Stock Name: UtdEnvirotech
Company Name: UNITED ENVIROTECH LTD
OCBC Investment Research in a May 25 research report says: "United Envirotech Ltd (UEL) posted more lumpy results in 4QFY11, with revenue falling 34.5% y-o-y to an estimated $19.8 million; this followed the completion of the Guangzhou Jingxi plant in 2QFY11.
"Net profit fell by 63.0% y-o-y and 59.6% q-o-q to $1.6 million; but if we strip out exceptional items (negative goodwill), we estimate that UEL may have booked a slight $0.4 million loss.
"In light of the lumpy 4QFY11 results and poorer-than-expected margins, we pare our FY2012 revenue estimate by 5.5% and earnings by 20.1%. Our DCF-based fair value also eases from 65 cents to 53 cents. But given the still positive prospects, we maintain our buy rating. MAINTAIN BUY."
Company Name: UNITED ENVIROTECH LTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.53 |
OCBC Investment Research in a May 25 research report says: "United Envirotech Ltd (UEL) posted more lumpy results in 4QFY11, with revenue falling 34.5% y-o-y to an estimated $19.8 million; this followed the completion of the Guangzhou Jingxi plant in 2QFY11.
"Net profit fell by 63.0% y-o-y and 59.6% q-o-q to $1.6 million; but if we strip out exceptional items (negative goodwill), we estimate that UEL may have booked a slight $0.4 million loss.
"In light of the lumpy 4QFY11 results and poorer-than-expected margins, we pare our FY2012 revenue estimate by 5.5% and earnings by 20.1%. Our DCF-based fair value also eases from 65 cents to 53 cents. But given the still positive prospects, we maintain our buy rating. MAINTAIN BUY."
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