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Affin IB Research maintains Buy on Inari, ups target price to RM3.33

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Affin IB Research maintains Buy on Inari, ups target price to RM3.33 Empty Affin IB Research maintains Buy on Inari, ups target price to RM3.33

Post by Cals Wed 19 Mar 2014, 16:36

Affin IB Research maintains Buy on Inari, ups target price to RM3.33
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 19 March 2014 09:21

KUALA LUMPUR (March 19): Affin IB Research has maintained its Buy rating on Inari Amertron Bhd at RM2.22 with a higher target price of RM3.33 (from RM2.55) and said Amertron’s FY14 revenue in Philippines operation expects to reach RM338 million, while China unit expects contribute RM100 million.

In a note Wednesday, the research house said it expects net margin to also improve to 6-7% in FY14 (previously 4%), adding that this is underpinned by management efforts to spur growth and enhance business efficiency.

Affin IB Research said separately in its China’s operation, Amertron was qualified by a leading smartphone player for an infrared product in Feb 2014, adding that this was  a first step towards an improved business operation there.

“Higher capex allocation of RM80 million for FY15, mainly to cater for higher production activity in RF and fiber optic segment.

“This will include a new plant in Penang, further expansion to one of its existing plants in Penang and expansion of its existing Clark facility.

“We are keeping our earnings forecasts unchanged. Maintain Buy with higher target price of RM3.33 after rolling forward our valuation horizon into CY15, based on an unchanged PE target of 15x fully diluted core CY15 EPS,” it said.
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