FJ Benjamin: KE but reduces target to $0.60 from $0.66 previously. FY10 results not great, although earnings turnaround of $3m in 4Q10 was a consolation. But maintains Buy as dividends improved to 2cts/sh, translating to decent yield of 5.9%. Likes company’s strong balance sheet with nil net gearing, healthy operating cashflows. Notes mgt’s confidence in growth and margin prospects...
Expects 3 new boutiques at MBS to benefit from the rising tourist arrivals into Singapore, while key markets like Indonesia, Msia seeing recovery.
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