Nanofilm Technologies - UOB Kay Hian 2024-02-28: Weak 2023 Results On Lower Demand; Maintain SELL Due To Uncertain Outlook

Nanofilm Technologies - Weak 2023 Results On Lower Demand; Maintain SELL Due To Uncertain Outlook

NanoFilm (SGX:MZH) | SGinvestors.ioNanoFilm (SGX:MZH)
  • 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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Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @

John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | 2024-02-28

Read also UOB's most recent report:
2024-04-24 Nanofilm Technologies - 1Q24 Revenue In Line But Still Loss-Making; Maintain SELL On Rich Valuation.

Price targets by 2 other brokers at NanoFilm Target Prices.

Listing of research reports at NanoFilm Analyst Reports.

Relevant links:
NanoFilm Share Price History,
NanoFilm Announcements,
NanoFilm Dividends & Corporate Actions,
NanoFilm News Articles


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