【Avi-Tech CT1 交流专区】创富电子 AVI-TECH ELECTRONICS LIMITED

PaPerSoldier

AVI-TECH, CHINA ANIMAL HEALTHCARE: What analysts now say....                  
Wednesday, 21 April 2010

Excerpts from latest analyst’s reports…

CIMB-GK initiates coverage of Avi-Tech Electronics (20-c) with 30-c target

Analyst: Tan Siew Ling

CIMB-GK's forecast of Avi-Tech's performance.

Initiate with BUY on improving prospects. We initiate coverage of Avi-Tech (http://www.avi-tech.com.sg) with a BUY recommendation and target price of S$0.30, offering 50% upside potential. Our target price is based on 1.5x CY10 P/BV, in line with the valuations of semiconductor-related stocks during the previous semiconductor upcycle.

Avi-Tech (market cap: $70 m) has net cash of $45.8 m and low capex spending, says CIMB.

To ride the recovery in semiconductor cycle. Avi-Tech provides services and products to the semiconductor industry. After a difficult FY08 and FY09, we expect its earnings to bottom in FY10 and recover in FY11 on the back of a recovery in the semiconductor industry.

The global semiconductor and semiconductor equipment industries are expected to grow 26% and 76% yoy in 2010, respectively.

Expanding non-semiconductor business to smoothen earnings. To reduce its heavy dependence on the highly cyclical semiconductor industry, Avi-Tech is hoping to expand its business into the life science industry, harnessing its existing expertise.

Undemanding valuations with strong balance sheet and good cash flows. Avi-Tech’s net cash per share of S$0.13 as at end-Dec 09 represents 65% of its current market cap.

Ex-cash, Avi-Tech only trades at about 3x CY11 P/E. This compares favourably with other semiconductor-related companies in the region. We believe it will continue to build up its cash hoard despite decent dividend payments given its limited capex spending in the near term, excluding any major M&As. Avi-Tech has  been consistently paying dividends consistently since its listing in 2007.

icy97

创富电子发出盈警
http://www.zaobao.com/cs/cs120618_004.shtml

（2012-06-18）
创富电子(Avi-Tech Electronics）发出盈警，预期截至今年6月的2012财年会蒙受显著的亏损。

该集团说，根据初步的财务数据显示，集团的业绩将受到美国子公司（影像仪器和节能产品业务）的疲弱表现影响。

这是因为研发要求高，但开发新产品所需的时间（以取代旧模型），导致营运成本高涨。此外，营业收入上升的空间却有限，这是因为现有的产品种类已变得较不受市场欢迎。

该集团说，这部分业务的不良表现，大致符合董事会在去年10月时作出的宣布。

更多详情将在公司发布业绩时披露。

icy97

Name of Announcer *	AVI-TECH ELECTRONICS LIMITED
Company Registration No.	198105976H
Announcement submitted on behalf of	AVI-TECH ELECTRONICS LIMITED
Announcement is submitted with respect to *	AVI-TECH ELECTRONICS LIMITED
Announcement is submitted by *	Adrian Chan Pengee
Designation *	Company Secretary
Date & Time of Broadcast	23-Aug-2013 17:51:40
Announcement No.	00102

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	30-06-2013
Description	Please see attached.

Attachments

Avi_Tech_Q4FY2013.pdf Avi_Tech4Q13_Press_Release.pdf