Stock Name: Hyflux
Company Name: HYFLUX LTD
Nomura Research in a Nov 3 research report says: "3Q11 earnings came in at $12.6 million, down 34% y-o-y. Excluding one-offs, 3Q11 recurring earnings came in at a loss of $1 million.
"Recurring 9M11 earnings came in at $23.0 million, down 65% y-o-y, contributing 23% and 29% of our/consensus' FY2011F estimates, respectively. Net gearings (net debt to equity) came in at 14% as at 9M11 (vs. 75% as at FY10), due to the issue of $400 million perpetual preference shares earlier in the year.
"Management expects gearings to go up to fund the development of Tuaspring project. Dividends of $12 million were declared and paid to the preference shares holders on Oct 25. Target price remains at $2.33. MAINTAIN NEUTRAL."
Company Name: HYFLUX LTD
| Research House: Nomura | Price Call: HOLD | Target Price: 2.33 |
Nomura Research in a Nov 3 research report says: "3Q11 earnings came in at $12.6 million, down 34% y-o-y. Excluding one-offs, 3Q11 recurring earnings came in at a loss of $1 million.
"Recurring 9M11 earnings came in at $23.0 million, down 65% y-o-y, contributing 23% and 29% of our/consensus' FY2011F estimates, respectively. Net gearings (net debt to equity) came in at 14% as at 9M11 (vs. 75% as at FY10), due to the issue of $400 million perpetual preference shares earlier in the year.
"Management expects gearings to go up to fund the development of Tuaspring project. Dividends of $12 million were declared and paid to the preference shares holders on Oct 25. Target price remains at $2.33. MAINTAIN NEUTRAL."
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