ArmStrong

ArmStrong: Grp has restarted its share buy back program, having bought 461,000 shares at 27c each last week. The new mandate allows the company to buy up to 49.4m shares. Co. last bought back 1.2m shares on 24 Nov11 at 24.5c each and ended its last buy back mandate then having bought back 9m shares representing 17.8% of its allowable buy back after share price was negatively impacted by the Japanese earthquake and Thailand floods. Mgt is expecting a strong rebound in Co’s bottom-line this yr to $15-16m, up from $9m last yr as they recover from the negative effects of the Jap earthquake and Thailand floods as well as insurance claims. Currently trades at 9x PE against vs takeover PE of 15x for its close peer Adampak coupled with strong recovery expected this year.