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19-11-2008, 08:53 PM

abhinav2492 abhinav2492 is offline

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Eastern Asia - NRA Capital

Strong recovery

Core earnings above expectations. 3Q08 Net profit of S$1.1m was in line with NRAs expectation. However, excluding the loss of S$4.7m from
discontinued operations, profit was 423% above their expectation.

Strong cash flow generated in 3Q08. EASTECH generated S$13.1m of
positive free cash flow in 3Q08 as a result of improving in working capital
and controlled capex. As a result, the company ended the quarter with a
17% net gearing, reduced from 34% as at end Jun-2008.

Raised FY08 forecast, maintain Buy. NRA have raised their FY08 core EPS forecast from 0.1 cts to 1.4 cts to factor in higher margins achieved but keep their FY09-10 number relatively unchanged. The fair value slightly increased from S$0.08 to S$0.09.

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