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Sri Lanka Equity Forum » Stock Market Talk » Quarterly results highlight on Access Engineering PLC for 1QFY15

Quarterly results highlight on Access Engineering PLC for 1QFY15

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Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
Quarterly results highlight on Access Engineering PLC for 1QFY15


Note summary:
AEL reported a marginal decline in earnings for 1QFY15, -2% YoY to Rs. 544.6mn, as higher revenues (+7% YoY) and associate income (from its stake in ZPMC Lanka Company (Pvt) Ltd) were offset by 1) a drop in net finance income (attributable mainly to the lower interest rate environment); and 2) a slight contraction in operating margin (stemming from a sharp rise in admin expenses coupled with lower other income). However, we believe the company is on-track to achieve our full year earnings projection of Rs. 3.4bn for FY15E, with an expected increase in revenue recognition for the core construction business during 3QFY15-4QFY15.
We also maintain a positive view on the longer term outlook for AEL, given visibility of a robust order book and pipeline totalling ~Rs. 83bn over FY15E-17E. While the road sector still accounts for a large share of the company’s order book, AEL plans to gradually increase exposure to power and township development through PPPs (Public-Private Partnerships), in which asset ownership would be retained by the public sector, while funding/construction would be carried out by AEL. The stock currently trades at a FY15E P/E multiple of 8.0x at a 39% discount to the market.

John Keells Stock Brokers (Pvt) Ltd.

VALUEPICK

VALUEPICK
Expert
Expert
Some companies can have flat earnings or less than expected earning in one or two quarters. After that their earnings will go up when they have favourable business and industry environment. If we know major uptrend is intact despite less than expected results stock prices will go up. For example during last quarter CIC had around negative earnings (EPS around -4.00). Still its share prices jumped from Rs.45/- to 67/-.Because market players speculate on future growth and future events in the market. During quarter ending June there were able to make profit again. In the case AEL too nothing to worry much. We should watch this stock during next 10 quarters. Good luck!

Harry82

Harry82
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics
now sell AEL and buy after 2 or 3 quarter pass

VALUEPICK

VALUEPICK
Expert
Expert
@Harry82 wrote:now sell AEL and buy after 2 or 3 quarter pass

My gut feeling is if we sell this at this level we will have to pay over Rs.30 to buy again.

Please do home work. This is not an investment advice.

Leonard

Leonard
Stock Trader
Dear Experts,
Is it a good time to buy AEL at the current rate?

Bolinger

Bolinger
Manager - Equity Analytics
Manager - Equity Analytics
I made a mistake on Tuesday.
there were some selling came on Tues and I sold it at 31.40.
Thouhgt to reenter around 30 after some profit taking.

never thought 2nd rally will start today.this early.
accepted my mistake and reenteted today at 32.

it crossed to even 33.10 Today !
I believe Ael will take to new levels after monday !

Ernie Tissera


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
It looks like they are getting a big contract. May be a Highway.

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