By Boon @ Valuebuddies.com
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The BWL bi-monthly bulletin has just been released. According to the Country Manager of BWL Taiwan, FY2015 revenue for the Taiwanese market is estimated to come in at around TWD 1.2 billion (or about SGD 51.724 million; using SGD = 23.2 TWD) => another record breaking year !
=> this implies a 4Q2015 revenue of around SGD 22.890 million for Taiwan - which would be the best quarterly revenue of all time ~ another new record !
Taiwan Revenue Projection : (SGD million)
1Q2014 = 2.418
2Q2014 = 4.157
3Q2014 = 4.940 (9M2014= 11.515)
4Q2014 = 11.196 (FY2014 = 22.711)
1Q2015 = 4.465
2Q2015 = 10.244
3Q2015 = 14.125 (9M2015 =28.834)
4Q2015 = 22.890 (FY2015 =51.724) = projection
4Q2015 Group Revenue Projection (SGD million)
Singapore = 1.767 (Assume same as 3Q2015)
China = 4.805 (Assume same as 3Q2015)
Taiwan = 22.890
Philippines= 0.529 (Assume same as 3Q2015)
Others = 4.965 (Assume same as 3Q2015)
Total =34.956
FY 2015 Group Revenue Projection: (SGD Million)
1Q2014 = 12.802
2Q2014 = 18.278
3Q2014 = 19.229 (9M2014 =50.308)
4Q2014 = 24.957 (FY2014 = 75.265)
1Q2015 = 13.507
2Q2015 = 21.029
3Q2015 = 26.191 (9M2015 = 60.727)
4Q2015 = 34.956 (FY2015 = 95.683)
Note: highest ever quarterly group revenue of SGD 33.489 m was achieved in 4Q2007 - there is a chance that 4Q2015 may beat it. Will see.................
Highest ever yearly group revenue of SGD 102.180 m was achieved in FY2007 - a harder target for FY2015 to beat.
Net profit projection (SGD million)
Assuming FY2015 NPM of 10.5%:
ð NPAT = 95.683 x 10.5% = SGD 10.0 million
Assuming 4Q2015 NPM of 15.4%
ð NPAT = 6.390 m (9M2015 NPAT) + 34.956 m (4Q2015 Revenue) x 15.4% (4Q2015 NPM) = SGD 11.8 m
Highest ever yearly NPAT of SGD13.504 m was achieved in FY2007 as well - which again is hard for FY2015 to beat - may be FY2016 could beat it - ha-ha! Will see !
That said, I would be equally pleased if NPAT for FY2015 were to come in at just around SGD 9 million.
As always, an analysis is only as good as its underlying assumptions