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30-11-2010, 08:34 AM
Hi,
Noted that gross margin is 18.5% for 1H 2010, against 19.1% a year ago. Gross profit improved 34% to S$13.5 million.
Net margin, however, is only 4.4% for 1H 2010 (fairly low) and finance costs also increased 45%. ROE is about 11% if I annualized 1H 2010's profit number.
Balance Sheet looks fairly decent with the Company in a net cash position of about S$8.7 million.
FCF was about S$6.2 million for 1H 2010, and for 1H 2009 there was also +ve operating cash flows and FCF.
Probably I will need more time to dig into other aspects of the Company before being able to comment further, but this is just my initial review.
Noted that gross margin is 18.5% for 1H 2010, against 19.1% a year ago. Gross profit improved 34% to S$13.5 million.
Net margin, however, is only 4.4% for 1H 2010 (fairly low) and finance costs also increased 45%. ROE is about 11% if I annualized 1H 2010's profit number.
Balance Sheet looks fairly decent with the Company in a net cash position of about S$8.7 million.
FCF was about S$6.2 million for 1H 2010, and for 1H 2009 there was also +ve operating cash flows and FCF.
Probably I will need more time to dig into other aspects of the Company before being able to comment further, but this is just my initial review.
My Value Investing Blog: http://sgmusicwhiz.blogspot.com/