Singapore Stock Market News

Nam Cheong - Resilience amidst adversity

StockFanatic
Publish date: Fri, 13 Feb 2015, 04:23 PM
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Nam Cheong's 4Q14 core net profit of RM49.1m (-30% yoy) was in line with our and consensus expectations, at 16% of our full-year forecast (FY14 core net profit at 97%). FY14 represented its third consecutive record-breaking year. With softer demand from Malaysian and Indonesian waters in 2015, we now do not expect this record-breaking streak to continue, and hence, cut our FY15-16 EPS by 7-19%. That said, we expect Nam Cheong to uphold the current sales momentum and achieve similar profits for 2015-17 vis-à-vis 2014, which given the environment, would be a sterling achievement. We lower our target price, still based on 7.5x CY16 P/E (1 s.d below the 5-year mean of small/mid-cap oil services companies). The stock remains an Add. Catalysts could come from stronger-than-expected vessel sales and earnings.
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