Thursday, January 31, 2013
MTQ: 3Q13 rev +14% YoY to $36.6m, and registered growth across all business segments. Pre-tax earnings +51% YoY to $5.1m, but net profit, -34% YoY to $4.09m, due to a large one-off tax writeback in 3Q12. DMG maintain Buy, TP $1.66, noting that 9M13 profits of $13.8m (+30% YoY) vs FY12 profits of $14.6m, supports forecast for a 32% jump in the bottom line to $19.2m this yr. House encouraged by the margin expansion to 38.6% from 36.5% in 2Q13, a result mgt attributes to effective cost controls. MTQ is still only trading at 6.8x FY13F EPS vs other o&g plays which trade around 8x-20x.