新加坡研报 |Micro-Mechanics (Holdings) Ltd

wechat omage

2018年三季度收入和税后净利没有达到我们的预期。我们正在对2018财年末的盈利预测削减10%。

利润率受到由于产能扩张和会计变更带来成本上涨的影响。

与我们降低的盈利预测保持一致,我们将目标价下调至新元2.30 (先前目标价为新元2.50)。基于最近股价的调整后,我们提出升级至买入评级。

20180508092312

积极方面

前端半导体工具 (或者是美国) 销售增长了近30%。这部分将成为美科精微 (MMH) 的下一个增长阶段。在2018年三季度,美国的收入增长了近30%,按地理位置和增长最快来划分,现在是第二大市场。令我们惊讶的是,美国市场的好转并没有给集团带来很高的毛利润。我们只能推断,当前的后端业务正面临更严峻的销售价格压力。

消极方面

前期投资近期受损。2018财年末的资本支出将增加一倍至1000万新元,同时2018年三季度的生产工人总数增长了7%,达到329人。我们认为,扩张产能的前期成本正在损害毛利率。

增长低于预期。我们在2018财年末实现了20%的收入增长,这与全球半导体销售保持一致。MMH 的增长已接近18%,但步伐正在减速。我们已把2018财年末的收入预测降至17%。

前景

我们仍对MMH的前景保持乐观。我们太过激进,无法以他们的能力去为他们的服务和利润来定价。半导体产品的单位销量增长仍是MMH的核心收入来源。预计未来五年,半导体产量的复合年均增长率将增长7%。增长的驱动因素将从智能手机转向新的应用,如消费产品,智能扬音器,NAND闪存,照明和汽车。

 

投资活动

升级至买入评级,但目标价下调至新元2.30 (先前目标价为新元2.50)

我们认为,MMH在半导体产品的长期增长中,是一个低beta系数代表。半导体正渗透到从电动汽车到物联网设备的非传统应用领域。由于大部分收入来自于半导体消耗品的销售,MMH的收益更为频繁并且波动性更小。MMH 的财务指标仍然具有吸引力,其净资产收益率超过30%,销售毛利率约为58%,净现金为1800万新元,以及股息收益率为4%。我们为2018财年末设定的目标是17倍的市盈率,与后端半导体供应链的估值一致。

 

关键字:新加坡股票研报,新加坡股,新加坡研报,新加坡账户,交易新加坡股票,新加坡股票开户,免费开户,在线开设新加坡股票开户,新加坡证券,新加坡券商,投资组合,新加坡证券交易所(SGX),DBS, 星展集团控股有限公司

联系我们开设账户

需要帮助吗?请分享您的详细资料,我们会给您答复。

IMPORTANT INFORMATION

This material is provided by Phillip Capital Management (S) Ltd (“PCM”) for general information only and does not constitute a recommendation, an offer to sell, or a solicitation of any offer to invest in any of the exchange-traded fund (“ETF”) or the unit trust (“Products”) mentioned herein. It does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You should read the Prospectus and the accompanying Product Highlights Sheet (“PHS”) for key features, key risks and other important information of the Products and obtain advice from a financial adviser (“FA“) pursuant to a separate engagement before making a commitment to invest in the Products. In the event that you choose not to obtain advice from a FA, you should assess whether the Products are suitable for you before proceeding to invest. A copy of the Prospectus and PHS are available from PCM, any of its Participating Dealers (“PDs“) for the ETF, or any of its authorised distributors for the unit trust managed by PCM.  

An ETF is not like a typical unit trust as the units of the ETF (the “Units“) are to be listed and traded like any share on the Singapore Exchange Securities Trading Limited (“SGX-ST”). Listing on the SGX-ST does not guarantee a liquid market for the Units which may be traded at prices above or below its NAV or may be suspended or delisted. Investors may buy or sell the Units on SGX-ST when it is listed. Investors cannot create or redeem Units directly with PCM and have no rights to request PCM to redeem or purchase their Units. Creation and redemption of Units are through PDs if investors are clients of the PDs, who have no obligation to agree to create or redeem Units on behalf of any investor and may impose terms and conditions in connection with such creation or redemption orders. Please refer to the Prospectus of the ETF for more details.  

Investments are subject to investment risks including the possible loss of the principal amount invested. The purchase of a unit in a fund is not the same as placing your money on deposit with a bank or deposit-taking company. There is no guarantee as to the amount of capital invested or return received. The value of the units and the income accruing to the units may fall or rise. Past performance is not necessarily indicative of the future or likely performance of the Products. There can be no assurance that investment objectives will be achieved.  

Where applicable, fund(s) may invest in financial derivatives and/or participate in securities lending and repurchase transactions for the purpose of hedging and/or efficient portfolio management, subject to the relevant regulatory requirements. PCM reserves the discretion to determine if currency exposure should be hedged actively, passively or not at all, in the best interest of the Products.  

The regular dividend distributions, out of either income and/or capital, are not guaranteed and subject to PCM’s discretion. Past payout yields and payments do not represent future payout yields and payments. Such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value (“NAV”) of the Products. Please refer to <www.phillipfunds.com> for more information in relation to the dividend distributions.  

The information provided herein may be obtained or compiled from public and/or third party sources that PCM has no reason to believe are unreliable. Any opinion or view herein is an expression of belief of the individual author or the indicated source (as applicable) only. PCM makes no representation or warranty that such information is accurate, complete, verified or should be relied upon as such. The information does not constitute, and should not be used as a substitute for tax, legal or investment advice.  

The information herein are not for any person in any jurisdiction or country where such distribution or availability for use would contravene any applicable law or regulation or would subject PCM to any registration or licensing requirement in such jurisdiction or country. The Products is not offered to U.S. Persons. PhillipCapital Group of Companies, including PCM, their affiliates and/or their officers, directors and/or employees may own or have positions in the Products. Any member of the PhillipCapital Group of Companies may have acted upon or used the information, analyses and opinions herein before they have been published. 

This advertisement has not been reviewed by the Monetary Authority of Singapore.  

 

Phillip Capital Management (S) Ltd (Co. Reg. No. 199905233W)  
250 North Bridge Road #06-00, Raffles City Tower ,Singapore 179101 
Tel: (65) 6230 8133 Fax: (65) 65383066 www.phillipfunds.com