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DBS keeps ‘hold’ on Micro-Mechanics Holdings albeit with lifted FY2023 earnings estimates on ‘intact’ longer-term trend

Chloe Lim
Chloe Lim • 2 min read
DBS keeps ‘hold’ on Micro-Mechanics Holdings albeit with lifted FY2023 earnings estimates on ‘intact’ longer-term trend
The group’s revenue stood in line with Ling’s expectations, while MMH’s net profit stood above expectations by 13%.
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DBS Group Research analyst Ling Lee Keng has kept a “hold” rating on Micro-Mechanics Holdings (MMH) as the group’s FY2022 revenue reached a new record of $82.5 million, up 12% y-o-y.

The group’s revenue stood in line with Ling’s expectations, while MMH’s net profit stood above expectations by 13%. This was driven by tight control on overhead expenses.

On this, the analyst has kept her target price unchanged at $3.42. However, she has raised her FY2023 earnings forecast by 12% with revenue growth of 10% for the same year, while assuming lower gross margins of 52.0% and net margins of 22.7% amid continued inflationary pressures.

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