CIMB in a July 20 research report says: "2Q11 core net profit ($17.6 million, +27.8% y-o-y) came largely in line with our expectations. 1H11 core net profits formed 42% of our FY2011 estimates.
"Key variances came from (i) slightly lower-than-expected topline offset by lower-than-expected operating costs leading to higher-than-expected margins and (ii) higher-than-expected depreciation and interest expense. Therefore, we tweak our operating expense assumptions, leaving our FY2011-2013 estimates largely unchanged.
"However, our target price rises to $1.61 (from $1.57), still based on sum-of-the parts valuations, helped by M1's recent price increase. KPTT achieved record operating profit this quarter, which reflects success in its efforts to strengthen its core operations. MAINTAIN OUTPERFORM."
"Key variances came from (i) slightly lower-than-expected topline offset by lower-than-expected operating costs leading to higher-than-expected margins and (ii) higher-than-expected depreciation and interest expense. Therefore, we tweak our operating expense assumptions, leaving our FY2011-2013 estimates largely unchanged.
"However, our target price rises to $1.61 (from $1.57), still based on sum-of-the parts valuations, helped by M1's recent price increase. KPTT achieved record operating profit this quarter, which reflects success in its efforts to strengthen its core operations. MAINTAIN OUTPERFORM."
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