Singapore Stock Market News
Sarine Tech - More to come
StockFanatic
Publish date: Thu, 27 Feb 2014, 05:18 PM
StockFanatic
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Sarine's FY13 core net profit was in line with expectations, at 102% of our forecast and 95% of consensus. Sarine posted record-high sales and profitability in FY13. The double-digit increase in operating expenses was more than offset by the 3.5% pt expansion in gross margin.
We introduce our FY16 forecasts and maintain our Add recommendation, with target price of S$2.64 (16x FYP/E, 0.5 s.d. above its 6-year average). Core EPS falls by 3-4% in FY14-15 as we factor in higher R&D and marketing expenses. Catalysts are various new product launches.
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