Stock Name: TPV
Company Name: TPV TECHNOLOGY LIMITED
CIMB in an Aug 25 research report says: "2Q11 net profit of US$28 million (-36% y-o-y) is about 21% below consensus and our forecasts as higher-than-expected GP margins were pulled down by lower-than-expected sales and a higher opex ratio.
"1H11 net profit of US$70 million forms 40% consensus and 39% of our full-year forecasts. We cut our FY2011-2013 profit forecasts by 12-20% to assumer lower LCD-TV sales and margins. We also apply the low end of its P/BV valuations back in FY08 when its earnings slipped to derive our new target price of 58 cents (down from 95 cents, 0.95x P/BV) in view of its near-term unexciting outlook.
"Although the stock is not expensive, we see little positive news flow for a re-rating. DOWNGRADE TO NEUTRAL."
Company Name: TPV TECHNOLOGY LIMITED
| Research House: CIMB | Price Call: HOLD | Target Price: 0.58 |
CIMB in an Aug 25 research report says: "2Q11 net profit of US$28 million (-36% y-o-y) is about 21% below consensus and our forecasts as higher-than-expected GP margins were pulled down by lower-than-expected sales and a higher opex ratio.
"1H11 net profit of US$70 million forms 40% consensus and 39% of our full-year forecasts. We cut our FY2011-2013 profit forecasts by 12-20% to assumer lower LCD-TV sales and margins. We also apply the low end of its P/BV valuations back in FY08 when its earnings slipped to derive our new target price of 58 cents (down from 95 cents, 0.95x P/BV) in view of its near-term unexciting outlook.
"Although the stock is not expensive, we see little positive news flow for a re-rating. DOWNGRADE TO NEUTRAL."
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