小资女向前冲（大马股市）

Company background

-semiconductor manufacturer

- Radio Frequency and development of ATE

Major Shareholders

Revenue Segment

- electronic tester segment

Geography Segment (Annual Report)

- Malaysia (Revenue:33%)

- Singapore

- China (Revenue:33%)

- United states of America (Revenue:19%)

- other countries

Major customers

- There are 3 major customers that contribute more than 10% of revenue

Summary of result

- 4QFY17 core net profit of RM2.097m (QoQ: -14.51% ; YoY: +215%) took FY17 full year core net profit to RM7.552m.

Highlights

- QoQ & YoY....4QFY17 core net profit fall 14.51% qoq and rose 215% yoy to RM2.097.

- QoQ decrease mainly driven by lower margin (higher raw materials cost) from different product mix.

-YoY increase mainly due to growing of customers' demand on ATE services. Especially Amoeba 4600 (enterprise storage market segment) and Amoeba 7600 (smartphone and tablet market segment), which contributed approximately 70% of the Q4FY17 revenue

- QoQ revenue decrease mainly due to Singapore and United States.

- Inventories increase 61% compared to FY16. The increase is mainly due to stock up on long lead time, critical materials, coupled with higher work in progress inventories so as to ensure prompt delivery to customers

- Receivables increase 33%

- Net cash outflow in investing activities was because the Group has drawn down RM2.979m to partially fund the acquisition of a piece of land located in Mukim 12, Plot 2, Bayan Lepas Industrial Park as announced on 23rd January 2017

Pic (1) Q3FY17                                                                                                                                           Pic (2) Q4FY17

Quarterly Results Comparison

Risks

- Strengthening of Ringgit against USD

- Low demand 

Rating

- Hold

- The Group is expecting demand for ATE from smartphone and tablet segments to continue grow in the Far East region.

Valuation

- Estimated next quater average foreign exchange rate is 4.2

- Given that next quarter EPS is 0.48, and PE 30, fair value is RM0.618

Technical

- Aemulus' result was released on 16 Nov. From the chart, I believe that someone was speculating its result.

- But, the result wasn't that surprised.

- Currently, Aemulus's share price is in a weaker position.

- Support level: RM0.595

- Resistance Level:RM0.663

- Expected return: 2.1%

- Potential Loss: 1.6%

News

 17/11/17

- 基于该公司展延推出新产品，加上原材料价格走高，压缩了赚幅，因此联昌决定下砍2018至2019年的每股净利预测，调低11%至16%，2019年的本益比估值为22倍，维持“守住”评级及69仙目标价不变

Opinion

Due to oil price increase,RM against USD appreciate from average 4.4 at the beginning of the year to 4.2 at the end of this year

So, to offset this effect, Aemulus has to increase more revenue source from its customers.