Stock Name: Rotary
Company Name: ROTARY ENGINEERING LIMITED
Rotary Engineering [ PDF] Slim pickingsRTRY SP / ROTE.SI | UNDERPERFORM - Maintained | Share Price S$0.75- Tgt. S$0.63 Oil & Gas - Equipment &Svs | - by Zhi Bin YEO
The outlook for downstream EPCservice providers remains dour. Fierce competition on Jurong Island hasresulted in margin slippage. The government's aid to help infrastructurecompanies internationalise cannot come quickly enough. At 21% of FY11 (full-yearat 77%), 4Q was 53% below our forecast due to lower-than-expected revenuebut broadly in line with consensus. We cut our FY12-13 EPS forecasts andintroduce FY14 numbers. However, we raise our target price, now at 1.2x(1x before) CY12 P/BV, at 1 SD below mean. Underperform maintained.
Source: CIMB 24 February 2012
Company Name: ROTARY ENGINEERING LIMITED
| Research House: CIMB | Price Call: SELL | Target Price: 0.75 |
Rotary Engineering [ PDF] Slim pickingsRTRY SP / ROTE.SI | UNDERPERFORM - Maintained | Share Price S$0.75- Tgt. S$0.63 Oil & Gas - Equipment &Svs | - by Zhi Bin YEO
Source: CIMB 24 February 2012
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