Stock Name: AnwellTech
Company Name: ANWELL TECHNOLOGIES LIMITED
NRA Capital in a Nov 18 research report says: "Despite higher-than-expected sales and excluding the gains on revaluation, 3Q11 core net loss of HK$217 million was 380% wider than our net loss forecast.
"The key variances were lower-than-expected gross margins, higher operating expenses, depreciation & amortisation, finance costs and taxation. 3Q11 sales surged 99% yoy to HK$453m with increased contribution from all its business divisions.
"We have revised our FY2011 net loss from HK$23 million to net profit HK$55 million after factoring in gains on revaluation but revised to net loss in FY2012 due to start-up costs and higher depreciation for its Dongguan plant that management expects to come onstream in 2H12. Our fair value has been lifted by 4 cents to 43 cents, still pegged at 0.9x P/NTA. OVERWEIGHT."
Company Name: ANWELL TECHNOLOGIES LIMITED
| Research House: NRA Capital | Price Call: BUY | Target Price: 0.43 |
NRA Capital in a Nov 18 research report says: "Despite higher-than-expected sales and excluding the gains on revaluation, 3Q11 core net loss of HK$217 million was 380% wider than our net loss forecast.
"The key variances were lower-than-expected gross margins, higher operating expenses, depreciation & amortisation, finance costs and taxation. 3Q11 sales surged 99% yoy to HK$453m with increased contribution from all its business divisions.
"We have revised our FY2011 net loss from HK$23 million to net profit HK$55 million after factoring in gains on revaluation but revised to net loss in FY2012 due to start-up costs and higher depreciation for its Dongguan plant that management expects to come onstream in 2H12. Our fair value has been lifted by 4 cents to 43 cents, still pegged at 0.9x P/NTA. OVERWEIGHT."
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