This stock is worth of a look. Below is the highlights of the company financials.
At $0.35 (div 2.7%, PE 15x) - valuation very attractive when compared to its peers.
HY0607 (out 24/07/07)
- rev: $59m (46m)-np: $2m (1m)
- eps: $0.0234-nav: $0.1322
- shares: 82,437,733
- div: $0.0094 (to be paid on 21/11/07)
FY0506 (300506)
- EPS: $0.0138 ($0.0111 FY0405)
- Issued shares: 70,768,675
- NAV: $0.1139 ($0.1091 FY0405)
Co info:
Biz in construction sector, rebuilding, M&E, recently into property development by setting up a property arm Tee Development, has been aggressively acquiring properties, co also team up with Rotary Engineering to bid for the Sands IR M&E contracts.
co updates:
- 23/05/07: private placement 16.3m shares to OCBC and HL finance. Shares now stands 99,629,400.
- shares at 31/07/07: 100,417,240
- Jul 07: Added acquisitions from Sixth Avenue and a prime residential property No. 257 to 261 Merlin Mansion at East Coast Road
- Thomas rd site luanch in Sept 07
- Cairnhill Circle and Rambai Road sites launch in between 4Q07-1H08
Showing posts with label Stock: Tee International. Show all posts
Showing posts with label Stock: Tee International. Show all posts
Thursday, August 9, 2007
OCBC - TEE International - Building on strong earnings growth at $0.37
By Ritesh Menon Thu, 26 Jul 2007, 17:04:26 SGT
TEE International’s (TEE) revenue jumped 27.4% YoY to S$58.9m in FY07 and net profit rose by a strong 91.3% to S$2.0m in FY07. This was slightly higher than our forecasted net profit of S$1.8m. Property development and acquisition strategy is in full swing with further acquisitions at Sixth Avenue and a prime residential property Merlin Mansion at East Coast Road. TEE has declared 0.4 cents net dividend per share payable on 21st Nov 2007 if approved. We are raising FY08 net profit estimate to S$2.8m and our fair value estimate from 21 cents to 37 cents per dilutive share based on 15x FY08 PER. Recently, with the strong interest in construction and property stocks, TEE’s share price spiked up sharply, moving from S$0.265 cents on 2 July 07 to a recent high of S$0.59, or up a whopping 122.6%. As TEE has already exceeded our fair value estimate, we are downgrading TEE from a HOLD to a SELL.
FY07 results were slightly higher than forecasted. TEE International’s (TEE) revenue jumped 27.4% YoY to S$58.9m in FY07, which was close to our forecasted figure of S$59.2m. Gross profit remained healthy, rising 40.9% HoH in 2H07 which drove gross profit 24.7% YoY higher to S$7.8m in FY07, and this is in line with our forecast of S$7.7m. EBIT rose 60.8% and net profit jumped by a whopping 91.3% to S$2.0m, slightly higher than our forecasted net profit of S$1.8m.
Property development and acquisition strategy is in full swing. TEE continues its property acquisition strategy, adding on acquisitions from Sixth Avenue and a prime residential property No. 257 to 261 Merlin Mansion at East Coast Road on top of its prior acquisitions at Thomson Road, Cairnhill Circle and Rambai Road. TEE expects to fund 90% of these acquisitions through bank borrowings, as we have mentioned before, this could place a short-term strain on its operating cash flow. TEE intends to redevelop its property acquisitions into luxury apartments, which we expect would boost TEE’s earnings in FY08 and FY09.
Awarded construction project in Thailand. TEE’s group associate, Trans Equatorial Indochina Co, has received a letter of intent from Ananda Developments Co Ltd for the partnership to build at least 100 home units at Waikiki resort Thailand. Management guided that this contract was estimated to boost revenue by S$7m. TEE has not commented on the date of commencement and completion.
Strong growth outlook, but share price is over-valued. TEE has declared 0.4 cents net dividend per share payable on 21st Nov 2007. We are raising the FY08 net profit estimate to S$2.8m and our fair value estimate from 21 cents to 37 cents per dilutive share for FY08, based on 15x PER. With the recent strong interest in property and construction stocks, TEE’s share price spiked up a whopping 122.6% from S$0.265 on 2 July 07 to a recent high of S$0.59. As TEE has already exceeded our fair value estimate, we are downgrading TEE from a Hold to a SELL.
Please refer to the full report for more information and additional disclosures.
TEE International’s (TEE) revenue jumped 27.4% YoY to S$58.9m in FY07 and net profit rose by a strong 91.3% to S$2.0m in FY07. This was slightly higher than our forecasted net profit of S$1.8m. Property development and acquisition strategy is in full swing with further acquisitions at Sixth Avenue and a prime residential property Merlin Mansion at East Coast Road. TEE has declared 0.4 cents net dividend per share payable on 21st Nov 2007 if approved. We are raising FY08 net profit estimate to S$2.8m and our fair value estimate from 21 cents to 37 cents per dilutive share based on 15x FY08 PER. Recently, with the strong interest in construction and property stocks, TEE’s share price spiked up sharply, moving from S$0.265 cents on 2 July 07 to a recent high of S$0.59, or up a whopping 122.6%. As TEE has already exceeded our fair value estimate, we are downgrading TEE from a HOLD to a SELL.
FY07 results were slightly higher than forecasted. TEE International’s (TEE) revenue jumped 27.4% YoY to S$58.9m in FY07, which was close to our forecasted figure of S$59.2m. Gross profit remained healthy, rising 40.9% HoH in 2H07 which drove gross profit 24.7% YoY higher to S$7.8m in FY07, and this is in line with our forecast of S$7.7m. EBIT rose 60.8% and net profit jumped by a whopping 91.3% to S$2.0m, slightly higher than our forecasted net profit of S$1.8m.
Property development and acquisition strategy is in full swing. TEE continues its property acquisition strategy, adding on acquisitions from Sixth Avenue and a prime residential property No. 257 to 261 Merlin Mansion at East Coast Road on top of its prior acquisitions at Thomson Road, Cairnhill Circle and Rambai Road. TEE expects to fund 90% of these acquisitions through bank borrowings, as we have mentioned before, this could place a short-term strain on its operating cash flow. TEE intends to redevelop its property acquisitions into luxury apartments, which we expect would boost TEE’s earnings in FY08 and FY09.
Awarded construction project in Thailand. TEE’s group associate, Trans Equatorial Indochina Co, has received a letter of intent from Ananda Developments Co Ltd for the partnership to build at least 100 home units at Waikiki resort Thailand. Management guided that this contract was estimated to boost revenue by S$7m. TEE has not commented on the date of commencement and completion.
Strong growth outlook, but share price is over-valued. TEE has declared 0.4 cents net dividend per share payable on 21st Nov 2007. We are raising the FY08 net profit estimate to S$2.8m and our fair value estimate from 21 cents to 37 cents per dilutive share for FY08, based on 15x PER. With the recent strong interest in property and construction stocks, TEE’s share price spiked up a whopping 122.6% from S$0.265 on 2 July 07 to a recent high of S$0.59. As TEE has already exceeded our fair value estimate, we are downgrading TEE from a Hold to a SELL.
Please refer to the full report for more information and additional disclosures.
Sunday, August 5, 2007
NRA research - Tee International SELL $0.33
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)
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)
Subscribe to:
Posts (Atom)
