Is it really bad result? I would say the result is below expectation. I just wonder out of 87.6million revenue 86.3million is from Bluetooth headset. Where is the contribution of airbar ? I didn’t see the contribution of this star product for last 3 quarter. Hope the management can explain on it. One of the reason I hold this counter is due to the exclusivity of the technology and potential of airbar.
For the financial year ended June 30, 2015, the group posted a net profit of RM27.41 million and revenue of RM192.52 million compared with net profit of RM60.12 million and revenue of RM204.13 million a year ago.
For the financial year ended June 30, 2014, Salutica Allied Solutions posted a net profit of RM23.75 million and revenue of RM234.21 million compared with a net loss of RM15.03 million and revenue of RM78.56 million the year before.
I don’t know how to count the core value. One company from 2016, revenue just half of 2018, but share price now below IPO. Second, the profit I think might be affected by strengthened of ringgit and cost of R&D but as long as it can growth the revenue, only we can see the sustainability. Anyhow, now really feel sad on the share price.
AMINVEST had upgrade Salutica from HOLD to BUY with a lower fair value of RM1.45/share (previously RM1.66/share) based on an unchanged FY19F PE of 15x. Believe the recent selldown of Salutica shares — likely attributed to the weaker USD — is overdone.
We are keeping our FY18F net profit forecast as Salutica typically hedges its entire FX exposure 3–9 months ahead. However, we are trimming FY19F–FY20F's by 12% as we revise our USD/MYR assumptions for the period from 4.12 to 3.95.
Salutica's 2QFY18 core net profit came within expectations at RM5.8mil, declining6% QoQ and 45%YoY. This brings 1HFY18 net profit to RM12.0mil (-26% YoY), accounting for 41% of our full-year forecast and 39% of consensus.
Despite a marginal revenue dip (4% YoY), 2QFY18 net profit dropped by a larger quantum owing to higher R&D expenditure and escalated expenses resulted from greater complexity of a new cable-less product. YTD, revenue was up by 5% YoY thanks to higher sales of Bluetooth headsets, but net profit declined for the same reasons.
QoQ, revenue continued to register growth (4.5%) due to sustained interests for its customers' Bluetooth headsets. Moving into 2HFY18, we believe earnings will improve as operating expenses and profit margins normalise.
Moving forward, the company may benefit from: i) accelerated uptake of wireless Bluetooth earphones sparked by the removal of headphone jacks and the availability of near-field communication (NFC)technology; ii) pickup in AirBar orders as consumers upgrade to Windows 8 or 10; iii) replacements of expensive touchscreen solutions (e.g. capacitive) with Neonode's zForce technology; and iv) rising adoption of Salutica's in-house tyre pressure monitoring system (FOBO) to ensure safety of drivers.
Salutica is currently trading at an undemandingCY18F PE of 10x, while SKP Resources and V.S. Industry are trading at 15x and 13x respectively.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
valuebuy888
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Posted by valuebuy888 > 2018-02-11 07:00 | Report Abuse
Is it really bad result? I would say the result is below expectation. I just wonder out of 87.6million revenue 86.3million is from Bluetooth headset. Where is the contribution of airbar ? I didn’t see the contribution of this star product for last 3 quarter. Hope the management can explain on it. One of the reason I hold this counter is due to the exclusivity of the technology and potential of airbar.