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Yongnam Holdings - Counting stars?
StockFanatic
Publish date: Fri, 08 Aug 2014, 02:34 PM
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2Q14 and 1H14 results missed consensus and our expectations. The third consecutive quarter of losses put our already lower-than-consensus earnings out-of-whack. We have made drastic cuts to our FY14-16 estimates, having accounted for sluggish revenue assumptions, margin pressure and the lack of contracts. We concluded that the group would end FY14 in the red.
Our target price is reduced to S$0.17, comprising a base valuation of S$0.14 (8x CY15 P/E, 1.5 s.d above its five-year mean) and a 30% premium as the group is near to a potential Myanmar contract win. The lack of immediate contribution from high-yield contracts and margin squeeze are potential de-rating catalysts. We maintain our Reduce rating.
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