ASL Marine: FY10 results uneventful. ASL ended its financial year with another soft quarter, with margins persistently weak since 3Q10. Net profit fell by 47.5% to S$37.3m. ASL expects margin pressure to continue as competition remains tough…
Despite lower forward earnings forecast, KE rates ASL as Buy on cheap valuations, with PBR at just 0.8x. Target price of $1.53 (vs $0.895 last close) based on estimated break-up value of the yard.
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