Singapore Stock Market News
Yongnam Holdings - Slow down. Bend ahead.
StockFanatic
Publish date: Tue, 06 Aug 2013, 09:06 AM
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The lack of new, chunky contract wins and recent share-price
weakness have prompted us to turn bearish. The margin squeeze has
become a mainstay, while the Myanmar angle might no longer be the
reason to own the stock.
The 2H13 results were below our
expectations, at 46% of our full-year
forecasts. We cut core FY13-15 EPS
by 22-35% to assume a lower
revenue mix from the higher-margin
division. Thus, our target price (6x
CY14 P/E, its three-year mean) drops
to S$0.28. Lack of convincing
contract wins and squeeze on
margins are de-rating catalysts
despite Myanmar angle. Downgrade
to Underperform from Outperform.
Read more » Related Stocks
| Chart | Stock Name | Last | Change | Volume |
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