Stock Name: Mewah
Company Name: MEWAH INTERNATIONAL INC.
Nomura Research in a Nov 11 research report says: "Mewah's 3QFY11 performance continued to be weak, with net income of US$6.5 million down 69% y-o-y. The numbers missed our (and Street estimates), with 9MFY11 forming just 50% of our full-year estimate (and 51% of Street).
"The 3Q numbers were only marginally up sequentially (compared to 2Q's US$6 million), suggesting that there is no recovery in the operating environment yet. Mewah has rallied 38% in the last month - which now seems unjustified to us given the continued weak results and possible downside risks to our and Street numbers.
"Valuations at ~8.5x FY12F P/E might look inexpensive, but are misleading given that a downward revision to estimates is increasingly possible, in our view. Unchanged target price of 50 cents. MAINTAIN REDUCE."
Company Name: MEWAH INTERNATIONAL INC.
| Research House: Nomura | Price Call: SELL | Target Price: 0.50 |
Nomura Research in a Nov 11 research report says: "Mewah's 3QFY11 performance continued to be weak, with net income of US$6.5 million down 69% y-o-y. The numbers missed our (and Street estimates), with 9MFY11 forming just 50% of our full-year estimate (and 51% of Street).
"The 3Q numbers were only marginally up sequentially (compared to 2Q's US$6 million), suggesting that there is no recovery in the operating environment yet. Mewah has rallied 38% in the last month - which now seems unjustified to us given the continued weak results and possible downside risks to our and Street numbers.
"Valuations at ~8.5x FY12F P/E might look inexpensive, but are misleading given that a downward revision to estimates is increasingly possible, in our view. Unchanged target price of 50 cents. MAINTAIN REDUCE."
No comments:
Post a Comment