- 1H14 EPS jumped 43% to 6.6 sen as revenue jumped 20% YoY to RM140.5m. The good revenue was due to higher sales volume resulting from strong orders from customers.
- Book value increased to RM1.69 from RM1.63 on Dec-2013. The increase is mainly come from the better EPS of 6 sen. Current share price of RM1.23 is still 27% discount to the full book value of RM1.69.
- Cash amount surge 50% to RM15.7m. This is on the back of Operating Cash Flow (RM7.8m), Cash Flow Investing (RM5.8m) and Cash Flow Financing (RM1.6m).
- Theoretical Fair Value of RM1.40 based on 10x FY15 Fwd. PE. Assuming ORNA can deliver same performance for 2H14, its FY14 EPS should be 13.2 sen. For FY15, also assume a conservative earnings growth of 5% to arrive at EPS of 13.9 sen. Based on 10x Fwd PE (similar to Small Cap PE), this stock is easily worth RM1.40 or 14% upside from current price of RM1.23.
Saturday, August 16, 2014
ORNA 2Q14 Result +43% YoY
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