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Hong Leong Asia
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Hong Leong Asia
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EastonBay
Master |
14-May-2008 17:09
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announcing result today/tomorrow... perhaps due to leaks that results do not live up to expectations? |
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hlayar
Senior |
14-May-2008 17:06
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JJ, you are going technical too? |
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jackjames
Elite |
14-May-2008 16:47
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gentleman, this is my new target ... watch this guy.. |
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Pinnacle
Master |
15-Nov-2007 14:32
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CIMB - Hong Leong Asia (S$3.48) ? 3QFY07 results - Earnings growth in full swing In-line. HLA?s 3QFY07 earnings of S$25.3m (+100%yoy) was in-line with ours and consensus estimates. 9M07 earnings have met 86% of our full year FY07 estimates. This was another excellent set of results marked by all-round strength. Top-line was strong while margins expanded on favourable pricing environment for BMG and product mix improvements at Yuchai as well as Xinfei. The key story for 3QFY07 is that BMG momentum is intact and Yuchai has clearly turned around. HLA is showing strong execution and is firmly on track to meet our full year FY07 earnings forecast. BMG momentum intact. BMG?s earnings (S$12.5m) doubled yoy in 3QFY08 as pace of ready-mix concrete (RMC) volume deliveries accelerated to around 175k m3/mth in 3QFY07 vs 150k m3/mth in 2QFY07. Deliveries for Marina IR began in October 07 and delivery run-rates are on track to hit 200k m3/mth in 4Q07 as expected. RMC selling price declined to S$120/m3 as sand prices eased on improved supply. Gross margins of around 19% are expected to remain intact as most contracts are on cost plus basis. Yuchai turned around. 9M07 sales volumes rose 33% yoy, with sustained momentum in the favourable product mix shift towards medium and heavy duty diesel engines. Higher ASPs drove further margin expansion, leading to the doubling of 9M07 earnings. Xinfei benefits from improved product mix. 3QFY07 earnings from Xinfei grew 33%yoy as it grew higher-margin domestic refrigerator sales volumes (+40%yoy) at the expense of lower-margin OEM refrigerator sales for exports, air-conditioners and freezers. ASPs for domestic refrigerators remained steady, as did costs during the quarter. Outlook remains positive. BMG outlook remains bright on the back of Singapore?s construction boom. Management now expects RMC delivery run-rates to hit 250k m3/mth by 2QFY08. RMC capacity is fully booked through July 08. Outlook for Yuchai and Xinfei remain bright on improved product mix and capacity expansion. Maintain Outperform with unchanged sum-of-parts target price of S$5.47. HLA continues to offer a solid exposure to Singapore?s construction boom as well as China?s economic growth going into FY08. The stock is attractively valued at 11.5x CY09 PE with a 48% 3-year CAGR. Key catalysts include further delivery of strong earnings over the coming quarters as well as the eventual closure of the CYI accounting review. |
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Pinnacle
Master |
15-Nov-2007 12:27
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DBS Vickers - Hong Leong Asia (HLA SP): Earnings in line Buy S$3.48; Price Target : S$ 3.78 3Q07 results were in line with expectations. Earnings grew by 100% yoy to S$25.3m on revenue growth of 43% yoy to S$783m. Both revenue and earnings growth was led by the Building Materials business whilst we believe that Xinfei and Yuchai also grew their contributions as well. YTD, earnings are up by 56% yoy to S$80.6m on revenue growth of 32% yoy to S$2.5bn. This has been led primarily by significantly higher volumes and revenue from the buildings material unit, which is benefiting from an upturn in Singapores construction sector. |
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Pinnacle
Master |
15-Nov-2007 11:19
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CITI - Hold: Building Materials Boost 3Q Profits Hold/Low Risk 2L Price (14 Nov 07) S$3.48 Target price S$3.80 from S$3.40 Expected share price return 9.2% Expected dividend yield 2.3% Expected total return 11.5% Market Cap S$1,327M US$918M 3Q profits up 100% ? 3QFY07 net profit of S$25.2m was in-line with expectations (9mth profit of S$81m was 80% of full-year forecasts with 4Q a seasonally weaker quarter). The strong performance was led by its building materials division and CYI. Building materials contributed 50% of net profits in the 3Q ? Sales grew 67% while net profit jumped threefold to S$13m. The momentum continues with strong volumes expected to FY2009. Xinfei saw 25% rise in revenues ? Strong domestic demand for fridges helped underpin sales while profits improved by a third. Xinfei has managed to cover its raw material requirements for the rest of the year and would be insulated by the sharp rise in the oil price at least till end 07. Revenues at engine division China Yu Chai (CYI) jumped sharply ? While the group was unable to disclose the details of CYI?s performance, management indicated that unit sales jumped 44% in the quarter. On our estimates, net profit from CYI doubled for the quarter (about 17% of group 3Q profits). Raising forecast and target price ? Following the strong momentum for the BMG group, we are raising our forecast for the group by about 11%, while our target price has been raised to S$3.80. Hold (2L) rating maintained. |
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