Amtek: CIMB maintains Buy with $1.43 TP. See the recent sell-down of Amtek along with the broader market as a buying opportunity. Amtek now trades at less than 5x CY12 P/E. Its major shareholder, StandardChartered, had accumulated its shares at above 90c between May and June, raising its stake to 29.9%.
House believe FY11 profit forecast of S$49.7m is achievable. Although may trim some expectations for FY12-14 after the results to factor in slowing economies in the US and Europe, likely to retain O/p rating in view of its strong cash flows, attractive yields and undemanding valuations.
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