SerComm impacted by component shortage despite robust demand

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Aaron Lee, Taipei; Adam Hwang, DIGITIMES

Thursday 12 August 2021

Latest stock

Sercomm [5388] historical stock price (NT$)
Date	Volume (k)	Transactions	Value	Open	High	Low	Close	Change		Ask	Bid
6-Jul	2,761	2,008	210,875,433	77.20	77.70	75.60	76.00	-0.10	-0.13%	75.90	76.00
5-Jul	2,543	2,357	194,096,167	76.50	77.20	75.40	76.10	+1.10	+1.47%	76.10	76.20
4-Jul	2,161	2,135	164,951,965	76.50	78.30	75.00	75.00	-0.90	-1.19%	75.00	75.10
1-Jul	3,930	4,341	305,419,775	81.00	81.00	75.80	75.90	-5.20	-6.41%	75.90	76.00
30-Jun	3,169	2,499	256,301,773	82.10	82.30	79.70	81.10	-1.50	-1.82%	81.00	81.10
29-Jun	3,024	2,759	249,274,080	83.90	84.00	81.60	82.60	-1.10	-1.31%	82.60	82.70
28-Jun	3,708	2,843	311,272,985	83.00	84.70	83.00	83.70	-0.10	-0.12%	83.70	83.80

Latest sales

Sercomm: Consolidated revenues, Jun 2021 - Jun 2022 (NT$m)
Month	Sales	M/M	Y/Y	YTD	Y/Y
Jun-22	5,721	24.4%	58.6%	27,865	42.2%
May-22	4,601	(5.8%)	47.1%	22,160	38.6%
Apr-22	4,884	1.9%	49.4%	17,559	36.5%
Mar-22	4,792	27.5%	40.5%	12,658	31.9%
Feb-22	3,758	(8.5%)	19.9%	7,866	27.1%
Jan-22	4,108	(18.7%)	34.5%	4,108	34.5%
Dec-21	5,055	15.6%	52.8%	43,912	21.7%
Nov-21	4,372	15.7%	20.6%	38,858	18.5%
Oct-21	3,777	5.5%	3.7%	34,486	18.3%
Sep-21	3,579	(7.7%)	0.6%	30,709	20.3%
Aug-21	3,879	6.3%	34.3%	27,129	23.5%
Jul-21	3,649	1.1%	21%	23,251	21.9%
Jun-21	3,608	15.4%	(0.8%)	19,602	(77.5%)

*Figures are consolidated
Source: TSE, compiled by Digitimes, July 2022

Sercomm: Consolidated revenues, 1Q21 - 1Q22 (NT$m)
Quarter	Sales	Q/Q	Y/Y	YTD	Y/Y
1Q-22	12,674	(4%)	32.1%	12,674	32.1%
4Q-21	13,198	18.9%	24.8%	43,900	21.6%
3Q-21	11,100	11%	17.3%	30,702	20.3%
2Q-21	10,004	4.2%	8.1%	19,602	22.1%
1Q-21	9,598	(9.3%)	41.1%	9,598	41.1%

*Figures are consolidated
Source: TSE, compiled by Digitimes, July 2022

Latest balance sheet and income statement

Sercomm: Consolidated balance sheet, 1Q21 - 1Q22 (NT$k)
Item	1Q-2022	4Q-2021	3Q-2021	2Q-2021	1Q-2021
Current assets	32,064,693	27,944,128	29,040,724	26,049,740	24,833,866
Intangible assets	628,741	430,094	434,997	437,097	466,236
Non-current assets	6,636,762	6,450,124	6,003,075	6,084,774	6,095,629
Assets	38,701,455	34,394,252	35,043,799	32,134,514	30,929,495
Current liabilities	23,926,194	20,754,345	23,258,522	19,958,737	18,897,279
Non-current liabilities	5,895,161	5,396,370	4,031,462	4,033,461	3,990,805
Liabilities	29,821,355	26,150,715	27,289,984	23,992,198	22,888,084
Stockholders' equity	8,880,100	8,243,537	7,753,815	8,142,316	8,041,411

*Figures are consolidated
Source: TSE, compiled by Digitimes, July 2022

Sercomm: Consolidated income statement, 1Q21 - 1Q22 (NT$k)
Item	1Q-2022		4Q-2021		3Q-2021		2Q-2021		1Q-2021
Item	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales	NT$k	% of sales
Operating revenue	12,674,419		13,197,665		11,099,810		10,004,162		9,597,871
Gross profit (loss) from operations	1,641,846	13%	1,642,113	12.4%	1,456,601	13.1%	1,294,287	12.9%	1,275,244	13.3%
Operating expenses	1,266,370	10%	1,191,672	9%	1,222,968	11%	1,099,628	11%	1,100,810	11.5%
Operating income (loss)	375,476	3%	450,441	3.4%	233,633	2.1%	194,659	1.9%	174,434	1.8%
Non-operating expenses and losses	5,665	0%	-13,293	-0.1%	7,971	0.1%	-19,207	-0.2%	-2,506	0%
Income from continuing operations before income tax	381,141	3%	437,148	3.3%	241,604	2.2%	175,452	1.8%	171,928	1.8%
Net income (loss)	323,450	2.6%	371,996	2.8%	183,162	1.7%	166,330	1.7%	140,301	1.5%
Diluted earnings per share (NT$)	1.3		1.4		0.7		0.6		0.5