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Hot Stock Salcon up 4.12% after CIMB Research starts coverage
by Cals Tue 16 Jun 2015, 02:10
Hot Stock
Salcon up 4.12% after CIMB Research starts coverage
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By Surin Murugiah / theedgemarkets.com | June 15, 2015 : 9:34 AM MYT
KUALA LUMPUR (June 15): Shares of [size=14]Salcon Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose as much as 4.12% in early trade today after CIMB Research initiated coverage on Salcon at 85 sen with an “Add” rating and target price of RM1.30.
At 9.15am, Salcon was up 3.53% or 3 sen to 88 sen with 3.96 million shares done.
In a note June 14,CIMB Research said Salcon was an under-researched and still-undervalued small/mid-cap water and sewerage contractor.
The researh house said Salcon exhibited the qualities of its bigger peers in their early years of M&A and was positioned strongly in two major sectors that drive the domestic construction space.
“Salcon’s rail-based fibre optic asset through 50.1%-owned VBT is a concession that is still in its infancy but offers prospects of dominating the captive rail transport segment.
“We initiate coverage with an Add rating and a target price of RM1.30, pegged to a 20% RNAV discount (52% upside).
“Potential catalysts are job wins and VBT's new contracts,” it said.
[/size]
Salcon up 4.12% after CIMB Research starts coverage
[You must be registered and logged in to see this image.]
By Surin Murugiah / theedgemarkets.com | June 15, 2015 : 9:34 AM MYT
KUALA LUMPUR (June 15): Shares of [size=14]Salcon Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose as much as 4.12% in early trade today after CIMB Research initiated coverage on Salcon at 85 sen with an “Add” rating and target price of RM1.30.
At 9.15am, Salcon was up 3.53% or 3 sen to 88 sen with 3.96 million shares done.
In a note June 14,CIMB Research said Salcon was an under-researched and still-undervalued small/mid-cap water and sewerage contractor.
The researh house said Salcon exhibited the qualities of its bigger peers in their early years of M&A and was positioned strongly in two major sectors that drive the domestic construction space.
“Salcon’s rail-based fibre optic asset through 50.1%-owned VBT is a concession that is still in its infancy but offers prospects of dominating the captive rail transport segment.
“We initiate coverage with an Add rating and a target price of RM1.30, pegged to a 20% RNAV discount (52% upside).
“Potential catalysts are job wins and VBT's new contracts,” it said.
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