Goodpack: FYJun10 results. Revenue +20% yoy, while net profit grew 30% to US$33.6m, largely due to margin recovery. Revenue growth was mainly driven by i) demand recovery in the natural rubber market, ii) increased penetration into synthetic rubber where Goodpack’s mkt share has grown from 15% to 22%...
KE maintains Buy, increases target to $2.40 from $2.18. Expects the next three-year period to be a golden age of growth for Goodpack, as it breaks into new product markets (eg auto sector), and as its IBC logistics solutions become the de facto standard in global cargo transport. Catalysts to come from new customers/ order wins.
Other Street views mixed. OCBC raises target to $2.13 from $1.77, whereas DMG cuts to Neutral from Buy.
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