INARI (0166): Another Record-Breaking Quarter
Inari FY15Q2 Financial Result
INARI | FY15Q2 | FY15Q1 | FY14Q4 | FY14Q3 | FY14Q2 |
Revenue | 227.9 | 221.9 | 223.9 | 191.8 | 186.6 |
Gross Profit | 49.4 | 43.4 | 52.0 | 40.9 | 37.4 |
Gross% | 21.7 | 19.6 | 23.2 | 21.3 | 20.0 |
PBT | 40.0 | 33.9 | 31.4 | 27.2 | 26.6 |
PBT% | 17.6 | 15.3 | 14.0 | 14.2 | 14.3 |
PAT | 40.3 | 33.8 | 30.8 | 25.0 | 24.4 |
Total Equity | 352.9 | 313.4 | 260.2 | 231.1 | 202.2 |
Total Assets | 583.5 | 544.3 | 487.5 | 461.4 | 438.8 |
Trade Receivables | 128.1 | 143.4 | 137.3 | 131.8 | 123.5 |
Inventories | 134.0 | 135.8 | 137.8 | 137.7 | 126.2 |
Cash | 141.9 | 89.5 | 65.3 | 53.2 | 60.0 |
Total Liabilities | 230.6 | 230.9 | 226.9 | 231.1 | 236.9 |
Trade Payables | 107.3 | 107.9 | 120.0 | 118.4 | 131.2 |
ST Borrowings | 44.8 | 46.8 | 36.4 | 33.0 | 26.2 |
LT Borrowings | 14.9 | 15.1 | 18.6 | 15.8 | 16.4 |
Net Cash Flow | 65.0 | 14.0 | 20.9 | 8.8 | 15.3 |
Operation | 88.3 | 23.7 | 41.2 | 12.4 | 11.5 |
Investment | -44.9 | -34.4 | -43.4 | -30.4 | -14.5 |
Financing | 21.5 | 24.7 | 23.0 | 26.9 | 18.4 |
EPS | 6.59 | 6.00 | 6.23 | 5.19 | 5.31 |
NAS | 0.58 | 0.56 | 0.53 | 0.48 | 0.42 |
Net D/E Ratio | Net cash | Net cash | Net cash | Net cash | Net cash |
As widely expected, Inari posted a record high revenue, PBT & PATAMI for its latest quarter of FY15Q2.
The better results are due to higher trading volumes, favourable foreign exchange & gold price.
How much has Inari gained from foreign exchange?
We might get a clue from its cash flow statement.
It seems like Inari registers unrealized foreign exchange gain of RM9.2mil in the first 6 months of its FY15.
Another thing noteworthy is that its cash suddenly jumps about 60% (+RM52.4mil) in 3 months time from RM89.5mil to RM141.9mil.
This is mainly contributed by strong operating cash flow while warrant conversion added RM11.3mil of cash in this quarter.
Once its rights issue is completed in the end of Feb15, it will add another RM115mil to its cash pile.
Inari
declared a second interim of 1.8sen plus a special dividend 0.5sen. The
total of 2.3sen is 0.1sen higher than its 1st interim payout.
The
dividends will be ex-ed very soon in 10 days time on 16 Feb 2015 but
will only be paid one month later. So it's a belated CNY ang pow :)
Div (sen) | FY15 | FY14 | FY13 | FY12 |
1st | 1.8 (0.4) | 1.1 (0.4) | 0.8 | 0.6 |
2nd | 1.8 (0.5) | 1.1 (0.4) | 0.9 | 0.6 |
3rd | 1.2 (0.8) | 0.9 | 0.8 | |
4th | 1.8 | 1.0 (0.9) | 0.8 |
Inari
has just increased the capacity of its RF division which is expected to
contribute from the 2nd quarter of CY2015 (FY15Q4). So I would expect
better earning from Inari for its 2HFY15.
The extent of capacity increase reported by HLIB & Maybank is different:
Maybank: 522 + 80 to 90 units test machines
HLIB: 422 + 100 units test machines
I think it is roughly a 20% increase in capacity in phase one of expansion.
The extent of capacity increase reported by HLIB & Maybank is different:
Maybank: 522 + 80 to 90 units test machines
HLIB: 422 + 100 units test machines
I think it is roughly a 20% increase in capacity in phase one of expansion.
With
better outlook, I think I should increase Inari's target net profit
from RM140mil to RM155mil for FY15. I will only set my adjusted target
price after the completion of rights issue.
Inari
does not mention about the performance of its various business segment
ie. RF, fiber optics, opto-electronics in its quarterly report. So we
have to depend on analysts for the info.
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