Stock Name: StraitsAsia
Company Name: STRAITS ASIA RESOURCES LIMITED
OCBC Investment Research in a July 29 research report says: "Straits Asia Resources (SAR) reported 2Q11 revenue rising 17.9% y-o-y (+5.7% q-o-q) to US$225.8 million, aided by higher ASPs (US$94.60/ton, +31.1% y-o-y/+15.1% q-o-q); although sales volume dipped slightly to 2478 tons (-13.3% y-o-y/-7.5% q-o-q).
"For 1H11, revenue grew 27% to US$439.5 million, meeting 47% of our FY2011 forecast, while net profit surged 133% to US$80.3 million, meeting 53% of full-year estimate. SAR also proposed an interim dividend of 4.24 US cents.
"Although we modestly raised our FY2011 estimates by 0.9-1.5%, which in turn bumps up our DCF-based fair value from $2.91 to $2.99, we note that most of the positives may have already been captured in the share price. DOWNGRADE TO HOLD."
Company Name: STRAITS ASIA RESOURCES LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 2.99 |
OCBC Investment Research in a July 29 research report says: "Straits Asia Resources (SAR) reported 2Q11 revenue rising 17.9% y-o-y (+5.7% q-o-q) to US$225.8 million, aided by higher ASPs (US$94.60/ton, +31.1% y-o-y/+15.1% q-o-q); although sales volume dipped slightly to 2478 tons (-13.3% y-o-y/-7.5% q-o-q).
"For 1H11, revenue grew 27% to US$439.5 million, meeting 47% of our FY2011 forecast, while net profit surged 133% to US$80.3 million, meeting 53% of full-year estimate. SAR also proposed an interim dividend of 4.24 US cents.
"Although we modestly raised our FY2011 estimates by 0.9-1.5%, which in turn bumps up our DCF-based fair value from $2.91 to $2.99, we note that most of the positives may have already been captured in the share price. DOWNGRADE TO HOLD."
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