Bursa Malaysia Stock Watch
TCM (BUY) - Indochina the Next Growth Phase
kltrader
Publish date: Mon, 27 Feb 2012, 02:16 PM
kltrader
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TCM (BUY)
Indochina the Next Growth Phase
- In line ' Reported 4Q11 corenet profit of RM30.7m, leading to FY11 core profit ofRM221.7m, in line with our forecast of RM226m, but below consensus's RM250.7m.
- FY11 sales performance was affected by the globalsupply chain disruption due to Japantsunami (Mar 2011) and Thailandflood (Oct 2011), as well as the weakening of RM against US$.
- Management expects supply chain to return to normal by end 1Q12, andanticipate stronger 2H2012.
- Vietnam operation reported EBITDA loss of RM5.8m due to high operationalstart-up cost. We expect the foreign unit to gain momentum in FY12 with thecommencement of Danang manufacturing plant.
- Announced final gross dividend of 6 sen less 25% tax (net dividend 4.5sen). The total net dividend for FY11 will be 9 sen (2.1% net dividend yield).
- Maintain BUY with unchanged Target Price of RM5.10.
Source: HLIB Research 27 Feb 2012
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