$AMTEL / 7031 (AMTEL HOLDINGS BERHAD) 's Q3 FY 23 results were pretty good, and today it's up ~7%. Overall, nothing out of the ordinary, business is steady and cash is flowing. Let's go through the QR.

1. Revenue of 19mil, with Operating Profits of 1.9mil ~ 10% operating margins. PAT is RM 1.4mil, or around 7.4%. Nothing eye opening and very normal numbers. Diluted EPS is 1.41sen. Annualizing the past 3 qtrs gives them around 5.3sen EPS and gives their current price around PE 12 -ish.

2. Cash and Cash Equivalents (including deposits and investments) stand at RM 35.2mil. With Market cap of ~RM 65mil, that's approximately 54% cash to their market cap. The company doesn't have any notable borrowings to speak of-- very conservative management. NTA increases to RM 0.73 per share. Still at a discount.

3. Cash flow is great, with NOCF of RM 11.7mil. Very minimal CAPEX was spent-- leading to a FCF of +- RM 11.2mil. P/FCF ratio is about 5.8x.

4. They have done some small SBBs over the past year; with totally 853k shares with avg of just above RM 0.65 per share. In total, treasury shares stand at 2.85mil units, roughly 3% of total NOSH. Coincidentally, the SBB price is around the warrant conversion price; so this could be a potential way the management is trying to negate some of the dilutive effects of warrant conversion. We shall see.

5. All business segments have shown improvement in operations this year. Makes sense considering things have stabilized vs last year when commodities and freight were out of whack and supply chains were disrupted. As it stands, the company is on track to have a *record high year* since listing, if the recent performance can be continued.

6. The improved performance is mainly due to increased sales of their ICT products and projects in the TIS segment.

7. The management believes that they are a beneficiary of the government's push for EV related products and services, as well as the transformation of Tj Malim into a Global High Tech Automotive Hub for EV. We know that AMTEL is one of the manufacturers of an EV charging station, so we shall see how much they will get from the rollout of more EV infrastructure around the nation. Currently, they have yet to report the EV-related product into its own segment. I believe they likely will if it becomes substantial enough.

8. As such, the board expects the Group to deliver a stronger financial performance for FY23.

@aaronyew just fyi 😀