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HLIB initiates coverage on Caring with 'buy' call

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HLIB initiates coverage on Caring with 'buy' call Empty HLIB initiates coverage on Caring with 'buy' call

Post by Cals Fri 18 Apr 2014, 21:10

HLIB initiates coverage on Caring with 'buy' call
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Friday, 18 April 2014 16:14

KUALA LUMPUR (Apr 18): Hong Leong Investment Bank Bhd (HLIB) has initiated coverage on Caring Pharmacy Group Bhd with a “buy” call at RM1.97, and a target price of RM2.40.

In mid-afternoon trades, Caring was done at RM1.99 per share after rising 2 sen.

“Based on our earnings estimates, Caring is currently trading at prospective price-to-earnings ratings of 13 to 14 times over FY15 and FY16.

“Assuming an FY15 price-to-earnings of 17 times, we arrive at a price target of RM2.40 per share for Caring,” said the research house in a note today.

The research house expects double digit revenue and earnings growth in FY15 and FY16 based on an estimated setting up of 12 to 13 new outlets per annum, based on Caring's plans to expand total outlets to 120 by 2016.

The company also has a good track record, having registered steady double-digit growth in revenue and earnings from FY10 to FY13. 
Cals
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