Jubilee Industries Holdings

Jubilee Industries Holdings > Add

CGS-CIMB Research, May 31

June 1 close: S$0.042

Target price: S$0.051

JUBILEE'S FY18 results affirmed a successful turnaround from net loss in FY17 to net profit in FY18 amid recovery in the mechanical business. Net profit was marred by S$700,000 exceptional interest charges incurred for the direct and convertible loan due to Accrelist Ltd.

The net profit formed 56 per cent of our full-year forecast but excluding the exceptional charge, core net profit is deemed in line at 93 per cent of our full-year forecast.

Looking ahead, we expect increasing profit contribution as management guided for increasing orders and said the company will need to increase capacity to take in the excess demand from customers.

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