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NewsAffin IB Research maintains Buy on Globetronics, raises target price to RM3.50
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Affin IB Research maintains Buy on Globetronics, raises target price to RM3.50
by Cals Thu 22 Aug 2013, 09:01
Affin IB Research maintains Buy on Globetronics, raises target price to RM3.50
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 22 August 2013 08:46
KUALA LUMPUR (Aug 22): Affin IB Research has maintained its Buy rating on Globetronics at RM2.75 with a higher target price of RM3.50 (from RM2.83) after lifting its valuation multiples to 15x from 12x.
In a note Thursday, the research house said the higher PE multiple, in its view, was justified given: 1) Globetonic's strong fundamentals (cash rich, improved earnings quality and better earnings visibility); 2) still decent valuations underpinned by its strong EPS annual growth of 41%-42% for FY12-FY13 respectively.
“We project a FY14 EPS growth of 23%; and 3) investors flocking to better quality TECHNOLOGY [] related stocks (vis-a-vis Unisem and MPI which used to be the sector bellwethers).
“Outlook remains exciting as management positions themselves to become a sensor product powerhouse. Dividend yields are also attractive at 7% for FY14. Maintain Buy,” it said.
Business & Markets 2013
Written by theedgemalaysia.com
Thursday, 22 August 2013 08:46
KUALA LUMPUR (Aug 22): Affin IB Research has maintained its Buy rating on Globetronics at RM2.75 with a higher target price of RM3.50 (from RM2.83) after lifting its valuation multiples to 15x from 12x.
In a note Thursday, the research house said the higher PE multiple, in its view, was justified given: 1) Globetonic's strong fundamentals (cash rich, improved earnings quality and better earnings visibility); 2) still decent valuations underpinned by its strong EPS annual growth of 41%-42% for FY12-FY13 respectively.
“We project a FY14 EPS growth of 23%; and 3) investors flocking to better quality TECHNOLOGY [] related stocks (vis-a-vis Unisem and MPI which used to be the sector bellwethers).
“Outlook remains exciting as management positions themselves to become a sensor product powerhouse. Dividend yields are also attractive at 7% for FY14. Maintain Buy,” it said.
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