Singapore Stock Market News
Yongnam Holdings - Hit By Cost Overruns
StockFanatic
Publish date: Fri, 01 Nov 2013, 11:43 AM
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(1) Cost overruns from three ongoing projects; and
(2) A significant one-off loss on disposal of fixed assets.
We lower our earnings estimates for FY13-15 by up to 37%, which places us significantly lower than consensus estimates. In view of the upcoming losses, which will dent FY13 earnings, and in the absence of new contracts being secured YTD, we are less optimistic about its earnings prospects. This leads us to downgrade Yongnam to a HOLD with a SGD0.24 TP, based on 10x FY14 EPS P/E (previously 10x FY13-15E P/E).
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