Results in line. FY12 core net profit of MYR208m (+11% YoY) was within
expectations. We reiterate our HOLD call as near-term earnings growth is
capped despite solid demand for nitrile gloves (+20-30% YoY), Hartalega
is already running at full capacity and the bulk of the new capacity
from Plant 6 will only kick in in 2QFY3/14. We maintain our FY3/13-14
forecasts and introduce estimates for FY3/15. Hartalega's 3-year
earnings CAGR of 10% is respectable, coming from a high base. TP is also
retained at MYR8.50, based on 13x CY13 PER.
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Source: Maybank Research - 9 May 2012
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