = 1.123 m / 0.51 cent
4Q2014 = 2.052 m / 0.93 cent
(FY2014 = 4.054 m / 1.86 cent)
1Q2015 = 0.249 m / 0.11 cent
2Q2015 = 2.106 m / 0.96 cent
3Q2015 = 4.035 m / 1.83 cent
4Q2015 = 3.714 m / 1.69 cent
(FY2015 =10.104 m / 4.59 cent)
1Q2016 = 5.963 m / 2.71 cent
2Q2016 = 7.369 m / 3.35 cent
3Q2016 = 8.933 m / 4.06 cent (pre-bonus) or 3.25 cent (post-bonus)
4Q2016 = 12.304 m / 5.59 cent (pre-bonus) or 4.47 cent (post-bonus)
(FY2016 = 34.569 m / 15.70 cent (pre-bonus) or 12.56 cent (post-bonus))
1Q2017 = 9.723 m / 4.41 cent (pre-bonus) or 3.53 cent (post-bonus)
2Q2017 = 11.965 m / 2.17 cent (post –bonus; post-split)
1H2017 = 21.688 m / 3.94 cent (post –bonus; post-split)
1H2017 NPAT/ EPS (Adjusted) at record high – driven both by higher China Export sales & NPM
Taiwan Revenue (SGD million)
1Q2014 = 2.418 (= 11% of FY2014 Revenue)
2Q2014 = 4.157 (= 18% of FY2014 Revenue)
3Q2014 = 4.940 (= 22% of FY2014 Revenue)
4Q2014 = 11.196 (= 49% of FY2014 Revenue)
(FY2014 = 22.711)
1Q2015 = 4.465 (= 8% of FY2015 Revenue)
2Q2015 = 10.244 (= 18% of FY2015 Revenue)
3Q2015 = 14.125 (= 25% of FY2015 Revenue)
4Q2015 = 27.559 (= 49% of FY2015 Revenue)
(FY2015 = 56.393)
1Q2016 = 20.221 (= 16% of FY2016 Revenue)
2Q2016 = 35.056 (= 29% of FY2016 Revenue) ; (1H2016 = 55.277)
3Q2016 = 27.602 (= 22% of FY2016 Revenue)
4Q2016 = 40.048 (= 33% of FY2016 Revenue)
(FY2016) = 122.959
1Q2017 = 18.685
2Q2017 = 23.115 => Declined 34.1% vs 2Q2017
1H2017 = 41.800 => Declined 24.4% vs 1H2016
Signs of FURTHER slowing sales in Taiwan remains a big concern.
China Revenue (SGD million) = Export Revenue + MW Revenue:
1Q2014 = 2.195
2Q2014 = 3.296
3Q2014 = 3.117
4Q2014 = 4.372
(FY2014 =12.980) (Export=5.912 ; MW= 7.068)
1Q2015 = 3.088
2Q2015 = 5.366
3Q2015 = 4.805
4Q2015 = 6.512
(FY2015 =19.771) (Export = 13.077 ; MW = 6.694)
1Q2016 =10.566 (Export = 9.609 ; MW= 0.957)
2Q2016 =11.813 (Export =10.777 ;MW =1.036) ; (1H2016 Export = 20.386 ; MW=1.993)
3Q2016 =19.641 (Export =18.563 ; MW=1.078)
4Q2016 =15.841 (Export =14.249 ; MW =1.592)
(FY2016 = 57.861) (Export= 53.198 ; MW = 4.663)
1Q2017= 21.417 (Export = 20.555 ; MW = 0.862)
2Q2017= 26.552 (Export = 25.307 ; MW = 1.245) => Export +135%
1H2017= 47.969 (Export = 45.862 ; MW = 2.107) => Export +125%
China Export sales seems to be the only engine of growth.
Question remain :
What was the “real growth” without “cheating” ?
Is Growth sustainable without the “multi-level- compensation structure going forward?
_____________________________________________________________________________________
Group Revenue (SGD Million)
1Q2014 = 12.802 (= 17% of FY2014 Revenue)
2Q2014 = 18.278 (= 24% of FY2014 Revenue)
3Q2014 = 19.229 (= 26% of FY2014 Revenue)
4Q2014 = 24.957 (= 33% of FY2014 Revenue)
(FY2014 = 75.226)
1Q2015 = 13.507 (= 13% of FY2015 Revenue)
2Q2015 = 21.029 (= 21% of FY2015 Revenue)
3Q2015 = 26.191 (= 26% of FY2015 Revenue)
4Q2015 = 40.945 (= 40% of FY2015 Revenue)
(FY2015 = 101.672)
1Q2016 = 35.226 (= 18% 0f FY2016 Revenue)
2Q2016 = 51.568 (= 26% 0f FY2016 Revenue) ; (1H2016=86.794)
3Q2016 = 52.253 (= 26% 0f FY2016 Revenue)
4Q2016 = 61.817 (= 30% 0f FY2016 Revenue)
(FY2016 = 200.784)
1Q2017 = 44.744
2Q2017 = 55.283 => + 7.2% vs 2Q2016
1H2017 =100.027 => +15.2% vs 1H2016 => new 1H record
2 x 1H2017 Revenue ~ FY2016 Revenue
GPM / NPM
1Q2014 = 74.0% / 0.9%
2Q2014 = 69.8% / 4.1%
3Q2014 = 75.5% / 5.8%
4Q2014 = 77.1% / 8.2%
(FY2014 = 74.4% / 5.4%)
1Q2015 = 74.9% / 1.8%
2Q2015 = 75.8% /10.0%
3Q2015 = 77.1% /15.4%
4Q2015 = 74.8% / 9.1%
(FY2015 = 75.6% / 9.9%)
1Q2016 = 75.5% /16.9%
2Q2016 = 74.8% /14.3%
3Q2016 = 71.6% /17.1%
4Q2016 = 71.9% / 19.9%
(FY2017 = 73.2% / 17.2%)
1Q2017 = 70.9% / 21.7%
2Q2017 = 70.8% / 21.6% ( - 4.0 pp / +7.3 pp )
1H2017 = 70.9% / 21.7% ( - 4.2 pp / +6.3 pp)
GPM dipped but still managed to stay above the 70% mark.
NPM improved driven by higher mix of Export sales to China.
NPAT / EPS
1Q2014 = 0.121 m / 0.06 cent
2Q2014 = 0.758 m / 0.34 cent
3Q2014 = 1.123 m / 0.51 cent
4Q2014 = 2.052 m / 0.93 cent
(FY2014 = 4.054 m / 1.86 cent)
1Q2015 = 0.249 m / 0.11 cent
2Q2015 = 2.106 m / 0.96 cent
3Q2015 = 4.035 m / 1.83 cent
4Q2015 = 3.714 m / 1.69 cent
(FY2015 =10.104 m / 4.59 cent)
1Q2016 = 5.963 m / 2.71 cent
2Q2016 = 7.369 m / 3.35 cent
3Q2016 = 8.933 m / 4.06 cent (pre-bonus) or 3.25 cent (post-bonus)
4Q2016 = 12.304 m / 5.59 cent (pre-bonus) or 4.47 cent (post-bonus)
(FY2016 = 34.569 m / 15.70 cent (pre-bonus) or 12.56 cent (post-bonus))
1Q2017 = 9.723 m / 4.41 cent (pre-bonus) or 3.53 cent (post-bonus)
2Q2017 = 11.965 m / 2.17 cent (post –bonus; post-split)
1H2017 = 21.688 m / 3.94 cent (post –bonus; post-split)
1H2017 NPAT/ EPS (Adjusted) at record high – driven both by higher China Export sales & NPM
Taiwan Revenue (SGD million)
1Q2014 = 2.418 (= 11% of FY2014 Revenue)
2Q2014 = 4.157 (= 18% of FY2014 Revenue)
3Q2014 = 4.940 (= 22% of FY2014 Revenue)
4Q2014 = 11.196 (= 49% of FY2014 Revenue)
(FY2014 = 22.711)
1Q2015 = 4.465 (= 8% of FY2015 Revenue)
2Q2015 = 10.244 (= 18% of FY2015 Revenue)
3Q2015 = 14.125 (= 25% of FY2015 Revenue)
4Q2015 = 27.559 (= 49% of FY2015 Revenue)
(FY2015 = 56.393)
1Q2016 = 20.221 (= 16% of FY2016 Revenue)
2Q2016 = 35.056 (= 29% of FY2016 Revenue) ; (1H2016 = 55.277)
3Q2016 = 27.602 (= 22% of FY2016 Revenue)
4Q2016 = 40.048 (= 33% of FY2016 Revenue)
(FY2016) = 122.959
1Q2017 = 18.685
2Q2017 = 23.115 => Declined 34.1% vs 2Q2017
1H2017 = 41.800 => Declined 24.4% vs 1H2016
Signs of FURTHER slowing sales in Taiwan remains a big concern.
China Revenue (SGD million) = Export Revenue + MW Revenue:
1Q2014 = 2.195
2Q2014 = 3.296
3Q2014 = 3.117
4Q2014 = 4.372
(FY2014 =12.980) (Export=5.912 ; MW= 7.068)
1Q2015 = 3.088
2Q2015 = 5.366
3Q2015 = 4.805
4Q2015 = 6.512
(FY2015 =19.771) (Export = 13.077 ; MW = 6.694)
1Q2016 =10.566 (Export = 9.609 ; MW= 0.957)
2Q2016 =11.813 (Export =10.777 ;MW =1.036) ; (1H2016 Export = 20.386 ; MW=1.993)
3Q2016 =19.641 (Export =18.563 ; MW=1.078)
4Q2016 =15.841 (Export =14.249 ; MW =1.592)
(FY2016 = 57.861) (Export= 53.198 ; MW = 4.663)
1Q2017= 21.417 (Export = 20.555 ; MW = 0.862)
2Q2017= 26.552 (Export = 25.307 ; MW = 1.245) => Export +135%
1H2017= 47.969 (Export = 45.862 ; MW = 2.107) => Export +125%
China Export sales seems to be the only engine of growth.
Question remain :
What was the “real growth” without “cheating” ?
Is Growth sustainable without the “multi-level- compensation structure going forward?
_____________________________________________________________________________________