Malaysian Pacific Industries

[winston]

Analysts see MPI's valuation as attractive, supported by strong growth momentum

by Tan Siew Mung

Valuation is attractive after plunging 41.61% to RM29.78 from its peak of RM51 on Dec 1, 2021,

Hitting new records in FY22/FY23 with earnings growth of 20.1%/10.7%.

Manpower limitations, supply chain disruptions, rising inflation and Covid-19 pandemic.

Source: theedgemarkets.com

https://www.theedgemarkets.com/article/ ... h-momentum

[winston]

not vested

MPI expects operating environment to remain challenging

Operating environment will remain challenging arising from supply chain disruptions, inventory adjustment, inflation and manpower limitations.

Covid-19 movement control imposed in Suzhou and Greater Shanghai areas will continue to have an adverse effect on its Suzhou factory.

Posted a 7.2% higher net profit of RM80.5mil, or earnings per share of 40.47 sen against RM75.1mil, or 37.85 sen in the same quarter last year.

Revenue for the quarter under review stood at RM612mil against RM537.34mil in the same quarter in the preceding year.

For FY22, MPI posted a net profit of RM328.85mil, up 21% to from RM271.82mil last year while revenue rose 21.5% to RM2.42bil against RM1.99bil previously.

Source: The Star

https://www.thestar.com.my/business/bus ... hallenging

[winston]

not vested

Facing near-term setbacks in China

FY6/22 results were in line, at 102% of our full-year net profit forecast, but ahead of Bloomberg consensus’ at 105%.

We expect lower sales and NP in FY23F, amid softer semiconductor demand, but still like MPI to ride on structural growth opportunities in SiC and GaN.

Downgrade to Hold with a lower RM35 TP, based on a lower 19x CY24F P/E.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... E5CB5DE6E8

[winston]

Malaysian Pacific Industries
A bumpy ride ahead in China

MPI is guiding for a weaker near-term outlook due to softer semiconductor demand in China, but Malaysian operations will continue to support growth.

Maintain Hold with lower RM32 TP, based on lower 17x CY24F P/E (-1 s.d.).

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 027CB40355

[winston]

not vested

Inching towards recovery

3QFY24 core net profit beat our/Bloomberg consensus’s forecasts, aided by China’s telecom and mobile demand, leading to better Suzhou performance.

Management is guiding sequential improvements in auto/industrial projects ramp up; we raise our FY24-26F EPS by 6-15% on higher utilisation rate.

Maintain Reduce with a higher TP of RM27.40.

Valuation looks steep at 36.9x FY25F P/E, at more than 1 s.d. above its 10-year mean of 19x.

Source: Phillips

https://rfs.cgsi.com/api/download?file= ... 9C21663F8B

[winston]

not vested

MPI’s 4Q net profit up nearly 11-fold to RM83m, highest in two years

By Anis Hazim

Malaysian Pacific Industries Bhd’s (KL:MPI) saw its fourth quarter net profit surge nearly 11-fold year-on-year (y-o-y), thanks to higher revenue from its Asia and Europe market segments,

Earnings per share rose to 41.71 sen against 4.09 sen in 4QFY2023.

Revenue for the quarter was up by 10.45% to RM532.84 million

For its full FY2024, net profit nearly tripled to RM164.40 million, compared to RM61.33 million in the same period last year, while revenue increased 2.45% to RM2.09 billion from RM2.04 billion in FY2023.

Source: theedgemalaysia.com

[winston]

not vested

Malaysian Pacific Industries - Impacted by Weaker USD
Date: 2024-11-26
Firm: BIMB
Price Target: 37.74

Maintain BUY with a lower TP of RM37.74.

Malaysian Pacific Industries (MPI) reported a flattish 1QFY25 performance with revenue of RM516.6mn (+0.7% YoY) compared to RM513.2mn in 1QFY24.

Core PATAMI however rose significantly by 29.8% YoY, reaching RM37.1mn versus RM28.6mn registered in 1QFY24, driven by higher revenue and lower operating expenses.

The results was below our and consensus full-year estimates, making up only 18% and 17% respectively.

MPI declared an interim single tier dividend of 10sen per share (1QFY24: 10sen), yielding 0.4% at the current share price.

We reiterate our BUY call with a lower target price of RM37.74 (from RM40.36 previously), based on a 3-year average forward PER of 38x applied to FY25F EPS of 99.3sen.

https://klse.i3investor.com/web/priceta ... arch/73843

[winston]

not vested

Feb 22, 2024

Analysts upbeat on MPI's outlook driven by strong market operations

By Luqman Amin

Analysts anticipate MPI to thrive, underpinned by its strategic operation in the supply of content for vehicles, catalysed by growing demand for electric vehicles and autonomous driving.

MPI will continue to focus on expanding the automotive segment, with the target for the automotive segment to contribute over 50% of the group's revenue over the next few years.

Kenanga Research said it remains optimistic about MPI's sustained recovery momentum, underpinned by its ability to rein in costs (a labour reduction at the Suzhou plant, China) and optimise supply-chain efficiency.

Strong presence in the automotive semiconductor segment, its foray into cutting-edge technologies like gallium nitride and silicon carbide, and its expertise in power management chip packaging for data centres.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/701856

[winston]

vested

MPI 2Q revenue improves

The group is involved in manufacturing services for semiconductor packaging and testing.

Revenue from the United States was lower by 30% compared to the same quarter a year ago.

Wholly-owned subsidiary, Dynacraft Industries Sdn Bhd (DCI), is proposing to dispose of two parcels of land together with its buildings in Bayan Lepas, Penang for RM140mil.

Source: The Star

https://www.thestar.com.my/business/bus ... e-improves

[winston]

vested

MPI bets on AI demand to boost semicon industry and offset sluggish automotive, consumer sectors

By Kong Zhi Ann

Betting on artificial intelligence (AI) growth to strengthen the semiconductor industry, offsetting the weak demand in the automotive and consumer electronics sectors.

Foreign exchange loss of RM12.7 million

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/745133