Synnex(2347TW) Y19Q4 profit hit a new high with 45% growth. FY19 EPS was NT$4.09, cash dividend NT$2.6 per share.
2020.3.13

  The performance for Q4’19 after CPA audited: Consolidated revenue was NT$93.3bn, operating profit was NT$2.01bn, profit before tax was NT$2.76bn, profit after tax was 1.94bn, with a significant growth of 59%, 54% and 45% over the same period respectively. Y19Q4 EPS was NT$1.17.

 

  FY19 consolidated revenue was NT$340bn, operating profit was NT$5.98bn, with an increase of 10% YoY; Profit before tax was NT$8.89bn, increase by 11%, profit after tax was NT$6.82bn, increase by 3%. However, if eliminating one-time profit NT$0.73bn from disposal partial of shares in Synnex Corporation (US) in Y18, the profit after tax will significantly increase by 16%. FY19 EPS was NT$4.09.

 

  Synnex states that, in 2019, Synnex aggressively implemented agility projects, optimized product portfolio by terminated several unhealthy product lines and reinforced performance quality. In terms of internal management, Synnex continued to evolve operation process and strengthen the efficiency. Although the result of the above actions lead to an 11% decrease of revenue, the gross profit showed a contrastive growth. The gross profit margin in Y19 increased significantly by 0.55% and became 4.33%. At the meantime, the operating expense decrease by 4%. These two factors lead to the operating income increased by 10%. In addition, the profit from overseas joint ventures increased by 18%. All these factors result in an 11% increase of profit before tax, profit after tax was NT$68.2bn, profit margin was 2.0%, and EPS was NT$4.09.

 

  In 2019, the group global revenue, including joint ventures, exceeds NT$1.35 trillion, with a growth of 10% YoY. Among them, the combined revenue of joint ventures in United States, India / Middle East, Thailand, and Vietnam increased by 19%. According to equity method, the investment income was totaled NT$2.18bn, with an increase of 18%.

 

  In addition, BOD resolved and declared 2019 cash dividend distribution of NT$2.6 per share. The yield rate is around 7.7% based on the current stock price.

 

 

 

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