Stock Name: CerebosPac
Company Name: CEREBOS PACIFIC LIMITED
CIMB in a Nov 14 research report says: "3Q11 and 9M11 profits are broadly with market and our expectations, at 22% and 70% of our FY2011 estimate. 3Q revenue was flat y-o-y as higher sales of Health Supplements $140.2 million (+6% q-o-q) were offset by lower sales of $93.8 million (-8% q-o-q) in the Food & Coffee division following the discontinuation of its Riva range of products.
"Operating profit dipped to $31.3 million (-3% q-o-q), excluding a translation loss of $0.5 million. We adjust our FY2011-2012 estimates to capture lower sales in Thailand and Taiwan.
"Sum-of-the-part target price of $6.65. We expect its dividend payout of 25 cents to be sustainable on the basis of net cash of $89 million as at end-September. MAINTAIN OUTPERFORM."
Company Name: CEREBOS PACIFIC LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 6.65 |
CIMB in a Nov 14 research report says: "3Q11 and 9M11 profits are broadly with market and our expectations, at 22% and 70% of our FY2011 estimate. 3Q revenue was flat y-o-y as higher sales of Health Supplements $140.2 million (+6% q-o-q) were offset by lower sales of $93.8 million (-8% q-o-q) in the Food & Coffee division following the discontinuation of its Riva range of products.
"Operating profit dipped to $31.3 million (-3% q-o-q), excluding a translation loss of $0.5 million. We adjust our FY2011-2012 estimates to capture lower sales in Thailand and Taiwan.
"Sum-of-the-part target price of $6.65. We expect its dividend payout of 25 cents to be sustainable on the basis of net cash of $89 million as at end-September. MAINTAIN OUTPERFORM."
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