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NewsAffin raises Kossan TP to RM5.08
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Affin raises Kossan TP to RM5.08
by Cals Thu 16 Jan 2014, 17:32
| Affin raises Kossan TP to RM5.08 |
| Business & Markets 2014 |
| Written by Chong Jin Hun of theedgemalaysia.com |
| Thursday, 16 January 2014 09:58 |
KUALA LUMPUR (Jan 16): Affin Investment Bank Bhd has upgraded its target price (TP) for Kossan Rubber Industries Bhd shares to RM5.08 from RM4.30. The upgrade comes with an unchanged "buy" call for shares of the rubber glove, and technical rubber product manufacturer.
In a note today, Affin analyst Mandy Teh said the TP upgrade is justified on several reasons. These include Kossan's strong financials, decent valuations, higher share trading liquidity, and balanced product mix.
"We remain upbeat on KRI’s (Kossan) prospects and we favour KRI’s current position, whereby all its production lines are highly versatile and interchangeable. This means minimal downtime in switching from natural rubber (NR) to nitrile gloves and vice versa depending on customers’ need.
"Overall, we reiterate our BUY call and continue to like the company’s solid fundamentals. Our strong EPS annual growth of 30% for FY14 is underpinned by resilient sales in higher niche gloves and favourable latex costs (pencilled into our earnings forecast is an average latex cost assumption of RM6/kg for FY13-15)," Teh said.
Kossan shares fell one sen to RM4.18 at 9.57am.
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