Nanofilm Technologies - UOB Kay Hian 2023-02-23: 2022 Results Miss Expectations; Challenging Near-Term Outlook

Nanofilm Technologies - 2022 Results Miss Expectations; Challenging Near-Term Outlook

  • NanoFilm’s 2022 earnings of S$44m (-30% y-o-y) missed our estimate by 16% due to a challenging operating environment.
  • NanoFilm faces a challenging outlook in 2023 as the macro environment remains tough with inflationary pressures and rising interest rates. Nanofilm’s China operations are expected to remain soft in 1Q23, and should see a gradual recovery only in 2H23.
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Nanofilm's 2022 results below expectations due to multiple challenges.

  • NanoFilm Technologies (SGX:MZH)’s reported adjusted PATMI of S$44m (-30 % y-o-y) missed our expectation by 16%. NanoFilm had earlier issued a profit warning and warned of a weak performance, so this does not come as a major surprise.
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  • higher expansion costs for future growth,
  • disruptions faced by a key final assembly supplier of its major customer,
  • China's quick reopening in Dec 22 which has caused a spike in infections, and
  • softer end-consumer demand due to recessionary fears.

Two Business Units were down, with Nanofabrication Business Unit (NFBU) being the only bright spot.

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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

John Cheong UOB Kay Hian Research | 2023-02-23

Read also UOB's most recent report:
2023-11-09 Nanofilm Technologies - Expect Weakness To Continue In 4Q23; Downgrade To SELL.

Previous report by UOB:
2023-08-14 Nanofilm Technologies - 1H23 In-Line But Slower-Than-Expected Recovery For 2H23.

Price targets by other brokers at NanoFilm Target Prices.

Listing of research reports at NanoFilm Analyst Reports.

Relevant links:
NanoFilm Share Price History,
NanoFilm Announcements,
NanoFilm Dividends & Corporate Actions,
NanoFilm News Articles


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