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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » RECOMMENDATIONS REG,SINI,SINS

RECOMMENDATIONS REG,SINI,SINS

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1RECOMMENDATIONS REG,SINI,SINS  Empty RECOMMENDATIONS REG,SINI,SINS Mon Feb 07, 2011 7:10 pm

shan


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
We expect Regnis (Lanka) PLC to benefit from the turnaround in the demand for consumer durables. We expect the improving demand stemming from the higher disposable income of the Sri Lankan consumer to push up the top line growth. The driver will come from the Refrigerator and Washing machine segments.
We do see the possibility of Sisil and Singer brands being challenged by the reduction taxation for the imported brands. However, the imported brands- Hitachi and Samsung we believe continue to be sold at a significant market premium thus giving REG products the edge with the price conscious Sri Lankan consumer. We expect the forward three-year Sales CAGR to grow by 31.7%.
With strong cash flows, concrete brand equity, solid management and the growth figures displayed in 3Q2010, we believe REG is significantly undervalued given the trading multiples of its peers / related companies. With the country’s current economic upswing and the present market growth potential we are of the opinion that REG shows promise. We feel REG’s low cost positioning, expertise of its affiliate Singer PLC, financial resources, and superior product differentiation requires a premium.
Trades at a historical (TTM) PER of 7.8x and a PBV of 2.1x. This compares to the (TTM) PE ratios of 24.4x of Singer Sri Lanka PLC (SINS:LKR 195.00) and Negative recurring EPS of Singer Industries PLC (SINI:181.40). The already attractive historical PER of 10.2x of REG trades even favourably with a forward PER of 8.1x on 2011 forecast earnings and 6.2x of 2012 forecast earnings.
www.colombostockwatch.com

2RECOMMENDATIONS REG,SINI,SINS  Empty Re: RECOMMENDATIONS REG,SINI,SINS Mon Feb 07, 2011 7:17 pm

salt

salt
Vice President - Equity Analytics
Vice President - Equity Analytics
Any idea how this reputation works?

3RECOMMENDATIONS REG,SINI,SINS  Empty Re: RECOMMENDATIONS REG,SINI,SINS Mon Feb 07, 2011 7:39 pm

godswen

godswen
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
What I heard is that SINS has covered their sales target for 2010 by the end of August or September.

4RECOMMENDATIONS REG,SINI,SINS  Empty Re: RECOMMENDATIONS REG,SINI,SINS Mon Feb 07, 2011 8:22 pm

tubal


Vice President - Equity Analytics
Vice President - Equity Analytics
Wish you wouldn't lump SINI with SINS and REG

5RECOMMENDATIONS REG,SINI,SINS  Empty Re: RECOMMENDATIONS REG,SINI,SINS Tue Feb 08, 2011 8:43 am

marketsee

marketsee
Manager - Equity Analytics
Manager - Equity Analytics
I collected some SINI and holding.I think only around 3Mn shares are listed.

6RECOMMENDATIONS REG,SINI,SINS  Empty Re: RECOMMENDATIONS REG,SINI,SINS Tue Feb 08, 2011 10:13 am

cse.alpha


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
The initial post is from a recent report on REG by SC Securities, when price was Rs161.

The biggest risk for REG is whether all the good news is priced into the share at Rs200, which used to be quite illiquid until Dr Senthileverl sold down his stake.

Recent floods will also dampen rural purchasing power and slow sales of fridges and washing machines (REG's products). Both REG and SINI (which makes Singer sewing machines) have some transfer pricing risk, as all sales are done through Singer Sri Lanka.

Final dividend of around Rs3-5 can though be expected for 2010, but that alone is insufficient to support share at current prices.

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