SEB har mod betaling udarbejdet denne analyse af Asetek:
The Q2 report brought a small top-line miss but disappointing earnings. It appears that the headwinds from a weakening USD/RMB and cost inflation have been larger than our expectation. However, we consider those as short-term factors and are unlikely to be extrapolated to our long-term estimates. The company lowered its EBIT guidance to USD 8-12m vs. our estimate at USD 13m. We are likely to make small negative estimate revisions and believe the long-term story is intact.
Outcome: Topline looks fine, but disappointing earnings
Q2 group sales were 1% below our estimate, but earnings look disappointing. A 42.4% gross margin was below our estimate of 45% and its appears the headwinds from FX (weaker USD/RMB) and cost inflation for raw materials have been larger than we have expected. Opex was also higher than our estimate, driven by higher SG&A costs, which was mainly explained by a ramp-up in investment in the new business, SimSports. All in all, that resulted in a big miss on Q2 EBIT: USD 1.9m vs. our estimate at USD 4.1m.
Generalt om Commissioned Research: Bemærk, at man bør se bort fra eventuelle kursestimater i såkaldt commissioned research, og den underliggende analyse skal også tolkes med forsigtighed, da negative aspekter ikke nødvendigvis fremhæves.
