Moya Asia rated 'increase exposure' by SIAS

Stock Name: Moya Asia
Company Name: MOYA ASIA LIMITED

Research House: SIAS

Price Call: BUY

Target Price: 0.17

SIAS Research in a Feb 28 research report says: "Moya Asia's FY2011 revenue and gross profit of $38.3 million and $6.0 million were largely in line with our projections of $40 million and $5.6 million respectively. PATMI was $1 million shy of our estimates mainly due to an impairment loss of $1.2 million on the company's investment in Shenyang Shenfei Dayen Co. Ltd.

"Moya Asia recently secured a large scale project in Tangerang worth a total investment value of US$110 million - US$120 million. Together with the Bekasi project, the company is able to generate more than US$10 million recurring PATMI after FY2016, representing an EPS of more than 2 cents per share.

"For FY2012, we project the company to record $45 million revenue, mainly due to contributions from Cambodia, Bekasi and Tangerang. Intrinsic value of 17 cents. MAINTAIN INCREASE EXPOSURE."

Moya Asia rated 'increase exposure' by SIAS

Stock Name: Moya Asia
Company Name: MOYA ASIA LIMITED
Research House: SIAS

SIAS Research in a May 20 research report says: "Moya Asia Ltd (Moya Asia; previously known as Moya Dayen Ltd) announced an impressive set of turnaround 1Q FY2011 results, with revenue rising $10.2 million y-o-y to $12.0 million.

"The increment was largely due to progressive recognition of the Cambodian projects which were secured over the past one year. 1Q FY11 revenue and PATMI represent a substantial 44.4% and 59.8% of our previous forecasts respectively. Balance sheet remained firm with $27.1 million cash.

"In view of the healthy order book (end 1QFY2011: $51 million), stable gross margin and effective cost management we are revising our FY2011F revenue and PATMI upward to $39.7 million and $3.94 million respectively. Intrinsic value of 15 cents. MAINTAIN INCREASE EXPOSURE."