UMS Holdings

[Boon]

FY2015 Results:
 
Revenue (SGD million）:
FY2010 = 129.033
FY2011 = 114.427
FY2012 = 113.212
FY2013 = 120.486
FY2014 = 109.819
FY2015 = 111.090
 
NPAT (SGD million):
FY2010 = 28.745
FY2011 = 27.640 
FY2012 = 16.998  
FY 2013 = 28.880  
FY2014 = 24.929
FY2015 = 34.299 (+38%) at record high
 
Gross Profit Margin :
FY2010 = 56.0%
FY2011 = 55.8%
FY2012 = 49.3%
FY2013 = 53.9%
FY2014 = 54%
FY2015 = 60% (mainly due to favorable USD exchange rate)
 
Net Profit Margin :
FY2010 = 22.3%
FY2011 = 24.2%
FY2012 = 15.0%
FY2013 = 24.0%
FY2014 = 22.7%
FY2015 = 31%
 
EPS (SGD cent)
FY2010 = 8.25
FY2011 = 8.04
FY2012 = 4.94
FY2013 = 8.40
FY2014 = 5.81
FY2015 = 7.99
 
FCF Generated (SGD million):
FY2010 = 23.7
FY2011 = 31.7
FY2012 = 29.3
FY2013 = 25.8 
FY2014 = 28.9
FY2015 = 31.3
 
Cash & Cash Equivalent (SGD million)
FY2010 = 20.5 (Debt = 7.139)
FY2011 = 37.9 (Debt = 2.665)
FY2012 = 32.5 (Debt = 17.238)
FY2013 = 29.2 (Debt = 0.0)
FY2014 = 33.8 (Debt = 0.0)
FY2015 = 38.9 (Debt = 0.0) at all time high
 
Capex : Purchase of PPE (SGD million)
FY2010 = 7.6
FY2011 = 7.5
FY2012 = 1.7
FY2013 = 2.0
FY2014 = 6.7
FY2015 = 4.5
 
DPS (SGD cent)
FY2010 = 5.0
FY2011 = 6.0
FY2012 = 5.0
FY2013 = 6.5
FY2014 = 6.0 (Equivalent to 7.5 cents pre-bonus issue)
FY2015 = 6.0 (Equivalent to 7.5 cents pre-bonus issue)
 
Comments:
1)   FY2015 revenue is only 1% higher than FY2014.
2)   FY2015 NPAT of 34.299 m (+38% compared to FY2014) is at record high - due to good component business, favorable FX and tight rein over costs.
3)   System integration sales were not as robust in FY2015.
4)   FCF generation ability is intact – in FY2015, FCF generated was 31.3 million despite having spent 4.5 million capex on purchase of PPE.
5)   Cash & cash equivalent as at 31 Dec 2015 amounts to 38.9 million (with no debt), this is an all time high record.
6)   DPS of 6.0 cents (equivalent to 7.5 cents pre-bonus) is in line with my expectation.
7)   Moving forward, Management’s comment: “The slower orders in the last quarter of FY2015 is expected to continue into the first half of FY2016, in line with the slowdown in global economy and the Group expects business activities in1H2016 to be subdued.On the other hand, the Group's major customer had forecasted global foundry investment levels to be slightly higher in 2016 with the bulk of spending in the second half of the year. Additionally, SEMI, a leading global semiconductor trade association, had expected global semiconductor equipment sales to grow, albeit nominally at 1.4% in 2016." 
8)   Overall, a good set of FY2015 results, I reckon.
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