8/2/2023 0 Comments Linkdoc stockPT Golden Energy Mines (GEMS) has more than 2.9 billion tonnes of energy coal resources and more than 1 billion tonnes of coal reserves. Stanmore has coal resources estimates of 1.7 billion tonnes, marketable coal reserves estimates of 130.0 million tonnes and a coal handling preparation plant capacity of up to 3.5 million tonnes per annum. GER owns and operates thermal coal mines in Indonesia (through 63% owned PT Golden Energy Mines), and metallurgical coal (75% owned Stanmore Resources) and gold mining (50% owned Ravenswood Gold) in Australia.RE-ITERATE BUY Entry – 0.32 Target – 0.43 Stop Loss – 0.26.Golden Energy & Resources (GER SP): A hidden GEM Maintain OUTPERFORM and raise our TP to S$0.85.Revenue recognition from its Indonesian hydropower business next year is likely to provide further upside. Coupled with the growing trend in industrial automation in China, we expect a continued boost to ISDN’s top line. Sales to China are expected to grow in light of Sino-US tensions. Growth momentum to continue upside from its hydropower plants next year.Bottom line remained strong with a 95.4% increase YoY, from S$3.1mn to S$6.0mn, which was achieved by a combination of solid gross profit margins and substantially decreasing distribution costs and administrative expenses. Gross profit rose by 52.7%, due to increased gross profit margins from 21.8% to 27.0%, contributed by accelerated sales growth in the Motion Control segment. EPS more than doubled YoY from S$1.68 cents to S$3.51 cents and dividends increased from 0.4 Sing cents to 0.8 Sing cents. PATMI increased by 115% YoY, from S$7.0mn in FY19 to S$15.1mn in FY20, mainly due to the growth in gross profit of 23.4%. ISDN reported an increase in revenue from S$291.0mn in FY19 to S$361.9mn in FY20, a 24.4% YoY jump. The group generates around 68% of sales from China and 70% from the motion control segment. ISDN is a leading engineering solution provider in motion control and industrial computing solutions.SINGAPORE ISDN (ISDN SP): Accelerating the pace of industrial automation LinkDoc will price on Thursday and likely trade on Friday, 9th July.However, telehealth peers in US trade at a higher multiple, thus LinkDoc could see upside from a relative valuation basis, or if future growth rates return closer to their prior year’s numbers. Forward multiples and sales growth expectations imply a fair IPO valuation for LinkDoc.LinkDoc will IPO at around US$1.6bn market cap with a 12.3x EV/TTM Sales valuation, fairly close to the current valuation of JD Health.Additionally, Healthcare Big Data spending is expected to proliferate at 43% growth per year over the same time period. Oncology is expected to have one of the highest growth rates in healthcare expenditure at close to 10% CAGR.
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