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Top Calls
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Company Update - Inari
Amertron (BUY, maintain)
- 4QFY14 results preview: on track for record earnings We expect the Inari's 4QFY14 top and bottomline would be higher on a sequential and yoy basis. The strong performance will be driven by: 1) strong growth from its RF due to higher demand from its key customer Avago; 2) margin improvement from Amertron's operation in Philippine and China; and 3) positive contribution from Ceedtec. All in, we believe Inari's FY14E results will fall within our expectation. In view of its current expansion plan, we do not expect the group to payout up to 40% of the FY14E earnings as dividend. As such we are trimming our FY14E dividend pay-out ratio to 28% (from 40%) while maintaining our FY15-16E dividend pay-out ratio at 40%. This will bring to a total DPS for FY14E of 6.4 sen. The group has declared a total DPS of 5.0 sen for 9MFY14 which is already above FY13 DPS of 4.5 sen. Maintain our BUY rating and a TP of RM4.26.
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Other Calls
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Economy � US Outlook � Weekly Wrap (11 � 15 August 2014)
- Lower US consumer sentiment on GDP growth outlook
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