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NewsBIMB Securities upgrades Xin Hwa to 'buy', target price RM1.14
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BIMB Securities upgrades Xin Hwa to 'buy', target price RM1.14
by Cals Thu 27 Aug 2015, 00:20
BIMB Securities upgrades Xin Hwa to 'buy', target price RM1.14
KUALA LUMPUR (Aug 26): BIMB Sescurities Research has upgraded Xin Hwa Holdings Bhd (XHH) to “buy” at RM1 with an unchanged target price of RM1.14 and said XHH’s 1HFY15 revenue and earnings of RM57.4 million and RM8.9 million respectively were within house expectation accounting for 47.4% and 52.4% of BIMB’s full-year earnings projection.
In a note today, the research house said quarter-on-quarter, the 2QFY15 revenue and earnings decreased by 2.7% and 15.1% respectively to RM28.3 million and RM29.1 million.
“This was due mainly to the reduction in revenue generated by warehousing and distribution operations which was partly affected by the implementation of GST.
“We are maintaining our FY15 and FY16 earnings forecast and target price is unchanged at RM1.14 based on weighted average of regional PER of 11x. Upgrade to 'buy',” it said.
KUALA LUMPUR (Aug 26): BIMB Sescurities Research has upgraded Xin Hwa Holdings Bhd (XHH) to “buy” at RM1 with an unchanged target price of RM1.14 and said XHH’s 1HFY15 revenue and earnings of RM57.4 million and RM8.9 million respectively were within house expectation accounting for 47.4% and 52.4% of BIMB’s full-year earnings projection.
In a note today, the research house said quarter-on-quarter, the 2QFY15 revenue and earnings decreased by 2.7% and 15.1% respectively to RM28.3 million and RM29.1 million.
“This was due mainly to the reduction in revenue generated by warehousing and distribution operations which was partly affected by the implementation of GST.
“We are maintaining our FY15 and FY16 earnings forecast and target price is unchanged at RM1.14 based on weighted average of regional PER of 11x. Upgrade to 'buy',” it said.
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