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PATMI increase for FY24 looks impressive but stripping off one time 71mil gain from disposing an associate (InfocommAsia Pte Ltd in Spore), the improvement in PATMI is in mid teens%, lower than the revenue's high teens increase.
But the company has a couple of things going for it:
(1) Working capital is negative at FY24 (ending Oct). The company continues to demonstrate that it doesn't need that much working capital for revenue increase.
(2) It actually benefitted from the US-China trade war and a lacklustre domestic economy that forced Chinese brands to expand regionally.
(3) I reckon it will be nicely positioned for the upcoming IR expansion in Spore, just like how Kingsmen Creatives benefitted from it almost 15years ago.
Group Achieves Record-breaking Revenue Amid Global Uncertainty
As US-China trade has declined, the Middle East and countries such as South Korea, Thailand and Vietnam have emerged as major beneficiaries. Consequently, many of the Group’s regional offices have experienced an increase in business volume, particularly those in Southeast Asia and the Middle East. Also, the Group has responded to these changes by assisting many brands – particularly Chinese brands – to expand overseas into these new or developing markets.
https://www.pico.com/en/news/pico-far-ea...al-results
But the company has a couple of things going for it:
(1) Working capital is negative at FY24 (ending Oct). The company continues to demonstrate that it doesn't need that much working capital for revenue increase.
(2) It actually benefitted from the US-China trade war and a lacklustre domestic economy that forced Chinese brands to expand regionally.
(3) I reckon it will be nicely positioned for the upcoming IR expansion in Spore, just like how Kingsmen Creatives benefitted from it almost 15years ago.
Group Achieves Record-breaking Revenue Amid Global Uncertainty
- Revenue increased by 18.8% to HK$6,327.0 million
- Gross profit increased by 22.1% to HK$1,942.1 million; Gross profit margin was 30.7%
- Profit attributable to owners of the Company increased by 56.8% to HK$357.6 million
- Recommended final dividend of HK 7.5 cents, and a special dividend of HK 3.5 cents; Full year dividend of HK 16.5 cents; Dividend payout ratio was 57.2%
- Basic earnings per share of HK 28.84 cents
As US-China trade has declined, the Middle East and countries such as South Korea, Thailand and Vietnam have emerged as major beneficiaries. Consequently, many of the Group’s regional offices have experienced an increase in business volume, particularly those in Southeast Asia and the Middle East. Also, the Group has responded to these changes by assisting many brands – particularly Chinese brands – to expand overseas into these new or developing markets.
https://www.pico.com/en/news/pico-far-ea...al-results