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Affin Hwang keeps Buy on Hiap Teck, says bouyant domestic steel demand

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Affin Hwang keeps Buy on Hiap Teck, says bouyant domestic steel demand Empty Affin Hwang keeps Buy on Hiap Teck, says bouyant domestic steel demand

Post by Cals Mon 29 Sep 2014, 22:06

Affin Hwang keeps Buy on Hiap Teck, says bouyant domestic steel demand
Business & Markets 2014
Written by Jeffrey Tan of theedgemalaysia.com   
Monday, 29 September 2014 10:39

KUALA LUMPUR (Sept 29): Affin Hwang Investment Bank Bhd Research is buoyant on the domestic demand for steel products and has maintained a ‘buy’ call for Hiap Teck Venture Bhd at 79 sen.
The research house believes domestic demand will remain buoyant on the back of existing and upcoming construction and infrastructure projects.
Affin Hwang’s research analyst Sharifah Farah said this is despite expectations that international prices of steel will remain under pressure on the back of a moderating global economic growth.
In a note today, Sharifah Farah retained her target price of 92 sen for the steel manufacturer, based on 12 times CY15 price earnings ratio.
However, she said her FY15E and FY16E earnings were slightly ‘tweaked’ after updating her FY14 figures.
“Hiap Teck’s FY7/14 net earnings of RM45.6 million were spot on with our forecast, but it was within market expectations,” she said on Hiap Teck's financial results.
“Despite the 46% growth on the pre-tax level, it came 14% below our estimate due to pricing pressure.”
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