Stock Name: Yamada
Company Name: YAMADA GREEN RESOURCES LIMITED
DMG & Partners Research in a May 15 research report says: "3QFY12 net profit of RMB82 million (+27% y-o-y; +11% q-o-q) was below our projected RMB97 million due to wet weather that affected mushroom yield, as well as higher costs of production. "Revenue was up 48% to RMB243 million (our estimate: RMB273m) from a larger cultivation area of 5,614mu (2QFY11: 2,614), while GPM dipped ~6ppt to 39% on an imperfect pass-through of higher raw material costs for fresh fungus segment. "We factor in a weaker than expected 3QFY12 performance, and reduce our FY2012-2013 earnings estimates by -11% and -12% to RMB162 million and RMB176 million respectively. Target price is cut to 30 cents (previously 32 cents), pegged to 3.5x FYEJun13F earnings estimates. MAINTAIN BUY."
Company Name: YAMADA GREEN RESOURCES LIMITED
| Research House: DMG | Price Call: BUY | Target Price: 0.30 |
DMG & Partners Research in a May 15 research report says: "3QFY12 net profit of RMB82 million (+27% y-o-y; +11% q-o-q) was below our projected RMB97 million due to wet weather that affected mushroom yield, as well as higher costs of production. "Revenue was up 48% to RMB243 million (our estimate: RMB273m) from a larger cultivation area of 5,614mu (2QFY11: 2,614), while GPM dipped ~6ppt to 39% on an imperfect pass-through of higher raw material costs for fresh fungus segment. "We factor in a weaker than expected 3QFY12 performance, and reduce our FY2012-2013 earnings estimates by -11% and -12% to RMB162 million and RMB176 million respectively. Target price is cut to 30 cents (previously 32 cents), pegged to 3.5x FYEJun13F earnings estimates. MAINTAIN BUY."
Hmm... The growth rates seem to be fluctuating quite alot for Yamada, I wonder whats going on.
ReplyDelete-Sharone Tal