Singapore Stock Market News
Armstrong Industrial - Recovery priced in
StockFanatic
Publish date: Fri, 22 Mar 2013, 09:50 AM
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We believe Armstrong's post-FY12 results share price outperformance
has priced in all the positives from its automotive segment and cost
saving measures. In addition, our channel checks reveal an unexciting
outlook for the HDD industry in 1H13.
Our estimates are unchanged as we
have already factored in strong sales
growth from the automotive segment
and recovery in data storage in 2H13.
Our target price stays at S$0.29,
pegged at 8x CY14 P/E, its 5-year
average. Following the strong share
price gains recently, we downgrade
our rating to an Underperform from a
Neutral. De-rating catalysts could
come from potential earnings
disappointments.
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