Stock Name: Pac Andes
Company Name: PACIFIC ANDES RESOURCES DEVLTD
DBS Vickers Securities in a Nov 29 research report says: "Net profit of HK$623 million was below our forecast of HK$721 million due to one-off expense of HK$116 million for early repayment of debt at China Fishery Group (CFG).
"On a normalised basis, net profit of HK$699 million was also below our forecast and lower than FY2010's core earnings of HK$796 million. Revenue was 30% higher at HK$9.7 billion, driven by 35% growth in Supply Chain Management (SCM) to HK$4.4 billion and 27% rise at CFG to HK$5.3 billion.
"PAH has declared a dividend of 1.08 cents per share, translating to 5% dividend yield. PAH currently trades at 5.1x FY2012F earnings. FY2012F earnings lowered by 8% as we are cautious on CFG. Our target price of 23 cents values the stock at 5.5x prospective earnings or -0.5 std deviation. MAINTAIN HOLD."
Company Name: PACIFIC ANDES RESOURCES DEVLTD
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 0.23 |
DBS Vickers Securities in a Nov 29 research report says: "Net profit of HK$623 million was below our forecast of HK$721 million due to one-off expense of HK$116 million for early repayment of debt at China Fishery Group (CFG).
"On a normalised basis, net profit of HK$699 million was also below our forecast and lower than FY2010's core earnings of HK$796 million. Revenue was 30% higher at HK$9.7 billion, driven by 35% growth in Supply Chain Management (SCM) to HK$4.4 billion and 27% rise at CFG to HK$5.3 billion.
"PAH has declared a dividend of 1.08 cents per share, translating to 5% dividend yield. PAH currently trades at 5.1x FY2012F earnings. FY2012F earnings lowered by 8% as we are cautious on CFG. Our target price of 23 cents values the stock at 5.5x prospective earnings or -0.5 std deviation. MAINTAIN HOLD."
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