Z-Obee: Strong set of resukts, with FY11 rev at US $148.29m, +6.34% yoy and net profit at $11.4m, +119.91% yoy. Surge in net profit party attributed to a one-off gain of US$5.71m gain frm the acquisition of Yoho king, while operating profit at US$9.7m, +24.3% yoy. Rev growth was due to a 58% increase in rev of solutions and assembly segments, while other income +44.94% to US$1.34m due to FX gains and increase in interest income from time deposits.....
During the yr, the Grp also trimmed down the distribution and marketing segment. Going forward, grp remains confident of business tipping the smartphone market to provide opportunities in 2011 and will strive to strengthen its R&D team in order to further build on its foundation. At current price, grp trades at 11.8x FY11 P/E. vs simple peer average of 15x.
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