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CIMB Research maintains Hold on Eksons, ups target price to RM1.54

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CIMB Research maintains Hold on Eksons, ups target price to RM1.54 Empty CIMB Research maintains Hold on Eksons, ups target price to RM1.54

Post by Cals Thu 21 Aug 2014, 12:51

CIMB Research maintains Hold on Eksons, ups target price to RM1.54
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 21 August 2014 10:17

KUALA LUMPUR (Aug 21): CIMB Research has maintained its Hold rating on Eksons Corporation Bhd at RM1.50 with a higher target price of RM1.54 (from RM1.34) and said that at 65% of house FY15 forecast, Eksons's annualised 1QFY15 net profit was line with expectation as 1Q was seasonally a weak quarter.
In a note Aug 20, the research said it was maintaining its EPS forecasts but raise its target price as it narrowed the sum-of-parts (SOP) discount from 40% to 20%, given that the Seri Kembangan land sale (for RM140.3 million cash) was finally completed in July.
“The SOP discount reflects its small market capitalisation and tight trading liquidity. The stock remains a Hold.
“We advise switching to Ta Ann, our top pick, for exposure to the timber sector,” it said.
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