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CIMB Research downgrades Tomypak to Neutral, cuts target price
by Cals Tue 20 Aug 2013, 09:44
CIMB Research downgrades Tomypak to Neutral, cuts target price
Business & Markets 2013
Written by theedgemalaysia.com
Tuesday, 20 August 2013 09:36
KUALA LUMPUR (Aug 20): CIMB Research has downgraded Tomypak Holdings Bhd to a Neutral (from Outperform) at RM1.52 with a lower target price of RM1.51 (from RM1.71) and said Tomypak’s annualised 1HFY14 results was, at only 80% of its FY13 estimate, below the research house’s expectations, mainly due to higher raw material costs.
In a note Tuesday, the research house said the 2 sen interim dividend declared was within expectations.
“We cut our FY13-15 EPS forecasts by 6-21% to reflect higher cost pressures and downgrade the stock from outperform to Neutral.
“The target price falls as the valuation basis is maintained at 9.1x CY14 P/E, a 30% discount to Daibochi’s 13x CY14 P/E target. However, its 5-6% dividend yield should provide some price support for the stock. Prefer Cuscapi for its indirect exposure to the defensive F&B sector,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Tuesday, 20 August 2013 09:36
KUALA LUMPUR (Aug 20): CIMB Research has downgraded Tomypak Holdings Bhd to a Neutral (from Outperform) at RM1.52 with a lower target price of RM1.51 (from RM1.71) and said Tomypak’s annualised 1HFY14 results was, at only 80% of its FY13 estimate, below the research house’s expectations, mainly due to higher raw material costs.
In a note Tuesday, the research house said the 2 sen interim dividend declared was within expectations.
“We cut our FY13-15 EPS forecasts by 6-21% to reflect higher cost pressures and downgrade the stock from outperform to Neutral.
“The target price falls as the valuation basis is maintained at 9.1x CY14 P/E, a 30% discount to Daibochi’s 13x CY14 P/E target. However, its 5-6% dividend yield should provide some price support for the stock. Prefer Cuscapi for its indirect exposure to the defensive F&B sector,” it said.
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