Armstrong Industrial Corp (S$0.395) - Positive momentum continues Our discussions with the management confirmed that Armstrong continued to experience robust activities for most of its product segments in the Dec quarter, and is on track to end the year with record earnings.
We have kept our FY07-09 net profit forecasts intact. Our unchanged target price of S$0.55 (41% upside) is still based on 12x CY08 earnings. Reiterate Outperform, and we see catalysts from sterling full year results (to be announced in mid- to late-Feb) and further expansion in automotive components.
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