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Singaporeregal - TA expertise for LMA
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kingofequity
Member |
12-May-2007 23:30
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vested too for 2 mths ... hope it will rise. Seem to be an undervalued stock being overlook |
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iPunter
Supreme |
12-May-2007 21:18
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Hikitty... Since the big funds are the ones who really call the shots, it may not be that they 'overlooked' this great stock. |
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top11gm
Member |
12-May-2007 18:11
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So short term,FA overtaking TA. |
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TradeChancellor
Veteran |
12-May-2007 11:19
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The sales of that 1m shares may have contributed to the dip to $0.54? Fortunately there is support at that level and now its back at the flat line of $0.57. |
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tuntan8888
Senior |
12-May-2007 11:05
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SGX announcment on 12 May: Major shareholder Wasatch Advisor, Inc trimmed 1m shares (from 8.03% to 7.85%) on May 8 (Tues) @ 55c. http://info.sgx.com/webcorannc.nsf/ef3ba6cb188613ea482571b2003641d3/8d0551fea4951f56482572d8005e6183?OpenDocument |
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knightrider
Elite |
11-May-2007 09:27
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Extract from Businesstimes ! LMA International May 10 close: S$0.57 OCBC INVESTMENT RESEARCH, May 8 ONE-TIME charges hit bottomline: LMA posted a 15 per cent year-on-year increase in sales to US$23.6 million, boosted by the additional 50 per cent stake in LMA PacMed in Australia. However, net profit fell 24 per cent year-on-year due to non-recurring charges and new urology business start-up costs. Excluding the net effect of its new urology business costs and non-recurring charges, net profit declined marginally by 10.5 per cent year-on-year to US$4.2 million. The management has guided net positive effects from the LMA PacMed acquisition will be evident in 2H07 and that the urology business will be self-sustaining by end-FY07. Good earnings trends: Sales in the lucrative US market grew 10 per cent year-on-year to US$14 million, while international markets clocked 20 per cent year-on-year growth to US$9.2 million. A slowing down of ASP erosion and an increase in units sold achieved a net positive effect on sales. We expect topline to continue to grow at 16 per cent for FY07 as LMA PacMed synergises its operations with the group. We see the promising growth in the Ctrach and Urology segment being the key in driving revenue in FY08. First major M&A well-assimilated: LMA has shown its capability to quickly integrate acquisitions to boost sales. Maintain 'buy': We forecast LMA PacMed to raise topline to US$105 million (previously US$98.1 million), but we tweak our net profit to US$23 million (previously US$25.2 million) to account for the non-recurring costs associated with its PacMed acquisition and the Urology segment's start-up costs. We revise our fair value to S$0.77 (previously S$0.80), implying a possible 38 per cent upside. We still think the share price is under-appreciated despite our 12 times PE valuation at a substantial 68 per cent discount to LMA peers' PE. We have not factored in any M&As into our earnings model. Maintain 'buy'. BUY Disclaimer : I hope I am not infringe with any copyright Intellectual properties. Just for info sharing as sharing newspaper ! Thks. |
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ten4one
Master |
11-May-2007 07:54
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The accounting adjustments could be ironed out without much problem and I like the story and have since been doing some running arounds to get more. I think the reward will outweight the risk. Hey! Don't forget the Coy is still making money, only less this time round due to some start-up costs and the PacMed's initial 'problems'. Cheers! |
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Novocaine
Veteran |
10-May-2007 21:00
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vested too..at 60 cents.. |
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hotstock
Veteran |
10-May-2007 16:57
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Hikitty No problem to post LMA related news here. Anyway I am vested in this stock and has also ADD POSITION today. Personally, I think the positive outweighs the negative at this juncture and I see some upside from here. Also good to see it at 57.5 at point of writing. 60c is a resistance. |
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hikitty
Master |
10-May-2007 16:42
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Hi hotstock and all vested Thanks hotstock for posting the report - so kind of you to do that. The illogical part of the share mkt is that this GEM has been overlooked by supposedly foreign funds. |
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hotstock
Veteran |
10-May-2007 10:23
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With many local n foreign call to buy or maintain its stance, LMA should find support around 55c. The catalysts that will move the stock strongly upwards shall be: - accretive M&A with good guidance - strong Q2 results - positive compensation from lawsuits |
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tiandi
Senior |
10-May-2007 09:24
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One more analyst released report on May 9, from S&P, the analyst recommend STRONG BUY with TP of 0.70 Recommendation & Investment Risks ? We maintain our Strong Buy recommendation on LMA despite disappointing 1Q07 results. We believe the share price already reflects LMA?s disappointing performance in recent quarters and the challenges faced by the group ? stronger-than-expected competition and accounting issues. We believe that the current share price is supported by single-digit PE multiples on our reduced estimates, and possible share buyback (mandate passed during EGM in Mar 2007). ? Our unchanged 12-month target price of S$0.70 is based on discounted cash flow valuation method. Intrinsic value has been calculated based on WACC of 9.6%-10.4%; 10-year free cash flow CAGR of 3.0% and terminal growth rate of 2.0%. ? Risks to our recommendation and target price include further price undercutting by competitors and inability to penetrate emerging markets such as China and India. We also note that LMA buys almost all of its products from related companies (controlled by its parent Venner Capital), and this could raise questions of conflict of interest, in our opinion. Results Review & Earnings Outlook ? LMA?s 1Q07 net profit of US$3.5 mln (down 20% YoY) was below our expectations, accounting for only 15% of our full year estimate. The variance was due to the non-cash, one-off accounting issues arising from the consolidation of LMA PacMed. Following the purchase of 50% of Australian distributor LMA PacMed in 1Q07, LMA had to revalue up LMA PacMed?s inventory under US GAAP, which effectively wiped out gross profits accrued from LMA PacMed sales, and squeezed margins at the group level. In addition, 1Q06 had included profits from sales to LMA PacMed when it was a 30% associate, but 1Q07 did not, as it is now a 80% subsidiary. 2Q07 gross margin will be similarly affected. ? Group revenue grew 15% YoY to US$23.6 mln, boosted by the consolidation of LMA PacMed, increased sales of single-use laryngeal masks and contributions from new products launched last year (i.e. LMA CTrach, LMA Stonebreaker and McGrath Video Laryngoscope). If LMA was still an associate, LMA sales would have increased by 9% YoY. Pricing trends improved, as single-use ASP decline slowed to 3% and reusable units ASP rose 11%. Gross margin shrank by 6%-pts YoY to 66.3% due mainly to the effects of the LMA PacMed consolidation. ? We maintain our earnings estimates despite the disappointing 1Q07 results. Response to recently-launched new products has been good, particularly for the LMA Supreme (launched in 1Q07), and we expect positive contributions in 2H07, which should offset the negative effects of the LMA PacMed consolidation. |
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Novocaine
Veteran |
10-May-2007 08:00
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any comments from anyone on this counter? |
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Novocaine
Veteran |
10-May-2007 08:00
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Waiting patiently everyday..when is this counter going to wake up?.. |
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Novocaine
Veteran |
09-May-2007 20:00
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sorry guys....cant seem to post the reports.. paiseh.. |
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Novocaine
Veteran |
09-May-2007 19:59
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oops sorry..repost.. Results Review & Earnings Outlook ? LMA?s 1Q07 net profit of US$3.5 mln (down 20% YoY) was below our expectations, accounting for only 15% of our full year estimate. The variance was due to the non-cash, one-off accounting issues arising from the consolidation of LMA PacMed. Following the purchase of 50% of Australian distributor LMA PacMed in 1Q07, LMA had to revalue up LMA PacMed?s inventory under US GAAP, which effectively wiped out gross profits accrued from LMA PacMed sales, and squeezed margins at the group level. In addition, 1Q06 had included profits from sales to LMA PacMed when it was a 30% associate, but 1Q07 did not, as it is now a 80% subsidiary. 2Q07 gross margin will be similarly affected. ? Group revenue grew 15% YoY to US$23.6 mln, boosted by the consolidation of LMA PacMed, increased sales of single-use laryngeal masks and contributions from new products launched last year (i.e. LMA CTrach, LMA Stonebreaker and McGrath Video Laryngoscope). If LMA was still an associate, LMA sales would have increased by 9% YoY. Pricing trends improved, as single-use ASP decline slowed to 3% and reusable units ASP rose 11%. Gross margin shrank by 6%-pts YoY to 66.3% due mainly to the effects of the LMA PacMed consolidation. ? We maintain our earnings estimates despite the disappointing 1Q07 results. Response to recently-launched new products has been good, particularly for the LMA Supreme (launched in 1Q07), and we expect positive contributions in 2H07, which should offset the negative effects of the LMA PacMed consolidation. Recommendation & Investment Risks ? disappointing 1Q07 results. We believe the share price already reflects LMA?s disappointing performance in recent quarters and the challenges faced by the group ? stronger-than-expected competition and accounting issues. We believe that the current share price is supported by single-digit PE multiples on our reduced estimates, and possible share buyback (mandate passed during EGM in Mar 2007). We maintain our Strong Buy recommendation on LMA despite? discounted cash flow valuation method. Intrinsic value has been calculated based on WACC of 9.6%-10.4%; 10-year free cash flow CAGR of 3.0% and terminal growth rate of 2.0%. Our unchanged 12-month target price of S$0.70 is based on? undercutting by competitors and inability to penetrate emerging markets such as China and India. We also note that LMA buys almost all of its products from related companies (controlled by its parent Venner Capital), and this could raise questions of conflict of interest, in our opinion. Risks to our recommendation and target price include further price |
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Novocaine
Veteran |
09-May-2007 19:57
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Standard & Poor?s Equity Research Services U.S. includes Standard & Poor?s Investment Advisory Services LLC; Standard & Poor?s Equity Research Services Europe includes Standard & Poor?s LLC- London and Standard & Poor?s AB (Sweden); Standard & Poor?s Equity Research Services Asia includes Standard & Poor?s LLC?s offices in Hong Kong, Singapore and Tokyo, Standard & Poor?s Malaysia Sdn Bhd and Standard & Poor?s Information Services (Australia) Pty Ltd. Recommendation & Investment Risks ? disappointing 1Q07 results. We believe the share price already reflects LMA?s disappointing performance in recent quarters and the challenges faced by the group ? stronger-than-expected competition and accounting issues. We believe that the current share price is supported by single-digit PE multiples on our reduced estimates, and possible share buyback (mandate passed during EGM in Mar 2007). We maintain our Strong Buy recommendation on LMA despite? discounted cash flow valuation method. Intrinsic value has been calculated based on WACC of 9.6%-10.4%; 10-year free cash flow CAGR of 3.0% and terminal growth rate of 2.0%. Our unchanged 12-month target price of S$0.70 is based on? undercutting by competitors and inability to penetrate emerging markets such as China and India. We also note that LMA buys almost all of its products from related companies (controlled by its parent Venner Capital), and this could raise questions of conflict of interest, in our opinion. Risks to our recommendation and target price include further priceResults Review & Earnings Outlook ? expectations, accounting for only 15% of our full year estimate. The variance was due to the non-cash, one-off accounting issues arising from the consolidation of LMA PacMed. Following the purchase of 50% of Australian distributor LMA PacMed in 1Q07, LMA had to revalue up LMA PacMed?s inventory under US GAAP, which effectively wiped out gross profits accrued from LMA PacMed sales, and squeezed margins at the group level. In addition, 1Q06 had included profits from sales to LMA PacMed when it was a 30% associate, but 1Q07 did not, as it is now a 80% subsidiary. 2Q07 gross margin will be similarly affected. LMA?s 1Q07 net profit of US$3.5 mln (down 20% YoY) was below our? consolidation of LMA PacMed, increased sales of single-use laryngeal masks and contributions from new products launched last year (i.e. LMA CTrach, LMA Stonebreaker and McGrath Video Laryngoscope). If LMA was still an associate, LMA sales would have increased by 9% YoY. Pricing trends improved, as single-use ASP decline slowed to 3% and reusable units ASP rose 11%. Gross margin shrank by 6%-pts YoY to 66.3% due mainly to the effects of the LMA PacMed consolidation. Group revenue grew 15% YoY to US$23.6 mln, boosted by the? results. Response to recently-launched new products has been good, particularly for the LMA Supreme (launched in 1Q07), and we expect positive contributions in 2H07, which should offset the negative effects of the LMA PacMed consolidation. We maintain our earnings estimates despite the disappointing 1Q07Standard & Poor?s Equity Research Services |
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Novocaine
Veteran |
09-May-2007 19:54
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LMA International (LMA SP)Guides for stronger second half S$0.55 BUY Price Target : S$ 0.91 Reporting Period Performance Mkt Cap FY EPS (S cts) EPS Revision PE (x) PBV (x) Net Divdend Yield (%) (Prev S$ 1.05)1Q 2007 Below S$320m US$211m 2007 2008 6.1 6.6 -12.8% -9.7% 9.1 8.3 2.2 1.7 0.0 0.0 Comment on Results Outlook Recommendation LMA reported 1Q07 results that were slightly below our expectations. Earnings fell by 19.5% y-o-y to US$3.5m despite revenue growth of 15% y-o-y to US$23.6m. This was largely due to one-off accounting adjustments made on consolidation of an associate company (PacMed) as well as start-up costs for LMA Urology. Higher investment in human resources and litigation costs also resulted in more SG&A expenses. Revenue growth was led by consolidation of PacMed?s sales, contribution from StoneBreaker as well as organic growth of existing products. LMA expects a similar trend for 2Q07, where numbers will continue to be affected by the accounting adjustments needed for the consolidation of PacMed. Despite this, management remains confident that its new initiatives and the acquisition of PacMed will help deliver positive earnings growth for the full year, implying a much stronger second half for LMA. To be on the prudent side, we have lowered our estimates for FY07 and FY08 by 12.8% and 9.7% respectively to reflect a higher cost structure. Maintain BUY, with our target price revised to S$0.91, from S$1.05 previously. This is to reflect our lower earnings estimates as well as a weaker USD. For the stock to re-rate, the company must start to execute and deliver on its results. Our target price of S$0.91 is based on 15x FY08 earnings. ANALYST: Singapore Research Team +65 6533 9688 research@dbsvickers.comDBS Group Research . Equity 9 May 2007 Singapore Result Analyser |
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hikitty
Master |
09-May-2007 19:53
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Hi hotstock Many thanks for the excellent posting. LMA should move north soon, like most other shares, with OCBC's call. What's your take? |
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hotstock
Veteran |
09-May-2007 15:39
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LMA, jpm remains OVERWEIGHT - 1Q07 results below JPM and consensus. LMA International reported its 1Q07 EPS of 0.6 S cts, below our estimate of 0.8 S cts and consensus EPS of 0.85 S cts by 30%. Sales revenues was inline with expectations, recording a growth of 15% to US$23.6MM in the 1Q07 due to the consolidation of 80% owned subsidiary LMA PacMed. If LMA PacMed had remained an associate, sales would have increased by only 9%. We are not changing our rating. - Gross margin decline due to (1) product mix shift to single-use devices from reusable devices (we have estimated that single use gross margins c.61% while reusable unit gross margins c.82%); and (2) accounting treatment of inventory purchased as part of LMA PacMed acquisition ?value acquired inventory at estimated selling prices less cost of selling. Management believes that approximately US$500k of inventory was adjusted higher, thus reducing gross margin by 5ppt and expects 2Q07 gross margin to be similarly affected. - Seeks strategic investments and new initiatives. The company is looking to acquire product rights or existing businesses for new, innovative or revolutionary products and look out for investments opportunities to acquire strong performing distributors. Management remains upbeat about the new product pipeline to drive sales and profit growth for FY07. LMA, ocbc remains a BUY with target price $0.77 - One time charges hit bottomline. LMA posted a 15% YoY increase in sales to US$23.6m, boosted by the additional 50% stake in LMA PacMed in Australia. However, net profit fell 24% YoY due to non-recurring charges and new urology business start-up costs. Excluding the net effect of its new urology business costs and non-recurring charges, net profit declined marginally by 10.5% YoY to US$4.2m. Management has guided that net positive effects from the LMA PacMed acquisition will be evident in 2H07 and that the urology business will be self sustaining by end of FY07. - Good earnings trends. Sales in the lucrative US market grew 10% YoY to US$14m, while International markets clocked 20% YoY growth to US$9.2m. A slowing down of ASP erosion and an increase in units sold achieved a net positive effect on sales. We expect topline to continue to grow at 16% for FY07 as LMA PacMed synergises its operations with the group. We see the promising growth in the Ctrach and Urology segment being the key in driving revenue in FY08. - First major M&A well assimilated. LMA has shown its capability to quickly integrate acquisitions to boost sales. LMA PacMed (now LMA's subsidiary) contributed an additional 6% YoY growth to the topline in a span of 3 months versus being an associate previously. With management guiding that they are in discussions with several parties, we are more confident that integration issues will be minimised. - Maintain BUY. We forecast LMA PacMed to raise topline to US$105m (previously US$98.1m), but we tweak our net profit to US$23m (previously US$25.2m) to account for the non-recurring costs associated with its PacMed's acquisition and the Urology segment's start up costs. We revise our fair value to S$0.77 (previously S$0.80) implying a possible 38% upside. We still think the share price is under appreciated despite our 12x PER valuation at a substantial 68% discount to LMA peers' PER. We have not factored in any M&As into our earnings model. Maintain BUY. |
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