NRA Capital Pte Ltd

Written by: Jacky Lee

Wednesday 19 Feb 2014

Asia Enterprises - 4Q13 results update

Outlook remains cloudy

As the outlook remains tough, we lowered our FY14-15 forecasts by 18%, nevertheless, our fair value inched up 1 cent to S$0.30, still pegged at 0.9x PBR but rolled forward from FY13 to FY14, or implied 5.8x ex-net cash FY14 PER. Given a 32% potential upside with strong net cash, we maintain our Overweight recommendation.

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