- Valuetronics' FY23 net profit of HK$123m (+8.3% y-o-y/+12.6% h-o-h) was slightly above our forecast, forming 106% of our full-year estimate, due to a lower-than-expected revenue decline.
- Valuetronics' outlook remains conservative as it expects the ripple effect of the supply chain bottlenecks to last beyond 2023. Other uncertainties include the Russia-Ukraine conflict, US Fed rate hikes and rising inflationary pressures.
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Results slightly above expectations; other income more than doubled.
- Valuetronics (SGX:BN2)'s FY23 net profit of HK$123m (+8.3% y-o-y) was slightly above our expectations, beating our estimate by 6%. The beat was largely attributable to a 117.5% y-o-y jump in other income to HK$32m (FY22: HK$14.7m), where interest income rose to HK$21.2m (FY22: HK$2.3m) from the US Fed rate hikes. See Valuetronics's announcement dated 29 May 2023.
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The ICE segment’s revenue rose due to greater customer demand.
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