Stock Name: ASL Marine
Company Name: ASL MARINE HOLDINGS LTD
Research House: CIMB
CIMB in a May 10 research report says: "3Q11 core profit of $3.7 million (-50% y-o-y) forms 11% of our FY2011 forecast, with 9M11 core profit of $17 million forming 51% of our forecast due to lower revenue from all segments and margin compression in ship repair/ conversion.
"Net profit of $8 million (-14% y-o-y) was broadly in line with our expectation ($10 million) and consensus (9m), helped by a $4.3 million gain from vessel disposal. We lower our FY2011-2013 estimates by 12-19% to account for lower revenue and margins.
"Our target price drops to 70 cents from 81 cents, still based on 7.5x CY12 P/E (7-year trading average). ASL is one of the cheapest small-cap stocks in the sector, trading at 0.7x P/BV. Stronger-than-expected order wins from shipbuilding and ship-repair/conversion could lead to our re-rating. MAINTAIN NEUTRAL."
Company Name: ASL MARINE HOLDINGS LTD
Research House: CIMB
CIMB in a May 10 research report says: "3Q11 core profit of $3.7 million (-50% y-o-y) forms 11% of our FY2011 forecast, with 9M11 core profit of $17 million forming 51% of our forecast due to lower revenue from all segments and margin compression in ship repair/ conversion.
"Net profit of $8 million (-14% y-o-y) was broadly in line with our expectation ($10 million) and consensus (9m), helped by a $4.3 million gain from vessel disposal. We lower our FY2011-2013 estimates by 12-19% to account for lower revenue and margins.
"Our target price drops to 70 cents from 81 cents, still based on 7.5x CY12 P/E (7-year trading average). ASL is one of the cheapest small-cap stocks in the sector, trading at 0.7x P/BV. Stronger-than-expected order wins from shipbuilding and ship-repair/conversion could lead to our re-rating. MAINTAIN NEUTRAL."
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