Stock Name: Hyflux
Company Name: HYFLUX LTD
DBS Vickers Securities in a Feb 23 research report says: "FY2011 core profit of $46.3 million (-56% y-o-y), in line with consensus' $47.7 million. The decline reflected completion of the MENA projects (FY2011: 24% of sales; FY2010: 60%) and lower divestments.
"Excluding $12 million preference share dividend, earnings were $41 million against our estimate of $43 million. Net gearing was 0.18x. Hyflux exited FY2012 with $931 million EPC backlog. Our FY2012 new win forecast is $500 million, down from $982 million in 2011.
"Despite surging 27% since early Jan, valuations have yet to reach historical mean. We believe steady growth and contract newsflow will drive stock price closer to mean and our SOTP objective of $1.78. MAINTAIN BUY."
Company Name: HYFLUX LTD
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.78 |
DBS Vickers Securities in a Feb 23 research report says: "FY2011 core profit of $46.3 million (-56% y-o-y), in line with consensus' $47.7 million. The decline reflected completion of the MENA projects (FY2011: 24% of sales; FY2010: 60%) and lower divestments.
"Excluding $12 million preference share dividend, earnings were $41 million against our estimate of $43 million. Net gearing was 0.18x. Hyflux exited FY2012 with $931 million EPC backlog. Our FY2012 new win forecast is $500 million, down from $982 million in 2011.
"Despite surging 27% since early Jan, valuations have yet to reach historical mean. We believe steady growth and contract newsflow will drive stock price closer to mean and our SOTP objective of $1.78. MAINTAIN BUY."
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