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NewsBIMB Securities keeps Hold on Top Glove, revises target to RM8.84
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BIMB Securities keeps Hold on Top Glove, revises target to RM8.84
by Cals Fri 16 Oct 2015, 18:04
BIMB Securities keeps Hold on Top Glove, revises target to RM8.84
By theedgemarkets.com / theedgemarkets.com | October 16, 2015 : 8:13 AM MYTKUALA LUMPUR (Oct 16): [size=16]BIMB Securities Research has maintained its “Hold” rating on Top Glove Corporation Bhd ([You must be registered and logged in to see this image.] Valuation: 1.10, Fundamental: 2.50) at RM8.23 with a revised target price of RM8.84 and that Top Glove’s FY15 PATMI of RM280.1 million was above its expectation, making up 121% of house full year forecast.
In a note yesterday, the research house said Top Glove’s full year net earnings improved by a hefty 55.5%, mainly due to higher sales volume, lower raw material prices and favourable currency exchange.
“EBITDA saw an increase of 56.8% for the same period.
“We revised our FY16 and FY17 PATMI earnings forecast upwards and arrived at a new target price of RM8.84.
“Share price does not offer much potential upside, hence, maintain Hold,” it said.
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