【信达国际控股】Pave way for future growth-250205（7页）.pdf

1、 Page 1/7 Company Update 5 February 2025 Hayman Chiu .hk(852)2235 7677 Trading Data 52-Week Range(HK$)3 Mth Avg Daily Vol(m)No of Shares(m)Market Cap(HK$m)Major Shareholders(%)Auditors Result Due 2.60/1.23 0.63 833.3 1,608.2 Li Pui Leung&Asso.(53.0%)Fidelity(9.99%)PWC FY24E:Mar 2025 Company descript

2、ion TK Group Holdings Limited(“TK”)is a one-stop total plastics solutions provider in PRC,who engaged in the design and fabrication of plastic injection molds and manufacturing of plastic components employing the plastic injection molds.Its customers are believed to include world renowned brands suc

3、h as Apple,Google Jabra,Philips,Polycom and major German automobile brands.TK Group ranked the second in terms of revenue from fabricating plastic injection molds in the PRC in 2012.Price Chart Sources:Bloomberg,CIRL FY24E preliminary result meet expectation TK issued a positive profit alert in end-

4、Jan and expects net profit attributable to shareholders to grow 20%Yoy(HK$245mn).TKs preliminary result was largely in-line with our FY24E estimates at HK$260mn.TK attributed the growth to i)overseas business rebound and significant revenue growth from domestic business,ii)plastic component segment

5、posted 20%Yoy growth,in particular from mobile phones and wearable devices(1H24:+51%Yoy)and iii)improvement in operational efficiency.In our operational update meeting with TKs management in Hong Kong in mid-Jan,Management shared that revenue growth momentum from mobile phones and wearable devices,c

6、ommercial telecom equipment sustained in 2H24.TKs mold fabrication and plastics components utilization rate(UTR)was 88%/65%by end-2024(vs.84.5%/60%in 1H24),which implied TKs UTR was running at full capacity in 2H24 based on our calculation.Mangement noted that clients are more cautious on mold spend