InnoTek (M14) Corporate presentation summary

Corporate profile and footprint

• Listed on the SGX Mainboard since Jan 1998; market capitalisation was S$104.1m. CEO Lou Yiliang was appointed in 2016; dividends have been paid yearly since FY2016.

• Mansfield’s precision metal components business provides stamping, tool and die design and fabrication, and precision machining.

• Manufacturing footprint spans five facilities in China, one in Thailand and two in Vietnam, serving a diversified international customer base.

• Strategic priorities include entering emerging sectors such as AI servers and EVs, expanding beyond China, and using a strong net cash position to fund growth.

Operations and FY2024 performance

• GPU servers recorded the highest YoY growth among segments, driven by strong demand for AI servers.

• Auto component orders rose in international markets and EV components in China; lower petrol-car component sales to foreign brands in China partly offset growth.

• Office Automation grew on higher overseas sales, partly offset by lower domestic orders; TV / Display sales increased following customer product launches in China and Vietnam.

• Thailand and Vietnam facilities’ revenue rose 144.8% to S$31.1m from S$12.7m during FY2024.

• Mansfield Surface Treatment (Dongguan) was established on 16 Jan 2025 to enhance capabilities, cost efficiency, quality control and lead times.

FY2024 financial highlights

• Revenue increased 15.8% to S$238.0m from S$205.6m; growth drivers included Auto, GPU servers, OA in Southeast Asia and TV / Display product launches.

• Gross profit rose 10.6% to S$36.4m, while gross margin declined to 15.3% from 16.0%, reflecting inventory and tooling obsolescence allowances.

• Net profit increased 24.5% to S$5.8m from S$4.7m; S$6.0m of one-off exceptional items were recorded, and stated net profit excluding these items was S$11.8m.

• Net cash was S$65.1m at 31 Dec 2024; NAV was 76.2 cents per ordinary share and FY2024 dividend was 2.0 cents per share.

• Annual dividend per share rose from 0.5 cents in FY2016 to 2.0 cents in FY2024, with 2.0 cents paid in each of FY2021–FY2024.