Stock Name: ComfortDelGro
Company Name: COMFORTDELGRO CORPORATION LTD
Phillip Securities Research in a Feb 14 research report says: "ComfortDelGro Corp (CDG) announced a 6.4% and 3.1% increase in sales and net income for the year. However, margin pressures from higher fuel expense, staff cost and depreciation expense resulted in a 0.4ppt decline in EBIT margin.
"While revenue continue to increase sequentially, 4QFY11 net profits fell by 18% q-o-q, due to a c.$10 million decline in operating profits for both the taxi and bus businesses. Final dividends of 3.30 cents proposed, translating to a full year payout ratio of 53.3%.
"We revised our forecasts down by 7.9-11.4% for the next 2 years and lowered our target price to $1.66 based on 15X FY2012E EPS. CDG remains undervalued at the current market price. MAINTAIN BUY."
Company Name: COMFORTDELGRO CORPORATION LTD
| Research House: Phillip Securities | Price Call: BUY | Target Price: 1.66 |
Phillip Securities Research in a Feb 14 research report says: "ComfortDelGro Corp (CDG) announced a 6.4% and 3.1% increase in sales and net income for the year. However, margin pressures from higher fuel expense, staff cost and depreciation expense resulted in a 0.4ppt decline in EBIT margin.
"While revenue continue to increase sequentially, 4QFY11 net profits fell by 18% q-o-q, due to a c.$10 million decline in operating profits for both the taxi and bus businesses. Final dividends of 3.30 cents proposed, translating to a full year payout ratio of 53.3%.
"We revised our forecasts down by 7.9-11.4% for the next 2 years and lowered our target price to $1.66 based on 15X FY2012E EPS. CDG remains undervalued at the current market price. MAINTAIN BUY."
No comments:
Post a Comment