Advanced Holdings

Advanced Holdings: Sias initiates at Buy with TP $0.245. Advanced is a home-grown provider of process eqpt including analyzers and packaged analyzer systems. Sias notes that a number of major new refineries and refinery projects will be executed in China and the Middle East within the next 5 yrs. Advanced has identified the Middle East as one of the markets it will expand in. To cater for the expected volume, Advance is acquiring land in China, and investing in a plant to expand its current fabrication capacity. Sias believes the pipeline of projects suggests Advanced should be able to deliver growth or at least maintain volume over its forecast horizon. Currently, Advanced has an attractive div payout ratio of 65%. The co has no debt and sits on net cash of $0.091/sh, or about half its share price. The stock is +10.2% at $0.205, albeit on thin trade.