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Sinwa Limited - By Phillip Securities Research
9MFY2008 financial results. Sinwa Limited reported a 12.13% growth (year-on-year) in revenue from SGD 89.77 million in 9MFY2007 to SGD 100.66 million in 9MFY2008. In addition, net profit grew by 10.82% (year-on-year) from SGD 7.18 million in 9MFY2007 to SGD 7.95 million in 9MFY2008.
Estimates. They have further trimmed estimates by forecasting revenue growth of 12.32% for FY2008 and 10.90% for FY2009, encompassing revenue contributions from the joint ventures with KS Energy Limited and Nordic International Limited. They have maintained our forecast for gross margins of 26.27% and 28.89%.
Fair value S$0.250
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