Stock Name: HISAKA
Company Name: HISAKA HOLDINGS LTD.
Research House: SIAS
SIAS Research in a May 4 research report says: "Coming off a high base in FY2010 (ended September 2010), HISAKA handed in a worthy set of results for 1H FY2011 (ended March 2011). 1H FY2011 revenue hit $37.7 million or 44% of our full year forecast - well in line with our expectation taking into account industry seasonality.
"HISAKA's net profit actually grew by 15.4% or $0.6 million y-o-y, after excluding inventory and trade receivables related impairment charges and reversals. We are adjusting our revenue growth forecast for FY2012F and FY2013F to 15% and 20% respectively (previously 10% annually).
"We have already incorporated the additional 20 million shares to be listed and estimated proceeds of $9.5 million into our valuation model. Intrinsic value of 58 cents or 10.7x FY11F PER. INCREASE EXPOSURE."
Company Name: HISAKA HOLDINGS LTD.
Research House: SIAS
SIAS Research in a May 4 research report says: "Coming off a high base in FY2010 (ended September 2010), HISAKA handed in a worthy set of results for 1H FY2011 (ended March 2011). 1H FY2011 revenue hit $37.7 million or 44% of our full year forecast - well in line with our expectation taking into account industry seasonality.
"HISAKA's net profit actually grew by 15.4% or $0.6 million y-o-y, after excluding inventory and trade receivables related impairment charges and reversals. We are adjusting our revenue growth forecast for FY2012F and FY2013F to 15% and 20% respectively (previously 10% annually).
"We have already incorporated the additional 20 million shares to be listed and estimated proceeds of $9.5 million into our valuation model. Intrinsic value of 58 cents or 10.7x FY11F PER. INCREASE EXPOSURE."
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