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Trek 2000 - Expect a Stronger 2H15
StockFanatic
Publish date: Wed, 19 Aug 2015, 01:22 PM
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Trek's 2Q15 results were slightly on the low-end, but its strong revenue growth of 57.8% YoY was very encouraging. Maintain BUY as we expect a stronger 2H15 with increased contribution from the USD50m Rely/Mattel deal.
Given the weaker 2Q15 results due to
i) the dilution from 26m new shares issued
ii) higher admin and R&D costs and
iii) lower margins from its thumbdrive and flucard segment, we lower our TP to SGD0.52 (from SGD0.61, 65% upside), pegged to a 20x FY15 P/E.
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