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RHB Research maintains Buy on Caring Pharmacy, ups fair value to RM2.48

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RHB Research maintains Buy on Caring Pharmacy, ups fair value to RM2.48 Empty RHB Research maintains Buy on Caring Pharmacy, ups fair value to RM2.48

Post by Cals Mon 28 Apr 2014, 13:09

RHB Research maintains Buy on Caring Pharmacy, ups fair value to RM2.48
Business & Markets 2014
Written by theedgemalaysia.com   
Monday, 28 April 2014 08:12

KUALA LUMPUR (April 28): RHB Research has maintained its Buy rating on Caring Pharmacy Group Bhd with a higher fair value (FV) of RM2.48 (from RM2.38) and said Caring’s 9MFY14 results missed house and consensus estimates.
In a note Monday, the research house said Caring’s net profit was at RM13.9 million, which was 54% of RHB Research’s previous full-year forecast and an increase of 247% quarter-on-quarter, mainly due to the one-off IPO expenses of RM1.74 million incurred in 2QFY14.
“We revise our FY14-15 earnings forecasts downwards by 15/9% respectively to account for increasing costs from new outlet openings.
“Maintain Buy, with our FV revised to RM2.48 (from RM2.38),” it said.
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