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NewsHLIB Research maintains Buy on Adventa, trims target price to RM1.20
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HLIB Research maintains Buy on Adventa, trims target price to RM1.20
by Cals Wed 24 Dec 2014, 19:20
HLIB Research maintains Buy on Adventa, trims target price to RM1.20
KUALA LUMPUR (Dec 24): Hong Leong IB Research (HLIB) has maintained its “Buy” rating on Adventa Bhd with a lower target price of RM1.20 (from RM1.30) and said the company’s FY14 results were in line, with core net profit came in broadly within house expectations, accounting for 96.3% of HLIB’s full year estimate.
In a note Wednesday, the research house said Adventa’s 4QFY14 turnover improved by a whopping 106% year-on-year (y-o-y) and 16% quarter-on-quarter (q-o-q).
“However, its earnings registered double-digit declines (-10.2 y-o-y and -14.3 q-o-q) due to higher expenditure arising from the Home Dialysis business in which trials are still ongoing.
“We cut our forecasts by 2-8% to reflect higher expenses and less favourable market outlook.
“Reiterate Buy with target price reduced to RM1.20 from RM1.30, based on FY10/15E P/E of 19x, which is at a 26% discount to Asian healthcare players,” it said.
KUALA LUMPUR (Dec 24): Hong Leong IB Research (HLIB) has maintained its “Buy” rating on Adventa Bhd with a lower target price of RM1.20 (from RM1.30) and said the company’s FY14 results were in line, with core net profit came in broadly within house expectations, accounting for 96.3% of HLIB’s full year estimate.
In a note Wednesday, the research house said Adventa’s 4QFY14 turnover improved by a whopping 106% year-on-year (y-o-y) and 16% quarter-on-quarter (q-o-q).
“However, its earnings registered double-digit declines (-10.2 y-o-y and -14.3 q-o-q) due to higher expenditure arising from the Home Dialysis business in which trials are still ongoing.
“We cut our forecasts by 2-8% to reflect higher expenses and less favourable market outlook.
“Reiterate Buy with target price reduced to RM1.20 from RM1.30, based on FY10/15E P/E of 19x, which is at a 26% discount to Asian healthcare players,” it said.
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