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Investment Summary
We are initiating coverage on Structural Monitoring Systems (ASX: SMN). The company’s market capitalization is expected
to be A$127.65 million, with a corresponding target stock price of A$0.50 over a 24–48 month horizon.
SMS is an Australia-based public company engaged in the development and commercialization of innovative technologybased
products for monitoring fatigue critical structures. The company’s patented CVMTM technology provides real time and
periodic monitoring facilities for checking the structural integrity of aircraft and civil infrastructure including steel bridges in
the USA which presents a major opportunity. SMS has developed simple and cost effective Structural Health Monitoring
(SHM) systems to monitor fatigue cracking due to operational stress on a periodic/continuous basis. The company has
developed sensors (based on CVMTM) that are used along with monitoring units and software systems to provide information
about the structure’s integrity. CVMTM technology has been developed in-house and SMS has acquired relevant world wide
patents for the technology to downturn any duplication in the market.
The CVMTM technology is has achieved a first mover advantage by being the first sensor based structural monitoring system
to replace traditional NDT available in both the civil and military aerospace market sectors. It significantly reduces the cost
and time associated with the mandatory structural maintenance inspection of an aircraft. In addition, it is easy to install,
lightweight and durable. Sensors can be installed in areas that are hard to access to improve accuracy and reduce the cost of
regular maintenance inspections. Therefore, they provide increased operational availability. Owing to its simple working
principle, the sensors avoid the complicated processing of outputs as in other inspection techniques, and has achieved
customer acceptance by a number of major US airlines who have requested that Boeing approve the use of CVM™ systems
as an alternative means of compliance for existing mandated high cost inspections.
The company’s near-term objectives include installation of CVMTM monitoring devices on the Boeing fleets of two U.S.
airlines in 2008. SMS also intends to negotiate technology access license and incorporate CVMTM technology structural
health monitoring products in the newly-built Airbus aircraft and get the technology qualified for further retrofit applications
by collaborating with other manufacturers. On the military aerospace front, SMS is close to commencing the installation of
CVMTM systems on U.S. and U.K. and European military aircraft fleets. This move is expected to open up the lucrative
global military aerospace market to SMS. Going forward, the company intends to broaden the military air force customer
base through focused evaluation and fatigue test programs.
SMS won several significant evaluation contracts. Recently, the company received accreditation from Airbus, the largest
commercial aircraft manufacturer in Europe, to incorporate the CVMTM technology in its aircraft. The CVMTM technology
has been included in Boeing’s NDT manual for use on Boeing aircraft. CVMTM has also received approval from the Director
General of Technical Airworthiness (DGTA) for use in the Australian Defense Forces (ADF) aircraft. In addition, the
company has received primary orders from military organizations in the U.S., China, the UK and Poland to incorporate the
CVMTM technology. Rising demand for this technology coupled with large orders are expected to enhance the company’s
market share, going forward.
Going forward, the growth in the aerospace industry is expected to support the company’s overall growth. The maintenance,
repair and overhauling (MRO) industry is expected to be worth US$62 billion in 2017 compared to US$41 billion in 2007. In
addition, due to the rise in globalization, the number of commercial aircraft is expected to grow from the current 17,800 to
27,000 in 2017. This could enable maintenance companies to realize incremental revenues on a year-on-year basis. As a
result, these companies are expected to record higher growth.
Having successfully validated its CVM TM technology for retrofit to existing aircraft, SMS plans to supplement the core
technology by developing other innovative variants of the technology which can be included into new build aircraft
structures to optimise design and reduce weight and hence provide a long-term growth path.
　
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