XMH Holdings: XMH recorded $7.5m in core PATMI for FY15 (-33% YoY) as slow operations in Indonesia were offset by contribution from MPG (full-year) and Z-Power (2 months).
RHB has reiterated its BUY rating with lower TP: $0.25. The house believes that a turnaround is in sight, with Indonesia sales having troughed and business in Vietnam powering up. Z-Power’s full-year high-margin contributions in FY16F would also help to sustain a dividend rebound. Key risks are sustained weakness in the Indonesian market and start-up issues with the new facility.
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