Pentamaster (01665.HK) is currently experiencing a delayed recovery due to macroeconomic challenges. Despite a steady contribution from its primary medical customer, the group's overall performance in the first half of 2024 (2024 1H) was underwhelming, with revenue remaining flat compared to the previous year at MYR 342.1 million. The Advanced Test Equipment (ATE) segment saw a YoY drop of 45.1%, which was offset by a 1.4x growth in the Foundry Assembly Services (FAS) segment. However, the gross margin took a hit due to increased R&D expenses and reduced economies of scale in the ATE segment.
The medical segment maintained a stable contribution, with the largest customer providing a MYR 155.5 million in revenue. While the forecast was revised downward, the investment schedule and order visibility from this key customer remained unchanged, suggesting a reasonable outlook for the medical segment. The company aims to diversify its offerings by delivering prototype equipment to new medical technology customers and small quantities of single-use medical devices. The expectation is for more orders from various customers and an increased contribution from single-use medical devices in fiscal year 2025.
Other segments have shown varying degrees of resilience. The electro-optical segment benefited from robust sales of testing equipment for ambient light sensors and proximity sensors, leading to a YoY increase of 26.2%. However, the semiconductor and automotive segments experienced YoY declines of 63.2% and 51.8%, respectively, in the second quarter, impacting the group's overall performance negatively. The semiconductor segment is expected to remain stable due to industry caution, while the automotive sector's recovery might be slower than anticipated. The possibility of clearer trade barriers in Europe and the US could improve the order book, potentially contributing to the group's performance in fiscal year 2025.
The company's performance in the second quarter (Q2) was slightly lower than expected, leading to a downward revision of forecasts for fiscal year 2024 and a reduction in the target price to HK$ 0.95 per share. Nevertheless, the long-term forecast remains intact, as the recovery is seen as delayed rather than lost. The introduction of new potential drivers such as KGD testers and single-use medical devices in fiscal year 2025 supports the "Buy" rating for Pentamaster (01665.HK).
The research report emphasizes that West Bull Securities, the firm conducting the analysis, does not receive or anticipate receiving direct or indirect compensation for expressing specific recommendations or views in the report. The report is intended for informational purposes only and does not constitute an offer to buy or sell securities.
公司更新
Pentamaster | 01665. HK
H F NGO，Brian，CFA高级分析师brianngo @ westbullsec. com. hk+852 3896 29652701 - 2703, 27 / F, Infinitus Plaza, 199 Des Voeux Rd中环,上环,香港
Pentamaster（01665. HK）在2024年上半年继续表现低迷，录得MYR2024年上半年收入3.421亿，与去年相比持平。ATE部门同比暴跌45.1%，抵消了FAS部门的同比增长1.4倍。毛利率下降进一步由于某些研发费用和ATE部门规模经济的下降。令人失望的业绩使集团同比下降12.8%，同比下降13.5% -线分别在2024年1H和2024年Q2。
医疗领域主要客户的稳定贡献：来自主要客户仍然很强劲，导致医疗领域的MYR为155.5 mn。尽管预测、投资计划和订单可见性的下调主要客户保持不变，为集团在医疗领域提供了良好的前景段。我们更关注医疗领域的下一个驱动因素，即集团开始向新的医疗技术客户交付i)原型设备，以及ii)小批量向客户提供一次性医疗设备，我们希望看到更多来自不同客户的订单以及2025财年一次性医疗设备的贡献。
在其他领域出现转机还为时过早：测试设备的弹性销售
环境光传感器和接近传感器为光电带来了26.2%的同比增长细分市场，以及最终产品的技术进步可能会使这一细分市场变得更好水平。半导体和汽车领域的贡献同比下降63.2%第二季度同比分别为51.8%，拖累集团整体业绩。由于行业参与者保持保守，半导体板块可能保持稳定。汽车领域的复苏可能慢于预期，我们看不到行业，我们需要更多的证据来确认潜在的转变。欧洲和美国的贸易壁垒可能是导致秩序改善的一个因素这本书，可能会有KGD测试人员在2025财年的贡献。
由于宏观问题，复苏被推迟：第二季度的订单保持稳定，财务业绩略低于我们的估计。我们削减了2024财年的估计，并削减了TP至0.95港元/股，以反映第二季度的低迷，但我们维持长期预测因为我们认为复苏只是由于宏观问题而延迟。此外，我们确实看到了新的因此，我们重申，2025财年KGD测试人员和一次性医疗设备等潜在驱动因素对Pentamaster（01665. HK）的“买入”评级。
对等比较
危险因素
◼◼◼◼◼主要客户投资规划的变更汽车部门业务的复苏仍然疲弱消费电子设备中光学传感器的技术进步很慢一次性医疗器械需求不足激烈的研发人员竞争
财务报表
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