Stock Name: EuYanSang
Company Name: EU YAN SANG INTERNATIONAL LTD
DMG & Partners Research in a Feb 7 research report says: "EYS reported a net loss of $2.8 million in 2QFY12, due to a $8.8 million impairment charge on ASX-listed associate, Healthzone.
"Revenue grew 9% y-o-y to $69.8 million, underpinned by growth across all three core markets of Singapore (4%), Hong Kong (10%) and Malaysia (13%). Notwithstanding the write-off, PATMI would have grown 49% y-o-y to $6.1 million. EYS remains optimistic on HZL providing it a solid platform into Australia and has made a A$5m ($6.7 million) bid for certain assets of the entity.
"We continue to like the company for its strong leadership position in the branded TCM space and resilient core business which has generated mid teens growth over the past decade. Unchanged target price of 94 cents, pegged to 15x FY12F core earnings. MAINTAIN BUY."
Company Name: EU YAN SANG INTERNATIONAL LTD
| Research House: DMG | Price Call: BUY | Target Price: 0.94 |
DMG & Partners Research in a Feb 7 research report says: "EYS reported a net loss of $2.8 million in 2QFY12, due to a $8.8 million impairment charge on ASX-listed associate, Healthzone.
"Revenue grew 9% y-o-y to $69.8 million, underpinned by growth across all three core markets of Singapore (4%), Hong Kong (10%) and Malaysia (13%). Notwithstanding the write-off, PATMI would have grown 49% y-o-y to $6.1 million. EYS remains optimistic on HZL providing it a solid platform into Australia and has made a A$5m ($6.7 million) bid for certain assets of the entity.
"We continue to like the company for its strong leadership position in the branded TCM space and resilient core business which has generated mid teens growth over the past decade. Unchanged target price of 94 cents, pegged to 15x FY12F core earnings. MAINTAIN BUY."
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