Stock Name: Hoe Leong
Company Name: HOE LEONG CORPORATION LTD.
SIAS Research in a Mar 8 research report says: "Hoe Leong Corp Ltd’s (HL) FY2011 revenue of $80.8 million exceeded our forecast by 4.5% while PATMI of $24.3 million was $1.9 million below expectation. The latter was however dragged by $2.2 million of one-off allowance made for slow moving inventories and $1.4 million of forex losses.
"We expect HL’s operating profit to continue increasing in FY2012F on the back of (1) higher contribution from Korea Crawler Track Ltd and (2) full utilization of its chartering vessels. There may also be a $10 million gain from sale of property for the extension development of a new building in Clementi.
"HL declared a final dividend of 0.5 cents and special dividend of 1.5 cents for FY2011. Intrinsic value of 54.5 cents. MAINTAIN INCREASE EXPOSURE."
Company Name: HOE LEONG CORPORATION LTD.
| Research House: SIAS | Price Call: BUY | Target Price: 0.545 |
SIAS Research in a Mar 8 research report says: "Hoe Leong Corp Ltd’s (HL) FY2011 revenue of $80.8 million exceeded our forecast by 4.5% while PATMI of $24.3 million was $1.9 million below expectation. The latter was however dragged by $2.2 million of one-off allowance made for slow moving inventories and $1.4 million of forex losses.
"We expect HL’s operating profit to continue increasing in FY2012F on the back of (1) higher contribution from Korea Crawler Track Ltd and (2) full utilization of its chartering vessels. There may also be a $10 million gain from sale of property for the extension development of a new building in Clementi.
"HL declared a final dividend of 0.5 cents and special dividend of 1.5 cents for FY2011. Intrinsic value of 54.5 cents. MAINTAIN INCREASE EXPOSURE."
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