CAPE EMS BERHAD
KLSE (MYR): CEB (5311)
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Last Price
0.975
Today's Change
-0.015 (1.52%)
Day's Change
0.97 - 0.995
Trading Volume
2,345,800
Financial
Market Cap
Market Cap
967 Million
NOSH
992 Million
Latest Quarter
Latest Quarter
31-Mar-2024 [#1]
Announcement Date
21-May-2024
Next Quarter
30-Jun-2024
Est. Ann. Date
21-Aug-2024
Est. Ann. Due Date
29-Aug-2024
QoQ | YoY
143.55% | 57.71%
T4Q Result
Revenue | NP to SH
559,978.000 | 49,284.000
RPS | P/RPS
56.45 Cent | 1.73
EPS | P/E | EY
4.97 Cent | 19.63 | 5.10%
DPS | DY | Payout %
2.21 Cent | 2.27% | 44.39%
NAPS | P/NAPS
0.47 | 2.07
QoQ | YoY
11.05% | 77.17%
NP Margin | ROE
8.81% | 10.57%
F.Y. | Ann. Date
31-Mar-2024 | 21-May-2024
Latest Audited Result
Latest Audited Result
31-Dec-2023
Announcement Date
30-Apr-2024
Next Audited Result
31-Dec-2024
Est. Ann. Date
30-Apr-2025
Est. Ann. Due Date
29-Jun-2025
Annual (Unaudited)
Revenue | NP to SH
542,844.000 | 44,381.000
RPS | P/RPS
54.72 Cent | 1.78
EPS | P/E | EY
4.96 Cent | 21.79 | 4.59%
DPS | DY | Payout %
1.10 Cent | 1.13% | 24.59%
NAPS | P/NAPS
0.46 | 2.12
YoY
32.32%
NP Margin | ROE
8.17% | 9.73%
F.Y. | Ann. Date
31-Dec-2023 | 26-Feb-2024
Annualized Result
Revenue | NP to SH
617,932.000 | 53,620.000
RPS | P/RPS
62.29 Cent | 1.57
EPS | P/E | EY
5.40 Cent | 18.04 | 5.54%
DPS | DY | Payout %
-
NAPS | P/NAPS
-
QoQ | YoY
20.82% | 57.71%
NP Margin | ROE
8.72% | 11.50%
F.Y. | Ann. Date
31-Mar-2024 | 21-May-2024
Business Process
| Trailing 4 Quarters | Trailing 8 Quarters | |||
|---|---|---|---|---|
| Available Quarters | 4 Quarters | 8 Quarters | ||
| Continuous Quarters Of Revenue Growth | 3 / 4 | 75.00% | 3 / 8 | 37.50% |
| Total Positive Profit Years | 4 / 4 | 100.00% | 7 / 8 | 87.50% |
| Continuous Quarters Of Positive Profit | 4 / 4 | 100.00% | 7 / 8 | 87.50% |
| Continuous Quarters Of Profit Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Continuous Quarters Of Adjusted EPS Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Total Dividend Years | 3 / 4 | 75.00% | 3 / 8 | 38.00% |
| Continuous Quarters Of Dividend | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Continuous Quarters Of Dividend Growth | 0 / 4 | 0.00% | 0 / 8 | 0.00% |
| Continuous Quarters Of Adjusted Dps Growth | 1 / 4 | 25.00% | 1 / 8 | 12.50% |
| Average ROE | 3.06% | 2.45% | ||
| Average Net Profit Margin | 9.02% | 7.23% | ||
| Last 5 Financial Years | Last 10 Financial Years | |||
|---|---|---|---|---|
| Available Years | 5 Years | 10 Years | ||
| Continuous Quarters Of Revenue Growth | 2 / 3 | 66.67% | 2 / 3 | 66.67% |
| Total Positive Profit Years | 3 / 3 | 100.00% | 3 / 3 | 100.00% |
| Continuous Quarters Of Positive Profit | 3 / 3 | 100.00% | 3 / 3 | 100.00% |
| Continuous Quarters Of Profit Growth | 2 / 3 | 66.67% | 2 / 3 | 66.67% |
| Continuous Quarters Of Adjusted EPS Growth | 2 / 3 | 66.67% | 2 / 3 | 66.67% |
| Total Dividend Years | 2 / 3 | 66.67% | 2 / 3 | 66.67% |
| Continuous Quarters Of Dividend | 2 / 3 | 66.67% | 2 / 3 | 66.67% |
| Continuous Quarters Of Dividend Growth | 1 / 3 | 33.33% | 1 / 3 | 33.33% |
| Continuous Quarters Of Adjusted Dps Growth | 2 / 3 | 66.67% | 2 / 3 | 66.67% |
| Average ROE | 14.14% | 14.14% | ||
| Average Net Profit Margin | 7.82% | 7.82% | ||
Key Result
| T4Q | Annualized | Annual (Unaudited) | Last 10 FY Average | Last 5 FY Average | |
|---|---|---|---|---|---|
| Revenue | 559,978 | 617,932 | 542,844 | 441,710 | 441,710 |
| NP to SH | 49,284 | 53,620 | 44,381 | 34,728 | 34,728 |
| Dividend | 21,875 | 26,585 | 10,912 | 4,287 | 4,287 |
| Adjusted EPS | 4.97 | 5.40 | 4.96 | 3.66 | 3.66 |
| Adjusted DPS | 2.21 | 2.68 | 1.10 | 0.43 | 0.43 |
NP to SH = Net Profit Attributable to Shareholder, EPS = Earning Per Share, DPS = Dividend Per Share
All figures in '000 unless specified.
EPS & DPS's figures in Cent.
Growth
| LQ QoQ | LQ YoY | CQ YoY | LQ vs Average of T4Q | LQ vs Average of T8Q | |
|---|---|---|---|---|---|
| Revenue | 4.56% | 12.47% | 12.47% | 10.35% | 30.70% |
| NP to Owner | 143.55% | 57.71% | 57.71% | 8.80% | 39.09% |
| Dividend | 0.00% | 0.00% | 0.00% | 21.53% | 143.06% |
| Adjusted EPS | 145.45% | 57.55% | 57.55% | 8.83% | 39.07% |
| Adjusted DPS | 0.00% | 0.00% | 0.00% | 21.53% | 143.06% |
LQ = Latest Quarter, CQ = Cumulative Quarter, T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, QoQ = Quarter on Quarter, YoY = Year on Year
| T4Q vs LFY | T4Q vs AL5FY | T4Q vs AL10FY | AQR vs LFY | AQR vs AL5FY | AQR vs AL10FY | LFY YoY | LFY vs AL5FY | LFY vs AL10FY | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3.16% | 26.77% | 26.77% | 13.83% | 39.90% | 39.90% | 23.95% | 22.90% | 22.90% |
| NP to Owner | 11.05% | 41.91% | 41.91% | 20.82% | 54.40% | 54.40% | 32.32% | 27.79% | 27.79% |
| Dividend | 100.48% | 410.24% | 410.24% | 143.64% | 520.10% | 520.10% | 459.59% | 154.52% | 154.52% |
| Adjusted EPS | 0.20% | 35.69% | 35.69% | 8.87% | 47.43% | 47.43% | 46.70% | 35.41% | 35.41% |
| Adjusted DPS | 100.91% | 411.35% | 411.35% | 143.64% | 520.10% | 520.10% | 459.59% | 154.52% | 154.52% |
T4Q = Trailing 4 Quarters, T8Q = Trailing 8 Quarters, AL5FY = Average of Last 5 Financial Years, AL10FY = Average of Last 10 Financial Years, LFY = Latest Financial Year AQR = Annualized Quarter Result, YoY = Year on Year
Discussions
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CAPE 4Q23 briefing keytakes (Zoom)
Date: 27 Feb 2024
Management: Christina Tee (CEO), Kelvin Tan (CFO) and team
2023 financials overview
- 2023 revenue +24% driven by wireless equipment and CE E-Cigg alongside new contribution from thermal devices. PAT +32% on favourable product mix. 4Q revenue +25% but PAT -38% due to underprovision of tax in previous quarters + additional operating cost related to die casting and new EV business.
- Normalised PAT at RM57.8m after adjusting for IPO expenses RM4m, RM2m acquisition cost of iConn, and sales and lease back arrangement. Previously guided RM59m which included this RM7m of sales & leaseback arrangement, but now they did not proceed on this.
- Revenue breakdown: 65% on industrial produce, CE at 32%, 3% from die casting. US 66%, Asia at 33%, EUR 2%.
- Financial positions: RM170m of cash, 0.4x gearing ratio.
- Orderbook of RM218m (RM33m from CE and RM185m from Industrial products)
- Utilisation of proceeds: RM125m - the balance of unutilised proceeds
Production capacity
- 3 factories (Senai, Tebrau and Kempas 6)
- Relocation cost Temenggung to Tebrau
- 433k sqft now, on 34 EMS lines, and 770+ workers
- Tebrau (100.6k sqft) for aluminium die, 10 new alu die cast and machinery purchase are in progress
- Senai 226 (166.9k sqft), to house finished goods
- Warehouse automated storage facilities
Business updates
- Mimosa – completed acquisition of Mimosa from Jio platforms. Penetrated into new market via this acquisition. Ex-India all by CAPE now, in India, 25% by Cape.
- NextCentury (smart utility data collection) – penetrated into Australia market. Mexico in process to be certified.
- Customer A – after acquisition, more opportunity here
- K&Q (household applicances – vacuum) – anticipating an uptick in demand. Besides US, it is into Turkey now
- New customer C – Leader in EV charging device and station. US based founded in 2007.
- New customer S – packaging tracking vehicle – UK based providing tracking system for reusable packaging. Market segment from retail, post and parcel and logisitic companies
- New customer M – amphibious craft of vehicle, based in NZ. Specialising in designing and manufacturing amphibious boats equipped with retractable, motorised wheels. Partnering with SEA CM to supply new contracts in at least next 5 years.
- Into medical, sport equipment, EV charging systems as well
- Vectrix mobility - 60% stake owned by by APE, Vectrix owns 40% - batt pack production will be ready by 2Q24. High flexibility of assembling modules up to 3k WH, in the voltage range from 7V to 150V. UK, EUR, JPN, SG and MY distribution ship partner has been identified. Current order on hand is at 1200 units, will be suppling directly from Taiwan maker. All batt pack will be self-supply by CAPE.
Q&A
- Customer A – additional 80% more capacity; device and pod will be the driver. 2023 revenue contribution was RM160m. Wanted to limit exposure from here, as in not >25%.
- 2024: targeting minimally 30% revenue growth. Targeting NPM of 8-10%. Batt Pack manufacturing, K&Q, EV charger see good growth.
- Customer T – radioactive tracking + chambers (consumable).
- iConn – <USD30m orders by CAPE.
- Vectrix – Yan Loong? CM from Taiwan
- 3 new customers C, S and M on NPI now, and not part of the revenue growth target for 2024.
- Jio reliance orders on cable –access points – 2 components whereby CAPE supplied 2m parts (30k per month).
- Costs – some can be passed on
Thanks
From UOBKH’s DC
2024-02-29 11:40
"For CEB, its order book remains strong at Rm217m and Revenue indeed up by 8% QoQ so I believe the drop in PAT is one off event."
2024-02-29 11:42
"Btw for CEB my view is can consider holding it for another quarter because:
1. MD/Group CEO has bought 2m shares via open market during 27-28/2.
2. Chartwise the next support is 0.88.
3. Management provided the below guidances for FY2024 ie at least 30% growth in revenue and profit margin after tax ard 8-10%. So profit before tax of 60-70m for FY2024 is within reach.
4. They have engaged tax consultant to look into their tax reporting process. 🙏🙏"
2024-02-29 11:44
Cape ems 90 cents
Resistance 92 cents
Possible will be in 70 cents range.if resistance cant break in before 19 march end.
15/3/24 10.18am
2 months ago
Cape EMS working to regain investor confidence
https://theedgemalaysia.com/node/704942
2 months ago
I'm quite persimistic the capability of a woman CEO in running a EMS company....
1 month ago
this counter drop may be cause by the high borrowing .net debt about 100 million
5 days ago
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