This constituted 22.8% and 29.1% of our FY14 forecasts, respectively. Even after adjusting for exceptional items, estimated core PATMI came in at MYR66.0m (+118.9% YoY), forming 27.0% of our full-year earnings projection and ahead of our expectations.
Both of Nam Cheong’s core segments performed well, with revenue for its Shipbuilding and Vessel Chartering division surging by 68% and 274% YoY, while gross profit also spiked up by 94% and 131%, respectively. As such, 1Q14 gross profit came in at 21.2%, above the 18.6% achieved in 1Q13. We will provide more details after the analyst briefing. Maintain BUY, but our fair value estimate of S$0.42 is under review.
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