*Result*Armstrong

Maintain BUY. Armstrong outperformed expectations in 1Q10 with a 70% jump in revenue and 916% YoY surge in net profit to $7.1m while gross margin almost exceeded the previous peak. Automotive led the way (+96% yoy) followed by Consumer Electronics and Data Storage (+58% yoy). With strong cash generation ( $3.7m in 1Q10 alone) Armstrong may improve its full year DPS of 1.6 cents (yld 4.2%). We raise our earning forecast by 10% to $22m. Our TP is @$0.48, pegged to 11x FY10 EPS.