Stock Name: RGB
Company Name: RGB INTERNATIONAL BHD
Research House: CIMB
KUALA LUMPUR:'' CIMB Equities Research said RGB International Bhd remains an Underperform as its slow turnaround efforts and continued delays in new technical and support management (TSM) ventures.
It said on Thursday, March 3 that it was positive about the pickup of slot machine sales in the Philippines and ii) better visibility on the mobilisation plan which could lead to the writeback of FY10's RM8 million impairment loss, lifting FY11 EPS by 28.5%.
'On the flip side, we are disappointed with the machine placement projection which is 10% lower than our forecast. Factoring in lower machine placement, we cut our FY11-13 EPS by 10-27%. Accordingly, our end-CY11 target price falls from 6.1 sen to 5.3 sen, which is still based on a forward P/E of 8x or a 50% discount to its larger-cap peers,' it said.
Company Name: RGB INTERNATIONAL BHD
Research House: CIMB
KUALA LUMPUR:'' CIMB Equities Research said RGB International Bhd remains an Underperform as its slow turnaround efforts and continued delays in new technical and support management (TSM) ventures.
It said on Thursday, March 3 that it was positive about the pickup of slot machine sales in the Philippines and ii) better visibility on the mobilisation plan which could lead to the writeback of FY10's RM8 million impairment loss, lifting FY11 EPS by 28.5%.
'On the flip side, we are disappointed with the machine placement projection which is 10% lower than our forecast. Factoring in lower machine placement, we cut our FY11-13 EPS by 10-27%. Accordingly, our end-CY11 target price falls from 6.1 sen to 5.3 sen, which is still based on a forward P/E of 8x or a 50% discount to its larger-cap peers,' it said.
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