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NewsCIMB Research maintains Outperform on Kossan, TP RM4.81
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CIMB Research maintains Outperform on Kossan, TP RM4.81
by hlk Tue 28 May 2013, 09:15
KUALA LUMPUR: CIMB Equities Research is maintaining its Outperform recommendation on Kossan Rubber Industries and keeping its target price of RM4.81 unchanged.
It
said on Tuesday that strong demand and stable cost led to a 51% on-year
and 12% on-quarter surge in Kossan's 1Q13 core net profit, with the
examination glove, clean room glove and TRP divisions showing revenue
growth.
“At 26% of our and 27% of consensus full-year estimates, 1Q earnings broadly met expectations,” it said.
CIMB
Research said the strong 1Q performance reinforces its Outperform
rating on the stock, with an unchanged target price based on 9.9 times
CY14 P/E or a 30% discount to Top Glove's two-year average.
The research house said strong demand and its TRP expansion in Indonesia are catalysts.
It
said on Tuesday that strong demand and stable cost led to a 51% on-year
and 12% on-quarter surge in Kossan's 1Q13 core net profit, with the
examination glove, clean room glove and TRP divisions showing revenue
growth.
“At 26% of our and 27% of consensus full-year estimates, 1Q earnings broadly met expectations,” it said.
CIMB
Research said the strong 1Q performance reinforces its Outperform
rating on the stock, with an unchanged target price based on 9.9 times
CY14 P/E or a 30% discount to Top Glove's two-year average.
The research house said strong demand and its TRP expansion in Indonesia are catalysts.
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