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did you read the latest qr, wong? I would suggest that you have a look at it if you have not and you will be able to sleep well despite the irrational selling :)
the latest 2 qrs were showing revenue decline driven by the tariffs (24% to 19% previously) and customer driven pricing pressure. This is consistent with Dyson's message - President Trump imposed tariffs of up to 24pc on US imports from Malaysia, where Dyson manufactures many of its products, although this was later cut to 19pc. It also manufactures in the Philippines, which was also hit by a 19pc tariff before they were voided by the Supreme Court last month. The company raised prices in the US last year, citing “global economic conditions”. Following the results, Hanno Kirner, Dyson’s chief executive, said: “In 2025, the US tariffs were particularly damaging. However, Dyson fared well, with earnings and operating profit up significantly and costs markedly down. ”Mr Kirner said the company planned to release a record number of products “at a range of different price points”, which he said would allow it to reach more consumers.
new products and different price points strategy - Dyson will need Skpres as a partner to achieve this :) One that has the capacity, flexibility, experience and solid balance sheet to deliver. Still, have a look at Skpres report and look at each of the line items in the balance sheet and cash flow statements; solid if you will. Capex in FY2026 is higher than FY2025 despite cyclical low revenue :) Disciplined mgmt in terms of working capital - receivables collected timely (reduced by ~50%), inventories drawn down (reduced by ~20%) and cash balance doubled. These are just a few line items :)
dyson profit is mainly because of the tariff cancellation on Philippines.
price up, tariff cancel.
now i also worry if they shift from malaysia to Philippines
Lol. 24% to 19% to potential 10% depending on the outcome of hearing by July. The Philippines, Singapore, Thailand and Vietnam are among the 44 economies that the Trump administration has threatened with a 12.5 percent tariff for unfair trading practices. The remaining 16 nations, including Cambodia, Indonesia, and Malaysia, are in line for a 10 percent tariff.
understood, Wong. that explained your current emotional state. Just chillax and look at the report objectively specifically the balance sheet line items and FY26 annual report should be released soon :) A historically solid company in a cyclical low macroenvironment if you will.
Very unlikely they will declare 3c base on their currect performance. Preserve cashflow should be their main priority to get thru this difficult time. 1.5-2 should be yhe max they can do
tu dia EPF... last year total shareholdings was at 12% and EPF rebalanced to 11% before QR. Post QR - EPF has now increased its shareholdings to above 12%.
Monitor and review EPF trading and initial portfolio rebalancing strategy in VS Industry and D&O when they were Substantial Shareholders previously. EPF had since exited as Substantial Shareholders in VS Industry & D&O.
Makes sense for EPF to exit D&O, the assassin. Lack of transparency on the patent infringement lawsuit and redirecting capex funds to other purposes. That's a big red flag. I am not familiar with VS though. It is unlikely for EPF to exit Skpres based on the balance sheet strength. Well, unless it's balance sheet weakens in coming qtrs such as spike in receivables, lower capex, cash flow from ops getting lower, etc.
I will hold on to it for now, ntr. Just started position after the first qr below 5% margin :) will review it one qtr at a time. I have not found any reason to exit yet :)
The mgmt quoted the following - Taking into the above-mentioned factors into consideration, the Board anticipates the Group’s financial performance in upcoming
financial year to remain moderate relative to the preceding year. The Group continues to prioritize customer diversification,
operational excellence and cost optimization across its operations.
Safe to assume performance of 16mil in q3fy26 as the qtrly base performance in fy27. The bull case will be mid to high twenty million qtrly performance.
Middle East tension in the spotlight as it is one of the factor that dampened the consumer demand and disruptions to supply chain as highlighted by the mgmt. Extracted from CNN - Trump touts progress: President Donald Trump claimed the US has “ended the war with Iran,” after earlier Thursday announcing a “great settlement” that he said would resolve the conflict and reopen the Strait of Hormuz. Trump said Vice President JD Vance could attend a signing ceremony in Europe in the coming days.
The earliest improvement to the supply chain and consumer demand will be seen by mid to end of Q3 assuming a deal is signed in June; it will take a few months.
probably bcos of company is confident with 2nd half of FY27, Wong. Middle East tension is cooling off with the MoU in the headlines, oil price futures trending near low eighties. As for its business, the Group successfully expanded its EMS capabilities by securing a top-tier global customer in innovative printing solutions, in addition to a world-class manufacturer of premium outdoor gardening products. The newly awarded key customer programmes (c.MYR180m pa) commencing in 2HFY27 and as for existing customer, SKP has secured new accessories model wins with production commencement expected in Sep/Oct 2026.