|Bid||0.172 x 0|
|Ask||0.173 x 0|
|Day's range||0.168 - 0.173|
|52-week range||0.158 - 0.230|
|Beta (3Y monthly)||0.88|
|PE ratio (TTM)||17.30|
|Forward dividend & yield||0.01 (7.06%)|
|1y target est||0.20|
Jadason Enterprises (Jadason) missed expectations with a loss of $0.4m. Although there was a recovery in gross profit margin to 22.4% driven by a better product mix in the PCB drilling segment, the 7% decline in revenue led to lower profitability. At the operating profit level, the distribution business incurred a loss of $0.5m while the PCB drilling business registered a profit of $0.3m. Excluding an exchange loss of $0.6m, adjusted net profit was $0.1m. In addition, the group remained in a net cash position. Jadason guided for a challenging 2H18 due to the trade tensions between the US and China which would affect the group’s end customers. Given the uncertain demand outlook, we lower our target price to $0.073 based on an unchanged one time price-to-book value. Maintain ADD. CIMB Research (16 Aug).
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