Month: July 2012
NeraTel
Financials
All the data are extracted from the results (please counter-check in case of error),
|
|
FY07 |
FY08 |
FY09 |
FY10 |
FY11 |
Q112 |
Q212 |
|
Revenue |
166,369 |
160,317 |
171,741 |
155,811 |
156,238 |
43,544 |
41,726 |
|
Gross Profit |
34,075 |
35,289 |
33,311 |
36,903 |
44,631 |
15,454 |
12,111 |
|
Operating Profit |
13,317 |
11,841 |
12,409 |
13,842 |
15,782 |
7,873 |
3,941 |
|
PBT |
14,106 |
12,404 |
13,183 |
14,640 |
16,226 |
8,083 |
4,195 |
|
Net Profit |
11,453 |
10,168 |
10,668 |
10,912 |
13,505 |
6,492 |
3,344 |
|
NPM |
6.88% |
6.34% |
6.21% |
7.00% |
8.64% |
14.91% |
8.01% |
|
Cash |
21,151 |
21,632 |
29,401 |
39,991 |
46,535 |
54,014 |
54,334 |
|
CA |
108,768 |
104,945 |
104,641 |
113,621 |
129,447 |
130,575 |
131,646 |
|
CL |
52,184 |
52,952 |
52,177 |
61,130 |
81,940 |
76,101 |
74,201 |
|
NAV (ct) |
18.57 |
17.20 |
17.20 |
17.20 |
16.92 |
18.75 |
19.72 |
|
EPS (ct) |
3.16 |
2.81 |
2.95 |
3.02 |
3.73 |
1.79 |
0.92 |
|
DPS (ct) |
4 |
3 |
3 |
4 |
– |
– |
4 |
Notes :
- All figures in S$K unless otherwise stated
- FY is End-Dec
- Debts are Negligible
- FY11 : Div = 6ct Conditional on Successful Scheme Offer by STEng ; Rejected by Shareholders, thus not paid
Segments – Geography
|
Revenues |
2011 |
2010 |
2009 |
2008 |
2007 |
|
Singapore |
$62,802 |
$57,310 |
$37,273 |
$55,297 |
$46,771 |
|
Indonesia |
$25,975 |
$30,794 |
$36,612 |
$30,420 |
$46,132 |
|
Thailand |
$15,287 |
$27,366 |
$33,916 |
$28,118 |
? |
|
Philippines |
$14,739 |
$14,331 |
$23,265 |
$18,464 |
$19,735 |
|
Malaysia |
$9,993 |
$7,937 |
$17,967 |
$16,324 |
? |
|
Morocco |
$8,666 |
– |
– |
– |
– |
|
Europe |
$5,615 |
– |
– |
– |
– |
|
Middle East |
$5,547 |
– |
– |
– |
– |
|
Vietnam |
$3,171 |
$12,663 |
$13,660 |
$1,951 |
? |
|
Other Asian countries |
$4,125 |
$4,677 |
$7,761 |
$7,961 |
$43,482 |
|
Others |
$318 |
$186 |
$1,287 |
$1,782 |
$10,249 |
|
Total |
$156,238 |
$155,264 |
$171,741 |
$160,317 |
$166,369 |
Segments – Products
|
Products |
2011 |
2010 |
2009 |
2008 |
2007 |
|
|
TeleCom |
Revenue |
$55,749 |
$48,048 |
$92,468 |
$83,275 |
$100,239 |
|
Op Profit |
$6,259 |
$3,872 |
$5,603 |
$5,042 |
$8,112 |
|
|
InfoCom |
Revenue |
$100,489 |
$107,763 |
$79,273 |
$77,042 |
$66,130 |
|
Op Profit |
$9,523 |
$9,970 |
$6,806 |
$6,799 |
$5,205 |
|
|
Total |
Revenue |
$156,238 |
$155,811 |
$171,741 |
$160,317 |
$166,369 |
|
Op Profit |
$15,782 |
$13,842 |
$12,409 |
$11,841 |
$13,317 |
|
|
2011 |
TeleCom |
InfoComm |
Adj |
Total |
|
Turnover |
$55,749 |
$100,489 |
|
$156,238 |
|
Inter Segment |
$10,109 |
$9,286 |
($19,395) |
|
|
Total |
$65,858 |
$109,775 |
($19,395) |
$156,238 |
|
Cost of Sales |
($51,355) |
($79,647) |
$19,395 |
($111,607) |
|
Gross Profit |
$14,503 |
$30,128 |
|
$44,631 |
|
Other Operating Income |
$5,410 |
$85 |
|
$5,495 |
|
Distr & Selling Expenses |
($10,826) |
($14,390) |
|
($25,216) |
|
Admin Expenses |
($2,125) |
($6,184) |
|
($8,309) |
|
Other Operating Expenses |
($703) |
($116) |
|
($819) |
|
Operating Profit |
$6,259 |
$9,523 |
|
$15,782 |
|
2010 |
TeleCom |
InfoComm |
Adj |
Total |
|
Turnover |
$48,048 |
$107,763 |
|
$155,811 |
|
Inter Segment |
$8,175 |
$12,558 |
($20,733) |
|
|
Total |
$56,223 |
$120,321 |
($20,733) |
$155,811 |
|
Cost of Sales |
($47,384) |
($92,257) |
$20,733 |
($118,908) |
|
Gross Profit |
$8,839 |
$28,064 |
|
$36,903 |
|
Other Operating Income |
$2,694 |
$419 |
|
$3,113 |
|
Distr & Selling Expenses |
($4,171) |
($12,628) |
|
($16,799) |
|
Admin Expenses |
($2,458) |
($5,874) |
|
($8,332) |
|
Other Operating Expenses |
($1,032) |
($11) |
|
($1,043) |
|
Operating Profit |
$3,872 |
$9,970 |
|
$13,842 |
Customers – Industry
From AR2011 (pg 91),
History
From IPO Prospectus,
Business Segments
From AR2011,
A good description of their Products Line-up can be found at Nera Phillipines website.
Customers
From Nera Networks Singapore website,
Dividends
From SGX,
A Dividend of 3ct to 4ct since 2007. The Special Dividend = 15ct for 2006 is due to their divestment of Nera Electronics (CEM biz).
Share Price
From Yahoo Finance,
Notice the peaks in April for 2010 & 2011. That’s the effect of cd, followed by xd. Looks like a good time to collect for the next Dividend would be in Dec!
Others
Found something on the agreement with Eltek for use of Nera trademark from Ceragon AR (pg23),
In connection with the SPA and on the same day, Nera entered into: (i) a Trademark Purchase Agreement with Nera Telecommunications Ltd. (“NeraTel”), a subsidiary of Eltek ASA, under which it sold to NeraTel certain trade names and domain names of Nera, retaining a right to use the name “Nera” for the first two years, and NeraTel undertook a three-year period non-compete; and (ii) a non-exclusive OEM supply agreement..
Popular Holdings – FY12 (Apr) Results
All the data are extracted from the results (please counter-check in case of error),
|
|
FY08 |
FY09 |
FY10 |
FY11 |
Q112 |
Q212 |
Q312 |
Q412 |
FY12 |
|
Revenue |
434,995 |
450,317 |
514,648 |
522,440 |
141,633 |
118,593 |
166,453 |
140,573 |
567,252 |
|
Gross Profit |
66,635 |
64,236 |
74,699 |
83,342 |
26,919 |
18,922 |
33,598 |
22,705 |
102,144 |
|
Operating Profit |
16,511 |
-19,612 |
40,320 |
31,030 |
12,613 |
5,295 |
15,090 |
2,694 |
35,692 |
|
PBT |
16,689 |
-18,967 |
40,076 |
31,497 |
12,775 |
5507 |
15,192 |
2,953 |
36,427 |
|
Net Profit |
13,401 |
-17,509 |
31,200 |
23,830 |
10,237 |
4086 |
12,235 |
4,762 |
31,320 |
|
NPM |
3.08% |
NA |
6.06% |
4.56% |
7.23% |
3.45% |
7.35% |
3.39% |
5.52% |
|
Cash |
48,907 |
71,501 |
90,017 |
104,797 |
120,035 |
114,488 |
129,331 |
145,945 |
145,945 |
|
Properties (For Sale) |
– |
– |
– |
39,032 |
23,320 |
20,400 |
15,287 |
15,288 |
15,288 |
|
Development Properties |
84,450 |
76,561 |
82,507 |
37,526 |
38,659 |
40,082 |
64,270 |
67,135 |
67,135 |
|
Loan – CL |
16,400 |
50,408 |
11,156 |
5,008 |
779 |
759 |
764 |
14,431 |
14,431 |
|
Loan – NCL |
53,073 |
17,104 |
17,013 |
14,307 |
14,799 |
15,284 |
28,978 |
17,563 |
17,563 |
|
NAV (ct) |
30.13 |
20.74 |
21.45 |
22.68 |
23.66 |
23.69 |
24.73 |
25.09 |
25.09 |
|
EPS (ct) |
2.99 |
-3.53 |
4.53 |
2.83 |
1.22 |
0.48 |
1.44 |
3.70 |
3.70 |
|
DPS (ct) |
0.5 + 0.7 |
0.5 + 0.2 |
(0.5 + 0.5) + 0.2 |
0.4 + 0.6 |
– |
0.5 |
– |
0.8 |
0.5 + 0.8 |
|
Remarks |
– |
Jan-09 : Rights Issue ($19.7M) 1-for-2 @ $0.10 |
Feb-10 : Rights Issue ($25.333M) 3-for-10 @ $0.13 |
– |
– |
– |
– |
– |
– |
Notes :
- All figures in S$’000 unless otherwise stated
- FY is End-Apr
SEGMENTS – Geographical
|
|
Singapore |
Malaysia |
Greater China |
Others |
Turnover |
Outlets |
|
FY12 |
258,940 |
212,690 |
93,014 |
2,608 |
567,252 |
148 |
|
FY11 |
253,332 |
164,577 |
101,205 |
3,326 |
522,440 |
139 |
|
FY10 |
264,414 |
144,240 |
105,133 |
861 |
514,648 |
133 |
|
FY09 |
216,304 |
130,538 |
101,340 |
2,135 |
450,317 |
133 |
|
FY08 |
200,723 |
125,441 |
106,342 |
2,489 |
434,995 |
129 |
|
FY07 |
179,968 |
107,650 |
109,288 |
1,329 |
396,235 |
117 |
SEGMENTS – Business
|
|
|
Retail & Distribution |
Publishing / e-Learning |
Property Development |
Corporate |
Eliminations |
Consolidated |
|
2012 |
Margin |
6.04% |
10.11% |
12.44% |
24.24% |
6.42% |
|
|
Revenue |
482,321 |
72,054 |
29,577 |
11,964 |
-28,664 |
567,252 |
|
|
Ext |
367 |
16,333 |
29,577 |
||||
|
Inter-Segment |
481,954 |
55,721 |
11,964 |
-28,664 |
|||
|
P/L (Ops) |
29,132 |
7,283 |
3,680 |
2,900 |
36,427 |
||
|
2011 |
Margin |
4.36% |
14.03% |
26.63% |
27.63% |
6.03% |
|
|
Revenue |
438,788 |
68,977 |
27,772 |
13,292 |
-26,389 |
522,440 |
|
|
Ext |
438,624 |
56,044 |
27,772 |
||||
|
Inter-Segment |
164 |
12,933 |
13,292 |
-26,389 |
|||
|
P/L (Ops) |
19,133 |
9,680 |
7,397 |
3,673 |
-8,386 |
31,497 |
|
|
2010 |
Margin |
2.61% |
11.55% |
68.99% |
-102.63% |
7.79% |
|
|
Revenue |
418,387 |
67,553 |
41,434 |
10,836 |
514,648 |
||
|
Ext |
418,201 |
55,013 |
41,434 |
-23,562 |
|||
|
Inter-Segment |
186 |
12,540 |
10,836 |
||||
|
P/L (Ops) |
10,925 |
7,799 |
28,586 |
-11,121 |
3,887 |
40,076 |
|
|
2009 |
Margin |
1.11% |
16.76% |
-4.36% |
|||
|
Revenue |
393,173 |
70,830 |
-13,686 |
450,317 |
|||
|
P/L (Ops) |
4,354 |
11,871 |
-29,165 |
-6,672 |
-19,612 |
||
|
2008 |
Margin |
2.91% |
24.05% |
3.80% |
|||
|
Revenue |
374,495 |
73,083 |
-12,583 |
434,995 |
|||
|
P/L (Ops) |
10,909 |
17,575 |
-798 |
-11,175 |
16,511 |
||
|
2007 |
Margin |
4.25% |
8.28% |
3.99% |
|||
|
Revenue |
332,494 |
76,990 |
-11,249 |
398,235 |
|||
|
P/L (Ops) |
14,116 |
6,375 |
-111 |
-4,479 |
15,901 |
||
|
2006 |
Margin |
4.03% |
12.12% |
5.73% |
|||
|
Revenue |
314,116 |
80,649 |
-10,978 |
383,787 |
|||
|
P/L (Ops) |
12,663 |
9,771 |
-462 |
21,972 |
|||
|
2005 |
Margin |
3.78% |
6.92% |
4.27% |
|||
|
Revenue |
299,005 |
71,234 |
-10,133 |
360,106 |
|||
|
P/L (Ops) |
11,293 |
4,929 |
-842 |
15,380 |
|||
|
2004 |
Margin |
4.01% |
13.00% |
5.59% |
|||
|
Revenue |
288,792 |
67,602 |
-8,963 |
347,431 |
|||
|
P/L (Ops) |
11,572 |
8,791 |
-935 |
19,428 |
|||
|
2003 |
Margin |
2.90% |
15.14% |
5.18% |
|||
|
Revenue |
269,932 |
66,573 |
-8,140 |
328,365 |
|||
|
P/L (Ops) |
7,816 |
10,078 |
-872 |
17,022 |