Nam Cheong - On cruise control | I3investor

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Nam Cheong - On cruise control

StockFanatic

Publish date: Fri, 08 Aug 2014, 04:04 PM

Though 2Q core net profit of RM57m (+49% yoy) came in at only 21% of our FY14 forecast (1H: 46%), we consider the results to be broadly in line as we expect a stronger 2H due to a pick-up in vessel sales. Our FY14-16 EPS forecasts are largely intact, along with our target price, which is still based on 9x CY15 P/E (peer average). We reiterate our Add rating, with catalysts coming from stronger-than-expected vessel sales and earnings.

Nam Cheong (N4E)

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