Singapore Stock Market News
Goodpack - Strong underlying momentum
StockFanatic
Publish date: Tue, 13 May 2014, 06:12 PM
StockFanatic
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3QFY14 core net profit was in line at 24%/23% of our/consensus FY14 forecasts, with 9MFY14 core EPS at 71%. We raise FY14-15 EPS marginally to reflect better margins but cut FY16 EPS by 9% to capture more conservative autoparts assumptions. We believe that its underlying business remains sound and the stock deserves to trade at its historical 7-year mean P/E of 15.0x on the basis of strong earnings growth expected.
Our Add rating is intact, with our target price climbing to S$2.51 (still at 15.0x P/E) after rolling forward to end-FY16. Short-term catalysts remain new synthetic rubber contracts while a longer-term catalyst should be a breakthrough in autoparts contracts.
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