SAMEE 3Q20 posted higher revenue of RM279.4m (yoy:+46.1%, qoq:+32.7%) with higher PAT of RM26.1m (yoy:+29.8%, qoq:+27.2%). 3Q20 result within expectation, nine months cumulative result accounted for 79.5% and 76.9% of our FY20 full year revenue and earnings estimates respectively.
Aerospace posted revenue of RM122.8m for the quarter (yoy:+4.8%, qoq:+1.8%), higher revenue was due to increase sales of casing products for B787, A320neo, A330, business jets and industrial gas turbine offsetted by decrease sales of casing products for B737max and aerostructures products for A320neo. However lower profit contributed from Aerospace, posted lower PBT of RM12.1m (yoy:- 4.1%, qoq:-12%) due to unfavorable sales mix, higher repair and maintenance expenses and lower production utilization.
Equipment segment revenue increase to RM156.6m (yoy:+111.4%, qoq:+74.4%), while PBT only increase to RM21.6m (yoy:+90.6%,qoq:+92.3%), higher revenue and earnings were due to surge in demand from the data storage and semiconductor customers.
Aerospace segment likely to remain stable while equipment segment expected to to face headwinds in coming quarters due to the challenging environment. We maintained our BUY recommendation with unchanged TP of RM11.30 based on 18x on our estimated EPS for FY20F.
Source: Mercury Research - 2 Mar 2020
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2020-04-16 11:52