Singapore Stock Market News

Goodpack - Small step in auto parts

StockFanatic
Publish date: Sat, 15 Feb 2014, 01:57 PM
StockFanatic
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2QFY14 net profit of US$12.5m was slightly below expectations at 22% of our and consensus' full-year forecast. We cut EPS by 3-7% to adjust for lower revenue and higher expenses, and our target price falls to S$2.15, still based on 15x P/E (historical mean from 2007).

We maintain our Add recommendation, with new synthetic rubber contracts as the short-term catalyst and auto parts as the long-term catalyst.
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