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

• 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.

• - Read this at SGinvestors.io -
• 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.
• - Read this at SGinvestors.io -

Sarine to acquire majority stake in grading lab GCAL, accelerating e-grading’s acceptance by the market.

• Read more at SGinvestors.io.

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

Read also DBS's most recent report:
2023-11-21 Sarine Technologies - Subdued Radiance Of Diamond Markets.

Previous report by DBS:
2023-08-16 Sarine Technologies - The Diamond Market Loses Its Sheen.

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 Dividend Payout Dates & Corporate Actions,
Sarine Technologies News