SINGAPORE (May 17): NRA Capital has kept its “overweight” call and target price of 20 cents on Serial System, following the electronics distributor’s stronger-than-expected 1Q2016 earnings.

For the three months to March 31 2016, the company’s comprehensive income attributable to shareholders more than doubled to US$4.2 million ($5.7 million) on a 27% y-o-y increase in revenue to US$332.8 million.

“We continue to like Serial for its strong track record of sales growth,” says NRA Capital’s head of research Liu Jinshu in a May 16 note.

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