Singapore Stock Market News
AsiaPhos - Expansion plans in motion
StockFanatic
Publish date: Sun, 25 May 2014, 06:20 PM
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■ Earnings below expectation. AsiaPhos' 1Q14 net loss of S$0.4m came in opposite our S$0.4m net profit estimate due to lower-than-expected revenue and gross margins.
■ Lower forecasts and maintain recommendation
Despite the late start to mining operations in 1Q14, we expect subsequent quarters to pick up in mining output (it has doubled averaged mining output per day in 1Q14 compared to 1Q13). However, we lower our FY14-16 forecasts by 5-7% to account for the lower gross margins, partially offset by the LY Resources (LYR) notes interest income. As a result, our fair value has slipped by 1 ct to S$0.22. With a potential 30% upside, maintain Overweight.
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