Goodpack: 2QFYJun11 results in line. Net profit came in at US$11.2m, including FX loss of US$0.7m, without which net profit would have grown 23% yoy. Revenue was up 13% yoy to US$36.5m, primarily due to increased demand from existing markets...
With its fleet expansion now funded via lease financing from partner CIMC, cash flow has improved, allowing Goodpack to deleverage. Balance sheet strength remains sound at 0.21x net debt/equity vs 0.26x qoq, while cash continues to grow. KE maintains at Buy with $2.48 target, pegged to 25x FY11 P/E.
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