By: La Papillion Time to read more about Ecowise. Was quite disappointed with their investor relations since their website only provided 2 years worth of financial statements (which is the same for sgx announcement website) and one of the statements is actually truncated off. Looks like I have to rely on bits and pieces of information. Let’s take a look at a few figures first. FY04 and FY05 have net losses. We’ll just see the latest three years to take note of the trend in the metrics. -----------------------------------FY05-----------FY06-----------FY07 COGS (% to revenue)-------65.7%----------46.7%----------43.9% Gross margin------------------34.3%----------53.3%----------56.1% Net margin-------------------(-11.2%)---------18.9%----------22.5% Financial leverage-------------1.7----------------1.6-------------1.7 Asset turnover-----------------0.7----------------1.0-------------1.0 ROE---------------------------(-13.4%)---------31.3%----------35.9% I saw a brief summary of their results in FY04 and FY05, both are losing money. Without any annual report, I’ve no idea why they are losing money. But let’s focus on the FY06 and FY07 where I have more information. Here’s what I think: Read more...