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Hot Stock Westports up 1.25% on upgrade, 1H15 net profit
by Cals Mon 03 Aug 2015, 21:50
Hot Stock
Westports up 1.25% on upgrade, 1H15 net profit
KUALA LUMPUR (Aug 3): Shares of Westports Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose in early trade today after BIMB Securities Research has upgraded the stock to “Buy” at RM4.01 with a target price of RM4.68 and said Westports’ 1HFY15 net income of RM242.3 million was within house and consensus expectations, making up 42% of house and 41% of consensus estimates respectively.
At 9.25am, the stock rose 1.25% or five sen to RM4.06 with 67,000 shares done.
In a note today, the research house said Westports’ 2Q earnings improved quarter-on-quarter but declined slightly on year-on-year basis, still affected by the higher effective tax rate of 24.7%, however the impact was negated by the improvement in its gross profit margin.
“We are rolling our valuation to FY16, hence, our latest target price of RM4.68 premised on the weighted average regional PER of 26x over FY16 EPS.
“Upgrade to Buy,” it said.
Westports up 1.25% on upgrade, 1H15 net profit
KUALA LUMPUR (Aug 3): Shares of Westports Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) rose in early trade today after BIMB Securities Research has upgraded the stock to “Buy” at RM4.01 with a target price of RM4.68 and said Westports’ 1HFY15 net income of RM242.3 million was within house and consensus expectations, making up 42% of house and 41% of consensus estimates respectively.
At 9.25am, the stock rose 1.25% or five sen to RM4.06 with 67,000 shares done.
In a note today, the research house said Westports’ 2Q earnings improved quarter-on-quarter but declined slightly on year-on-year basis, still affected by the higher effective tax rate of 24.7%, however the impact was negated by the improvement in its gross profit margin.
“We are rolling our valuation to FY16, hence, our latest target price of RM4.68 premised on the weighted average regional PER of 26x over FY16 EPS.
“Upgrade to Buy,” it said.
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