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Phillip Securities Research Pte Ltd
Singapore
18 Nov
2010
Hersing Corporation Limited – 3Q10 Results (Magdalene Choong)
Recommendation: Buy (Maintained)
Previous close: S$0.28
Fair value: S$0.355
· Hersing’s revenue increased by 21.4% y-y and 10.4% q-q to S$81.5 million in 3Q10. Revenue for 9M10 advanced by 51% y-y to S$218.7 million. Net profit jumped 300% y-y and 242% q-q to S$18.9 million due to S$12.7 million gain from the sale of Storehub buildings to the joint venture with CapStore.
· YTD, net profit improved by 230% to
S$29.5 million. Stripping out the gain from the sale of buildings, net profit
reported is S$6.25 million, a 32% gain y-y and a 13% increase q-q. EPS for 3Q10
was 3.17 cents. Excluding the impact from the extraordinary gain, YTD EPS would
be 2.87 cents instead of 5 cents.
· We maintain our BUY rating and fair
value estimate of S$0.355
Company buy back shares again in late August and 1st September. The last few buybacks averaged at about 25 cents.Even at 26 cents I think it is undemanding.
Still going up again. Hope to see more buyers and greater voulme.
This counter has no trade on some days but totay, the voulme was more than 400, which came about after result announement yesterday.
With the property market so bullish, will it see better times?
oceanblue ( Date: 27-Jul-2009 13:45) Posted:
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Hersing is starting to move upward, i think maybe the result may be coming out soon. anybody have any news?
Yeah, but DJ drop again on fri. but i think this stock is still good for mid to long term.