CIMB raises Pacific Andes Resources Development (P11.SG) target to $0.50 from $0.36, maintains Outperform call.
CIMB says 4Q10 core net profit of HK$110 million ($18.6 million) (down 8% on-year) was below expectations, forming 14% of FY10 estimate, FY10 core net profit of HK$771 million (+8% on-year) made up 96% of FY10 estimate.
“The variance came from lower SCM selling prices, and lower-than-forecast trawling revenue and fishmeal sales volume.”
However, raises FY11-12 EPS estimates by 2%-3% on higher profit assumptions for China Fishery (B0Z.SG). SOTP target raised following higher target for CFG ($2.55 from $1.75).
“We continue to expect catalysts from announcements of earnings-accretive expansion/acquisitions at CFG.” Shares flat at $0.335.
Refer to SGX for their latest financial statements,
NAV is about 45 sing cents, at current share price its trading at a discount to its NAV. Pac Andes is trading at 0.73 p/b v.
Dividends : 1.38 cts (sing) per share. current dividend yield of 4.18 %.
Its dirt cheap at current price, this is the one that befits the theme of this blog, i m accumulating this counter should there be any further price weaknessess.
