Micro-Mechanics (Holdings)

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Rainbow 
MM@376
Presentation materials for 1H21 results briefing on 2 February 2021
https://links.sgx.com/FileOpen/Micro-Mec...eID=647001

Clement Ho@2 Feb 2021 UOB Kay Hian research paper 
https://research.sginvestors.io/2021/02/...02-02.html

After Clement release his research paper, we would expect Phillips and LimTan to publish their research paper soon.




Stay home and stay healthy, everyone.
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Rainbow 
MM@350

As expected, after Clement released his research report on MM, Paul Chew from Phillip securities also released his:
Outlook healthy but valuations stretched
Valuebuddies should be very happy to take note that as far as Paul is concern, there is nothing negative about Micro-Mechanics.

Also, we had been trying very hard to understand exactly what's Micro-Mechanics Moat (as it does not have any IP, Patents etc), we still don't know. Instead Paul wrote that it's probably called "High Barrier of entry" and this would sustain MM growth for next 2 years.
Big Grin
https://research.sginvestors.io/2021/02/...02-08.html

Enjoy:
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(09-02-2021, 09:06 AM)¯|_(ツ)_/¯ Wrote: MM@350

As expected, after Clement released his research report on MM, Paul Chew from Phillip securities also released his:
Outlook healthy but valuations stretched
Valuebuddies should be very happy to take note that as far as Paul is concern, there is nothing negative about Micro-Mechanics.

Also, we had been trying very hard to understand exactly what's Micro-Mechanics Moat (as it does not have any IP, Patents etc), we still don't know. Instead Paul wrote that it's probably called "High Barrier of entry" and this would sustain MM growth for next 2 years.
Big Grin
https://research.sginvestors.io/2021/02/...02-08.html

Enjoy:

MMH is a printer catridge biz model. It make drill head for tech industry to drill small hole in all kind of electric components. Drill head wear off hence need to be replace from time to time. You need reliable drill head to make sure high volume manufacturing not interrupted by wrong size of hole. MMH machine is automated, email your order and the machine make it. Labor only need to load raw material and maintain it if things go wrong. Barrier of entry is not only technical but reliability and the trust of customers.
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Rainbow 
MM@3.07

MM management don't care about MM share price.
This is very different from most (listed) company.

Thinking about PIL
... it is this concern that it's share price might drop drastically if a big block of shares selling into the market, that I guess, triggered fairy to make a move.

MM don't care.

MM zoom from 2.85 to 3.85 in 2 weeks and then into 4 effortlessly.

That's a bad news to valuebuddies because the price is not sustainable.

Selling come in force.

Today, touched 3 briefly.

MM management didn't do anything.

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MAYDAY 五月天  - Because of You 因為你 所以我 
人生 只是 须臾的刹那
人间 只是 天地的夹缝

人们 何苦 要活成修罗

活在 执著 对错的牢笼

是你 帮我 停下了沙漏

是你 教我 别害怕闯祸
是你 让我 活得 与众不同


Gratitude.
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Rainbow 
MM@3.33
releasing the results for the three months ended 31 March 2021 (“3Q21”) on 30 April 2021.
https://links.sgx.com/FileOpen/MMH-Date%...eID=661891



Gratitude.
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Rainbow 
Paul Chew on MM 3May2021
[Image: Capture-1.png]

Q3 result
Rev S$17m (vs 16m)
GP  S$9m (vs 8m)
NP  S$4m (vs 3m)

9month
Rev S$54m (vs 47m)
GP S$29m (vs 25m)
NP S$13m (vs 10m)

The Negative
Gross margins lower than expected

We had expected record revenue and increase product complexity to lift margins, mirroring its FY17-18 upcycle when margins ere 57% and capacity utilisation, 60%.
Current utilisation is only 56%. Capex ramp in the past few years has yet to be fully utilised.

Maintain NEUTRAL with lower TP of S$3.02, from S$3.35

MMH pays attractive dividend yields of 4%, backed by net cash.  Its strengths include consumable semiconductor products, high gross margins of 55% and ROEs of 32%.



Gratitude!
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