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NewsRHB Research maintains Buy on Scientex, trims target to RM8.20
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RHB Research maintains Buy on Scientex, trims target to RM8.20
by Cals Wed 25 Mar 2015, 00:19
RHB Research maintains Buy on Scientex, trims target to RM8.20
By TheEdge Markets.com / theedgemarkets.com | March 24, 2015 : 10:01 AM MYT
KUALA LUMPUR (March 24): [size=14]RHB Research has maintained its “Buy” raing on Scientex Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) at RM6.62 with a revised target price of RM8.20 (from RM8.64) and said Scientex’s 1HFY15 (Jul) earnings of RM72.1 million (+13.7% y-o-y) were slightly below expectations, largely due to: i) a realised forex loss of RM9.2 million from paring down of its USD denominated loans in 2QFY15, and ii) lower margins on the back of higher sales percentage of base film, which is a lower-margin product.
“We cut our FY15-FY17 earnings forecasts by 3.3- 5% after updating our sales assumptions, as well as the costs assumptions to account for the forex loss.
“Key risks include a potential slowdown in property sales and rising competition in the manufacturing arm that could potentially squeeze its margins
“Maintain Buy with a revised SOP-based target price of RM8.20 (24% upside),” it said.
[/size]
By TheEdge Markets.com / theedgemarkets.com | March 24, 2015 : 10:01 AM MYT
KUALA LUMPUR (March 24): [size=14]RHB Research has maintained its “Buy” raing on Scientex Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) at RM6.62 with a revised target price of RM8.20 (from RM8.64) and said Scientex’s 1HFY15 (Jul) earnings of RM72.1 million (+13.7% y-o-y) were slightly below expectations, largely due to: i) a realised forex loss of RM9.2 million from paring down of its USD denominated loans in 2QFY15, and ii) lower margins on the back of higher sales percentage of base film, which is a lower-margin product.
“We cut our FY15-FY17 earnings forecasts by 3.3- 5% after updating our sales assumptions, as well as the costs assumptions to account for the forex loss.
“Key risks include a potential slowdown in property sales and rising competition in the manufacturing arm that could potentially squeeze its margins
“Maintain Buy with a revised SOP-based target price of RM8.20 (24% upside),” it said.
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