Fu Yu Corporation (F13) Corporate presentation summary

Business profile

• Founded in 1978 and listed on SGX in 1995; capabilities span precision tool design and fabrication, injection moulding and sub-assembly.

• Six manufacturing locations: one in Singapore, two in Malaysia and three in China.

Financial performance

• 9M2023 revenue was S$104.3M, down 33.8% YoY; gross profit was S$9.5M, down 67.8%, and gross margin was 9.1%, down 9.6 ppt.

• 9M2023 net loss was S$5.8M versus net profit of S$15.6M in 9M2022.

• As of 30 Sep 2023, net cash was S$56.7M, or 7.5 cents per share; NAV was 18.5 Singapore cents per share.

• Revenue mix shifted YoY: consumer rose to 36% from 23%, while medical declined to 26% from 33% in 9M2023.

Precision manufacturing and smart factory

• Added 12 high-precision engineering specialists, bringing the total to 35; capabilities include scientific moulding, reverse engineering and advanced injection moulding, including liquid silicone rubber.

• Products at 2–5 micron precision are increasingly achievable, versus 10–20 microns previously; projects secured across U.S., European and Asian medical and consumable markets.

• High-precision and normal-precision revenue mix is expected to reach 70% and 30%, respectively, within two years.

• Smart Factory completed in Dec 2022; usable space more than tripled to 9,348 sqm, with S$22M capex as of Oct 2023.

• In-house moulding reached 90% as of Sep 2023, up from 70% a year earlier; the Singapore facility supports high-tech mould operations and spoke facilities in Malaysia and China.