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WPG (TSE:3702) Reports Its Net Income Reached High Side of Forecast. EPS was NT$0.78

20190503

WPG (TSE:3702) Reports Its Net Income Reached High Side of Forecast. EPS was NT$0.78

 

2019/5/3

 

Contributed from steady growth in core products such as 3C and automotives, and benefited from successful deployment in new applications such as Internet of Things(IoT), Artificial Intelligence(AI), cloud storage and high-performance computing, WPG, the largest distributor of semiconductor components in Asia announces its first quarter consolidated sales of NT$111.832 billion affected by low season and supply chain inventory adjustments. With optimizing product portfolios and efficient expense control, operating income was NT$2.028 billion, net income of NT$1.304 billion reached high side of forecast. EPS was NT$0.78 per share.

2019 key financial indices: Return on Working Capital (ROWC) and ROE was 8.2% and 9.5% respectively.

Based on the exchange rate assumption of 1 US dollar to 30.8 NT dollars, management guides the total sales of second quarter 2019 will be between NT$125 billion and NT$133 billion, with the gross margin in the range of 4.2%~4.4% and the operating margin between 1.75%~1.95%.

Driven by 5G start becoming operational and IoE, smart city, smart home and IoT related application solutions were provided in the fields of Power (22), Smart City (13), Automotive (8), Smart Home (6), Medical (3), Wearable Devices (3), MID (1) focusing on applications of 18W type-C PD3.0 charger, full-bridge AC-DC, flyback 50W LED power, high PF isolated constant-current LED power driver, MR-16 LED lighting power, 24W PSR power adapter, electric car positioning equipment, 38*38mm face recognition camera, electronic shelf label, smart street lamp with LoRa, SPS moisture sensor, water pump, AVB bridge automotive ethernet bridge, Android Auto vehicle system, matrix headlights, AWS IoT development kit, NB-IoT development kit, bluetooth e-cigarettes, blood pressure monitor.

 

 

 

 

 

 

 

Table: WPG Holdings Consolidated Management Financials for three months ended March 31, 2019 and 2Q19 Forecast. (In brief)

Units:NT$million

Income Statement

(three months ended March 31, 2019)

 

Balance Sheet

(March 31, 2019)

Item

Amount

 

Item

Amount

Operating revenues

111,832

 

Current Assets

171,226

Cost of Goods Sold

(106,858)

 

Accounts receivables

83,484

Gross Profit

4,974

 

Inventories

69,104

Operating Expenses

(2,945)

 

Other assets

16,599

Operating income

2,028

 

Total Assets

187,825

Non-op Expenses

(374)

 

Current Liabilities

115,514

Profit Before Tax

1,655

 

Current Borrowing

51,496

Tax

(342)

 

Accounts payables

53,660

Minority & Others

(8)

 

LT Liabilities

13,338

Profit After tax

1,304

 

Total Liabilities

131,349

EPS (Note1)

0.78

 

Common Stock

16,791

Net book value per share (Note 1)

33.34

 

Total Equity

56,475

Note1:Based on weighted average outstanding shares.

 

Cash flows

(three months ended March 31, 2019)

Item

Amount

Income before Income Tax

1,655

Change in NWC

10,873

Operating cash inflow /(outflow)

9,137

Investment cash inflow /(outflow)

211

Change in Financial Debt

(11,201)

Financing cash inflow /(outflow)

(11,205)

Cumulative translation adjustments

314

Net Cash

(1,544)

Beginning cash balance

7,117

Ending cash balance

5,573

 

 

 

 

2Q19 Forecast

Item

Amount

Revenue

125,000

~

133,000

Gross Profit

5,250

~

5,852

Gross Margin

4.20%

~

4.40%

Operating Expenses

3,063

~

3,259

Operating Income

2,187

~

2,593

Operating Margin

1.75%

~

1.95%

Profit Before Tax

1,636

~

2,032

Profit After Tax

1, 104

~

1,421

EPS (NT$) (Note 1)

0.66

~

0.85

Note1:Based on weighted average outstanding shares.

 

 

 

IR contacts:Cliff Yuan/ Zoe Peng

Tel:886-2-7712-5268 / 886-2-7712-5262

Email address:  ir@WPGholdings.com

Corporate website:  www.WPGholdings.com

 

 

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