Sarine Technologies - DBS Research 2023-02-28: Losing Shine As Demand Softens; Downgrade To FULLY VALUED

Sarine Technologies - Losing Shine As Demand Softens; Downgrade To FULLY VALUED

SARINE TECHNOLOGIES LTD (SGX:U77) | SGinvestors.ioSARINE TECHNOLOGIES LTD (SGX:U77)
  • Sarine Technologies (SGX:U77)'s FY22 revenue declined 5% y-o-y, within expectations. Diamond markets have since moderated from its exceptional highs in FY21, which was largely due to strong capital equipment sales and a strong recovery in recurring revenue.

Sarine's FY22 earnings fell 46% y-o-y, below expectations.

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  • In addition, Sarine Technologies's net profit in 2H22 was also below our expectations on account of a US$0.6m charge associated with a repatriation of funds from Sarine Technologies’s subsidiary in India. The higher general and administrative expenses were also a result of legal fees with regards to patent and copyright litigations as well as an increase in bad debt provisions. Full-year earnings came in at US$8.7m, below our expectations of US$11.2m.
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Sarine to acquire majority stake in grading lab GCAL, accelerating e-grading’s acceptance by the market.

  • Read more at SGinvestors.io.




Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.




Sachin MITTAL DBS Group Research | Singapore Research Team DBS Research | https://www.dbs.com/insightsdirect/ 2023-02-28



Previous report by DBS:
2022-11-15 Sarine Technologies - Attractive Dividend Yield Of 10%.

Price targets by other brokers at Sarine Technologies Target Prices.
Listing of research reports at Sarine Technologies Analyst Reports.

Relevant links:
Sarine Technologies Share Price History,
Sarine Technologies Announcements,
Sarine Technologies Dividends & Corporate Actions,
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