IFCAMSC (0023) : CIMB Research maintains Add on IFCA MSC, raises target price to RM1.05
KUALA LUMPUR (Nov 6): CIMB Research has maintained its Add rating on IFCA MSC Bhd at 70 sen with a higher target price of RM1.05 (from 78 sen) and said the 3Q14 net profit was a record high for IFCA.
In a note Nov 5, the research house said that at 178% annualized 9M14 net profit, IFCA’s 3Q results was above house (no consensus) expectations due to higher-than-expected top-line growth.
“We raise our FY14-16 EPS by 36%-100% to reflect stronger top-line growth and target price also rises based on unchanged 21x 2016 P/E(in line with domestic peers).
“The stock remains an Add with potential catalysts such as record 3Q14 net profit and move to Main Board in 2015,” it said.
http://www.theedgemarkets.com
KUALA LUMPUR (Nov 6): CIMB Research has maintained its Add rating on IFCA MSC Bhd at 70 sen with a higher target price of RM1.05 (from 78 sen) and said the 3Q14 net profit was a record high for IFCA.
In a note Nov 5, the research house said that at 178% annualized 9M14 net profit, IFCA’s 3Q results was above house (no consensus) expectations due to higher-than-expected top-line growth.
“We raise our FY14-16 EPS by 36%-100% to reflect stronger top-line growth and target price also rises based on unchanged 21x 2016 P/E(in line with domestic peers).
“The stock remains an Add with potential catalysts such as record 3Q14 net profit and move to Main Board in 2015,” it said.
http://www.theedgemarkets.com
