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Spotlight on Global Testing Corporation
A bullish breakout
semiconductor manufacturing industry. The company offers wafer sorting and final testing
services for logic and mixed signal semiconductors used in consumer electronics and
communications devices.
Description: Global Testing Corporation (GTC) offers testing services for theImmediate outlook:
up in trading volume for the past 2 trading days. Coupled with improving indicators, the
stock is looking bullish in the near term. The stock is a
0.24 level. Place a stop at S$0.205. The breakout target is S$0.30.
The stock just broke out of its consolidation triangle. GTC was a pickTechnical Buy now at the S$0.22-Medium term outlook (2-6 months):
uptrend channel is still intact. With MACD just issued a buy signal since last Nov and it has
been edging higher slowly. We believe that long term investors should
stock is trading very near the bottom of its uptrend channel. Hence the downside risks are
small relative to its potential returns. This is an
Next target for the stock is the middle band resistance at S$0.30-0.31, followed by
S$0.375-0.39 next
Medium term outlook for GTC is bullish as itsBuy now as theexcellent opportunity to buy this stock.agree something very wrong abt this counter.. vested at 0.24 but will sell if it doesnt break abv this price and close abv it on monday.
Price reflected its size is correct. Underpriced for 8 months ? Unnoticed for 8 months ? Please check its daily volume, periodically its volume is 5 to 10K.
Cant believe no big boys notice it and push it up. Stats news already set many looking at Utac and GT..............unnoticed is a very good excuse, just an excuse.
Something is wrong somewhere. Should be careful.
15 May 2007
ResultsG
L O B A L T E S T I N G1Q07: Margins Hurt By Low Utilisation
Global Testing reported 1Q07 net profit of US$0.2m on revenue of
US$13.3m (-23.7% yoy). This was much lower than our net profit forecast
of US$3.4m despite a foreign exchange gain of US$0.9m.
Margins hurt by low utilisation.
which is at the bottom end of the guided range (-18% to -22% qoq).
Demand was affected as customers adjusted their inventories and there
were also fewer working days due to the Chinese New Year holidays.
Demand from the foundry industry was weak, with TSMC reporting a
16.6% yoy decline in revenue to NT$64.9b for 1Q07. Loading from Marvell
was affected by lower volume for HDD controllers. New customer Nvidia
contributed 4% of total sales.
EBITDA margin was unchanged at 54.1% in 1Q07, against 55.5% in 4Q06,
but was significantly lower than the 67% in 1Q06. The deterioration in
margins was due to lower capacity utilisation of 58% in 1Q07 vs 65% in
4Q06 and 90% in 1Q06. Global Testing generated positive free cash flow
of US$7.2m for 1Q07. Gearing was low at 0.31x as at Mar 07.
Revenue declined 21.8% qoq to US$13.3m,
Overlooked and undervalued.
by 30.5% to US$16.2m due to lower-than-expected capacity utilisation in
1H07. We expect recovery in 2H07, driven by diversification into PC-related
chips with Nvidia and AMD and the XScale project from Marvell. Share
price should be well supported by NTA/share of S$0.26 as at Mar 07. The
stock still offers the cheapest exposure for semiconductor Assembly & Test
with 2007 PE at 9.8x (UTAC: 10.3x), EV/EBITDA at 3.3x (UTAC: 4x) and
P/B at 0.8x (UTAC: 1.5x). Reiterate BUY with target price at S$0.33
(previously S$0.42), or FY07 EV/EBITDA of 5x.
Analyst:
Jonathan Koh, CFA �� ��
size is smaller as compared to stats and utac but thats well reflected in the price..
And its basically overlooked and underpriced as compared to stats and utac..
This GT is not in the leaque of Stats and Utac, although doing similar business. Its size is so small, its like a child in a man's world, can get some crumbs only. Price at .22-.24 for eight months already; but Stats has sky rocketed, Utac up 15/20 %.
FD gives better return. I sold off mine few months ago.
company posted profits even in poor conditions..which bodes well..
when inventories correct out by H1 we will see a big boost in profits in H2 and so will the share price then..
Big boys already starting to accumulate..
maybe temasek holdings will buy over global testing instead!! so quiet here..haha..:)
disclaimer: dun take me seriously!
This stock is at over-sold position now.
It's time to buy in now.
For-see that it will cheong anytime to new high.
This counter seem to be a laggard despite posting decent results. Has been hovering around 23 to 23.5 cents for few months which is a distant away of 39 cents. Anyone care to comment? Thanks.