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Affin IB Research maintains Buy on Globetronics, ups target price to RM4.82

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Affin IB Research maintains Buy on Globetronics, ups target price to RM4.82 Empty Affin IB Research maintains Buy on Globetronics, ups target price to RM4.82

Post by Cals Tue 24 Jun 2014, 23:51

Affin IB Research maintains Buy on Globetronics, ups target price to RM4.82
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 24 June 2014 09:08

KUALA LUMPUR (June 24): Affin IB Research has maintained its Buy rating on Globetronics Holdings Bhd (Globe) at RM54.33 with a higher target price of RM4.82 (from RM4.01) and said that in view of the favourable industry prospects and Globe’s competitive advantage, Globe would continue to trade at the higher end of its PE band.
In a note Tuesday, the research house said Globe’s historical valuation band was no longer relevant, given a change in business model and Globe’s stronger earnings prospects.
“Thus, we are raising our FY15 PE multiple target from 15x to 18x, which pegs Globe’s price target at RM4.82 (upside of 11%).
“In our view, a +3x valuation re-rating is in-line with regional peers in the testing and packaging business, which on average trade at a forward PE of 18.4x (based on Bloomberg-consensus forecasts).
“We believe the re-rating is also supported by Globe’s strong fundamentals and Shariah status,” it said.
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