Stock Name: Sapphire Corp
Company Name: SAPPHIRE CORPORATION LIMITED
SIAS Research in a May 26 research report says: "Sapphire delivered a strong set of results with operating profit growing by $3.2 million y-o-y to $3.9 million in 1Q FY2011.
"However, these gains were negated by losses of S$16.0m from its stake in HKSE listed China Vanadium Titano-Magnetite Mining Company Limited (CVTM). We understand that the maximum losses that Sapphire can suffer due to its CVTM stake will be capped by its collar financing agreement with Credit Suisse.
"Operationally, Sapphire's outlook remains intact with government plans to develop the Chengdu-Chongqing vicinity into an economic zone. Our FY2012F and FY2013F forecasts were unchanged. Unchanged intrinsic value of 60 cents. MAINTAIN INCREASE EXPOSURE."
Company Name: SAPPHIRE CORPORATION LIMITED
| Research House: SIAS | Price Call: BUY | Target Price: 0.60 |
SIAS Research in a May 26 research report says: "Sapphire delivered a strong set of results with operating profit growing by $3.2 million y-o-y to $3.9 million in 1Q FY2011.
"However, these gains were negated by losses of S$16.0m from its stake in HKSE listed China Vanadium Titano-Magnetite Mining Company Limited (CVTM). We understand that the maximum losses that Sapphire can suffer due to its CVTM stake will be capped by its collar financing agreement with Credit Suisse.
"Operationally, Sapphire's outlook remains intact with government plans to develop the Chengdu-Chongqing vicinity into an economic zone. Our FY2012F and FY2013F forecasts were unchanged. Unchanged intrinsic value of 60 cents. MAINTAIN INCREASE EXPOSURE."
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