Tee International earnings falls 60%

The OCBC Investment Research reports that its 3QFY12 revenue fell 60% YoY to S$25.4m.

PATMI meanwhile jumped to jumped 146% YoY to S$1.8m. The lumpy nature of its engineering work resulted in a bumper year in FY11, when a couple of TEE’s bigger projects were rushed to completion.

The management confirmed that the lower revenue in 3QFY12 is the result of the completion of these projects. On the other hand, our calculations show TEE’s PATMI increase can be partly attributed to one-off gains of S$0.5m, from one-off losses of S$0.2m a year ago.

OCBC also reported that the company is most likely to miss consensus estimates.

"With a chunk of its FY12 revenue brought forward to 4QFY11, TEE’s YTD financial performance has been disappointing. Although TEE remains confident of its outlook, especially with its engineering order book gaining S$37.6m to S$245m at end-3QFY12, TEE is unlikely to meet FY12 consensus estimates. TEE’s 9MFY12 revenue of S$104.1m only met 53% of our full-year estimate and 46% of consensus full-year estimate, while its 9MFY12 PATMI of S$7.7m only represents 38% of both our and consensus full-year estimates. Consequently, we revised our estimates of TEE’s FY12 revenue and PATMI by 22% and 41% lower respectively to S$152.8m and S$11.8m."

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