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Inari’s 2HFY14 to be stronger, says Affin IB Research

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Inari’s 2HFY14 to be stronger, says Affin IB Research Empty Inari’s 2HFY14 to be stronger, says Affin IB Research

Post by Cals Fri 21 Feb 2014, 09:01

Inari’s 2HFY14 to be stronger, says Affin IB Research
Business & Markets 2014
Written by theedgemalaysia.com   
Friday, 21 February 2014 08:45

KUALA LUMPUR (Feb 21): Affin IB Research has maintained its Buy rating on Inari Amertron Bhd at RM1.94 with a  higher target price of RM2.55 (from RM2.18) and said that annualised, Inari’s 1HFY14 core net profit of RM39.2 million was above house  expectations.
In a note Friday, the research house said it expects Inari’s 2HFY14 to be stronger.
Affin IB Research said that sequentially, Inari’s revenue was lower due to holiday seasons but EBITDA margins improved - largely attributed to management's effort in improving cost efficiency.
The research house said Inari’s 2QFY14 core net profit surged to RM22 million, highest quarterly earnings since its listing.
“In view of the stronger-than-expected 2QFY14 results, we have raised our FY14-16 EPS forecast by +17%/+18%/+20% respectively.
“Our forecast takes into account a lower cost assumption and a slightly stronger RM/US$ exchange rate,” it said.
Affin IB Research said it continues to favour Inari as it is highly leveraged on its key customers.
“We also like Inari’s continued focus on product development and enhancing cost efficiency.
“We maintain our Buy rating with a higher target price of RM2.55, based on an unchanged PE target of 15x on fully diluted CY14 EPS,” it said.
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