Stock Name: KOSSAN
Company Name: KOSSAN RUBBER INDUSTRIES BHD
Downgrade to Hold. 4Q11 net profit of RM24m (+1% QoQ, -19% YoY) brought full-year 2011 net profit to RM91m (-23% YoY), within our and the market's expectations. Kossan's share price has risen by 27% in six months and is only 7% away from our TP of RM3.50 (9.5x 2013 PER). We think the stock lacks re-rating catalysts for now, with latex cost on a seasonal upward trajectory again. We downgrade the stock to Hold.
Maybank Research 27 Feb 2012
Click here for full report
Company Name: KOSSAN RUBBER INDUSTRIES BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 3.50 |
Downgrade to Hold. 4Q11 net profit of RM24m (+1% QoQ, -19% YoY) brought full-year 2011 net profit to RM91m (-23% YoY), within our and the market's expectations. Kossan's share price has risen by 27% in six months and is only 7% away from our TP of RM3.50 (9.5x 2013 PER). We think the stock lacks re-rating catalysts for now, with latex cost on a seasonal upward trajectory again. We downgrade the stock to Hold.
Maybank Research 27 Feb 2012
Click here for full report
No comments:
Post a Comment