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Thailand's SUPALAI PLC. (SPALI): 4Q10 earnings at record high, as expected.
Section: Stocks - A more positive view is maintained on SPALI supported by the 70.8% yoy and 615% qoq earnings growth for 4Q10, which was expected. Thus, the 2010 SPALI revenue and net profit growth was 15.2% yoy and 3.6% yoy, respectively. The company has a solid backlog worth Bt8.1bn and is expected to recognise all this year, thus supporting our growth target for revenue at 20.6% and net profit at 18.3%. Based on a forward PER of 8.4x, our fair value is maintained at Bt14.80 and rating remains a Buy.
SPALI reported earnings for 4Q10 at Bt1.13bn. (+70.8% yoy, 615% qoq), which was only off 1% from estimate at Bt1.14bn this high level earnings come from high revenue recognised …
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