Manufacturing Integration Technology (MIT)

[shn]

Trading halt announced after market closed, pending an announcement???

Likely privatized target with deep discount to NAV.

[shn]

Review of 1H 2012 Results
• 1H 2012 revenue decreased by 14.6% to $22.4M.
• 1H 2012 gross profit decreased by 16.7% to $5.57M
• 1H 2012 administrative expenses increased by 7.1% to $2.9M from $2.7M
• 1H 2012 PBT decreased 88.6% to $121K from $906K. 2H FY11 PBT was $3.0M; hence, the results are very disappointing.
• 1H 2012 net profit decreased 85.8% to $126K from $886K in 1H 2011. 2H 2011 net profit was $3.0M.
• Cash and cash equivalents as on 30 June 12 total $14.7M; debt is only $1.9M. Market capitalization at last done share price of $0.075 is $16.3M. Cash and cash equivalents as on 31 December 11 stood at $15.1M.
• Current assets total $41.4M while current liabilities amount to $13.1M. Current ratio is 3.2. Quick ratio is 2.3.
• Net cash flow from operating activities is $1.6M. Net cash flow used in investing activities is $478K. Net decrease in cash and cash equivalents is $434K.
• 1H 2012 EPS is 0.05 cents while NAV is 16.7 cents.
• Soft market condition for semiconductor industry expected to prevail in 2H 2012 but the Group expects its solar and CEM segment to buffer the impact on its earnings. It hopes the secured contracts and backlog of $20M will not be pushed back further. It remains cautiously optimistic for the rest of the year.

The Group announced a trading halt after market close last Friday, 17 August 12 pending an announcement. It is likely to be a GO or privatization.

[ngcheeki]

Trading halt announced after market closed, pending an announcement???

Likely privatized target with deep discount to NAV.

No privatization offer but propose purchase of Property, see the following link for more information.

http://info.sgx.com/webcoranncatth.nsf/V...10033C6AB/$file/ProposedPurchaseOfProperty_21Aug2012.pdf?openelement

[shn]

Ha ha.. ya, thanks.

[dydx]

Today's (17Dec12) announcement is indeed a pleasant surprise!.....
http://info.sgx.com/webcoranncatth.nsf/V...700324FE0/$file/PressRelease_17Dec2012.pdf?openelement

[touzi]

The 2011 AR Balance Sheet has an entry described as "Development Projects". The notes provide the following information:
Development projects comprise expenses incurred for the development of new integrated semiconductor
manufacturing systems or machines.
The group has specific programmes for the commercialisation of these products.

Would appreciate if someone can explain how come this is classified as (Non-current)Asset. Thanks.

In a much earlier post dy/dx mentioned that this company has some IP. Where can I find the detail of these IP? Thanks.

[dydx]

A very positive press release today (2Dec14) on recently secured new orders worth a total of $13.7m…..
http://infopub.sgx.com/FileOpen/Press%20...eID=326797

Based on the positive forward-looking statement in the second last para, it looks like MIT is poised to record a rather strong profit turnaround in this FY14, and FY15 appears a promising year as well.

[banker]

A very positive press release today (2Dec14) on recently secured new orders worth a total of $13.7m…..
http://infopub.sgx.com/FileOpen/Press%20...eID=326797

Based on the positive forward-looking statement in the second last para, it looks like MIT is poised to record a rather strong profit turnaround in this FY14, and FY15 appears a promising year as well.

Hopefully the price recovers so that I can get rid of this ..currently sitting in paper loss...

[dydx]

Another piece of good news today (5Jan15) on a large $10.5m new order for solar equipment…..
http://infopub.sgx.com/FileOpen/Press_Re...eID=330414

Now MIT's business stands on 2 seemingly stronger legs - Semiconductor and Solar…..
http://www.mit.com.sg/en/products/
Would steady business growth and profitability return to make this counter a worthwhile longer-term investment opportunity?

[dydx]

Today (26Jan15), MIT has issued a positive profit guidance for FY14 (ended 31Dec14)…..
http://infopub.sgx.com/FileOpen/Positive...eID=332697

MIT now expects a profit turnaround in FY14, from a net loss of ($6.491m) in FY13. More importantly, in the guidance MIT has added a statement that "We also wish to add that the expected levels of sales and profitability are comparable to the peak levels achieved in the Company’s history as a SGX listed company.", alluding to a marked improvement in financial performance in FY14.

From its past record, MIT's peak performance was in FY06, where a Revenue of $55.5m and a NP of $7.3.m were recorded. A NP of $7.3m in FY14 would translate into a full-year EPS of approx. $0.034 (based on the latest 217.58m outstanding issued shares), and a 31Dec14 NAV/share of approx. $0.167.

Perhaps it is timely to revisit and review MIT's 1H (ended 30Jun14) result announcement…..
http://infopub.sgx.com/FileOpen/HY2014Re...eID=308619