INARI (0166) 益纳利美昌 - [INARI AMERTRON BHD,侧重于管理成本和利润率] - James的股票投资James Share Investing


 [INARI AMERTRON BHD,侧重于管理成本和利润率]




国际货币基金组织(IMF)在其2018年4月的“世界经济展望”报告中报告称,预计2018年和2019年全球经济增长率将达到3.9%,比2017年10月的预测提高0.2%。 2017年的经济活动高度成长,下半年的增长率高于4%,为2010年下半年以来的最高增长率。新兴市场和发展中经济体的总体增长预计将进一步巩固,亚洲和欧洲新兴市场持续强劲增长。

从积极方面来看,在2018年4月5日Gartner Inc预计全球手机出货量将在2018年增长1.6%,手机总销量将达到近19亿部。此外,截至本评论发布时,中兴通讯的困境似乎都基于特朗普总统最近的推文看到了一些解决方案。由于近几周来情绪改善,益纳利美昌截至2018年6月30日止财政年度第四季度的订单延迟至截至2019年6月30日止财政年度第一季度的订单。益纳利美昌未见最近马来西亚政治领导层的变化造成影响,因为他们的业务完全由出口驱动。


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Cash and cash equivalents increased to RM524m, and total borrowings lowered to RM27m, in a net cash position. This quarter declared dividend of RM0.016.

Financial Period to Date against preceding year corresponding financial period: The Group’s revenue for the nine months ended 31 March 2018 recorded an increase of 29.4% from RM830.7 million to RM1,074.9 million. The Group’s profit before tax increased by 27.0% to RM214.1 million from RM168.6 million and profit after tax increased by 18.8% to RM193.3 million from RM162.7 million attributable to increase in demand of factory output and changes in product mix, despite less favourable foreign exchange rates, higher in depreciation cost and increase in taxation.

Comparison with the corresponding period in the previous financial year: The Group posted a revenue of RM325.8 million for the current quarter, representing an increase of 18.9%. The higher revenue was primarily due to increase in demand of the Group’s output year-on-year and changes in product mix of demand.The Group’s profit before tax increased by 15.1% to RM62.5 million from RM54.3 million and profit after tax increased by 6.4% to RM55.5 million from RM52.2 million. The increase was mainly due to the increase in demand of factory output despite less favourable foreign exchange rates, higher depreciation cost and increase in taxation.

The International Monetary Fund (IMF) in its April 2018 World Economic Outlook update reported that global growth is expected to tick up to a 3.9% rate in 2018 and 2019, a 0.2% upgrade to the October 2017 forecast. Economic activity in 2017 ended on a high note, growth in the second half of the year was above 4%, the strongest since the second half of 2010. Aggregate growth in emerging markets and developing economies is projected to firm further, with continued strong growth in emerging Asia and Europe.

On the positive side, on 5 April 2018, Gartner Inc forecasted that global mobile phone shipments will increase 1.6% in 2018 overall, with total mobile phone sales amounting to almost 1.9 billion units. Also, as of time of this commentary, ZTE’s woes appear to see some resolution based on President Trump’s recent tweets. As a result of improved sentiments during these recent weeks, the Group is seeing some late pick up in orders for the fourth quarter of financial year ending 30 June 2018 into first quarter of the financial year ending 30 June 2019. The Group does not see the recent change in the Malaysian political leadership impacting the Group as their business is entirely export driven.

Overall for the financial year ending 30 June 2018, barring any unforeseen circumstances resulting from global factors, the Group remains cautiously optimistic in continuing to deliver positive performance for the remainder of the current financial year derived from their continuing manufacturing activities with focus on managing costs and margins. The Group also continues to work on new manufacturing projects in addition to looking out for investment opportunities to enhance its overall growth.

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James Ng