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CIMB Research maintains Add on Prestariang, raises target price
by Cals Fri 21 Feb 2014, 08:48
| CIMB Research maintains Add on Prestariang, raises target price |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Friday, 21 February 2014 08:27 |
KUALA LUMPUR (Feb 21): CIMB Research has maintained its Add rating on Prestariang Bhd at RM3.29 with a higher target price of RM3.89 (from RM3.51) and said that at 96% of our forecast, Prestariang’s FY13 full-year result was broadly in line with market and house expectations.
In a note Feb 20, the research house said it believed the lower 4Q net profit was mainly due to the higher cost allocated to year-end staff bonuses and continued losses at UniMY.
CIMB Research said excluding UniMY losses, Prestariang’s FY13 net profit would have been 31% year-on-year higher, adding that the proposed 1:1 bonus issue was a positive surprise and should boost stock liquidity.
“We raise FY14-15 EPS to reflect earnings from its oil & gas training business and add the FY16 EPS.
“We raise the target price based on an unchanged 14x 2015 P/E – the sector’s P/E. We maintain our Add rating.
“Catalysts are securing more oil & gas jobs and strong UniMY student enrolments,” it said.
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