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WPG (TWSE:3702) Attend Online Investor Conference Held by KGI SECURITIES Today

2024-08-20

WPG (TWSE:3702) Attend Online Investor Conference Held by KGI SECURITIES Today

 

2024/08/20

 

WPG announces 2024 second quarter revenue of NT$207.974 billion and operating income of NT$3.696 billion hitting record high and second highest quarterly record for the period, QoQ +14.3% and 13.6%, YoY +32.7% and 49.9%, respectively. After accounting for tax on undistributed surplus earnings, net income was NT$1.631 billion. EPS was NT$0.73. Revenue, operating income and net income for the first half of the year grew by 29.3%, 57.7% and 19.3%, reaching NT$389.877 billion, NT$6.949 billion, and NT$3.581 billion, respectively. EPS was NT$1.89, YoY +22.2%.

 

Return on Equity (ROE) and Return on Working Capital (ROWC) for the second quarter of 2024 were 7.6% and 8.5%, respectively.

 

Looking ahead to the third quarter of 2024, the demand for related electronic components will be boosted by positive factors such as the server business, the recovery in demand for laptops and mobile phones, and the continued production of customers in North America and Southeast Asia. Based on an exchange rate assumption of NT$32.5 to the U.S. dollar, WPG forecasts a median QoQ increase in revenue of 5.5% to NT$214.5 billion to NT$224.5 billion, gross margin of 3.5% to 3.7%, operating margin of 1.75% to 1.95%, with a median QoQ increase in operating income of 10% to NT$3.754 billion to NT$4.378 billion, and estimated net income of NT$1.749 billion to NT$2.101 billion, resulting in an estimated EPS of NT$1.04 to NT$1.25.

 

Driven by 5G commercialization and IoT trends, application solutions in power, Automotive and IoT related field continue to increase, laying solid foundation for future growth in sales. To provide better value-added service and increase market share, 47 application solutions were provided to our customers, including fields in Power (16), Automotive (11), Smart Home (6), AIoT(4), Industrial (4), Smart City (3), Consumer (2), Medical (1), focusing on 2SW Flyback applied to 240W USB PD3.1, Advanced quasi-resonant flyback high-efficiency high-density 15V/3A 45W GaN power supply, 45W AI industrial camera POE-PD isolated power supply, 30 KW Vienna PFC rectifier introductory reference design, 200W high-power buck converter, PEPS keyless entry, New energy vehicle water pump/fan, UWB Digital-Key Kit application, RGBI automotive touch ambient light, Automotive backlight board, SoC + image sensor to achieve AOV, AX3000 FEM, AI showcase, 2-megapixel IoT sensor, Multi-screen different display, Human-machine interface planning and design, Soundbar and waterproof bone conduction earphones, multi-core processor-based assistive cane for the visually impaired.

 

Table: WPG Holdings Ltd. Consolidated Financial Statements for the year ended June 30, 2024 (In brief)

Units:NT$million

Income Statement

(year ended June 30, 2024)

 

Balance Sheet

(June 30, 2024)

Item

Amount

 

Item

Amount

Operating revenues

389,877

 

Current Assets

319,725

Cost of Goods Sold

(375,318)

 

Accounts receivables

153,737

Gross Profit

14,559

 

Inventories

129,098

Operating Expenses

(7,610)

 

Other assets

45,672

Operating income

6,949

 

Total Assets

365,397

Non-op Expenses

(2,268)

 

Current Liabilities

228,381

Profit Before Tax

4,681

 

Current Borrowing

114,898

Tax

(1,038)

 

Accounts payables

109,033

Minority & Others

(62)

 

LT Liabilities

25,060

Profit After tax

3,581

 

Total Liabilities

276,394

EPS - Common Stock (Note1)

1.89

 

Common Stock

16,791

Note1:Based on weighted average outstanding shares.

 

Total Equity

89,003

 

Cash Flow Statement

(year ended June 30, 2024)

Item

Amount

Income before Income Tax

4,681

Change in NWC

(25,106)

Operating cash inflow /(outflow)

(25,270)

Investment cash inflow /(outflow)

(1,416)

Change in Financial Debt

17,709

Financing cash inflow /(outflow)

17,541

Cumulative translation adjustments

4,434

Net Cash

(4,711)

Beginning cash balance

21,796

Ending cash balance

17,085

 

IR contacts:Cliff Yuan/ Zoe Peng

Tel:886-2-2191-0068 ext.85268/ext.85262

Email address:  ir@WPGholdings.com

Corporate website:  www.WPGholdings.com

 

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