Welcome

In: Other Topics

Submitted By smirnoffnice
Words 4153
Pages 17
September 13, 2011

BUY
Price at Sept 13, 2011 Price Target 52-Week Range $9.00 $10.50 $2.50 – $9.55

Lasco Manufacturing Limited
Strong revenue growth, improved margins & tax break
Mario Ahjahorie Financial Analyst mahjahorie@scotiadbg.com

Company Overview Lasco Manufacturing (LASM) is a company which was formed over a year ago and is the product of two long standing subsidiaries Lasco Food Proccessor’s Limited and Lasco Food’s Limited which together produce Soy and Milk based products. The amalgamation of the entities was in anticipation of their initial public offering and their combined product lines include: 1. 2. 3. 4. 5. 6. Lasco Whole Milk Lasco Readi Milk Lasco Food Drink Lasco Lasoy Lactose Free Lasco Oats Porridge Lasco Milky Soy
Key Metrics
Gross Margin Operating Margin Net Margin Debt-to-Equity Current Ratio ROE ROA Book Value EPS (Last 4Q) Trailing PE PBV
Q1 2010 Q1 2011

29% 19% 12% 0% 95% 8% 29% $0.86 $0.73 8.48X N/A

31% 19% 19% 0% 62% 18% 31% $2.54 $1.22 7.37X 3.55X

Company’s Board and Management The company’s board and management have both its strengths and weaknesses. Amongst the good are the qualifications and experience of the board and management in the sector they operate. The allegiance (marriage) between the Chairman (Lascelles Chin) and Managing Director (Dr. Eileen Chin) are key weaknesses of the board and management structure. Potentially the board could make strategic decisions in favour of management instead of all shareholders. Additionally, the presence of 2 out of 5 non-independent directors is unfavourable as it fails to include a mechanism which is protective of the rights of minority shareholders. Business Model and Strategy The company attempts to deliver low cost products to suit the needs primarily of the Jamaican market. The company imports the raw materials, add flavours and packages them for distribution…...

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