For 2HFY2023, the company, which provides coating services for parts used in consumer electronics and other equipment, recorded earnings of $10.8 million, down 56.9% y-o-y, but reversing from a loss of $7.6 million incurred in 1HFY2023.
Ling Lee Keng of DBS Group Research has cut her target price for Nanofilm Technologies International (SGX:MZH
) from 83 cents to 63 cents, following FY2023 earnings that came in below her expectations.
While there are signs of half-on-half recovery for 2HFY2023 ended Dec 2023, Ling, who has a "fully valued" call on the counter, believes that the company is still facing margin pressures and that new businesses are still in their respective developmental stages.
