NRA Capital Pte Ltd

Written by: NRA Research Team

Tuesday 30 Sep 2014

XMH Holdings -1Q15 Results Update

Dragged by weak Indonesian sales

Given the lower-than-expected results, we lower our FY14-16 forecasts by 6-12%. As a result, our fair value is lowered to 31 cents from 36 cents, still pegged to 12x FY04/15 PER. We maintain our Neutral recommendation as we think that weaknesses in its key market will continue to persist in the short term. Its decent 4% dividend yield should however provide some support.

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