Stock Name: BrightWor
Company Name: BRIGHT WORLD PRECISION MAC LTD
Research House: DBS Vickers
DBS Vickers Securities in an Apr 29 research report says: "1Q11 net profit rose 67% y-o-y to RMB45.7 million, beating our RMB40 million forecast. The stronger than expected performance was attributable to higher than expected 15.6% net margin despite higher interest cost of RMB2.4 million, up from RMB0.8 million in 1Q10 due to additional loans.
"Revenue rose 57% to RMB294 million, just a notch higher than our RMB280 million estimate. Gross margin expanded 1.6ppt y-o-y thanks to higher ASP for both conventional and high performance stamping machines. Current orderbook stands at RMB428 million, 53% higher than last quarter's RMB280 million.
"We have raised our FY2011F earnings by 4% to account for the strong 1Q11. Our target price is marginally lifted to 83 cents, still pegged to 10.5x FY11 PE. MAINTAIN BUY."
Company Name: BRIGHT WORLD PRECISION MAC LTD
Research House: DBS Vickers
DBS Vickers Securities in an Apr 29 research report says: "1Q11 net profit rose 67% y-o-y to RMB45.7 million, beating our RMB40 million forecast. The stronger than expected performance was attributable to higher than expected 15.6% net margin despite higher interest cost of RMB2.4 million, up from RMB0.8 million in 1Q10 due to additional loans.
"Revenue rose 57% to RMB294 million, just a notch higher than our RMB280 million estimate. Gross margin expanded 1.6ppt y-o-y thanks to higher ASP for both conventional and high performance stamping machines. Current orderbook stands at RMB428 million, 53% higher than last quarter's RMB280 million.
"We have raised our FY2011F earnings by 4% to account for the strong 1Q11. Our target price is marginally lifted to 83 cents, still pegged to 10.5x FY11 PE. MAINTAIN BUY."
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