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Shin Yang Shipping 101129
Shin Yang Shipping 101129
Shin Yang Shipping 101129
1.00 1,240
DENTED BY LOWER SHIPPING VOLUME division, which accounted for 53% of 1QFY11 group pre-
tax profit vs 85% in 4QFY10.
Maintain BUY at lower fair value
SYSC’s 1QFY11 net profit of RM31mil came in below (2) 1-ppt reduction in shipping gross margin to 31%.
expectations, accounting for 15% of FY11F net profit of
RM192mil and street’s RM188mil. This stems from a But we maintain our shipbuilding assumptions of an
weaker-than-expected contribution from the shipping earnings CAGR of 30% versus shipping’s 17% - lifted by
No of shares 1,200.0
SOP/share 1.56
Source: AmResearch
4
O c t-1 0
J u l-1 0
CHART 2 : PE BAND CHART
A p r-10
J a n -1 0
O c t-0 9
J u l-0 9
A p r-09
J a n -0 9
O c t-0 8
J u l-0 8
22.0
18.4
14.8
11.2
7.6
4.0
(x )
O c t-1 0
J u l-1 0
CHART 1 : PB BAND CHART
A p r-10
J a n -1 0
Shin Yang Shipping Corporation
O c t-0 9
8.0
6.0
4.0
2.0
0.0
(x )
Shin Yang Shipping Corporation 29 November 2010
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