Stock Name: SoundGlobal
Company Name: SOUND GLOBAL LTD.
Research House: CIMB
CIMB in a May 11 research report says: "1Q11 net profit of Rmb65.8 million (+44.5% y-o-y) met Street and our expectations, at 19% of our FY2011 forecast (1Q typically makes up 19-20%).
"Strong contributions from the EPC portion (Rmb262.6 million sales) stood out, with 40% attributable to its Marafiq contract in Saudi Arabia. We are keeping our earnings estimates and target price of 98 cents, still set at 14x CY12 P/E (3-year forward average).
"Other than the faster-than-expected contributions from its higher-margin Marafiq contract in Saudi Arabia that should feature prominently in FY2011, BOT contract awards in China and possibly in Taiwan are expected to provide stock catalysts. MAINTAIN OUTPERFORM."
Company Name: SOUND GLOBAL LTD.
Research House: CIMB
CIMB in a May 11 research report says: "1Q11 net profit of Rmb65.8 million (+44.5% y-o-y) met Street and our expectations, at 19% of our FY2011 forecast (1Q typically makes up 19-20%).
"Strong contributions from the EPC portion (Rmb262.6 million sales) stood out, with 40% attributable to its Marafiq contract in Saudi Arabia. We are keeping our earnings estimates and target price of 98 cents, still set at 14x CY12 P/E (3-year forward average).
"Other than the faster-than-expected contributions from its higher-margin Marafiq contract in Saudi Arabia that should feature prominently in FY2011, BOT contract awards in China and possibly in Taiwan are expected to provide stock catalysts. MAINTAIN OUTPERFORM."
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