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.

Please login

Premium Content

Premium Content

This article requires a premium subscription. Click here to upgrade.

If you are not yet a registered member of NetResearch Asia, please click here to register before paying.

If you accessing this site though Lim&Tan's website and using Internet Explorer, please click here  to rectify access issues.

Access to this Web site is granted by NRA Capital Pte. Ltd. strictly on the terms and subject to the conditions set out hereunder. By entering into the Web Site, Subscriber is deemed to have accepted and agreed to be bound by the terms and conditions  set out hereunder.