“1Q21 revenue and net profit exceeded our expectations by 10% due to better-than-expected sales,” says Chew. “Revenue rose 18% y-o-y to $18.1 million. PATMI was up 42% y-o-y to $4.7 million. Both were record highs.”
With Micro-Mechanics Holdings’ record quarterly revenue of $18.1 million for 1QFY2021, PhillipCapital’s Head of Research Paul Chew raised FY2021E earnings by 9% in a Nov 2 note.
However, Chew has downgraded the company to “accumulate” with a raised target price of $2.93 from $2.50.
