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CIMB Research cuts target price for Tomypak, says earnings outlook unexciting

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CIMB Research cuts target price for Tomypak, says earnings outlook unexciting Empty CIMB Research cuts target price for Tomypak, says earnings outlook unexciting

Post by Cals Sun 24 Nov 2013, 19:33

CIMB Research cuts target price for Tomypak, says earnings outlook unexciting
Business & Markets 2013
Written by theedgemalaysia.com   
Saturday, 23 November 2013 13:40
KUALA LUMPUR (Nov 23): CIMB Research has maintained its Neutral rating on Tomypak Holdings Bhd at RM1.52 with a lower target price of RM1.42 (from RM1.44) and said that at an annualised 103% of our FY13 forecast, Tomypak’s 9MFY13 core net profit was within expectations as the research house foresees a weak 4Q on rising production costs.

In a note Nov 21, the research house interim DPS was 2 sen, in line with its expectations.

CIMB Research said year-to-date, DPS of 6sen had been declared.

Yields are between 5-6%, it said.

“We maintain our EPS forecasts but lower our target price as we roll forward to end-2015, applying a 7.8x CY15 P/E, a 40% discount (previously 30%) to Daibochi’s 2015 13x P/E target.

“The larger discount reflects Daibochi’s much stronger earnings track record. The stock remains a Neutral as earnings outlook is unexciting. We prefer Daibochi,” it said.
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