Stock Name: WASEONG
Company Name: WAH SEONG CORPORATION BHD
Maintain Buy with a reduced TP of RM2.60. WSC's weaker-than-expected 4Q results led us to cut 2012-13 earnings by up to 18% on lower margin assumptions. Also, while WSC will likely benefit from a strong pipeline of domestic pipe-coating projects, we reckon the majority of them will be awarded in 2H and thus recognised in 2013. Our adjusted target price incorporates the earnings revisions and is rolled forward into 2013, with a lower target PER of 13x (from 14x).
Maybank Research 23 Feb 2012
Click here for full report
Company Name: WAH SEONG CORPORATION BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 2.60 |
Maintain Buy with a reduced TP of RM2.60. WSC's weaker-than-expected 4Q results led us to cut 2012-13 earnings by up to 18% on lower margin assumptions. Also, while WSC will likely benefit from a strong pipeline of domestic pipe-coating projects, we reckon the majority of them will be awarded in 2H and thus recognised in 2013. Our adjusted target price incorporates the earnings revisions and is rolled forward into 2013, with a lower target PER of 13x (from 14x).
Maybank Research 23 Feb 2012
Click here for full report
No comments:
Post a Comment