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| Armstrong Industrial Corp rated 'outperform' by CIMB |
| Written by The Edge |
| Monday, 16 August 2010 14:46 |
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CIMB in an Aug 13 research report says: "2Q10 core net profit of $7.1 million (+100% y-o-y) came in 14% above consensus and our estimates on the back of higher-than-expected gross margins. EBITDA margins improved 4.9% pts y-o-y to 18.4% in 2Q10.
"1H10 net profit of $14.2 million represents 57% and 53% of consensus and our FY2010 forecasts, respectively. We raise our FY2010 profit forecast by 1.5% to factor in the better-than-expected numbers and slightly lower 2H sales expectations. We cut our FY2011-2012 estimates by 1.1-1.2% after lowering sales but raising gross margin assumptions.
"Our target price dips from 55.5 cents to 55 cents, still based on 9x CY11 P/E (slightly below its 5-year historical average). Armstrong surprised the market with an interim dividend of 2cts vs. none a year ago. This translates to a decent yield of 4.8%. MAINTAIN OUTPERFORM."
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Shooting up to 0.45 and above!!
i think still in the pipeline. No announcement yet. But with good results, you never know!
is the take over deal gone thru?
For armstrong. my view would be . current resistance is at .44 if it can break this level than u can see the next level at .47, it is purely base on trend line.
the down side would be .410. is the support. anyway . if you are looking at the ma. the 20 ma & 40 ma. seem to be pointing downward.
Arm's had trend up since feb this year. till early june. it's had been moving side way. good for momentum trading. anyway. read the chart and make your trading strategy . Rather then base on reports.
Cheers Alpha
Solid results! I think the target price should be around $0.50-$0.55.
SECOND QUARTER RESULTS * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
http://info.sgx.com/webcoranncatth.nsf/ ... penelementArmstrong’s 2Q2010 net profit soars 125.9% to S$7.1 million
Strong sales growth in Automotive and Consumer Electronics segments drive revenue up 33.2% to S$55.5 million
Gross margin increases from 24.9% to 28.7% and net margin rise from 7.5% to 12.7%
1H2010 net profit exceeds full year FY2009 net profit
Recommends interim dividend payout of two cents per share
(Singapore, 12 Aug 2010) – Armstrong Industrial Corporation Limited ("Armstrong” or the “Group”), a leading foam and rubber component manufacturer specializing in
Noise & Vibration reduction for the automotive and electronics industries, continued its strong start to the year and announced a robust set of financial results for the 3
months ended 30 June 2010 (“2Q2010”). Revenue grew 33.2% year-on-year (“yoy”) to S$55.5 million and net profit soared 125.9% yoy to S$7.1 million. On a half year
basis, Armstrong’s net profit has already surpassed full year FY2009 net profit.
A set of solid results from armstrong! Giving 2 cents dividends.....this is my fav stock in my portfolio. Never fail to disappoint me!
Any idea what is the target price.
| * Asterisks denote mandatory information |
| "DISCLAIMER:- This announcement was prepared and issued by the below mentioned listed issuer to the Exchange. The Exchange assumes no responsibility for the correctness of any of the statements made, opinions expressed or reports contained in this announcement and is posting this announcement on SGXNET for the sole purpose of dissemination only. In the event of any queries or clarification required in respect of any matters arising from this announcement, such queries are to be made to the listed issuer directly and not to the Exchange. The Exchange shall not be liable for any losses or damages howsoever arising as a result of the circulation, publication and dissemination of this announcement." |
| Name of Announcer * |
ARMSTRONG INDUSTRIAL CORP LTD |
| Company Registration No. |
198003808K |
| Announcement submitted on behalf of |
ARMSTRONG INDUSTRIAL CORP LTD |
| Announcement is submitted with respect to * |
ARMSTRONG INDUSTRIAL CORP LTD |
| Announcement is submitted by * |
Koh Gim Hoe Steven |
| Designation * |
Deputy Chief Executive Officer / Executive Director |
| Date & Time of Broadcast |
12-Aug-2010 17:50:56 |
| Announcement No. |
00157 |
| The details of the announcement start here ... |
| For the Financial Period Ended * |
30-06-2010 |
| Description |
Please see attached. |
| Attachments |
Total size = 215K
(2048K size limit recommended)
|
Indeed, nice div yield plus mkt on the upswing.
impressvie zroom!!!zroom!! zroom!! with strong buy up volume 0.375-0.38.. definitely will have more upside next week.. target at least 0.42 currently depending on market sentiment which is mid and small cap play liao
I'm back with this counter again.
Armstrong 1.6cts div is very attractive. We need to bear in mind that once it's CD & XD in May, price for this counter will move back to around 30cts or slightly lower. However, if demand from market on harddrive (IT related) and automobile is on a high side, this counter will be here to stay above 35cts or more.....
tanstg ( Date: 10-Dec-2009 15:59) Posted:
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From my TA, 30- and 55- MA is meeting each other in this few days, if it do happens, we should see it moving slightly downward before it turn back for its upward charge to 30cts in first quarter of next year. Just my analysis - u may want to share yr in exchange.
I'm holding on this counter as we all know that it has a strong FA..... and a very positive result for 3Q 2009.
Cross_Stitch ( Date: 10-Dec-2009 14:42) Posted:
| Anything to support your statement. thank yo |
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wow tis armstrong beri strong ar..keep cheonging & cheonging
tis counter quiet quiet now moving up le..sold off too early
Armstrong Industrial – Company update (Gregory YAP 64321450)
Recommendation: Buy (maintained)
Target price: $0.40 (maintained)
Previous day closing price: $0.27
What’s New
Armstrong has emerged from the economic crisis with its fundamentals intact and armed with an even stronger balance sheet than before. It is now ready to marshal its resources in the areas of automotive and data storage that offer higher returns and above-industry growth potential. Catalysts include potential upside to dividends as well as M&A that will further boost its growth.
Our View
The automotive sector will be a key focus in 2010. Higher value products and the introduction of capabilities not presently offered to automotive customers will be a major driver. The expansion of factory coverage to inland China and new customer accounts as well as potential entry into India promise to yield new sources of growth.
In data storage, the introduction of new capabilities such as film-based products and higher value, heat-resistant materials can be expected to take growth for this segment to the next level. This move could potentially repeat the company’s past success when it similarly introduced new materials in 2007.
Other positive catalysts include potential upside to its current dividend yield of 6% as operating cashflow continues to improve, as well as potential merger & acquisition activities on the back of the recently-announced 5% M&A tax allowance.
Action & Recommendation
Armstrong remains on our Buy list. It is one of the best-managed small caps in Singapore. Despite better-than-expected FY09 results and a 60% surge in declared dividends, the stock still trades at less than 7x current year earnings and offers an attractive dividend yield of 6%.
Armstrong Industrial – 2009 Results (Gregory YAP 64321450)
Recommendation: Buy (maintained)
Target price: $0.40 (raised from $0.39)
Previous day closing price: $0.27
We believe Armstrong is on the cusp of a golden age of growth, driven by volume and margin growth as it moves further to secure its leading position in the foam and rubber parts supply chain for the automotive and data storage industries. Supported by a capable management and backed by low valuations (<7x PE) and attractive yield (>6%), we maintain BUY with $0.40 target price.
Recovery year…
Full year net profit of $14.1m was above our expectations of $13.1m. 4Q09 revenue growth of 20% was the strongest Armstrong has experienced since 2007. At the trough, core net profit fell to just $1m but by 4Q, had rebounded to almost $6m. Equally rapid was the rebound in margins from a low of 2.1% at the net level in 1Q09 to a near-record high of 12.3% in 4Q09.
… driven by automotive and data storage
Growth came mainly from automotive and data storage components, which accounted for 29% and 27% of full year revenue respectively. Automotive growth was driven mainly by China domestic demand and maiden contributions from a new, high value car seat component. Data storage, primarily rubber and foam products for hard disk drives, grew on the back of a strong volume recovery from Seagate and WD.
Riding the margin curve via new products
According to management, 4Q’s positive momentum has spilled over into 2010, with a strong January. This year, we expect the volume recovery of 2009 to be amplified by margin growth, driven by higher margin new products. The car seat component should be a key contributor, while catalysts in data storage include market share gains and customer actions to include higher value materials in their products.
7x PE + 6% dividend yield = compelling BUY
In addition to delivering on the promised earnings recovery, dividends also surprised on the upside. Almost 60% of earnings ($0.016/sh) was declared as dividends, a 60% jump from 2008! We expect this dividend to be sustainable as capex is expected to fall in 2010, boosting already strong cashflow even further. At 6x PE, Armstrong is a BUY with a target price of $0.40 (10x 2010F).
The outlook of Armstrong is on the bright side.....there are always come with div.
We must also understand that this is a slow moving counter, after the div, it may return to 24-27cts. It is norm.
huge buy ups to 0.27! 30cts coming!!!
gathering momentun right now
