Monday, May 22, 2017

Results Note - Serba Dinamik (BUY, maintain)

Top Calls

Results Note - Serba Dinamik (BUY, maintain)

- 1Q17: Results in line, with dividend upside

Serba Dinamik (Serba) 1Q17 core net profit came in at RM78.3m, in line with our expectations, constituting 27% of our full year forecast. While revenue fell 16.3% qoq, gross profit (GP) margin was relatively stable at 17.6%. Serba declared a maiden dividend of 2.2sen, on track to achieving our 25% payout of 5.5sen in 2017E. Post-IPO gearing stood at 0.1x. With results in line with our estimates, we maintain our earnings forecast, BUY rating and unchanged TP of RM2.40.

Other Calls

Economic Update - Malaysia GDP & BOP 1Q17

- Real GDP growth surprised on the upside in 1Q17

For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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