Ellipsiz: very good FYJun10 results. Major turnaround, as net profit came in at $20.3m, vs net loss of $40.5m in FY09, largely due to lower operating costs as effects of rationalization kicked in, and one-off gains of $22.3m from insurance claims. 4Q10 contributed bulk of core earnings, at $4.5m vs $4.3m for the full year, as qtrly revenue jumped 36% yoy, vs nil revenue growth for the full year, reflecting strong recovery in the global semicon industry...
Financial performance reflective of company’s high leverage to semicon sector. Mgt declared final div of 0.15cts + special div of 1.1cts, translating to 8.9% yield. Mgt cautiously optimistic on outlook; recognizes risk that macro factors such as concerns about govt debts, declining consumer confidence and pressure on govt spending could undermine performance of the industry in 1HFYJun11.
Stock trades at 25% discount to $0.18 NAV/sh, and 16.5x core PE.
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