Stock Name: OKP
Company Name: OKP HOLDINGS LIMITED
OCBC Investment Research in a May 9 research report says: "OKP Holdings (OKP) reported that its 1Q12 revenue declined 24% y-o-y to $25.0 million and PATMI plunged 42% y-o-y to $3.1 million.
"Management said construction revenue fell 26% y-o-y to $20.7 million because there was lower revenue recognition from a few newly awarded construction projects. Despite OKP’s winning a $75.3 million design and-build project to expand the CTE/TPE/SLE interchanges from the Land Transport Authority, there is a lack of clarity in OKP’s ramping up of revenue recognition of projects.
"Coupled with management’s warning on possible margin pressure, we reduce our FY2012F revenue and PATMI estimates of OKP by 39% and 35% respectively to $120.5 million and $19.8 million. Fair value estimated reduced from 75 cents per share to 53 cents per share. DOWNGRADE TO HOLD."
Company Name: OKP HOLDINGS LIMITED
| Research House: OCBC | Price Call: HOLD | Target Price: 0.53 |
OCBC Investment Research in a May 9 research report says: "OKP Holdings (OKP) reported that its 1Q12 revenue declined 24% y-o-y to $25.0 million and PATMI plunged 42% y-o-y to $3.1 million.
"Management said construction revenue fell 26% y-o-y to $20.7 million because there was lower revenue recognition from a few newly awarded construction projects. Despite OKP’s winning a $75.3 million design and-build project to expand the CTE/TPE/SLE interchanges from the Land Transport Authority, there is a lack of clarity in OKP’s ramping up of revenue recognition of projects.
"Coupled with management’s warning on possible margin pressure, we reduce our FY2012F revenue and PATMI estimates of OKP by 39% and 35% respectively to $120.5 million and $19.8 million. Fair value estimated reduced from 75 cents per share to 53 cents per share. DOWNGRADE TO HOLD."
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