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HLIB maintains Hold on Pos, cuts target price
by Cals Fri 21 Feb 2014, 01:23
HLIB maintains Hold on Pos, cuts target price
Business & Markets 2014
Written by theedgemalaysia.com
Thursday, 20 February 2014 08:45
KUALA LUMPUR (Feb 20): Hong Leong IB Research (HLIB) has maintained its Hold rating on Pos Malaysia Bhd (PosM) with a lower target price of RM5 (from RM5.53) and said the national courier reported core profit of RM22.4 million for 3QFY03/14, and RM106.1 million for 9MFY03/14, below HLIB’s and consensus estimates due to higher than expected operational cost and effective tax rate.
In a note Thursday, the research house said PosM’s 9MFY03/14 PBT increased by 7.8% year-on-year (y-o-y), but core earnings reduced by 5.5% y-o-y due to lower effective tax rate in previous year (tax writebacks)
“Maintain Hold with lower target price of RM5.00 (from RM5.53), after cutting FY14-16 earnings by 9-16%,” it said.
Business & Markets 2014
Written by theedgemalaysia.com
Thursday, 20 February 2014 08:45
KUALA LUMPUR (Feb 20): Hong Leong IB Research (HLIB) has maintained its Hold rating on Pos Malaysia Bhd (PosM) with a lower target price of RM5 (from RM5.53) and said the national courier reported core profit of RM22.4 million for 3QFY03/14, and RM106.1 million for 9MFY03/14, below HLIB’s and consensus estimates due to higher than expected operational cost and effective tax rate.
In a note Thursday, the research house said PosM’s 9MFY03/14 PBT increased by 7.8% year-on-year (y-o-y), but core earnings reduced by 5.5% y-o-y due to lower effective tax rate in previous year (tax writebacks)
“Maintain Hold with lower target price of RM5.00 (from RM5.53), after cutting FY14-16 earnings by 9-16%,” it said.
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