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RHB Research starts coverage on Thong Guan, fair value RM3.60

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RHB Research starts coverage on Thong Guan, fair value RM3.60 Empty RHB Research starts coverage on Thong Guan, fair value RM3.60

Post by Cals Thu 28 Aug 2014, 18:20

RHB Research starts coverage on Thong Guan, fair value RM3.60
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 28 August 2014 09:40

KUALA LUMPUR (Aug 28): RHB Research has initiate coverage on Thong Guan Industries Bhd (TGI) at RM2.86 and Buy rating with a fair value of RM3.60.
In a note Thursday, the research house TGI’s expansion into high-end plastic packaging and the PVC food wrap business was expected to derive a 3-year earnings CAGR of 19% in 2013-2016F.
“Our RM3.60 fair value is based on 11x FY15F P/E, ie broadly in line with target valuations of its peers.
“In our opinion, TGI trades at an undemanding 7.4x FY15F P/E valuation relative to prospective earnings growth,” it said.
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