Results support our BUY call. Earnings have rebounded to above pre-Thai
flood levels, with 2QFY9/12 net profit of MYR16m. While 1HFY9/12 net
profit made up 40% and 33% of our and consensus fullyear forecasts
respectively, this is in line as we expect a much stronger 2HFY9/12.
There is a long-term vacuum in the HDD supply chain which Notion is
filling. We think the stock is under-appreciated as its share price is
still below pre-flood levels. Maintain forecasts, BUY rating and
TP of MYR1.40 (4x EV/EBITDA), pending an analyst briefing today.
Click here for full report
Source: Maybank Research - 18 May 2012
No comments:
Post a Comment