Hot Stock Bison rises 1.45% as half year earnings deemed in line with expectations
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Hot Stock Bison rises 1.45% as half year earnings deemed in line with expectations
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[size=28]Bison rises 1.45% as half year earnings deemed in line with expectations
By Surin Murugiah / theedgemarkets.com | June 28, 2016 : 10:00 AM MYTKUALA LUMPUR (June 28): Bison Consolidated Bhd shares rose 1.45% albeit in thin trade this morning after its 1HFY10/16 was deemed in line with expectations.
At 9.15am, Bison added 2 sen to RM1.40 with 20,100 shares done.
In a note June 27, CIMB IB Research said Bison’s 1HFY10/16 core earnings came in broadly in line with house expectations, making up 60% of the full-year estimates.
It said that 1H is traditionally stronger.
“Even though margins were sequentially lower, this was already anticipated as its 1Q was inflated by the higher GP margins of its stocked-up cigarette inventory.
“Store expansion on track (+40 since Oct 2015) to meet target of 70 new stores p.a.
“Maintain Add with unchanged PEG and P/E 12-month target price of RM1.80,” it said.
The research house said key downside risks to its call include a significant slowdown in consumption spending and any substantial spike in operating costs.
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