Karin Technology's revenue jumped 39.7%

Check out this segment which reported 56.7% sales increase.

According to OCBC Investment Research, Karin Technology’s 1HFY13 revenue exceeded its expectations but core PATMI was in line due to lower-than-expected gross margin.

Revenue surged 39.7% YoY to HK$2,123.3m and formed 54.4% of its FY13 forecast. Reported PATMI jumped 47.5% YoY to HK$33.7m. OCBC adds, after adjusting for exceptional items, it estimates that core PATMI came in at HK$26.8m (+5.1% YoY) and constituted 50.1% of its full-year projection.

Here's more:

Karin’s robust topline growth was driven largely by its Consumer Electronics Products segment, which reported a 56.7% increase in sales, although this also resulted in margin compression given the high volume, low margin nature of the business.

Karin declared an interim dividend of 7.2 HK cents/share, higher than the 7 HK cents/share in 1HFY12 (3.5 HK cents of interim and special DPS each). Karin also returned to a net cash position of HK$69.4m in 1HFY13 (2HFY12: net debt of HK$31.7m), aided by strong free-cashflows generated of HK$99.7m. We will provide more updates after speaking with management.

We maintain our HOLD rating on Karin but our S$0.25 fair value estimate is under review.

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