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Company Update � MPI (BUY, maintain)
- Well-positioned for exciting growth prospects ahead We maintain our positive view on MPI�s future growth and direction. We continue to favour MPI for its strong earnings prospects, new business (LGA and FBGA) in its Suzhou operation as well as the disposal of its loss making unit in Dynacraft would also enhance earnings growth momentum and margins ahead. MPI�s 4QFY14 result is expected to be released on the 27th of August. We believe its 4QFY14 results would be on track for a low double digit sequential revenue growth. We are keeping our earnings forecasts unchanged pending further management guidance. We maintain our BUY rating with a TP of RM6.84, based on an unchanged target PE target of 14x CY15 EPS.
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