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CIMB Research starts coverage on Berjaya Auto, target price RM4.44

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CIMB Research starts coverage on Berjaya Auto, target price RM4.44 Empty CIMB Research starts coverage on Berjaya Auto, target price RM4.44

Post by Cals Wed 24 Sep 2014, 02:28

CIMB Research starts coverage on Berjaya Auto, target price RM4.44
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 23 September 2014 08:52
KUALA LUMPUR (Sept 23): CIMB Research has initiated coverage on Berjaya Auto Bhd at RM3.28 with an Add rating and target price of RM4.44 and said that armed with a new technology and a line of exciting models, BAuto has grown the Mazda brand, becoming the fastest growing auto company in Malaysia in the last few years.
In a note Sept 22, the research house said with new models, more localisation and its entry into the Philippines, the company’s growth was set to accelerate.
“We initiate our coverage on the company with an Add call and a target price of RM4.44.
“Our valuation is based on 14.0x CY16 P/E, attaching a 10% premium over its peers’ P/E average, due to its relatively higher growth trajectory.
“Accumulate the stock now to ride on its growth,” it said.
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