Introduction
Penta is a ATE company, they provide solution to others company thru the test equipment and the ATE business contributed 68% and Factory Automation solution (FAS) , industry 4.0 contributed 40% of the revenue in 2020. Penta planned to get ISO13485 cert by 2021.
• Electro-Opto Smart Sensor
• Automotive Semiconductor
• Single-Use Medical Devices
• Consumer & Industrial Products
Financial Summary
Year 2020 revenue and profit drop due to Covid issue. For the chart, we can observed that the revenue and PAT keep increasing.
Segmentation
Penta has newly created a new station called MedQ is for medical devices. Strongly believed that the medical devices dept will grow.
Balance Sheet
Look at the balance sheet, the trade receivable is indeed worrying as it grow 2x compared to 2019 where the revenue drop but receivable is increase drastically. Meanwhile, the trade payable also increased 2x. The company is in net cash position. Company has a healthy cash flow.
My thought:
Price:5.74
PAT: 112,258,000
Profit attribute to owner - 70,885,552
Ordinary shares- 712,317,121
Equity - 705,303,748
EPS - 0.099 (2020)
EPS (2019) - 0.11658 x 20 (PEG) or (32) = 2.33 or 3.73 (Fair value)
P/E - 58
ROE - 70,885,552 / 705,303,748 = 9.9
2019 as base
2Y Growth EPS - 20
3Y Growth EPS - 32
5Y Growth EPS- 90
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