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NewsCIMB Research maintains Hold on Tasek, raises target price to RM16.44
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CIMB Research maintains Hold on Tasek, raises target price to RM16.44
by Cals Thu 01 May 2014, 01:43
| CIMB Research maintains Hold on Tasek, raises target price to RM16.44 |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Wednesday, 30 April 2014 09:33 |
KUALA LUMPUR (April 30):CIMB Research has maintained its Hold rating on Tasek Corporation Bhd at RM15.98 with a higher target price of RM16.44 (from RM15.48) and said Tasek's annualised 1Q14 core net profit formed 100% of the research house’s full-year estimate.
In a note April 29, CIMB Research analyst Sharizan Rosely said the results were in line, with the operating indicators continuing to exhibit a challenging landscape.
“We raise our target price as we apply a higher CY14 P/BV of 1.94x (1.83x previously), based on an unchanged 10% discount to Lafarge's higher average 1-year historical P/BV.
“The overall outlook for cement demand in 2014 remains positive, even as the demand growth is expected to come down to circa 4%,” he said.
Sharizan however said oversupply dynamics could pose upside risks to pricing rebates.
“This is on top of the cost risks arising from higher power tariffs.
“We maintain our Hold rating and recommend a switch to contractors – the earlier beneficiaries of the infrastructure projects rollout,” he said.
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