NRA Capital Pte Ltd

Written by: Jacky Lee

Thursday 28 Nov 2013

Asia Enterprises - 3Q13 results update

Supported by cash value and yield

We lowered our FY13-15 forecasts by 17%, nevertheless, our fair value remain at S$0.29, still pegged at 0.9x FY13 PBR. Despite near-term outlook remaining tough, there is still a 21% potential upside with strong net cash and reasonable 5% yield. We maintain our Overweight recommendation.

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