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Tuesday, May 15, 2012

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US stocks dropped with concerns about political upheaval in Europe and the possibility of a softer-than-expected Chinese economy. The S&P 500 Index and the DJIA slipped 1.1% and 1.0% respectively.

- Thai Beverage reported a 46% YoY increase in 1Q12 net profit to THB4.33b (~S$174m). Revenue had climbed 31% to THB40b.

- Global Premium Hotels registered a 47% YoY increase in 1Q12 net profit to S$6.4m on the back of a 29% increase in revenue to S$14.9m.

- Bonvests Holdings' 1Q12 net profit was down 6.5% YoY to S$4.0m. Revenue had grown by 6.5% to S$38.7m.

- Cordlife Group's net profit for 3Q12 fell 57% YoY to S$832k even though revenue rose 13% to S$6.9m.

- Asiatravel.com reduced it 2Q12 loss to S$489k versus S$807k a year ago. Revenue had declined 6% to S$21.6m.

PEC Ltd
Summary: PEC Ltd (PEC) reported a very weak set of 3Q12 results that caught us and the street by surprise. 3Q12 revenue increased by 22% YoY to S$107m, but net profit attributable to shareholders plunged 86% YoY to S$1.3m. Net margin shrank to just 1.2%, compared to the 11.0% in 3Q11. While the group still has a very strong net cash position of S$112m, or S$0.44/share, there is a possibility of PEC incurring further losses over the near-term horizon. Pending a teleconference with management later, we put our Buy rating and S$0.93 fair value estimat.

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