Bimb Research Highlights
Inari - Bright outlook ahead
- Overview. 2QFY21 core profit surged 146% yoy and 33% qoq to RM94m primarily on the back of strong sales volume for radio frequency (RF) products, lower net operating expense ratio and recognition of deferred tax assets during the quarter.
- Key highlights. Inari’s key customer in Singapore sales grew significantly (+66% yoy) as we believe attributable to strong demand for new 5G smartphone.
- Against estimates: above. 1HFY21 core profit grew 91% to RM165m on higher revenue (+25%). Overall, 1H FY21 core profit above our and consensus’ estimate at 67% and 63% respectively.
- Dividend. A second interim DPS of 2.5 sen was declared, implying a dividend payout of 87%. This bringing a total 1HFY21 DPS of 4.5 sen, higher than 1HFY20 DPS of 2.3 sen.
- Outlook. We expect a recovery in smartphone segment and higher sales for 5G smartphone to provide stronger contribution to all its products (RF testing, fibre optics & opto-electronics and integrated circuit & packaging).
- Our call. Earnings and TP are currently under review as we revisit all Inari’s products assumption.
Source: BIMB Securities Research - 25 Feb 2021
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Discussions
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Remember INSAS IS BOTH TECH GROWTH STOCK & VERY STRONG MARGIN OF SAFETY STOCK MAH....!!
INSAS HAS THE BENEFIT OF BOTH WORLD LOH!
THUS INSAS VERY SAFE MAH...!!
JUST PAKAI OTAK THINK LAH...!!
Yes inari is a growth company in technology sector something like gloves company in health sector loh...!!
Insas is a wealth creation company holding rm 2 billion worth of inari share compare to insas mkt cap of only rm 603m mah...!!
Do u notice of INSAS huge margin of safety or not leh ??
So if u invest in insas, u have both huge margin of safety of insas & huge earnings growth thru inari mah...!!
Remember if u hold 1000 shares of insas is equivalent u hold 840 shares of inari mah!
Lu tau boh ??
When come to recovery play insas will be the best mah...!!
Its Nta is rm 2.83 per share loh!
Its intrinsic value when inclusive of inari mark to market gain exceed rm 5.00 per share mah...!!
Insas has a net cash exceeding Rm 0.90 per share woh!
When comes to earnings based on half year result insas profits is already rm 148m or eps 22.2 sen loh!
It is anticipated insas can hit eps of 40 sen per share giving pe of 2.1x mah!!
Thus insas is a stock which have both strong earnings of eps of 40 sen & back up with strong intrinsic share value of exceeding Rm 5.00 per share compare with the huge discounted share price of rm 0.875 per share loh!
Thus INSAS IS A SCREAMING BUY loh which u should not missed mah!
JUST jump in b4 too late loh!
2021-05-13 11:11
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2021-05-13 10:33