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

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

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

  • Read more at SGinvestors.io.




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 @ https://www.utrade.com.sg/.




John Cheong UOB Kay Hian Research | Heidi Mo UOB Kay Hian | https://research.uobkayhian.com/ 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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