XMH Holdings

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The 1Q2015 result is announced recently. The top-line is improved, with improvement of GPM from 24.9% to 25.8%. The bottom line suffered with NPM reduced from 12% to 5.4%, due to non-occurrence admin expenses i.e. legal fee and acquisition amortization.

(not vested)

The presentation is here

The detail result is here
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
More good news for the MPG...

(not vested)

MPG secures contracts worth S$11.3 million to supply
Changi Airport’s upcoming Terminal 4 and 5-storey data
centre in Jurong Industrial Estate with standby

• 2nd set of major contract wins in 5 months
• Healthy order book to provide MPG with a steady flow of activities through to March 2016

“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
The company lost the case.

Quote:The Board of Directors (the “Board”) of XMH Holdings Ltd (the “Company”) refers to its
announcements dated 23 March 2012, 3 April 2014 and 29 April 2014 in relation to the legal
proceeding and court judgment against its wholly-owned subsidiary, Xin Ming Hua Pte Ltd
(the “Xin Ming Hua”).
Further thereto, the Board wishes to update shareholders that Xin Ming Hua was not
successful in its attempt to appeal against the aforesaid judgment of the High Court.
Recently, Xin Ming Hua’s appeal was dismissed by the Court of Appeal and the aforesaid
judgment of the High Court upheld.
The Company has made the necessary provisions in full in respect of the liabilities under
the suit in its full year accounts ended 30 April 2014 (“FY2014”) and did not have a material
impact on the Company’s financial performance for FY2014.


(29-04-2014, 10:56 PM)mkmk Wrote: http://infopub.sgx.com/FileOpen/XMH_Ann_...eID=294278

Quote:The Board of Directors (the “Board”) of XMH Holdings Ltd (the “Company”) refers to its announcements dated 23 March 2012 and 3 April 2014 in relation to the legal proceeding and court judgment against its wholly-owned subsidiary, Xin Ming Hua Pte Ltd (the “Xin Ming Hua”).

Further thereto, the Board wishes to update shareholders that Xin Ming Hua intend to appeal against the aforesaid judgment of the High Court, and has accordingly filed the requisite Notice of Appeal to the Court of Appeal on 28 April 2014.

(Not vested)
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
XMH’s 2Q earnings fall 64.9% on lower revenue

SINGAPORE (Dec 12): XMH, the distributor of marine diesel engines and propulsion and power solutions, saw second quarter earnings fall 64.9% to $711,000 from $2.2 million a year ago.

Revenue tumbled 28.9% to $19.2 million in 2Q15 ended Oct from $27.1 million in 2Q14 due mainly to slower sales in the distribution business segment.

Correspondingly, cost of sales also decreased 35% to $13.5 million from $20.8 million. Gross profit decreased by 8.7% to $5.7 million from $6.3 million.

XMH said the group continues to be affected by the slowdown in demand for Indonesian coal and consequently fewer new-builds of tugboats and other cargo vessels there.

Customers are taking up deliveries of orders that have been placed but the pace remains sluggish. This is expected to continue into the second half of FY2015.

However, the group is seeing increased deliveries and new orders in Vietnam.

This market is expected to do well as the country seeks to expand its fishing fleet.

In Singapore, the group’s subsidiary, MPG, is on track to deliver its best ever year as demand for standby generator sets continue to be strong.

XMH closed 5.3% lower at 27 cents today.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
XMH Completes the Earnings Accretive Acquisition of the
80% stake in Z-Power Automation for S$12.8 Million

 Group’s second major acquisition after the acquisition of Mech-Power Generator
in 2013
 Synergies on expansion of product range and cross-selling are expected to
improve products offering and revenue stream
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
XMH Reports Earnings of S$4.8 Million for 9M2015
• Revenue decreased 16.6% to S$68.1 million due to the slowdown in distribution and
after-sales segments
• Gross profit margin improved to 28.9% supported by improvement across all business
• ZPA acquisition completed in early March, creating synergy with Group’s existing

“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
A target of 30 cents, is more than 40% upside, with current price of 21 cents...

I am optimistic on the company prospect, after the integration of the two newly acquired biz...

(not vested, but monitoring)

XMH kept at ‘buy’ by RHB with 30 cents target price

SINGAPORE (Mar 18): XMH Holdings ( Financial Dashboard), the diesel engine provider, saw its 3QFY15 PATMI dipped 3%, while revenue fell 30% y-o-y. But, RHB says today that the worst is over for XMH and expects it to recovery on the back of its Indonesian business.

The fall in revenue was due to lower sales in its distribution and after-sales segments, which were hit by the Indonesian elections during 4QFY14.

According to RHB, “XMH plans to complete its new facility with new products coming online in FY16, with incremental contributions on top of a recovery in the core business.”

XMH’s Mech-Power Generator has recently been awarded $11.3 million worth of contracts to supply standby generators to Changi Airport and Jurong Industrial Estate.

XMH has also completed the acquisition of an 80% stake in Z-Power group, which would provide $20 million recurring revenue yearly.

The company also intends to implement stringent cost measures and sharply lower distribution expenses in 3QFY15, says RHB.

“We estimate that Z-Power’s gross margin is within the same 28-30% range and that these margins should be sustainable going forward,” says the research house.

XMH is trading down 4.55% to $0.21 at 2:00 p.m. today.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
The two newly acquired subsidiaries, continue to bring in revenue to the company...


XMH Holdings wins $23.1 million worth of orders

SINGAPORE (June 9): XMH Holdings ( Financial Dashboard), the diesel engine, propulsion and power generating solutions provider, secured orders worth $23.1 million through its two subsidiaries.

Mech-Power Generator (MPG) secured new orders which have been placed for stand-by power generating units for two contracts.

The first contract, worth $7.8 million, is for a data centre project and it is expected to be fulfilled in September 2015.

The second contract, worth $7.7 million, is for a healthcare centre and the contract is due for deliveries between September 2015 and March 2017.

Meanwhile, Z-Power Automation (ZPA) secured six new contract wins in the recent month.

These included LNG terminal tug electrical packages from a local shipyard valued at $2.3 million; the supply of electrical cables and panels to a Japanese shipyard, valued at $1.7 million and OEM manufacturing for a Japanese engine manufacturer, valued at $1.4 million.

Half of the contracts will be delivered by end Oct with the remainder expected to be delivered between 2015 and 2016.

XMH closed flat at 19.5 cents today.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
RHB analyst view on the company...

XMH kept at ‘buy’ with 30 cents target price by RHB

SINGAPORE (June 12): RHB is maintaining its ‘buy’ call on XMH, the customised propeller engine supplier, with a 30 cents target price with subsidiaries Mech-Power Generator (MPG) and Z-Power securing contracts worth $23.1 million with deliveries stretching into 2017.

Z-Power was also awarded the prestigious ABB Value Provider Certification.

“We believe that strong operations at these subsidiaries could contribute to XMH’s 75% FY16F earnings growth,” says XMH in a June 11 report.

MPG and Z-Power were awarded contracts of $15.5 million and $7.6 million.

MPG will deliver backup generators to a data centre from between Sep 2015 and Mar 2017 while Z-Power will supply electrical packages to a variety of vessels, with deliveries between 2015 and 2016.

Z-Power was also awarded the prestigious ABB Value Provider certification, which enables the company to market as well as build and assemble ABB liquid and air-cooled variable frequency drivers outside of Finland.

“From this, we estimate $20 million of recurring revenue for Z-Power going forward. We believe that contributions from MPG and Z-Power, coupled with a gradual recovery in the Indonesian market for

XMH’s core engine business, would enable earnings to grow 75% in FY16F,” says lead analyst Jesalyn Wong.

In 3QFY15 ended April, XMH saw gross profit margin at a strong 31.7%.

“We expect its profitability to be maintained going forward as these new contracts may likely result in similar margins,” says Wong.

They should also generate healthy $28 million and $20 million in operating cash flow in FY15F/FY16F, on the back of its healthy orderbook.

Key risks include a delayed recovery of engine orders in Indonesia.

XMH is trading flat at 20.5 cents as at 12:38 p.m.
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
XMH's full year results is out. Nothing interesting in it with a drop in dividends to conserve cash (likely).

Will be interested to see how the 2 acquisitions will contribute to the XMH's cash and profits.


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