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Is it time to buy Inari Amerton? Find out more here:

https://www.mrinvestor12.com/2018/05/is-it-time-to-buy-inari-amerton-bhd-0166.html

Thesis intact after QR released today. INARI 3 quarters of lower profits and lower revenue YoY. Even if you love this stock, it can longer sustain a growth stock PER (22x is high to me); it will definitely be discounted as a value play and growth investors will flock to competitors. Ignored the TA for the last few days but QR now confirmed it. Sell. 

Inari: 2Q net profit down 19.7%, declares 1.5sen dividend. Inari Amertron 2Q net profit fell 19.71% to RM55.09m from RM68.61m a year ago, mainly due to lower revenue volume and changes in product mix. EPS for the 2QFY19 dropped to 1.73sen from 2.23sen previously. Revenue fell 20.17% to RM300.15m, from RM375.96m in the previous corresponding quarter. (The Edge)

Weaker 2FY19 normalised earnings. Inari Amertron Bhd’s (Inari) normalised earnings reduced to RM56.7m (-28.6%yoy). This was mainly attributable to lower production volume and changes in product mix. Note that there is lower volume loading on a major sensor product. This lead to lower cumulative 1HFY19 normalised earnings of RM107.9m (-28.6%yoy). All in, the group’s 1HFY19 financial performance trailed behind ours and consensus expectations, accounting for 41.4% and 44.7% of full year FY19 earnings forecasts.

Dividend. Inari announced lower 2QFY19 dividend of 1.5sen (2QFY18: 2.5sen), in-line with the lower earnings recorded during the quarter. This translates to a dividend payout of 86.7% in comparison with 112.1% in 1QFY18. Cumulative 1HFY19 dividend amounted to 3.1sen as compared to 1FHY18 dividend of 4.8sen.

Impact on earnings. We are reducing FY19 and FY20 earnings forecasts lower to RM194.1m and RM218.9m to be on the conservative end after adjusting downward the contribution primarily from the RF segment.

Target Price. We are revising our target price to RM1.41 (previously RM1.79). This is premised on FY20 EPS of 6.7sen pegged to unchanged forward PER of 21x. Our target PER is based on its five year historical high rolling PER.

Maintain NEUTRAL. The group is facing challenges in the demand of its RF product mainly due to the lower demand of its major customer product. In the near term, we expect the challenges will not alleviate anytime soon as we view that the demand of the flagship smartphone of the group’s customer to remain weak. Fortunately, the optoelectronic segment shows resilience.

We downgrade our recommendation on Inari Amertron (Inari) to HOLD from BUY and trim our FY19F-FY21F forecasts by 5.1%–8.3% due to lower contribution from the radio frequency (RF) segment and the removal of the iris scanner from a South Korean flagship model. Our fair value is reduced to RM1.65/share (previously RM1.90/share), pegged to an unchanged CY19F FD PE of 20x, in line with its 3-year average. Inari's 1HFY19 core net profit of RM118mil (-15.3% YoY) came in below our expectation, accounting for 45% of our full-year forecast and 49% of consensus estimates.

2QFY19 earnings of RM58.1mil represents a 3.3% dip QoQ and a 16.4% decline YoY. This is broadly expected following weak smartphone sales figure during the Christmas season, specifically the US flagship devices. The recent launch of new South Korean flagship devices also confirmed the removal of the iris scanner in favour of a higher screen-to-body ratio. While the iris platform was reconfigured to produce a health sensor and facial recognition modules, it was not sufficient to cushion the decline in overall orders. With regards to Inari’s new product — fine-pitch LED (<2mm pixel pitch) used for billboards — the ramp-up from its pilot stage did not take off as quickly as expected. This has left a void, mainly caused by the fall in smartphone sales.

Inari’s new 640K sq ft factory in Batu Kawan is said to cater for additional jobs from its German optoelectronics customer, as well as potential new jobs from prospective customers. However, management is still unable to disclose any details, hence we have not factored any earnings contribution from its Batu Kawan facility into our profit forecasts. We continue to like Inari for its: 1) RF, which benefits from the transition to 5G and rising content per device; 2) laser devices, which are boosted by increasing biometric and augmented reality (AR) applications in smartphones; and 3) LED, which rides on the increasing demand for highresolution billboards in shopping malls. However, we remain cautious in the immediate term as the fight in 5G between the US and China may potentially delay commercial roll-out of 5G connectivity.

Day 30 of Fundamental Daily, YAPSS will be covering Inari Amertron Berhad's fundamental via a short animated video. I hope it helps and please enjoy the video, see ya! #FundamentalDaily #InariAmertronBerhad

Click the on the link to find out more: https://youtu.be/QnLuBu6jrA8

Can anyone explain whether this is another irrational sell off that open us for big buy? Since news said chip producers' counters like Inari had a big drop caused by US restriction to provide production to Huawei, but that's for US companies restriction. Why shouldn't chips producer stocks in Malaysia jump gap up instead? Because Huawei will surely search for alternative production provider elsewhere like in Malaysia. Could it just because Malaysia investors just irrationally follow US market and reacted without brain?

But anyway the latest develoment is that the restriction has flip flop changed by Trump, delay for 90 days.. would Huawei look toward Malaysia Inari for supply for anything restricted in US... ?

https://www.theedgemarkets.com/article/mpi-inari-shares-fall-after-google-suspends-business-huawei

https://www.theedgemarkets.com/article/mpi-inari-shares-fall-after-google-suspends-business-huawei

INARI 的抛售是理性，还是非理性？;”

昨天，版主跟大家分享了自己对INARI 的浅见 ; 然后在闲逛 i3investor 网站的时候，发现到了另外一篇对于INARI 的分享，我觉得很有趣，所以今天就跟大家分享一下啦！

*因为原文是英文的，我帮大家翻译一下,我并不会去探讨对与错 ;‍ 每个人对于每一家公司都会有自己的看法的，最后买不买自己决定吧！


今天（昨天）INARI 价格一共下跌了 ⬇️ 14.36%，也是这家公司历史上下跌最严重的其中一天。

在看了市场上的blogger，和散户投资者（不知道有没有包括版主 XD）之后，我发现他们大部分都没有这一方面深入的知识；所指的是对于INARI 本身的了解，以及这个行业里面的了解，一部分人提供的信息是具误导性 &#128581; 的！

我之所以会写这篇文章，是想跟大家分享我个人对于 INARI 这家公司的观点，以及今天它被大幅度的抛售的导火线 &#128293;

我本身从2013 年就开始购买这家公司的股票了，之前，这家公司的名字叫做 INARI BERHAD（在还没收购 Amertron INC Limited 之前），也就是现在的Inari Amertron Berhad了。

这家公司是我投资组合里面的头号股之一，从2013 到现在，大部分的股份，我都还持有着。

⚠️ 注意：这篇文不是叫你去买或卖这家公司的股份，而是跟你分享我对于这家公司的看法而已。

从2013 年至今，我跟这个行业里面的行家，以及专家们都有联系，这样的关系增强了我在这个行业里面的知识和整体行业的视野。
有好几家媒体都报导了Broadcom 有可能会出售他们旗下 Radio Frequency（“RF”）Chip Unit 的消息，而Broadcom 是INARI 的最主要客户之一，这些消息代表着什么呢 &#129300;？

&#128204; Broadcom 目前是考虑卖掉RF Chip Unit，这个是可能性，而不是肯定。

Broadcom 目前的要价是 $ 10 Billion，这家公司目前跟 Credit Suisse Group AG 在一起找着买家。

大家注意这点 &#128070;，目前是没有READY BUYER 的。

第二就是，这种大型的 M&A 动作是需要长时间 ⌚️ 才能完成的，至少要 6 个月到 1 年，因为需要看清楚公司的财务背景先。再加上，M&A 的成功率，一般上来说是不高的。

如果Broadcom 出售RF Chip Unit 最后是 NO DEAL 的话，对于 INARI 是完全没有任何财务上的影响的。

; 万一，Broadcom 成功出售了旗下的 RF Chip Unit，INARI 会不会失去自己的 RF Supplier 的生意呢？

首先，INARI 在这几年已经证明了自己在RF 行业里面的能力 &#128170; 在 2010，2015，和 2017 年，INARI 获得了Best Suppliers（Best Contract Manufacturers）的奖项。

其二就是，RF 的零件是一个非常高需求量的市场，主要是因为 5G 的来临，以及5G 电话潜在的高销售量。

第三，市场上缺少了拥有大量生产RF 产品的OSAT 供应商。INARI 在位于Batu Kawan 的新厂（”P34”），一共拥有着 680,000 sq.ft. 的面积，而且在今年的5月就完成了。

P34 是INARI 最大的厂 ; 并且在Block B 里面，他们已经有为了将来5G 生意的RF testers spill over 的所需要的准备了。

最后，如果想转换OSAT 供应商，尤其是好像INARI 这种有数年着Best Supplier 奖项的供应商，并不是一个cost-effective 的决定 &#129335;&#127995;‍♂️ 甚至会打乱供应链。

&#128204; INARI 从旧的客户和新的客户里，潜在得到更多订单？

在2020 年里面，我们预计 5G 的采用率会更高，而且 5G 型的电话销量也会更高。

Qualcomm Inc 预计全球手机制造商会分别推出 450 Million 架5G 手机会在2021 推出，另有750 Million 架会在 2022 推出（原文这里应该写错了，写成2020 年）。这个资讯是全球 &#127757; 最大的手机芯片公司说出来的。

我希望，我本身的分享（加上该行业里的专家的看法）可以让你更深入的了解INARI 和整体行业的landscape。

最后，科技和semiconductor 的公司，比如Apple，Broadcom，Qualcomm 等的股价，都在 all-time highs  我（原文作者）本身对于INARI 的生意前程，非常乐观。

以上就是这位朋友在 i3investor 的分享啦 &#129315; 版主再补充一点从一位比较大型的投资者朋友那里的看法：

ta表示说目前因为市场气氛好，Broadcom 想在这个时候以好价钱出售RF Unit，不过他们的valuation 很疯狂，营业额 $ 2.2 Billion，却想卖 $ 10 Billion？&#129335;&#127995;‍♂️ 根据他们的平均 Net Profit Margin（13%，286 Million），目前的P/E 估值是 35倍！

你们觉得呢？

Disclaimer:

All the views and opinions expressed in our post are for education and informational purposes only and it should not be considered as professional financial investment advices or buy/sell recommendations. We strongly encourage you to do your own research and take independent financial advice from a professional before you proceed to invest.

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YAPSS Quick Summary and Free 10 Years Financial Data of Inari Amertron Berhad:
https://www.yapss.com/forum/klse-forum/inari-amertron-berhad-inari-0166