Singapore Stock Market News
Goodpack - Synthetic rubber picks up slack
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Publish date: Wed, 28 Aug 2013, 08:46 AM
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The beat in FY13 came from forex and disposal gains. Going forward,
the focus will be on synthetic rubber, as we see limited growth in
natural rubber. Autoparts is still insignificant, and there is uncertainty
over whether Goodpack can secure a breakthrough autoparts contract.
FY13 net profit came in above, at
110% of our and 108% of consensus
full-year estimates. We retain profit
estimates, but FY14-16 EPS falls by
7.7% due to dilution from the exercise
of options and warrants. Maintain
Outperform with a new target price of
S$1.87, based on 13.5x CY14 P/E
(0.5sd below mean). Catalysts could
come from synthetic rubber contracts
and a potential autoparts contract.
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