Dyna-mac

Dyna-mac: DBSV issues an Equity Explorer report on Dyna-mac with a moderate risk profile and fair value of $0.40 based on 10x recurring FY13PE. FY13F earnings are expected to grow 49% y-o-y. Note that while current upside potential to TP is not that plentiful, there is room for upward revision to our numbers if the company proceeds with plans to expand capacity by 40- 120%, paving the way for more order wins.