NRA Capital Pte Ltd

Written by: NRA Research Team

Friday 20 Dec 2013

XMH Holdings -2Q14 Results Update

New acquisition offsets weak Indonesian sales

Lower forecasts and fair value but maintain Overweight. Given the lower-than-expected earnings, we slightly revise our full year forecast 5% lower due to higher operating cost but keep FY15-16 relatively unchanged. As a result, our fair value is changed from 49 cts to 45 cts, still pegged to 12x FY14 PER. With a 33% upside to our revised fair value and decent 2.8% dividend yield at its current price, we maintain our Overweight recommendation.

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