Singapore Stock Market News
Memtech International - 2Q18 hit by poor margins
StockFanatic
Publish date: Tue, 14 Aug 2018, 11:17 AM
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■ Revenue grew 19% yoy in 2Q18, but GPM fell to 14.7% (2Q17: 17.3%) due to higher raw material costs, staff costs and more outsourcing of tooling work.
■ We expect qoq margin improvement in 3Q18F from better economies of scale.
■ Product pipeline boosted by new auto customer, medical device and military parts.
■ Maintain Add with lower EPS and S$1.43 TP (10x FY19F P/E). MTEC offers 4-5% forecasted dividend yield and currently trades at 0.9x FY18F P/BV. Read More
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