Sales of CMA segment above expectation: While sales of tooling segment in 1Q09 marginally declined 5.4% yoy to S$8.23 million, sales of CMA segment quadrupled to S$3.5 million from previous year.

Gross margin heading south: The gross profit margin in 1Q09 dropped significantly by 13.1 ppt. to 48.3% as compared to same period previous year.

Value emerging: Recent sell-offs in global market did not spare MMH. The share price has been corrected by 40.1% to S$0.425 from S$0.71 in WestCombs last report. They feel the value is emerging, given its defensive tooling business that is less vulnerable to downturn currently experienced by semiconductor industry and also generates strong cash flow to support its new start-up CMA business. Share price correction presents a golden opportunity to investors as WestComb believe MMH’s fundamentals remain robust.