CSC Holdings (S$0.25) - Undervalued
- CIMB 31st-Jan-08
CSC's recent acquisitions and a 70:30 JV with Malaysia's IJM Corp are positive moves to expand its business and expertise, and should support future earnings growth.
The industry outlook remains robust with activities likely to accelerate in the coming months.
We upgrade our net profit forecasts for FY08-10 by 32-116% to capture better margins as well as higher revenue recognition from a robust order book of S$330m.
We upgrade the stock from Neutral to Outperform with a new target price of S$0.57 (previously S$0.36), after rolling forward our target price to CY09 but based on a lower 10x P/E compared to 15x previously.
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