Investment Rating - The investment rating for Pentamaster (01665. HK) is "Buy" with a target price of HKD 0.95 per share [1][3]. Core Insights - The company experienced a stagnant revenue of MYR 342.1 million in the first half of 2024, with a significant decline of 45.1% in the ATE segment, offset by a 1.4 times increase in the FAS segment. The overall performance saw a year-on-year decline of 12.8% [2][3]. - Despite the disappointing performance, the medical sector remains a strong contributor, with MYR 155.5 million from major clients, providing a positive outlook for the company [2]. - The report emphasizes the potential drivers for growth in FY2025, including the delivery of prototype devices and single-use medical devices to new clients [2][3]. Financial Summary - Revenue projections for Pentamaster are as follows: MYR 691.9 million in 2023, MYR 738.8 million in 2024, MYR 931.4 million in 2025, and MYR 1,026.5 million in 2026 [1][10]. - Gross profit is expected to be MYR 209.6 million in 2023, increasing to MYR 310.5 million by 2026, with gross margins around 30.3% in 2023 and stabilizing around 30.2% by 2026 [1][10]. - The return on equity (ROE) is projected to be 18.0% in 2023, declining to 16.2% by 2026 [1][10]. Market Performance - The stock has underperformed in the past year, with a decline of 19.8% over the last month and 31.8% over the past year compared to the Hang Seng Index [1][2]. - The report notes that the semiconductor and automotive sectors have seen significant declines, with contributions down 63.2% and 51.8% respectively in the second quarter [2][3]. Sector Comparison - Pentamaster's market capitalization is approximately MYR 1.56 billion, with a P/E ratio of 6.7 and a P/B ratio of 1.0, indicating a relatively low valuation compared to peers [7]. - The average P/E ratio for comparable companies in the sector is around 39.0, highlighting potential undervaluation of Pentamaster [7].
槟杰科达：由于宏观问题 ， 恢复延迟