NRA Capital Pte Ltd

Written by: NRA Research Team

Friday 23 May 2014

Mencast - 1Q14 results update

New facilities ready for better 2Q performance

Despite the lower-than-expected 1Q14 performance, our view remains positive given the 28% qoq increase in its order book to a record S$42.8m as at end 1Q14. Together with a pickup in business in subsequent quarters at its new 42B Penjuru Road facility, we believe these should help drive both its revenues and improve gross margins. We maintain our forecasts and fair value remains S$0.67, still pegged at 10x FY14 PER. Given the 11% potential upside, maintain Overweight.

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