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RHB Research upgrades Glomac to Buy, fair value RM1.38

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RHB Research upgrades Glomac to Buy, fair value RM1.38 Empty RHB Research upgrades Glomac to Buy, fair value RM1.38

Post by Cals Thu 20 Mar 2014, 09:59

RHB Research upgrades Glomac to Buy, fair value RM1.38
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 20 March 2014 08:25

KUALA LUMPUR (March 20): RHB Research has upgraded Glomac Bhd to a Buy with a revised fair value of RM1.38 and said Glomac’s 3QFY14 results came broadly in line.

In a note Thursday, the research house said Glomac’s management had decided to withhold some of its launches for better timing and, as such, its FY14 new sales target has been lowered to RM500 million.

“Nonetheless, its long-term prospects remain strong, underpinned by future GDV of RM7.1 billion and unbilled sales of RM792 million.

“Upgrade to Buy with a revised fair value of RM1.38 as most negatives are now priced in,” it said.
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