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The Edge - Brokers? Digest (Nov 12 - Nov 18, 2007)
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Blastoff
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14-Nov-2007 07:51
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It's always never too late. Thank you for providing such information. 
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decarn
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13-Nov-2007 22:41
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Sorry for the late update. I have shifted to a new site and I'll be adding new features and articles. Thanks for your support. :) Aqua-Terra Supply Co (Nov 7: 49.5 cents) TP: 85 cents UPGRADE TO BUY. ATS announced a $68 million procurement and project management work for CNOOC Oil Base Group earlier this year. Its order book was further augmented by a $30 million contract to supply rig components for the construction of a 350ft rig in August. Its current net order book, based on announced contracts stretching into FY2009, is about $130 million. We have updated our top-line estimates for FY2007 and FY2008 to $194.4 million (-2.7%) and $260.6 million (-4.8%), respectively. We value ATS at 85 cents, based on 15x FY2008 PER. Our fair value estimate of 85 cents implies an upside of 71.7 % from the previous closing price of 49.5 cents. - Phillip Securities Research (Nov 5) FibreChem Technologies (Nov 7: $1.59) TP: $2.29 MAINTAIN OUTPERFORM. Fibrechem?s 3Q2007 net profit of HK$148 million ($27.5 million) was within our expectations, but slightly above consensus. 9M2007 profit made up 75 % of our full-year forecast and 78 % of consensus. The sales composition did not change much. 3Q revenue grew 4% q-o-q, mostly from new nylon bi-component capacity added in June. We have raised FY2007 to FY2009 EPS estimates to reflect more aggressive leather selling prices and margins, given evidence of expanding margins in 3Q. Accordingly, our DCF-based (WACC 12 %, LTG 4 %) target price goes up to $2.29. Our target price implies 10.7x PER, attractive versus the 18x PER for comparable Japanese peers. - CIMB-GK (Nov 5) LMA Int?l NV (Nov 7:45 cents) TP: 52 cents MAINTAIN BUY. LMA reported revenue rising 3 % y-o-y to US$22.9 million and net profit dived 77% y-o-y to US$1.2 million. The adverse impact on the bottom line was due to reduced sales in the International West sales division (EU, the Middle East, Africa and Latin America) as LMA took action against irregularities in its pricing and ordering patterns by distributors following an independent review of the territory. The dip is too drastic for a company with minimal debt and a market-leading product with high regard among clinician end-users. Although we are mindful that FY2007 will be below original expectations, we are confident that management will finish most of the restructuring by year-end for a better FY2008. Rolling over to 9x FY2008 EPS, fair value at 52 cents. - OCBC Investment Research (Nov 2) Continue Reading » |
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