- NanoFilm Technologies (SGX:MZH)'s revenue slumped 19.0% y-o-y to S$55.0m in 3Q23 and 9M23 revenue fell 29% y-o-y to S$128m. 9M23 revenue formed 73.0%/68.0% of our/Bloomberg consensus FY23F forecasts.
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Cautious outlook
- On FY23F outlook, NanoFilm commented that its bottomline may be negatively affected if end-consumer demand for consumer electronics product remains weak in 4Q23F.
- Overall, production volumes were down y-o-y in 3Q23 but NanoFilm thinks that its key customer is seeing improvement in reducing its inventory levels.
Remain vigilant on its cost structure.
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- In Europe, NanoFilm highlighted that it is exploring acquisitions in order to enter the European market to provide its coating services.
- In Vietnam, production for its second Vietnam site could commence after 1Q24F and
- in India, NanoFilm is finalising a factory-in-factory arrangement with a partner to provide coating services there to its key customer.
Cut our FY24-25F EPS estimates by 35- 56%
- Read more at SGinvestors.io.
