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San Shing's Profit in Q2 Continues to Drop; Modest rebound is Expected for H2
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2015-08-12
Due to the drop of gross profit margin resulting from appreciated TWD and depreciated EUR as well as the recognized undistributed earning tax, San Shing's shipment slightly slowed down in Q2 and leads to consolidated revenue of Q2 declining from that of Q1.
San Shing is a major automotive nut maker. Nut sales account for 60% of revenue, and screw sales is headed for 20%. Other products include mold, wire rod, etc. The company produces as per order reception, and its main target markets are Europe and Americas. So far 55% of its revenue come from US dollars and 45% from euros.
Overall, order intake of San Shing is still growing stably this year, excluding the depreciation of euro. This year the company continues to expand monthly screw capacity which has increased to 2,000 tons from last year's 1,200 tons. With extra space in the new plant, the capacity can max out to 2,000 tons and is expected to further increase 15% to 20% next year.
Looking at 2016, with the new finished plant, presumably the company will not have large capital expense next year and will be unlikely to distribute stock dividends. With the efficacy of new capacity becoming more obvious, San Shing's business performance for next year has a chance to go back on growth track.
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