ECS Holdings' profits inched up 0.4% in Q2

Performance might be better in 2H.

ECS Holdings (ECS) reported a 0.4% YoY increase in its 2Q14 revenue to S$1,021.8m, driven by a jump in its Enterprise and Services segments.

According to OCBC, ECS can expect a stronger performance in the second half of the year thanks to a more positive outlook for global IT spending in the second half of 2014 across all major segments.

The worldwide IT spending is forecasted to increase by 4.5% in 2014, driven mainly by
smartphones as well as the enterprise segment. IT spending growth in China is likely to grow 13% in 2014, with server spending to increase by 7% and software by 9%.

“With 2Q14 results within our expectations, we maintain our FY14 revenue and PATMI forecast. The increase in net gearing from 0.37x as at 31 Dec 2013 to 0.68x as at 30 Jun 2014 due to the jump in ECS’ Enterprise business, which is more working capital intensive, led to an
increase in short-term bank borrowings,” noted OCBC.

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