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(亚马逊)云账<号>( earnings prospects for Aurelius on chip expansion plan



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Aurelius will be listed on the Main Market of Bursa Malaysia today.

PETALING JAYA: Aurelius Technologies Bhd is poised to enjoy robust earnings growth, along with improved margins, driven by the expansion of its semiconductor component segment.

Aurelius’ involvement in the higher-margin semiconductor component segment differentiates the group from the other electronic manufacturing services (EMS) players, who are mainly or solely focused on consumer electronics.

JF Apex Research, which initiated coverage on Aurelius with a “buy” call, expects the group’s net profit to grow by 45.3% year-on-year (y-o-y) to RM24.3mil in the financial year ending Jan 31, 2022 (FY22).

Meanwhile, in FY23, the net profit is forecast to grow further by 23% y-o-y to RM29.8mil. “This is underpinned by sizeable unbilled purchase orders worth RM483mil coupled with margin expansion pursuant to semiconductor component business from ‘Customer F’ in China,” stated JF Apex Research in a note yesterday.

The research house has a target price of RM1.74 per share for Aurelius. In comparison, the listing price is RM1.36.

Aurelius will be listed on the Main Market of Bursa Malaysia today.

JF Apex Research said it favours Aurelius also because the group has no exposure to foreign workers as all of its employees are locals.

“We are positive on this as most EMS players in Malaysia are heavily reliant on foreign workers and were plagued into environment, social and governance (ESG) issues on alleged mistreatment of foreign labour.

“Therefore, Aurelius has less risk on ESG issues as compared to its peers and is not facing any shortage of workers,” it said.

JF Apex Research pointed out that Aurelius has a diversified customer base, as its top five clients contribute about 90% of the group’s total revenue in FY21.

The top five major long-term customers were globally and locally renowned customers (‘Customers A, B, C, D and E’), which came from various countries such as Malaysia, the United States, Singapore and Germany.

These customers, who have been dealing with Aurelius between 10 and 28 years, are involved in communication devices, communication Internet of Things devices and telematic instrumentation devices.

JF Apex Research also favours Aurelius because the group is expanding its semiconductor component business.

Aurelius intends to have a total of seven production lines by end-2023 to cater to strong product demand from “Customer F”.

Currently, it has four production lines.

The group ventured into semiconductor component manufacturing services in January 2020, after securing service agreement with “Customer F” from China in August 2019.

Commenting on Aurelius’ financials, JF Apex Research said the group’s net gearing stood at 1.4 times for the first seven months of FY22, as compared to 1.6 times in FY21.


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