Sound Global: Reported 3Q10 results, with Rev strong at the topline at Rmb570m, +8.8%YoY and +39%QoQ, Net profit however was at Rmb60.6m, -51.5%YoY and -18.7%QoQ, due largely to the one-time expense of Rmb60.3m for listing on HKSE, as well as higher administrative expenses arising from share options accounting. Without the one-off listing expenses and the share options accounting expense, Net Profit would have grown 18.3%YoY...
Grp continues to enjoy success in bidding and negotiation for BOT projects, securing more BOT projects since Jan, with flow of BOT project wins to underpin growth of recurrent income over the medium term. Going forward, grp plans to make deeper inroads into China, aiming to work with various other counties for their water needs next yr...
We note that grp balance sheet remains strong, with net cash balance of Rmb1.1b, this was strengthened by earlier successful placement of Rmb885m USD 6% convertible bond due in 2015. Result brings full 9M10 Rev to Rmb1.2b, +26.4%YoY and Net Profit at $180.7m, -17.9%YoY. At current price, grp trades at annuazlized FY10E P/E of 23.8x, and ex cash at 19.2x FY10, vs historical average of 18.2x and Hyflux’s 23.17x P/E.
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