NATGATE PROSPECT
Customers’ relocation out of China to Penang will help the orders from the customers to be normalise. This will boost NATGATE’s utilisation as various products will have transition to mass production. NATGATE has begun the mass production of AI servers which will be ramped up in 2HFY24. Meanwhile, it has begun shipping its AI servers (approved by Nvidia) to customers and the shipment is expected to pick up in 2HFY24.
NATGATE Quarter Report History
Quarter | Revenue (RM,000) | PBT (RM,000) | Net Profit (RM,000) | EPS (Cent) | Div (Cent) | QoQ (%) | YoY (%) |
Q1 Mar 24 | 207,009 | 22,331 | 21,007 | 1.01 | 0.25 | +32 | +58 |
Q4 Dec 23 | 171,577 | 17,988 | 15,922 | 0.77 | 0.25 | -8 | -28 |
Q3 Sep 23 | 165,581 | 20,959 | 17,278 | 0.83 | 0.25 | +21 | -43 |
Q2 Jun 23 | 143,731 | 16,134 | 14,323 | 0.69 | 0.25 | +8 | - |
Q1 Mar 23 | 157,407 | 15,458 | 13,288 | 0.64 | 0.25 | -40 | - |
Q4 Dec 22 | 214,576 | 31,741 | 22,193 | 1.35 | 0 | -20 | - |
Q3 Sep 22 | 305,570 | 32,399 | 30,053 | 1.83 | 0 | - | - |
The percentage of increase of EPS from Q4 FY2023 to Q1 FY2024
= [(1.01 – 0.77) / 1.01] X 100
= 23.76%
Let's us do some calculation with assumption of 32% QoQ (following the Q1 ’24 results):
(Mar '24) = EPS 1.01 sen as reported.
Then, the next Q2 FY24 (Jun '24) = EPS 1.33 sen (+32% QoQ)
Since the mass production of AI servers and the shipping of AI servers will ramped up
in 2HFY24, we double the percentage of increase QoQ to 64%.
Then if next Q3' FY24 (Sep' 24) = EPS 2.18 sen (+64% QoQ)
Then if next Q4' FY24 (Dec '24) = EPS 3.58 sen (+64% QoQ)
Summing up all these 4 quarters, the total EPS is 8.10 sen by end of Dec '24.
Let say, if PE 40 is used, then the share price is
(8.10 X 40) / 100
= RM3.24
[(2.52 – 2.24) / 2.52] X 100 = 11.11%
This means NATGATE has entered the “correction zone”.
A technical rebound is expected.
The price of an AI server is RM52,244.
If the profit is 20%, then the profit from the sales of one AI server
= RM10,448.80
If 1,000 AI server is shipped, then the total profit
= RM10,448,800
nh8230 8u ai server (nvidia hgx h100)
S2232
NS2232 is a general-purpose 2U2S product for the enterprise market based on Intel's latest Eaglestream platform, which provides a cost-effective product option to meet the needs of the mainstream market through modular combinations and cost-optimized design.
KEY FEATURES
· Up to 16 x 3.5 inch HDDs
· Up to 28 x 2.5 inch Drives or E3.S SSDs
· Up to 10 x standard PCIe slots and 1 x ocp3.0 slots
· Up to 4 x DW GPU cards or 8 x SW GPU cards
· 225W CPU and 16 DIMM DDR5 memory meet the mainstream application require
· Expand the memory capacity with CXL technology
· Optimized cooling design
Form Factor | 2U Rack |
Processor | 1 or 2 x 4th Gen Intel ® Xeon ® scalable processors, TDP 225W |
Memory | Up to 16 DDR5 DIMMs |
Storage |
|
Expansion Slots |
|
Management |
|
Base IO | Front
Rear
|
Cooling |
|
Power Supply | 2 x CRPS PSUs ,1+1 Redundant |
Dimension | 86mm(H) x 447mm(W) x 840mm(L) |
Operation Temperature | 5ºC - 35ºC |
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s3phiroth
No, this is not an ai server.
NVIDIA HGX H100 8GPU Server is much bigger size and its retail price is about RM1.5mil.
1 month ago