Stock Name: SIA Engg
Company Name: SIA ENGINEERING CO LTD
Phillip Securities Research in a Nov 1 research report says: "SIAEC reported revenue of $272 million and PATMI of $71 million for the quarter. Operating profits from the company was constant, while contributions from JVs drove much of the growth at the Group's bottom line.
"The company's Line Maintenance business recorded a slight decline in revenue, as some work was outsourced to its JV with Panasonic. While outsourcing would reduce near term contributions at the company level, SIAEC would benefit in the long run through its 42.5% interest in the JV.
"We cut our forecasts by 3.5-8.4% for FY2012-2014E to factor in slower growth in the airline industry due to the weakening economic outlook. Incorporating forecasted dividends of 30 cents, we expect total returns of 38.6% from the current market price. Target price of S$4.86. MAINTAIN BUY."
Company Name: SIA ENGINEERING CO LTD
| Research House: Phillip Securities | Price Call: BUY | Target Price: 4.86 |
Phillip Securities Research in a Nov 1 research report says: "SIAEC reported revenue of $272 million and PATMI of $71 million for the quarter. Operating profits from the company was constant, while contributions from JVs drove much of the growth at the Group's bottom line.
"The company's Line Maintenance business recorded a slight decline in revenue, as some work was outsourced to its JV with Panasonic. While outsourcing would reduce near term contributions at the company level, SIAEC would benefit in the long run through its 42.5% interest in the JV.
"We cut our forecasts by 3.5-8.4% for FY2012-2014E to factor in slower growth in the airline industry due to the weakening economic outlook. Incorporating forecasted dividends of 30 cents, we expect total returns of 38.6% from the current market price. Target price of S$4.86. MAINTAIN BUY."
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