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Aztech Global H1 net profit up 8.7% to S$46.7 million
Revenue for the period drops 4% to S$373.2 million from S$388.6 million the year before
AZTECH Global : 8AZ +0.99% posted an 8.7 per cent increase in net profit to S$46.7 million for its first half ended Jun 30, 2024, from S$42.9 million in the previous year.
Revenue for H1 fell 4 per cent to S$373.2 million from S$388.6 million the year before, the Internet of Things (IoT) devices and data communications product manufacturer reported on Tuesday (Jul 30).
Earnings per share stood at 6.04 Singapore cents, up from 5.56 cents the previous year.
The group remains cautious about economic prospects and inflationary cost pressures for the rest of the year due to trade and geopolitical tensions as well as increased competition.
&ldquo In view of the volatility, the group will focus on growing its competencies,&rdquo Aztech Global said.
To enhance its research and development capabilities, the group has expanded its headcount for this purpose. It is also deepening and integrating its IoT and artificial intelligence capabilities across security, consumer, communication, health-tech and automotive segments to capture new market opportunities.
It added that it has set up plastic injection machines at its Pasir Gudang facility in Johor, and these are expected to be completed in Q3.
&ldquo With the Pasir Gudang facility also equipped with plastics production capabilities, the group is well poised to seize opportunities to acquire new customers to diversify its customer base,&rdquo Aztech Global said.
&ldquo While three new products from the health-tech and consumer segments have entered commercial production, there are five new products in the communication, consumer and health-tech segments scheduled for commercial production by (the) end of 2024. The group will continue to engage its customers to drive new product activities.&rdquo
For the half year, an interim dividend of five Singapore cents per share was declared.
Barring unforeseen circumstances, the group expects to remain profitable for FY2024.
Aztech Global Q1 net profit up 18.7% to S$16 million on foreign exchange gains, write-backs
Profit growth came despite a 20.4 per cent year-on-year decrease in revenue
TECHNOLOGY solutions provider Aztech Global : 8AZ +2.75% announced a net profit of S$15.9 million for the first quarter ended Mar 31, a 18.7 per cent increase from the S$13.4 million recorded in the corresponding period a year ago.
The growth came despite a 20.4 per cent year-on-year decrease in revenue to S$128.6 million in Q1 2024 from S$161.6 million in Q1 2023, said the group in a bourse filing on Tuesday (Apr 23).
It noted that the fall in revenue was due to the &ldquo rescheduling of customer orders and negative impact resulting from heavy snowstorms in China&rdquo .
The group&rsquo s earnings before interest, taxes, depreciation and amortisation (Ebitda) rose to S$21.5 million, a 22.2 per cent increase from the S$17.6 million in the corresponding year-ago period, while Ebitda margin improved by 580 basis points to 16.7 per cent from 10.9 per cent.
The rise in Ebitda was mainly attributable to net fair-value gain on foreign exchange of S$2.3 million, as opposed to a net loss of S$3.1 million in Q1 2023, as well as write-back of provision for loss of trade receivables amounting to S$1.2 million.
Earnings per share stood at S$0.0206, up 19.1 per cent from the S$0.0173 in Q1 2023.
The group has secured a healthy order book of S$456 million as at Apr 23 this year. In the second quarter, in addition to secured orders for production, it will be focusing on fulfilling the deferred Q1 orders, the group said.
Aztech Global is cautiously optimistic about its business prospects for the financial year, despite concerns such as supply chain management, inflationary pressures and foreign currency fluctuations. Presently, 84.3 per cent of the group&rsquo s revenue comes from North America.
The group is looking to grow its Internet of Things (IoT) and electronics manufacturing service business and line of vision technology products.
IoT devices and data communications products currently act as the group&rsquo s key revenue contributor, accounting for 99.1 per cent of the total revenue while the remaining 0.9 per cent comes from LED lighting and other electronics products. Sales revenue from the IoT devices and data communications segment decreased to S$127.5 million in Q1 2024 from S$158 million a year ago.
Looks good. Rotational play.
results really good 👍
Dyodd
Dyodd
Aztech net profit for the full year to a record S$100 millionAztech Global&rsquo s chairman and chief executive, Michael Mun (right), says: &ldquo The group has achieved a record net profit of S$100 million, and we are delighted to share the rewards with shareholders by increasing total dividend for FY2023 to eight (Singapore) cents per share. Our expansion in Malaysia has provided us the foundation to seize new opportunities in the years ahead.&rdquoAZTECH Global&rsquo s : 8AZ 0% net profit rose 134.6 per cent on year in the second half of 2023 to S$57.1 million, bringing the group&rsquo s net profit for the full year to a record S$100 million.In a bourse filing on Thursday (Feb 22), the technology solutions provider said higher revenue, greater economies of scale, interest income and net fair-value gain on foreign exchange contracts led to higher net profit for H2 2023.Earnings per share for H2 rose 134.9 per cent on year to S$0.074, from S$0.0315 in the prior-year period.A final dividend of S$0.05 per share was proposed, higher than the S$0.015 per share final dividend in FY2022. Including the interim dividend of S$0.03 per share, the total dividend for FY2023 amounts to S$0.08 per share, an improvement from S$0.045 per share in FY2022.Revenue for H2 climbed 11.4 per cent on year to S$507.7 million. For the full year, revenue was up 9.3 per cent to S$896.3 million.Net profit for the full year rose 48.9 per cent on year to S$100 million, which the group attributed to the stronger revenue.Aztech Global&rsquo s chairman and chief executive, Michael Mun, said: &ldquo The group has achieved a record net profit of S$100 million, and we are delighted to share the rewards with shareholders by increasing total dividend for FY2023 to eight (Singapore) cents per share. Our expansion in Malaysia has provided us the foundation to seize new opportunities in the years ahead.&rdquoAztech commenced full-scale production at a 300,000-square-foot manufacturing facility in Johor in the third quarter of last year, which it said will support its growth, business continuity needs as well as the production diversification requirements of its customers.In terms of outlook, Aztech noted that business prospects for the next six to 12 months are expected to be &ldquo challenging&rdquo , with geopolitical tensions and inflationary costs likely to persist in 2024.&ldquo The group remains committed to the disciplined management of its operations, costs and balance sheet. It will continue to adapt and innovate novel solutions to capture new customers and opportunities in the growing IoT (Internet of Things) market,&rdquo it said.Aztech said it secured new customers during the year, including companies dealing with smart baby monitoring, kitchen scrap management, healthtech wearables and respiratory monitoring devices. Its order book currently amounts to S$333.9 million.Aztech had a net cash balance of S$249.8 million as at Dec 31, 2023. Net asset value per share rose to S$0.45, up from S$0.37 a year earlier.
Aztech Global reports ransomware attack on IT network
SGX Mainboard-listed Aztech Global 8AZ - has fallen victim to a ransomware attack, with an unknown party gaining unauthorised access to its IT network.
In an announcement on Feb 13, the company said upon discovering the breach it took immediate action by shutting down all its servers over the lunar new year break and using cyber security screening software to continue to ensure no further data is affected or compromised.
Although the incident has not affected operations nor had any material financial impact, Aztech says has notified the appropriate law enforcement authority and that it is looking at appointing third-party forensic advisors to help investigate the incident.
The company is also seeking advice from industry experts to further strengthen its overall cybersecurity.
The cybersecurity incident announced by Aztech Global is the latest in a spate of ransomware attacks reported by Singapore-listed companies since the start of the year.
In January, IPS Securex Holdings, ES Group (Holdings) and RE& S Holdings made separate announcements of ransomware attacks on their servers.
Hope Good times will begin fr 22 Feb (Results Annoucement). 9 months result seems perfectly on the progressive trend
Sgvale ( Date: 17-Oct-2023 18:59) Posted:
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Bad time still can perform. Imagine when good time come ...
Aztech Global reports quarterly record net profit of $30.9 mil for 3QFY2023
Aztech Global has recorded a 48.6% y-o-y increase in its net profit of $30.9 million for the 3QFY2023 ended Sept 30. The figure marks a record quarterly performance for the group. For the 9MFY2023, the group&rsquo s net profit stands at $73.8 million, 15.9% higher y-o-y.
The group&rsquo s revenue for the 3QFY2023 rose by 16.9% y-o-y to $283.4 million due to sales of internet of things (IoT) devices and data-communication products.
In its Oct 16 release, the group attributed its &ldquo strong&rdquo 3QFY2023 performance to the double-digit growth in revenue, greater economies of scale, higher interest income and net fair value gain on foreign exchange contracts.
For the 9MFY2023, Aztech recorded a 15.9% improvement in net profit of $73.8 million. Its revenue grew by 10.7% y-o-y to $672.0 million. The group&rsquo s earnings per share (EPS) for the same period stood at 9.56 cents.
As at Sept 30, the group&rsquo s net cash balance stood at $215.4 million. This is inclusive of $40.1 million of short-term investments after netting off bank borrowing and lease liabilities of $20.6 million.
Aztech generated free cash flow of $26.6 million for 9MFY2023. Its net asset value per share increased from 37.0 cents as at Dec 31, 2022 to 41.0 cents as at Sept 30, 2023.
As at Oct 16, the group&rsquo s order book stood at $322.7 million. The orders secured were for IoT solutions across varied market segments including consumer & lifestyle, security, communication, automotive, healthtech, tracking and point of sales.
The majority of these orders is scheduled for completion in FY2023, as the order lead time has normalised from nine to 12 months during the pandemic to two to three months post pandemic, says Aztech.
In August, the group launched a new line of vision technology products under its &ldquo Kyla&rdquo brand. Two products have been made available first in Singapore, namely Power-Over-Ethernet Internet Protocol (IP) CCTV and Digital Microscope. These will expand to the international market by end of the year.
The group is targeting the local pre-school educational segment with its IP CCTV, and intends to drive its new line of vision technology products to gain traction with the release of its full product range.
Meanwhile, the group says that its 300,000 square foot Pasir Gudang facility commenced production in 3Q2023 and is currently equipped with eight surface mount technology production lines, two wave soldering lines, 18 product assembly and test lines as well as four packaging lines. Its total production requirements are fulfilled by the facilities in Malaysia and China.
Aztech Global&rsquo s Chairman and CEO Michael Mun says: &ldquo We have delivered a strong set of 9MFY2023 results albeit a very challenging landscape. We remain focused on sharpening our manufacturing expertise and expanding our offerings in the IoT industry.&rdquo
Net Profit 3Q at $30.9m, close enough to CGS-CIMB' s estimate. Is it still a bargain now? dyodd.
CGS-CIMB raises Aztech Global target, expects Q3 profit to rise 56%
CGS-CIMB has raised its target price on Aztech Global : 8AZ +3.57% to S$1.23 from S$1.11, implying a potential upside of 41 per cent from the counter&rsquo s last trading price of S$0.87 as at the midday trading break on Thursday (Oct 12).
The technology solutions provider, which is listed on the Singapore Exchange&rsquo s mainboard, was trading 3.6 per cent or S$0.03 higher at the time.
The target price increase came after CGS-CIMB rolled over its valuation base year on the company to FY2025, it said in a report on Wednesday. The research team also raised its price-to-earnings multiple target to a three-year average of 8.7 times from 8.3 times.
It reiterated its &ldquo add&rdquo call on the stock, given Aztech Global&rsquo s earnings per share (EPS) growth prospects. Its EPS forecasts remain unchanged.
Greater economies of scale and automation will help the company better manage its cost structure, said analyst William Tng.
He estimates Aztech Global could post a 56 per cent rise in third-quarter net profit to S$32.5 million, as Q3 is the busiest period for technology manufacturing-related companies.
The group is slated to deliver a significant portion of its order book (S$594.5 million as at Jul 21) by the end of 2023.
Furthermore, CGS-CIMB expects Aztech Global&rsquo s Pasir Gudang plant to help support FY2024-25 revenue growth. Following the plant&rsquo s commencement of production in Q3, the group&rsquo s total manufacturing built-up area grew to 846,000 square feet.
&ldquo Customers will also have further flexibility in deciding where to have their products manufactured,&rdquo Tng noted.
Aztech Global will release its Q3 business update on Oct 16.
Positive result 3 n 4 quarter
yuhanooi ( Date: 12-Oct-2023 09:20) Posted:
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Results out soon...dyodd
Analysts positive on Aztech' s outlook following factory and R& D centre visit
Analysts at CGS-CIMB Research and Maybank Securities are maintaining their &ldquo add&rdquo and &ldquo buy&rdquo calls on Aztech Global 8AZ 0.00% upon visiting the company&rsquo s plant as well as research and development (R& D) centre in Dongguan, China last week.
In his report, CGS-CIMB analyst William Tng notes that the third quarter tends to be the peak production period for tech-related manufacturing, in preparation for the fourth quarter holiday sales. The production activities observed by Tng suggest that Aztech is likely to see a stronger 3QFY2023 financial performance versus 2QFY2023, in line with the trend.
To this end, Maybank analyst Jarick Seet points out that Aztech is one of the few factories in Dongguan that is still busy with customer orders. &ldquo Many factories are suffering or have closed down following China&rsquo s re-opening as customers are shifting production out of China. However, Aztech&rsquo s key customer has been doing well and it has been rewarding Aztech with more orders,&rdquo says Seet.
The Dongguan factory has been in operation since 2005. Tng highlights that Aztech has a stable team running the plant' s operation, which helps in its operating efficiency. &ldquo This, in addition to a cost-conscious culture, is, in our view, one of the contributors to Aztech&rsquo s pretax profit margin,&rdquo says Tng.
The other factor could be the vertical integration capabilities offered in the factory. The Dongguan plant works as a one-stop shop with capabilities ranging from plastic injection moulding, printed circuit board (PCB) assembly, product testing and PCB burn-in testing to quality control, Tng clarifies.
Meanwhile, Aztech&rsquo s R& D centre in Shenzhen has developed many new products related to security cameras, Internet of Things, mattresses, satellite gateways and electric vehicle chargers under its own brand as well as its customers&rsquo . Maybank believes this is one of the main reasons why Aztech can enjoy higher margins compared to its competitors.
&ldquo We also understand Aztech designed and created certain products from scratch and white labelled them with customers&rsquo brand and sold via their customers. Management sees huge potential in internet protocol cameras and two new vision technology products, namely Power-Over-Ethernet Internet Protocol CCTV and Digital Microscope, which will be expanded to international markets by the end of 2023,&rdquo he adds.
Aztech has recently expanded its production into Malaysia. The new plant in Pasir Gudang, Johor Bahru is assisting in some of the manufacturing for its key customer. The plant is not expected to have too many teething problems, Tng notes.
With an attractive yield of 8.5% trading at just 6.4x FY2023 P/E, Maybank thinks Aztech is undervalued for its capabilities and resiliency. That said, Seet is keeping his target price at 93 cents.
Tng is also maintaining his target price at $1.11, adding that inflationary cost pressures could still pose a challenge.
promising counter....dyodd
Of course got to set higher targeted price so can lure more retailers to buy than can sell higher.
Sgvale ( Date: 24-Jul-2023 15:13) Posted:
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@0.80 they sell already. Giving $1 target.
cucina ( Date: 24-Jul-2023 10:03) Posted:
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UOB Kay Hian just released report for TP 1.00
Results much better than analysts expectations, surely TP will be re-rated upwards.
Sgvale ( Date: 24-Jul-2023 09:06) Posted:
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