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NewsOSK Research maintains Pintaras TP at RM3.99 (9598)
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OSK Research maintains Pintaras TP at RM3.99 (9598)
by hlk Wed 05 Sep 2012, 10:45
KUALA LUMPUR: OSK Retail Research is maintaining its target price of RM3.99 for Pintaras Jaya.
It
said on Wednesday the just-released FY12 headline earnings showed a
moderate 10% on-year improvement but FY12 core earnings jumped 101.5%
to a record high of RM41.3mil after excluding the fair value
gains/losses and realised gains/losses related to its quoted
investments.
"Assuming just 5% organic earnings growth in FY13,
Pintaras Jaya will be trading at only 5.0 times FY13 PER, and only 2.5
times FY13 PER after incorporating its RM1.53 cash per share
(RM122.4mil net cash as of June 30, 2012) into the valuation," said the
research house.
OSK Research said essentially, it means that
whoever privatises Pintaras Jaya at the current market value would be
able to own the company for free in three years, if it maintains
RM40mil to RM45mil core earnings.
"Moreover, it is still trading
below RM2.97 FY12 NTA/share. Hence, Pintaras Jaya risks being
privatised cheaply if the stock is not re-rated," it said.
It
said on Wednesday the just-released FY12 headline earnings showed a
moderate 10% on-year improvement but FY12 core earnings jumped 101.5%
to a record high of RM41.3mil after excluding the fair value
gains/losses and realised gains/losses related to its quoted
investments.
"Assuming just 5% organic earnings growth in FY13,
Pintaras Jaya will be trading at only 5.0 times FY13 PER, and only 2.5
times FY13 PER after incorporating its RM1.53 cash per share
(RM122.4mil net cash as of June 30, 2012) into the valuation," said the
research house.
OSK Research said essentially, it means that
whoever privatises Pintaras Jaya at the current market value would be
able to own the company for free in three years, if it maintains
RM40mil to RM45mil core earnings.
"Moreover, it is still trading
below RM2.97 FY12 NTA/share. Hence, Pintaras Jaya risks being
privatised cheaply if the stock is not re-rated," it said.
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