Stock Name: FAVCO
Company Name: FAVELLE FAVCO BHD
Favelle Favco Bhd's (FFB) share price rose 10 sen or 3.75 per cent to RM2.77 as at 10.16 am, boosted by purchase orders for
supply of offshore cranes for a combined value of RM109 million it has received.
A total of 101,900 shares exchanged hands.
RHB Research said the purchase orders have lifted FFB's year-to-date (YTD) new orders to RM607.4 million and have boosted its orderbook to RM936.3 million.
"We make no changes to our Financial Year 2013-2014 earnings per share forecast as the bulk of the orders are only expected to be delivered by 2015.
"The only risk to our forecast is a higher-than-expected tax rate of 20 per cent in Financial Year 2013-2014 after the expiration of its pioneer tax status," the research house said in a note today.
The research firm maintained a "buy" call on FFB's shares, with a fair value of RM3.55, as earnings growth remain robust, backed by a strong orderbook and earnings visibility in the Financial Year 2015.-- Bernama
Company Name: FAVELLE FAVCO BHD
| Research House: RHB | Price Call: BUY | Target Price: 3.55 |
Favelle Favco Bhd's (FFB) share price rose 10 sen or 3.75 per cent to RM2.77 as at 10.16 am, boosted by purchase orders for
supply of offshore cranes for a combined value of RM109 million it has received.
A total of 101,900 shares exchanged hands.
RHB Research said the purchase orders have lifted FFB's year-to-date (YTD) new orders to RM607.4 million and have boosted its orderbook to RM936.3 million.
"We make no changes to our Financial Year 2013-2014 earnings per share forecast as the bulk of the orders are only expected to be delivered by 2015.
"The only risk to our forecast is a higher-than-expected tax rate of 20 per cent in Financial Year 2013-2014 after the expiration of its pioneer tax status," the research house said in a note today.
The research firm maintained a "buy" call on FFB's shares, with a fair value of RM3.55, as earnings growth remain robust, backed by a strong orderbook and earnings visibility in the Financial Year 2015.-- Bernama
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