ANALYSTS GALORE!
Jesvinder Sandhu, DBS Vickers
Kevin Chong, Citigroup
Jessie Lai, CIMB-GK Securities
Goh Han Peng, Kim Eng Live
Lee Wen Ching, OCBC Inv Research
Stock | Dec 7 (Fri) close | Stock broker | Report date | Analyst’s target price | Valuation basis | Forecast EPS growth - current year | Upside |
Adampak | $0.40 | CIMB-GK | 15-Aug | $0.79 | Blended 11.4x CY08 PE and DCF | 30% | 98% |
NRA | 23-Aug | $0.65 | DCF | 33% | 63% |
| Anwell | $0.09 | SIAS | 13-Nov | $0.11 | 12X FY08PE | N.A. | 22% |
Armstrong Industrial | $0.40 | CIMB-GK | 13-Nov | $0.55 | 12x CY08 PE | 56% | 38% |
| Kim Eng | 13-Nov | $0.57 | 15X FY08 PE | 74% | 43% |
| SIAS | 9-Oct | 46-61 cts | Dividend discount model | 60% | 15-53% |
| Asia Environment | $0.845 | SBI-E2 | 12-Nov | $1.05 | 20X FY08 PE | 7% | 28% |
| CreditSuisse | 2-Oct | $1.20 | DCF | 17% | 42% |
Westcomb | 22-Aug | $0.84 | 0.7x FY08 PEG | 21% | - |
| SIAS | 8-Oct | $1.06 | 18X FY’08 EPS | 11% | 25% |
| AusGroup
| $1.80 | UOBKH | 10-Oct | $2.20 | 17.9x FY09 PE | 50% | 22% |
Merrill Lynch | 16-Oct | $2.45 | 14X FY08 PE | 88% | 36% |
JP Morgan | 5-Sept | $2.20 | DCF WACC 9% | 66% | 22% |
Kim Eng | 27-Nov | $2.39 | Price/earnings growth 0.4x; 21.7x FY O8 PE | 73% | 33% |
| Best World | $0.905 | Daiwa | 15-Oct | $1.15 | 10-yr DCF10% WACC | 15% | 27% |
| CIMB-GK | 5-Dec | $1.22 | 11X CY09 PE | 15% | 35% |
| SBI-E2 | 7-Aug | $1.44 | FY08 PER of 12x | 26% | 59% |
BH Global Marine | $0.735 | Phillip | 11-Sept | $0.85 | 12X FY08 PE | 55% | 16% |
C&G Industrial | $0.51 | CIMB-GK | 13-Nov | $1.16 | DCF; 9x CY09 P/E | 17% | 127% |
Westcomb | 14-June | $0.94 | 9X blended FY08-09 EPS | 19% | 84% |
Kim Eng | 14-Nov | $1.00 | DCF & 12X FY08PE | 18% | 96% |
China
Energy | $1.28 | Citigroup | 3-Dec | $1.96 | 25X FY08 PE | 46% | 53% |
Lehman Brothers | 6-Nov | $1.72 | Average 08-09E ROCE of 37% and WACC of 10% | 32% | 34% |
ABN Amro | 5-Nov | $2.12 | DCF | | 66% |
CIMB-GK | 4-Dec | $2.12 | 30% discount to DCF valuation | 4% | 66% |
| Deutsche | 16-Oct | $1.70 | 27X FY08PE | 28% | 33% |
| Merrill Lynch | 6-Nov | $2.02 | 18X FY 08 PE | | 58% |
| China Farm | $0.60 | UOB KH | 22-Nov | $0.84 | 12X FY08 PE | 12% | 40% |
| China Lifestyle | $0.44 | DBS Vickers | 6-Nov | $0.69 | 13X FY08 PE | 11% | 57% |
China Printing & Dyeing | $0.25 | Westcomb | 7-Aug | $0.48 | 8x FY08 PE | 20% | 92% |
China Sunsine | $0.305 | CIMB-GK | 30-Oct | $0.62 | 12X CY 09 PE | 11% | 103% |
SIAS
|
7-Dec | $0.40 | 10.8FY08PE | -3.6% | 31% |
China Wheel | $0.755 | Phillip | 14-Nov | $1.36 | 12x FY08 PE | 28% | 80% |
DMG | 28-Sep | $1.21 | 12X FY08 PE | 25% | 60% |
| SIAS | 26-Sept | $1.02 | 11X FY’07 PE | 37% | 34% |
| UOB KH | 14-Nov | $1.22 | 11X FY’08 PE | 17% | 62% |
CMZ | $0.225 | SBI | 3-Sept | $0.37 | 10x FY08 PE | 1% | 64% |
Phillip | 7-Sept | $0.40-0.47 | 8.3-9.8X FY 08 PE | 21% | 78-109% |
Global Ariel | $0.115 | NRA | 7-Sept | $0.28 | 33X FY07 PE; 30% discount to 2 key China peers | | 143% |
Goodpack | $2.19 | CIMB | 9-Nov | $2.45 | Blended 21X PE and DCF | 24% | 12% |
| Kim Eng | 30-Nov | $2.52 | 17XFY09 PE | 14% | 15% |
| Merrill Lynch | 30-Aug | $2.80 | Discounted Cashflow | 22% | 28% |
| HLN Technologies | $0.365 | DBS Vickers | 19-Nov | $0.51 | 12x FY08 PE | 27% | 40% |
HG Metal | $0.48 | CIMB-GK | 26-Nov | $0.79 | 9x CY08 PE | 5% | 65% |
| Innovalues | $0.28 | CIMB-GK | 26-Nov | $0.42 | 10x CY08 P/E | -45% | 50% |
| ISDN | $0.515 | SIAS | 7-Dec | $0.595 | 12XFY08 PE | -14% | 16% |
Jadason | $0.145 | CIMB-GK | 2-Nov | $0.23 | 8X CY08 PE | -28% | 59% |
DMG | 7-Nov | $0.24 | 7X FY08 PE | -14% | 66% |
KE Live | 2-Aug | $0.22 | 8X FY08 PE | -32% | 52% |
Labroy Marine | $2.83
| Kim Eng | 31-Aug | $3.22 | 17x FY08 PE | 75% | 14% |
DBS Vickers | 14-Aug | $3.30 | 18x FY08 PE | 79% | 17% |
Merrill Lynch | 14-Aug | $2.60 | DCF WACC 8.5% | 73% | - |
CIMB | 11-Sept | $2.85 | 15X CY08 PE | 77% | 1% |
| BNP Paribas | 10-Oct | $3.20 | 2006-09 earnings CAGR of 36%. | 70% | 13% |
| Man Wah | $0.60 | DBS Vickers | 27-Nov | $1.18 | 10X FY’08/09 PE | 95% | 97% |
| Kim Eng | 4-Dec | $0.96 | 8X FY09 PE | 86% | 60% |
| DMG | 13-Nov | $0.75 | 11X blended FY08/09 PE | 70% | 25% |
| OCBC | 4-Dec | $0.99 | 9x blended FY08/09 PE | 81% | 65% |
Sunpower | $0.255 | DBS Vickers | 16-Aug | $0.40 | 12x blended FY07-08 PE | 20% | 57% |
Super Coffeemix | $0.80 | Phillip | 14-Nov | $1.01 | 16x FY07/08 PE | 22% | 26% |
Westcomb | 13-Aug | $1.15 | 14X FY ‘08 PE | 30% | 44% |
Techcomp | $0.51
| Westcomb | 9-Oct | $1 | 13.0x blended FY07/08 PE | 34% | 96% |
| CIMB | 6-Nov | $0.84 | 12x CY08 PE | 20% | 65% |
| NRA Capital | 18-Sept | $0.88 | DCF | 35% | 73% |
Kim Eng | 20-Sept | $0.82 | 9X FY08 PE | 39% | 61% |
| SBI | 25-Sept | $0.95 | 11X FY08PE | 38% | 86% |
Time Watch | $0.28 | Riedel | 4-Sept | $0.50 | 15X FY08PE | -23%* | 79% |
| CIMB | 29-Aug | $0.40 | 10XFY08PE | -26%* | 43% |
| Westcomb | 30-Nov | $0.525 | 15X FY08PE | -10% | 88% |
* Time Watch EPS in FY07 was boosted by exceptional gains.
Compiled by NextInsight
Linus Loo, Lim & Tan Securities
Low Horng Han, Citigroup
Joseph Yap, SBI-E2
Foo Sze Ming, NetResearch
Jonathan Ng, CIMB-GK Securities
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