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RHB Research maintains Buy on Prestariang, raises fair value
by Cals Tue 06 Aug 2013, 10:06
RHB Research maintains Buy on Prestariang, raises fair value
Business & Markets 2013
Written by theedgemalaysia.com
Tuesday, 06 August 2013 09:44
KUALA LUMPUR (Aug 6): RHB Research has maintained its Buy rating on Prestariang Bhd at RM1.98 with a higher fair value of RM2.70 (from RM2.36 previously) and said a slew of contract flows over the next few months would catalyse a re-rating of the company’s shares.
In a note Tuesday, the research house said Prestariang had confirmed that its University Malaysia Of Computer Science And Engineering (UniMy) campus has enlisted 18 students for its July intake, way below expectations.
To help address the shortfall, Management will launch an intake for its foundation courses in August, followed by another for its degree courses in September.
RHB Research said Prestariang was currently exploring M&A opportunities within the O&G training space, as Management has identified the need by O&G firms to provide practical skills training to young recruits in areas like welding, scaffolding and fabrication.
The research house said it expects the details to be firmed up over the coming months, with a potential M&A inked by 4QFY13.
“We continue to see positive prospects for Prestariang, given more O&G industry-related contracts coming on board and the potential acquisition of an O&G-related training company.
“Thus, we maintain our Buy call and nudge up our fair value to RM2.70 (from RM2.36 previously), based on a higher 12.0x P/E (from 10.0x previously),” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Tuesday, 06 August 2013 09:44
KUALA LUMPUR (Aug 6): RHB Research has maintained its Buy rating on Prestariang Bhd at RM1.98 with a higher fair value of RM2.70 (from RM2.36 previously) and said a slew of contract flows over the next few months would catalyse a re-rating of the company’s shares.
In a note Tuesday, the research house said Prestariang had confirmed that its University Malaysia Of Computer Science And Engineering (UniMy) campus has enlisted 18 students for its July intake, way below expectations.
To help address the shortfall, Management will launch an intake for its foundation courses in August, followed by another for its degree courses in September.
RHB Research said Prestariang was currently exploring M&A opportunities within the O&G training space, as Management has identified the need by O&G firms to provide practical skills training to young recruits in areas like welding, scaffolding and fabrication.
The research house said it expects the details to be firmed up over the coming months, with a potential M&A inked by 4QFY13.
“We continue to see positive prospects for Prestariang, given more O&G industry-related contracts coming on board and the potential acquisition of an O&G-related training company.
“Thus, we maintain our Buy call and nudge up our fair value to RM2.70 (from RM2.36 previously), based on a higher 12.0x P/E (from 10.0x previously),” it said.
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