major shareholders including the MFCB bosses is still holding it tight - goh nan kioh/goh nan yang. must chai chai. won't be expecting much from current global environment and share price would have priced in. it will be a surprise in fact if the qr turns out to be good. :)

imo - it's a decent performance from it's growth perspective. the revenue growth continues to outpaced profit growth which implies a sustainable growth despite the political and economic headwinds. the top line performance of automotive segment grew 4.3% in the first 6 months of 2019 which implies it's gaining market share. bear in mind that the automotive lighting business is expected to grow at 7-8% cagr. for D&O annual revenue yoy showing a 3.12% cagr since 2014 ($421M) until 2018 ($491M).

as the first half has shown a 4.3% growth and assuming D&O is able to end the fiscal year (2 more quarters to go) with a 3% revenue growth compared to 2018, that will bring it to $505M total revenue which will then implies a 3.08% cagr. Looks decent to me based on an industry with a single digit cagr projection. there is also signs that inventory is coming down in accordance to market demand. on the other hand, other automotive LED like OSRAM is seeing a negative trend in revenue development :)

from the financial perspective, gross profit came in flat at $62M and gross profit margin at 27.1% versus 27.4% on lower capacity utilization. the group generated positive $41.7M cash flow from it's operations before changes in working capital. at the same time, $34.3M capex and $8.3M div payout resulting in negative fcf of $32M. the mgmt indicates reduction in working capital and renovation of new factory is on schedule with support function to move into new building by end of 2019.

hi huo shui, probably you were taken aback by the red figure of 26.6% against the expectation of green figures. if you look at PMI data on car sales, it has been going down especially China. however, the growth in LED revenue for D&O is showing that demand for LED continues to outweigh the conventional automotive lighting. in fact, segment revenue for D&O is showing growth in Europe while flat at Asia and US. imo - it's a decent performance in the current environment.

it is obvious that D&O continues to strengthen it's position as the world top 5 automotive LED maker. we have yet to see the new product launch in Q4'18 last year, the world first smart RGB. hopefully the mgmt will be able to update the production status of the seddled.