Stock Name: FJBen
Company Name: F J BENJAMIN HOLDINGS LTD
Kim Eng Research in an Aug 23 research report says: "FJ Benjamin (FJB) delivered net profit of $13.0 million (+56.9% y-o-y) on revenue of $353.9 million (+22.3% y-o-y) for FY Jun11. Excluding forex losses and exceptional items, the results were largely in line with our forecasts.
"A dividend of 2 cents per share was also declared, which translated to an attractive yield of 6.3%. Despite FJB's in-line FY Jun11 performance, we cut our FY Jun12F-14F profit by 10-15% as we expect the current economic uncertainties to eventually dampen consumer demand in Asia. Peer valuation also has declined.
"Our target price is pegged to the stock's five-year average PER of about 15x on FY Jun12F EPS, thus lowering it to 39 cents (previously 50 cents). MAINTAIN BUY."
Company Name: F J BENJAMIN HOLDINGS LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 0.39 |
Kim Eng Research in an Aug 23 research report says: "FJ Benjamin (FJB) delivered net profit of $13.0 million (+56.9% y-o-y) on revenue of $353.9 million (+22.3% y-o-y) for FY Jun11. Excluding forex losses and exceptional items, the results were largely in line with our forecasts.
"A dividend of 2 cents per share was also declared, which translated to an attractive yield of 6.3%. Despite FJB's in-line FY Jun11 performance, we cut our FY Jun12F-14F profit by 10-15% as we expect the current economic uncertainties to eventually dampen consumer demand in Asia. Peer valuation also has declined.
"Our target price is pegged to the stock's five-year average PER of about 15x on FY Jun12F EPS, thus lowering it to 39 cents (previously 50 cents). MAINTAIN BUY."
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