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RHB Research maintains Buy on Scientex, ups fair value to RM8.64

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RHB Research maintains Buy on Scientex, ups fair value to RM8.64 Empty RHB Research maintains Buy on Scientex, ups fair value to RM8.64

Post by Cals Fri 26 Sep 2014, 08:27

RHB Research maintains Buy on Scientex, ups fair value to RM8.64
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 25 September 2014 09:33

KUALA LUMPUR (Sept 25): RHB Research has maintained its Buy rating on Scientex Bhd with a higher fair value (FV) of RM8.64 (from RM7.19) and said Scientex’s FY14 core earnings of RM146.30 million met house expectations.
“We raise our FV to RM8.64 (from RM7.19) as we peg a revised CY15 P/E of 15x (from 12x) to the packaging division, which better reflects growth prospects.
“We maintain Buy as our new FV implies a 24.3% upside.
“Management unveiled its expansion strategy to quadruple consumer packaging capacity to 120,000 tonnes come 2017. This could propel earnings growth in the foreseeable future,” it said.
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