Singapore tech firms's 2QCY13 results slightly impressed analysts

Some were just sore losers in the season.

According to OCBC, Venture Corp (VMS) reported earnings which were in-line with expectations for the recently concluded 2QCY13 results season.

However, core PATMI for ECS Holdings missed due to weaker-than-estimated gross margin.

Here's more from OCBC:

Within the sector, other notable results came from Hi-P International, which recorded a PATMI of S$10.9m (partly boosted by S$3.8m of fair value and forex gains), as compared to a net loss of S$2.1m in 2Q12.

In contrast, Elec & Eltek suffered a 64.1% YoY decline in its 2Q13 PATMI to US$4.2m due to rising minimum wages in China and teething production problems at its new Yangzhou plant.

Encouragingly, a number of companies which we spoke to highlighted an improvement in sentiment amongst their key customers, which is in-line with the expected uptick in the global economy.

Companies such as VMS and Hi-P have new programmes which are scheduled to undergo mass production in 2H13, and this should aid their 2H13 operational performance. Despite this positive development, we note that actual sales and subsequent orders will still have to depend on the actual enduser demand, which remains volatile, especially for consumer electronics products.

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