Synnex(2347TW) Mar’20 revenue was NT$26.9bn, down 5% YoY, up 38% MoM
2020.4.10

  Synnex preliminary consolidated financial results were as follows:

Synnex consolidated revenue in Mar’20 was NT$26.9bn, with a decline of 5% YoY, but with an increase of 38% MoM. Y20Q1 revenue was NT$68.2bn, with a decline of 16% YoY, mainly due to the large decline in Jan and Feb, but the business in March has stabilized.

 

  Synnex states that due to the COVID-19, the conditions of market and supply chain are quite chaotic in January and February. However, as the anti-epidemic measures of various countries are gradually on track and various bail-out and rejuvenation programs have also stabilized market confidence, the market condition in March has improved significantly. Revenues of Synnex in all regions increased in March compared with February. Among them, revenue in China doubled in March, with an increase of 115%. Hong Kong, Australia, New Zealand and the components business also grew by 20% to 30%.

 

  From the product aspect, commercial products gain the largest growth compare between March and February. The revenue of commercial laptops needed for work from home grows by more than 50%; the sales of network /information security and other products related to long-distance communication and teaching have even increased by 1.5 to 2 times; the revenue of data center related products, including server, storage and other products have also doubled. In addition, due to more people prefer or was demanded to stay at home during this period, the new life style has triggered the demand for e-Sports, gaming and other products. The sales of these products has grown by 30% compared with February.

 

  By products breakdown were as follows:

 

(1). IT revenue in Mar’20 was NT$17.0bn, with a decrease of 4% YoY. Y20Q1 revenue was NT$42.5bn, with a decrease of 15% YoY and shared 63% of total consolidated revenue.

 

(2). Telecom revenue in Mar’20 was NT$1.1bn, with a decrease of 24% YoY. Y20Q1 revenue was NT$3.6bn, with a decrease of 28% YoY and shared 5% of total consolidated revenue.

 

(3). Consumer Electronics revenue in Mar’20 was NT$1.7bn, with an increase of 5% YoY. Y20Q1 revenue was NT$5.4bn, with an increase of 4% YoY and shared 8% of total consolidated revenue.

 

(4). IC components revenue in Mar’20 was NT$7.1bn, with a decrease of 5% YoY.

Y20Q1 revenue was NT$16.7bn, with a decline of 21% YoY and shared 24% of total consolidated revenue.

 

  Looking forward to Y20Q2, as the current global epidemic situation is still unclear. At the same time, the control measures adopted by many countries in response to the epidemic may also have impact on other countries. Synnex remains cautious and conservative about the market in Y20Q2.

 

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