Amtek: Results below consensus. 4Q Rev at US$175.8m +6.7% yoy +6.8% qoq with net profit at US$9.6m up 15 fold from 2010 but -2.8% qoq. FY2011 rev was positive up 6.8% yoy although net profit was up 108.6% yoy.
Growth was experienced in all segments except Casing & Enclosures segment and Mass Storage segment which saw weakness due to Japanese customers being affected by the earthquake. Fastest growth experienced in Electrical/Electronic Component product segment in terms of sales of industrial products to energy and power sectors (+36% yoy) Imaging and Printing segment (+24% yoy) and Automotive product sales (+21% yoy).
Co generated positive cashflows from operations of $13.8m with net gearing falling from 25% to 13%.
Final dividend of 5.5c declared for this yr. At last traded price of $0.65 current div is a yield of 8.5%.
CS lowers TP from $1.60 to $1.00 but maintains Outperform. CIMB lower TP from $1.43 to $1.14 but maintains Outperform as well.
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