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SYNNEX TECHNOLOGY INTERNATIONAL CORPORATION — Interim / Quarterly Report 2023
Nov 9, 2023
52019_rns_2023-11-09_98bf082a-baf3-4993-a9ad-6ce7f2ee80bc.pdf
Interim / Quarterly Report
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2023 Q3 Results SYNNEX TECH. INTL. CORP.
November, 2023
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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P2
SYNNEX Confidential
| A USD$26B Hi-Tech Supply Chain | A USD$26B Hi-Tech Supply Chain | |||||
|---|---|---|---|---|---|---|
| Management Service Platform | ||||||
| Taiwan | 1975 | No.1 | ||||
| China | 1982 | No.3 | ||||
| Hong Kong | 1982 | No.1 | ||||
| Australia | 1991 | No.1 | ||||
| (New Zealand) | ||||||
| Indonesia | 1975 | No.1 | ||||
| Thailand | 1988 | No.1 | ||||
| Vietnam | 1988 | No.1 | ||||
| India / SA | 1993 | No.2 | ||||
| Middle East / Africa | 1997 | No.1 | ||||
| Turkey | 1991 | No.2 | ||||
| Across 51 markets, 400+ sales/logistics/service points | ||||||
| SYNNEX | APAC : Taiwan (HQ), Hong Kong, China, Australia, New Zealand, Indonesia, Thailand, Vietnam, Indochina | |||||
| P3 | SYNNEX Confidential Redington : India, Srilanka, Bangladesh, Middle East, Africa, Turkey, CIS |
Supply Chain Service Provider & Platform
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Sales/PM Service
• Mgmt. Service Platform
• Solution Sell
• Channel & Market
Development
Logistics Service Finance Service
• Warranty Service • XaaS / Subscription
• Home/On-site Service • Credit / Payment
• Warehouse Mgmt. Service • Leasing / Installment
• Delivery Service • Project Financing
Professional Service
• Consulting Service
• Technical & Installation
Service
• Management Service
SYNNEX Confidential
Brand / Supplier / Manufacture
SI / ISV / MSP / eRetailer / LFR / Shop
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P4
Y23Q3 Performance
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P5
SYNNEX Confidential
Unit : NT$bn
Performance – Consolidate
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Y19 Y20 Y21 Y22 Y23 $124
$112
$109
$103 $98
$101 $102
$95 $100
(-10%)
$97
(-8%)
$89 $93
$90
$87 (-12%) $87
$81
$78
$76
$69
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 $281.8
: Historical High
: Record High in Same Period SYNNEX Confidential
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P6
Unit : NT$bn
Performance – By Product
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|---|---|---|---|---|
|Y23Q3|Y23Q1~Q3|
|Revenue|YoY|Revenue|YoY|
|Consolidated|$98.2|-10%|$281.8|-10%|
|IT Commercial|26.6|-15%|81.9|-6%|
|IT Consumer|32.3|-9%|88.3|-19%|
|Telecom|4.8|23%|11.7|1%|
|Semiconductor|34.5|-9%|99.9|-5%|
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P7
SYNNEX Confidential
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x% Y23Q3 Revenue Share
Performance Trend – By Product Unit : NT$bn
27% 33%
QoQ(%) Q3
IT-Comm -6
IT-Con +10
Teleco +53
5% 35%
Semi +1
: Historical High
P8 : Record High in Same Period SYNNEX Confidential
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x% Y23Q2 Revenue Share
Performance Trend – By Country
Unit : Local Currency
25% 14% 12%
10% 4% 35%
QoQ(%) CN ANZ TW ID HK Semi
Q3 +2 +3 +7 +20 -13 +1
: Historical High
P9 : Record High in Same Period SYNNEX Confidential
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Consolidated Income Statement – Y23Q3&YTQ
Unit : NT$mn
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Y23Q3 YOY Y22Q3 Y23YTQ YOY Y22YTQ
Revenue $ 98,234 -10% $ 108,793 $ 281,784 -10% $ 313,012
Gross profit 4,143 -4% 4,331 12,601 -1% 12,744
Gross profit% 4.22% 3.98% 4.47% 4.07%
Operating expenses (2,227) -4% (2,326) (6,592) 2% (6,457)
Operating expenses% 2.27% 2.14% 2.34% 2.06%
Operating income 1,916 -4% 2,005 6,009 -4% 6,287
Operating income% 1.95% 1.84% 2.13% 2.01%
Others income/expense 510 8,610 1,508 10,602
JV Business Income * 464 -8% 507 1,195 -38% 1,917
Others 46 8,103 313 8,686
Pre-tax income & minority interest 2,426 -77% 10,616 7,517 -55% 16,889
Pre-tax income% 2.47% 9.76% 2.67% 5.40%
Income tax (580) (2,087) (2,026) (3,218)
Minority interest (income) loss (147) (167) (362) (386)
Net income $ 1,699 -80% $ 8,362 $ 5,129 -61% $ 13,285
Net income% 1.73% 7.69% 1.82% 4.24%
EPS (NT$) $ 1.02 $ 5.01 $ 3.07 $ 7.96
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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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P10
Unit : NT$bn
Working Capital
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120.0 WC AR Inventories AP(net) Netdays AR days INV days AP days 120
100.0 100
80.0 80
60.0 60
40.0 40
20.0 20
0.0 0
Y21Q1 Y21Q2 Y21Q3 Y21Q4 Y22Q1 Y22Q2 Y22Q3 Y22Q4 Y23Q1 Y23Q2 Y23Q3
Y21Q1 Y21Q2 Y21Q3 Y21Q4 Y22Q1 Y22Q2 Y22Q3 Y22Q4 Y23Q1 Y23Q2 Y23Q3
WC 60.0 62.2 66.7 88.0 88.3 99.8 101.9 110.9 90.8 89.9 84.7
AR 59.2 64.9 68.2 85.5 73.4 76.1 75.1 79.2 70.6 73.8 72.8
Inventories 29.7 32.9 37.4 47.7 51.3 56.5 64.0 57.3 45.6 45.5 46.2
AP(net) 28.9 35.6 38.9 45.2 36.4 32.8 37.1 25.5 25.4 29.4 34.3
Netdays 67 60 61 55 81 85 87 90 104 85 83
AR days 66 59 59 55 70 64 64 65 76 68 70
INV days 33 30 32 31 46 50 52 51 56 46 45
AP days 32 29 30 32 35 29 29 26 28 29 32
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P11
SYNNEX Confidential
Unit : NT$bn
Inventory Trend
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P12
SYNNEX Confidential
Unit : NT$bn
Balance Sheet Key Index
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|---|---|---|---|
|Y23Q3|Y22Q4|Y22Q3|
|Debt Ratio|66%|66%|68%|
|Net Int. bearing Debt / Equity|72%|106%|102%|
|Net Worth Per Share (NT$)|42.2|43.5|41.3|
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P13
SYNNEX Confidential
Profitability Trend
Unit : NT$bn / %
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OPI/GP Ratio
-
3yr average 51%
-
- 10yr average 41% Y23YTQ : 48%
Gross Margin
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3yr average 4.34%
-
- 10yr average 3.86% Y23YTQ : 4.47%
Operating Expense
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3yr average 2.14%
-
- 10yr average 2.25% Y23YTQ : 2.34%
Operating Income
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3yr average 2.20%
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- 10yr average 1.61% Y23YTQ : 2.13%
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P14
SYNNEX Confidential
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Environmental, Social & Governance
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Sustainalytics
ESG Risk
<20 ： Low Risk
13.0
12.5
12.4
11.5
11.4
Source: ESG IR platform
Dec-19 Sep-20 Apr-21 Feb-22 Mar-23
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Sustainable SYNNEX Cherish the Earth
http://www.synnex-grp.com/en/esg-report
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P15
SYNNEX Confidential
Environmental, Social & Governance
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5.1%
Y22 vs.Y21 carbon emission (same boundary)
Sustainable SYNNEX Cherish the Earth http://www.synnex-grp.com/en/esg-report
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P16
SYNNEX Confidential
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Group website http://www.synnex-grp.com/en ESG http://www.synnex-grp.com/en/esg-report
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P17
SYNNEX Confidential
Appendix
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P18
SYNNEX Confidential
Consolidated Balance Sheet
Unit : NT$mn
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Item / Year Y23Q3 Y22Q4 Y22Q3
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| Cash and cash equivalents Financial Assets(listed stocks, financial products...etc.) Notes and accounts receivables - net Inventories - net Others Current Assets Long-term Investments Fixed Assets - net Other Assets Total Assets Short-term loans Notes and accounts payables Others Current Liabilities Other liabilities Total Liabilities Common stock Capital reserve Retained earnings Others Minority interest Total Stockholders' Equity Total Liabilities and Stockholders' Equity |
28,648 $ 22,238 72,814 46,228 9,349 179,277 16,911 12,383 4,133 212,704 $ 68,567 $ 38,037 12,517 119,122 7,655 139,797 16,679 13,506 47,708 (7,550) 2,564 72,907 212,704 $ |
14,482 11,514 $ 25,957 23,418 79,169 75,065 57,299 63,958 13,660 13,302 190,568 187,257 15,514 16,493 11,940 11,754 3,624 3,534 221,646 $ 219,038 $ 78,179 $ 77,444 $ 31,864 43,328 13,328 13,052 123,371 133,825 7,445 6,580 146,715 147,904 16,679 16,679 13,506 14,258 48,416 45,921 (6,038) (8,036) 2,368 2,310 74,931 71,133 221,646 $ 219,038 $ |
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P19
SYNNEX Confidential
Value Creation for Shareholder
Unit : NT$bn / NT$
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Net Income & ROE
Net Income :
-
5yr CAGR 24%
-
15yr CAGR 12%
-
ROE : 15yr average 15% Y23YTQ 10%
Book Value
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15yr CAGR 7%
-
Y22 : NT$72.6B & NT$43.5 /share
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Y23Q3 : NT$70.3B & NT$42.2 /share
Dividend & Payout ratio
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Y22 NT$3.5, Payout 37% - 15yr average NT$ 2.63
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15yr average Payout 63%
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P20
SYNNEX Confidential