TJL : BUY
"TJL’s performance in 2QFY14/15 as anticipated recovered from the set back in the previous quarter due to drop in sales volumes to the US caused by abnormal weather. The top line and bottom line in 2QFY14/15 grew YoY for by 7.5% and 7.2% respectively. The decline in cash balance by 31.7% from the prior quarter was partly due to capital expenditure and dividend payments of USD 4.1 Mn and USD 2.7 Mn respectively. The new investment in the multi-fuel boiler and power plant successfully completed the construction phase as expected in 2QFY14/15 and is to be fully in operation in the quarter to follow. TJL’s strong ROE, consistently high dividend payout, strong balance sheet position and expected profit growth tickers down to an intrinsic value with a potential upside of 16.8%. Therefore we reiterate a BUY"
OSEA : BUY
"Revenue grew 25.8% YoY due to a significant growth in the revenue from apartment sales of 34.0% as a result of the revenue recognition policy in respect to apartment sales from phase 2. Gross margins remained intact despite the increase in cost of sales. Meanwhile, the bottom line grew at 15.4% YoY. Amidst falling treasury yields coupled with company’s growth prospects, the counter continues to show a notable upside."
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