NRA Capital Pte Ltd

Written by: NRA Research Team

Friday 15 Nov 2013

Mencast - 3Q13 results update

Acquisition spree again

Mencast’s 3Q13 profits of S$1.6m came in 40% below our estimates due mainly to lower-than-expected gross profit margins. This should not ring alarm bells as 3Q has historically been weaker in the previous FYs and we expect 4Q to jump back up, as such we maintain our FY13 estimates for the time being. We lower our fair value to S$0.67 from S$0.71 on the assumption of the new share dilution upon the completion of the acquisition, still pegged at 10x FY14 PER. Given the 36% potential upside, maintain Overwei

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