Inari FY15Q3 Financial Result
| INARI | FY15Q3 | FY15Q2 | FY15Q1 | FY14Q4 | FY14Q3 |
| Revenue | 228.3 | 227.9 | 221.9 | 223.9 | 191.8 |
| Gross Profit | 47.7 | 49.4 | 43.4 | 52.0 | 40.9 |
| Gross% | 20.9 | 21.7 | 19.6 | 23.2 | 21.3 |
| PBT | 38.0 | 40.0 | 33.9 | 31.4 | 27.2 |
| PBT% | 16.6 | 17.6 | 15.3 | 14.0 | 14.2 |
| PATAMI | 38.1 | 40.3 | 33.8 | 30.8 | 25.0 |
| Total Equity | 511.5 | 352.9 | 313.4 | 260.2 | 231.1 |
| Total Assets | 720.1 | 583.5 | 544.3 | 487.5 | 461.4 |
| Trade Receivables | 136.8 | 128.1 | 143.4 | 137.3 | 131.8 |
| Inventories | 139.9 | 134.0 | 135.8 | 137.8 | 137.7 |
| Cash | 260.4 | 141.9 | 89.5 | 65.3 | 53.2 |
| Total Liabilities | 210.2 | 230.6 | 230.9 | 226.9 | 231.1 |
| Trade Payables | 92.2 | 107.3 | 107.9 | 120.0 | 118.4 |
| ST Borrowings | 42.1 | 44.8 | 46.8 | 36.4 | 33.0 |
| LT Borrowings | 21.9 | 14.9 | 15.1 | 18.6 | 15.8 |
| Net Cash Flow | 181.9 | 65.0 | 14.0 | 20.9 | 8.8 |
| Operation | 110.6 | 88.3 | 23.7 | 41.2 | 12.4 |
| Investment | -52.7 | -44.9 | -34.4 | -43.4 | -30.4 |
| Financing | 124.1 | 21.5 | 24.7 | 23.0 | 26.9 |
| Dividend paid | 49.3 | 21.0 | 10.1 | 29.1 | 11.6 |
| EPS | 5.69 | 6.59 | 6.00 | 6.23 | 5.19 |
| NAS | 0.71 | 0.58 | 0.56 | 0.53 | 0.48 |
| Net D/E Ratio | Net cash | Net cash | Net cash | Net cash | Net cash |
There is nothing really special in Inari's latest FY15Q3 financial result. Revenue and PATAMI are good as expected due to high product demand in its RF division & favourable foreign exchange.
Perhaps results should be better if not because of major customer Avago's own capacity constraint.
Forex gain in this quarter is RM6.8mil, in which M6.3mil is realized. This is quite a significant one-off gain.
Cash piled up tremendously due to RM118mil cash from rights issue.
As a result of the rights issue and also the non-stop warrant conversion, EPS is diluted.
Anyway, if cash collected can be put into good use to expand its business, EPS will eventually pick up later.
Its new production facility P13 in Bayan Lepas Penang has started operation in CY15Q2 and is expected to increase its revenue and gross profit slightly in its FYQ4. Net profit may or may not increase initially due to start-up and staff cost.
On latest development, a 6-storey building (222k sq ft) will be built besides P13 (166k sq ft) to cater for 3 expansion projects which are:
- RF NDI prober turnkey
- wafer sort extension (phase 2)
- assemble PAD (EMI) program
I really don't know what are all those things, so I still invest in things that I don't understand well...
Initially 4 storeys will be built in phase 1 from Sep 2015 and it is expected to complete in 9 months.
According to analysts, Inari might get another outsource contract of new products from Avago. If this turns into reality, Inari's earning will surely take another leap. (Look at SKPRES)
Don't forget that Inari still has a piece of land in Batu Kawan for future expansion.
Meanwhile, Inari will expand its facility at Clark Field, Philippines to cater for Avago's demand for fiber-optics related products. It will also work to increase Amertron's net profit margin to 10%.
| Div (sen) | FY15 | FY14 | FY13 | FY12 |
| 1st | 1.8 (0.4) | 1.1 (0.4) | 0.8 | 0.6 |
| 2nd | 1.8 (0.5) | 1.1 (0.4) | 0.9 | 0.6 |
| 3rd | 2.1 | 1.2 (0.8) | 0.9 | 0.8 |
| 4th | 1.8 | 1.0 (0.9) | 0.8 |
A third interim dividend of 2.1sen was declared. It is 0.1sen higher than corresponding period of FY14.
As long as the demand for smartphones & tablets remain high, Inari should be able to do well. So I'll just continue to hold Inari, and also Globetronics.
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