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CIMB Research starts coverage of Prestariang, Outperform
by hlk Wed 15 May 2013, 14:15
KUALA LUMPUR: CIMB Equities Research
has started coverage of Prestariang, Malaysia's largest ICT training
and software licence service provider, with an Outperform call. Its
target price is RM2.79.
It said on Wednesday that 60% of
Prestariang's revenue was recurring and its projected 16% three-year
earnings per share (EPS) compounded annual growth rate (CAGR) should be
supported by existing services and its new ICT university, UniMy.
“We
initiate coverage with an Outperform call. Our target price is based on
12.5 times CY14 price-to-earnings (P/E), which is based on the domestic
education sector's P/E.
“Its 16% three-year EPS CAGR is higher than the sector's 8% growth. Dividend yield is also attractive at above 7%,” it said.
CIMB Research said more major ICT orders or better-than-expected enrolment in UniMy could catalyse the stock.
has started coverage of Prestariang, Malaysia's largest ICT training
and software licence service provider, with an Outperform call. Its
target price is RM2.79.
It said on Wednesday that 60% of
Prestariang's revenue was recurring and its projected 16% three-year
earnings per share (EPS) compounded annual growth rate (CAGR) should be
supported by existing services and its new ICT university, UniMy.
“We
initiate coverage with an Outperform call. Our target price is based on
12.5 times CY14 price-to-earnings (P/E), which is based on the domestic
education sector's P/E.
“Its 16% three-year EPS CAGR is higher than the sector's 8% growth. Dividend yield is also attractive at above 7%,” it said.
CIMB Research said more major ICT orders or better-than-expected enrolment in UniMy could catalyse the stock.
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