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Amtek Engineering Multiple headwinds
1Q12 fell short of our below-consensus estimates Margin hit by forex and more tooling sales at costs Outlook plagued by forex, macro uncertainty and HDD supply chain disruption; FY12F/13F cut by 20% New TP of S$0.51 represents 13% potential downside, … Continue reading
Midas Holdings Worst should be over
3Q11 profit declined 60% y-o-y to RMB27m, despite 5% revenue growth to RMB259m Factoring in lower order wins and higher finance costs, we cut FY11/12F earnings by 34%/33% Expected pick-up in train orders from MoR in 1H12 could kick-start orders, … Continue reading
STX OSV Another well executed quarter;
3Q11 above on sustained solid execution, underpinning firm margins; FY11F raised 11% on strong numbers Trim FY11F order wins to NOK9.5bn on cloudy macro outlook which leads us to trim FY13F earnings by 5% Maintain BUY, TP S$1.54 How to … Continue reading
Perennial China Retail Trust
Maiden set of results, amending earn out support Properties yet to stabilize, mall leasing activities on track Maintain Buy with TP $0.83 Maiden set of results. Perennial China Retail Trust reported its maiden set of results for 9 June-30 Sept … Continue reading
Sound Global Limited Keeping up a strong flow
3Q11 slightly ahead of our optimistic forecast, 9M11 met 76% of FY11F Growth is underpinned by RMB2.4bn orderbook which covers 0.8x FY12F sales Reiterate Buy with 66% potential upside to our higher TP of S$0.90 3Q11 net profit more than … Continue reading
Banyan Tree Holdings
Loss making quarter but surprise uptick in property sales Outlook muted with weak forward bookings for Thailand; FY11/12F earnings slashed 18%/55% Maintain HOLD, TP reduced to S$0.93 Loss making 3Q11 from weak hotel performance. 3Q11 topline of S$66.2m (-3% y-o-y) … Continue reading
Noble Group A victim of volatility
3Q11 loss of US$17.5m brought 9M11 earnings to US$325.6m – well below forecast on annualized basis 25-49% yoy segment volume growths failed to offset margin erosion due to price volatility FY11-13F cut by 20-33% on challenging operating conditions Downgraded to … Continue reading
Xinren Aluminum Attractively valued
3Q11 results were in line with our estimates: 9M net profit accounted for 83% of our FY11 estimates Now a proven player a year after its IPO Revised down FY12F profit following cut in aluminium prices Retain BUY call and … Continue reading
Kencana Agri Lowered expectations
Excluding translational FX loss of US$1.4m, 3Q11 core profit of US $1.9m (+376% yoy, -44% qoq) was below our US$3-3.5m expectations Revenue grew 147% yoy to US$75.8m but margins were hit by higher costs FY11-13F earnings cut by 14-15%, TP … Continue reading
Venture Corp Results below but fundamentals intact
3Q11 below estimates, partly due to 11% y-o-y depreciation of USD/SGD Near term outlook is hazy but margins should hold up; dividends can be sustained FY11/12F earnings cut by 10%/17%; Maintain Hold on lower TP of S $6.30 with 8% … Continue reading