Petra Foods Limited
3QFY11 Results Update
Angelia Phua
-
Tue, 22 November 2011
We see Petra’s business operation as relatively defensive amid the challenging global environment and expect Petra’s growth momentum to remain healthy. We value the Branded Consumer and Cocoa Ingredients businesses at 16x PER (FY12F) and 8x PER (FY12F) respectively, similar to peer valuations, and arrive at a fair value of S$1.80. Maintain Long-term BUY.
Petra Foods Limited
Petra Foods Limited – On Track Towards A Record Year (Update)
Liu Jinshu
-
Fri, 11 November 2011
Petra Foods Limited (Petra) reported a strong set of results with net attributable profit growing by 34.4% YoY from US$10.3m in 3Q FY10 to US$13.7m in 3Q FY11. 9M 2011 revenue and net attributable profit were largely in-line with our expectations, coming in at 74.5% and 70.6% of our forecasts respectively. The company will be bringing new capacity online in 2012 to grow processing capacity by 10%.
Treasury China Trust
3QFY11 Results Update
Angelia Phua
-
Fri, 4 November 2011
Cash has been deployed to fund recent acquisitions, which questions the sustainability of the annual distribution profile of 10Scts (FY11F). Using cap-rate approach, we revise our target price to S$2.16 (previously S$2.25). Price-to-book (P/B) of 0.4x is also low compared to P/B of peers of 0.8x. The existing assets and development projects remain undervalued. Long-Term BUY.
Treasury China Trust
Treasury China Trust - Impressive Performance Amidst Uncertainty (Update)
Ng Kian Teck
-
Tue, 1 November 2011
Treasury China Trust’s (TCT) 3Q FY11 results were slightly above our expectations, with revenue rising 6.8% QoQ to RMB127.3m while net property income rose 9.6% QoQ to RMB80.0m. Rental income across all five income producing assets increased, particularly Huai Hai Mall, Treasury Building and City Centre (rebranded as the HQ) which rose 155%, 7.2% and 5.2% respectively.
Petra Foods Limited
2QFY11 Results - Growth momentum still healthy despite challenging environment
Angelia Phua
-
Mon, 22 August 2011
2QFY11 PATMI of US$14.8m grew 54.8% YoY and 9.2% QoQ as a result of higher sales achieved by the Cocoa Ingredients and Branded Consumer divisions as well as higher EBITDA yield achieved at Cocoa Ingredients. The result is above our expectations due to stronger than expected EBITDA yield and margins from Cocoa Ingredients and Branded Consumer respectively. Maintain Long-term BUY on positve catalyst from earnings.
Riverstone Holdings Limited
Emerged unscathed amid uncertainty in 2Q
Lee Khai Chian
-
Fri, 5 August 2011
We like RSTON for the decent dividend yield of about 6.5%, focus on high margin in cleanroom gloves, and growth potential stemming from healthcare growth. Nonetheless, macro factors such as forex and material prices continue to take a toll on company business. It is no denying that we are impressed with top line growth, but bottom line performance has been lagging. Our target price of 40 cents is based on 9x FY11 PER, about 20% discount to industry average, to account for its smaller size.
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Financial Blogs
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Wed, 01 Feb 2012
-by Kevin Scully
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Tue, 31 Jan 2012
-by Kevin Scully
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Mon, 30 Jan 2012
-by Kevin Scully
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