DMG & Partners Research in a Feb 27 research report says: "CNA's 4Q11 net profit was above expectations, coming in at $1.6 million, versus a loss of $25.2 million a year ago. This was mainly attributable to a 52.4% y-o-y surge in revenue, with growth from its Singapore, China and Vietnam operations, as well as the absence of a $21.6 million loss on disposal of an associate.
"CNA's order book of $53.9 million is expected to sustain revenue in upcoming quarters. Following the share placements to Mitsui and Mitsubishi, CNA is tapping on their business network to expand.
"On the back of a stronger performance in the various key markets, we raised our FY2012 earnings by 15.8% to $3.7 million. We derive a higher target price of 16 cents (14 cents previously), based on 11.9x FY2012 earnings (6-year historical average). UPGRADE TO NEUTRAL."
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