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Results preview Inari on track for record earnings

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Results preview Inari on track for record earnings Empty Results preview Inari on track for record earnings

Post by Cals Mon 18 Aug 2014, 09:17

Results preview Inari on track for record earnings
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 18 August 2014 08:39

KUALA LUMPUR (Aug 18): Affin IB Research has maintained its Buy rating on Inari Amertron Bhd at RM3.33 with an unchanged target price of RM4.26 and said it expects Inari's 4QFY14 top and bottomline would be higher on a sequential and year-on-year (y-o-y) basis.
In a note Monday, the research house said the strong performance would be driven by: 1) strong growth from its RF due to higher demand from its key customer Avago; 2) margin improvement from Amertron's operation in Philippine and China; and 3) positive contribution from Ceedtec.
All in, the reseach house said it would believe Inari's FY14E results will fall within its expectation.
“In view of its current expansion plan, we do not expect the group to payout up to 40% of the FY14E earnings as dividend.
“As such we are trimming our FY14E dividend pay-out ratio to 28% (from 40%) while maintaining our FY15-16E dividend pay-out ratio at 40%. This will bring to a total dividend pere share (DPS) for FY14E of 6.4 sen.
“The group has declared a total DPS of 5.0 sen for 9MFY14 which is already above FY13 DPS of 4.5 sen. Maintain our Buy rating and a target price of RM4.26,” it said.
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