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.
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