- With NanoFilm’s new initiatives still nascent, the outlook for 2024 remains uncertain with macro headwinds. Maintain SELL with a 9% lower NanoFilm's target price of S$0.60 as the P/E mean multiple of NanoFilm deteriorates.
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Lacklustre results due to weaker demand and gross margin.
- NanoFilm Technologies (SGX:MZH) registered a PATMI of S$3.1m (-92.8% y-o-y), marginally above our expectation of zero profit for the year. The substantial decline in PATMI was due to the 25.4% y-o-y fall in revenue and higher depreciation and amortisation expenses of S$3.5m (+4.1% y-o-y).
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- On a h-o-h basis, 2H23 recovered with a PATMI of S$10.8m (-56.9% y-o-y), driven by improving revenue (+42.0% h-o-h) from computer, communication and consumer (3C) recovery and cost efficiencies, as seen in the 8.6ppt expansion in gross margin.
Weaker performance across all BUs.
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