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HLIB Research starts coverage on Aeon Co (M), target price RM3.88

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HLIB Research starts coverage on Aeon Co (M), target price RM3.88 Empty HLIB Research starts coverage on Aeon Co (M), target price RM3.88

Post by Cals Fri 03 Oct 2014, 02:09

HLIB Research starts coverage on Aeon Co (M), target price RM3.88
Business & Markets 2014
Written by theedgemalaysia.com   
Thursday, 02 October 2014 08:37

KUALA LUMPUR (Oct 2): Hong Leong IB Research (HLIB) has initiated coverage on Aeon Co (M) Bhd with a Hold rating and target price of RM3.88 and said the company formerly known as ‘Jaya Jusco’ had successfully built a strong brand name and delivering a high quality shopping experience to its customers.
In a note Thursday, HLIB said Aeon’s competitive strengths included: (1) Solid brand name backed by strong customer loyalty; (2) Managed by experienced leadership team; (3) Its anchor tenant position.
“The bases of our investment highlights for Aeon includes:
(1) Defensive and growing earnings base;
(2) Decent dividend payout albeit no dividend policy;
(3) Aggressive expansion capacity and store refurbishment
(4) Diversifying its earnings by entering a new venture with Thailand’s Index Living Mall Co. Ltd for furniture retailing;
(5) Strong balance sheet and cash position; and
(6) Growing per capita income and urbanisation rate,” it said.
HLIB said it favoured Aeon for its diversified and unique business model.
“However, we believe its strong have already been largely reflected in the share price, thus, we are initiating coverage with a Hold rating.
“Our target price of RM3.88 is pegged to 21.9x P/E FY15 EPS of 17.7 sen, based on +1 SD above 3-year historical average P/E,” it said.
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