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Tuesday, June 25, 2013

Maybank Kim Eng says Vard Holdings has most attractive valuation among O&M stocks

Source: http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7009-maiden-dividend-from-china-minzhong

Analyst: YEAK Chee Keong, CFA

Vard’s share price is off its low of SGD1.015 following an unwarranted selldown previously. While there are some easing of concerns over margins and order intake, further rerating would need to be triggered by real order wins which we believe would gather pace towards 2H13.

Vard has the most attractive valuations among the O&M stocks under our coverage, trading at 5.8x FY14F PER, 5-6% forward dividend yields and FY13-15F ROEs of >25%.

Reiterate Buy and TP of SGD1.65.

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