Manufacturing Integration Technology (MIT)

[Dosser]

Provisions have already been made. I suppose the main impact is the EPS for FY16

http://infopub.sgx.com/FileOpen/MIT%20An...eID=391494


Concurrently, net profit after tax rose 52% to a record S$15.43m in FY2015, compared with
net profit of S$10.17m in FY2014. This was achieved through the significantly higher
revenues as well as higher gross profit margins, which rose to 41% in FY2015 from 31% in
FY2014. This higher gross profit margins were contributed by solar and certain semiconductor
equipment.
Our net profit would have been higher if not for the following provisions made for our solar
business:
• Allowance for impairment on trade receivables (S$2.34m)
• Inventories written down (S$1.09m)
• Others (S$0.52m)
These provisions have been made for prudential reasons as our solar customer had
encountered some issues related to their suspension of share trading in Hong Kong. In the
same vein, we have also taken out an outstanding S$21m solar order (as announced on 11
May 2015) from our order book as we have not received the necessary down-payment.

Price still falling today. One issue would be whether the provisions made in FY2015 are sufficient, or whether a whole lot more will need to be made in FY2016. As they did not start work on the big solar 'win' announced in May, 2015 one would assume that this has been evident for much of 2015, and that they should have made most or all of the necessary provisions in FY 2015 - just not sure.

[Stirling]

Price still falling today. One issue would be whether the provisions made in FY2015 are sufficient, or whether a whole lot more will need to be made in FY2016. As they did not start work on the big solar 'win' announced in May, 2015 one would assume that this has been evident for much of 2015, and that they should have made most or all of the necessary provisions in FY 2015 - just not sure.

I suppose the drop in share price reflects the challenges the company is facing in 2016 and beyond.   In the past 6 months, there has not been any pro-active effort by the management to announce the order books of the company.  That could also mean that there has not been any significant new order wins.   Sustainability of its operating results has been a challenge for this company for many years.

[nowornever]

Price still falling today. One issue would be whether the provisions made in FY2015 are sufficient, or whether a whole lot more will need to be made in FY2016. As they did not start work on the big solar 'win' announced in May, 2015 one would assume that this has been evident for much of 2015, and that they should have made most or all of the necessary provisions in FY 2015 - just not sure.

I suppose the drop in share price reflects the challenges the company is facing in 2016 and beyond.   In the past 6 months, there has not been any pro-active effort by the management to announce the order books of the company.  That could also mean that there has not been any significant new order wins.   Sustainability of its operating results has been a challenge for this company for many years.

Based on the last result, "As at 26 Feb 2016, our outstanding order book stood at $22m. ", it looks quite bleak.

[dydx]

MIT's just released FY15 (ended 31Dec15) AR is certainly worth a serious read.....
http://infopub.sgx.com/FileOpen/MIT_%20A...eID=396965

I look forward to the $0.005/share final dividend which will be paid on 16May16, and more and perhaps bigger dividends to come.

[sillyivan]

MIT's just released FY15 (ended 31Dec15) AR is certainly worth a serious read.....
http://infopub.sgx.com/FileOpen/MIT_%20A...eID=396965

I look forward to the $0.005/share final dividend which will be paid on 16May16, and more and perhaps bigger dividends to come.

Thanks for the update. Read the AR and it definitely gives shareholders confidence going forward.

"Going forward, there should not be any further provisions related to this particular solar project." provides level of assurance.

"Furthermore, the PRC government’s announcement of its plans to meet aggressive self-sufficiency targets in IC consumption, to reshape its domestic semiconductor companies and to increase its international prominence in this sector will also see it plough billions into the semiconductor market. "

Good to know the management has a very positive outlook with the China semiconductor and solar industries as expansion potentials. This coupled with the probable CEM medium term contract with Intelligent Energy Ltd (UK) to start nearing end of this year should see a very good FY2016 as well.

Prudent management with good expansion plans yet giving back dividends to shareholders.

Cheers towards a great company!

[Dosser]

Profit guidance (actually, warning of a loss) for 1H 2016

http://infopub.sgx.com/FileOpen/Profit_G...eID=413268

[cyclone]

Profit Guidance for FY2016

Manufacturing Integration Technology Ltd wishes to provide an update on the Group’s FY2016 financial results.

Based on a preliminary assessment of the Group’s full year performance, the Board would like to advise that the Group is expected to incur a net loss for the second half and the full year ended 31 December 2016.

This net loss is attributed to lower semiconductor and contract equipment manufacturing sales as well as a lack of solar orders. Equipment deliveries had not improved in the second half of FY2016 when compared with the first half, but we are seeing more enquiries and orders for delivery in the first half of FY2017. 

Details will be disclosed when the Group reports its FY2016 results in the later part of February 2017.

[BlueKelah]

Good, sounds like opportunity to vest when it hit below 10c after the poor results.

Sent from my MotoG3 using Tapatalk

[cyclone]

Financial Result for the year ended 31 December 2016 (FY2016)

1. Group revenue declined 61% to S$35.5m in FY2016 from S$90.3m in the previous financial year
2. The Group recorded a lower Gross profit margin of 19.8% in FY2016 as compared with 40.5% in FY2015
3. The Group achieved a positive cash flow from operating activities of S$2.6m during the year
4. NAV per share as at 31/12/2016 = 21.03 cent
5. Cash and Cash equivalents per share stood at 7.9 cent, which accounts for about 40% of the Net Asset per share.
6. The Company had granted 9,590,000 new options under the MIT Employees’ Share Option Scheme 2009 on 20 May 2016.

More details in http://infopub.sgx.com/FileOpen/MIT_Anno...eID=440253

[cyclone]

Manufacturing Integration Technology Secures New Orders worth $18M for its Semiconductor Equipment

Manufacturing Integration Technology  announced that it has secured new orders totaling $18m for its state-of-the-art semiconductor equipment since its last update on 22 February 2017. This equipment will be used by its customers to produce devices primarily for the mobile communication and memory sectors.

These latest orders bring our total outstanding order book to $23m, which are expected to be delivered in the next 2 quarters, and to contribute positively to the Group’s financial results for the half year ending 30 June 2017.