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NewsCIMB Research maintains Add on Kossan, raises target price to RM5.22
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CIMB Research maintains Add on Kossan, raises target price to RM5.22
by Cals Fri 12 Sep 2014, 17:21
| CIMB Research maintains Add on Kossan, raises target price to RM5.22 |
| Business & Markets 2014 |
| Written by theedgemalaysia.com |
| Friday, 12 September 2014 08:53 KUALA LUMPUR (Sept 12): CIMB Research has maintained its Add rating on Kossan Rubber Industries Bhd at RM4.71 with a higher target price of RM5.22 (from RM4.24) and said during its recent tour of Kossan’s old and new plants which allowed it to reap manufacturing efficiencies over the past 10 years, management’s optimism was evident. In a note Sept 11, the research house said Kossan’s management was unperturbed by the intensifying competition and remains confident of delivering strong results. “While we maintain our earnings forecast, our target price is raised as we roll over our valuation to CY16. “We continue to value Kossan at 16x (10% discount to Hartalega’s target P/E) and maintain our Add rating given its more diversified earnings base and more reasonable pricing which makes it less susceptible to keen competition. “The key re-rating catalysts include an earnings boost from new capacity,” it said. |
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