CROSBY Research – Precision Tsugami (China) (1651 HK/ BUY): A solid set of 1H25 results

14 November 2024

Precision Tsugami (China) (PTC) announced its 1H25 (Yr ended Mar) results with NP increased by 53.7% YoY to Rmb340.0m on the back of 32.4% YoY growth in turnover to Rmb2.0bn. GPM expanded by 4.4ppt to 32.1% in 1H25, marking a historical high since the company’s inception. The enhancement in GPM was mainly due to the continuous implementation of cost reduction and efficiency improvement by the company, which consequently improved its profitability.