Towards Financial Freedom
Olam International - An underwhelming year (Sell, TP SGD1.75)
In-line with expectations. FY12 results were broadly in-line with expectations, with recurring net profit coming in at SGD355.5m. However, this was helped by a positive tax during the 4th quarter, as well as a SGD11m contribution from commodity financial services; notwithstanding which numbers would have been weaker. It does round up an underwhelming year, with Olam registering a first ever profit decline of 5%. Seen in the light of the equity raising/ aggressive M&A approach, this would have been more negative, with an 18% yoy decline in recurring EPS.
Source: Maybank Kim Eng
Source: Maybank Kim Eng
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
