Outstanding H1 EPS could spur DPS expectations
ANY Security Printing Co. posted a net profit of HUF 1,021mn (+86% YoY) on
net sales of HUF 15.0bn (+28% YoY) for Q2/23, boosted by the extraordinary contribution
of export sales. H1 net profit came in at HUF 1.5bn vs HUF 1.6bn a year ago (-9% YoY),
but the base period was favourably affected by the pent-up demand for personal
documents, as well as the additional income from election ballots. During Q2, ANY
benefitted from the launch of the enormous Angolan project and other export projects,
which together accounted for 54% of total sales. However, high interest rates and
unfavourable FX movements resulted in an additional cost of c. HUF 200mn in the quarter.
Overall, ANY reported a solid set of results, which we warmly welcome. The trend is
completely different compared to the last year when H2 profit slumped. The Company
earned an EPS of HUF 104 in the first half of this year. It’s worth noting that we
conservatively expect an EPS of HUF 189 for the full year, but EPS may exceed HUF 200
in 2023, translating into a DY of at least 12%, above the current HGB yields on all tenors.
Any Security Printing is a securities products group based in Hungary. Co. produces security products and solutions (tax stamps. stickers with security elements), plastic and paper cards (document cards, bank and telephone cards, commercial cards), personalized business and administration forms, and conventional printing products. Co.'s product offering its organized along three segments: Security Products, Solutions (paper-based documents, excise and tax stamps, security printers and security inks, additives); Card Production, Personalization (document cards, bank cards and loyalty cards); and Form Production, Personalization (transactional mailing, business, lottery and election forms).
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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