Fitters announced that it has proposed to list it wholly-owned subsidiary Future NRG Sdn Bhd (FNRG) on Catalyst, the sponsor-supervised board in Singapore. The listing is subject to the approvals of Fitters’ shareholders and relevant authorities.
There are scarce details on the listing plan at this juncture but we understand that FNRG will be the Group’s flagship arm for the renewable energy business, focusing on: 1) biomass to renewable energy, 2) waste to energy (municipal, industrial, medical waste); and 3) sustainable palm oil mill. FNRG’s main asset includes the 60MT palm oil mill in Kuala Ketil, Kedah.
We are neutral on the potential listing of FNRG given the insignificant contribution of its renewable energy business. The renewable energy division contributes RM1.2m pretax profit in 9M13, accounting for a mere 3% of the Group’s pretax earnings. Nevertheless, the listing may help to raise proceeds to further grow the business.
We maintain our Buy rating on Fitters with SOP-derived TP of RM0.95. Fitters’ growth prospects will be anchored by its property division going forward, particularly its Rawang project on a 50-acre land which is estimated to carry RM300m GDV.
Fitters Diversified Bhd, a leading player in the fire-fighting industry, has formalised a dividend policy pay-out of at least 30% from the group’s net profit to shareholders effective Dec 31, 2014. It said the establishment of the policy was to enhance the group’s investment proposition as it needed to focus on growing the institutional shareholders base in tandem with the business. For the financial year ended Dec 31, 2013, the group posted a total net profit of RM42.3mil, marking a 51.6% jump from RM27.9 million recorded previously. Revenue grew 14.8% to RM471.88mil with pre-tax profit increasing 52.2% to RM57.98mil. Fitters also declared an interim dividend of two sen per share for 2013. (Star)
Are you looking for the God of Wealth , better u current more tenaga lol ... Tenaga >>>there have u looking for ! I just know that ( easy come easy go) that !! ha ha ha .... broken broken
its just a matter of time to breach 89sen....i feel Fitters is a good counter to keep and accumulate, it has a bright future to go up...hv faith everyone
Do not focus too much on its Immediate TP unless you intend to play short term if we estimate the year end EPS as 0.16 and just take the PE as 7 ( on the lower side ) you 'll get the TP.
Already held it for over a year. So sian go up and drop more :( 17 march coming for dividend do am thinking if it can read 90 sen? I think that would be a record for fitters?!
growth or profit sharing?... for me i would choose growth. divvy doesnt help much cause after ex price will be adjusted back. so if growth is there i don't mind collecting as long the share price keeps going up
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
midtermtrader
1,166 posts
Posted by midtermtrader > 2014-02-28 11:36 | Report Abuse
Uptrend is in the making.