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#坠落的🌟🌟
♨️ Fresh From Oven ♨️
Pentamaster meeting keytakes (Zoom)
Date: 26 Feb 2025
Management: Julia Gan (CFO), Kean Yong (Director)
Key takeaways:
- FY24 Revenue RM622.m, PAT of RM107m. 4Q24: Rev RM130m and PAT RM18.m. Drop in 4Q mainly due to slower revenue recognition from customer.
- FY24 Rev breakdown: FAS 63.9% FAS and 36% ATE.
- FY24 Rev breakdown by customer: 50% medical, 13% electro optical, 23% auto, 5.6% consumer and industrial and 8.5% semicon.
- Medical: momentum continue strong in 2025 driven by FAS.
- Auto: contracted 57% yoy. Remain sluggish throughout the year. Slower than expected order inflow due to various macro reasons. Long term wise the growth is still there especially with wafer burn in , KGB? and wafer die level test for SiC.
- Electro-optical: up 24% yoy. Order recovery driven by more advance smart sensor in mobile. Ambient light adaptation, face recognition and so on.
- Semicon: flat yoy. Due to overall industry downcycle. Inventory piling up during covid years. Customers drag back their capex cycle.
- Consumer: i-arm from this segment, farely muted in 2024. But seeing recovery from this year. Mayb go back to double digit contribution in 2025 from 6%.
- Top customer: Medical from FAS and the auto customer.
Financials
- GPM for 2024 down 1ppt: overall softness in the ATE segment. Higher staff cost due to bonus paid to engineer and provision for slow inventory moving.
- orderbook about RM400 with Medical and auto contribute 60%. Semicon electro optical contribute 10+% of the orderbook.
- capex: ald spend for campus 3 in 2024. Not foresee any sizable capex in 2025.
- MediQ only has daily operating cost now. No more huge capex spending.
- Industry shift to high performance semicon – SiC, Penta is able to riding on this trend by various test solutions.
- seeing trend in renewables segment. Gaining traction but not big enough.
Corporate development
- Established presence in Vietnam and India.
- Campus 3.0: 720k sqft, just completed.
- Medical device and manufacturing: Catheter, Pen Needles and more.
- New product: Advanced Wafer AOI system – incorporate AI software algorithm.
- new CIS CMOS image sensor – on auto side.
- seeing lot of traction in AI and server space.
-Proposed privatise PIL with EGM approval this Friday. Increased shareholding to 71%.
- Earning guidance: Achieve RM1b sales target by FY2025/26. Internal target of double-digit growth in sales and earnings.
Q&A
- not exposed to ASML lithography equipment.
- MediQ – not contributing to who medical revenue. Obtained all the certification and qualification and expanding to more products. Obtaining certi and quali for Pen Needle to be manufactured in Msia. Won’t see instant results, need lot of capex and time spent.
- 2025 rev spilt: Medical 35% , Auto 20-28%, consumer 10-12% and semicon and electro optic about 10+% based on existing orderbook.
- Medical recognition depends on project milestone.
- new product include Wafer AOI , AI enabled , CMOS Image Sensor and 2.5D substrate packaging equipment will start contributing in 2025.
- Medical – mainly from FAS now for automation.
- Auto – momentum start kicked in in 4Q24.
- two new medical customer, both FAS. Est. RM100m contrct from here. All in medical side accretion could be RM165m?
- exposure to China mainly relate to auto.
- Medical device will contribute meaningfully by 2H25.
- Medical customer in Penang; still need few lines, this customer also expanding to Ireland. Deployment process can take long, about 9 months.
- growth in auto come from China and Western market such as Europe and Mexico which they positioned themselves before tariff.
Thanks.
