ECS Holdings: CIMB maintains buy with TP of $1.02. Expects grp to focus on its cash flow and profitability rather than chase after sales, and believes that grp is undervalued given its superior operating performance relative to global peers, steady earnings growth and consistent decent dividends, trading at 3.6x CY12 P/E vs peers average of 9.2x, with a 6% div yield….
Near term catalyst includes grp’s position as Apples’s Preferred choice for distribution in China, which will see grp be the first to distribute iPads in China, expected solid quarterly earnings, positive guidance and for its TRD listing to revive interests as TDR exercise draws closer.
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