Silverlake Axis Ltd : A mixed bag but look to stronger FY19F ahead
Summary :
■ SILV’s results were below expectations with 4QFY6/18 and FY6/18 core net profit accounting for 22% and 87% of our full-year forecasts, respectively.
■ Negative surprise in 4QFY18 came from RM12.8m impairment of goodwill for its SHGH JV in 4Q18.
■ We expect stronger FY19F ahead on the back of RM340m order backlog.
■ Maintain Add with an unchanged TP of S$0.56.
Summary :
■ SILV’s results were below expectations with 4QFY6/18 and FY6/18 core net profit accounting for 22% and 87% of our full-year forecasts, respectively.
■ Negative surprise in 4QFY18 came from RM12.8m impairment of goodwill for its SHGH JV in 4Q18.
■ We expect stronger FY19F ahead on the back of RM340m order backlog.
■ Maintain Add with an unchanged TP of S$0.56.
