Miyoshi Limited Financial Report Analysis
Company Overview
Miyoshi Limited is a Singapore-based company incorporated in 1987, listed on the Catalist board of the SGX-ST. The company’s core business operations include designing and manufacturing mould and precision pressed parts, trading in related products, and commodities trading.
Business Segments and Geographic Footprint
The company operates in four main segments:
Data Storage: manufacturing of metal semi-finished components for hard disk drives and removable storage devices
Consumer Electronics: manufacture of metal semi-finished components for photocopiers, scanners, and printers
Automotive: manufacturing of semi-finished metal components for motor vehicles
Others: rental income arising from investment properties and industrial farming
Revenue Streams and Customer Base
The company’s revenue streams come from the sale of goods, primarily in the automotive, consumer electronics, and data storage segments. The company’s customer base is diversified across various industries and geographic locations, including the Philippines, China, Thailand, Mexico, Hungary, Malaysia, Singapore, and Germany.
Financial Analysis
Income Statement Analysis
Revenue: $17.084 million (HY2025) vs. $19.771 million (HY2024), a decrease of 13.59%
Net loss: $1.946 million (HY2025) vs. $1.059 million (HY2024), an increase in loss of 83.76%
Gross profit margin: Not explicitly stated, but raw materials, consumables used, and changes in inventories decreased by 15.17% to $9.9 million in HY2025
Operating expenses: $3.696 million (HY2025) vs. $3.653 million (HY2024), a slight increase of 1.18%
Balance Sheet Analysis
Total assets: $47.959 million (HY2025) vs. $47.320 million (HY2024), a slight increase of 1.36%
Total liabilities: $22.914 million (HY2025) vs. $19.509 million (HY2024), an increase of 17.51%
Equity: $25.045 million (HY2025) vs. $27.811 million (HY2024), a decrease of 9.91%
Cash Flow Statement Analysis
Net cash generated from operating activities: $1.615 million (HY2025) vs. $0.036 million (HY2024), an increase of $1.579 million
Net cash used in investing activities: $0.528 million (HY2025) vs. $0.252 million (HY2024), an increase in cash outflow of $0.276 million
Net cash used in financing activities: $3.187 million (HY2025) vs. $1.394 million (HY2024), an increase in cash outflow of $1.793 million
Key Findings and Risks
The company’s revenue decreased by 13.59% to $17.084 million in HY2025, primarily due to weaker demand for automotive components and data storage products.
The company’s net loss increased by 83.76% to $1.946 million in HY2025, mainly due to the decrease in revenue and increase in operating expenses.
The company’s cash and cash equivalents decreased by $0.22 million to $3.71 million as of February 28, 2025.
Dividend Information
No dividend has been declared for HY2025.
Recommendation
Based on the financial report, we recommend that investors HOLD the stock for now. The company’s revenue decline and net loss increase are concerns. However, the company’s efforts to streamline operations, manage cost control, and focus on core integrated engineering services (IES) business are positive steps.
If currently holding the stock:
Monitor the company’s progress in managing its operations and cost control measures.
Keep an eye on the company’s revenue growth and net profit margin.
If not currently holding the stock:
Consider waiting for clearer signs of revenue growth and improved profitability before investing.
Disclaimer
This recommendation is based solely on the information provided in the financial report and may not reflect the current market situation or future performance of the company. Investors should conduct their own research and consider multiple sources before making any investment decisions.
Date of Report
The financial report is for the half-year ended February 28, 2025.
Net Profit Growth/Decline
The company’s net profit declined by $0.887 million or 83.76% to a loss of $1.946 million in HY2025 compared to a loss of $1.059 million in HY2024.
View Miyoshi Historical chart here
