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Results preview Affin IB Research maintains Add on MISC, raises target price

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Results preview Affin IB Research maintains Add on MISC, raises target price Empty Results preview Affin IB Research maintains Add on MISC, raises target price

Post by Cals Mon 10 Feb 2014, 08:59

Results preview Affin IB Research maintains Add on MISC, raises target price
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 10 February 2014 08:54

KUALA LUMPUR (Feb 10): Affin IB Research has maintained its Add rating on MISC Bhd at RM6.10 with a higher target price of RM6.70 (from RM6.03) and said that year-to-date, MISC’s share price had risen by 15%, outperforming the KLCI by 3%.
In a note Monday, the research house said it made no changes to its FY13-15 earnings forecast, pending MISC’s full year results announcement on the 13th February.
“We reaffirm our positive stance on the group with a higher target price of RM6.70, as we no longer tag a 10% discount to our SOP valuation, given the semblance of earnings recovery as well as renewed optimism on the shipping sector.
“As the last heavy bout of new capacity into the market was delivered in 2013, we expect outlook for the shipping sector as well as freight rates to continue recovering, going forward.
“Risk to our recommendation would be a prolonged depressed shipping market which would thwart a meaningful recovery in tanker rates going forward,” it said.
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