We forecast FY18 sales to grow 20% y-y to US$ 443mn on the expectation that it will earn US$ 140mn worth of bookings per quarter which surpasses its sales target. However, the raw materials
shortage compelled us to maintain our sales estimate of US$ 443mn despite rising sales in both Thailand and Europe.

For FY18, SVI will continue to focus on finding more new customers and start providing electronics manufacturing services to Japanese customers while its Cambodian plant will achieve COD in Jul. SVI will invest about Bt80mn-Bt200mn in a new raw materials procurement system and other related systems to seek more sources of raw materials and rein in the shortage problem.