Stock Name: HSL
Company Name: HOCK SENG LEE BHD
Not spared from the slow order flows Shariah-compliant
Maintain Buy but on a lower target price. 9M11 net profit, at RM61m (+18% YoY), was a slight shortfall at 68% of our earlier full-yearforecast on slower-than-expected 3Q revenue recognition. We lower our 2011 net profit forecast by 4% and 2012-13 forecasts by 7-9%. Our 12x PER based target price on 2012 earnings is trimmed to RM2.10 (-9%). Valuations stay attractive at single-digit PERs as we continue to expect sizeable jobs to fuel the state's energy-driven industrialisation.
Maybank research (23 November 2011)
Click here for full report ''
Company Name: HOCK SENG LEE BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 2.10 |
Not spared from the slow order flows Shariah-compliant
Maintain Buy but on a lower target price. 9M11 net profit, at RM61m (+18% YoY), was a slight shortfall at 68% of our earlier full-yearforecast on slower-than-expected 3Q revenue recognition. We lower our 2011 net profit forecast by 4% and 2012-13 forecasts by 7-9%. Our 12x PER based target price on 2012 earnings is trimmed to RM2.10 (-9%). Valuations stay attractive at single-digit PERs as we continue to expect sizeable jobs to fuel the state's energy-driven industrialisation.
Maybank research (23 November 2011)
Click here for full report ''
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