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Hot Stock OCK rises 3.14% after Kenanga IB Research starts coverage
by Cals Fri 06 May 2016, 01:24
- Hot Stock
[size=28]OCK rises 3.14% after Kenanga IB Research starts coverage
By Surin Murugiah / theedgemarkets.com | May 5, 2016 : 9:23 AM MYTKUALA LUMPUR (May 5): OCK Group Bhd rose 3.14% this morning after Kenanga IB Research initiated coverage on the stock with an “Outperform” rating and a DCF-driven target price of 95 sen.
At 9.04am, OCK rose 2.5 sen to 82 sen with 539,000 shares done.
In a note today, the research house said OCK is principally involved in the provision of telecommunications network services.
“We like OCK for: (i) its healthy cash flow on the back of escalating recurring income trend, (ii) spreading its wings in Myanmar and across Southeast Asia, (iii) its ability to ride with the passive infrastructure sharing trend, (iv) its EBITDA margin expanding trend, and (iv) potential growth through M&A activity.
“We expect the group to record another double-digit annual growth of 18% (to RM29.2 million) in FY16 with margin of 7.4%, similar to its FY15 performance (at circa 7.8%). FY17E net profit, however, is expected to growth marginally by 1.1% (to RM29.5 million) as a result of the higher depreciation cost incurred after the full-year rental income contribution of its Myanmar project,” it said.
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