Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Insights - The company experienced a revenue of 170 million Ringgit in Q1 2024, facing headwinds due to a decline in orders and increased costs [9][20]. - The medical segment showed significant growth, contributing 785.47 million Ringgit, which accounted for approximately 46.0% of total revenue [20]. - The report anticipates that the medical segment will be a major growth driver for the company in 2024, with expectations of increased contributions from single-use medical instruments as new factories come online [20]. Financial Summary - Total revenue projections for the company are as follows: 691.9 million Ringgit in 2023, increasing to 1,027.3 million Ringgit by 2026, reflecting a compound annual growth rate (CAGR) of 9.0% [5][20]. - Gross profit is expected to rise from 209.6 million Ringgit in 2024 to 310.7 million Ringgit in 2026, maintaining a gross margin around 30% [5][20]. - Net profit is projected to grow from 148.2 million Ringgit in 2024 to 196.7 million Ringgit in 2026, with a net profit margin of approximately 19.1% [5][20]. Market Comparison - The report highlights that the automotive market remains weak, impacting order volumes and profit margins for the company [21]. - The demand for single-use medical instruments is also noted to be insufficient, which may affect future revenue streams [21].

| RESEARCH 16 May, 2024 More patience is required for new drivers STOCK RATING BUY H F NGO, Brian, CFA brianngo@westbullsec.com.hk 2701 – 2703, 27/F, Infinitus Plaza, 199 Des Voeux Rd | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|--------------------------------------|-------------------------------------------------------------------|---------------------------------------------|----------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全 部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 檳傑科達國際有限公司 （於開曼群島註冊成立的有限公司） （股份代號 : 1665） 截至2024年3月31日止三個月 未經審核第一季度業績公告 根據馬來西亞證券交易所主板市場的上市規定，本集團未經審核第一季度業績 與本公司於馬來西亞的控股公司Pentamaster Corporation Berhad的季度業績公 告一併發佈。 • 本集團收益為170.7百萬令吉，較去年同期增加3.3%。 • 於2024年3月31日的現金及現金等價物為351.1百萬令吉，而於2023年12月 31日則為395.8百萬令吉。 未經審核簡明綜合損益及其他全面收益表 基本/攤薄 1.27 1.44 1.27 1.44 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|----------- ...

Financial Performance - Revenue for 2023 reached MYR 691,850,000, an increase of 15.2% from MYR 600,587,000 in 2022[130]. - Profit before taxation for 2023 was MYR 143,107,000, up 6.3% from MYR 134,758,000 in 2022[130]. - Profit after taxation for 2023 amounted to MYR 142,233,000, compared to MYR 133,301,000 in 2022, reflecting a growth of 6.9%[130]. - Total assets increased to MYR 1,159,041,000 in 2023, a rise of 15.7% from MYR 1,001,661,000 in 2022[130]. - Total liabilities rose to MYR 311,069,000, up from MYR 264,948,000 in 2022, indicating a growth of 17.4%[130]. - The Group achieved a remarkable compound annual growth rate (CAGR) exceeding 20.0% for both top-line and bottom-line performance over the past five years, driven by effective resource allocation and strategic planning[152]. - The Group's financial achievements in 2023 reflect a focus on business fundamentals and cost optimization, rather than merely a rebound from previous challenges[152]. Dividends and Reserves - The Board recommends a final dividend of HK$0.02 per share, subject to shareholder approval at the upcoming AGM[31]. - As of December 31, 2023, the Company's reserves available for distribution to shareholders amounted to approximately MYR30,963,000, an increase from MYR28,525,000 in 2022[37]. - The final dividend is payable on July 5, 2024, with a record date of June 17, 2024[33]. - As of December 31, 2023, the distributable reserves available to shareholders were approximately MYR30.96 million, compared to MYR28.53 million in 2022[47]. Business Operations and Strategy - There were no significant changes in the nature of the Group's principal activities during the year ended December 31, 2023[16]. - The Company has not carried out any business since its incorporation, focusing on investment holding[16]. - The Group is diversifying into the medical technology sector to meet growing market demands, leveraging automation solutions to enhance medical automation capabilities[78]. - The Group's vision is to be a leader in global automation solutions, committed to delivering high-quality, cost-effective solutions with the latest technology[77]. - The Group's strategic initiatives focused on diversification across products, segments, and geographical footprint, contributing to its business sustainability in a tumultuous year[152]. Charitable Contributions and Community Engagement - The Group made charitable donations amounting to approximately MYR115,000 in the year under review, an increase from MYR72,000 in 2022[44]. - The Group made a monetary contribution of MYR 50,000 to support the Penang state-led initiative for sustainable development and environmental protection[74]. - A total monetary contribution of MYR 66,000 was made by the Group for the Penang STEM 4.0 initiative, aimed at establishing learning centers in Science, Technology, Engineering, and Mathematics[88]. - The Group's initiatives include sponsoring charitable projects in Penang, contributing to community betterment and sustainable future generations[83]. - The Group made monetary contributions of MYR40,000 to support the establishment and management of a humane programme for stray dogs in Penang[92]. Health, Safety, and Environmental Compliance - The Group's internal health and safety policies ensure compliance with applicable laws and regulations, with quarterly inspections conducted[61]. - The Group did not record any material violations of health, work safety, and environmental laws during the year[63]. - The Group has not recorded any serious violations of health, safety, and environmental laws during the year, ensuring compliance with all major aspects of relevant regulations[66]. - The Group's commitment to environmental policies includes proper responses to chemical leaks and waste management through government-approved disposal companies[66]. - The Group has implemented the "Cost With No Waste" initiative since 2016 to minimize unnecessary waste and its impact on the ecosystem[70]. - The Group continues to promote recycling and waste management by providing recycling bins and educating employees on the "Reduce, Reuse and Recycle" concept[69]. Market and Segment Performance - The medical devices segment's contribution to overall revenue increased from 14.1% in 2022 to 21.4% in 2023, reflecting a year-on-year growth of 75.2%[142]. - The semiconductor segment experienced a year-on-year revenue increase of 23.6%, with its contribution rising from 14.0% to 15.0% of total revenue[147]. - The electro-optical segment's revenue contribution declined significantly from 19.5% to approximately 9.5% due to subdued demand for consumer electronics and smartphones[149]. - The automotive segment accounted for 71.7% of ATE revenue, showing a year-on-year growth of 31.9%[200]. - The Group's wafer level burn-in tester for SiC and back-end assembly solutions for hybrid pack power modules significantly drove growth in the automotive segment[199]. - The Group's revenue from external customers in the ATE segment was MYR 452.3 million, a 7.5% increase from MYR 420.7 million in 2022[195]. - The FAS segment's revenue from external customers increased by 33.2%, reaching MYR 239.6 million in 2023[195]. Governance and Compliance - The Company has maintained high transparency and effective communication with shareholders, receiving no complaints regarding shareholder communication in 2023[4]. - The Group is required to report on ESG information annually, publishing the ESG report on its website and the Stock Exchange[92]. - The Group has complied with relevant laws and regulations that significantly impact its business and operations during the year[104]. - The Board has adopted a board diversity policy to enhance decision-making capabilities and overall effectiveness, reviewing its implementation annually[138]. - No significant transactions or contracts involving directors were reported, except as disclosed in the financial statements[108]. - None of the Directors had interests in any competing business during the year[112].

智通财经APP获悉，西牛证券发布研究报告称，维持槟杰科达(01665)“买入”评级，未来的订单亦为关注的重点之一。但削公司盈利预测约10%，同时下调目标价至1.18港元，以反映作为主要收入来源的汽车业务分部所遇到的不确定性。然而，医疗业务分部的能见度保持清晰，该行预计医疗业务分部将为集团本年的主要成长动力，部份抵销汽车业务分部增长放缓的影响。 事件：2023财年，槟杰科达实现约6.9亿元令吉总收入，同比增长15.2%，其净利润较去年同期上升约6.7%，与该行预期相乎。得益于医疗业务分部工厂自动化解决方案(FAS)的成长，第四季度毛利率提升到31.9%，带动全年毛利率及净利润率分别回升至30.3%及20.6%水平。 西牛证券主要观点如下： 医疗分部表现强劲 槟杰科达继续递交出相当理想的成绩，其中医疗业务分部的贡献尤为显著，重要客户订单的能见度保持清晰，成为集团的主要动力来源。根据集团的手头订单，医疗业务分部本年度有望维持强劲的成长。同时，基于主要客户最新的扩张计划，该行预计医疗业务分部有望于未来两年保持理想的成绩。其中部份主要客户的贡献仍然是该业务分部主要的收入来源，单用途医疗仪器的收入贡献将于第三工厂第一及第 ...

| --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------|-------------------------|-------------------------------------------------------------------|---------------------------------------------|---------------------------------------------|----------------------------------| | | Central, Sheung Wan, HK | | | | | | medical segment boomed YoY 75.2% to MYR 148.2mn. Thanks to the growing contribution | Pentamaster (01665.HK) ...

檳傑科達 | 01665.HK 評級 敖曉風, Brian, CFA | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------|----------------------|-------------------------------------------------------------------|--------------------------------------------------------|---------------------------------------------|----------------------------------| | | | | | | | | | 香港上環德輔道中 | 199 | 號無限極廣場 | 2701 – | 2703 室 | | 潤較去年同期上升約 6.7% ，與我們預期相乎。汽車業務分部繼續成為集團主要的貢獻業 | 檳傑科達 | ( ...

Financial Performance - The group's revenue for the fiscal year ended December 31, 2023, was RM 691.9 million, an increase of 15.2% compared to the previous year[2]. - The operating profit for the fiscal year was RM 143.1 million, compared to RM 136.5 million in the previous year, reflecting a growth of 4.8%[5]. - The net profit for the fiscal year was RM 142.2 million, an increase from RM 133.3 million in the previous year, representing a growth of 6.7%[5]. - Basic earnings per share for the fiscal year was RM 5.97, compared to RM 5.59 in the previous year, indicating an increase of 6.8%[5]. - The company reported a gross profit of RM 209.6 million for the fiscal year, compared to RM 185.5 million in the previous year, marking an increase of 13.0%[5]. - Other income for the fiscal year was RM 17.9 million, compared to RM 11.4 million in the previous year, reflecting a growth of 56.1%[5]. - Total revenue for the year ended December 31, 2023, was RM 691.85 million, an increase of 15.2% from RM 600.59 million in 2022[13]. - Gross profit for 2023 was RM 209.64 million, up from RM 185.45 million in 2022, reflecting a growth of 13.0%[13]. - Net profit for the year was RM 142.23 million, representing a 6.7% increase compared to RM 133.30 million in the previous year[13]. - Basic earnings per share increased to 5.97 sen in 2023 from 5.59 sen in 2022[13]. - The group recorded a net profit of MYR 142.2 million in 2023, up 6.7% from MYR 133.3 million in 2022, with EBITDA increasing by 10.7% to MYR 158.7 million[134]. Cash and Liquidity - Cash and cash equivalents as of December 31, 2023, amounted to RM 395.8 million, up from RM 328.6 million the previous year[3]. - Cash and cash equivalents increased to RM 395.80 million in 2023 from RM 328.63 million in 2022, a rise of 20.4%[18]. - The net cash generated from operating activities increased to 216,751 thousand MYR in 2023, up from 59,947 thousand MYR in 2022, representing a significant growth[43]. - The group's cash and cash equivalents increased by 20.4% to MYR 395.8 million as of December 31, 2023, compared to MYR 328.6 million in 2022[136]. - The company has no bank borrowings as of December 31, 2023, maintaining a robust working capital of MYR 502.9 million[136]. Equity and Liabilities - Total equity as of December 31, 2023, was RM 847.97 million, up from RM 736.71 million the previous year[7]. - Total liabilities increased to RM 311.07 million from RM 264.95 million in the previous year[7]. - The company’s total liabilities decreased to 27,557 thousand MYR in 2023 from 26,904 thousand MYR in 2022, indicating improved financial stability[44]. - The company recorded a contract liability of 137.9 million MYR from manufacturing order deposits, up from 100.6 million MYR in 2022[109]. Market Segments and Growth - Revenue from external customers in the automation testing equipment segment was RM 452.25 million, while the factory automation solutions segment generated RM 239.60 million[34]. - The automotive sector generated revenue of 329.39 million Malaysian Ringgit, accounting for 47.6% of total revenue, up from 42.4% in 2022[163]. - The medical instruments segment saw revenue increase to 148.20 million Malaysian Ringgit, representing 21.4% of total revenue, compared to 14.1% in the previous year[163]. - The automotive segment within the ATE division saw a significant contribution of 71.7%, growing by 31.9% year-on-year[141]. - The medical instruments sector experienced an astonishing year-on-year growth of 98.7%, contributing 61.9% to the FAS division's revenue in 2023[129]. - The semiconductor division's revenue grew by 17.4% in 2023, contributing 21.7% to the ATE division's overall performance[142]. - The company’s semiconductor division experienced double-digit revenue growth despite overall challenges in the technology sector in 2023[104]. - The company anticipates strong growth in the medical instruments segment in 2024, driven by automation in medical manufacturing[139]. Investments and Future Plans - The company plans to continue expanding its market presence and investing in new product development to drive future growth[12]. - The company plans to complete the construction of its third factory by Q1 2025, with the first two phases covering approximately 720,000 square feet currently underway[150]. - The company is actively pursuing CE mark registration for its IVC product, with plans to complete this by the end of 2024, facilitating entry into European and Middle Eastern markets[159]. - The company has strategically invested in medical technology, focusing on automation and single-use medical device design and manufacturing[121]. - The establishment of a new international business office in Germany in March 2023 aims to enhance operations in Europe, particularly in the automotive and medical technology sectors[122]. Dividends - The board proposed a final dividend of HKD 0.02 per share, subject to shareholder approval at the upcoming annual general meeting[14]. - The company declared a proposed final dividend of 0.02 HKD per ordinary share for both 2023 and 2022, with total dividends for 2023 amounting to 27,557 thousand MYR[66]. - The company has proposed a final dividend of HKD 0.02 per share for the fiscal year ending December 31, 2023, consistent with the previous year[153]. Operational Efficiency - The overall gross margin for 2023 was 30.3%, slightly down from 30.9% in 2022, maintaining over 30% gross margin for six consecutive years since the company's listing[130]. - The group's administrative expenses increased from MYR 55.1 million in 2022 to MYR 76.2 million in 2023, a rise of MYR 21.1 million, primarily due to foreign exchange losses of MYR 18.6 million compared to MYR 8.4 million in 2022[133]. - The company achieved a revenue of 691.9 million MYR for the fiscal year 2023, a 15.2% increase from 600.6 million MYR in 2022[115]. - The company recognized government grants totaling 725 thousand MYR in 2023, an increase from 479 thousand MYR in 2022[61]. Challenges and Risks - The company incurred a foreign exchange loss of 18,613 thousand MYR in 2023, compared to a gain of 756 thousand MYR in 2022, indicating a substantial negative shift[80]. - The electronic optics segment's contribution decreased from 19.5% to 9.5% due to weak demand in the consumer electronics and smartphone markets[172]. - The smartphone shipment volume in 2023 was 1.14 billion units, a decline of 4.0% compared to 2022, impacting the electronic optics segment[172].

Financial Performance - The group's revenue for the nine months ended September 30, 2023, was 522.8 million MYR, representing a 15.4% increase compared to the same period last year[11]. - The gross profit for the same period was 155.7 million MYR, up from 140.3 million MYR, indicating a strong performance despite challenging macroeconomic conditions[23]. - The net profit attributable to the company's owners for the nine months was approximately 108.4 million MYR, an increase of about 12.0% year-on-year[23]. - The company reported a net profit of 108,375 thousand MYR for the nine months ended September 30, 2023, compared to 96,727 thousand MYR for the same period in 2022, an increase of 12.8%[29]. - EBITDA for the same period was 122.6 million MYR, up 18.7% from 103.3 million MYR year-on-year[53]. - The group’s operating profit before tax increased to RM 110.9 million from RM 97.2 million year-on-year[50]. Cash and Liquidity - The cash and cash equivalents as of September 30, 2023, stood at 430.7 million MYR, compared to 328.6 million MYR as of December 31, 2022[12]. - Cash generated from operating activities amounted to RM 217.2 million, significantly up from RM 25.1 million in the previous year[50]. - Cash and cash equivalents increased by 100.1 million MYR for the nine months ended September 30, 2023, compared to a decrease of 37.4 million MYR in the same period last year[51]. - The company recorded bank interest income of 6.9 million MYR for the period, up from 3.3 million MYR in the previous year[58]. Assets and Liabilities - Total assets increased to 1,164,482 thousand MYR as of September 30, 2023, compared to 1,001,661 thousand MYR as of December 31, 2022, representing a growth of 16.2%[26][27]. - Total liabilities rose to 346,406 thousand MYR from 264,948 thousand MYR, indicating a growth of 30.7%[27]. - Total equity increased to 818,076 thousand MYR from 736,713 thousand MYR, a growth of 11.1%[27]. - Non-current assets rose to 309,403 thousand MYR, up from 230,183 thousand MYR, marking an increase of 34.3%[26][27]. - Current assets reached 855,079 thousand MYR, compared to 771,478 thousand MYR, reflecting an increase of 10.8%[26][27]. - Trade receivables decreased to 206,469 thousand MYR from 237,926 thousand MYR, a decline of 13.3%[26][27]. - Inventory increased to 181,774 thousand MYR from 170,934 thousand MYR, reflecting a growth of 6.3%[26][27]. Segment Performance - The automation testing equipment segment generated RM 358.7 million in revenue, a 9.8% increase compared to the previous year, with the automotive sector contributing approximately 74.4% of this segment's revenue[42]. - The semiconductor segment accounted for 18.8% of total revenue, down from 21.4% year-on-year, while the optoelectronics segment's contribution decreased to 6.6% from 20.1%[43]. - The factory automation solutions segment achieved record quarterly revenue of RM 88.3 million, with a 192.0% quarter-on-quarter growth, and total revenue of RM 176.8 million for the nine months, reflecting a 36.9% increase year-on-year[45]. - The medical instruments segment contributed 59.8% to the factory automation solutions revenue, up from 32.5% in the previous year, with an absolute revenue growth of over 100.0%[45]. - The automotive segment's strong performance is attributed to comprehensive testing and assembly solutions across major markets including the US, China, Japan, and Europe[42]. - The group anticipates continued growth in the automation solutions segment driven by increased adoption across various industries[45]. - The group expects the semiconductor segment to remain stable in the coming quarters despite current industry slowdowns[43]. Operational Developments - The company is on track with the construction of a new manufacturing facility, with the first phase expected to be completed by the end of the year, enhancing its manufacturing capacity[6]. - The growth strategy remains focused on product and segment diversification as well as geographical expansion[6]. - The company plans to expand its product portfolio and invest in new product development to ensure long-term business sustainability[57]. Expenses and Profitability - The administrative expenses for the period included a foreign exchange loss of 6.2 million MYR, compared to a loss of 20.3 million MYR in the same period last year[4]. - Administrative expenses decreased to 46.7 million MYR from 49.5 million MYR year-on-year, primarily due to reduced foreign exchange fluctuations[60]. - The gross profit margin for Q3 2023 was 30.5%, down from 31.4% in Q3 2022, while the gross profit margin for the nine months ended September 30, 2023, was 29.8%, compared to 31.0% in the previous year[57].

GREATER HEIGHTS SOAR TO 「我們致力利用最新科技為客戶供應品質精 良、成本合算的解決方案並提供增值服務，令我 們的供應商、僱員以至社會整體受惠」 飛得更高 檳傑科達國際有限公司 01 中期報告 2023 執行董事 Chuah Choon Bin（主席） Gan Pei Joo 總部及馬來西亞主要營業地點 Plot 18 & 19, Technoplex 香港股份過戶及登記分處 卓佳證券登記有限公司 香港 夏慤道16號 遠東金融中心17樓 檳傑科達國際有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈，本公司及其附屬公司 （統稱「我們」或「本集團」）截至2023年6月30日止六個月（「 2023年上半年」）的未經審核簡明綜 合中期業績，連同截至2022年6月30日止六個月（「 2022年上半年」）的比較數字（以馬來西亞令 吉「令吉」呈列）。該等資料應與本公司日期為2017年12月29日的招股章程（「招股章程」）及本公 司於2023年4月27日刊發的截至2022年12月31日止財政年度年報（「年報」）一併閱讀。 • 本集團收益為342.1百萬令吉，較去年同期增加15.1%。 • ...