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NewsAmResearch maintains Buy on Teo Seng Capital, ups fair value to RM2.70
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AmResearch maintains Buy on Teo Seng Capital, ups fair value to RM2.70
by Cals Wed 25 Mar 2015, 22:41
AmResearch maintains Buy on Teo Seng Capital, ups fair value to RM2.70
By TheEdge Markets.com / theedgemarkets.com | March 25, 2015 : 9:45 AM MYT
KUALA LUMPUR (March 25): [size=14]AmResearch Sdn Bhd has reaffirmed its “Buy” rating on Teo Seng Capital Bhd (TSC) ([You must be registered and logged in to see this image.] Financial Dashboard) with a higher fair value of RM2.70 (from RM2.40 ) and said this was based on an unchanged fully-diluted PE target of 13x FY15F earnings.
In a note today the research house said it came away from the recent meetings it hosted for TSC and institutional funds with a more upbeat view on TSC’s prospects.
“We have raised our FY15F-FY17F earnings estimates by 9%-15%.
“Our earnings upgrade is premised on expected stronger margins moving forward on the back of sustained higher selling prices of eggs and lower production costs,” it said.
AmResearch said it now anticipates TSC’s FY15F-FY17F EBITDA margins to expand by 2 percentage points to about 22%.
“We understand that egg prices, which have been on an upward trend, reached an average peak price of 34 sen/egg in 4QFY14.
“This was 10% above the historical average of 31 sen/egg.
“Management believes that prices will remain at the current levels in the next six months given the robust demand,” it said.
[/size]
By TheEdge Markets.com / theedgemarkets.com | March 25, 2015 : 9:45 AM MYT
KUALA LUMPUR (March 25): [size=14]AmResearch Sdn Bhd has reaffirmed its “Buy” rating on Teo Seng Capital Bhd (TSC) ([You must be registered and logged in to see this image.] Financial Dashboard) with a higher fair value of RM2.70 (from RM2.40 ) and said this was based on an unchanged fully-diluted PE target of 13x FY15F earnings.
In a note today the research house said it came away from the recent meetings it hosted for TSC and institutional funds with a more upbeat view on TSC’s prospects.
“We have raised our FY15F-FY17F earnings estimates by 9%-15%.
“Our earnings upgrade is premised on expected stronger margins moving forward on the back of sustained higher selling prices of eggs and lower production costs,” it said.
AmResearch said it now anticipates TSC’s FY15F-FY17F EBITDA margins to expand by 2 percentage points to about 22%.
“We understand that egg prices, which have been on an upward trend, reached an average peak price of 34 sen/egg in 4QFY14.
“This was 10% above the historical average of 31 sen/egg.
“Management believes that prices will remain at the current levels in the next six months given the robust demand,” it said.
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