温故知新：科技股 Inari 曾闯入 KLCI 成分股

曾作为富时大马综合指数（FTSE Bursa Malaysia KLCI）成分股之一的 Inari Amertron Berhad，是少数成功跻身权重股行列的本地科技公司。对比目前长期占据成分股席位的 Axiata Group、CelcomDigi、Maxis 以及 Telekom Malaysia——这些以电讯与数码基建为主的企业——Inari 的“短暂上榜”（2021年12月20日至2023年6月19日）尤其引人注目。

Inari 于2011年7月19日上市，IPO价格为每股 RM0.38，上市市值仅约 RM1.26 亿。14年后的今天，其市值已跃升至约 RM75.24 亿，增长近49倍；同期，其来自主要客户的收入也由 RM1.54 亿增长至 RM13.51 亿，扩大逾8.7倍。

尽管科技行业普遍面临业绩波动与产品快速被替代的挑战，Inari 的成长轨迹显示，优质科技公司与其核心客户之间，往往能建立高度粘性的合作关系。这种深度绑定，为科技企业提供了相对稳定的成长基础，也解释了为何科技公司虽短暂入榜，却在资本市场中长期受到关注。

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Inari’s Growth Story: Strong Profits, Weak ROE

Over the past six years, Inari Amertron Berhad has achieved a 4 % CAGR in revenue while PAT grew at a double rate of 8% CAGR.

This stronger PAT growth, however, did not stem from improved cost leverage or margin expansion. As noted in the 2024 annual report, “the Group’s administrative expenses rose in line with revenue,” indicating no significant improvement in fixed cost efficiency.

Despite growing profits, Inari’s ROE fell from 18% in FY2019 to just 10% in FY2024. This decline reflects an outsized expansion in capital relative to earnings. For instance, between FY2019 and FY2024, total assets and shareholders’ equity rose at CAGR of 18 % –19%, well above the 4% revenue CAGR.

The company’s growth trajectory is also marked by a high concentration of revenue from a single customer. As disclosed: “approximately 90% of the Group’s revenue is derived from one major customer.”

This underscores a key investment risk, especially in a sector where technological shifts and client decisions can swiftly alter demand.

Taken together, Inari exhibits the financial strength typical of companies in the Gem quadrant of the Fundamental Mapper. However, its declining ROE and high customer concentration suggest elevated investment risk, even in the presence of profit growth.