NRA Capital Pte Ltd

Written by: NRA Research Team

Thursday 14 Nov 2013

Nera Telecommunications - 3Q13 Results Update

Sowing the seeds for a bountiful harvest

As a result of a lower-than-expected 3Q13, we adjust our FY13 forecasts lower by 10% and FY14-FY15 by 5% to account for the higher expenses associated with its overseas expansion plans in the Middle East and African markets. Our fair value drops to 76 cents from 80 cents, still pegged at 11.1x FY14 PER. Despite it currently trading below our fair value (11% potential upside), we maintain our Neutral recommendation for the time being but investors would like to buy on weakness due to its attractive dividen

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