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Friday, February 25, 2011

TASCO - Thumbs Up (OSK)

TASCO full year revenue and earnings rose 58% and 49% y-o-y at RM443m and RM24.8m respectively which were above ours. This commendable set of numbers recorded attributed to the FIFA World Cup event where shipments on LCD and PLASMA TV on both sea and air freight surged 51% and 53% y-o-y respectively. We increase our revenue and earnings forecast by 10% and 8% for FY11-12 due to the rapid expansion in their warehousing segment and continuous growth in the domestic side. We upgraded to a Buy call for this stock with TP of RM1.91 based on 7x FY11 EPS. This translates a stock upside of 36%.

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