Friday, August 17, 2012

Notion VTEC: Maintain Buy - Strong Results

  • Results in line. Notion posted a record high 3Q net profit of MYR20m (+28% QoQ, +96% YoY) which lifted 9MFY9/12 net profit to MYR31m (- 11% YoY).
  • This recovery is encouraging but the challenge is of maintaining earnings growth momentum amid expectations of softer HDD sales as global economic growth slows.
  • We maintain our forecasts, Buy rating and TP of MYR1.40 (4x EV/EBITDA) for now, pending an analyst briefing today.
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Source: Maybank Research - 17 August 2012
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