Latest / Investor Exchange / Serial System Ltd: 1H2025 Financial Results & Outlook

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Serial System Ltd: 1H2025 Financial Results & Outlook · Investor Exchange

• 0:02
  Time for another Investor Exchange podcast. Here are your hosts, Matt and Sally.
• 0:08
  Welcome to the Deep Dive. Today, we're really digging into Serial System LTD's
• 0:13
  financial results for the first half of 2025.
• 0:16
  Yeah, it looks like quite the story. It really does. It seems like a remarkable
• 0:20
  turnaround from last year.
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  Our mission here, and hopefully yours too, is to take their latest results presentation
• 0:26
  their financials and just pull out the key bits.
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  Understand why the numbers look the way they do, and maybe even,
• 0:33
  you know, peek into what's next for them.
• 0:35
  Sort of a shortcut through all the jargon. Exactly. You're fast-tracked to understanding
• 0:39
  the financial picture without wading through, well, pages and pages.
• 0:43
  Right. And we've got the full deck here, the presentation, the statements.
• 0:46
  We're not just looking at what happened in the first half. No.
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  But really trying to get at why it matters for the company's story.
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  Connect those dots for you. What are the drivers? What does it mean going forward? Okay.
• 0:56
  Let's jump right in then. This turnaround seems pretty dramatic.
• 0:59
  Looking at the big picture, 1H 2025 versus 1H 2024.
• 1:04
  Top line first. Sales were up 5%, so U.S.
• 1:08
  $392.7 million, up from about $375 million.
• 1:12
  And gross profit rose significantly, actually, up 17% to U.S. $32.6 million.
• 1:19
  Yeah, that's a healthy jump. Which means the gross profit margin also improved,
• 1:23
  went up by nearly a full percentage point, point nine points to eight point three percent.
• 1:26
  OK, so selling more and making a bit more on each sale, generally speaking. Right.
• 1:31
  But here's the really interesting part, I think. The bottom line. Ah, yes.
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  The net profit. This is where it gets fascinating. In the first half of 2024,
• 1:39
  they actually had a net loss.
• 1:41
  U.S. five point two million dollars. Right.
• 1:44
  But for this period, one age 2025, they swung all the way back to a net profit of U.S.
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  Zero point eight million dollars.
• 1:52
  0.8 million. So not huge in absolute terms, but the swing. Exactly.
• 1:57
  The report calls the change not meaningful because, you know,
• 2:00
  comparing a loss to a small profit give a huge percentage that isn't very useful.
• 2:04
  But that not meaningful tag actually signals a massive shift,
• 2:07
  right, from a redding to blacking. Totally. And the EPS reflects that, too. Yep.
• 2:10
  Went from a loss of 0.57 cents per share to a profit of 0.09 cents.
• 2:15
  Well, it's a complete reversal on the profitability front. Okay, let's unpack that.
• 2:19
  How does a company go from a $5 million loss to almost a million in profit in just a year?
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  What drove this huge shift? There are a few key pieces to this puzzle.
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  So you mentioned that overall 5% revenue increase.
• 2:34
  Let's maybe start there. Peel back the layers on where that growth actually came from.
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  Regionally, by business segment? Good place to start. So that 5% overall increase,
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  it hides some different stories underneath.
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  Their main business electronic components distribution.
• 2:49
  That actually saw a pretty marginal increase, like 0.03%. Barely moved.
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  It landed at U.S. $332 million.
• 2:56
  Okay, so the growth wasn't really coming from their core then,
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  or was it mixed? It was definitely mixed. Inside that segment,
• 3:02
  they saw higher sales in Hong Kong and China.
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  That seems to be linked to a Chinese government program for consumer goods trade-ins.
• 3:09
  Ah, interesting. Yeah, and also increased demand for AI-related stuff,
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  you know, in household appliances, cars, mobiles, that whole AI wave.
• 3:16
  Right, AI is everywhere now. Pretty much.
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  And South Korea also did better, mainly from the automotive sector,
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  so some definite bright spots there. But if the overall growth was almost flat,
• 3:25
  something must have been dragging it down.
• 3:28
  Exactly. Those gains were basically canceled out by lower sales elsewhere.
• 3:32
  Southeast Asia and India were down.
• 3:35
  Why was that? Seems like a combination of things. A supplier had an end-of-life
• 3:39
  product, so that revenue disappeared.
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  Some customers apparently had too much inventory already. Surplus stock. Right.
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  And then one customer had issues because their supplier was facing financial
• 3:49
  challenges, so kind of specific localized problems.
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  And Taiwan was down, too, just sluggish demand, both locally and for exports.
• 3:57
  Got it. So electronic components, a real nix bag, some AI and auto strength
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  in China and Korea, but offset by specific issues elsewhere.
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  Precisely. A bit of a balancing act. Okay, let's shift then.
• 4:09
  What about consumer products distribution? That seemed to be doing much better
• 4:12
  in the summer. Oh, absolutely.
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  That segment was the real growth engine this period.
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  Turnover jumped 42%. 42%. Up to U.S. $56.4 million.
• 4:23
  Wow. Okay. Where did that come from? Mostly driven by really strong sales in
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  Malaysia, especially in those hot areas right now, gaming, computing,
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  data centers, AI-related products. Seems like they caught the wave there.
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  They really did. And Thailand helped, too. They expanded their computer peripherals range there.
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  Any weak spots in consumer products? Just one mention specifically.
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  A Singapore subsidiary selling 3D printers and accessories saw sales decline.
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  The reason given was intense market competition. Right.
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  So consumer products largely powering ahead, except for that specific niche
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  in Singapore. Correct. What about the other businesses?
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  Anything significant there? It's smaller scale, but it also grew quite a bit.
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  37% increase to U.S. $4.2 million.
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  That's mainly from things like hospitality and healthcare solutions,
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  and also some medical device assembly and distribution.
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  So maybe some successful diversification happening there, too.
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  Okay, so the revenue story is clearer now.
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  Targeted growth in consumer tech and some niche areas, while the core electronics
• 5:23
  business held steady due to offsetting regional trends.
• 5:26
  That sums it up well. But back to the magic trick, that profit swing.
• 5:30
  We saw the gross profit margin went up to 8.3%. How did they manage that,
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  especially if the core business revenue was flat? Right. This is where their strategy really shows.
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  For the electronic component side, even with flat revenue, they deliberately
• 5:45
  focused sales on products and customers with higher margins.
• 5:49
  Ah, so not just volume, but profitable volume. Exactly. Selling smarter, not just harder.
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  And in the consumer products business, particularly in Malaysia where the growth
• 5:59
  was strong, They managed to get better product margins in those high demand
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  segments, gaming, computing, AI stuff. Makes sense.
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  Capitalize where the demand is strong. Though it's worth noting,
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  they did mention that in other consumer product regions, margins were actually
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  lower because of intense competition. So that focus on higher margin sales where
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  they could was really key.
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  That focus on profitability certainly makes sense for the bottom line.
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  But are there potential downsides?
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  Like are they maybe sacrificing market share or perhaps longer term customer
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  relationships by being so selective on margin?
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  That's a really sharp question. It's always a tradeoff, isn't it?
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  Focusing purely on high margin can mean you pass up bigger volume deals,
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  deals that might, you know, grow your footprint or lock in a key customer,
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  even if the immediate profit isn't as high. Right. It's a strategic balancing act.
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  For this half year, it clearly paid off for cereals that got back into profit.
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  But it suggests maybe a focus on stability, on cash flow right now,
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  perhaps over aggressive expansion.
• 6:55
  Something to watch. Definitely. That makes sense. A strategic choice for the current climate.
• 7:00
  OK, but even with better gross margins, that leap from a five point two million
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  dollar loss to another point eight million dollar profit still feels huge.
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  What were the biggest financial levers they pulled or maybe benefited from?
• 7:12
  Okay, here's the absolute core of that turnaround.
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  Number one, by far, foreign exchange. FX, always a fact. A massive one here.
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  In 1H 2024, they booked a net loss from FX of U.S. $3.1 million.
• 7:26
  Ouch. Yeah. But in 1H 2025, that completely flipped to a net FX gain of U.S. $1.5 million.
• 7:33
  That's a swing of, what, $4.6 million just from currency movements?
• 7:36
  Wow. How much of that was actual cash versus just on paper?
• 7:39
  Good question. They point out that U.S. $1.2 million of that $1.5 million gain.
• 7:45
  So 80% of it was unrealized. Okay, let's pause there.
• 7:49
  For listeners, unrealized foreign exchange gain. Yeah. Sounds a bit abstract.
• 7:54
  Can you break that down simply? Is it real money or just an accounting thing?
• 7:58
  Great point. Think of it like this.
• 8:01
  Unrealized means the value changed on paper, but the cash hasn't actually moved yet. Yeah.
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  Imagine their subsidiary in China owes money back to the parent company in U.S.
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  Dollars. Okay. If the Chinese yuan strengthens against the U.S.
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  Dollar during the period, that debt, when translated back into yuan for the
• 8:18
  subsidiary's books, becomes smaller. It costs them less in their local currency.
• 8:22
  Ah, so the liability shrinks on paper. Exactly.
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  They haven't physically paid less cash yet, but the value of what they owe has
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  decreased purely due to the exchange rate moving in their favor.
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  It's like if you owe money on an overseas credit card and the exchange rate
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  improves before you pay suddenly, the bill looks cheaper in your home currency. Got it.
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  So it reflects a genuine reduction in their financial exposure due to currency,
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  even if the cash benefit isn't banked yet.
• 8:47
  And that was mainly China and Thailand subsidiaries. Primarily, yes.
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  Their local currencies strengthened against the U.S. dollar,
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  reducing the value of their U.S.
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  Dollar intercompany debts. It gave their profit a huge boost this half.
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  Okay, so FX was massive. What else played a big role in flipping the profit picture?
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  Another significant item was something called a write-back of allowances for
• 9:09
  inventory obsolescence.
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  They had a write-back of U.S. Cere. $8 million this half.
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  Compared to last year. Last year, they actually had a small allowance of about $10,000.
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  So another positive swing there. Right. Write-back of allowances for inventory obsolescence. Yeah.
• 9:24
  That's quite a mouthful. Simple terms. What does that mean for their operations,
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  and why is it a good sign? Yes, it is a mouthful.
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  Basically, companies regularly estimate how much of their inventory might become
• 9:35
  obsolete, old, unsellable, damaged, you know, potentially worthless stock.
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  They set aside a provision and allowance for that expected loss.
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  OK, makes sense. Like a contingency fund for bad stock. Exactly.
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  A right back means they decided they didn't need that allowance anymore,
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  or at least not as much of it.
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  Either the inventory they thought was risky actually sold or perhaps its market value recovered.
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  So it's a sign of good news. Better inventory management, maybe?
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  Or just market conditions improved for that stock?
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  It's definitely a positive signal. It suggests they're managing their stock
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  better or the market for those goods turned out stronger than feared.
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  It essentially reverses a previously anticipated loss, adding directly back to the profit.
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  Interesting. So FX gains and better inventory outcomes were key.
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  Anything else major? Lower net finance expenses helped too.
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  They decreased by U.S. $1.2 million compared to last year. And why was that?
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  Mainly due to overall lower interest rates, they said. So the cost of their
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  borrowing came down. Okay. So those are the big three.
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  Massive FX swing, inventory allowance reversal, and lower interest costs.
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  Were there other, maybe smaller shifts in expenses that affected the picture?
• 10:45
  Yeah, a few other movements.
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  Distribution expenses actually went up a bit, but that kind of makes sense,
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  right? Linked to higher sales commissions and related costs from the growth areas we discussed.
• 10:54
  Yeah. More sales, more commission. Exactly.
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  But on the plus side, administrative expenses were down marginally and other
• 11:02
  operating expenses decreased overall.
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  That decrease was partly helped by that FX gain flowing through and also lower
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  depreciation charges on their assets.
• 11:12
  Gotcha. One other small drag, though,
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  The contribution from their associated companies flipped. It went from a small
• 11:19
  net profit of $72,000 last year to a small net loss of $29,000 this year.
• 11:25
  They specifically mentioned PT, Central, Mitra, Informatica,
• 11:29
  TBK, and Bull Will Co. Ltd.
• 11:31
  Not a huge number, but it went the wrong way. Okay, that's a pretty thorough breakdown of the P&L.
• 11:37
  It paints a picture of strategic focus on margins, much better inventory handling,
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  and a significant, maybe fortunate boost from FX and interest rates.
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  I think that captures it well.
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  All right, let's shift gears from the income statement to the balance sheet.
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  How does the company's overall financial health look after all this?
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  Does the balance sheet reflect this improved performance? It does in several
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  ways. Looking at working capital first, how they manage their day-to-day cash needs.
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  Trade and other receivables, so money owed by customers, increased by U.S. $3.5 million.
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  That's net of any receivables they factored or sold off.
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  And that's mainly due to the higher sales? Primarily, yes, in those regions
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  that saw growth, though it was partly offset because a Singapore subsidiary
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  actually ceased business, reducing receivables there.
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  One point to note, though, the average time it took them to collect that money,
• 12:26
  the turnover days, did creep up slightly, from 78 days to 81 days.
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  Okay. So taking slightly longer to get paid. What about inventory?
• 12:35
  You mentioned the write-back suggesting better management. Does the overall level reflect that?
• 12:39
  It does. Inventory levels actually decreased by U.S. $2.7 million overall.
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  That sounds positive for cash flow. Definitely. They attributed this to more
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  prudent inventory management, especially in Hong Kong and Singapore.
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  Now, this was offset somewhat by higher purchases in Thailand to support those
• 12:55
  new product lines. But the net effect was a decrease.
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  And their average inventory turnover days improved slightly,
• 13:02
  reducing from 62 days to 61 days.
• 13:05
  So holding stock for marginally less time. Okay, so receivables up slightly,
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  taking a bit longer to collect, but inventory down slightly and turning over a bit faster.
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  How does that combine for their overall efficiency in turning operations into cash?
• 13:19
  This is actually where we see a really significant improvement,
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  their cash conversion cycle. Ah, the CCC. Always important for distributors.
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  Hugely important. It basically measures how long it takes from paying for inventory
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  to receiving cash from customers, and it reduced dramatically.
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  It went down to 66 days in the first half of 2025.
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  And what was it before? For the full year 2024, it was 113 days. Wow.
• 13:44
  From 113 down to 66 days. That sounds like a massive improvement.
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  But what does that actually mean for the company in practical terms?
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  How does that affect them day to day? Oh, it's huge.
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  Think about it. They're converting their inventory and sales into actual cash almost twice as fast.
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  For a distribution business like Serial System, that's incredibly valuable.
• 14:03
  It means less cash is tied up sitting in warehouses or waiting to be collected from customers.
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  So more available cash. Exactly. More liquidity. It means they have more financial
• 14:14
  flexibility, maybe to fund growth, pay down debt, or just weather any storms.
• 14:19
  It makes them less reliant on borrowing to fund daily operations.
• 14:23
  It's a really strong sign of improved operational efficiency and tighter financial
• 14:28
  control. That's a very clear improvement then.
• 14:31
  What about the other side of working capital, what they owe suppliers? Payables?
• 14:35
  Trade and other payables actually increased by U.S.
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  $5.6 million. They put this down to higher purchases, which makes sense with
• 14:43
  some of the growth, and also potentially getting longer payment terms from suppliers in some regions.
• 14:49
  So holding on to their cash a bit longer. Seems like it. The average payment
• 14:52
  days for trade payables increased quite a bit, from 32 days up to 43 days,
• 14:56
  which again helps their cash flow position in the short term.
• 14:59
  Okay, so the working capital picture looks much healthier overall,
• 15:02
  especially that cash conversion cycle.
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  How about their broader financial structure, liquidity, debt levels?
• 15:08
  Their liquidity looks solid. The current ratio, which compares current assets
• 15:12
  to current liabilities, improves slightly to 1.33 from 1.28.
• 15:16
  So $1.33 in easily accessible assets for every dollar of short-term debt.
• 15:20
  Precisely. Shows a comfortable buffer to meet immediate obligations.
• 15:24
  And in terms of debt, their overall borrowings decreased by U.S. $7.5 million.
• 15:30
  That's a decent reduction. It is. And it led to a lower net gearing ratio that
• 15:34
  dropped to 90.0% from 100.2% at the end of last year. So less reliant on debt
• 15:40
  compared to their equity. Exactly.
• 15:42
  Moving in the right direction towards a less leveraged, potentially more stable
• 15:46
  financial structure...
• 15:48
  A couple of specific things contributed here. They repaid a $5.1 million loan, that's about U.S.
• 15:53
  $3.9 million, to a major shareholder, Mr. Goy Senghui.
• 15:57
  And they also managed to extend the maturity of a U.S.
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  $6.3 million term loan, so it got reclassified from current to non-current liabilities.
• 16:07
  That also helps the short-term liquidity picture by pushing that repayment further out. Right.
• 16:12
  So overall, the balance sheet seems to confirm the improved operational performance
• 16:16
  and shows a healthier, less indebted company. I'd agree with that summary.
• 16:20
  Now, you mentioned earlier they view things like risk management quite seriously.
• 16:24
  I did notice in the notes a mention of a contingent liability,
• 16:29
  something about a tax assessment. That sounds like an external curveball.
• 16:33
  How do things like that add complexity even when the core business is improving?
• 16:37
  That's a really important point. Yes, they disclosed a protective tax assessment
• 16:41
  notice from IRAs, the Singapore Tax Authority.
• 16:43
  It's for about S1 million dollars, roughly U.S. $810,000.
• 16:48
  And what's it related to? It relates to a gain they recognized on the mark-to-market
• 16:52
  fair value of an investment.
• 16:54
  Basically, the value of the investment went up on paper.
• 16:57
  IRAs seems to be questioning whether that gain should be taxed as income.
• 17:00
  But the company disagrees.
• 17:02
  Yes. Serial Systems' view is that this gain is capital in nature,
• 17:06
  not operational income, and therefore shouldn't be taxed.
• 17:10
  Because they feel strongly about their position, they haven't made any provision
• 17:13
  for this potential tax in their accounts.
• 17:15
  So it's an uncertainty hanging out there. Exactly.
• 17:19
  It highlights that even when a company gets its operations and finances in better
• 17:22
  shape, external factors like regulatory interpretations or tax disputes can
• 17:27
  still pop up and create financial uncertainty.
• 17:30
  It's a reminder that managing a business involves navigating these external
• 17:33
  pressures, too, not just internal operations. A good reminder.
• 17:38
  Okay, so taking everything we've discussed, the turnaround, the healthier balance
• 17:42
  sheet, but also these ongoing complexities, let's look forward.
• 17:46
  What's the outlook? What are the bright spots and maybe the clouds on the horizon
• 17:49
  for a serial system and their industry?
• 17:51
  Okay, on the bright side, they see opportunities coming from China's big push
• 17:55
  for semiconductor self-sufficiency.
• 17:57
  Ah, creating domestic champions. Right. They see this creating new partnership
• 18:01
  opportunities, potentially working more with emerging Chinese semiconductor suppliers.
• 18:06
  Plus, the big structural growth trends are still there. AI, cloud computing,
• 18:11
  electric vehicles, renewable energy.
• 18:13
  All these need semiconductors. So,
• 18:15
  Continued underlying demand. Yes. And the group's electronic components business
• 18:20
  is specifically aiming to broaden its portfolio in these high growth areas,
• 18:25
  beefing up its AI solutions capabilities.
• 18:28
  Smart to align with those macro trends. What about the consumer product side?
• 18:32
  Where do they see growth there?
• 18:33
  For consumer products run mainly through their subsidiary, Serial Achieva.
• 18:38
  The plan is to keep expanding what they offer in those hot segments,
• 18:41
  gaming, cloud storage, AI solutions. And importantly, they're looking to grow
• 18:45
  geographically, too, planning to extend their presence in Southeast Asia.
• 18:49
  Through strategic partnerships and potentially acquisitions.
• 18:52
  So trying to grow and also diversify, reduce reliance on maybe just one or two
• 18:57
  key markets. Makes sense. Spreading the risk.
• 18:59
  But it can't all be smooth sailing. What challenges are they anticipating?
• 19:03
  What are the headwinds? There are definitely some significant ones.
• 19:07
  Geopolitics and global economics are high on the list. That includes the risk
• 19:11
  of potentially more U.S.
• 19:12
  Tariffs on semiconductors and related equipment coming out of Asia.
• 19:16
  That's a persistent worry. It is. And related to that, the continued U.S.
• 19:21
  Export restrictions on advanced technologies going to China,
• 19:24
  that's serial systems biggest market, remember, adds a lot of complexity to
• 19:28
  supply chains and could dampen demand there.
• 19:30
  So navigating those U.S.-China tech tensions is key. Absolutely critical.
• 19:35
  Then you have the more general economic headwinds, persistent inflation,
• 19:39
  volatile currency exchange rates, which we saw helped them this time but could
• 19:43
  easily hurt them next time. True.
• 19:44
  And uncertainty around interest rates. All these put pressure on operating costs.
• 19:49
  And specifically for their consumer products business in Malaysia and Thailand,
• 19:53
  they note that things remain challenging.
• 19:55
  Cautious consumer spending, inflation hitting wallets, and the ongoing shift
• 19:59
  towards e-commerce are all factors there. Okay, so a clear mix of opportunities
• 20:04
  in high-tech areas, but shadowed by some pretty significant geopolitical and economic clouds.
• 20:10
  Given their recent success with
• 20:12
  financial discipline, how do they plan to navigate these choppy waters?
• 20:17
  Their stated approach is really a continuation of what seems to have worked for them recently.
• 20:22
  Prudence. They emphasize managing operational and financial risks,
• 20:26
  carefully thinking about those tariffs, trade restrictions, economic volatility.
• 20:30
  So staying cautious. Very much so.
• 20:33
  Key priorities they listed are tight inventory control, which we saw improved. Right.
• 20:38
  Rigorous credit management, keeping an eye on those receivables and disciplined cash flow planning.
• 20:43
  It's all about protecting the gains they've made, maintaining stability,
• 20:47
  and ensuring they have the resilience to handle whatever the global environment throws at them next.
• 20:52
  Essentially doubling down on the financial discipline that drove the turnaround.
• 20:55
  We certainly covered a lot of ground from that really significant financial
• 20:59
  turnaround driven, it seems, by a mix of smart internal adjustments like focusing
• 21:03
  on margins and inventory, plus some helpful external factors like FX and interest rates.
• 21:08
  Yeah. The combination all the way to how they're positioning themselves for
• 21:11
  the future. focusing on high growth tech areas while bracing for those geopolitical
• 21:17
  and economic challenges through continued financial prudence. Yeah.
• 21:21
  It's quite a compelling story of adaptation. It really is.
• 21:24
  And maybe a final thought for you to consider based on all this,
• 21:27
  given just how much foreign exchange swings and that inventory right back boosted
• 21:32
  their profit this time around,
• 21:33
  how might that ongoing global economic volatility, the very thing they flagged
• 21:39
  as a key challenge, How might that actually challenge or perhaps even amplify
• 21:43
  these exact factors in their future results?
• 21:46
  Especially when they say they're focusing so hard on prudence and cash flow,
• 21:50
  will they be able to control those volatile elements or will they be more exposed?
• 21:54
  That's a really interesting question to chew on. How much control do they really
• 21:57
  have over those big external forces versus their internal discipline?
• 22:01
  Something definitely worth pondering as you watch how companies like Serial
• 22:05
  System navigate the months ahead. it.
• 22:08
  We hope this deep dive has helped you feel a bit more informed about what's
• 22:10
  really going on behind the numbers. Until next time.