NRA Capital Pte Ltd

Written by: NRA Research Team

Monday 24 Feb 2014

Nera Telecommunications - 4Q13 Results Update

Moving towards recurring revenue streams

Supported by attractive dividend yield. Despite the lower- than- expected performance in 4Q13, we maintain FY14-FY15 estimates as we believe fundamentally, the group continues to expand at a healthy pace overseas. Our fair value remains 76 cents, still pegged at 11.1x FY14 PER. We maintain our Neutral recommendation for the time being but investors may like to buy on weakness due to its attractive projected dividend yield of 6.8%.

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