Update: New road transport product ships from April
H1 revenue growth was modest at 4%, due to the challenging mining sector backdrop. However, the road transport strategy remains on target, with SM awaiting delivery of 10k units of its new DSSfleet product, which it expects to ship over the coming months. The automotive OEM product has been generating plenty of interest, including via a high-profile demo on Intel’s stand at the CES in January. We have cut our revenue forecasts, mainly due to the depressed mining end-market, and adjusted our numbers for the recent A$11.0m (net) capital raisings. Nevertheless, given the strong growth forecast for inward-facing cameras in vehicles, and SM’s commanding market position, the shares look very attractive in our view.Seeing Machines is engaged in developing, selling and licensing products, services and technology to detect and manage driver fatigue and distraction; developing driver-monitoring technology to be incorporated into passenger cars; entering commercial agreements with partners for the development, manufacturing and sale of products into key target markets; and research and development of Co.'s core vision processing technologies to support the development and refinement of Co.'s products.
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