Plastoform

Plastoform: OCBC met with mgt. Tips removal from the SGX Wach list as likely, as the co has recently submitted the relevant documents to SGX for review. Plastoform’s pre-tax profit of HK$3.6m in FY12 and market cap of $54m means that it has fulfilled the primary criteria to be removed from the SGX Watchlist. Plastoform is a HK-based manufacturer of audio products. Its major customers include Dell, Logitech, Brookstone, Imation and Monster Cable. Its latest product – Bluetooth mobile speakers – are seeing growth in demand, and will likely be the key revenue growth driver going forward. IMS Research estimates Bluetooth technology consumer pdts to increase at 11.7% CAGR over 2011-17, to some 3.1b units. OCBC does not provide a rating. Notes the stock trades at 21x FY12 core P/E, 2.4x P/B.