Stock Name: Micro-Mech
Company Name: MICRO-MECHANICS (HOLDINGS) LTD
OCBC Investment Research in a Jan 30 research report says: "Micro-Mechanics (MMH) reported a lacklustre set of 2QFY12 results. Net profit dipped 58.5% y-o-y and 39.9% q-o-q to $0.7 million on the back of a 23.6% y-o-y and 15.9% q-o-q decline in its revenue to $8.7 million.
"For 1HFY12, revenue of $19.1 million (-17.3%) formed 46.9% of our full-year forecast while net profit of $2.0 million (-47.5%) constituted 42.2% of our FY2012 estimates. A cash dividend of 1 cent was declared, in line with our expectations. We cut our FY2012 revenue forecast by 7.3% and net profit forecast by 16.6% in view of the worse-than-expected set of results.
"While we expect conditions to pick up in FY2013, we still see the need to lower our revenue and net profit projections by 5.6% and 15.0% respectively. Fair value estimate declines from 30.5 cents to 29 cents as we also roll forward our valuation to 9x blended FY12/13F EPS. MAINTAIN HOLD."
Company Name: MICRO-MECHANICS (HOLDINGS) LTD
| Research House: OCBC | Price Call: HOLD | Target Price: 0.29 |
OCBC Investment Research in a Jan 30 research report says: "Micro-Mechanics (MMH) reported a lacklustre set of 2QFY12 results. Net profit dipped 58.5% y-o-y and 39.9% q-o-q to $0.7 million on the back of a 23.6% y-o-y and 15.9% q-o-q decline in its revenue to $8.7 million.
"For 1HFY12, revenue of $19.1 million (-17.3%) formed 46.9% of our full-year forecast while net profit of $2.0 million (-47.5%) constituted 42.2% of our FY2012 estimates. A cash dividend of 1 cent was declared, in line with our expectations. We cut our FY2012 revenue forecast by 7.3% and net profit forecast by 16.6% in view of the worse-than-expected set of results.
"While we expect conditions to pick up in FY2013, we still see the need to lower our revenue and net profit projections by 5.6% and 15.0% respectively. Fair value estimate declines from 30.5 cents to 29 cents as we also roll forward our valuation to 9x blended FY12/13F EPS. MAINTAIN HOLD."
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