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Today's announcement on the latest total orders backlog (as at 30Sep10) of $23.3m is certainly encouraging, and this adds further confidence that MIT will likely deliver a strong profit turnaround in FY10 (ending 31Dec10).....
http://info.sgx.com/webcoranncatth.nsf/V...E002BC1CB/$file/MediaRelease_300910.pdf?openelement
There is also evidence that new orders are coming in at a brisk rate, as, of the latest total orders backlog of $23.3m, $17.4m has been secured since 14Jul10, when MIT announced having secured $8m worth of orders for its semiconductor machines, slated for delivery in 2H-FY10.....
http://info.sgx.com/webcoranncatth.nsf/V...00036B79E/$file/PressRelease_new_semicon_order_14July2010.pdf?openelement
It is also interesting to note that a major portion of the $17.4m worth of new orders are for MIT's solar panel machines (laser scribers and ablation equipment), slated for delivery in Q4-FY10 and Q1-FY11.
Bearing in mind MIT has already achieved a profit turnaround in 1H (ended 30Jun10)-FY10 - Revenue: $22.25m (+137% yoy); NP: $1.7m (vs. a loss of $2.48 in 1HFY09).....
http://info.sgx.com/webcoranncatth.nsf/V...60037D655/$file/HYResults2010_05Aug2010.pdf?openelement
it is likely that for full-year FY10, Revenue could come in close to $50m, together with a NP of close to $5m. If this comes true, it will be a strong profit turnaround indeed - a reversal from FY09's net loss of $8.8m, on a Revenue of only $24.86m. [ Note: In FY04 through FY06, MIT posted NP > $7m in each of the 3 years, during which Revenue exceeded the $50m mark.]
It is also relevant to note that MIT now enjoys "Pioneer Status" for its solar equipment business.....
http://info.sgx.com/webcoranncatth.nsf/V...B0010A597/$file/MIT_Awarded_Pioneer_Status_11August2010.pdf?openelement
which means that profits from this part of the group activities are exempted from Singapore corporate tax for a period of 5 years commencing 1Jun10.
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Today's BT report on a positive industry outlook for semicon equipment makers in 2011 is suggesting encouraging business prospects for MIT.....
"Published February 23, 2011
Bumper year ahead for semicon equipment makers
By AMIT ROY CHOUDHURY
(SINGAPORE) A focus on advanced technologies is expected to bring another bumper year for Singapore's semiconductor industry.
According to latest numbers released by the global industry body SEMI, semiconductor equipment manufacturing in Singapore is expected to go up by 40 per cent year-on-year in 2011.
In the related downstream field of wafer fabrication, SEMI said there will be a 26 per cent year-on- year growth in the state-of- the-art 300mm wafer fabs' capacity in Singapore this year. This growth will be far above the global forecast of 14 per cent for 300mm wafer fabs and it implies continued momentum this year on top of the strong growth in 2010, SEMI said in a statement.
Terry Tsao, president of SEMI South-east Asia, noted that 2010 was a bumper year for Singapore's fab equipment spending, which saw over 100 per cent growth. 'Singapore has grown to be one of the important international hubs in Asia for finance and manufacturing and has also demonstrated its importance in the global semiconductor industry.'
The country is also becoming an Asian hub for semiconductor equipment makers as companies move more manufacturing out of the West and relocate to Asia. 'Applied Materials is developing more of their tools here; an equipment hub status will add to the sector in Singapore,' Mr Tsao noted.
Another major area of growth here is MEMS technology. MEMS, or micro electro mechanical systems, are tiny mechanical devices that are built onto semiconductor chips.
According to Yole Developpment, a research and consulting company in the semiconductor business, MEMS technology is widely used in mobile phones, game consoles and consumer products.
Analysts forecast that the compound annual growth rate of the MEMS market is expected to reach 14 per cent between 2010 and 2013.
A SEMI spokeswoman noted that STMicroelectronics continued to increase its MEMS production volume in Singapore last year. 'Now with GlobalFoundries also going into MEMS production, the momentum for Singapore in this field is expected to increase and grow more importantly.'
She added that Singapore and South-east Asia remain the top region in the packaging space. 'With the growing development in TSV (through silicon via) technology, Singapore will play an even bigger role in future when front end and back end processes are expected to be further integrated,' she added.
The Republic is home to 14 silicon wafer fabrication plants (including four 300mm plants), 20 assembly and test operations, and about 40 integrated circuit (IC) design centres. The world's top three foundry companies have operations here as do the top five assembly and test subcontractor companies and nine of the world's top 10 fabless IC design companies.
Micron, one of the largest memory chipmakers in the world, runs its international operations out of Singapore which is its largest single site worldwide.
GlobalFoundries, formerly Chartered Semiconductor, is Singapore's biggest chip manufacturing company and plans to invest US$5.4 billion in 2011. Stellar growth is also expected in back-end equipment and materials.
Mr Tsao said spending on packaging equipment and materials in South-east Asia is forecast to reach US$5.6 billion while US$600 million is expected to be spent on assembly equipment and US$850 million to US$900 million on testing equipment.
South-east Asia is the world's top region in spending for backend equipment and materials. The region is the largest market for packaging materials with a 28 per cent global share. Mr Tsao said spending forecast in the region for this year is US$5.6 billion for packaging. In the assembly and test equipment segment, US$600 million is expected to be spent on assembly equipment and US$850-900 million on test equipment."
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As expected, MIT has achieved a clear profit turnaround in FY10 (ended 31Dec10).....
http://info.sgx.com/webcoranncatth.nsf/V...50038869B/$file/FullYearResults_FY2010.pdf?openelement [FY10 results announcement]
http://info.sgx.com/webcoranncatth.nsf/V...50038869B/$file/Press_Release_28022011.pdf?openelement [Press release]
Apart from a sharp increase in revenue to $51.68m, it is to be noted that MIT was profitable in both H1 and H2, and generated a positive CF of $6.52m from operation (before accounting for changes in working capital items) in FY10. By declaring a Final dividend of $0.0025/share, MIT has also resumed dividend payment.
Should a counter with a profitable business and lots of IP like MIT - and also having a solid B/S! - be priced below its per share NAV?
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14-04-2011, 07:38 PM
(This post was last modified: 14-04-2011, 08:04 PM by dydx.)
MIT has just announced having secured another $14.5m worth of new orders for its semiconductor machines (mostly the best selling C300i die sorters), slated for delivery in the first half of 2011.....
http://info.sgx.com/webcoranncatth.nsf/V...20037842E/$file/MIT_Press_Release_14042011.pdf?openelement
Based on the last 3 paras of the announcement, it looks like MIT's businesses - semiconductor machines, solar machines, and contract equipment manufacturing - are poised to do well in 2011.
MIT's recently released FY10 (ended 31Dec10) AR makes interesting reading.....
http://info.sgx.com/listprosp.nsf/07aed3...10013a728/$FILE/MIT%20AR10%20Lowres%20SGX.pdf
It pays to also visit MIT's corporate website to better appreciate the kind of sophisticated, high-precision semiconductor and solar machines being produced, and the recently expanded scale of its production facility in Shanghai.....
http://www.mit.com.sg/en/about/
I am looking forward to the coming $0.0025/share Final dividend for FY10 payable on 31May11, with 'XD' date fixed on 16May11.
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Checked my bank account today and noted a credit from MIT's $0.0025/share Final dividend for FY10. Feeling good!
I just hope that MIT's business will continue to recover in FY11 and into FY12...
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this company is quite interesting. based on last done price of 0.105, market cap is around 23 million. it had 15+ million cash as end of 2010. according to its 2010 AR, it collected another 8+ million receivable. so the cash would be around 23 million based on balance sheet of end of 2010. cash generated from operation before working capital change is 6 million with capex of 3.6 million. so the market is valuing the company less than its cash value.
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11-08-2011, 02:01 PM
(This post was last modified: 11-08-2011, 02:28 PM by freedom.)
half year result not looking good.
1. selling & distribution cost up to break into new market, will it be successful?
2. expectation of solar order did not materialize in H1 2001, may not happen in H2 either. It does not sound confident to me in outlook section of half year report.
3. in annual report, the management selectively built up inventory for potential order, which seems not materialized in H1. Inventory was still high as end of H1 compared to end of FY2010. so what will happen to the inventory? write down? write off?
4. cash position also weaker.
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Full-year FY11 (ended 31Dec11) results just out.....
http://info.sgx.com/webcoranncatth.nsf/V...D003908BF/$file/FullYear2011Results_23Feb2012.pdf?openelement
MIT posted a sharp increase in NP in 2H to $3.04m (vs. 1H's low $0.886m). 31Dec11 B/S remained rock-solid and liquid, with Equity at $34.303m and net cash at $14.21m, and based on the latest 217.58m outstanding issued shares, giving NAV/share of $0.1661 and Net Cash/share of $0.065. Unchanged Final dividend at $0.0025/share declared.
Based on last done (as at 22Feb12) price of $0.10, MIT's present market cap. at $21.76m appears inadequate.
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Just finished reviewing MIT's FY11 (ended 31Dec11) AR which makes interesting reading.....
http://info.sgx.com/listprosp.nsf/07aed3...e0010245b/$FILE/MIT%20Annual%20Report%202011_low.pdf
Based on the candid inputs from MIT's management, it appears to me the company is poised to do as well if not better in this FY12 and perhaps also next FY13. I would invite views from other forumers and shareholders who have also reviewed the AR.
As it is now based on MIT's latest (as at 31Dec11) NAV/share at $0.1577 and nett cash/share at $0.065, the last done share price at $0.103 (ex a $0.0025/share Final dividend for FY11) appears grossly adequate to account for the solid B/S and the valuable technology content and patents within the business, as well as its improved prospects.
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MIT released its 1H 2012 results today.
NPAT down -86% to $126k, Balance Sheet has about $14m of cash, while there was some FCF generated.
MI Tech closed at 8 cents today, down 1 cent with 20 lots traded.
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