Singtel overall results exceed expectations. Underlying net profit of S$931m (up 22% yoy, 2% qoq) exceeded our forecast of S$912m and consensus forecast of S$907m. Besides there was exceptional income of S$21m in 3Q08. We have excluded S$84m in compensation from IDA from last year results for fair comparison.
BUY S$3.86 FSSTI : 3,077.08
Price Target : 12-month S$ 4.50
Hour Glass released its 3Q08 results that were in line with expectations. Bottomline as at 3Q08 grew y-o-y by 58% from S$5.1m to S$8.2m on the back of a topline growth of 22% y-o-y to S$132m and improved gross profit margins. Gross profit margins of the Group improved 1.72ppt to 19.96%. Net margins improved 2.38ppt to 8.82% in 3Q08.
BUY S$1.85 FSSTI : 2,981.75
Price Target : 12-Month S$ 2.36 (Prev S$ 2.32)
GRP's 1H08 revenue grew 7.1% YoY to S$15.2m (vs. our forecast of S$15.8m), with contributions mainly from the marine and hoses division due to the increased demand from customers in the marine, oil & gas industry. Gross profit rose 13.4% to S$5.6m while gross profit margin improved slightly from 34.8% to 36.9%. Net profit increased 24.9% to S$2.1m as net profit margin edged up from 12.0% to 14.0%.
BUY S$0.19 Fair Value: S$0.25
Source: OCBC Securities & DBS Vickers
