2QFY10 results preview. Notion Vtec (NVB) will release its 2QFY10 results on 29 April. We estimate net earnings to fall marginally 5-7% qoq vs. +9.2% qoq) to around RM13m due to:
1) seasonal factors;
2) strengthening of RM against the USD (+4.3% qoq); and
3) higher expenses stemming from the capacity ramp up in 2Q.
This would bring 1HFY10 net profit to around 54-55% of our full-year net profit forecast and around 53- 54% of consensus estimates. However, we expect a strong qoq growth in 3Q-4Q10, driven mainly by:
1) higher volume loading of base plates from Samsung and strong contribution from higher margin spindle motor hub.
Notion Vtec Berhad : Stronger Demand Ahead-26/04/2010
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