GLOBETRONICS TECHNOLOGY BHD
KLSE (MYR): GTRONIC (7022)
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Posted by Mr.Sm Invest123 > 2021-07-29 11:39 | Report Abuse
Globetronics expertise in high-tech sensor products in demand
PETALING JAYA: Semiconductor testing firm Globetronics Technology Bhd’s financial results came in below expectations of analysts but its outlook remains “attractive.”
That’s according to MIDF Research, which said all in all, the company’s first half (H1) of financial year 2021 (FY21) financial performance came in below its and consensus expectations, accounting for 25.3% and 26.3% of the H1 earnings estimates respectively.
The company reported a net profit of RM6.25mil for the second quarter ended June 30 from RM5.02mil a year ago. Revenue improved 3% to RM46.4mil.
“We opine that Globetronics’ prospects are still interesting in the long term, as the group’s expertise in high-tech sensor products could be leveraged onto various applications,” the research unit said.
Moving forward, it said it was expecting a more consistent earnings growth, mainly supported by the group’s new generation of smart sensors which include light, gesture and motion sensors.
“In addition, the recovery in the automotive market would also lend support to the group’s light-emitting diode or LED business. All factors considered, we are upgrading our recommendation to a ‘buy’ from ‘neutral’ previously,” said MIDF. In the quarter under review, Globetronics said the higher net profit achieved was mainly due to higher volume loadings from certain customers and a better product mix achieved.
It also warned that its financial performance may continue to be impacted by the Covid-19 outbreak and the disruption of economic activities arising from continuous changes in the implementation of the movement control order, lockdown or stay at home order.
“The group will continue to focus on escalating up the value chain and riding on the research and development (R&D) initiatives in new product designs and development with our key customers moving forward,” it said.
In its report, MIDF said the company’s numerous plans to expand its business such as its ongoing factory space expansion, ramp up of laser automotive headlamps and its continuous efforts to co-develop new generation sensors with its Austrian customers are likely to drive its growth ahead.
“We are rolling forward our valuation base year to FY22 but our target price of RM3.22 remains unchanged, premised on pegging FY22 earnings per share of 12.4 sen against a price earnings ratio of 26 times,” it said.
Globetronics’ revenue for the quarter under review was 16% lower compared with the quarter before it, while net profit plunged 50% on the same basis, largely due to lower volume loadings of products.