Reports
Equation Corp Limited
Equation Corp Limited - Results Update
Yeak Chee Keong - Thu, 2 September 2010
FY6/10 revenue of $29.4mil (-22.3% y-o-y) and gross profit of $5.5mil (-21.6% y-o-y) were in line with our forecasts. Actual revenue and gross profit made up 98.3% and 94.3% of our FY6/10 estimates respectively. At the bottomline, net loss of $6.5mil was better than our estimate of a $12.6mil loss.
CFM Holdings Limited
CFM Holdings Limited - A Strong-Performing Year (Update)
Ng Kian Teck - Wed, 1 September 2010
On 23 August 2010, CFM Holdings Limited announced their FY 2010 results. FY 2010 revenue and net profit were 91.5% and 121% of our prior FY10F estimates respectively. Revenue for the financial year grew 17.9% YoY whilst net income soared 149% over the same period.
Kian Ann Engineering Ltd
Kian Ann Engineering Ltd - Loaded with Cash (Update)
Ng Kian Teck - Mon, 30 August 2010
Kian Ann Engineering Ltd's FY2010 revenue and profit outperformed our prior forecasts by 5% and 8% respectively. For the financial year, revenue grew 10.8% YoY to S$149.4m whilst profit increased 17.3% to S$13.6m over the same period, on the back of global economic recovery and better business sentiment.
Petra Foods Limited
2QFY10 Results - Strong growth momentum to spillover to 2HFY10
Angelia Phua - Fri, 20 August 2010
In view of the strong set of 2QFY10 results and strong growth momentum in both the Branded Consumer and Cocoa Ingredient operations, we raised our FY10 and FY11 earnings growth to 51.2% (previously 31.0%) and 34.7% (previously 33.0%) respectively. We value Petra Foods at S$1.56 and maintain our recommendation of a Long-term BUY in view of positive catalyst from earnings and potential strategic investment moves.
Noble Group Limited
Noble Group Limited - Turning into a Waiting Game (Update)
Liu Jinshu - Tue, 17 August 2010
Noble Group Limited's 1H FY10 results were poorer than expected, mainly due to higher operating and finance costs. We expect Noble to return to growth with rising contribution from the energy segment and a recovery in processing margins in FY11. Maintain our Invest rating.
Fuxing China Group Limited
Fuxing China Group - Order book is still strong in 3Q (Results)
Jacky Lee - Mon, 16 August 2010
Despite 2Q earnings being below expectation, we kept our FY10-12 estimates relatively unchanged after we factor in higher trading sales but lower margins expectation. Our fair value remains S$0.28, still applying 11x FY11 PER or only 1.6x excluding net cash. We maintain our Strong Buy recommendation.
Megachem Limited
Megachem Limited - Stepping up to a new level
Yeak Chee Keong - Thu, 12 August 2010
MegaChem posted spectacular results with record half-year revenue and profit. Revenue for 1H10 reached $45.2mil (+41.7% y-o-y, +16.7% h-o-h) while net income came in at $2.8mil (+244.9% y-o-y, 49.2% h-o-h). Gross margin was stable at 21.7% (21.3% 1H09, 22.0% 2H09) but net margin improved by 36 and 13 basis pts over 1H09 and 2H09 respectively to 6.2%. Net profit for 1H10 exceeded that of the whole of FY09.
Serial System Ltd
Serial System Ltd - Expansion mode (Results)
Jacky Lee - Thu, 5 August 2010
We raise our FY10-12 earnings forecasts by 20-54% to factor in more robust GDP numbers for Singapore and the region. As such, our fair value rises from S$0.14 to S$0.19, still pegged at 10x FY10 PER. We maintain our Buy recommendation. Although management indicated that it is likely to maintain a 40-50% dividend payout this year, we maintain our dividend forecast of 0.5 cent for now, implying a 25% payout.
Equation Corp Limited
Equation Corp Limited - Almost ripe for harvesting (Update)
Yeak Chee Keong - Thu, 29 July 2010
We met up with management following the signing of contract between Equation and the Media-Saturn group to implement the DiSa Anti-Theft System ("DiSa") throughout their 375 stores in Germany. Our confidence in the prospects of DiSa was reinforced and we expect to see contribution from 2HFY6/11.
First Reit
First REIT - First Class 2Q10 Results (Update)
Moh Tze Yang - Tue, 27 July 2010
First REIT announced its financial year 2010 second quarter results on 26th July 2010. We maintain our Increase Exposure rating on the Company.