Epicentre

Epicentre: Posted disappointing results. Though 2H11 rev was up 50.2% yoy -23.5% hoh, net profit experienced a 98.6% decline yoy -99.5% hoh. Attributed to lower gross margins from Apple products (14.7% in 2H11, 15.0% in 1H11) and higher admin costs up 71.9% yoy 45.0% hoh higher corporate expenses from entry into new markets, higher headcount. Total div of 4c declared (2c special, 2c final). FY2011 EPS of 5.1c with current P/E of approx 9.6x.