Stock Name: Swiber
Company Name: SWIBER HOLDINGS LIMITED
Research House: CIMB
CIMB in a May 16 research report says: "Excluding fair-value gains on convertible bonds of US$6.9 million, 1Q11 core net profit of US$2.8 million (-65% y-o-y) was below our expected US$7 million and consensus's US$9 million, forming 10% of our full-year forecast.
"This was due to lower-than-expected gross margins of 16% (expected 20%) although revenue was stronger than expected. We reduce our FY2011-2013 estimates by 1-5% to account for the lower margins.
"Accordingly, our target price dips to 98 cents from $1.01, still based on 12x CY12 P/E (5-year sector average). We believe the share price could remain supported/catalysed by order wins in the short term from Indonesia and Malaysia. MAINTAIN OUTPERFORM."
Company Name: SWIBER HOLDINGS LIMITED
Research House: CIMB
CIMB in a May 16 research report says: "Excluding fair-value gains on convertible bonds of US$6.9 million, 1Q11 core net profit of US$2.8 million (-65% y-o-y) was below our expected US$7 million and consensus's US$9 million, forming 10% of our full-year forecast.
"This was due to lower-than-expected gross margins of 16% (expected 20%) although revenue was stronger than expected. We reduce our FY2011-2013 estimates by 1-5% to account for the lower margins.
"Accordingly, our target price dips to 98 cents from $1.01, still based on 12x CY12 P/E (5-year sector average). We believe the share price could remain supported/catalysed by order wins in the short term from Indonesia and Malaysia. MAINTAIN OUTPERFORM."
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