Stock Name: Karin
Company Name: KARIN TECHNOLOGY HLDGS LIMITED
OCBC Investment Research in a Feb 15 research report says: "Topline jumped 68.6% and 20.0% h-o-h to HK$1,519.4 million, meeting 61.2% of our full-year projections. Gross margin of 5.9% represented a 3.6ppt y-o-y and 0.8ppt h-o-h drop, due largely to a change in product mix and intense competition from various components and enterprise hardware products.
"Reported PATMI rose 6.8% y-o-y but declined 24.4% h-o-h to HK$22.8 million. Adjusting for forex effects and exceptional items, we estimate that core PATMI would instead have slipped 2.6% y-o-y but increased 4.9% h-o-h to HK$25.5 million, or 44.4% of our FY2012 forecasts.
"A dividend of 7 HK cents (inclusive of a 3.5 HK cent special dividend) was declared, versus 5 HK cents in 1HFY11. Rolling forward our valuation to 6x blended FY12/13F core EPS, we obtain a new fair value estimate of 27 cents (28 cents previously). DOWNGRADE TO HOLD."
Company Name: KARIN TECHNOLOGY HLDGS LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.27 |
OCBC Investment Research in a Feb 15 research report says: "Topline jumped 68.6% and 20.0% h-o-h to HK$1,519.4 million, meeting 61.2% of our full-year projections. Gross margin of 5.9% represented a 3.6ppt y-o-y and 0.8ppt h-o-h drop, due largely to a change in product mix and intense competition from various components and enterprise hardware products.
"Reported PATMI rose 6.8% y-o-y but declined 24.4% h-o-h to HK$22.8 million. Adjusting for forex effects and exceptional items, we estimate that core PATMI would instead have slipped 2.6% y-o-y but increased 4.9% h-o-h to HK$25.5 million, or 44.4% of our FY2012 forecasts.
"A dividend of 7 HK cents (inclusive of a 3.5 HK cent special dividend) was declared, versus 5 HK cents in 1HFY11. Rolling forward our valuation to 6x blended FY12/13F core EPS, we obtain a new fair value estimate of 27 cents (28 cents previously). DOWNGRADE TO HOLD."
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