Stock Name: SIA Engg
Company Name: SIA ENGINEERING CO LTD
Maybank Kim Eng Research in a May 25 research report says: "SIA Engineering (SIE) reported FY2012 NPATMI of $269 million, representing a 4% increase y-o-y that was in line with estimates. "A substantial 18% y-o-y increase (+$12.4 million) in associate contributions helped to offset a 4% dip in core operating profits. Operating margins have dipped to 11.1% in FY2012 (from 12.3% in FY2011), mainly due to the return of Line Maintenance margins to pre-FY2011 levels of approximately 21%. "An attractive final dividend of 15 cents per share was declared, bringing the total dividend yield (including the interim dividend of 6 cents) for the year to 5.3%. We now peg our valuation to SIE’s historical P/E mean of 15.4x to factor in its stable earnings and upgrade our target to $4.00. MAINTAIN HOLD."
Company Name: SIA ENGINEERING CO LTD
| Research House: Maybank Kim Eng | Price Call: HOLD | Target Price: 4.00 |
Maybank Kim Eng Research in a May 25 research report says: "SIA Engineering (SIE) reported FY2012 NPATMI of $269 million, representing a 4% increase y-o-y that was in line with estimates. "A substantial 18% y-o-y increase (+$12.4 million) in associate contributions helped to offset a 4% dip in core operating profits. Operating margins have dipped to 11.1% in FY2012 (from 12.3% in FY2011), mainly due to the return of Line Maintenance margins to pre-FY2011 levels of approximately 21%. "An attractive final dividend of 15 cents per share was declared, bringing the total dividend yield (including the interim dividend of 6 cents) for the year to 5.3%. We now peg our valuation to SIE’s historical P/E mean of 15.4x to factor in its stable earnings and upgrade our target to $4.00. MAINTAIN HOLD."
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