Viking Offshore: unchg at $0.19.
Mgt guides for FY10 revenue to exceed $100m vs $37.6m yoy. Net profit expected to range $10.5-12m vs $1m yoy. Current stock price implies 8.7-9.9x FY10E P/E.
Mgt attributes the robust performance to the full recognition of newly aqcuired assets Viking Airtech, Promoter Hydraulics Distributor, Marine Accomm and Marshal Systems, following the reverse-take over of Novena Hldgs in Feb ‘10…
For 2H10, revenue guidance is ~$65m, +83% qoq, up ~3x yoy, while 2H10 net profit is expected to come in at $4.6-6.1m, vs $5.9m in 1H10. Recall 1H10 net profit exceeded mgt’s guidance of $4.5-5.0 m due to better-than-expected margins and gain on disposal of equity invmts.
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