Vitrox 18.8.2017 (Good but not cheap)

Vitrox
18.8.2017

INCOME STATEMENT
Thousands.
Year T4Q
Revenues 268,587
PBT 76,520
PAT 74,846
No of shr (Dil) 470,092
EPS (Dil) 0.1592

PBT Marg 28.49%
NP Marg 27.87%


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Vitrox
18.8.2017

INCOME STATEMENT
Thousands.
Year …. 2016 …. 2015 …. 2014 …. 2013
Revenues …. 234,026 …. 160,288 …. 169,939 …. 106,104
GrProf …. 153,694 …. 109,427 …. 73,782 …. 43,882
EBIT …. 52,419 …. 40,079 …. 40,926 …. 19,838
Int Exp …. 74 …. 98 …. 187 …. 299
PBT …. 60,920 …. 55,730 …. 50,023 …. 24,807
PAT …. 64,849 …. 44,322 …. 49,109 …. 24,063
No of shr (Dil) …. 469,538 …. 468,247 …. 465,262 …. 462,172
EPS (Dil) …. 0.14 …. 0.09 …. 0.11 …. 0.05


GP Marg …. 65.67% …. 68.27% …. 43.42% …. 41.36%
PBT Marg …. 26.03% …. 34.77% …. 29.44% …. 23.38%
NP Marg …. 27.71% …. 27.65% …. 28.90% …. 22.68%
EBIT/Int …. 705.51 …. 411.06 …. 219.32 …. 66.46



BALANCE SHEET
Thousands.
Year …. 2016 …. 2015 …. 2014 …. 2013
CA …. 282,149 …. 215,884 …. 189,098 …. 130,789
NCA …. 94,161 …. 39,618 …. 38,669 …. 36,596
TA …. 376,310 …. 255,503 …. 227,767 …. 167,385


CL …. 82,284 …. 39,672 …. 46,522 …. 21,922
NCL …. 27,744 …. 3,557 …. 3,463 …. 11,617
TL …. 110,027 …. 43,229 …. 49,985 …. 33,539
Eq …. 261,862 …. 208,920 …. 174,820 …. 131,220
TL+Eq …. 376,310 …. 255,503 …. 227,767 …. 167,385



Cash …. 110,106 …. 63,985 …. 60,629 …. 40,458
ST Debt …. 5,076 …. 1,725 …. 1,407 …. 1,338
LT Debt …. 27,033 …. 2,179 …. 3,172 …. 10,854
Total Debt …. 32,109 …. 3,904 …. 4,579 …. 12,192

Inventories …. 65,146 …. 56,555 …. 50,266 …. 36,978
AR …. 105,292 …. 75,973 …. 70,233 …. 52,001
AP …. 5,511 …. 2,710 …. 3,065 …. 610

CA-CL …. 199,865 …. 176,213 …. 142,576 …. 108,867

TD/Eq …. 12.3% …. 1.9% …. 2.6% …. 9.3%
TD/TA …. 8.5% …. 1.5% …. 2.0% …. 7.3%
TL/TA …. 29.2% …. 16.9% …. 21.9% …. 20.0%

CR …. 3.43 …. 5.44 …. 4.06 …. 5.97
QR …. 2.64 …. 4.02 …. 2.98 …. 4.28



CE …. 404,132 …. 279,815 …. 241,875 …. 185,921

Average of 2 years
CE (Avg) …. 341,974 …. 260,845 …. 213,898 …. 178,529
TA (Avg) …. 315,906 …. 241,635 …. 197,576 …. 156,498
Eq (Avg) …. 235,391 …. 191,870 …. 153,020 …. 122,836






CASH FLOW STATEMENT
(thousand)
Year …. 2016 …. 2015 …. 2014 …. 2013
Net Inc …. 60,920 …. 55,730 …. 50,023 …. 24,807
D&A …. 5,109 …. 4,289 …. 4,219 …. 2,847
FFO …. 56,315 …. 46,172 …. 49,545 …. 26,207
CWC …. 24,627 …. (30,195) …. (14,259) …. (17,868)
NetOCF …. 80,942 …. 15,977 …. 35,287 …. 8,339

Capex …. (59,228) …. (5,325) …. (6,260) …. (6,089)

FCF …. 21,714 …. 11,291 …. 29,194 …. 4,554
Dividends …. (11,688) …. (13,980) …. (6,957) …. (5,203)
RE …. 49,232 …. 41,750 …. 43,066 …. 19,605


NetOCF/Net Inc …. 132.9% …. 28.7% …. 70.5% …. 33.6%
FCF/Net Inc …. 35.6% …. 20.3% …. 58.4% …. 18.4%
Capex/Net Inc …. 97.2% …. 9.6% …. 12.5% …. 24.5%
Capex/NetOCF …. 73.2% …. 33.3% …. 17.7% …. 73.0%
DPO ratio …. 19.2% …. 25.1% …. 13.9% …. 21.0%
Capex/D&A …. 1159.4% …. 124.2% …. 148.4% …. 213.9%



VALUATION
Year …. 2016 …. 2015 …. 2014 …. 2013
Share Price RM …. 3.71 …. 3.44 …. 2.27 …. 1.23
Market cap (m) …. 1742.0 …. 1610.8 …. 1056.1 …. 568.5

ROCE …. 15.3% …. 15.4% …. 19.1% …. 11.1%
ROA …. 20.5% …. 18.3% …. 24.9% …. 15.4%
ROE …. 27.5% …. 23.1% …. 32.1% …. 19.6%

FCF/Revenues …. 9.3% …. 7.0% …. 17.2% …. 4.3%

FCF/Mkt Cap …. 1.2% …. 0.7% …. 2.8% …. 0.8%
DY …. 0.7% …. 0.9% …. 0.7% …. 0.9%

Today's Price RM …. 4.65
Market cap (m) today …. 2183.35

Vitrox posts 48% increase in 2Q net profit [Goreng Goreng]

Author: gorenggoreng88   |    Publish date: Thu, 17 Aug 2017, 08:56 PM 

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KUALA LUMPUR (Aug 17): Vitrox Corporation Bhd’s net profit increased 48% to RM21.34 million for the second quarter ended June 30, 2017 (2QFY17) from RM14.42 million, mainly due to higher customer orders of its machine vision system and automated board inspection products.

Earnings per share rose to 9.09 sen per share for 2QFY7 compared with 6.17 sen per share in 2QFY16.

Revenue rose 37% to RM77.62 million from RM56.64 million a year ago.

In its bourse filing today, the group said the increase in earnings was driven by higher demand from a wider customer base and positive acceptance of products.

For its cumulative first half, the group’s net profit increased 33% to RM39.91 million from RM30.02 million. Cumulative revenue increased 31% to RM147.23 million from RM112.67 million a year ago.

Moving forward Vitrox said it will continue to focus on market expansion activities, customer relationship building and product innovation to grow its business further in the new financial year.

It also said the group had taken steps to minimise its monetary assets in order to mitigate financial impact arising from currency fluctuation.

Vitrox shares closed 25 sen higher or 5.5% to an all-time high at RM4.80, with a market capitalisation of RM2.19 billion.

https://klse.i3investor.com/blogs/Vitrox/130229.jsp

Vitrox

Financial Release

3rd August 2017 - ViTrox to achieve another record high in 2Q17

KUALA LUMPUR (Aug 3): Hong Leong Investment Bank Research (HLIB Research) has maintained its "buy" call on Penang-based machine vision and electronics company ViTrox Corp Bhd with a higher target price of RM4.54, and said it expects an earnings upgrade, pegged to a price to earnings (P/E) multiple of 20 time, in line with global peers' average.

In a note today, HLIB Research said it sees ViTrox will achieve another record breaking quarter in 2Q17 after its strong performance in 1Q17.

"We expect a back-to-back record breaking streak in 2Q17 with revenue reaching RM75 million-RM78 million yielding a core net profit of RM20 million-RM23 million," the report said.

In 1Q17, the group achieved revenue of RM69.61 million against RM56.03 million in the corresponding period in the previous year, representing an increase of 24%.

Quarterly profit for 1Q17 stands at RM18.57 million, up 19% year on year from RM15.6 million in 1Q16.

For FY16, full year net profit stood at RM64.95 million, up 46.6% from RM44.32 million a year earlier, whereas revenue rose 46% to RM234.03 million against FY15 revenue of RM160.29 million.

ViTrox's four business units are:

• machine vision system standard (MVSS), 
• machine vision system tray (MVST), 
• automated board inspection, and 
• electronic communication system.

According to the report, the MVST segment is expected to make a strong comeback in 2H17 as clients gear up for the major product launches towards the end of the year.

Another Penang-based corporation, SRM Integration Malaysia Sdn Bhd (SRM), is also seen to be experiencing robust growth in FY17. This will correspond to ViTrox's revenue attributed to MVSS, as SRM is a major customer for the segment.

Currently, ViTrox and another industry player are at a preliminary stage in exploring ways to further automate production to enhance efficiency and reduce human labour amid migrant worker restrictions by the government, the report said.

For FY17-19, HLIB Research raised its earnings per share forecasts for ViTrox by 8.7%, 22.7% and 22.6%, respectively.

Over the past year, ViTrox's share price has increased by 135.81% from RM1.95 in Aug 2, 2016. Today, the stock opened at RM4.56, up 7 sen from yesterday's closing price of RM 4.49.

As of 11.36am, ViTrox's share price was at RM4.52, bringing a market capitalisation of RM2.11 billion.

sourced from: The Edge Markets