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aws全区号(www.2km.me)_Globetronics net profit margin set to improve

admin2022-01-0814

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AmInvestment Bank Research said it continues to like Globetronics due to its robust margin arising from its sensor business (60% of total group revenue); strength in smart sensors, with new-generation sensor demand expected to drive growth ahead; and ramp-up in laser automotive headlamps to boost its light-emitting diodes/solid-state lighting segment.

KUALA LUMPUR: Globetronics Technology Bhd’s key sensor segment is expected to remain soft in the fourth quarter of its financial year ended Dec 31, 2021.

The segment is projected to see flattish growth year-on-year, as its key customers are still caught in the supply chain disruption, according to AmInvestment Bank Research.

The research unit added that Globetronics’ factory expansion plan is delayed to March from the initially planned January, further impeding its growth potential in financial year 2022 (FY22).

Also, Globetronics has decided to end the business cycle for its quartz crystal timing device (QCTD) business in December 2021 due to a key customer’s pricing pressure.

The group does not expect a significant impact on its bottom line, as the QCTD operations carried low margins and most machineries were already fully depreciated.

Meanwhile, the Kuala Lumpur factory will be vacant for now, with management actively seeking to fill the excess capacity.

“Following the discontinuation of the lower-margin QCTD business, we expect the group’s net profit margin to improve by eight percentage points.

“In addition, the volume for the higher-margin laser lighting business is expected to double starting February 2022,” said AmInvestment Bank Research.

The research unit also pointed out that the group’s pioneer status will expire in June 2022.

“However, the impact will be partially cushioned by its unabsorbed tax allowance, which we have factored in into our FY22 forecast,” said AmInvestment Bank Research.

It has reduced its FY21 to FY23 earnings forecast by 35%, 21% and 26% to RM45.6mil, RM62.5mil and RM66.5mil, respectively, mainly after taking into account the lower-than-expected volume loadings in the sensor business, as well as projected higher tax expenses.

Nevertheless, the research unit believes Globetronics is undervalued at its current price and investors should take the opportunity to accumulate the stock.

AmInvestment Bank Research said it continues to like Globetronics due to its robust margin arising from its sensor business (60% of total group revenue); strength in smart sensors, with new-generation sensor demand expected to drive growth ahead; and ramp-up in laser automotive headlamps to boost its light-emitting diodes/solid-state lighting segment.

The research unit maintained its “buy” call on Globetronics with a lower fair value of RM2.36 per share (previously RM2.84 per share), pegged to 24 times FY22 estimated price-earnings.

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