Stock Name: Broadway
Company Name: BROADWAY INDUSTRIAL GROUP LTD
CIMB in a July 22 research report says: "Excluding $1.4 million forex and impairment losses, Broadway's 2Q core earnings were 3% below our estimate and 19% below consensus because higher-than-expected sales were offset by higher opex and effective tax rate.
"1H net profit accounted for 42% of our full-year forecast and 35% of consensus. EBITDA margin shrank 5.1% pts yoy to 8.9% in 2Q11. It declared an interim dividend of 1 cent (same as 1H10 after adjusting for the 1-for-1 bonus issue), translating into a decent annualised yield of 4.8%.
"We adjust FY2011-2013 EPS by -4% to +1% for this set of results, higher sales and lower gross profit margin. But we retain our target of 47 cents, still based on its 5-year historical P/BV average of 0.8x. MAINTAIN NEUTRAL."
Company Name: BROADWAY INDUSTRIAL GROUP LTD
| Research House: CIMB | Price Call: HOLD | Target Price: 0.47 |
CIMB in a July 22 research report says: "Excluding $1.4 million forex and impairment losses, Broadway's 2Q core earnings were 3% below our estimate and 19% below consensus because higher-than-expected sales were offset by higher opex and effective tax rate.
"1H net profit accounted for 42% of our full-year forecast and 35% of consensus. EBITDA margin shrank 5.1% pts yoy to 8.9% in 2Q11. It declared an interim dividend of 1 cent (same as 1H10 after adjusting for the 1-for-1 bonus issue), translating into a decent annualised yield of 4.8%.
"We adjust FY2011-2013 EPS by -4% to +1% for this set of results, higher sales and lower gross profit margin. But we retain our target of 47 cents, still based on its 5-year historical P/BV average of 0.8x. MAINTAIN NEUTRAL."
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