Tee Int'l (Aug 2: 38 cents) TP: 33 cents DOWNGRADE TO SELL.
Revenue grew 27.4% y-o-y to $60 million, with growth coming from the infrastructure, rebuilding and security and control segments. Notwithstanding the poor performances of the security and control and new building and development properties segments, operating profit grew 60.8% y-o-y to $3.4 million. For the full year, shareholders' profit surges 102.4% to $1.98 million.
We have raised DCF fair value to 33 cents after taking int account its current development projects and the positive outlook of its engineering segment.
Its share price has surged 213.4% since the beginning of th year and we believe that its current market valuation has already run ahead of its fair valuation, which is 42.5% higher than our fair value. - NRA Capital (July 30)
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