Stock Name: Pac Andes
Company Name: PACIFIC ANDES RESOURCES DEVLTD
OCBC Investment Research in a May 14 research report says: "Revenue grew 35% to HK$3,320.5 million. Net earnings improved 23% y-o-y to HK$333.0 million and also higher than our estimates. This gives 1H net earnings of HK$472.6 million, or 65% of our full year estimates. "The group attributed the better performance to both its core businesses of frozen fish SCM as well as better high revenue from its fishery and fish supply business. The key markets are China (accounting for 69% of sales), Africa (13%), East Asia (9%) and Europe (8%). "We have adjusted our earnings for a better than expected 2Q, raising our FY2012 earnings from HK$731 million to HK$791 million. Using the same 6.5x earnings peg and adjusting for the rights issue, our fair value estimate for the stock is 17.8 cents. MAINTAIN BUY."
Company Name: PACIFIC ANDES RESOURCES DEVLTD
| Research House: OCBC | Price Call: BUY | Target Price: 0.178 |
OCBC Investment Research in a May 14 research report says: "Revenue grew 35% to HK$3,320.5 million. Net earnings improved 23% y-o-y to HK$333.0 million and also higher than our estimates. This gives 1H net earnings of HK$472.6 million, or 65% of our full year estimates. "The group attributed the better performance to both its core businesses of frozen fish SCM as well as better high revenue from its fishery and fish supply business. The key markets are China (accounting for 69% of sales), Africa (13%), East Asia (9%) and Europe (8%). "We have adjusted our earnings for a better than expected 2Q, raising our FY2012 earnings from HK$731 million to HK$791 million. Using the same 6.5x earnings peg and adjusting for the rights issue, our fair value estimate for the stock is 17.8 cents. MAINTAIN BUY."
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