Stock Name: JES
Company Name: JES INTERNATIONAL HOLDINGS LTD
DBS Vickers Securities in a May 27 research report says: "JES reported its fourth profitable quarter since turning around in 2Q10. Revenue surged 151% y-o-y to RMB663 million, benefiting from improving utilisation at the new yard that commenced operations in 2H10.
"Gross margin improved to 11.3% vs a loss in 1Q10. As a result, net profit grew to RMB31.6 million (vs loss of RMB43 million in 1Q11), which is largely in line with our expectation. We have tweaked our FY2011/2012F net profit estimates by 1.6%/3.4% to account for the higher net interest expense.
"We estimate JES' orderbook to stand at about US$1.5 billion, translating to a healthy 2.5x book-to-bill ratio. Target price is adjusted slightly to 49 cents following the earnings revision, still pegged at 1.5x FY11/12 P/BV. MAINTAIN BUY."
Company Name: JES INTERNATIONAL HOLDINGS LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.49 |
DBS Vickers Securities in a May 27 research report says: "JES reported its fourth profitable quarter since turning around in 2Q10. Revenue surged 151% y-o-y to RMB663 million, benefiting from improving utilisation at the new yard that commenced operations in 2H10.
"Gross margin improved to 11.3% vs a loss in 1Q10. As a result, net profit grew to RMB31.6 million (vs loss of RMB43 million in 1Q11), which is largely in line with our expectation. We have tweaked our FY2011/2012F net profit estimates by 1.6%/3.4% to account for the higher net interest expense.
"We estimate JES' orderbook to stand at about US$1.5 billion, translating to a healthy 2.5x book-to-bill ratio. Target price is adjusted slightly to 49 cents following the earnings revision, still pegged at 1.5x FY11/12 P/BV. MAINTAIN BUY."
No comments:
Post a Comment