I have one lot of Evergreen bought at RM 2.00, hope tomorrow reach 1.70 and I will sell loh. He he he.
Up also happy , down also happy.
Evergreen Fibreboard : Flying high Outperform
3QFY09 Results
- 9MFY12/09 results were above our and consensus expectations, accounting for 70% and 84% of our and
consensus expectations respectively. We consider this to be above expectations due to its strong 3Q09 net
profit of RM30.9m (vs. 1H09 RM14.4m).
- Key variances were higher-than-expected cost savings from higher capacity utilisation and synergistic
benefits from Hume Fibreboard and new 3rd MDF line in Thailand.
- We expect Evergreen to record stronger qoq earnings in 4Q09 following an expectation of higher capacity
utilisation of >80% to be achieved during the quarter.
- We increased our EPS forecasts by 21-28% for FY09-11. Our fair value is increased to RM2.30 (from
RM1.89) based on unchanged target PER of 11x FY10 earnings. Maintain Outperform.
