Manufacturing Integration Technology (MIT)

[cif5000]

NP for FY04 was $8.2m.

[dydx]

NP for FY04 was $8.2m.

That means I have under-estimated the upside!

[dydx]

Today (26Jan15), MIT has issued a positive profit guidance for FY14 (ended 31Dec14)…..
http://infopub.sgx.com/FileOpen/Positive...eID=332697

MIT now expects a profit turnaround in FY14, from a net loss of ($6.491m) in FY13. More importantly, in the guidance MIT has added a statement that "We also wish to add that the expected levels of sales and profitability are comparable to the peak levels achieved in the Company’s history as a SGX listed company.", alluding to a marked improvement in financial performance in FY14.

From its past record, MIT's peak performance was in FY06, where a Revenue of $55.5m and a NP of $7.3.m were recorded. A NP of $7.3m in FY14 would translate into a full-year EPS of approx. $0.034 (based on the latest 217.58m outstanding issued shares), and a 31Dec14 NAV/share of approx. $0.167.

Perhaps it is timely to revisit and review MIT's 1H (ended 30Jun14) result announcement…..
http://infopub.sgx.com/FileOpen/HY2014Re...eID=308619

Since the positive profit guidance, MIT's share price has risen by a solid 28.6% in the last 7 market days, from $0.105 (closing share price on 26Jan15) to $0.135 (closing share price yesterday, 4Feb15).

I just wonder, now that MIT has 2 well-established product lines and has returned to hopefully more stable and consistent profitability, would the company also become a takeover target?

[Tiggerbee]

MIT paid out a total dividend of 1 ct back in 2007. Will they reward shareholders this time round with 1 ct dividend or more? That translates to a yield of 7.35% based on current stock price of 13.6 cts.

Company is expected to announce earnings results after market close today.

(Vested)

[Dosser]

MIT paid out a total dividend of 1 ct back in 2007. Will they reward shareholders this time round with 1 ct dividend or more? That translates to a yield of 7.35% based on current stock price of 13.6 cts.

Company is expected to announce earnings results after market close today.

(Vested)

Results out.

http://infopub.sgx.com/FileOpen/MITAnnou...eID=336393

Excellent 4.65 cents per share profit for 2014, big turn around from previous losses, on large increase in turnover. Cash & cash equivalents almost doubled since last year, to almost 7.8 cents per share. Dividend, but only 0.5 cents per share.

[dydx]

FY14 full-year results…..
http://infopub.sgx.com/FileOpen/MITAnnou...eID=336393 [result announcement]
http://infopub.sgx.com/FileOpen/MITPress...eID=336394 [press release]
A resounding profit turnaround backed by a strong surge in customer orders for MIT's semiconductor and solar machines, which seem to be enjoying a certain "sweet spot" in customer/industry demand, partly because of their manufacturing capabilities and great economics provided to customers.

Based on the current strong orders intake - which looks likely to continue growing in the near term! - MIT is poised to deliver possibly even better financial numbers in FY15. The greatest thing is that MIT seems to be able to achieve that with a growing net cash position and proven financial prudence.

The declared $0.005/share final dividend will be welcomed by existing shareholders and new investors alike.

Share price wise, why should MIT in such a positive financial trajectory be valued below its latest 31Dec14 NAV/share of $0.1667, itself a conservative number as it does not account for another $0.015/share in reserve value hidden in an investment property, as well as the various product and manufacturing IPs in the business.

More info on MIT's products, and MIT's very decent and driven Chairman & CEO Tong Kwong…
http://www.mit.com.sg/en/products/
http://www.mit.com.sg/en/about/chairman.php

[cif5000]

another $0.015/share in reserve value hidden in an investment property

Did you use a conservative $350 psf? Similar units were asking for in excess of $400 psf.

[dydx]

another $0.015/share in reserve value hidden in an investment property

Did you use a conservative $350 psf? Similar units were asking for in excess of $400 psf.

I just simply used the $3.3m figure provided in the 3rd last para in p9 of the result announcement and divided it with the latest 217,579,870 outstanding issued shares, which gives $0.01517/share.

[cif5000]

another $0.015/share in reserve value hidden in an investment property

Did you use a conservative $350 psf? Similar units were asking for in excess of $400 psf.

I just simply used the $3.3m figure provided in the 3rd last para in p9 of the result announcement and divided it with the latest 217,579,870 outstanding issued shares, which gives $0.01517/share.

oic...Thanks.

I wonder if they will put that into the P/L for FY15???

[Tiggerbee]

Stock closed at 15.4 cts today. PE is still only 3.3x based on 2014 diluted eps of 4.65 cts. I was expecting a 1 ct dividend but the 0.5 ct reflects the prudent attitude of the management.

Added more shares this morning.

(Vested)