halo, did you read the financial report properly? how can you compare eps with last two quarter's exceptional one off gain? You compare PE of dnex with steel industry for what?? Why dont you compare dnex PE with D&O, Inari, Vitrox, Greatech?
Key takeaway - Core businesses: DagangNet, SealNet (Cloud based single platform similar to DNT but on the private sector B2B), DNex solutions, GenaXis, DNex Telco (subsea Telco), OGPC (Equipment, serving upstream and downstream) and Ping (E&P), Silterra (completed 60% stake acquisition) - Enlarged group expected to have combined revenue >RM1b
Silterra - Operational improvement: 97,146 wafer fab out in 2QFY22 – 2nd highest. 37,461 wafers fab out in Dec21 – highest monthly wafer out. Fab yield performance at 98.95% - highest ever - Capex investment – approved USD153m (RM640m) which will expand annual capacity to 10m mask layers. More capacity to be allocated for Silicon Photonics, MEMS. Emerging technology per mask layer ASP would be USD80-100 vs current’s at USD20-25. - Emerging technology BRCM & Gorilla products started risk run, anticipate to complete qualification by 2H22. Core tech improvements on target, highest yield of 99% for C18F process for ChipOne. Increase of BCD shipment from 15% in 1QFY22 to 25% in 2QFy22. - Secured two LT wafer supply agreements with Chipone USD 400m and Illitek USD173m. Anticipate to complete 2 more in 2HFY22 to fulfil LTA UR to 80%. - Growth revenue from ChipOne, 1Q 15%, 2Q 22% and Illitek 1Q 7%, 2Q 11%. Average net ASP from 1Q USD20.8 to USD23.6 in 2Q. - New management – Dr Albert Pang as Officer In Charge. - In 2021, the market attrition was at 13%, Silterra overall cumulative attrition was at 10.6% - announced multiple benefits improvements to employees. - Quality: 996 wafers scraped; first time achieved total wafer scrap <1000 wafers per quarter. - Net wafers USD527 in 2Q, 1Q-488, 4Q-434. Masks layer – 23.6 vs 18 in 4Q - Current capacity 8.5m mask layers per year, after approved capex of USD68m till Nov21 – 8.8m mast layer and with approved capex of USD85 in Jan22, it will be 10m mask layers – to start production in 2023. - Benefits enhancement to attract talents. - 2 more LTA customer is in progress of negotiation. - Plant expansion and product mix optimisation with completion of LTA. - Focused expansion on new technologies – SiPh + MEMS - Gearing of Silterra in 12M21 at 0.3x vs 1.04x in 7M21 - In summary: Excellent operational improvements achieved – higher production, yield and lower cost. Future plant expansion – higher capacity and SiPh and MEMS which command higher ASP. Product mix optimisation, 2 additional LTA to bring UR to 80%. Financial performance to strengthen both BS and IS. Continue to explore and improve benefits to employees to be comparable to market.
Anasuria - Brent has reached >USD100/bbl – strategy is to accelerate production to take advantage of current high prices. Taken some hedging position. - Net volume hope to secure Kbopd to about 10k (to be driven by Avalon, to deliver first oil in Jul24), now is at 2k. Partnering with Hibiscus with Anasuria. - Anasuria: Profit enhancement strategies via increase in production rate/additional reserves, optimise OPEX, better tax management and extend Cessation of production to add reserves. Capacity enhancement work programs – infill drilling and facility debottlenecking - Avalon – to deliver first oil in Jul24. FDI and FDP approval expected at FY22. - Others – acquisition of brownfield assets, embarking in developing a Net Zero framework to achieve ESG, low cost operator.
IT - National single window (deployment of new services NPCO, cross border trade exchange eCert, Air Manifest for aviation, and potentially Air Cargo System). International front: Increasing pipeline – new initiative with PAA and ASEC, ADB World bank and USAID. - Trade Facilitation – B2B: Optimising overhead and BPO – Seal Net products – Petronas, Dell & Intel. - System integration & consultancy – securing funnels with a TCV of RM15-20m
2Q results - Revenue of RM353m all time high, EBITDA RM130m – Tech – stronger performance on higher ASP, wafer shipment.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by DindingJalan > 2022-02-25 12:11 | Report Abuse
waa, really old sly fox