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Even though PM% is dropping, I like the growth for hers capability to get new orders, the leap in revenue and net profit for past eight quarters (more than double annually).
Expected FY2025 Revenue will be in the range of 950m - 1000m, and Net Profit will be in the range of 95m - 100m, translated into PE 20 at current price 1.80.
Expected FY2026 Revenue will be ~ 1500m, and Net Profit will be ~ 150m, translated into PE 13 at current price 1.80.
Derek, I think TA will be influenced once FA is changed. My view on Cresndo is it's FA was changed when they hv good sales in multiple land sales, which generated one off gain of total 462m, in different time frame. This has changed the FA, especially it's debt condition and cash flow. Thus, I don't think it will be back to 0.40 which is before FA changed. I do think that 0.8 is a good support, which is translated from PB 0.5.
