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NewsCIMB Research maintains Outperform on PetDag, raises target price to RM32.80
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CIMB Research maintains Outperform on PetDag, raises target price to RM32.80
by Cals Mon 21 Oct 2013, 13:56
| CIMB Research maintains Outperform on PetDag, raises target price to RM32.80 |
| Business & Markets 2013 |
| Written by theedgemalaysia.com |
| Monday, 21 October 2013 10:34 |
In a note Oct 19, CIMB Research analyst Norziana Mohd Inon said returns from these operations were not substantial for now, but development plans for the new engines of growth are already in top gear.
“We cut our FY13-14 EPS on higher expenses to build up these operations, but raise our FY15 EPS to reflect their maiden meaningful contributions. Our target price rises as we roll it forward.
“We now value the stock at 22.3x CY15 P/E (prev. 21.8x CY14 P/E), a 40% premium over our target market P/E of 15.9x, but still within the historical P/E range of oil & gas big caps. Swift expansion is a catalyst that supports our Outperform call,” she said.
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