Genetec - A baby step

Revving up for Expansion: Genetec Technology's Building Blocks of Growth - CIMB Reiterates Add with TP RM4.20

Genetec A baby step
Publish date: Tue, 28 Feb 2023, 10:17 AM
Investors, let's embark on a remarkable journey together.

Give GENETEC the time it deserves, and watch our Battery Day plans flourish!

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Start small, dream big, and embrace the key to success with GENETEC.
  1. Genetec has reported record quarterly revenue in the third quarter of FY23, with revenue increasing by 20.5% qoq and 30.5% yoy to RM85m.
  2. However, the EBITDA margins decreased due to forex losses, a less profitable sales mix, and development costs for new battery energy storage system projects.
  3. Despite this, the company's 9MFY23 sales and core net profit rose by 39% and 34% yoy, respectively,
  4. GENETEC recently completed a private placement to fund future expansion. It will use 53% of the proceeds to expand its manufacturing facilities, increasing production capacity by almost 1.5x.
  5. The company also completed the development of its in-house BESS and is preparing to begin a pilot run, which could be a new growth driver from FY24F.
  6. Despite cutting their EPS projections, analysts still project a 23% net profit CAGR from FY22-25F and reiterate their "Add" rating with a lower RM4.20 target price.

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