Stock Name: GMG
Company Name: GMG GLOBAL LTD
DBS Vickers Securities in a July 29 research report says: "GMG reported core profit of $14.2 million, up 50% y-o-y (-8% q-o-q) after adjusting for exceptional gain of $12.4 million (waiver of loan owed by Teck Bee Hang (TBH) and compensation from government of Cameroon for costs of social programs) and loss of $10 million (we estimate $8.7 million after tax) from closing out of loss making rubber forward contracts - marginally below expectations.
"2Q11 sales volume was up 4.3% q-o-q (+149% y-o-y) to 47,409 MT. However, this was below management expectations due to prolonged heavy rainfall at Hevecam plantation and closure of ports in Ivory Coast. These events resulted in c.$6 million in lost earnings. FY2011-2013F EPS reduced by 0.4% to 1.0%. We maintain our 22 cents target price. DOWNGRADE TO FULLY VALUED."
Company Name: GMG GLOBAL LTD
| Research House: DBS Vickers | Price Call: SELL | Target Price: 0.22 |
DBS Vickers Securities in a July 29 research report says: "GMG reported core profit of $14.2 million, up 50% y-o-y (-8% q-o-q) after adjusting for exceptional gain of $12.4 million (waiver of loan owed by Teck Bee Hang (TBH) and compensation from government of Cameroon for costs of social programs) and loss of $10 million (we estimate $8.7 million after tax) from closing out of loss making rubber forward contracts - marginally below expectations.
"2Q11 sales volume was up 4.3% q-o-q (+149% y-o-y) to 47,409 MT. However, this was below management expectations due to prolonged heavy rainfall at Hevecam plantation and closure of ports in Ivory Coast. These events resulted in c.$6 million in lost earnings. FY2011-2013F EPS reduced by 0.4% to 1.0%. We maintain our 22 cents target price. DOWNGRADE TO FULLY VALUED."
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