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NewsHLIB Research values GD Expess at RM1.80
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HLIB Research values GD Expess at RM1.80
by Cals Thu 02 Apr 2015, 21:01
HLIB Research values GD Expess at RM1.80
By TheEdge Markets.com / theedgemarkets.com | April 2, 2015 : 8:27 AM MYT
KUALA LUMPUR (April 2): [size=14]Hong Leong IB Research says it believes that express delivery and logistic services provider GD Expesss Carrier Bhd (GDEX) ([You must be registered and logged in to see this image.] Financial Dashboard) should be fairly valued at RM1.80 given its strong growth potentials.
In a note today, the research house said GDEX has been enjoying strong earnings growth leveraging on volume growth.
It said GDEX registered FY14 pre-tax profit at RM24.3 million (6.75x of RM3.6m in FY09) and net profit of RM23.4 million (11.4x of RM2.1m of FY09).
“Management expects continued double digit growth for the next 5 years, driven by stable volume growth from conventional clients and surging volume growth from e-commerce. We have projected FY15-17 earnings growth of +23.6-38.6%.
“We believe GDEX should be fairly valued at RM1.80 based on FY17 P/E of 27.5x, given the strong growth potentials of its business model with further upside from regional expansion,” it said.
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By TheEdge Markets.com / theedgemarkets.com | April 2, 2015 : 8:27 AM MYT
KUALA LUMPUR (April 2): [size=14]Hong Leong IB Research says it believes that express delivery and logistic services provider GD Expesss Carrier Bhd (GDEX) ([You must be registered and logged in to see this image.] Financial Dashboard) should be fairly valued at RM1.80 given its strong growth potentials.
In a note today, the research house said GDEX has been enjoying strong earnings growth leveraging on volume growth.
It said GDEX registered FY14 pre-tax profit at RM24.3 million (6.75x of RM3.6m in FY09) and net profit of RM23.4 million (11.4x of RM2.1m of FY09).
“Management expects continued double digit growth for the next 5 years, driven by stable volume growth from conventional clients and surging volume growth from e-commerce. We have projected FY15-17 earnings growth of +23.6-38.6%.
“We believe GDEX should be fairly valued at RM1.80 based on FY17 P/E of 27.5x, given the strong growth potentials of its business model with further upside from regional expansion,” it said.
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