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Broker's Take: 'Add' call on CosmoSteel on positive Q4 results, target price S$0.63

VOYAGE Research has put an "add" call on CosmoSteel Holdings, with a target price of S$0.63.

It said CosmoSteel reported a positive set of Q4 FY2014 results with revenue and net profit respectively growing by 23 per cent and 74 per cent year-on-year.

The company's gross margin also improved from 18 per cent in Q3 FY2014 to 20.1 per cent in Q4 FY2014.

"We are encouraged by the positive set of results, which most likely reflected the company's efforts to expand into new markets. We roll forward our forecasts to FY2019 and maintain our valuation of CosmoSteel at S$0.63 per share," said the research house.

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