Stock Name: ANNJOO
Company Name: ANN JOO RESOURCES BHD
Company Name: ANN JOO RESOURCES BHD
| Research House: CIMB | Price Call: BUY | Target Price: 2.39 |
Target RM2.39
The Edge weekly reported that Ann Joo's newly completed blast furnace (BF) will enable it to reduce electricity costs by 30% and manufacture high-grade steel. It also aims to double its upstream capacity, expand regionally and sell 20% to a strategic partner. These are positive developments and we were happily surprised to hear that the Lim family is seeking a strategic partner as this would enable Ann Joo to manufacture high-grade steel. Maintain Trading Buy with an unchanged target price based on 11.3x CY13 P/E.
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