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BIMB Securities values Caring Pharmacy at RM1.40

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BIMB Securities values Caring Pharmacy at RM1.40 Empty BIMB Securities values Caring Pharmacy at RM1.40

Post by Cals Wed 13 Nov 2013, 09:51

BIMB Securities values Caring Pharmacy at RM1.40
Business & Markets 2013
Written by theedgemalaysia.com   
Wednesday, 13 November 2013 09:00
KUALA LUMPUR (Nov 13): BIMB Securities has valued Caring Pharmacy Group Bhd (Caring)  at RM1.40 and said the company ranked amongst the top three community pharmacy operators in Malaysia with an estimated market share of 4% based on the number of community pharmacy outlets.
In a note Wednesday, the research house said Caring’s operations are divided into four segments which are (i) pharmaceutical products, (ii) non-pharmaceutical products, (iii) medical and healthcare devices and (iv) other products and services.
It said Caring plans to establish additional 30-35 new community pharmacies in Malaysia over the next 2 years.
“As such, we expect its FY14 and FY15 net earnings to grow by 13.9% and 10.8% respectively.
“We peg a fair value of RM1.40 based on FY14 EPS of 10.8sen over 13.1x PER, a 20% discount to the sector’s weighted valuation of 16.3x,” it said.
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