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Hot Stock Iris rises 6% on earnings, TP upgrade

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Hot Stock Iris rises 6% on earnings, TP upgrade Empty Hot Stock Iris rises 6% on earnings, TP upgrade

Post by Cals Mon 13 Jan 2014, 18:20

Hot Stock Iris rises 6% on earnings, TP upgrade
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Monday, 13 January 2014 11:35

KUALA LUMPUR (Jan 13): Iris Corp Bhd rose as much as 6% after analysts raised their earnings forecast for the digital-identity specialist, and upgraded  the target price (TP) for its shares.

At 11.10am, Iris rose 2.5 sen or 6% to 41 sen. The second most-active active counter saw heavy trades of some 56 million shares.

In a note today, TA Securities analyst Tan Kam Meng said he has raised TA's FY15-FY16 earnings projections for Iris by 11.2% and 12.2% after making some changes to his assumptions.

“We now assume more housing contracts from FELDA that is worth RM75 million each for FY15 and FY16.

“We also raise FY15-FY16 capital expenditure (capex) by an additional RM20 million each year to RM50 million,” he said, adding that he sees a drawdown of RM100 million of borrowings in FY15 to fund capex.

TA has a higher TP of 54 sen for Iris shares compared with 38 sen previously.

"We reiterate our "Buy" recommendation given the upside potential of 40%." Tan said.

Meanwhile, Kenanga Research said in a note Iris shares' immediate technical support and resistance are seen at 37 sen and 40 sen respectively.
Cals
Cals
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