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MIDF Research upgrades Felda Global to Buy, raises target price

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MIDF Research upgrades Felda Global to Buy, raises target price Empty MIDF Research upgrades Felda Global to Buy, raises target price

Post by Cals Thu 17 Oct 2013, 10:05

MIDF Research upgrades Felda Global to Buy, raises target price
Business & Markets 2013
Written by theedgemalaysia.com   
Thursday, 17 October 2013 09:24
KUALA LUMPUR (Oct 17): MIDF Research has upgraded Felda Global Ventures Holdings Bhd (FGV) to a Buy at RM4.40 with a higher target price of RM5.20 (from RM4.80) and said FGV’s proposal to acquire the remaining 51% equity interest in Felda Holdings Berhad (FHB) was a boon to shareholders.

In a note Thursday, the research house said the offer price of RM2.2 billion was cheap, implying a PER of only 11.1x, lower than industry average PER of 15x to 16x.

“The acquisition will boost FY14 earnings by approximately 12%.

“Upgrade to Buy with higher target price of RM5.20 per share,” it said.
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