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SIA Engineering Co rated buy
Written by The Edge 01 Feb 2010
DBS Vickers Securities in a Jan 29 research report says: "Revenue for the quarter came in at $241.5 million,
down 11% y-o-y, owing to the expected slowdown in MRO spending, as a result of capacity cuts by most major
airlines in 2009. In line with lower revenues, net profit of $56.0 million was also down 11% y-o-y.
"Operating margin of 9% was lower sequentially, largely because of the absence of one-off gains like Job Credits.
Cash flows, however, remained strong, and despite interim dividend payment of $54 million, net cash increased to
$324.7 million. Our estimates for FY2010 and FY2011 earnings remain intact, given the “in line” set of numbers.
Our outlook for a recovery in the MRO market, on the back of airlines restoring capacity in 1H-2010, remains
intact as well.
"Revised target price of $3.80, as we roll over our valuations to FY2011. Trading at a forward PE of 15x, SIE
valuations still compare favourably with its peak cycle valuations of 18-20x. MAINTAIN BUY."
Thanks for the information.
Hellangel ( Date: 12-Oct-2009 17:49) Posted:
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DBS Vickers (Spore) SIA Engineering: Time to get on board (BUY, upgradefrom HOLD; S$2.61; Price Target : 12-Month S$ 3.00 ; SIE SP
Price Target : 12-Month S$ 3.00
Reason for Report : New contract win
Potential Catalyst: Sustained uptrend in air travel, M&A
Blastoff ( Date: 12-Oct-2009 16:34) Posted:
| Anyone knows why a sudden surge in this stock today? |
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DBS Vickers (Spore) SIA Engineering: Time to get on board (BUY, upgradefrom HOLD; S$2.61; Price Target : 12-Month S$ 3.00 ; SIE SP
Price Target : 12-Month S$ 3.00
Reason for Report : New contract win
Potential Catalyst: Sustained uptrend in air travel, M&A
Blastoff ( Date: 12-Oct-2009 16:34) Posted:
| Anyone knows why a sudden surge in this stock today? |
|
Anyone knows why a sudden surge in this stock today?
