Date: 28-12-2009Sector : Oil & Gas ( fabrication)
Price: RM1.20 Stock Code: 5568 Listed Shares: 112,875,000
Comments:
1. Healthy balance sheet with cash balance of RM53 mil as at 30-9-2009.
2. FY09 EPS of 23 cent . DY of 5.4%
3. Expect 2010 earning to increase with recent plant expansion.
4. Ability to pay higher dividend in 2010.
5. Potential special dividend payout or bonus issue to increase its paid –up capital.
Target price :RM1.60 based on PE 7X (33% upside)
RM 1.84 based on PE 8X (53% upside)
Expect to pay out 1st interim dividend of atleast 3 cent by Feb 2010 and final dividend of 3.5 cent by May 2010
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