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NewsKenanga IB Research maintains Outperform on Pestech, raises target price to RM7.27
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Kenanga IB Research maintains Outperform on Pestech, raises target price to RM7.27
by Cals Wed 02 Jul 2014, 23:03
| Kenanga IB Research maintains Outperform on Pestech, raises target price to RM7.27 |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Wednesday, 02 July 2014 09:38 KUALA LUMPUR (July 2): Kenanga IB Research has maintained its Outperform rating on Pestech International Bhd at RM5.96 with a higher target price of RM7.27 (from RM5.34) and said although Pestech’s share price had rallied 64% in the past five months, there was still upside in the stock given the upcoming tenders in which it stood a good chance in securing a few. In a note Wednesday, the research house said upbeat sentiments from contract flows and bonus issues which will go "ex" on next Tuesday bode well for Pestech. “With its current order-book of RM660 million, our FY14-FY15 revenue forecast is fairly achievable. “On the back of RM880 million new potential contract awards as mentioned above, we raise our FY15 orderbook replenishment assumption to RM600 million from RM400 million. “This raises our FY15 forecast by 37%, thus our new target price is now upgraded to RM7.27/share (or ex-bonus TP of RM4.36/share) based on unchanged CY15 13x PER. Outperform reaffirmed,” it said. |
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