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SIA Engineering
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morningstar13
Member |
21-Aug-2014 12:14
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MAYBANK KIM ENG 20/8/2014
 
SIAEC (SELL, TP SGD4.20)
 
Earnings propeller to reverse gear
 
Investment thesis:SIAEC faces persistent weakness at its Rolls Royce engine JVs.
A smaller heavy maintenance workload as it expands capacity should also affect profitability.
With EPS set to fall by 12% in FY3/15E, we
expect a lower DPS of 21 SGD cts (FY3/14: 25 SGD cts).
 
Valuation:
Our TP of SGD4.20 is based on 20x FY3/15E P/E, 1 SD above its
10 year average. This is , again, justified by its positive long
term outlook.
 
Potential de-rating catalysts:
 
1) weak flight traffic at Changi Airport
2) fewer shop visits at its Rolls Royce engine JVs and
3) cuts in DPS
 
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hlfoo2010
Master |
29-Jul-2014 20:08
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MAybe worst |
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Shirleyfong88888
Veteran |
29-Jul-2014 15:25
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Support price: 4.65 or lower??? |
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jumbos
Member |
29-Jul-2014 12:49
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Plunge today. What's support price? | |||||
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guoyanyunyan
Supreme |
07-May-2014 07:32
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...last:$4.83... |
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