Stock Name: Mewah
Company Name: MEWAH INTERNATIONAL INC.
Research House: CIMB
The house raises its FY11-12 EPS estimates by 1%-2% on higher consumer pack margin assumptions.
Company Name: MEWAH INTERNATIONAL INC.
Research House: CIMB
Mewah International (MV4.SG) is +1.9% at S$1.05 after posting 4Q net profit of US$36.1 million, +38.9% on year, on revenue of US$1.06 billion, +16.0% on year.
CIMB notes the “strong revenue growth” and says 4Q10 core net profit (which excludes placing and listing expenses) of +57% on year at US$40.8 million ($52.1 million) was above its expectations, forming 46% of its FY10 estimate and consensus. “12M10 core net profit of US$97.1 million represents 110% of our FY10 estimate and 109% of consensus. The divergence was mainly due to lower tax rate, and foreign exchange gains.”
CIMB notes the “strong revenue growth” and says 4Q10 core net profit (which excludes placing and listing expenses) of +57% on year at US$40.8 million ($52.1 million) was above its expectations, forming 46% of its FY10 estimate and consensus. “12M10 core net profit of US$97.1 million represents 110% of our FY10 estimate and 109% of consensus. The divergence was mainly due to lower tax rate, and foreign exchange gains.”
The house raises its FY11-12 EPS estimates by 1%-2% on higher consumer pack margin assumptions.
Its target price stays at $1.41, based on 13X 2011 P/E, “roughly 10% discount to the plantation sector average...due to its slimmer margins than upstream plantations.”
It cites potential catalysts as better-than-forecast earnings, higher refining margins and announcements of earnings-accretive acquisitions. The house has an Outperform rating on the stock.
The orderbook suggests a $1.06 near-term cap.
No comments:
Post a Comment