NRA Capital Pte Ltd

Written by: NRA Research Team

Thursday 7 Aug 2014

Nera Telecommunications - 2Q14 Results Update

Recurring revenue growing steadily

Given the lower-than-expected performance in 2Q14, we lower our FY14-FY16 estimates by 10-17%. We roll over our valuation from 11.1x FY14 PER to FY15, in line with its peers. As a result, we lower our fair value by 1 ct to 75 cents. Although currently trading 5% above our fair value, we maintain our Neutral recommendation as it is supported by its reasonable projected dividend yield of 6.5%.

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