Stock Name: ARA
Company Name: ARA ASSET MANAGEMENT LIMITED
CIMB in an Aug 10 research report says: "At 22% of our FY2011 estimate (1H11: 44%), the 2Q11 net profit of $14.7 million was slightly below consensus and our expectations. The variance came mainly from the weakening of the USD against the SGD although we also expect a stronger 2H11 with backloaded fees from Hui Xian REIT and the closing of ADF II.
"Factoring in later contributions from ADF II and a weaker USD, we lower our FY2011-2013 profit estimates by 4-7%. Our SOTP-based target price dips from the previous ex-bonus $1.89 to $1.82. We believe the recent share price pullback provides a good entry point.
"Mid-term catalysts could come from special dividends from performance fees from ADF I and roles to manage future HK Rmb equity offerings. MAINTAIN OUTPERFORM."
Company Name: ARA ASSET MANAGEMENT LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 1.82 |
CIMB in an Aug 10 research report says: "At 22% of our FY2011 estimate (1H11: 44%), the 2Q11 net profit of $14.7 million was slightly below consensus and our expectations. The variance came mainly from the weakening of the USD against the SGD although we also expect a stronger 2H11 with backloaded fees from Hui Xian REIT and the closing of ADF II.
"Factoring in later contributions from ADF II and a weaker USD, we lower our FY2011-2013 profit estimates by 4-7%. Our SOTP-based target price dips from the previous ex-bonus $1.89 to $1.82. We believe the recent share price pullback provides a good entry point.
"Mid-term catalysts could come from special dividends from performance fees from ADF I and roles to manage future HK Rmb equity offerings. MAINTAIN OUTPERFORM."
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