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10-11-2014, 11:21 AM
(This post was last modified: 10-11-2014, 11:22 AM by valuebuddies.)
Q3 2014 results is out:
http://infopub.sgx.com/FileOpen/MSE-ANN-...eID=323539
Comparing Q/Q, revenue down 9% but GPM improved from 7.7% to 11.5%, end result profit of 471k versus last year -ve 23k. GPM has been stable over the past 9 months at 11.5%, but increased in the administrative fee and reduction in other income resulting in Q3 EPS at 0.1c versus 0.42c for 1H 2014. Based on 0.1c EPS per Q, the PE ratio works out to be 16 times which is rather high.
At end of Q3 2014, order book stood at 16.4M (Q2: 14.5M / Q1: 19.2M)
Lastly, management's outlook is "not positive":
http://infopub.sgx.com/FileOpen/MSE-ANN-...eID=323539
Comparing Q/Q, revenue down 9% but GPM improved from 7.7% to 11.5%, end result profit of 471k versus last year -ve 23k. GPM has been stable over the past 9 months at 11.5%, but increased in the administrative fee and reduction in other income resulting in Q3 EPS at 0.1c versus 0.42c for 1H 2014. Based on 0.1c EPS per Q, the PE ratio works out to be 16 times which is rather high.
At end of Q3 2014, order book stood at 16.4M (Q2: 14.5M / Q1: 19.2M)
Lastly, management's outlook is "not positive":
Quote:The recent steep decline in crude oil prices, the imminent interest rates hikes in North America and uncertainty in the health of the Chinese economy may have negative impact on the Group’s profitability.
The demand of the end products that are manufactured or stored at the facilities that the Group services is reliance on the state of major global economies such as Europe, North America,
China and Asia. In the event of a slowdown or volatility in these economies (for example due to weaknesses in consumptions or increase in borrowing cost due to increase in interest rates), the upgrading of existing facilities or construction of new facilities would be deferred or cancelled. Under such circumstances, the Group profitability would be negatively affected.