MBMR: OSK target price RM5.00

This is quoted from OSK Research released today:

"MBM Resources’ FY10 core net profit of RM141.6m was in line with our estimates. Core earnings growth surged 133.5% y-o-y driven by a topline growth of 40.4% y-o-y. With its associates’ profits doubling, the significant improvement in earnings was also boosted by healthy margins on the back of higher volume and efficiency achieved amid the strengthening Ringgit. A special dividend of 3 sen was announced, with full year dividend amounting to 13 sen a share, for a net yield of 4%. Maintain BUY at TP of RM5.00."