Stock Name: LeaderEnv
Company Name: LEADER ENVIRONMENTAL TECH LTD
DMG & Partners Research in a Mar 2 research report says: "Leader's 4Q results came in below our expectation with RMB3.0 million in PATMI (-93.9% y-o-y) on the back of $19.1 million in sales (-87.3% y-o-y).
"Full year PATMI fell by 45.7% y-o-y to $44.6 million mainly as a result of its customers, which largely constitute of SOEs such as steel manufacturers, were hit by the credit tightening measures implemented by the PRC government during the year.
"Consequently, we lower our earnings estimates by 17.0% and 15.9% for FY22012 and FY2013 respectively. While outlook remain challenging, we expect to see the runaway growth in FY2012 once more credit easing measures are in place. A lower target price of 25 cents based on 8.2x FY12 P/E (-1.5 SD industry P/E). BUY"
Company Name: LEADER ENVIRONMENTAL TECH LTD
| Research House: DMG | Price Call: BUY | Target Price: 0.25 |
DMG & Partners Research in a Mar 2 research report says: "Leader's 4Q results came in below our expectation with RMB3.0 million in PATMI (-93.9% y-o-y) on the back of $19.1 million in sales (-87.3% y-o-y).
"Full year PATMI fell by 45.7% y-o-y to $44.6 million mainly as a result of its customers, which largely constitute of SOEs such as steel manufacturers, were hit by the credit tightening measures implemented by the PRC government during the year.
"Consequently, we lower our earnings estimates by 17.0% and 15.9% for FY22012 and FY2013 respectively. While outlook remain challenging, we expect to see the runaway growth in FY2012 once more credit easing measures are in place. A lower target price of 25 cents based on 8.2x FY12 P/E (-1.5 SD industry P/E). BUY"
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