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Hu An Cable – Result (Chan Wai Chee)
Recommendation: BUY (Maintained)
Previous close: S$0.115
Target Price: S$0.360
· Similar “Wild Ducks Flying Backward” performance as peers – higher revenues but lower net margins.
· Positively, 18.0% gross margin in 9M11, in the wire & cable segment; and, a more stable 2.25% gross margin in copper rods.
· Negatively, postponed TDR listing leads to higher interest expense; MV, HV and UHV production later than previously estimated.
· PV not negatively impacted due to better RMB rate of exchange. Per share basis improved due to lower share base
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