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Dec 2018

Sunningdale Tech Limited

Leading Plastic Precision Engineering Firm with Secular Growth Potential
Trading at ~30% Discount to Liquidation Value with Depressed ~P/E 8.4x 2019E NI
Significant Total Return Potential of >40% by 2020

Please email questions and comments to:

Jan F. Moermann
Havard Chi
This presentation is a research report and is for informational purposes only. Opinions expressed are solely those of Quarz
Capital Management, Ltd. and this is not a recommendation to purchase securities discussed herein. This presentation is
confidential and may not be reproduced or distributed without the expressed consent of Quarz Capital Management, Ltd.
Please refer to the next slide for additional disclosures.
Quarz Capital Management
As of the publication date of this report, Quarz Capital Management Ltd. and its affiliates (collectively "Quarz"), others that contributed research to this report and
others that we have shared our research with (collectively, the “Authors”) have long positions in and own options on the stock of the company covered herein
(Sunningdale Tech Ltd) and stand to realize gains in the event that the price of the stock increases. Following publication of the report, the Authors may transact in
the securities of the company covered herein. All content in this report represent the opinions of Quarz. The Authors have obtained all information herein from
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Quarz Capital Management
• Executive Summary – Sunningdale Tech’s Undervaluation
• Executive Summary – Our Recommendations
• Quarz’s Due Diligence on Sunningdale Tech
• The Sunningdale Tech Opportunity
• Sunningdale’s Key Expertise
• Investing for Future Growth
• Strategic Acquisitions
• Quarz’s Recommendations for Sunningdale Tech
• Potential Total Return for Sunningdale’s Shareholders
• Analysis of Shareholder Base

Source: Quarz Capital Management, Sunningdale Tech Ltd

Quarz Capital Management
Executive Summary – Sunningdale’s Undervaluation
Quarz Believes That:
• Sunningdale is trading at a ~40% discount to its fair value:
 Sunningdale trades at a ~30% discount to its tangible book value of S$1.99 (Net Liquid Assets* (Current Assets
minus Total Liabilities) >70% Market Cap)
 Depressed 2019E P/E and EV/EBITDA of 8.4x and 3.5x with significantly higher Free Cash flow vs Net Income
(post substantial completion of heavy CapEx phase from 2014-2018)
 Little value is ascribed to Sunningdale’s leading position in precision plastic engineering and its extensive
investment of >S$135million in cutting edge technology, equipment and new factories since 2014

• Clear reasons for undervaluation:

 Drop in 1-3Q2018 Net/Core Profit by ~20%/38% respectively attributed to:
 Lower sales in Consumer Segment attributed to ‘end of life’ for some products, production of multiple new
products to only ramp in 2019
 One-off FX loss of S$5.2million in 1Q18 due to depreciation of USD vs RMB (~40% of cost base in RMB vs
~30% of sales in USD), higher oil prices with lag time in cost pass through with clients
 One-time ramp up cost of Penang and Chuzhou new plants (utilization rate to only increase when production
ramps from 2019)
 Customers putting off orders temporarily due to trade tensions driving uncertainty in demand
 Weak investors’ sentiment in IT contract manufacturing space due to uncertainty about forward demand (SG
investors’ group SUNN and Memtech in the ‘semi’ sector due to lack of peers)
 Poor understanding about the strong capabilities of the firm – lack of disclosure on products, clients and strategic
* Including estimated Free Cash Flow of S$8m generated in 4Q18E and net proceeds of S$8m from factory divestment
Source: Quarz Capital Management, Sunningdale Tech Ltd
Quarz Capital Management
Executive Summary - Our Recommendations

Quarz Capital is building a substantial stake in Sunningdale Tech

We believe that SUNN is severely undervalued compared to its strong growth potential and recurring cashflow
Quarz is seeking to engage with the Board to unlock shareholder value

Quarz is fully supportive of Sunningdale’s board and management team and would like to
provide the following recommendations:
Distribute at least 60% of Core Net Income (dividend yield of ~7.1% in 2019E). We estimate SUNN has a substantial
1 working capital of ~S$230million (~88% of Mkt Cap), Net Cash positive and S$118million of Cash*. Free Cash Flow will
further increase in 2019E to >S$35million post the conclusion of heavy capex phase from 2014 to 2018E (CapEx of
Return 50% of estimated net proceeds of ~S$22m from the disposal of the non-core factory in Zhongshan, China to
shareholders (special dividend yield of ~4.2%). Firm still retains S$11million of proceeds to fortify balance sheet and
deploy to other projects
3 Ramp up on acquisition strategy to increase expertise and competitive advantage. As OEMs continue to roll-out
global manufacturing platforms, suppliers who can consistently deliver high quality, substantial volume and diverse products
as well as support ‘just in time’ production are given priority. Suppliers with larger scale and global footprint are able to
penetrate more product categories, invest in leading technologies and compete in complex and demanding projects. The
reduced competition can result in higher margin and revenue stability
4 Seize growth opportunities in structural growth areas ‘Megatrends’ such as Electro-Mobility, Autonomous Driving
and Connectivity. Leverage on growing demand for more active components, sensors and electronics requiring higher
precision parts which can increase SUNN’s revenue growth and margins

Quarz intends to increase its stake in Sunningdale on further price weakness and believes that the firm can
provide a total upside of >40% to all shareholders in the mid-term
* Including estimated Free Cash Flow of S$8m generated in 4Q18E and net proceeds of S$8m from factory divestment
Source: Quarz Capital Management, Sunningdale Tech Limited

Quarz Capital Management
Quarz’s Due Diligence on Sunningdale Tech
Quarz has carried out thorough research in collaboration with external advisors and partners to
understand the opportunity at Sunningdale Tech
Due Diligence Process

• Extensive financial modelling with stress tests

• Comprehensive assessment of Sunningdale’s business:
 Demand for precision plastic components in Auto, Consumer, IT and Healthcare industries
 Competitors in US, China, and South East Asia
Team  Structural growth sectors where Sunningdale can potentially expand into

• In-depth discussions with research analysts from local and international investment banking firms
Investors and
• Further evaluation with potential and existing institutional investors of Sunningdale

External • Numerous industry experts/insiders with substantial experience

Advisors and • Corporate finance advisors from first tier investment banks and specialised boutiques
Industry • Top tier accounting firm
Experts • Corporate counsel from top tier full service law firm

Source: Quarz Capital Management, Sunningdale Tech Limited

Quarz Capital Management
The Sunningdale Tech Opportunity (1/3)
The Sunningdale Opportunity:
• One of the largest precision plastic players globally
• Merger between Khoo Boon Hwee’s majority-owned Tech Group Asia and
Sunningdale Precision in 2005
• Extensive manufacturing footprint in 9 countries with one-stop service
capabilites in Design, Tooling, Moulding, Secondary Processes and Assembly
• Diversified MNC client base – ~50% revenue from top 10 blue chip customers
• Core NI has grown at a CAGR of 11-13% from S$12m in 2007 to S$31.5m/
S$43m in 2016/2017 partly supported by acquisitions
• Substantial share price decline of ~30% YTD driven by:
 ~ 38% YoY fall in Core NI in 1-3Q18 mainly attributed to weaker revenue in
consumer segment (end of cycle, new products ramp only in 2019) and
Key Statistics
exceptionally strong 2017 (~ 35% YoY growth)
 Weak investors’ sentiments due to trade tensions, and lack of understanding Last Price S$ 1.37
in firm’s engineering expertise and resilient business model- short term focus 52-Week Range S$ 1.250 - 2.060
on FX profits and quarterly earnings Shares Outstanding2 190.6m
Segment Contribution to SUNN’s PBT (2017) Market Capitalization S$ 261.1m
2017 PBT: Tang Equity2,3 S$ 383.2m
1% S$39m Tang. NAV/Share2,3 S$ 2.01
Dividend/Yield2,3 0.08 / 5.8%
P.E (2018E) / (2019E) 10.4x / 8.4x
EV/EBITDA (2019E) 3.5x

Automotive 1) Bloomberg data as of 11 Dec 2018

40% 2) Based on SUNN’s FY3Q18 and FY2017 Financial Statement
3) Based on Quarz’s estimates

Source: Quarz Capital Management, Sunningdale Tech Limited
Quarz Capital Management
The Sunningdale Tech Opportunity (2/3)
Share Price Does Not Account For Cash Generative Operating Business:
• SUNN trades at a discount to Liquidation
400 Value
Upside Share price does
not account for Inventories (S$153m) + Net Trade
350 of ~65%
to Mkt
operating business Receivables (S$27m) + Net Cash (S$8m)
Cap S$ 251m ≈
Value of
$ 341m
70% of Current Mkt Cap
P/E of
250 11x 19E • Investors receive:
S$ million

50% of
200 working 1. PPE of S$190m (~70% of Mkt Cap) with
S$ 8m >S$ 130m invested bet 2014-2018E
S$ 27m
150 Share Capped
Price Downside
2. 2019E Net Income and Free Cash Flow
S$ 261m
@ S$ Liquid of ~S$31.0m / S$36.0m (P.E and
1.39 Assets (Net
100 cash and
EV/EBITA of 8.4x and 3.5x respectively)
capital) S$ 153m
equivalent to
50 ~70% of Mkt

Potential Upside of ~65% to SUNN’s
Current Mkt Cap
Inventories Net Trade Receivables
SUNN's Valuation
Net Cash Value of Biz
Current Share Price
Source: Quarz Capital Management, Sunningdale Tech Limited
Quarz Capital Management
The Sunningdale Tech Opportunity (3/3)
Underperformance Of Sunningdale’s Share Price Vs Peers
Contract Manufacturing peers normalised to Sunningdale’s Share Price of S$ 1.115 on April 2016
-- Sunningdale ‘Short attack’ on

-- SG Peers Investors’ ‘overexuberance’ on Contract
Venture Corp

2.60 negative YoY
Takoever offer for Fischer
Tech @ 64% premium to 3- results for
2.40 mth VWAP most players

2.20 Increase in 2016 Core

NI by 36% YoY to

Takeover offer Privatisation

for Innovalues offer of
@ 22% premium Spindex @
to of 3-mth 23% of 3-mth
VWAP Decrease in
1.60 Koh Boon 1Q18 Core NI ~30% fall in share
Hwee by 25% YoY price
Koh Boon Hwee
purchased With addition
purchased 0.4m
1.40 1m shares FX headwinds
shares @ S$1.09
@ S$1.59

1.20 Koh Boon Hwee Increase in

SUNN’s performance has
1m shares@ 3Q17 result
S$1.59 by 38% YoY lagged peers by ~25%

Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18
Source: Bloomberg, SGX, Quarz Capital Management, Sunningdale Tech Ltd
Quarz Capital Management
Sunningdale’s Key Expertise - Auto Segment (1/3)
Summary: 300 8
Revenue has increased
• Comprises ~36%/40% of Revenue/PBT by >150% in 6 years
250 6
Improving margin
• Supplies automotive interior and exterior plastic components
as revenue scales 4
• Specialize in products with high emphasis on aesthetics and precision 200
Takeover of
(integration with other system, eg. audio, dashboard, steering) 2
150 First Engineering
• Supplies to top tier auto suppliers (e.g. Bosch, Magna, Continental, Delphi, 0
Visteon) which integrates SUNN’s products in OEMs such as BMW,GM, Land 100
Rover, Toyota, Lexus Mini, Mazda, Honda, Suzuki
50 -4
• Tends to be sole or dual supplier for specific components
0 -6
2010 2011 2012 2013 2014 2015 2016 2017
Competitive Advantage and Upside: Revenue PBT Margin (RHS)

• Supplied components are tied to particular models with product cycles of 5-7
years - revenue stability and visibility for SUNN
• Diversified client base – low exposure to particular OEM brands and vehicle
• Strong barriers to entry attributed to stringent certification and quality
standards required - Clients prefer to continue long term relationship with
suppliers who charge reasonable margins and have track record of delivering
consistently high quality products
• Secular trend of substituting metal for plastic components due to cheaper
cost, greater design flexibility, lower weight and higher durability
• End demand of autos in developed markets such as Europe and US
continues to remain strong supported by decreasing unemployment, higher
real wage and economic growth

Source: Quarz Capital Management, Sunningdale Tech Limited

Quarz Capital Management
Sunningdale’s Key Expertise - Auto Segment (2/3)
Automotive Interior And Exterior Components Supplied By Sunningdale
Air Centre
Switches Cluster Frame
Register Console

Air Bag


Door Side Panel Integrated Centre

Gear Shift Side
and Module Stack/Console Wiper Cowl Antenna Back Lamp

Access Key

Grill Bumper Head Lamp Door Handle

Source: Quarz Capital Management, Sunningdale Tech Ltd
Quarz Capital Management
Sunningdale’s Key Expertise - Auto Segment (3/3)
Examples Of Components Supplied
Automotive Climate & Audio Bezel

Other Critical Automotive Plastic Components

Door Handle Lamp Housing Cluster Steering Columns

Center Console Connector Parts Air Register Back Lamps

Source: Quarz Capital Management, Sunningdale Tech Limited
Quarz Capital Management
Sunningdale’s Key Expertise - Consumer/IT Segment (1/2)
Summary: 300 Steadily increasing 19

• Comprises ~39%/59% of Revenue/PBT 250

Revenue with more
volatile margins 14
• Produces plastic precision parts for products such as Ink catridges & Computer
peripherals, Home appliances, Lifestyle products, Electronics, 9
Telecommunication & Point-of-Sales, Gaming, Audio and Visual products 150
• Diversified MNCs clientele base such as HP, Verifone, Gemalto, Samsung, 100
Phillips, Epson, Microsoft, Hitachi, Casio
• Generally one of the 3 suppliers for specific components
0 -6
• Higher margin (vs Auto) due to shorter product cycle of 2-3 years 2010 2011 2012 2013 2014 2015 2016 2017
• More frequent product refreshes attributed to shifting taste, technological Revenue PBT Margin (RHS)
advances and competition
• Higher revenue and profit volatility due to stockpiling decision of vendors, sales
of end product and fixed cost base
• Continue to focus on high margin business - trend increase in PBT margin
(lower PBT margin in 2017 due to capacity expansion)
• Long term relationship with clients due to consistently high production quality
and quick production time (capacity and global footprint)

Competitive Advantage and Upside:

• Strong revenue growth due to ramp up of new products in 2019 (vs product end
of cycle in 2018)
• Higher utilization rate (prior capacity expansion in Chuzhou and Penang) will
drive margin expansion due to operating leverage gains
• Demand for consumer products continue to remain strong due to the strength of
global economy
Source: Quarz Capital Management, Sunningdale Tech Ltd
Quarz Capital Management
Sunningdale’s Key Expertise - Consumer/IT Segment (2/2)
Cyclical Demand of Consumer/IT Segment

4Q 1Q
High volume sell-through with Distributors/retailers sell down
strong demand throughout remaining stocks after holiday
supply chains season
SUNN continues to receive Inventory level in supply
strong orders which increase chains decreases
its utilisation rate, operating
leverage and profits

3Q 2Q
New product launches in Seasonal demand is
anticipation of holiday season moderately up from 1Q
Distributors/retailers start Companies phase out older
stockpiling for higher demand products and prepare to
SUNN ramps up production launch new ones in 2H to
to support customers’ capitalize on holiday season
inventory stockpiling

Source: Quarz Capital Management, Sunningdale Tech Ltd

Quarz Capital Management
Sunningdale’s Key Expertise – Medical Tech Segment
• Comprises ~7%/3% of Revenue/PBT
• Relatively small market vs Auto and Cosumer/IT
• Produces scopes, caps, and plastic components of drug delivery and
diagnostic systems
• Diversified base of MNC clients such as Abbott, Roche, Ciba, Wyeth, BD
• High stringency in manufacturing requirements which creates high fixed cost
in production – cleanroom conditions, temperature control settings
• Higher barrier to entry for competitors
• Comparatively lower margins due to longer product cycle

Competitive Advantage and Upside:

• High revenue visibility
• Can be expected to generate S$3-4million EBITDA consistently
• Substantial benefits from operating leverage when volume ramps up

Source: Quarz Capital Management, Sunningdale Tech Ltd

Quarz Capital Management
Investing for Future Growth (1/2)
Sunningdale Has Consistently And Significantly Outspent Its SG Peers To Increase
Its Precision Engineering Capabilities
Heavy investment phase
(>S$130million of CapEx) over
35 2014 -2018 to ramp
up expertise and production capacity






2010 2011 2012 2013 2014 2015 2016 2017 1H18

Sunningdale Memtech Spindex Fu Yu

Elevated CapEx spending will end in 2018 – Normalised CapEx of ~S$25million vs Depreciation of ~S$30million
EBITDA and Free Cash Flow can increase to >S$70 million and >S$35million in 2019E
EV/EBITDA and EV/FCF of 3.5x and ~7.1x going forward

Source: Quarz Capital Management, Sunningdale Tech Ltd, Memtech International Limited, Spindex Industries Limited, Fu Yu Corporation
Limited 16
Quarz Capital Management
Investing for Future Growth (2/2)
Virtuous Cycle Of Heavy Investments Boosts SUNN’s Scale & Expertise Which
Increase Profitability And Cashflow To Further Fund Investments
Higher Barriers to Entry
 Large capital investment required in machines, certification, factory space and
engineering expertise
 Established long-term relationships with Tier 1 auto suppliers and consumer
 Significantly lower profitability and ROA/ROE for smaller-scale ‘sub-optimal’
operations to discourage new entrants
 Global footprint (situated closer to customers’ facilities) reduces transportation
cost and delivery time (support ‘just in time’ production)

Technological Advantages
 Outspend peers on investing in new technology and techniques
 Able to mass produce with low scrap/loss rate with high-cavitation injection
 Newer and more versatile equipment which can be quickly reconfigured to
produce different parts and components – increase in utilization rate

Competitive Edge in Bidding for Larger and Higher Margin

Projects Through Scale and Global Presence
 Ability to create 2000 – 2500 moulds annually with >1,000 injection moulding
machines allows them to bid competitively for larger projects requiring
significant tooling and mass production
 Global footprint situated close to customers’ facilities reduce transportation
costs, increases delivery times and allows them to handle global-scale projects
Source: Quarz Capital Management
Quarz Capital Management
Strategic Acquisitions
Fortified Balance Sheet And Increasing Cash Flow To Support Inorganic Growth
Management has Strong Track Record of Value-Accretive Acquisitions:
• Acquired First Engineering in 2014 for S$107million (trailing EV/EBITDA of 4.7x)
 Savvy move to enlarge Automotive segment – revenue increased by 80% with
operating income margin more than double from 2.0% to 4.6% in 1 year
 Sunningdale was able to capitalize on the strong Auto upcycle – Core income
has doubled to S$42.7million in 2017 from S$21.4million in 2014 (pre-
acquisition) *
‘Size Matters’ in a Rapidly Consolidating Industry
• Plastics injection moulding, metal stamping space have seen rapid consolidation
• Players with larger scale are able to penetrate more product categories, invest in
leading technologies and compete in increasingly complex and more demanding

Plenty of ‘Dry Powder’ and Access to Cheap Capital

• Net cash position, S$120million in cash
• Access to cheap financing due to strong balance sheet and historical earnings
• Minimal dilution to equity holders for any acquisition of reasonable size

Long-Term Mindset - Management Incentivized to Buy Synergistic

Businesses at the Right Price
• CEO Khoo Boo Hor and his team has the support of anchor shareholders Koh Boon
Hwee, Sam Goi and Yarwood
• Management prioritizes long-term objectives of improving the core business over
meeting quarterly figures - mitigates risk of value destructive expansions, accretive
acquisitions at favourable prices

Source: Quarz Capital Management

Quarz Capital Management
Quarz Recommendations for Sunningdale Tech

Increase Efficiency of Capital Allocation
• Commit to distribute at least 60% of Core Net Income as dividend (~7.1% dividend yield in 2019E)
• Distribute at least 50% of potential proceeds from sale of Zhongshan factory (~4% dividend yield)
• Conclusion of heavy investment phase can allow SUNN to generate >S$35million of free cash flow
• SUNN retains ~S$17m of cashflow post dividend and CapEx of S$25million

Ramp Up Acquisition Strategy to increase Expertise and Competitive Advantage

• Increase technology expertise in niche areas and secure new client relationships
Strategy • Increase capability to undertake larger volume and more complex projects and to offer more diverse
products to client
• Increase diversity of client base which enables the firm to be less prone to pricing pressure and affected
by the potential financial distress of individual customers

Seize Growth Opportunities in Structural Growth Areas such as Electro-mobility,

Autonomous Driving and Connectivity
• More precise specifications should lead to higher gross margins
• Smaller-scale competitors are unable to invest in the necessary tooling and machinery to compete in
these products

Improve Investors Communication

• Increase the quality of reported information on the company – e.g. engineering capabilities, products and
Communication strategic plans
• Increase coverage by both buy- and sell-side analysts

Source: Quarz Capital Management, Sunningdale Tech Ltd

Quarz Capital Management
Potential Total Return for Sunningdale’s Shareholders
>40% Upside Potential With Implementation Of Quarz Recommendations

4 Payment of S$0.05 of dividend per share

1 for 2H18
Return ~50% of proceeds from disposal of
2 non-core factory in Zhongshan, China.
SUNN to still retain S$11million of
1.80 Conservative S$ proceeds for future projects
P/E of 11x 19E 0.42
Commit to pay ~60% of 2019E Core NI
3 due to significant cash flow increase post
Upside in
1.70 S$ the end of heavy capex phase and
0.62 stronger balance sheet. SUNN retains
of ~40%
~S$17million of cash inflow post dividend
3 distribution and CapEx of S$25million p.a.
SUNN to trade at a conservative P/E 19E
S$ 4 of 11x (Core NI of S$31million). SUNN has
0.10 Dividend already achieved Core NI of S$31-
1.50 S$0.06 Yield 42million in 2016-2017. Valuation is further
1 of ~15% supported by –
S$0.05 S$ 0.22
 Strong cashflow and dividend yield
 Structural growth trend of substituting
metal for plastic/hybrid parts due to
Tangible Equity of S$ 1.99/share S$ 0.60 cost, design, weight and durability
1.30 S$ mainly comprises working capital ~45% short to advantages
1.37 (S$1.22/share) + S$130million mid-term upside
(S$0.68/share) of CapEx (2014-18)  Potential inorganic expansion
to support downside (liquidation value) supported by fortified balance sheet
Current 2H18E Special 2019E Trade at Mkt Total Upside
Share Price Dividend Dividend Dividend P/E

Source: Quarz Capital Management, Sunningdale Tech Ltd

Quarz Capital Management
Analysis of Shareholder Base
Description of shareholder base
• Koh Boon Hwee is the Non-Exec Chairman of SUNN. He founded Tech
Group Asia in 2003 before it acquired Sunningdale Precision in 2005. He was
the CEO of SUNN from 2005 to 2008. Koh started at HP before becoming its
Singapore MD in 1985. He was the Exec Chairman of Wuthelam Grp (biggest
shareholder of Nippon Paint) from 1991-2000. He also served as Chairman at Shareholding Level
SingTel, DBS, and Singapore Airlines. He is currently the Chairman of Credence
Partners, Yeo Hiap Seng, Far East Orchard, AAC Technologies and Agilent Koh Boon
Technologies. He is a director on the Board of Bank Pictet & Cie (Asia) and GIC. Hwee
• Yarwood Engineering is a subsidiary of Kong Siang Grp. The Grp mainly 15% Yarwood
distributes spirits and alcoholic beverages and is one of Diageo’s largest 3rd 8%
party distributor with a focus on Asia. Some of the prominent brands the firm
distributes are Johnnie Walker and J&B whiskies, Penfolds, Lindemans,
Gordon’s and Tanqueray gin, Bailey Irish Cream, and Guinness beer.
• Goi Seng Hui is the founder and Chairman of Tee Yih Jia, Yangzhou Junhe
and GSH Corp with business interest in food manufacturing and real estate Goi Seng
development in Singapore and China. Tee Yih Jia is one of the largest Free Float Hui
manufacturer of spring roll pastry globally and also manufacturers a substantial 56% 8%
range of ready to eat and frozen Asian convenience food products.
• LSV Asset Mgmt is a US value fund manager with AUM of ~$118billion. LSV
The firm uses a deep value quantitative approach to choose out-of-favour 5%
(undervalued) stocks which have future growth exceeding the market’s low
expectations. The firm emerged as a substantial shareholder in April 2018. Dimension-
• Norges Bank is the sovereign fund of Norway. Bank Khoo Boo al Fund
Hor 3%
• Khoo Boo Hor has been the CEO of SUNN since 2009. He was the firm’s 3%
Grp Operations Director and played a pivotal role in the integration of
Sunningdale Precision and Tech Group Asia. Prior to SUNN, he was the
Director of Operations at HP Singapore and responsible for Enterprise Storage
and Server manufacturing operations.

Source: Quarz Capital Management,, Bloomberg

Quarz Capital Management

Quarz Capital supports the Board and Management Team at

Sunningdale Tech and is committed to helping the Company
realize full value for all Shareholders

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