Valuetronics exceeds expectations

Management nonetheless remains cautious on rising cost pressures and the uncertain macroeconomic landscape.

OCBC Investment Research noted:

Valuetronics Holdings Limited (VHL) reported its 3QFY12 earnings which exceeded our expectations. Revenue of HK$617.2m represented a 17.7% YoY increase but a 1.6% QoQ decline. Net profit was flattish at HK$31.5m versus HK$31.6m in the preceding year but rose 9.5% QoQ.

Excluding one-off items, we estimate that net profit for 3QFY12 would instead have declined 13.8% YoY and increased 24.1% QoQ, but still higher than our expectations. For 9MFY12, revenue increased 23.1% to HK$1.8b, meeting 76.6% of our full-year projections; while reported net profit declined 1.3% to HK$91.9m and formed 78.7% of our FY12 estimates.

The group experienced strong revenue growth in its OEM and Licensing business during the quarter, but this was partially mitigated by a 15.7% YoY fall in revenue from its ODM segment. Moving forward, management remains cautious on the uncertain macroeconomic landscape and rising cost pressures.

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