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Macquarie: COMTEC SOLAR Initiated ‘Outperform’

Macquarie Equities Research said it is beginning coverage of mono-crystalline solar wafer play Comtec Solar Systems (HK: 712) with an ‘Outperform’ recommendation and assigning the Hong Kong-listed firm with a 1.75 hkd target price, implying a potential 15.1% upside.

The brokerage said it expects Comtec’s revenue to grow at a 3-year CAGR of 19.8% during FY11-13E.

“Although Comtec could see an earnings decline in the near term due to the industrywide profitability compression caused by overcapacity, we expect the company to benefit from margin expansion and cost reduction, as well as the growing demand for high-efficiency wafers,” Macquarie said.

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Comtec recently: 1.56 hkd

The brokerage said that Comtec’s current valuation is “not yet reflecting its ‘niche’.”

“We expect Comtec to deliver a 2-year earnings growth CAGR of 29.0% in 2012-13E, versus peer group average 0.06%, which justifies our price target. We believe the current trading price is not reflecting Comtec’s better positioning in the high-end wafer market compared with peers.”

Comtec is currently trading at 0.75x 2012E P/B with over a 15% discount to the poly/wafer producers’ average.

See also:

COMTEC SOLAR: Economic Cloudcover Not Obscuring Wafer Demand

COMTEC SOLAR: ‘Buy' With 134% Upside, Says Yuanta; But 'Hold' Says UOB

COMTEC SOLAR: HK-Listco's 1H Profit Soars 48.1% On Vibrant Wafer Sales


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Goodness Business: (From L-R) Mercy Relief's Advisor and former speaker of Parliament Abdullah Tarmugi, Focus Media GM Audrey Chee, Abdullah Tarmugi, Mercy Relief’s Chairman T K Udairam, Goodwill Ambassador Stefanie Sun, Focus Media Network’s Co-founder, Chairman & CEO P J Wong, Mercy Relief’s Board of Director Goh Kee Nguan and Chief Executive Hassan Ahmad.

FOCUS MEDIA, MERCY RELIEF: Join Hands To Help Singaporeans

Focus Media Singapore, a wholly-owned subsidiary of Focus Media Network Ltd (HK: 8112) -- the largest digital Out-of-Home (OOH) media company in Singapore and Hong Kong by the number of venues in which the company deploys its digital flat-panel displays -- signed a deal pledging to support Singapore’s Mercy Relief charity.

This would allow Mercy Relief to create greater awareness amongst the Singaporean public on its regional disaster relief and sustainable development programs.

In conjunction with Focus Media’s seventh anniversary party held at Zouk recently, a Memorandum of Cooperation was signed between Focus Media GM Ms. Audrey Chee and Mercy Relief Chief Executive Hassan Ahmad.

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"Mercy Relief’s resilient efforts to provide timely aid and relief supplies to the victims of natural disasters have touched the hearts of many,” said PJ Wong, Co-founder, Chairman & CEO of Focus Media Network.  Photo: Andrew Vanburen

The signing was witnessed by P J Wong, Co-founder, Chairman and CEO of Focus Media Network, Mercy Relief’s Chairman T K Udairam, Advisor to the charity and former Speaker of Parliament Abdullah Tarmugi along with a renowned regional artist and Mercy Relief’s Goodwill Ambassador Stefanie Sun.

The MOC takes immediate effect, stretching over a term of three years, and it details a total commitment from Focus Media with an airtime sponsorship package valued more than 1.1 mln sdg.

This would enable Mercy Relief to effectively create greater awareness amongst the Singaporean public on its regional disaster relief and sustainable community development programs; promote compassion and volunteerism to Focus Media’s audience, and garner timely support towards its fundraising efforts for regional disaster relief and longer term community development projects.

Through the strategic leverage on Focus Media’s extensive digital OOH network in elevator lobbies of over 340 office and commercial buildings in the prime business districts and at all Housing Development Board’s 21 neighborhood shopping malls located island-wide, MR will streamline its communication objectives and target its efforts at the highly-desirable but hard-to-reach group of professionals, managers, executives and businessmen.

PJ Wong, Co-founder, Chairman & CEO of Focus Media Network said: "Our Group is thrilled at this unique opportunity to play our part for a charitable cause. It is in line with our Group’s ongoing CSR activities. Mercy Relief’s resilient efforts to provide timely aid and relief supplies to the victims of natural disasters have touched the hearts of many.”

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Focus recently: 0.74 hkd

Mr. Wong added that the charity’s work symbolizes selfless compassion and delivers heartwarming relief and cheers to devastated victims.

“We share a common belief in helping the less privileged, regardless of country, culture and creed. Hence, our timely MOC collaboration will enable us to consolidate our resources to advocate greater awareness of the plight of the less fortunate in the region and create a more strategized platform to educate and provide avenues to champion the humanitarian cause among the general public in Singapore.”

See also:

FOCUS MEDIA, YOUKU: Landmark Tieup Targeting PRC's 530 Mln Netizens

FOCUS MEDIA: Gen2 Fund Boosts Stake In HK/Singapore Ad Firm

FOCUS MEDIA: Singapore, Hong Kong Ad Firm's HK Placement 20x PE


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