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CIMB Research maintains Hold on Tasek, cuts target price of RM15.30

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CIMB Research maintains Hold on Tasek, cuts target price of RM15.30 Empty CIMB Research maintains Hold on Tasek, cuts target price of RM15.30

Post by Cals Thu 07 Aug 2014, 00:50

CIMB Research maintains Hold on Tasek, cuts target price of RM15.30
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 06 August 2014 09:41

KUALA LUMPUR (Aug 6): CIMB Researah has maintained its Hold rating on Tasek Corporation Bhd at RM14.92 with a lower target price of RM15.30 (from RM16.44) and said although Tasek's annualised 1H14 core net profit came in at 109% of house forecast, it was broadly in line as CIMB Research expected a normalisation of tax rates and sustained losses for the ready-mix segment in 2H.
In a note Wednesday, the research house said the main positive was the higher-than-expected dividends, which should be the key support for the share price amid a still-competitive industry environment.
“We raise our DPS forecasts but reduce our target price as we apply a lower CY14 P/BV of 1.81 (1.94x previously), based on an unchanged 10% discount to Lafarge's average 1-year historical P/BV.
“We maintain our Hold rating and recommend a switch to contractors,” it said.
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