Micro-Mechanics FY22 results highlights
FY22 revenue reached a new record, up 12% y-o-y, in line with expectations.
- Micro-Mechanics (SGX:5DD)'s FY22 revenue grew by 12% to a record S$82.5m, on the back of the continued growth of the global semiconductor industry and higher sales growth in the company’s three largest markets, i.e., China (+18% y-o-y), Malaysia (+11% y-o-y), and USA (+19% y-o-y).
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FY22 gross margins declined to 53.4%, with gross margins continuing to see pressure.
- Micro-Mechanics’s FY22 gross margins declined to 53.4% (FY21: 54.3%) on the back of higher material costs (e.g., aluminium and steel for US subsidiary) and operating expenses (e.g., fuel, manpower costs).
- FY22 gross margin was aligned with our estimate of 53.0%. However, 4Q22 gross margin declined to 51.6% amid continued cost pressures.
US subsidiary saw operating losses in FY22.
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