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SHI - SHI strives to extend its Northern beachhead into Central area - Small Cap Research

SHI is a leading manufacturer of stainless steel building fixtures such as water tanks, sinks and industrial pipes, commanding 40%-60% of total market share in Vietnam; SHI has a market cap of USD14mn. FY14 saw NPAT soar 4.6x vs. FY13 thanks to refocus on mainstay business and disciplined control on expenses. Launching of Chu Lai factory operation in 2Q15 is expected to nearly double profits in 2015 to VND1,778 in EPS (company guidance) translating into competitive forward PER of 4.7x.