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Stock research on global mid-cap companies, Evaluate Research

Equity Bottom-Up

Leoch International Technology / Equity Bottom-Up

<div><a target="_blank">Leoch&nbsp;</a><a target="_blank">[842_HK; HK$937 million/US$122 million market cap]</a>&nbsp;reported robust revenue and profit growth with the overall revenues growing by 19.1% to RMB6,168 million for the 1HFY2022 ended June.&nbsp;EPS rose by 200% on a YoY basis in 1HFY2022 to RMB6 cents on account of increase in foreign exchange gains, while the profit amounted to RMB96 mn, representing an increase of 174% compared to the corresponding period in 2021.</div>
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<p>The company achieved a solid performance in its Recycled Lead business and Power Solutions business with a revenue growth of 35% and 16%, respectively, as compared to the corresponding period in 2021. The revenue for Recycled Lead business and Power Solutions business was RMB1,257 million and RMB4,911 million respectively. The volume delivered in terms of tonnage grew in low single digit while higher revenue growth was contributed by higher overseas battery sales and selling prices per ton. Gross profit margin was lower as compared to last year due to rise in shipping costs.</p>
<p>The increase in revenue from batteries was mainly contributed by growth in the overseas market business while growth in China was in the single digits. The overseas growth was mainly contributed by the Americas region (+111% Up) along with Asia Pacific region other than China (+64% Up).</p>
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Leoch&nbsp;[842_HK; HK$937 million/US$122 million market cap]&nbsp;reported robust revenue and profit growth with the overall revenues growing by 19.1% to RMB6,168 million for the 1HFY2022 ended June.&nbsp;EPS rose by 200% on a YoY basis in 1HFY2022 to RMB6 cents on account of increase in foreign exchange gains, while the profit amounted to RMB96 mn, representing an increase of 174% compared to the corresponding period in 2021.




The company achieved a solid performance in its Recycled Lead business and Power Solutions business with a revenue growth of 35% and 16%, respectively, as compared to the corresponding period in 2021. The revenue for Recycled Lead business and Power Solutions business was RMB1,257 million and RMB4,911 million respectively. The volume delivered in terms of tonnage grew in low single digit while higher revenue growth was contributed by higher overseas battery sales and selling prices per ton. Gross profit margin was lower as compared to last year due to rise in shipping costs.
The increase in revenue from batteries was mainly contributed by growth in the overseas market business while growth in China was in the single digits. The overseas growth was mainly contributed by the Americas region (+111% Up) along with Asia Pacific region other than China (+64% Up).




Leoch [842]: Results: Robust Growth, 5G Play at 4.6x P/E 2.7x EV/EBITDA