Friday, May 20, 2011

Yellow Pages

Yellow Pages: Announced FY11 results, with rev at $41.5m, -18.1% yoy and net profit at $11.5m, -29.5% yoy. Drop in rev due to drop in sales of print directories, and timing differences in revenue recognition of certain print directories, while total expenditure at $30.3m, -11.9% yoy on reduced finance expenses, printing and material costs…..

Going forward, grp has launched Solutions - a suite of services customised by bringing together specialist partners such as StarHub and Microsoft – and expects to benefit from its new rev streams. Grp is also looking to expand within the region while maintaining its focus on data harvesting and management. Grp has proposed a final div of 0.5c (3% yield)….

We note that at current price, grp trades at 7x FY11 P/E, vs historical average of 9x and global peers of 12x. Counter is currently not rated by any house.

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