phillip securities research equities update singapore the hour glass a quality piece 16 june 2006 group delivered remarkable performance in fy06 with broad based improvement operating profit excluding exceptional items surged 41 yoy to s 14 3 million revenue rose 5 8 354 net attributable shareholders notched up 42 9 12 4 both comparative periods will be higher by 87 at 11 2 key positives 1 strong financials on back of improving margin healthy liquidity and lower gearing provides highest dividend yield as compared peers strengthening cash position available section 44 tax credits are likely sustain payout outlook despite stellar results we expect earnings momentum slow down 1h07 due seasonality rising uncertainties macro environment slower progression swiss watch industry threat from appreciation purchasing currencies valuation recommendation trimed our estimates fy07 slightly view more challenging reap growth however for than
