NRA Capital Pte Ltd

Written by: NRA Research Team

Tuesday 5 Aug 2014

Mencast - 2Q14 results update

New facilities deliver growth

Maintain forecast and recommendation. As a result of its performance that was in line with our expectations, we remain positive on the outlook for the group as it ramps up manufacturing at its new 42B Penjuru Road facility, thus driving performance in subsequent quarters. We maintain our forecasts but our fair value, still pegged at 10x FY14 PER, is adjusted to S$0.56 from S$0.67 to account for the 1 for 5 rights issue. Given the 10% potential upside, maintain Overweight.

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