Singapore Stock Market News
Civmec Ltd - Oversold, it's undervalued
StockFanatic
Publish date: Fri, 20 Mar 2015, 10:25 AM
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Update
■ Upgrade to BUY. Stock price has tanked well below what the fundamentals are.
■ Civmec shares have sold off 37% to S$0.395 over the last 7 days. Civmec management has responded citing a large motivated seller (but not a substantial shareholder) selling for personal reasons. The sell-off was likely exacerbated due to the breaching of the S$0.52 technical multiyear support level.
■ We use more conservative estimates and revise down our FY15 earnings forecast by 5% (EPS of 5.8 cents vs 6.0 cents) to increase our margin of safety in terms of execution. We revise down our target price to 47.5 SGD cents based on 8.2x FY15 PE.
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