Vallianz (S$0.043) Mid-East exposure helps to provide some shelter even as 1Q16 slips
- 1Q16 net profit of US$4.9m (-1.6%) on revenue of US$49.3m (-18.8%)
- Bottom line supported by cost control measures with gross margins widening to 29.3%
- Gearing of 0.73x having paid down debt with a US$72.9m shareholder advance. Including this, net gearing would have remained elevated at 1.26x.
- Currently trading at 6.7x trailing P/E and 0.5x P/B
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