Stock Name: ISDN
Company Name: ISDN HOLDINGS LIMITED
NRA Capital in a Nov 23 research report says: "9M11 net profit of $7.4 million (18% y-o-y) is slightly below our expectation of $7.9 million due mainly to lower-than-expected revenues and gross profit margins. However, these were partially off-set by gains from forex and properties sold by a subsidiary. 9M11 result represents 69% of our full-year forecast.
"Sales inched up 10% y-o-y to $129.8 million, on the back of higher motion control demand in China. We have cut our FY2011 forecasts by 24% and trimmed FY2012-2013 by 5-7% given the sharp fall in semiconductor sales was greater than our expectation.
"Our fair value has lowered from 29 cents to 22 cents after changing our valuation model from 8x FY11 PER to 1x FY12 P/NTA, lowest range of its 6 years historical. Upside of 64% with reasonable yield of 3.8%. OVERWEIGHT."
Company Name: ISDN HOLDINGS LIMITED
| Research House: NRA Capital | Price Call: BUY | Target Price: 0.22 |
NRA Capital in a Nov 23 research report says: "9M11 net profit of $7.4 million (18% y-o-y) is slightly below our expectation of $7.9 million due mainly to lower-than-expected revenues and gross profit margins. However, these were partially off-set by gains from forex and properties sold by a subsidiary. 9M11 result represents 69% of our full-year forecast.
"Sales inched up 10% y-o-y to $129.8 million, on the back of higher motion control demand in China. We have cut our FY2011 forecasts by 24% and trimmed FY2012-2013 by 5-7% given the sharp fall in semiconductor sales was greater than our expectation.
"Our fair value has lowered from 29 cents to 22 cents after changing our valuation model from 8x FY11 PER to 1x FY12 P/NTA, lowest range of its 6 years historical. Upside of 64% with reasonable yield of 3.8%. OVERWEIGHT."
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