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25-06-2014, 09:27 PM
Lim and Tan Securities analyst report on the company, base on latest financial report.
(not vested)
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XMH Holdings Ltd ($0.30, unchanged) reported FY14 net profit of
$6.1 mln (-46.4% yoy) despite revenue growth of 7.7% to $105.2
mln, primarily due to better performance from the “projects”
business segment and its “after sales” business segment. This
was however, offset by the decrease in revenue of about S$25.7
mln from the group’s “distribution” business segment.
Gross profi t margin further widened by 2.5% points in FY14 to
26%, arising from the favourable change in sales mix attributed to
higher contribution from the higher margin products in the group’s
“distribution” and “after sales” business segments, as well as
positive contribution from the newly-acquired MPG Group.
As expected, the sharp fall in net profit was partly because of
a one-off provision of approximately S$5.1 min for costs and
professional fees in relation to an ongoing litigation case. In
addition, we note that operating expenses also increased, largely
due to (i) increase in infrastructure costs (including payroll costs
and other costs related to inclusion of the MPG Group) to support
its growth plans and increased business activities.
Despite the lacklustre results, the group has declared a total DPS
of 1.2 S cents for the FY14, comprising of 1.0 cent of final cash
dividend and 0.2 cent of special cash dividend. The dividend
amount equates to a dividend payout of about 85% and yield of
4%, based on last closing price.
Separately, XMH also updated that it has secured five new
contracts worth a total of S$10.57 mln from the start of April 2014
till date. These five contracts will provide the MPG Group with
a fl ow of activities through to Jan 2016 and marks its first major
contract wins since the consolidation into the XMH Group.
MPG Group’s first set of two contracts, for the provision of
Mitsubishi and MTU generator sets to the local data centre
industry, is worth a total of S$6.02 mln and will be fully delivered
by Aug 2014. Another three contracts for Mitsubishi generator sets
worth a total of S$4.55 mln, which consist of a large order from an
Indonesian customer is for a mixed residential and commercial
development as well as for an industrial development. These
contracts are scheduled to be fully delivered by Jan 2016.
http://remisiers.org/cms_images/research...625_LT.pdf
(not vested)
---------
XMH Holdings Ltd ($0.30, unchanged) reported FY14 net profit of
$6.1 mln (-46.4% yoy) despite revenue growth of 7.7% to $105.2
mln, primarily due to better performance from the “projects”
business segment and its “after sales” business segment. This
was however, offset by the decrease in revenue of about S$25.7
mln from the group’s “distribution” business segment.
Gross profi t margin further widened by 2.5% points in FY14 to
26%, arising from the favourable change in sales mix attributed to
higher contribution from the higher margin products in the group’s
“distribution” and “after sales” business segments, as well as
positive contribution from the newly-acquired MPG Group.
As expected, the sharp fall in net profit was partly because of
a one-off provision of approximately S$5.1 min for costs and
professional fees in relation to an ongoing litigation case. In
addition, we note that operating expenses also increased, largely
due to (i) increase in infrastructure costs (including payroll costs
and other costs related to inclusion of the MPG Group) to support
its growth plans and increased business activities.
Despite the lacklustre results, the group has declared a total DPS
of 1.2 S cents for the FY14, comprising of 1.0 cent of final cash
dividend and 0.2 cent of special cash dividend. The dividend
amount equates to a dividend payout of about 85% and yield of
4%, based on last closing price.
Separately, XMH also updated that it has secured five new
contracts worth a total of S$10.57 mln from the start of April 2014
till date. These five contracts will provide the MPG Group with
a fl ow of activities through to Jan 2016 and marks its first major
contract wins since the consolidation into the XMH Group.
MPG Group’s first set of two contracts, for the provision of
Mitsubishi and MTU generator sets to the local data centre
industry, is worth a total of S$6.02 mln and will be fully delivered
by Aug 2014. Another three contracts for Mitsubishi generator sets
worth a total of S$4.55 mln, which consist of a large order from an
Indonesian customer is for a mixed residential and commercial
development as well as for an industrial development. These
contracts are scheduled to be fully delivered by Jan 2016.
http://remisiers.org/cms_images/research...625_LT.pdf
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