DHA [NR] - 2015 NPAT estimated to grow by 170% vs. 2014 - Small Cap Research
The recovering real estate market is spurring a strong construction wave countrywide, resulting in much higher demand for building materials including construction stones. Strict and effective production cost cutting measures are starting to bear fruits. There are significant margin improvement: gross margin in 2014 reached 18% vs. 13.5% in 2013. We estimate at least 27% GPM in 2015.