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SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION — Annual Report 2023
Mar 18, 2024
52019_rns_2024-03-18_52a9b503-f400-409e-b9d2-57c059b31cd3.pdf
Annual Report
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2023 Results SYNNEX TECH. INTL. CORP.
March, 2024
Disclaimer
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IMPORTANT NOTICE
Synnex’s statements of its current expectations provided herein are forward-looking. These statements are subject to risks and uncertainties that might cause significant deviations from actual results, including but not limited to changes in business policy, possible fluctuations in economic situations, technology development, competition environment, and other circumstances beyond control. Synnex undertakes no obligation to update the forward-looking statements to reflect events or circumstances after the issuance of the statements.
Nothing contained herein constitutes an investment advice, offer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the time of publication, Synnex makes no representation that it is accurate or complete. Neither Synnex nor any of its officers or employees shall be liable for any direct, indirect or consequential loss, damage, cost or expense incurred or arising from any use of the information contained herein.
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SYNNEX Confidential
SYNNEX Group Overview
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SYNNEX Confidential
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SYNNEX Group Global Presence
China Region Taiwan HQ
Markets : 3 Markets : 1
GDP ($bn) : $18,124 (17%) GDP : $752 (0.7%)
METACIS Region Y24 GDP GR% : 4.2% Y24 GDP GR% : 3.0%
Population : 1,419mn (18%) Population : 23mn (0.3%)
Markets : 30
GDP : $6,268bn (6%)
Y24 GDP GR% : 3.6%
Population : 1,185mn (15%) India/SA Region APAC Region
Markets : 4 Markets : 8
GDP : $4,749bn (5%) GDP : $4,425bn (4%)
Y24 GDP GR% : 5.7% Y24 GDP GR% : 3.2%
Population : 1,642mn (21%) Population : 562mn (7%)
Synnex Group scope cover 46 markets
33% of WW GDP
4.1% GDP GR% in Y24
62% of WW population
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An USD$26B Supply Chain Service Provider India & SA 1993 No.1 Taiwan 1975 No.1 (Redington India) (SYNNEX Technology International) (Bestcom) MEA & CIS 1997 No.1 (Redington Gulf) China 1982 No.3 (SYNNEX China) Turkey 1991 No.2 (Arena) Hong Kong & Macau 1982 No.1 (Redington Turkey) (SYNNEX Hong Kong) Indonesia 1975 No.1 (SYNNEX Metrodata Indonesia) Vietnam 1988 No.1 (SYNNEX FPT) Thailand & Indochina 1998 No.1 (SYNNEX Thailand) Australia & NZ 1991 No.1 (SYNNEX Australia) (SYNNEX New Zealand)
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SYNNEX Group Business Overview
Group (Y23 $26.1bn / +2%)
India/SA (19% / +21%) Taiwan (23% / -3%)
(CAGR ： +9%)
(CAGR ： +9%)
(CAGR ： +21%)
METACIS (22% / +17%) China (16% / -8%) APAC (20% / -6%)
(CAGR ： +10%) (CAGR ： +6%)
(CAGR ： -1%)
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Technology Smartphone Solution & Adjacency $7,699 (mn) $4,936 (mn) Contribute : 30% Contribute : 19% Y23 GR% : +3% Y23 GR% : +31% Devices Semiconductor & Lifestyle & IC Module $8,213 (mn) $4,488 (mn) Contribute : 32% Contribute : 18% Y23 GR% : -10% Y23 GR% : +2%
Consolidate Financial Report
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SYNNEX Confidential
Performance – Consolidate
Unit : NT$bn
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+2%
-10%
Y22
-8%
-12%
Y21
Y19
Y20
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4 Total
Y19 $81.3 $77.9 $87.4 $93.3 $340.0
Y20 $68.7 $75.9 $89.6 $99.9 $334.2
Y21 $86.7 $96.6 $101.6 $123.9 $408.8
Y22 $100.9 $103.4 $108.8 $111.5 $424.6
Y23 $88.6 $94.9 $98.2 $114.2 $396.0
: Historical High
: Record High in Same Period SYNNEX Confidential
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Unit : NT$bn
Performance – By Product
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||||||
|---|---|---|---|---|
|Y23Q4|Y23|
|Revenue|YoY|Revenue|YoY|
|Consolidated|$114.2|2%|$396.0|-7%|
|IT Commercial|34.2|-11%|116.1|-8%|
|IT Consumer|34.3|-5%|122.6|-15%|
|Telecom|4.9|18%|16.6|6%|
|Semiconductor|40.8|24%|140.6|2%|
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SYNNEX Confidential
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x% Y23 Revenue Share
Performance Trend – By Product Unit : NT$bn
29% 31%
4% 36%
: Historical High
P11 : Record High in Same Period SYNNEX Confidential
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x% Y23 Revenue Share
Performance Trend – By Country
Unit : Local Currency
25% 15% 12%
8% 4% 36%
: Historical High
P12 : Record High in Same Period SYNNEX Confidential
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Consolidated Income Statement – Y23Q4&Y23
Unit : NT$mn
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Y23Q4 YOY Y22Q4 Y23 YOY Y22
Revenue $ 114,207 2% $ 111,538 $ 395,991 -7% $ 424,550
Gross profit 4,998 -2% 5,099 17,599 -1% 17,843
Gross profit% 4.38% 4.57% 4.44% 4.20%
Operating expenses (2,373) 6% (2,249) (8,965) 3% (8,706)
Operating expenses% 2.08% 2.02% 2.26% 2.05%
Operating income 2,625 -8% 2,851 8,634 -6% 9,138
Operating income% 2.30% 2.56% 2.18% 2.15%
Others income/expense 374 535 1,882 11,137
JV Business Income * 371 -29% 524 1,565 -36% 2,441
Others 4 11 317 8,697
Pre-tax income & minority interest 3,000 -11% 3,385 10,517 -48% 20,275
Pre-tax income% 2.63% 3.04% 2.66% 4.78%
Income tax (610) (726) (2,636) (3,944)
Minority interest (income) loss (229) (195) (592) (582)
Net income $ 2,160 -12% $ 2,464 $ 7,289 -54% $ 15,749
Net income% 1.89% 2.21% 1.84% 3.71%
EPS (NT$) $ 1.30 $ 1.47 $ 4.37 $ 9.44
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- JV Business in Redington India, Synnex Thailand and Synnex FPT which were accounted under equity method.
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- : Historical High
: Record High in Same Period
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: Record Low in Same Period : Second High in Same Period SYNNEX Confidential
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Working Capital
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Indicator Y22Q1 Y22Q2 Y22Q3 Y22Q4 Y23Q1 Y23Q2 Y23Q3 Y23Q4
Net Turnover Days 81 85 87 90 104 85 83 75
AR Days 70 64 64 65 76 68 70 61
INV Days 46 50 52 51 56 46 45 43
AP Days 35 29 29 26 28 29 32 29
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SYNNEX Confidential
Unit : NT$bn
Balance Sheet Key Index
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Y23Q4 Y23Q3 Y22Q4
Debt Ratio 65% 66% 66%
Net Int. bearing Debt / Equity 95% 72% 106%
Net Worth Per Share (NT$) 43.1 42.2 43.5
Y23FY Y22FY
Free Cash Flow (NT$B) +13.6 -17.0
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SYNNEX Confidential
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P15
Unit : NT$bn / %
Profitability Trend
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OPI/GP Ratio
- 10yr average 43% Y23 : 49%
Gross Margin
- 10yr average 3.97% Y23 : 4.44%
Operating Expense
- 10yr average 2.26% Y23 : 2.26%
Operating Income
- 10yr average 1.71%
Y23 : 2.18%
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SYNNEX Confidential
PBT Analysis
Unit : NT$bn / %
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PBT% - 10yr avg. 2.19% - 15yr avg. 2.13% Y23 : 2.66% PBT$ - 10yr avg. $8.1b - 15yr avg. $7.7b Y23 : $10.5b SYNNEX Confidential
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Unit : NT$bn / NT$
Value Creation for Shareholder
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Net Income
PAT$ - 10yr CAGR 4% PAT% - 10yr avg. 2.16% Y23 PAT NT$7.3bn / 1.84%
Book Value
-
10yr CAGR 5%
-
Y23 NT$71.8B & NT$43.1 /share
Dividend & Payout ratio
-
10yr avg. NT$2.75
-
10yr avg. Payout 61%
-
Y23 NT$3.0, Payout 69%
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SYNNEX Confidential
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Environmental, Social & Governance
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Sustainable SYNNEX Cherish the Earth http://www.synnex-grp.com/en/esg-report
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SYNNEX Confidential
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Environmental, Social & Governance
(same boundary)Carbon Emission 5.1% (Y22 vs.Y21) 10.5% (Y23 vs.Y22)
Sustainable SYNNEX Cherish the Earth http://www.synnex-grp.com/en/esg-report
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SYNNEX Confidential
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Group website http://www.synnex-grp.com/en ESG http://www.synnex-grp.com/en/esg-report
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SYNNEX Confidential