Broadway Industrial (BWAY SP): 

The need for space

 

  • BUY Entry – 0.215 Target – 0.240 Stop Loss – 0.205

  • hdd actuatorarmHDD actuator armListed on the mainboard of SGX since 1994, the company is one of the leaders in the manufacture of precision components and assemblies.

    It is a key provider of actuator arms, assemblies and other related parts for the global hard disk drive (HDD) industry.

    Headquartered in Singapore, the company has 4 manufacturing facilities in China and Thailand and employs around 3,5000 people.  

  • Need for space. Total HDD sector revenue is expected to increase at a 10% CAGR from 2020 to 2025, reaching total sales of US$32.9bn by 2025, according to forecasts by TRENDFOCUS.

    Growth will mainly be driven by enterprise demand for more storage.

    While the growth of cloud-based solutions has been highlighted as a key driver of higher storage demand, the market may still be overlooking the increasing trend of data-localisation measures.

    The number of localisation measures around the world has more than doubled over the last four years, with China being the most data-restrictive country, followed by Indonesia, Russia, and South America. 

    Strong outlook in 2H 2021. 1H2021 sales increased 11% YoY to S$211mn while net profit grew by 9% YoY to S$7mn.

    The better performance was driven primarily by higher shipment volume and higher average selling price of its HDD products as it shipped more high-performance enterprise products.

    Management commented that it expects demand for high-performance HDDs and personal storage HDDs to remain strong in 2H 2021.

    The company currently trades at an attractive 6.5x annualised 1H2021 P/E. 

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  • Lionel Lim