Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 4 highly experienced directors. Independent Non Executive Director Mei Ang was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: RM0.016 (vs RM0.017 in 1Q 2025) First quarter 2026 results: EPS: RM0.016 (down from RM0.017 in 1Q 2025). Revenue: RM18.8m (up 8.4% from 1Q 2025). Net income: RM1.48m (down 6.3% from 1Q 2025). Profit margin: 7.9% (down from 9.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 05
Full year 2025 earnings released: EPS: RM0.055 (vs RM0.056 in FY 2024) Full year 2025 results: EPS: RM0.055 (down from RM0.056 in FY 2024). Revenue: RM69.9m (down 2.6% from FY 2024). Net income: RM5.20m (down 3.1% from FY 2024). Profit margin: 7.4% (down from 7.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Announcement • Mar 27
Amtel Holdings Berhad, Annual General Meeting, May 21, 2026 Amtel Holdings Berhad, Annual General Meeting, May 21, 2026, at 10:00 Singapore Standard Time. Location: langkawi room, 2nd floor, bukit jalil golf & country resort, jalan jalil perkasa 3, bukit jalil, 57000 kuala lumpur, wilayah persekutuan, Malaysia Reported Earnings • Jan 29
Full year 2025 earnings released: EPS: RM0.054 (vs RM0.056 in FY 2024) Full year 2025 results: EPS: RM0.054 (down from RM0.056 in FY 2024). Revenue: RM69.9m (down 2.6% from FY 2024). Net income: RM5.17m (down 3.6% from FY 2024). Profit margin: 7.4% (down from 7.5% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. New Risk • Dec 12
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Malaysian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (RM35.8m market cap, or US$8.74m). Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: RM0.023 (vs RM0.012 in 3Q 2024) Third quarter 2025 results: EPS: RM0.023 (up from RM0.012 in 3Q 2024). Revenue: RM19.3m (up 6.3% from 3Q 2024). Net income: RM2.17m (up 93% from 3Q 2024). Profit margin: 11% (up from 6.2% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 24
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: RM15.5m (down 20% from 2Q 2024). Net income: RM891.0k (down 43% from 2Q 2024). Profit margin: 5.7% (down from 8.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. New Risk • May 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 9.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (RM39.1m market cap, or US$9.15m). Minor Risk Share price has been volatile over the past 3 months (9.3% average weekly change). Reported Earnings • Apr 03
Full year 2024 earnings released: EPS: RM0.056 (vs RM0.059 in FY 2023) Full year 2024 results: EPS: RM0.056 (down from RM0.059 in FY 2023). Revenue: RM71.7m (flat on FY 2023). Net income: RM5.37m (down 4.5% from FY 2023). Profit margin: 7.5% (down from 7.8% in FY 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Mar 27
Amtel Holdings Berhad, Annual General Meeting, May 28, 2025 Amtel Holdings Berhad, Annual General Meeting, May 28, 2025, at 10:00 Singapore Standard Time. Location: langkawi room, 2nd floor, bukit jalil golf & country resort, jalan jalil perkasa 3, bukit jalil, 57000 kuala lumpur, wilayah persekutuan, Malaysia New Risk • Feb 27
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: RM44.4m (US$9.98m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. Reported Earnings • Jan 24
Full year 2024 earnings released: EPS: RM0.057 (vs RM0.059 in FY 2023) Full year 2024 results: EPS: RM0.057 (down from RM0.059 in FY 2023). Revenue: RM71.7m (flat on FY 2023). Net income: RM5.43m (down 3.4% from FY 2023). Profit margin: 7.6% (down from 7.8% in FY 2023). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. New Risk • Nov 21
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Malaysian stocks, typically moving 7.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (RM52.5m market cap, or US$11.8m). Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: RM0.012 (vs RM0.015 in 3Q 2023) Third quarter 2024 results: EPS: RM0.012 (down from RM0.015 in 3Q 2023). Revenue: RM18.2m (down 4.4% from 3Q 2023). Net income: RM1.13m (down 21% from 3Q 2023). Profit margin: 6.2% (down from 7.5% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: RM0.016 (vs RM0.01 in 2Q 2023) Second quarter 2024 results: EPS: RM0.016 (up from RM0.01 in 2Q 2023). Revenue: RM19.5m (up 17% from 2Q 2023). Net income: RM1.57m (up 56% from 2Q 2023). Profit margin: 8.1% (up from 6.0% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: RM0.016 (vs RM0.015 in 1Q 2023) First quarter 2024 results: EPS: RM0.016 (up from RM0.015 in 1Q 2023). Revenue: RM17.6m (flat on 1Q 2023). Net income: RM1.51m (up 7.1% from 1Q 2023). Profit margin: 8.6% (up from 7.9% in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Mar 28
Amtel Holdings Berhad, Annual General Meeting, May 23, 2024 Amtel Holdings Berhad, Annual General Meeting, May 23, 2024, at 11:00 Singapore Standard Time. Agenda: To receive the Audited Financial Statements for the financial year ended 30 November 2023 together with the Reports of the Directors and Auditors thereon; to approve the payment of Directors' fees amounting to RM330,000 for the financial year ending 30 November 2024; to approve the payment of Directors' benefits and other claimable benefits incurred from 24 May 2024 until the conclusion of the Company's next Annual General Meeting ("AGM"); and to discuss other matters. Reported Earnings • Jan 30
Full year 2023 earnings released: EPS: RM0.058 (vs RM0.022 in FY 2022) Full year 2023 results: EPS: RM0.058 (up from RM0.022 in FY 2022). Revenue: RM71.7m (up 19% from FY 2022). Net income: RM5.51m (up 164% from FY 2022). Profit margin: 7.7% (up from 3.5% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: RM0.015 (vs RM0.002 in 3Q 2022) Third quarter 2023 results: EPS: RM0.015 (up from RM0.002 in 3Q 2022). Revenue: RM19.0m (up 34% from 3Q 2022). Net income: RM1.42m (up RM1.26m from 3Q 2022). Profit margin: 7.5% (up from 1.2% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: RM0.011 (vs RM0.01 in 2Q 2022) Second quarter 2023 results: EPS: RM0.011 (up from RM0.01 in 2Q 2022). Revenue: RM16.6m (up 1.1% from 2Q 2022). Net income: RM1.00m (up 5.9% from 2Q 2022). Profit margin: 6.0% (up from 5.8% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Board Change • Jun 01
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Non Executive Director Yook Chew was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • May 24
Amtel Holdings Berhad Appoints Ang Mei Ping as Independent and Non Executive Member of Audit Committee Amtel Holdings Berhad announced the appointment of Miss Ang Mei Ping, age 34, female as Independent and Non Executive Member of Audit Committee, effective May 24, 2023. Composition of Audit Committee (Name and Directorate of members after change): Ir. Chew Yook Book (Independent Non-Executive Director), Chairman; YTM. Tunku Dato' Seri Kamel Bin Tunku Rijaludin (Non-Independent Non-Executive Chairman), Member and Ms. Ang Mei Ping (Independent Non-Executive Director), Member. Reported Earnings • Apr 20
First quarter 2023 earnings released: EPS: RM0.015 (vs RM0.009 in 1Q 2022) First quarter 2023 results: EPS: RM0.015 (up from RM0.009 in 1Q 2022). Revenue: RM17.7m (up 22% from 1Q 2022). Net income: RM1.41m (up 58% from 1Q 2022). Profit margin: 7.9% (up from 6.1% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Reported Earnings • Jan 31
Full year 2022 earnings released: EPS: RM0.021 (vs RM0.038 in FY 2021) Full year 2022 results: EPS: RM0.021 (down from RM0.038 in FY 2021). Revenue: RM60.5m (up 11% from FY 2021). Net income: RM2.03m (down 43% from FY 2021). Profit margin: 3.4% (down from 6.5% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: RM0.002 (vs RM0.007 loss in 3Q 2021) Third quarter 2022 results: EPS: RM0.002 (up from RM0.007 loss in 3Q 2021). Revenue: RM14.2m (up 149% from 3Q 2021). Net income: RM165.0k (up RM896.0k from 3Q 2021). Profit margin: 1.2% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: RM0.01 (vs RM0.013 in 2Q 2021) Second quarter 2022 results: EPS: RM0.01 (down from RM0.013 in 2Q 2021). Revenue: RM16.4m (up 4.8% from 2Q 2021). Net income: RM947.0k (down 27% from 2Q 2021). Profit margin: 5.8% (down from 8.3% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: RM0.009 (vs RM0.015 in 1Q 2021) First quarter 2022 results: EPS: RM0.009 (down from RM0.015 in 1Q 2021). Revenue: RM14.5m (down 10% from 1Q 2021). Net income: RM891.0k (down 41% from 1Q 2021). Profit margin: 6.1% (down from 9.3% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 21
Amtel Holdings Berhad Announces Redesignation of Dato' Koid Hun Kian Amtel Holdings Berhad announced Redesignation of DATO' KOID HUN KIAN from Previous Position of Group Managing Director to New Position of Chief Executive Officer. Announcement • Mar 31
Amtel Holdings Berhad, Annual General Meeting, May 25, 2022 Amtel Holdings Berhad, Annual General Meeting, May 25, 2022, at 11:00 Singapore Standard Time. Location: AHB Office, Board Room,Level 3, Wisma Amtel, No. 12, Jalan Pensyarah U1/28, Hicom Glenmarie Industrial Park,40150 Shah Alam Selangor Malaysia Agenda: To receive the Audited Financial Statements for the financial year ended 30 November 2021 together with the Reports of the Directors and Auditors thereon; to approve the payment of Directors' fees; to consider the re-election of directors who retire by rotation; to re-appoint Messrs Baker Tilly Monteiro Heng PLT as External Auditors of the company until the conclusion of the Company's next AGM and to authorize the Directors to fix their remuneration; to authority to directors to allot and issue shares; to proposed renewal of authority for share buy-back; and to consider the other matters. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: RM0.036 (down from RM0.049 in FY 2020). Revenue: RM54.7m (down 2.3% from FY 2020). Net income: RM3.55m (down 13% from FY 2020). Profit margin: 6.5% (down from 7.2% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. Reported Earnings • Oct 28
Third quarter 2021 earnings released: RM0.007 loss per share (vs RM0.025 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: RM5.71m (down 68% from 3Q 2020). Net loss: RM731.0k (down 136% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 26
Second quarter 2021 earnings released: EPS RM0.013 (vs RM0.002 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: RM15.6m (up 139% from 2Q 2020). Net income: RM1.30m (up RM1.17m from 2Q 2020). Profit margin: 8.3% (up from 2.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Executive Departure • May 14
Non-Independent Non-Executive Director has left the company On the 5th of May, Woon Tan's tenure as Non-Independent Non-Executive Director ended after 6.7 years in the role. As of December 2020, Woon personally held 328.50k shares (RM407k worth at the time). Woon is the only executive to leave the company over the last 12 months. Valuation Update With 7 Day Price Move • May 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to RM1.01, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 31x in the Electronic industry in Malaysia. Total returns to shareholders of 140% over the past three years. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS RM0.015 (vs RM0.012 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: RM16.2m (up 43% from 1Q 2020). Net income: RM1.50m (up 53% from 1Q 2020). Profit margin: 9.3% (up from 8.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 40% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 16
Investor sentiment improved over the past week After last week's 22% share price gain to RM1.15, the stock trades at a trailing P/E ratio of 23.6x. Average trailing P/E is 32x in the Electronic industry in Malaysia. Total returns to shareholders of 174% over the past three years. Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to RM1.14, the stock trades at a trailing P/E ratio of 22x. Average trailing P/E is 39x in the Electronic industry in Malaysia. Total returns to shareholders of 148% over the past three years. Valuation Update With 7 Day Price Move • Mar 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to RM1.44, the stock trades at a trailing P/E ratio of 27.8x, down from the previous P/E ratio of 33x. Average P/E is 39x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 243%. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment deteriorated over the past week After last week's 17% share price decline to RM3.35, the stock is trading at a trailing P/E ratio of 43.1x, down from the previous P/E ratio of 51.7x. This compares to an average P/E of 47x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 432%. Reported Earnings • Feb 01
Full year 2020 earnings released: EPS RM0.078 (vs RM0.089 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: RM56.0m (down 11% from FY 2019). Net income: RM4.31m (down 11% from FY 2019). Profit margin: 7.7% (up from 7.6% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 83% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 20
New 90-day high: RM3.18 The company is up 165% from its price of RM1.20 on 22 October 2020. The Malaysian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improved over the past week After last week's 28% share price gain to RM2.58, the stock is trading at a trailing P/E ratio of 27.1x, up from the previous P/E ratio of 21.2x. This compares to an average P/E of 32x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 291%. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 20% share price gain to RM2.18, the stock is trading at a trailing P/E ratio of 22.9x, up from the previous P/E ratio of 19x. This compares to an average P/E of 33x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 230%. Is New 90 Day High Low • Dec 31
New 90-day high: RM1.86 The company is up 133% from its price of RM0.80 on 02 October 2020. The Malaysian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: RM1.85 The company is up 134% from its price of RM0.79 on 11 September 2020. The Malaysian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 29% over the same period. Valuation Update With 7 Day Price Move • Nov 19
Market bids up stock over the past week After last week's 20% share price gain to RM1.66, the stock is trading at a trailing P/E ratio of 17.4x, up from the previous P/E ratio of 14.5x. This compares to an average P/E of 38x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 155%. Is New 90 Day High Low • Nov 10
New 90-day high: RM1.41 The company is up 63% from its price of RM0.86 on 12 August 2020. The Malaysian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 22% over the same period. Valuation Update With 7 Day Price Move • Nov 10
Market bids up stock over the past week After last week's 26% share price gain to RM1.41, the stock is trading at a trailing P/E ratio of 14.8x, up from the previous P/E ratio of 11.7x. This compares to an average P/E of 37x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 124%. Reported Earnings • Oct 29
Third quarter earnings released Over the last 12 months the company has reported total profits of RM5.17m, up 56% from the prior year. Total revenue was RM53.0m over the last 12 months, down 14% from the prior year. Valuation Update With 7 Day Price Move • Oct 26
Market pulls back on stock over the past week After last week's 20% share price decline to RM1.12, the stock is trading at a trailing P/E ratio of 15x, down from the previous P/E ratio of 18.8x. This compares to an average P/E of 37x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 78%. Valuation Update With 7 Day Price Move • Oct 15
Market bids up stock over the past week After last week's 52% share price gain to RM1.23, the stock is trading at a trailing P/E ratio of 16.5x, up from the previous P/E ratio of 10.9x. This compares to an average P/E of 37x in the Electronic industry in Malaysia. Total returns to shareholders over the past three years are 95%. Is New 90 Day High Low • Oct 13
New 90-day high: RM0.89 The company is up 39% from its price of RM0.64 on 15 July 2020. The Malaysian market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Electronic industry, which is up 40% over the same period.