NRA Capital: Kevin Scully Blog

Broadway's Q1-2010 results were better than expected and confirm the strong tech recovery.....raising forecasts and price target Thursday, 29 April, 2010 1:31 AM Posted by Kevin Scully Singapore robust manufacturing and electronics output data is consistent with the stronger guidance for both disk drives and semi-conductor equipment. Many tech companies which I have visited this year have indicated that demand is stronger than expected, there are component shortages and Q1 and Q2 2010 will be very strong quarters unlike previous years where the first and second quarters are seasonally lower. Broadway's Q1-2010 results confirm this trend. Revenue was higher by 11% to S$151.1mn while net profit was 113.9% to S$11.7mn. The Q1-2010 revenue and net profit figures are higher than Broadway's Q4-2009 figures with revenue of S$147.9mn and net profit of S$10.2mn. I have raised my forecast for Broadway for 2010 and my price target and am keeping it as one of my Stock Picks. Please check my Stock Picks/Portfolio section for more details.

Broadway's Q1-2010 results were better than expected and confirm the strong tech recovery.....raising forecasts and price target
Thursday, 29 April, 2010 1:31 AM
Posted by Kevin Scully

Singapore robust manufacturing and electronics output data is consistent with the stronger guidance for both disk drives and semi-conductor equipment. Many tech companies which I have visited this year have indicated that demand is stronger than expected, there are component shortages and Q1 and Q2 2010 will be very strong quarters unlike previous years where the first and second quarters are seasonally lower.

Broadway's Q1-2010 results confirm this trend. Revenue was higher by 11% to S$151.1mn while net profit was 113.9% to S$11.7mn. The Q1-2010 revenue and net profit figures are higher than Broadway's Q4-2009 figures with revenue of S$147.9mn and net profit of S$10.2mn. I have raised my forecast for Broadway for 2010 and my price target and am keeping it as one of my Stock Picks. Please check my Stock Picks/Portfolio section for more details.

Comments

Broadway's target price Hi, what is broadway's new target price? Compared to it's peers, is it relatively undervalued? Can still enter at current price? Hasn't broadway already run up a lot? How abt other counters such as adampak and cheung woh? Mike on 29 April 2010 10:18 AM
Broadway's target price Mike - the target price can be found in our premium stock picks section which is for subscribers. You can also gain access to our premium content if you have a trading account with Lim and Tan. Kevin on 29 April 2010 11:05 AM
Premium Content Hi Kevin, I do have an account with Lim and Tan. How do I go about accessing the premium content? Can you please advise? Thanks much! Calvin on 29 April 2010 10:33 PM
Premium Content I believe once you have logged into the limtan online - there is a seemless link to our website premium content. If you would like to receive email alerts from me when i update my Stock Picks or portfolio - please inform limtan and they will include you in our batch file. Kevin on 30 April 2010 08:14 AM
China New Town Boss bought 90k lot shares at 0.120 on 19/Apr/10 Seem like this counter is deeply undervalue.. Interm of volumn, the insider buy-in is the top 3 companies with insider shares purchase. Jeff on 30 April 2010 10:33 AM
Baker Tech Buyers Beware Buyers of Baker Tech should be put on notice that the company may be in potential danger of losing millions in damages should the recent "accepted" sale of its 15 % direct & indirect interests in PPL Shipyard to Yangzijiang be brought to court by SemCorp Marine. I was duly surprised to read that Baker Tech they had received advice that there is no legal basis for SCM's claims. Every body corporate and legal professionals in the field should duly know that there are conditions attached to transfer and sale of shares in private limited companies contained in their M & A, and unless they are public or listed companies, priority of any such sale or transfer must first be given to the other existing shareholders. PPL is, I beleive, not a listed company, and neither is it a public company as there are only 2 shareholders. It's auite obvious some one goofed on this transaction. 2 scenerios can arise. SCM takes them to court if the deal to Yangzijiang is sealed, or Baker Tech rescinds its acceptance of Yangzijiang's offer and accepts SCM's offer. In either case, it will still be sued by the other party. The question would be in which scenerio will the impending loss o financial damage be lesser. From the tone and the tenor it which the whole event has unravelled, I believe SCM is unlikely to yield. If I were a Baker Tech investor I will do the obvious : dump the shares now before the situation gets more messy. Just my 2 cents worth. C.C. Low on 30 April 2010 11:07 AM
MS Dear CCLow Good that you posted this comment. Help not so savvy investors like me. Not vested,thankfully. SIGH on 30 April 2010 02:33 PM

Broadway's target price
Hi, what is broadway's new target price? Compared to it's peers, is it relatively undervalued? Can still enter at current price? Hasn't broadway already run up a lot? How abt other counters such as adampak and cheung woh?

Mike on 29 April 2010 10:18 AM

Broadway's target price
Mike - the target price can be found in our premium stock picks section which is for subscribers. You can also gain access to our premium content if you have a trading account with Lim and Tan.

Kevin on 29 April 2010 11:05 AM

Premium Content
Hi Kevin, I do have an account with Lim and Tan. How do I go about accessing the premium content? Can you please advise? Thanks much!

Calvin on 29 April 2010 10:33 PM

Premium Content
I believe once you have logged into the limtan online - there is a seemless link to our website premium content. If you would like to receive email alerts from me when i update my Stock Picks or portfolio - please inform limtan and they will include you in our batch file.

Kevin on 30 April 2010 08:14 AM

China New Town Boss bought 90k lot shares at 0.120 on 19/Apr/10
Seem like this counter is deeply undervalue..

Interm of volumn, the insider buy-in is the top 3 companies with insider shares purchase.

Jeff on 30 April 2010 10:33 AM

Baker Tech Buyers Beware
Buyers of Baker Tech should be put on notice that the company may be in potential danger of losing millions in damages should the recent "accepted" sale of its 15 % direct & indirect interests in PPL Shipyard to Yangzijiang be brought to court by SemCorp Marine.

I was duly surprised to read that Baker Tech they had received advice that there is no legal basis for SCM's claims. Every body corporate and legal professionals in the field should duly know that there are conditions attached to transfer and sale of shares in private limited companies contained in their M & A, and unless they are public or listed companies, priority of any such sale or transfer must first be given to the other existing shareholders. PPL is, I beleive, not a listed company, and neither is it a public company as there are only 2 shareholders.

It's auite obvious some one goofed on this transaction.

2 scenerios can arise. SCM takes them to court if the deal to Yangzijiang is sealed, or Baker Tech rescinds its acceptance of Yangzijiang's offer and accepts SCM's offer. In either case, it will still be sued by the other party. The question would be in which scenerio will the impending loss o financial damage be lesser. From the tone and the tenor it which the whole event has unravelled, I believe SCM is unlikely to yield.

If I were a Baker Tech investor I will do the obvious : dump the shares now before the situation gets more messy.

Just my 2 cents worth.

C.C. Low on 30 April 2010 11:07 AM

MS
Dear CCLow Good that you posted this comment. Help not so savvy investors like me. Not vested,thankfully.

SIGH on 30 April 2010 02:33 PM

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