MAMEE, will "double deck" your investment

Company Profile
MAMEE is a household brand nowaday since it incorporate in 1971.MAMEE accompany most malaysians childhood where we will not forget, and now is in more than 70 countries from new zealand to canada. Its has 5 main product range :
1.Instant Noodle > MAMEE
2.Snacks > DOUBLE DECKER, MAMEE, MISTER POTATO, CORNTOZ...
3.Chilled > NUTRIGEN
4.Confectionery > NICOLET
5.Beverages > CHEERS

Financial Result
For the last 5 yrs, MAMEE has been able to grow revenue consistently from RM277m(FY 04) to RM396m(FY08). Its EPS also steady at RM0.21~RM0.35, which translate to P/E of 6.2x~10.3x. FY09 9months sees a significant improvement where RM33.33 net profit recorded, highest for the last 6 yrs. P/Margin of 14% tells us that company has better control of operating expenses.Company net working capital also stood at RM1.02/share, which is very healthy.

Technical Outlook
Technical chat shows MAMEE is in uptrend.

Stock Valuation
With P/E of 7.4x, MAMEE is very attractive. EPS of RM0.30 in FY09 is achievable. TP RM2.40(EPS x 8.0x).With an average of 10% ROE, it is a plus. Any chance to explore into new market or product will push the revenue, so do the price further up.

Overall
Look at the positive 5 yrs track record, MAMEE is a very defensive stock. And very potential to become growth stock as well, most importantly it is organic growth. With its generous dividend policy and efficient management, just BUY and hold.