Stock Name: UNISEM
Company Name: UNISEM (M) BHD
KUALA LUMPUR: UNISEM (M) BHD [] shares retreated in early trade on Friday, July 29 after its net profit for the second quarter ended June 30l, 2011 fell 75% to RM12.03 million from RM48.05 million a year earlier due mainly to a decline in revenue.
At 9.25am, Unisem shed two sen to RM1.38 with 168,100 shares done.
It said on Thursday, July 28 that its revenue fell 14.5% to RM307.52 million from RM359.50 million in 2010.
MIDF Research maintained its Buy call on Unisem and said that as expected, Unisem posted a disappointing 1H11 net profit of RM17.4 million, a 80.6% year-on-year decline.
'This made up only 11.3% and 18.4% ours and consensus' full year forecasts respectively
'We are revising downwards our FY11 and FY12 forecasts by 59.9% and 30.9% taking into account the lower orders, stronger ringgit and higher cost. Rolling our valuation to FY12, we arrive at a revised target price of RM1.60 by pegging FY12 EPS to 8.5 times PER which is its 5 year average PER,' it said.
Company Name: UNISEM (M) BHD
| Research House: MIDF | Price Call: BUY | Target Price: 1.60 |
KUALA LUMPUR: UNISEM (M) BHD [] shares retreated in early trade on Friday, July 29 after its net profit for the second quarter ended June 30l, 2011 fell 75% to RM12.03 million from RM48.05 million a year earlier due mainly to a decline in revenue.
At 9.25am, Unisem shed two sen to RM1.38 with 168,100 shares done.
It said on Thursday, July 28 that its revenue fell 14.5% to RM307.52 million from RM359.50 million in 2010.
MIDF Research maintained its Buy call on Unisem and said that as expected, Unisem posted a disappointing 1H11 net profit of RM17.4 million, a 80.6% year-on-year decline.
'This made up only 11.3% and 18.4% ours and consensus' full year forecasts respectively
'We are revising downwards our FY11 and FY12 forecasts by 59.9% and 30.9% taking into account the lower orders, stronger ringgit and higher cost. Rolling our valuation to FY12, we arrive at a revised target price of RM1.60 by pegging FY12 EPS to 8.5 times PER which is its 5 year average PER,' it said.
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