ISDN - CGSI Research 2024-03-18: Remain Focused On Long-Term Growth

ISDN - Remain Focused On Long-Term Growth

ISDN (SGX:I07) | SGinvestors.ioISDN (SGX:I07)
  • ISDN (SGX:I07)’s FY23 revenue fell 7.8% y-o-y to S$341.8m, 1.3% above our S$337.4m forecast. ISDN’s China industrial automation revenue (73% of FY23 revenue) grew 6.6% y-o-y in in renminbi terms but was down 2.4% y-o-y as the renminbi weakened against the Singapore dollar in FY23.

FY23 performance hit by semicon slowdown and one-offs

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  • As ISDN holds the view that demand in both its China market and the semicon industry in Southeast Asia would recover over FY24-26F, the group did not aggressively reduce its cost structure in the face of weaker revenue. While distribution expenses fell 8.3% y-o-y, administrative expenses grew 3.2% y-o-y.
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Management is cautiously optimistic on FY24F

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Above is the excerpt from research report by CGSI Research.
Clients of CGS International may access the full report in PDF @

William TNG CFA CGS International Research | 2024-03-18

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