NRA Capital Pte Ltd

Written by: NRA Research Team

Wednesday 26 Feb 2014

Mencast - 4Q13 results update

Turbo charged growth with more acquisitions

We adjust our FY14-15 sales upwards by 17% to account for the new acquisition and introduce FY16 estimates, but our net profit estimates remain unchanged due to higher expense assumptions. Thus our fair value remains S$0.67, still pegged at 10x FY14 PER. Given the 17% potential upside, maintain Overweight.

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