Yamada: +7.3%. Likely fuelled by a UOB kay Hian’s report today, recommending a Buy Call on grp with $0.33 TP, due to stronger earnings from a larger production capacity, improved gross margins and increased sales with a wider distribution network.
TP translates to 4.0x 2012F PE, pegged at a 70% discount to Singapore-listed peers’ average. Yamada is currently trading at 4.0x FY11 PE and 2.6x FY12F PE vs an earnings growth of
50.0%. Technically, house note that Yamada could be forming a cup-and-handle chart look alike pattern. Resistance is currently at $0.24 while support appears at S$0.19.
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