DMG & Partners Research, Nov 12
NCL posted a Q3-2013 Patmi record of RM58.7 million (+86 per cent y-o-y) - driven by its historic RM1.7 billion order book on hand, with shipbuilding gross margins surprising on the upside at 22.8 per cent (Q2-2013: 17.3 per cent). Thus, we increase our top-of-street FY13F/14F/15F estimates by 4/7/5 per cent and raise our target price to S$0.41 (from S$0.39). One of our top picks, NCL combines 39 per cent growth, 25 per cent ROE, low 0.12 times net gearing and healthy cashflow on a undemanding seven times FY14F P/E.
BUY
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