Stock Name: Adampak
Company Name: ADAMPAK LIMITED
DMG & Partners Research in a Nov 15 research report says: "Adampak's 3Q11 PATMI of US$1.6 million (-28.2% y-o-y) came in within expectation. Gross margin fell by 3.7ppt as a result of some forex losses while revenue stream remained stable.
"FY2012 is expected to be a strong year compared to FY2011. We believe that the business is in good hands as the management put great emphasis on risk control as they steer the company through a volatile period. Target price of 31 cents based on our Discount Dividend Model.
"Adampak still managed to generate a net cash flow of US$0.3 million for 9MFY11, making its net cash balance to hit a record high of US$13.0 million, equivalent to 6.4 cent per share. We think the group is able to sustain a steady dividend payout of more than 60% of its earnings, which works out to a yield of 9%. MAINTAIN BUY."
Company Name: ADAMPAK LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 0.31 |
DMG & Partners Research in a Nov 15 research report says: "Adampak's 3Q11 PATMI of US$1.6 million (-28.2% y-o-y) came in within expectation. Gross margin fell by 3.7ppt as a result of some forex losses while revenue stream remained stable.
"FY2012 is expected to be a strong year compared to FY2011. We believe that the business is in good hands as the management put great emphasis on risk control as they steer the company through a volatile period. Target price of 31 cents based on our Discount Dividend Model.
"Adampak still managed to generate a net cash flow of US$0.3 million for 9MFY11, making its net cash balance to hit a record high of US$13.0 million, equivalent to 6.4 cent per share. We think the group is able to sustain a steady dividend payout of more than 60% of its earnings, which works out to a yield of 9%. MAINTAIN BUY."
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