Stock Name: Boustead Sp
Company Name: BOUSTEAD SINGAPORE LIMITED
Kim Eng Research in a Nov 15 research report says: "Boustead experienced a slow second quarter with revenue coming in at $91.0 million (-30.3% y-o-y, +0.3% q-o-q) and net profit at $9.1 million (+12.7% y-o-y, +7.0% q-o-q). Net profit of $17.6 million for 1HFY Mar12 made up about 38% of our full-year forecast.
"We expect its strong outstanding orderbook of $335 million to bolster the second half year to make up for the weak first half. An interim dividend of 2 cents per share was also declared. We cut our FY Mar12-14 net profit forecasts by 1-8% but continue to expect a stronger 2HFY Mar12.
"We have also made minor adjustments to our RNAV valuation for the Real Estate Solutions division. Our SOTP-based target price is thus lowered to $1.32 from $1.36 previously. Dividend yield remains attractive at 6.1%. MAINTAIN BUY."
Company Name: BOUSTEAD SINGAPORE LIMITED
| Research House: Kim Eng | Price Call: BUY | Target Price: 1.32 |
Kim Eng Research in a Nov 15 research report says: "Boustead experienced a slow second quarter with revenue coming in at $91.0 million (-30.3% y-o-y, +0.3% q-o-q) and net profit at $9.1 million (+12.7% y-o-y, +7.0% q-o-q). Net profit of $17.6 million for 1HFY Mar12 made up about 38% of our full-year forecast.
"We expect its strong outstanding orderbook of $335 million to bolster the second half year to make up for the weak first half. An interim dividend of 2 cents per share was also declared. We cut our FY Mar12-14 net profit forecasts by 1-8% but continue to expect a stronger 2HFY Mar12.
"We have also made minor adjustments to our RNAV valuation for the Real Estate Solutions division. Our SOTP-based target price is thus lowered to $1.32 from $1.36 previously. Dividend yield remains attractive at 6.1%. MAINTAIN BUY."
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