Stock Name: Tee Intl
Company Name: TEE INTERNATIONAL LIMITED
OCBC Investment Research in a Apr 9 research report says: "TEE reported that its 3QFY12 revenue fell 60% y-o-y to $25.4 million, but PATMI jumped 146% y-o-y to $1.8 million. The lumpy nature of its engineering work resulted in a bumper year in FY2011, when a couple of TEE’s bigger projects were rushed to completion.
"With a chunk of its FY2012 revenue brought forward to 4QFY11, TEE’s YTD financial performance has been disappointing. Although TEE remains confident of its outlook, especially with its engineering order book gaining $37.6 million to $245 million at end-3QFY12, TEE is unlikely to meet FY2012 consensus estimates.
"We revised our estimates of TEE’s FY2012 revenue and PATMI by 22% and 41% lower respectively to $152.8 million and $11.8 million. A new fair value estimate of 28 cents per share, from 36 cents per share previously. DOWNGRADE TO HOLD."
Company Name: TEE INTERNATIONAL LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.28 |
OCBC Investment Research in a Apr 9 research report says: "TEE reported that its 3QFY12 revenue fell 60% y-o-y to $25.4 million, but PATMI jumped 146% y-o-y to $1.8 million. The lumpy nature of its engineering work resulted in a bumper year in FY2011, when a couple of TEE’s bigger projects were rushed to completion.
"With a chunk of its FY2012 revenue brought forward to 4QFY11, TEE’s YTD financial performance has been disappointing. Although TEE remains confident of its outlook, especially with its engineering order book gaining $37.6 million to $245 million at end-3QFY12, TEE is unlikely to meet FY2012 consensus estimates.
"We revised our estimates of TEE’s FY2012 revenue and PATMI by 22% and 41% lower respectively to $152.8 million and $11.8 million. A new fair value estimate of 28 cents per share, from 36 cents per share previously. DOWNGRADE TO HOLD."
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