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Hot Stock Berjaya Auto rises after CIMB Research starts coverage

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Hot Stock Berjaya Auto rises after CIMB Research starts coverage Empty Hot Stock Berjaya Auto rises after CIMB Research starts coverage

Post by Cals Wed 24 Sep 2014, 02:32

Hot Stock Berjaya Auto rises after CIMB Research starts coverage
Business & Markets 2014
Written by Surin Murugiah of theedgemalaysia.com   
Tuesday, 23 September 2014 10:29

KUALA LUMPUR (Sept 23): Berjaya Auto Bhd shares were among the top gainers at mid-morning on Tuesday after CIMB Research started coverage on the stock.
At 10.12am, Berjaya Auto rose 1.88% or six sen to RM2.36 with 709,100 shares done.
CIMB Research initiated coverage on BAuto at RM3.28 with an Add rating and target price of RM4.44 and said that armed with a new technology and a line of exciting models, BAuto has grown the Mazda brand, becoming the fastest growing auto company in Malaysia in the last few years.
In a note Sept 22, the research house said with new models, more localisation and its entry into the Philippines, the company’s growth was set to accelerate.
“We initiate our coverage on the company with an Add call and a target price of RM4.44.
“Our valuation is based on 14.0x CY16 P/E, attaching a 10% premium over its peers’ P/E average, due to its relatively higher growth trajectory.
“Accumulate the stock now to ride on its growth,” it said.
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