Valuetronics - Integrated EMS Provider
- Established in 1992 and headquartered in Hong Kong, Valuetronics (SGX:BN2) was listed on the SGX Mainboard in 2007. The company is an integrated electronics manufacturing services (EMS) company with two business segments, consumer electronics (CE) products and industrial and commercial electronics (ICE) products. Some of the products manufactured by Valuetronics include smart lighting products, printers, temperature sensing devices, communication products, automotive products and medical equipment. The company also offers design and development (D&D) capabilities.
- Valuetronics's production facility is located in Huizhou City, Guandong, in China (110,000 square metre site). The company has also started production at its new 52,541 square metre plant located in Binh Xuyen District, Vinh Phuc Province, Vietnam.
- Valuetronics’s FY22 revenue fell 11.1% y-o-y to HK$2.0bn while net profit fell 39.3% y-o-y to HK$113.5m (results released on 26 May 2022).
- Management expects Valuetronics to remain profitable in FY23 but believes components shortages and inflationary cost pressure will exert a negative impact on its gross profit margin. Management also highlighted that the revenue rebound in the CE segment that was seen in FY22 is not expected to recur due to lower customer forecasts and the components shortage problem.
- Based on the closing price of S$0.525 on 27 May 2022, Valuetronics is trading at a historical FY22 P/E/P/BV of 11.5x/0.94x. Valuetronics's historical FY22 dividend yield is 4.65%. Valuetronics paid dividends over FY08-22.
- On 25 Feb 2022, Valuetronics announced a HK$250m share buyback programme.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
William TNG CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-05-30 2022-05-30
Previous report by CGS-CIMB:
2021-11-10 Valuetronics - Still Some Way To Go
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