Stock Name: HTL Int
Company Name: HTL INT'L HOLDINGS LIMITED
Research House: DMG
DMG & Partners Securities in a May 9 research report says: "HTL reported 1Q11 net profit of $0.1 million, down 98.9% from the previous corresponding quarter.
"This is attributed to: (1) 10% y-o-y fall in revenue to $135.6 million, (2) forex loss of $4.0 million versus $0.2 million loss in 1Q10 and (3) rising production and material input costs. Revenue fall was due to a 10.9% y-o-y decline in sofa sales to $124.4 million and a 3.5% y-o-y decline in home furnishings sales to $11.1 million.
"We revise lower our sales and earnings estimates by 3-4% for FY2011 and FY2012 respectively to take into account lower than expected sales. Lower target price of 46 cents, pegged to an unchanged 8x FY11F P/E. MAINTAIN SELL."
Company Name: HTL INT'L HOLDINGS LIMITED
Research House: DMG
DMG & Partners Securities in a May 9 research report says: "HTL reported 1Q11 net profit of $0.1 million, down 98.9% from the previous corresponding quarter.
"This is attributed to: (1) 10% y-o-y fall in revenue to $135.6 million, (2) forex loss of $4.0 million versus $0.2 million loss in 1Q10 and (3) rising production and material input costs. Revenue fall was due to a 10.9% y-o-y decline in sofa sales to $124.4 million and a 3.5% y-o-y decline in home furnishings sales to $11.1 million.
"We revise lower our sales and earnings estimates by 3-4% for FY2011 and FY2012 respectively to take into account lower than expected sales. Lower target price of 46 cents, pegged to an unchanged 8x FY11F P/E. MAINTAIN SELL."
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