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AllianceDBS Research starts coverage on Pantech, target price RM1.55

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AllianceDBS Research starts coverage on Pantech, target price RM1.55 Empty AllianceDBS Research starts coverage on Pantech, target price RM1.55

Post by Cals Tue 07 Oct 2014, 23:33

AllianceDBS Research starts coverage on Pantech, target price RM1.55
Business & Markets 2014
Written by theedgemalaysia.com   
Tuesday, 07 October 2014 09:13

KUALA LUMPUR (Oct 7): AllianceDBS Research has initiated coverage on Pantech Group Holdings Bhd with a buy rating at RM1.05 and target price of RM1.55 and said Pantech will emerge as a key beneficiary of Pengerang downstream boom (PIPC).
Pantech manufactures carbon steel, stainless steel and nickel alloy pipes and fittings.
In a note Tuesday, the research house said Pantech’s stainless steel and nickel alloy business turned profitable recently, and boosted segment margins to more than 19% in 1QFY15, from less than 8% before FY13.
“This is expected to improve in the future as they continue to gain market traction and focus on higher-value products.
“Pantech is poised to get a piece of this pie given their market lead, established track record and location in Pasir Gudang.
“If 5% of the RM87 billionn project value is for PVF, and Pantech secures 2% of that, it would translate into RM1.7 billion in supply contracts from the PIPC over the next five years,” it said.
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