Stock Name: Raffles Edu
Company Name: RAFFLES EDUCATION CORP LTD
Kim Eng Research in an Aug 25 research report says: "Excluding exceptional items such as forex loss, fair value gain and tax on revaluation, Raffles Education's 4QFY Jun11 results were largely in line with our expectation.
"On a full-year basis, we estimate its core profit from the education business to be about $21.8 million (-40.4% y-o-y). In any case, we believe the market has already discounted the uninspiring FY Jun11 results. The group has proposed a final dividend of 0.45 cents (total payout of 0.90 cents per share for the whole year), which translates to an annualised yield of 2.1%.
"Sum-of-the-part-based target price of 80 cents. Near-term re-rating catalysts include successful monetisation of OUC and faster-than-expected recovery in student numbers. MAINTAIN BUY."
Company Name: RAFFLES EDUCATION CORP LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 0.80 |
Kim Eng Research in an Aug 25 research report says: "Excluding exceptional items such as forex loss, fair value gain and tax on revaluation, Raffles Education's 4QFY Jun11 results were largely in line with our expectation.
"On a full-year basis, we estimate its core profit from the education business to be about $21.8 million (-40.4% y-o-y). In any case, we believe the market has already discounted the uninspiring FY Jun11 results. The group has proposed a final dividend of 0.45 cents (total payout of 0.90 cents per share for the whole year), which translates to an annualised yield of 2.1%.
"Sum-of-the-part-based target price of 80 cents. Near-term re-rating catalysts include successful monetisation of OUC and faster-than-expected recovery in student numbers. MAINTAIN BUY."
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