PIE 2024Q3 review
# revenue decrease -19% YoY, +2% QoQ
# PBT decrease -56% YoY, -52% QoQ
# decrease of PBT mainly due to foreign exchange loss, result from MYR strengthening during quarter report period.
# net foreign exchange loss on quarter ended -11.687 mil
# CFI, property, plant and equipment 73.298 mil
# order received from Q4 2024 remain favourable
# The group is undergoing rationalisation to reduce orders from lower margin customer to reserve the capacity and resource for higher margin customers
# plant 3 and 5 dedicated for super computing customer in anticipating of the increase orders
# plant 6 expected to be ready in Q4 2024 for customer’s audit and qualification, mass production expect to begin in FY2025
My 2 cents:
2024Q3 continue to be another lower than expectation report, some more with -11mil foreign exchange losses (FEL) negative surprise. If without FEL Q3 will have similar result as Q2. One things I notice and it did not fulfil what management said on Q2 is: supply did not increase as management expecting on Q3.
Another thing caught my attention is in Q3 PIE spent 73mil on PPE, combine with Q2 51mil PPE that is whopping 124mil spent in 2 quarters. I think PIE really doing something big there.
Given this report not sure how is the share price going to be on coming Monday?
# PBT decrease -56% YoY, -52% QoQ
# decrease of PBT mainly due to foreign exchange loss, result from MYR strengthening during quarter report period.
# net foreign exchange loss on quarter ended -11.687 mil
# CFI, property, plant and equipment 73.298 mil
# order received from Q4 2024 remain favourable
# The group is undergoing rationalisation to reduce orders from lower margin customer to reserve the capacity and resource for higher margin customers
# plant 3 and 5 dedicated for super computing customer in anticipating of the increase orders
# plant 6 expected to be ready in Q4 2024 for customer’s audit and qualification, mass production expect to begin in FY2025
My 2 cents:
2024Q3 continue to be another lower than expectation report, some more with -11mil foreign exchange losses (FEL) negative surprise. If without FEL Q3 will have similar result as Q2. One things I notice and it did not fulfil what management said on Q2 is: supply did not increase as management expecting on Q3.
Another thing caught my attention is in Q3 PIE spent 73mil on PPE, combine with Q2 51mil PPE that is whopping 124mil spent in 2 quarters. I think PIE really doing something big there.
Given this report not sure how is the share price going to be on coming Monday?
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