Stock Name: TPV
Company Name: TPV TECHNOLOGY LIMITED
CIMB in a May 27 research report says: "1Q11 net profit of US$42 million (+5% y-o-y) was in line with consensus and our estimates, forming 24% of consensus and our FY2011 forecasts. Sales grew 13% y-o-y to US$2.7 billion, lifted by higher shipments of both PC monitors and LCD TVs.
"EBITDA margins contracted 1.0% pt y-o-y to 1.5%, as a result of a jump in the opex ratio. Net debt improved to 0.02x from 0.15x at end-December 2010. We leave our FY2011-2013 profit forecasts intact and target price of 95 cents, based on 0.95x P/BV. This already pegs TPV at the low end of its 5-year band for its challenging near-term prospects.
"Nevertheless, stock catalysts are still expected from: (1) a gradual recovery in its earnings with the recent improvement in panel prices; and (2) a recovery of the LCD TV market. MAINTAIN OUTPERFORM."
Company Name: TPV TECHNOLOGY LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 0.95 |
CIMB in a May 27 research report says: "1Q11 net profit of US$42 million (+5% y-o-y) was in line with consensus and our estimates, forming 24% of consensus and our FY2011 forecasts. Sales grew 13% y-o-y to US$2.7 billion, lifted by higher shipments of both PC monitors and LCD TVs.
"EBITDA margins contracted 1.0% pt y-o-y to 1.5%, as a result of a jump in the opex ratio. Net debt improved to 0.02x from 0.15x at end-December 2010. We leave our FY2011-2013 profit forecasts intact and target price of 95 cents, based on 0.95x P/BV. This already pegs TPV at the low end of its 5-year band for its challenging near-term prospects.
"Nevertheless, stock catalysts are still expected from: (1) a gradual recovery in its earnings with the recent improvement in panel prices; and (2) a recovery of the LCD TV market. MAINTAIN OUTPERFORM."
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