Stock Name: Swiber
Company Name: SWIBER HOLDINGS LIMITED
CIMB in an Aug 15 research report says: "Swiber's 1H11 core net profit of US$14.4 million (-27% y-o-y) forms 71% of our FY11 forecast and is above our expectations due to its stronger-than-expected revenue.
"1H11 net profit of US$17.7 million (-36% y-o-y) accounts for 63% of our full-year forecast and 45% of consensus. The tendering pipeline remains positive with US$377 million worth of orders secured YTD. We raise our earnings forecast by 4-12% to factor in the stronger revenue growth.
"However, in view of the macro uncertainties and weak sentiment for small-caps, our target price is cut from 98 cents to 65 cents. The new target price is now based on 8x CY12 P/E, one standard deviation below the five-year small-mid-cap industrial average vs. 12x, five-year small-mid-cap O&M sector average previously. MAINTAIN OUTPERFORM."
Company Name: SWIBER HOLDINGS LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 0.65 |
CIMB in an Aug 15 research report says: "Swiber's 1H11 core net profit of US$14.4 million (-27% y-o-y) forms 71% of our FY11 forecast and is above our expectations due to its stronger-than-expected revenue.
"1H11 net profit of US$17.7 million (-36% y-o-y) accounts for 63% of our full-year forecast and 45% of consensus. The tendering pipeline remains positive with US$377 million worth of orders secured YTD. We raise our earnings forecast by 4-12% to factor in the stronger revenue growth.
"However, in view of the macro uncertainties and weak sentiment for small-caps, our target price is cut from 98 cents to 65 cents. The new target price is now based on 8x CY12 P/E, one standard deviation below the five-year small-mid-cap industrial average vs. 12x, five-year small-mid-cap O&M sector average previously. MAINTAIN OUTPERFORM."
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