Singapore Stock Market News
Yongnam Holdings - A late bloomer
StockFanatic
Publish date: Fri, 17 May 2013, 07:00 PM
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After four quarters of declining revenue and profitability, Yongnam's
return to growth in 1Q13 is a breath of fresh air. We think that its share
price outperformance YTD still has legs as the Myanmar project is
Yongnam's to lose.
At 17% of our FY13 forecast, 1Q13 net
profit was in line with our
expectation as we stick to our
assumption that 65% of this year's
earnings will only come through in
2H13. Our EPS estimates and target
price (still at 6x CY14 P/E, its 3-year
mean) are unchanged. We maintain
an Outperform as the group is poised
to land some mega accretive projects.
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