Global Testing - Turnaround Thesis Validated | I3investor

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Global Testing - Turnaround Thesis Validated

StockFanatic

Publish date: Wed, 13 Aug 2014, 12:48 PM

Global Testing's 2Q14 reported earnings of USD0.8m (+30% y-o-y) and USD9.8m revenue (+4.0% y-o-y) validated its turnaround story. While this was below expectations, we believe an expected bullish 2H14 should make up for the shortfall. Given its huge net cash hoard and the likelihood of a share buyback, we maintain our BUY call, with an unchanged SGD0.165 TP, based on the peer average of 1.1x FY14 P/BV.

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