Singapore Stock Market News
Yongnam Holdings - Europe drives, Myanmar hopes
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Publish date: Wed, 27 Feb 2013, 09:20 AM
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Although Yongnam's FY12 results yielded no surprises, we are
nevertheless encouraged by its stronger project pipeline that could
provide earnings excitement soon. In addition to its consistent dividend
payout, we also like the stock as a possible Myanmar play.
4Q/FY12 profit (23%/102% of our
FY12 estimate) was in-line with our
expectation. We adjust our FY13-14
forecasts by -5% to +0.4% after
revising for margins; we also
introduced our FY15 estimate. Our
target price is raised as we roll-over
to FY14 (still at 6x P/E, its 3-year
mean). We maintain Outperform as
the group is poised to land some
mega accretive projects.
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