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NewsAlliance IB Research maintains Sell on Felda Global, target price RM3.43
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Alliance IB Research maintains Sell on Felda Global, target price RM3.43
by Cals Fri 19 Jul 2013, 10:59
Alliance IB Research maintains Sell on Felda Global, target price RM3.43
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 19 July 2013 09:55
KUALA LUMPUR (July 19): Alliance Research has maintained its sell rating on Felda Global Ventures Holdings Bhd (FGVH) at RM4.51 with a target price of RM3.43 and said the was continuing its acquisition trail, this time a take-over offer for Pontian United PLANTATION []s which has 40,000ha of palm oil plantations in Sabah.
In a note Friday, the research house said it was neutral on the acquisition for now as the transaction P/E appears expensive at 30.6x and planting statistics on Pontian were unavailable.
“That said, assuming its fully matured hectarage, it would add 11% to FGVH total hectarage and based on historical earnings, contribute some 6% to FGV’s earnings.
“Maintain Sell as the stock trades ahead of its peers despite there being no major earnings catalyst in the near term,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Friday, 19 July 2013 09:55
KUALA LUMPUR (July 19): Alliance Research has maintained its sell rating on Felda Global Ventures Holdings Bhd (FGVH) at RM4.51 with a target price of RM3.43 and said the was continuing its acquisition trail, this time a take-over offer for Pontian United PLANTATION []s which has 40,000ha of palm oil plantations in Sabah.
In a note Friday, the research house said it was neutral on the acquisition for now as the transaction P/E appears expensive at 30.6x and planting statistics on Pontian were unavailable.
“That said, assuming its fully matured hectarage, it would add 11% to FGVH total hectarage and based on historical earnings, contribute some 6% to FGV’s earnings.
“Maintain Sell as the stock trades ahead of its peers despite there being no major earnings catalyst in the near term,” it said.
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