Broadway (CB 1 for 1)

Mel
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12 years 10 months ago #6491 by Mel

Replied by Mel on topic Re:Broadway (CB 1 for 1)

Broadway is doing nicely +2 cents, at 43.5 cents.

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Dongdaemun
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12 years 9 months ago #6513 by Dongdaemun

Replied by Dongdaemun on topic Re:Broadway (CB 1 for 1)

Broadway + 1 cent, = 44 cents

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Mel
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12 years 9 months ago #6681 by Mel

Replied by Mel on topic Re:Broadway (CB 1 for 1)

Net profit plunge looks scary. Doubt the stock price will be able to hold above 40 cents over the next few weeks/months, even though CIMB (below) is less pessimistic than me:

Excluding S$1.4m forex and impairment losses, Broadway's 2Q core earnings were 3% below our estimate and 19% below consensus because higher-than-expected sales were offset by higher opex and effective tax rate. 1H net profit accounted for 42% of our full-year forecast and 35% of consensus.

We adjust FY11-13 EPS by -4% to +1% for this set of results, higher sales and lower GP margin. But we retain our target of S$0.47, still based on its 5-year historical P/BV average of 0.8x. We maintain our NEUTRAL call given the support from its decent dividend yields and low valuations.

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