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Analyst Research Report Snapshot


CosmoSteel Holdings Limited - Sales Growth Point to Business Expansion (Update)




Voyage Research Pte Ltd.


14 Feb 2013





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CosmoSteel Holdings Limited (CosmoSteel) reported revenue growth of 15.3% (versus est. 10%) for 1Q FY2013 (ended 31 Dec 2012) compared to the same period a year ago. We like the faster than expected revenue growth which showed higher business volume. We adjusted our forecasts to factor in faster revenue growth and lower than expected gross margin. The net impact is a higher valuation of S$0.405 per share as sales growth is anticipated to outpace margin pressure over our forecast horizon. Net profit is still expected to grow by 7.2% in FY13F.

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