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TheEdge - BROKERS DIGEST (Dec 3 - Dec 9, 2007)
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decarn
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02-Dec-2007 09:40
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Advance SCT (Nov 29:96 cents) TP: $1.40 MAINTAIN BUY. Advance SCT has completed the placement of 50 million ordinary shares at an issue price of $1.01 per share, which should be listed on the SGX. Proceeds of $50.5 million would be used for (1) acquiring additional capacity for smelter and recycling (2) funding working capital requirements. In addition, management has guided for better margins per tonne at the smelter in China, by virtue of securing the licence for importing scrap copper in China. One-year target price of $1.40 based on 14 times fully diluted FY2008 EPS. We see a very healthy upside of over 42 % at the current stock price. - DBS Vickers Securities (Nov 28) Datapulse Technology (Nov 29:25 cents) TP: 46 cents MAINTAIN BUY. Datapulse Technology released a stellar set of IQFY2008 results. Net profit doubled to $4.9 million y-o-y while revenue jumped 69 % y-o-y to $26 million. The surge in revenue was driven by new product launches like Halo 3 and new game titles. Operating margins expanded two times to 23 % due to operating leverage. Datapulse remains in a net cash position to the tune of $40.6 million, representing seven cents per share. Fair value at 46 cents based on 16 times FY2008 PE. Currently Datapulse trades at 6.7 times ex-cash FY2008 PE (8.7 times FY2008 PE). Given its low capex business, we use FY2007 as a guide for an 80% payout; this gives rise to a 9.2% dividend yield. - Kelive Research (Nov 29) Hiap Seng Engineering (Nov 29: 51.5 cents) TP: 90 cents MAINTAIN BUY. Hiap Seng Engineering?s prospects continue to look positive despite its recently disappointing I H2008 results. The compression division?s supply procurement procedures, which gave rise to the cost over-runs in I H2008, have been amended to ensure that the same issues will not recur. We believe that Hiap Seng is a beneficiary of Singapore?s downstream oil and gas sector, which is expected to be one of Singapore?s key economic growth drivers over the next couple of years. Currently, it trades at earning multiples of 20 times for FY2008 and 12.3 times for FY2009. Target price maintained at 90 cents which is based on an ex-cash multiple of 15 times FY2009 PE (0.6 times PEG). - Kim Eng Research (Nov 28) Read More... |
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