Stock Name: Valuetronics
Company Name: VALUETRONICS HOLDINGS LIMITED
OCBC Investment Research in a May 26 research report says: "Valuetronics Holdings Ltd (VHL) reported its 4QFY11 results with revenue growth of 73.2% y-o-y and 1.4% q-o-q to HK$531.9 million. Gross profit surged 72.1% y-o-y and 6.6% q-o-q to HK$86.4 million, while net profit rose 27.6% y-o-y but declined 11.0% q-o-q to HK$28.1 million.
"FY2011 results were in line with our expectations, with revenue increasing 73.4% to HK$1.97 billion, which was 4.6% above our estimates. A first and final dividend of 14 HK cents was declared (versus 7 HK cents in FY10), which implies a payout ratio of 41.2% and a healthy yield of 9.0%.
"We raise our revenue and earnings forecasts for FY2012 by 6.7% and 3.9% respectively although we have also factored in slightly lower margin assumptions due to rising cost pressures. We introduce our FY2013 estimates and rollover our valuation to 8x FY12F EPS. Our value fair estimate increases to 49 cents (previously 47 cents). MAINTAIN BUY."
Company Name: VALUETRONICS HOLDINGS LIMITED
| Research House: OCBC | Price Call: BUY | Target Price: 0.49 |
OCBC Investment Research in a May 26 research report says: "Valuetronics Holdings Ltd (VHL) reported its 4QFY11 results with revenue growth of 73.2% y-o-y and 1.4% q-o-q to HK$531.9 million. Gross profit surged 72.1% y-o-y and 6.6% q-o-q to HK$86.4 million, while net profit rose 27.6% y-o-y but declined 11.0% q-o-q to HK$28.1 million.
"FY2011 results were in line with our expectations, with revenue increasing 73.4% to HK$1.97 billion, which was 4.6% above our estimates. A first and final dividend of 14 HK cents was declared (versus 7 HK cents in FY10), which implies a payout ratio of 41.2% and a healthy yield of 9.0%.
"We raise our revenue and earnings forecasts for FY2012 by 6.7% and 3.9% respectively although we have also factored in slightly lower margin assumptions due to rising cost pressures. We introduce our FY2013 estimates and rollover our valuation to 8x FY12F EPS. Our value fair estimate increases to 49 cents (previously 47 cents). MAINTAIN BUY."
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