Singapore Stock Market News
Goodpack - Synthetic volumes picking up
StockFanatic
Publish date: Thu, 11 Jul 2013, 10:20 AM
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4QFY13 looks set to beat the sluggish 3QFY13, with the recovery of
synthetic rubber demand. Goodpack is in discussions with a large
European car manufacturer over a huge auto parts contract. However,
the positive impact of the contract win is only likely to be in the long term.
We raise FY13 EPS by 2% to adjust
for better-than-expected 4QFY13
results, but cut FY14-15 EPS to reflect
higher-than-expected finance costs
and operating expenses. We maintain
our Outperform rating, with a target
price of S$1.80, based on 14.9x CY14
P/E (5% discount to historical mean).
The catalysts for the stock are the
recovery of synthetic rubber demand
and expansion of the auto parts
business.
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